Is your life insurance policy correct and updated?

Is your life insurance policy correct and updated? 

Is your life insurance policy updated?  Listen to this sad story about what has happened to this family after their daughter died.

Many of us purchase life insurance and forget about it.  Well if life brings changes, it might result in changes within your life insurance policies - even the life insurance you have at work.

Watch this video and listen to a recent  story about about the perils my client is going through because of paperwork not being completed.

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9 Life Insurance Myths: Get the Facts and Protect What Matters Most

We'll do anything to protect our loved ones, right? But, far too often, most people don't have life insurance, or if they do, they do not have enough. Their reason for not having life insurance  varies: confusion about the different types of insurance available, the amount necessary and the associated costs, leave many depending on friends, loved ones, and co-workers to decide what protection is needed. Unfortunately, most of the information we receive is not correct.

Let us help you banish 9 myths about life insurance and give you facts that may change your perspective and give you information for protecting your loved ones.

Myth 1: I'm single, or married with no children, so I don't need life insurance.

Fact: Life insurance can help you cover your debts as well as help you provide for your loved ones in the event of death, even for those without children.

If you are in this group, you may carry debts that you prefer were taken care of rather than taken out of assets left to your loved ones. Still, others may use life insurance proceeds to help nieces, nephews, cousins or siblings achieve their financial goals. For a modest premium, life insurance can help to provide for those who are left behind. How much life insurance do you need? Use this calculator to find out.

We're here to help you figure things out. Contact me today

Myth 2: I can't afford life insurance.

Fact: Term life insurance, which is life insurance purchased for a period of time, is very affordable for many people. For example, if you are a healthy, non-smoking, 35-year-old female who has a good family health history, you may be able to purchase a policy for less than an evening at the movie theater per month. Get a term life insurance quote now. 
We're here to help you figure things out. Contact me today

Myth 3: I'm a stay-at-home parent. I draw no income. I don't need life insurance.

Fact: If you're a stay-at-home parent, you may not provide an actual paycheck for the household, but you do provide services that would cost tens of thousands of dollars to replace. These include: the cost of day care, a chauffeur or taxi service, a cook and a home cleaning service to name a few. If you have an individual life insurance policy, this may help to ease the burden for the loved ones if you should pass away.

Use this calculator to help you determine how much life insurance coverage you may need to cover the spouse that stays home. Get a term life insurance quote now. 

We're here to help you figure things out. Contact me today.

Myth 4: I have a life insurance policy through my job. If I take another job or get laid off, I can take the policy with me.

Fact: Typically, your group life insurance purchased through an employer isn't portable - meaning if you leave your job, you're probably also leaving your life insurance protection behind. However, if you own an individual life insurance policy purchased through an insurance agent or an Allstate personal financial representative, leaving your job will have no effect on your coverage. Get a term life insurance quote now. If you need help figuring things out we're here to help. Contact me today

Myth 5: My beneficiaries will have to pay income taxes on the proceeds from my life insurance policy.

Fact: Your life insurance death benefits are generally income tax-free; yet very few people know this. Speak with an Allstate personal financial representative to help you sort through the details. We're here to help you figure things out. 

Myth 6: If I travel out of the country and something happens to me, I am not covered.

Fact: In the unlikely event you pass away while in a foreign country, the policy would most likely pay out to the beneficiaries. However, many life insurance policies exclude certain countries, such as those currently on the U.S. Department of State's Current Travel Warnings List; so it's important to review your life insurance policy prior to leaving the country. We can help you sort through the details.

Myth 7: If I get a term life insurance policy, I can't convert it to permanent or whole life insurance policies.

Fact: It is possible to convert a term life insurance policy into a permanent policy, depending on the policy purchased. However, individuals seeking to do so should expect an increase in premium. In addition, the conversion may have certain limitations or require renewals. Many people like to purchase term insurance, which tends to be less expensive, while they're younger because it may make obtaining a preferred premium easier when they attempt to convert later.

We're here to help you figure things out. Contact me today.

Myth 8: I don't need life insurance once my children are adults.

Fact: Life insurance can help achieve a goal of leaving an inheritance to children, other loved ones, or help relieve the burden of paying for final costs such as a funeral or final medical bills.

We're here to help you figure things out.Contact me today

Myth 9: I have a comfortable savings, so I don't need life insurance.

Fact: It is easy to underestimate the amount of savings that is required in the event of death. Most Americans do not have enough in their personal savings to cover these expenses. If you don't have enough saved, it is possible your loved ones won't be able to pay off final expenses or be able to hold onto assets like a home. Use this calculator to determine how much life insurance you may need. Visit our life insurance page to sort out the basics.

