Life, Health, Long Term Care, and Disability Insurance for individuals, families, and small groups.
It’s actually Death Insurance. But calling it that makes it harder to sell. My slogan for life insurance is: “Don’t send any more money to an insurance company than you have to to get the job done.” The trick is to figure out how much is enough, and why.
Like the other kinds of insurance offered on this web site, its complicated. A good life insurance agent can help you sort it out. You can call me at (812) 988-6793 to book an appointment, or email me at Bill Stant Insurance, or fill out the contact form on the contact page on this web site. You can also do a little cost comparison on the Term Life Insurance Quotes page.
Good objective information (provided without the motivations behind a sales call) is available at the web site of the National Association of Insurance Commissioners (NAIC):
Maybe you already have a plan and you just want term life insurance quotes. If so, fill out the form on the Term Life Insurance Quotes page. If you find a price you like I can make the application as smooth as possible for you. If you don’t want to meet with an agent, I understand.But please read the next paragraph (details matter here):
Be sure to find out if there is an “Accelerated Death Benefit” feature. This allows you to access some or all the death benefit before you die if you are terminally ill. Also find out about what the underwriting requirements are if you reach the end of your level premium term period and still need the coverage. Sometimes there is a “re-entry period” requiring little or no underwriting to start a new level premium period. The rate will go up because you are older. But underwriting concessions like these can help you get or continue coverage you might not otherwise qualify for if you become seriously ill. Problem: This re-entry period of time can, depending on the life insurance contract you buy, end years before the level premium period. Some policies don’t offer this at all.
But if you have any doubts about whether you’ve considered everything you should consider when buying life insurance, please do either or both of the following: read the rest of this page on life insurance and/or click on the NAIC links above and explore.
How much life insurance you buy should be a function of why you buy it. The same goes for what kind of life insurance to buy. Some kinds of life insurance accumulate cash value and pay interest based on interest rates and inflation in the broader economy. Some policies insure two lives and pay a death benefit when the second insured person dies. Some policies provide a death benefit that doubles as a pool of benefits for paying long-term care costs. Some life insurance insures the life of a child. Basic “term” life insurance is just a death benefit. The “term” refers to the length of time the coverage lasts, from annually renewable term life insurance to thirty-year level premium term life insurance. This is usually the most affordable type of life insurance. Riders can be added, or are sometimes included, that allow the death benefit to be paid prior to death in the case of a terminal illness diagnosis.
WHY BUY LIFE INSURANCE? INCOME REPLACEMENT
People depend upon each other. If someone who depends upon your income will face hardship if you die, you could buy a life insurance death benefit large enough to replace your income for a while. If you have children, you may decide to buy enough to replace your income until they’ve grown up, or graduated from college, or moved out on their own. If you believe that your partner, after a lifetime of home-making and child rearing, should not have to work to meet his/her living expenses when they should be getting ready to retire, you might estimate how much more death benefit would be needed to meet those needs. If your partner is a full-time home maker, their retirement security probably depends upon your retirement savings. In this case, contributions to your retirement plans should continue. Income replacement is a big category containing many reasons to buy life insurance.
WHY? EDUCATION FUNDING
If you are committed to helping your children or other relatives pay for school, the value of the assistance you planned to provide could be included in a life insurance death benefit. Private 4-year ivy league schools cost more than state universities, which cost more than community college or vocational-technology training. Basic life insurance is a death benefit by itself. But cash-value life insurance accumulates cash value tax-deferred and the death benefit usually passes to your survivor/named beneficiary tax-free. This can be a powerful tool for education funding. Life insurance planning can pose questions you might not have thought about yet.
WHY? CHARITABLE GIVING
Life insurance can be used to leave a legacy to a cause you support.
WHY? FINAL EXPENSES
People are often surprised to discover how much it costs to be interred or cremated. Funeral services of various kinds are a growth industry in these days of an aging population. It will be hard enough for your loved ones to emotionally cope with losing you without having to figure out how to pay for your funeral.
WHY? AVOIDING FIRE SALES
Life insurance provides liquidity when the wealth being left to your loved ones cannot be quickly converted to cash. It’s better not to have to sell a home for less than what it might bring with time. A life insurance death benefit can help survivors meet living expenses without having to have a fire sale instead of an estate sale.
WHY? ESTATE PLANNING
Perhaps the settlement of your estate will be complicated. For example, the wealth you will pass on when you die may not be readily convertible to cash. Farmland or business assets are good examples. Legal fees required to take an estate through probate and change titles to homes and real estate can pile up quickly. Estate planning is beyond my areas of expertise. I can say with confidence, however, that for most people who need it, proper estate planning usually involves life insurance.
WHY? A GIFT FOR CHILDREN OR GRANDCHILDREN
Final expenses don’t discriminate that much based on age. Because life insurance involves death, most people don’t include children in the same thought, or in their insurance planning. But a family’s financial plan is incomplete without this consideration. If you are planning to have a family, life insurance should be part of your plan. Insuring the life of a child can be done simply by adding a “child rider” to your own life insurance policy when you buy it.
From the point of view of a life insurance underwriter, most healthy babies are a very low risk. Maybe you’ve received one of those envelopes in the mail offering insurance on the life of a child or a grand-child? Like it or not, children are a profitable life insurance market niche. Low risk (usually) means lower premiums. Even cash-value life insurance can be affordable when insuring a child. When the child comes of age you can give them the policy as a gift. If this is done right, the adult child may find themselves with life insurance cash values to use for a down payment for a first home purchase, or to help pay down student loans.
For a reasonable additional premium, a rider can be added to the policy when it is issued that entitles the insured to purchase additional coverage without going back through underwriting. This comes in handy when an insured child or young adult develops an unexpected health problem that would otherwise disqualify them for getting additional life insurance coverage. Think about it.
Such foresight on the part of a parent or grandparent can turn out to be priceless.
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