MGildarInsurance.com

1. How much life insurance do I need?
   A: The suggested amount of life insurance to buy will depend on a number of different factors. Talk to an insurance agent. He/she can help you evaluate your insurance needs and give you information about different types of policies. Determining how much coverage you need by getting important questions answered such as: How much of the family income do you provide? Does anyone else depend on you financially? How will your family pay final expenses and repay debts after your death? Based on the answers to these type questions and more, you can together intelligently decide how much coverage you need, for how long, and what you can afford to pay. You want to make sure that you buy enough life insurance to cover the financial effects of an unexpected or untimely death. 
   
   
2. What type of life insurance should I buy?
   A: It will depend on your individual circumstances and needs. You will need to decide if you want Permanent or Term life insurance. Term life insurance is commonly known as "Temporary" insurance because just as the name implies it only provides a death benefit for a specified number of years. On the other hand, “Permanent” life insurance doesn't end as long as you continue to pay your premiums. In addition to providing a death benefit, permanent life insurance can accumulate cash value, and then you have the ability to access cash that has accumulated, in the form of loans and/or withdraws after a certain period of time. Keep in mind, permanent life insurance will have more expensive premiums for the same death benefit coverage, then term life insurance.
   
   
3. Is permanent life or term life better?
   A: It will depend on your individual circumstances. It will depend on what you are trying to accomplish and also how much you can afford to pay in premiums. There are two schools of thought. In my opinion, there is no right or wrong answer. Again it depends on your particular circumstances. Talk it over with your independent insurance agent to determine what you feel best fits your needs.
   
   
4. Will my life insurance have cash value, if I plan to cancel the policy or if I just take a loan from an existing policy?
   A: That will depend on the type of life insurance policy you purchase. Term life insurance does not have cash value built it, which helps keep the premiums very low. On the other hand, many permanent life insurance policies (but not all), can (or already do have) cash value built into your specific policy. So be sure to ask and understand if your policy will have cash value built in. (Although if you feel cash value is not an important feature or determining factor of your life insurance policy that you desire and you still want a permanent life insurance policy, you can reduce your premiums by having the cash value portion stripped out by customizing a universal life permanent policy.)
   
   
5. Who should be my beneficiaries?
   A: First you need to know that a beneficiary of a life insurance policy has to be an "insurable interest.” Someone having an insurable interest in you, means that they would experience financial loss and hardship should you die. Therefore, for someone to purchase an insurance policy on your life and be considered the beneficiary (making them beneficiary owner), they must be able to demonstrate an insurable interest. With regard to a life insurance policy, an insurable interest is based on a relationship whereby there is a common interest in another person continuing to live or a financial loss that would result at that person’s death. Therefore, in order to insure the life of an individual, an applicant for life insurance coverage must have a greater financial concern in the insured living than in them dying. For more on insurable interest info, click on this web link below to read another blog post I wrote. 
   https://mgildarinsurance.com/blog/life-insurance/life-insurance---can-anybod.html
   
   Generally, your spouse (if married), your children, grandchildren, an aging parent, other blood relative, etc. would be some good examples for your beneficiary choices. You should also choose one or more contingent beneficiaries, if for some reason your beneficiary is not living when you pass. (Example: If you and your immediate family were all in accident together and there were no survivors.)
   Important note: Keep in mind with children under the legal age (minors), their guardian may have control of the death benefit money until the child or children were of legal age, unless you create a trust in advance for them and name that trust as a beneficiary.
   
   
6. What is the insurance company’s financial rating?
   A: Pick a well established insurance company with an “Excellent" rating! Check the insurance companies’ ratings for financial strength first before completing an application. You want your insurance company to be there when your family needs it the most! Some of big name companies that rate the insurance companies financial strength are: AM Best, S&P, Moody’s and Fitch! Keep in mind a rating scale from one rating company, may differ from another company’s rating scale. 
   
   
7. Do I need to take a Medical Exam in order to buy life insurance?
   A: To get the least expensive premiums for same amount of death benefit, generally traditional life insurance that requires a medical exam is the way to go. That is, if you are in good health and have lots of time to go through the insurance company’s approval process.
   
   However, if you are either in a hurry and/or don’t want to have a medical exam, then Simplified Issue may be an option, if you are in relatively good health. Simply Issue generally doesn’t require a medical exam, but they will ask you medical questions about any medical conditions you may currently have or have had in the past. If your answers don’t fall within the guidelines of the insurance company’s requirements, you most likely will not be approved. Simplified Issue premiums are more expensive than traditional life insurance premiums with the same death benefit, due to more risk on the insurance company’s side.
   
   There is yet another option that doesn’t require a medical exam (or even any medical questions for that matter). So even if you are in very poor health, you can still get approved! That type of life insurance is called Guaranteed Issue. However, Guaranteed Issue is the most expensive type of life insurance since there is an increased amount of risk the insurance company is taking on.
   Note: Full death benefits on most Guaranteed issue don’t start until after two full years. If an insured were to pass before that full two year period, the beneficiary would just get the premiums paid in to that point, plus interest.
   
   
8. Will my medical conditions/history increase my premiums?
   A: It all depends on what your medical conditions are, and your medical history. If you can get approved, yes many medical conditions can increase premiums.
   
   
9. Does it matter what type life insurance agent I use?
   A: I highly recommend using an Independent Insurance Agent rather than a captive agent. Independent agents don't just use one main insurance company and possibly some of their affiliates for quotes, like a captive insurance agent from a single big insurance company does. Independent insurance agents can shop a very large number of insurance companies across the market at once for the very best quotes and are also able find specific insurance policies that are best suited for their clients. That way you can choose from a broad number of insurance companies and compare their quotes as well as financial strength all within a chart provided by an independent agent.
   
   
10. How should I choose an independent agent?
    A. Check the agent’s reviews, testimonials, and/or recommendations. You should choose a trustworthy independent agent. Select an agent that will be there for you to answer your questions and also give you excellent customer service even after the sale.
    

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

I read a MarketWatch article by Katia Iervasi regarding 5 reasons you may have to pay more for Life Insurance and thought I would share.

However before I start with that article, I would like to mention there are many factors that may determine the premiums for Life Insurance due to risk that the life insurance company is taking to insure you. The more risk, the more expensive the premium is. (That is, if you can even qualify for approval, if you are considered a very high risk by the insurance company.)

Some factors that may affect the price of your life insurance premiums are:

• Age
• Gender
• Current Health
• Health History
• Family Health History
• Weight/Height Ratio
• Smoking
• Alcohol Consumption
• Drugs You Take
• Occupation
• Driving Record
• High Risk Hobbies
• Policy Type and/or Length
• Death Benefit Amount
• Where You Purchase Your Policy (An independent agent can shop many insurance companies for the best price that suits your needs.)

For details on the above, click on this web link to a blog post I wrote a long while back:

https://mgildarinsurance.com/blog/life-insurance/price---important-factors.html

Back to the original article regarding 5 reasons you may have to pay more for Life Insurance:

1. You have a pre-existing health condition
   Some pre-existing conditions such as: cancer, diabetes, autoimmune disorders, etc. Morbid obesity is also considered a big risk.¹
   
   
2. You have a dangerous job.
   Some jobs are considered high risk such as: Piloting, Car racing, Bomb Squad, even certain types of scuba diving, etc.¹
   
   
3. You are a thrill-seeker
   Some extreme sports like car racing, piloting, skydiving, scuba diving or mountain climbing, etc.¹
   
   
4. You are getting drug or alcohol treatment.
   The type of drug and the length of time you’ve been clean come into play. Insurers carefully consider relapse rates, as well as the likelihood of contracting diseases through drug use, such as hepatitis C.¹
   “Heroin, opioids and meth are problematic. Typically, you can’t get coverage for a year after drug treatment,” says Hallett.¹
   As for alcohol treatment, insurers want to see you sober for one to two years before offering a lower rate.¹
   
   
5. You have a recent DUI 
   If you got a DUI in the past year, you can expect a higher premium when you apply for life insurance.¹ 
   If you got multiple DUIs over five years ago, you’ll likely pay more than twice as much for coverage as someone with a clean driving record.¹
   However, your insurer might not penalize you for just one DUI that happened five or more years ago.¹
   
   

To read the entire MarketWatch article by Katia Iervasi, click on the weblink below:

https://www.marketwatch.com/story/5-reasons-you-might-have-to-pay-more-for-life-insurance-11642793545?mod=hp_minor_pos25

1. Source: MarketWatch Article by Katia Iervasi
https://www.marketwatch.com/story/5-reasons-you-might-have-to-pay-more-for-life-insurance-11642793545?mod=hp_minor_pos25

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

There really isn’t one specific type of life insurance that best suits everybody’s different circumstances.

The two main types of life insurance are permanent life insurance and temporary life insurance. There are different types of permanent insurance, including whole life, universal life, index-universal life, variable life and variable-universal life. Term insurance is generally known as temporary insurance because it only provides protection for specified number of years. (Example: 10, 20, 30 year terms are common options). However, I’m mainly going to focus on permanent insurance in this blog post.

Some of the advantages of permanent insurance are:

• Permanent Insurance can provide protection throughout your lifetime! Permanent Life Insurance can provide guaranteed lifelong protection (or to a specific age) as long as necessary premiums are paid. Although after a pre-determined period, many times premiums can even be made from the cash value of the policy depending on how the policy was set up. 
  
  Side Note: Since the face amount of the policy is payable upon the death of the insured person, the element of risk to the insurance company is much different than it is for say, an automobile policy. When an insurance company issues an auto policy, it hopes you will be a safe driver and will never have an accident, so you will never file a claim. Likewise, a Term policy is initially set for a specified number of years and when that period ends, generally the term life insurance policy terminates. Then if the insured passes away after that policy has terminated, the insurance company is not required to pay a death benefit at all! I read in a Forbes article that 95% of all term policies go unpaid. In other words, if you took a random sample of 100 people who purchased term insurance, 95 of them would outlive their terms. The insurance companies know this. That is how they can afford to offer very low premiums for term insurance. In contrast, when an insurance company issues a "permanent" life insurance policy, it knows it will be called upon to pay a claim someday, because every human being dies sooner or later, thus the more expensive premium. For the insurance company, the only unknown is whether the claim will be made in the first year or in a number of years in the future.

• Ability to access cash that has accumulated, in the form of loans and withdraws after a certain period of time.  (Cash can be accessed Tax Free. Either in the form of loans or you can withdraw funds up to the amount you have put into the policy via premiums tax free!)
  
  
• Policy owners don’t pay taxes on the gains within the policy each year, and that money can be used in retirement to supplement their retirement planning.
  
  
• Depending on the type of permanent insurance, but most can be set up with level premiums. (Payments stay the same & never increase throughout the entire policy.)
  
  
• Provides for business continuation. Permanent life insurance is typically a better solution than term for funding a business continuation plan. It ensures that the policy will be in force regardless of how long the business owner stays active in the business. Policy cash values may be available to fund a lifetime buyout or supplement an owner’s retirement.
  
  
• Creditor Protection. (Some state statutes protect cash value from the claims of creditors.)
  
  
• Cash Value Life Insurance is not a factor in determining eligibility for financial aid. As a general rule, policy cash value is not a factor used in determining eligibility for financial aid for college.
  
  
• In contrast to a tax qualified account such as 401(K), IRA, etc., life insurance death benefit amount paid out when the insured passes is completely tax free to the beneficiaries! (Although that benefit is also the same as for term life insurance, but I just thought I’d mention it here anyway as reminder.)

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

I read a MarketWatch article by Chanel Reynolds and thought I’d share. Some good points were brought up in the article.

Some Excerpts:

Making big and often very hard decisions during a stressful and emotional situation adds more pain, suffering and confusion to what is already a terrible time.¹

“Four years after my husband was killed in an accident. I had mostly gotten my sh-t together (completed my will and power of attorney documents, created an emergency fund, got more life insurance, specified my end-of-life wishes, recorded important account and password information, etc.) and encouraged my parents, friends (and the whole world via my website Get Your Sh*t Together) to make it easier on everyone after they die, too.”¹ 

And after my husband spent a week in the emergency room and intensive care, before I had to remove him from life support, I know how dramatically having a few basic things completed in advance can make a very impossibly hard and painful time a little bit softer. Having had some plans in place (like some life insurance and a strong support community) was lifesaving for me.¹

Not knowing the password to my late husband’s phone to reach some of his family members? No emergency savings? Let’s just say there was a permanent red spot on my forehead after the hundreds of times I slapped myself.¹

I didn’t have answers to these “what-if” scenarios when I really, really needed them. 

Start now. Taking five minutes to write down a few essential passwords and updating your beneficiaries (online, it’s super easy!) can make a huge, huge difference. Then, do another five minutes the next day, or following week.¹ 

To read the entire article for more tips, click on the web link below:

https://www.marketwatch.com/story/catastrophe-struck-when-my-husband-was-killed-heres-what-i-learned-about-creating-a-what-if-plan-2019-03-19

1. Source: MarketWatch Online Article by Chanel Reynolds entitled: "Catastrophe struck when my husband was killed. Here’s what I learned about creating a ‘what if’ plan"

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

There are two schools of thought when it comes to buying Term Life Insurance versus permanent life insurance such as: Universal Life or Whole Life. However, that is a completely different topic that I’m not going to discuss in depth in this particular blog post. For more info on that topic, please check my other blog posts such as: Whole Life Insurance vs. Term Life Insurance and Types of Life Insurance.

Term Life Insurance can be an efficient way to protect your loved ones with the appropriate protection you need, at a low cost during your working years since term life insurance cost is far less than that of a permanent type policy. Part of the reason that Term life insurance can be bought less expensive than a permanent policy is that a Term policy is designed to just provide temporary coverage for a specified number of years, generally for a temporary need.

Retirement is a life event that uncovers a whole new set of needs and concerns. Life insurance can often be a valuable asset during those years. When a Term policy lapses, in most cases that insured would have to go through a new paramedic exam involving blood work, urinalysis, answering their own medical health questions as well as some of their family's medical history, and possibly many additional health qualification tests in order to be approved for a new life insurance policy. At retirement age, these type tests and questions may uncover current health issues that were not present when the original term policy was bought many years ago. Then the underwriting rating could end up being less favorable costing you a higher premium, or possibly you may not even be insurable any longer.

Fortunately, many Term Life insurance policies off a convertibility option. This valuable feature allows the policy owner to convert the Term policy, or portion of it, to a permanent policy such as: Whole Life or Universal Life, at the same heath rate classification without submitting evidence of insurability. Meaning that the insured won’t be required to go through the health qualifications such as: a new paramedic exam,  answer health related questions, etc. However keep in mind that some insurance contracts only allow conversion in the first few years of the policy, while others allow it at any point during the entire term, yet others only allow conversion up to a certain age. One other important point, is that some insurance companies only have limited choices of permanent products to choose from when converting, while other insurance companies give you more flexibility on your product choices when you convert to a permanent policy.

Please note that even if you have maintained favorable health, age is still a primary factor in the cost of a life insurance policy. So as you get older, the more a policy will cost. This applies to both newly underwritten policies and term conversions. 

Converting term insurance as early as possible can effectively lock in a more cost effective premium in retirement.

Feel free to call me directly at 941-404-5334 to set up an appointment to help determine if converting an existing term policy is right for your situation.

Other related blog posts: 

12 Benefits Of Converting Your Term Policy To A Permanent Policy

Use Of Your Term Life Insurance Policy's Conversion Option

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

Do You Need a Last Will? 

Traditionally the answer has been “Yes,” regardless of the value of your property in your estate at the time of your death. A Last Will is a legal document that sets forth your choices on who gets your property and who is in charge of administering your estate after you pass. If you do not have a Last Will, some of your property in your estate may be distributed under Florida’s “intestate succession” laws. A Last Will is kind of a “must have” legal document if you have a spouse, minor children, valuable tangible personal property (such as: jewelry, collectibles, artwork, etc.), a home, or want to give something to a stepchild, friend, or charity upon your death. You’ll need to have special language in your Last Will to protect disabled beneficiaries, otherwise they may lose their public benefits, such as Supplemental Security Income and Medicaid benefits.¹ 

Many people mistakenly believe that having a Last Will enables them to avoid probate. Probate is a court-supervised process for identifying your property after your death, paying your debts, and appointing a personal representative (often referred to an executor in other states) to oversee the distribution of your property to your beneficiaries named in your Last Will. Going through probate can be more costly than the cost of creating a Last Will. Only probate property and assets are subject to probate, which typically excludes bank payable on death accounts and investment transfer on death accounts. Homestead residences typically go through probate unless certain steps are taken before death.¹

For more information or assistance, it is best to contact an elder lawyer to assist you. Kevin Pillion, Esq. was the author of this shortened version of the article found in the Sarasota Herald Tribune on 8/01/2020.

