Life Insurance

Sep

2023

What If I Get Diagnosed With A Chronic, Critical or Terminal Illness?

Chronic illness coverage is insurance that provides financial assistance to people who are diagnosed with a chronic illness. Chronic illnesses are long-term health conditions that can significantly impact a person’s daily life. Some examples of chronic illnesses include heart disease, cancer, diabetes, and Alzheimer’s disease.

Terminal illness coverage is insurance that provides financial assistance to people who are diagnosed with a terminal illness. Terminal illnesses are illnesses that are expected to result in death within a relatively short period of time, typically 6 to 12 months. Some examples of terminal illnesses include cancer, ALS, and Lou Gehrig’s disease.

Critical illness coverage is insurance that provides financial assistance to people who are diagnosed with a serious illness, regardless of whether the illness is terminal or chronic. Some examples of critical illnesses covered by critical illness insurance include heart attack, stroke, cancer, organ transplant, and blindness.

All three types of coverage can be valuable financial tools for people who are facing serious health challenges. Chronic illness coverage can help people pay for the high cost of treatment and care associated with chronic illnesses. Terminal illness coverage can help people pay for end-of-life care and other expenses. Critical illness coverage can help people pay for the unexpected costs associated with a serious illness, such as medical bills, travel expenses, and lost income.

Here are some specific examples of how chronic, terminal, and critical illness coverage can help people:

A person with heart disease can use chronic illness coverage to pay for the cost of medications, doctor’s visits, and rehabilitation.

A person with cancer can use terminal illness coverage to pay for experimental treatments or to make sure that their loved ones are financially taken care of after they pass away.

A person who has a stroke can use critical illness coverage to pay for the cost of rehabilitation and to help them make necessary modifications to their home.

If you are concerned about the financial impact of a serious illness, you may want to consider purchasing chronic, terminal, or critical illness coverage. These types of coverage can provide much-needed financial assistance during a difficult time.

Sep

2023

What is a Long Term Care Rider (LTC)? Do I or Should I Have One?

A long-term care (LTC) rider is a feature or rider on a life insurance policy that allows the policyholder to access the death benefit while they are still alive to pay for long-term care expenses. Long-term care expenses can include things like home health care, assisted living, and nursing home care.

LTC riders can be a good option for people who are concerned about the cost of long-term care and who want to have a way to pay for those expenses without having to deplete their savings or rely on family members for financial assistance.

Here are some factors to consider when deciding if you need a long-term care rider:

Your age and health: If you are older or have a chronic health condition, you are more likely to need long-term care in the future.
Your financial situation: If you have limited savings or other assets, a long-term care rider can help you protect your assets and ensure that you have the money you need to pay for long-term care.
Your family situation: If you have a spouse or dependents who rely on you financially, a long-term care rider can help you ensure that they are financially secure if you need long-term care.

If you are considering a long-term care rider, it is important to compare different policies and riders to find the one that is right for you. You should also talk to your insurance agent about the eligibility requirements and any fees associated with accessing the rider’s benefits.

Here are some specific questions you can ask your insurance agent:

What types of long-term care expenses are covered by the rider?
What are the eligibility requirements for accessing the rider’s benefits?
Are there any fees associated with accessing the rider’s benefits?
How does the rider affect my life insurance policy’s death benefit?

If you have questions about your policy or are interested in learning more about LTC Riders, please reach out to your agent.

Sep

2023

What Are Living Benefits & How Can They Help Me?

Living benefits are features or riders on life insurance policies that allow the policyholder to access the death benefit while they are still alive. These benefits can be used to pay for a variety of expenses, such as:

Medical expenses associated with a terminal or chronic illness
Debt, such as mortgages or loans
Long-term care
Quality-of-life expenses, such as travel or hobbies

Living benefits can be especially helpful for people who are facing serious health challenges or who are nearing retirement. They can provide much-needed financial assistance in a time of need.

Here are some specific examples of how living benefits could help you:

If you are diagnosed with a terminal illness, you could use a living benefit to pay for expensive medical treatments or to make sure that your loved ones are financially taken care of after you pass away.

If you are diagnosed with a chronic illness, you could use a living benefit to pay for long-term care, such as home health care or assisted living.

If you are nearing retirement and have accumulated significant debt, you could use a living benefit to pay off your debt and improve your retirement income.

