LIFE & HEALTH

established 1983

What if…?

Let us cover your loved ones.

Have you thought about protecting your family’s future? Most likely, but you still need to consider all possible outcomes. What happens if you become ill? Medical expenses can quickly accrue, putting your loved ones in a financial pinch during a time when you could be unable to work. Fortunately, health insurance can step in to protect both your health and your family’s fiscal future.

If you pass away, a life insurance policy can take financial care of your loved ones. Your policy’s death benefit will be paid to your survivors tax-free, and can be used for a variety of expenses. These can include your funeral expenses, outstanding debts, estate taxes, education for your children, and more. You can even use your policy to ensure your family business ends up in the hands of the person you intend. Your policy can even provide benefits while you’re still living.

Contact us today for more information about health and life insurance, or fill out our online quote form.

GET A LIFE INSURANCE QUOTE

Term

Term life insurance pays a death benefit should you pass away during a certain specified period of time (i.e. the term).

Universal

This life insurance is both flexible and permanent, blending the affordability of term insurance with the savings element of a whole policy.

Traditional

Under the Affordable Care Act, you can secure your individual or family policy during open enrollment each year.

Medicare Supplements

If you are concerned your Medicare won’t cover all of your medical expenses, these supplements can offer you the full coverage you need.

Trip/Accident Coverage

Your next vacation shouldn’t be spoiled by an accident. This type of coverage will ensure you don’t bring the associated bills home with you.

Whole

Whole life insurance is permanent coverage that builds cash value during your lifetime.

Annuities

Setting up annuities offers you the opportunity to guarantee income, as your annuities will pay a fixed sum of money to you annually for a length of time (e.g. the duration of your life).

Medical Savings Account

This tax-advantaged account makes it easy for you to set aside money to cover medical expenses, including deductibles.

Long Term Care

Protect your loved ones from the financial burden of having to care for you in your later years with long term care insurance.

FAQ’s

Some common question about life insurance

How much life insurance should an individual own?

Rough “rules of thumb” suggest an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account in determining a more precise estimate of the amount of life insurance needed.

Important factors include:
  • – Income sources (and amounts) other than salary/earnings
  • – Whether or not the individual is married and, if so, what is the spouse’s earning capacity
  • – The number of individuals who are financially dependent on the insured
  • – The amount of death benefits payable from Social Security and from an employer sponsored life insurance plan
  • – Whether any special life insurance needs exist (e.g., mortgage repayment, education fund, estate planning need), etc.

 

It is recommended that a person’s insurance advisor be contacted for a precise calculation of how much life insurance is needed.

What about purchasing life insurance on a spouse and on children?

In certain circumstances, it may be advisable to purchase life insurance on children; generally, however, such purchases should not be made in lieu of purchasing appropriate amounts of life insurance on the family breadwinner(s). It is of utmost importance that the income earning capacity of the primary breadwinner be fully protected, if possible, through the purchase of the required amount of life insurance before contemplating the purchase of life insurance on children or on a non-wage earning spouse. In a dual-earning household, it is important to protect the income earning capacity of both spouses. Life insurance on a non-wage earning spouse is often recommended for the purpose of paying for household services lost at this individual’s death.

Should term insurance or cash value life insurance be purchased?

Although a difficult question–one whose answer will vary depending on circumstances–several principles should be followed in addressing this issue.
It must first be recognized that in any life insurance purchasing decision, there are at least two basic questions that must be answered:

  • – “How much life insurance should I buy?” and
  • – “What type of life insurance policy should I buy?”

The question contained in (1) involves an “insurance” decision and the question contained in (2) requires a “financial” decision.

The “insurance” question should always be resolved first. For example, the amount of life insurance that you need may be so large that the only way in which this needed amount of insurance can be afforded is through the purchase of term insurance with its lower premium.

If your ability (and willingness) to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the “financial” decision–which type of policy to buy. Important factors affecting the “financial” decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), and the rate of return on alternative investments possessing similar risk.

How does mortgage protection term insurance differ from other types of term life insurance?

The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Although the face amount decreases over time, the premium is usually level in amount. Further, the premium payment period often is shorter than the maximum period of insurance coverage–for example, a 20-year mortgage protection policy might require that level premiums be paid over the first 17 years.

Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?

Yes; the purchase of a new mortgage protection term insurance policy is usually not required by the lender. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured’s death.
Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation. Is credit life insurance a good buy?

Credit life insurance is frequently more expensive than traditional term life insurance. Further, if you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost.