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Life insurance is an important part of financial planning and a way to help protect loved ones financial future.
Before deciding to purchase life insurance, it’s important to understand the different types that exist so you can find the one that’s right for you. Keep reading to find the answers to questions about life insurance.
What is Life Insurance?
Life insurance is a contract provided by an insurance company that says it will pay out a specific amount of money after a policyholders death. Policyholders must also uphold the contract, which means they have to make timely payments of the required premium.
When the policyholder dies, the insurance company will pay out the agreed upon amount to that person’s beneficiary. More often than not, this is a spouse, but it can also be the policy holder’s children, other family members or even friends, as well as other interested parties. Working with a financial advisor is recommended when it comes to setting up a life insurance policy. An advisor can give you a life insurance quote and walk you through the process to ensure that you are getting the right amount of coverage.
No Obligation Life Quote!
Should I Get Life Insurance?
Life insurance can serve as the foundation for providing your financial protection for your loved ones. Your family is most likely what you cherish and value most in this world. If you pass today what would your families financial future look like?
Life insurance is more than paying for ones final expenses. It’s also about replacing income to help ensure the financial security of your families future.
What Is the Right Amount?
Life insurance is not the same for any two people. It can be personalized to meet your individual and families needs. Factors one needs to considered when deciding what is the right amount: How much debt does one have? How much income will need to be replaced? The length of time the income would need to be replaced? The average cost of a funeral?
Working with a Financial Professional on developing a personalized quote is a highly encouraged. A Financial Professional will be able to propose a variety of options that can meet your needs at an affordable price. The Calzonetti Group has been assisting Midwest Kansas with their life insurance needs for 28 years.
What Are the Different Options Available?
Term Life Insurance
Term life insurance is often the most common type of policy that many consumers purchase. This type of policy comes in a variety lengths of time. Typically, the options available are 10,15,20 or 30 year time period. What does that mean? Your policy premium is locked in for that period of time. However, once the locked in period has come to an end the policy holder has the option to keep the policy at an increased premium, convert the policy to a permanent policy or cancel the policy and replace with a new term. Why do people buy term?
Some reasons people purchase Term life insurance is because one can obtain a larger death benefit for a lower cost. As people age their needs change. For example, many eliminate debt, children become independent and the need for a larger death benefit has decreased.
Permanent Life Insurance
Permanent life insurance is a type of policy that can be enforce until one’s death. These types of policies have NO expiration period, like you see with term policies. With permanent policies, because the death benefit will be paid out at some point the premiums for these policies are higher than what you typically see with term life.
Permanent policies often come with different rider options, that allow the consumer to customize the policy to fit the person’s individual needs. For example, the living needs benefit rider and the disability rider are often available rider’s to select. What do these rider’s mean for the consumer? These riders allow the client to access the death benefit prior to death in the event the client is critical ill or becomes disabled. The client could use the money for in home care, replacing income and even making accommodations to one’s living environment to fit their needs.
Group Life Insurance
Group Life insurance is purchased through one’s employer. Group life insurance is a great addition to one’s individual life policy. Why? Because, group life insurance is often inexspensive or free depending on how the employer group benefits are offered.
It’s important to remember many group life insurance policies come with certain exclusions and are often very expensive to keep after employment is ended. It’s highly recommended to consult with your financial advisor to ensure you’re adequately covered.
How to Buy a Life Insurance Policy
The Calzonetti Group has been assisting individuals and their families with their life insurance needs for past 28 years. Here’s how you can get the process started.
Step 1: Meet with a financial professional
Step 2: Determine your monetary needs
Step 3: Obtain Life insurance coverage
Finding the right Financial Professional is a vital step in the process of securing one’s financial future. It is important that you find an advisor that is going to understand your needs and goals. Experience, knowledge and commitment are attributes that one should look for in a financial advisor.
What is the right amount of Life insurance for you? This will be determined when your financial professional is taking you through the needs analysis. The needs analysis will examine your income that will need replaced, length of time income will need to be replaced, debt and cost of final expenses.
Starting the application process is easier than one would expect. Your advisor will gather your personal information, health history and beneficiary information. Next step will be a health questionnaire and possibly a medical exam. Underwriting will review all data and then determine a suitable rate.
Find comfort in knowing your family will be covered by life insurance
Here at the Calzonetti Group we will do everything in our power to help make sure you and your family are covered correctly. Give us a call today for some free no obligation quotes.