If you have a young family, you could use a living benefit to pay for college tuition or other expenses.

Of course, there are some limitations to living benefits. For example, may need to have a certain type of life insurance policy or meet certain medical criteria in order to qualify. Additionally, there may be fees associated with accessing living benefits.

Overall, living benefits can be a valuable financial tool that can help you meet your needs during difficult times. If you are considering purchasing life insurance, be sure to ask your insurance agent about the living benefits that are available.

As you review your insurance portfolio, here are some specific questions you can ask your insurance agent about living benefits:

What types of living benefits are available on my policy?
What are the eligibility requirements for each living benefit?
Are there any fees associated with accessing living benefits?
How can I use living benefits to pay for my expenses?

If you’re not sure if your policy includes living benefits, or if you think you’d like more information about adding them to your policy, don’t hesitate to reach out.

May

2023

What is Accidental Death Insurance, and Why Should I Consider Purchasing it?

Accidental death insurance is a type of insurance policy that provides financial protection in the event of an accidental death or certain types of serious injuries. It pays out a minimum of $100,000 to your designated beneficiaries if you die or suffer specific injuries due to an accident.

Here are some reasons why you might consider adding an accidental death policy to your insurance portfolio:

• You get 100% of your premium back at the end of the 20 years if you have not made a claim.

• Guaranteed coverage, with no medical exam, as long as your premiums are paid on time.

• Accidental death insurance specifically covers accidents, which means it can provide an additional layer of protection beyond other types of life insurance policies. It can offer financial support to your loved ones in case your death is caused by an accident.

• The cost of the policy is about $30 a month, that will never change over the 20 year life of the policy, but the benefits paid to your loved ones increase every year. This affordability can make it an attractive option, especially for individuals who may not qualify for or afford higher-cost life insurance due to health issues or other factors.

• Accidental death insurance can supplement your existing life insurance coverage. While life insurance typically covers death from all causes, accidental death insurance focuses specifically on accidents. By combining both types of coverage, you can enhance your financial protection.

• Purchasing accidental death insurance can provide peace of mind to individuals who participate in activities like extreme sports, hazardous occupations, or frequent travel. Knowing that there is an additional safety net in place can alleviate concerns and provide a sense of security.

It’s important to note that accidental death insurance only covers accidents and does not provide coverage for deaths resulting from illnesses, natural causes, or suicide and does not provide coverage for deaths resulting from illnesses, natural causes, or suicide.

Policy terms and conditions can vary, so we recommend that you thoroughly review the policy with your agent before making a purchase.

FILL OUT THE APPLICATION

Feb

2023

Life Insurance Benefits You Might Not Know About

Find out more about life insurance, request a coverage review, get a quote or see sample pricing by clicking here

BY MATT RICHARDSON/CBS NEWS

Most people know the general parameters of how life insurance works and who it helps. In exchange for a monthly premium (often discounted if paid annually) to a provider, the insured secures a financial safety net for their loved ones in the event of their death. Coverage amounts range significantly from tens of thousands of dollars to more than $1 million.

The advantages of life insurance are typically clear and the costs for millions of Americans are often negligible. You may already even have a plan provided to you as part of your employer-provided health benefits package.

But there are some perks of life insurance that you may not have known about. Buried in the fine print of an application, there are multiple ways to utilize a life insurance plan besides just letting it sit idle for times of emergency. These benefits can help you both while you’re alive and in the event of your death.

If you don’t have life insurance currently then start by getting a free price quote so you know exactly what to expect.

LIFE INSURANCE BENEFITS YOU DIDN’T KNOW ABOUT
Here are three life insurance benefits you may not have known about:

YOU CAN GET YOUR PREMIUM RETURNED
Most policyholders are used to paying for insurance protections that they never wind up needing. But the money you use to pay your life insurance premium doesn’t necessarily need to go to waste. By adding a “return of premium” rider to your policy you can have the payments you made returned back to you if you wind up outliving your pre-determined term.
This rider – which comes with an extra cost – may be particularly helpful for applicants who only need life insurance for a set time period (for example: until their children are grown or until college payments are completed). In this case, they can rest assured knowing that the payments will not have been made in vain.