Heavyweight bout of the century - Whole Life vs. Universal Life

Whole Life vs Universal Life

The match of the century between the heavyweight champions of Life Insurance

Whole Life and Universal Life both have had their fans and critics ever since universal lfe or UL's were spun off as a more flexible and interesting option to what some were calling "stodgy & boring" whole life in the late 70's and early 80's

Certainly that is a very simplistic description of the two products.  The arguments of the two seem to fall into these tracks.

UL offers more cash value with flexiblity in premiums and terms while offering more transparency.

WL guarantees to provide to the owner what he signed up for without unpleasant surprises down the rode.

One person's stodgy and boring is another's peace of mind.

As the face off begins, the two product lines have been doing well, in their own ways, since the 2008 financial crash.  WL has been on a steady ascent since the past recession started.  It has showed 15 consecutive quarters of premium growth as of the first quarter of this year, leading to a 33 percent market share, according to LIMRA (www.limra.com) 

UL has a bigger chunk of the market at 40 percent, even though it has had a more ragged history of premium and policy growth since 2008.  But the interest has come back to UL, primarily because of the indexed UL (IUL), which is a small but booming line of products.  UL showed a 8 percent premium growth in the first quarter.  Though this was fueled by a 23 percent increase in IUL premium.

All the products in the UL and WL spheres are excellent choices for clients individual needs and risk tolerances.  But there are clear distinctions and considerations that you need to be aware of as these two heavyweights are presented to you.

It is key that you have a professional who has sold both products and understands what is behind the curtain.  As good as these products are it is very important that they are set up correctly.

Whatever you do - do something.  Just imagine you not coming home tonight and what that would mean to your family.

For more go to : www.yourinsurance411.com  - Because you care.

Key Person Insurance: How It Works

 Key Person Insurance: How It Works

Life Insurance - Because you care: Key Person Insurance: How It Works: Key Person Insurance: How It Works In the event of the death of a key colleague, key person insurance can help keep your bus...

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Key Person Insurance: How It Works

Key Person Insurance: How It Works

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In the event of the death of a key colleague, key person insurance can help keep your business afloat. Here’s what to consider.

No one wants to consider the death of a colleague. But if such a tragedy could lead to your company’s demise, then key person insurance is a worthwhile precaution. It is life insurance on specific people in a business and is beneficial when a company’s survival relies heavily on the role of one or two people.

Some small business owners don’t understand that they need key person insurance, in addition to life and disability insurance, because it’s designed to protect the business.. If your company employs more than one person, review the basics below to determine whether it makes sense for you:

Who is insured?

Typically, key person insurance covers the owner, the founders or one or two key employees.

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 Key Person Insurance: How It Works

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5 Ways to Save on Life Insurance

5 Ways to Save on Life Insurance

Do you have a plan?  What is your plan?

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Why do you need life insurance - but how much do I need??

Why do you need life insurance

Importance of life insurance

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One of the most common questions asked is how much life insurance should I purchase and why do you need life insurance. While there is no set answer, each individual and family needs to look at their exact needs and situation. Here are some broad factors to consider.

Look at your current and future needs. If you have a family or a spouse that is largely dependent on your wages to live, you might want to make sure that you have a life insurance that will cover your family and spouse for 20 years or more. Some people usually go with the philosophy that you are better off over insured, then not having enough insurance as a reason of Why do you need life insurance

Some life insurance agents state that at minimum, you should at least have a policy of 15K to cover burial and all final expenses. In addition, some financial planners advise you to purchase life insurance by multiplying your salary, for instance, purchasing 5 times or 10 times the amount of your salary.

Other life insurance agents, advise you to look at your family or spouses expenses for the amount of years that you want to cover them and figure out how much money they will need to live comfortably for the reason of Why do you need life insurance. Many life insurance agents have special formulas that can figure out how much insurance you need for your age and level of coverage you want to provide your spouse and children.

Many people want to make sure that their family is very comfortable in the event of a death. For instance, a policy might take into consideration the cost of a home, car loans, maintenance of assets and education costs for children. Usually the more dependents, the more insurance is necessary.

Some consumers that are buying life insurance don't necessarily purchase it to care for dependents, but to cover estate taxes or to give an inheritance to their heirs. Usually these types of policy holders are already well off or no longer have bread winning responsibilities that make it necessary to care for small children or a spouse.

Lastly, if you are single, do not have any dependents and have an adequate amount of savings to take care of any final expenses such as funeral costs and taxes, you might decide you do not need to purchase life insurance at all.

Why do you need life insurance

One thing is for certain, make sure you put lots of thought into the amount of life insurance you do purchase and talk to an accountant or insurance agent to learn more about how much life insurance, you personally should purchase.

For more click here  Life insurance - Because you Care

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