IT CAN BE USED AS CASH
There are many different types of life insurance policies available. The most well-known are whole and term. The latter, however, comes with a desirable cash reserve that can actually be accessed by the insured while they’re still alive. That cash can then be used to pay down debt, make household repairs or pretty much anything else the policyholder wants.

Just understand that any amount withdrawn will then be deducted from the final payout to beneficiaries and loved ones. And, because of this cash option (and because the policy lasts for the duration of the insured’s life versus a set term), whole life insurance costs more than a term policy does.

YOU WON’T HAVE TO PAY TAXES ON IT
Many people are so used to paying taxes on what they buy and what they earn that they automatically assume they will need to do the same for any life insurance payouts. However, that’s not always the case. For term life insurance policies, in particular, you won’t need to report anything to the Internal Revenue Service (IRS). “Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren’t includable in gross income and you don’t have to report them,” the IRS explains online.

But since whole life insurance policies have the cash factor (and interest may accrue), a payout there may first be taxed. “However, any interest you receive is taxable and you should report it as interest received,” the IRS says.
In short: if you have a term life insurance policy don’t worry about taxes. Your beneficiaries will walk away with the figure you’ve already secured for them.

THE BOTTOM LINE
Life insurance is a multi-faceted form of financial protection. Accordingly, there are perks and benefits you should be aware of to truly take advantage of your policy. So don’t automatically assume your payments each month are wasted (you can get them returned with a special rider). And you can use your policy as a backup cash reserve while you’re alive. Finally, unless you have a whole life insurance policy that’s accrued interest, your loved ones won’t have to pay taxes on the final payout amount.

Jan

2023

3 Types Of Insurance To Buy In 2023

With 2023 just starting, now is a natural time for introspection, putting a bow on the old year and evaluating your goals for the future.

Consider using this time to review your finances and set long-term goals. It’s also wise to re-evaluate your financial protections, including insurance, to ensure your coverage suits your needs.
3 insurance types to have in 2023

Let’s dive into three popular insurance types to have in 2023 and how to optimize them.

LIFE INSURANCE
It’s essential to have sufficient life insurance to protect your family (or anyone that depends on you) from significant financial losses if you pass away.

Life insurance pays out a death benefit when you pass, which could benefit your beneficiaries in numerous ways. If you already have life insurance, now is an excellent time to review your policy options and coverage amounts to ensure your designations still address your needs.

“Ask a trusted advisor to review your insurance coverage because, depending on your policies, you may have decisions that you need to make,” advises Brian K Bruggeman, CFP, CTFA, director of financial planning at asset management bank Baker Boyer.

“For example, you may need to decide whether to renew or not, whether it’s worth it to pay an increasing premium, or even how the policy is owned depending on your overall financial plan.”

You can also benefit from revising the frequency of your payments. “Many life insurance carriers will offer a discount for paying annually,” says Herman (Tommy) Thompson, Jr., CFP, a financial planner at Innovative Financial Group. “This could lead to an 8% savings per year.”

If you’re in the market for life insurance – or want to adjust your existing policy – start by getting a free online price estimate now so you know exactly what to expect.

PET INSURANCE
Pet insurance may allow you to choose treatments for your ill or injured pet based on what your pet needs, not what your budget can afford. Veterinary bills can be costly, but most pet insurance policies can reimburse you for up to 80% of the vet bill minus your deductible.

Generally, pet insurance is affordable, ranging from $15 to $40 per month to insure your cat and $30 to $70 for a dog. That’s a reasonable price considering the peace of mind you’ll have, knowing a pricey vet bill won’t wipe out your finances.

If you currently own pet insurance, consider adjusting your coverage to meet your changing needs. For example, if your plan is too expensive for your budget, some providers like Lemonade offer a baseline package for as low as $10 per month. If you like your coverage plan, you can still potentially lower your payment by 10% or 15% by changing your deductible, annual benefit amount or reimbursement percentage.

Most pet insurance companies make it easy to manage your policy online and devise a coverage plan that’s perfect for your pet without breaking your budget.

You can request a free pet insurance quote now.

TRAVEL INSURANCE
You might consider getting travel insurance for many reasons, but the main benefit is to protect your wallet and give you financial relief if something impacts your trip. Depending on your policy, your policy may cover a wide array of travel situations, such as:
• If something happens that prevents you from taking a booked trip
• If something happens during your trip that costs you financially
• If your luggage is lost or damaged
• If you suffer an illness or injury that needs medical treatment

When purchasing travel insurance, time is of the essence. Buy travel insurance soon after booking your flight or lodging to make sure you’re protected against an event that delays your trip or causes you to cancel it altogether.

Also, remember that travel insurance isn’t only for international travelers, as is often claimed. Given the prices in the current travel environment, travel insurance can also be a valuable addition to your domestic trips, especially if you’ve already paid for flights, lodging and activities.
Reach out to us online or give us a call or text at (760) 271-6651 to get more information on Travel Insurance.

THE BOTTOM LINE
As you set financial goals for the future, don’t forget to review your insurance needs. Whether you need to purchase a new policy or adjust an existing one, recognize that your coverage needs to keep up with the changes in your life. When searching for insurance, we can help you shop and compare different insurers and policy options to ensure you have the coverage you need at an affordable price.

Dec

2022

Life Insurance Changes To Consider Now

As part of your financial planning, you may have decided to purchase a life insurance policy, such as to protect your family in case you pass away early in life. Or, perhaps you purchased a whole life insurance policy, thinking that could help your family while also having an investment component that you can benefit from during your lifetime.

But maybe it’s been a while since you first purchased your policy, and the initial coverage terms might not be the best fit for your current circumstances. That’s why it’s good to review your life insurance policy periodically. At the very least, you can re-familiarize yourself with your policy, and you also might find that you want to make changes to better suit your needs.

If you’re in the market for life insurance or want to adjust the coverage you already have, then start by getting a free online price estimate now so you know exactly what to expect.

Here are four life insurance changes to consider making:

CHANGE POLICY TYPE
If you have a whole life insurance policy, that doesn’t automatically mean you’re locked in for life. Instead, you might realize that you’re mainly looking for life insurance protection during your working years, for example, so perhaps switching to, say, a 20- or 30-year term life insurance policy makes more sense. Term policies often have lower premiums than whole-life ones, and perhaps you no longer need as much financial security once you’re retired, due to a healthy retirement portfolio.

Or, perhaps you want to change from a term to a whole life insurance policy, such as if you don’t want to have to re-apply and take a medical exam to obtain new coverage as you age. Some people also like the peace of mind that comes with having whole life coverage, along with the cash value these policies can build.

So, you might look into converting your term policy to a whole life one, which many providers allow. Or, you might cancel your current policy and take out a new one that’s a better fit, like a universal life insurance policy, which can be more flexible. Just check with your insurance provider for specifics on their cancellation policy (there may be you fees if you replace a policy).
Get a free price quote for a whole or term life insurance policy here now.

INCREASE COVERAGE
Sometimes you can change the coverage of your existing policy rather than taking out a new one. For example, you might want to increase life insurance coverage as you go through life milestones like starting a family, buying a house, or getting a big promotion.
Perhaps when you first bought your life insurance policy, you didn’t need as much financial protection because you had fewer people to take care of or fewer liabilities. But if you start earning more and take out a mortgage, for instance, you might want more coverage to replace that higher income for your family’s sake, as well as covering any remaining mortgage debt.

CHANGE PROVIDERS
Changing providers can help if your current insurance company doesn’t offer a policy that meets what you’re looking for. Or, you might find that shopping around helps you find a more cost-effective policy, whether that’s by paying lower premiums or getting more bang for your buck in terms of cost vs. coverage.

Here too, changing providers can come with some nuances, like paying surrender fees. So, you’ll want to look into the specifics with your current insurance provider and see how that compares to what could be your new one.

CHANGE BENEFICIARIES
When making life insurance changes, don’t forget to review who you’ve named as your beneficiaries. Perhaps you’ve gone through life changes, like a marriage, divorce, or the birth of children. You can have multiple beneficiaries, so maybe at your current stage in life, you want to move from having, say, one beneficiary to two who would split the proceeds 50/50.

Taking care of this issue is important if you want your life insurance benefits to be distributed according to your wishes. Otherwise, your heirs could face difficulties like getting into legal battles around life insurance claims.

THE BOTTOM LINE
Looking into these types of details can help ensure that your life insurance policy continues to best serve you. Don’t feel like you’re trapped based on your initial purchase. These types of life insurance changes can help you find a policy with the right terms for your situation.