1. Source: Article in the Sarasota Hearld-Tribune Prime Times section 8/01/2020 by Kevin Pillion, Esq. https://sarasotaheraldtribune-fl.newsmemory.com/token=dea1e082e5870eaae6089299a60684be_60fb5800_34584

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Several questions you want to ask yourself (or ask your HR representative, if you don’t know the answers):

• Is your employer sponsored life insurance plan “portable?” Meaning: Do you have the option to take the plan with you when you leave? (Regardless if you are fired, you quit, or you leave for any other reason.)
  • If your plan is portable, another question to ask: Will you be guaranteed to keep your current premium or will you have to go thru underwriting when you leave your company to determine your new premium amount? If you need to go thru underwriting, that may make your premiums a whole lot more expensive depending on your age and health at that time when you leave your company.
  • If your plan is NOT portable and you still want to continue being covered, you would have to purchase a new individual life insurance policy when you leave your employer.
• Who is responsible for the premium payments? You or your employer? 
  • If you are responsible for the payments, do you have guaranteed level premiums for the rest of the policy term or do your premiums increase annually, like the majority of employer sponsored plans do?
• Is the death benefit a fixed amount or a multiple of your salary? Does the multiple increase to a higher tier level if you get promoted?

Once you understand exactly what coverage you have thru your employer, you can take that info to your professional life insurance agent to help you determine if you have enough coverage and also the correct type of coverage. Or if you don’t, what are your best options?

There are many things to consider regarding an employer sponsored life insurance policy versus an individual life insurance policy. One point being that after an individual life insurance policy is underwritten, you can have the option to have level payments guaranteed for a specified number of years or even for the life of the policy, depending on what you choose when you purchase it. That way you don’t have to worry about losing your policy when switching jobs or having annual premium increases.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

I read an interesting MarketWatch article by Kosali Simon and Sharon Tennyson, regarding how COVID-19 vaccines can effect insurance premiums and thought I’d share. 

It really depends on the type of insurance, etc. on whether insurers can charge people higher premiums if they are unvaccinated?

Life insurance companies have the freedom to charge different premiums based on risk factors that predict mortality. Purchasing a life insurance policy often entails a health status check or medical exam, and asking for vaccination status is not banned.¹

Health insurers are a different story. A slew of state and federal regulations in the last three decades have heavily restricted their ability to use health factors in issuing or pricing polices. In 1996, the Health Insurance Portability and Accountability Act began prohibiting the use of health status in any group health insurance policy. And the Affordable Care Act, passed in 2014, prevents insurers from pricing plans according to health – with one exception: smoking status.¹

Insurers and companies kind of have a way around charging more for for health insurance premiums for the unvaccinated. Since employers commonly offer discounts for things like trying to lose weight or stop smoking, they are also permitted to reduce the health insurance premiums that vaccinated employees pay.

Click web link below to read entire article.

https://www.marketwatch.com/story/health-insurers-cant-charge-higher-premiums-to-those-who-dont-get-a-covid-19-vaccine-but-those-people-still-could-wind-up-paying-more-11629303208

1. Source: MarketWatch article by Kosali Simon and Sharon Tennyson
https://www.marketwatch.com/story/health-insurers-cant-charge-higher-premiums-to-those-who-dont-get-a-covid-19-vaccine-but-those-people-still-could-wind-up-paying-more-11629303208

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

1. Decide How Much Coverage You Need: Talk to an independent insurance agent. He/she can assist you in evaluating your insurance needs and also give you information about different types of policies. Determine how much coverage you need by getting important questions answered such as: How much of the family income do you personally provide? Does anyone else depend on you financially? How will your family pay final expenses and repay debts including mortgage payments, after your death? Based on the answers to these type questions and more, you can together intelligently decide how much coverage you need, for how long, and what you can afford to pay. You want to make sure that you buy enough life insurance to cover the financial effects of an unexpected sudden death.
   Click on my blog subject: How Much Life Insurance Do I Need?
   
   
2. Determine What Type of Life Insurance You Need: 
   Decide if you need Permanent or Temporary life insurance.
   Term life insurance is commonly known as "Temporary" insurance because just as the name implies it only provides a death benefit for a specified number of years.
   Permanent life insurance on the other hand, doesn't end as long as you pay your premiums. In addition to providing a death benefit, permanent life insurance generally accumulates cash value, and you have the ability to access cash that has accumulated, in the form of loans and/or withdraws after a certain period of time.
   
   
3. Assess Your Current Life Insurance Policy: If you already have a life insurance policy, do not cancel it until you have received the new one. You then have a minimum period to review your new policy and decide if it is what you want. Keep in mind that you may not have to cancel your current policy. You may keep the old one and add a new policy in addition to the old one. Or you possibly may be able to change your existing policy (depending on the policy) to get the coverage or benefits you want now.
   
   
4. Read Your Policy Carefully: Will the premiums or benefits vary from year to year or are they fixed level payments? How much will the benefits build up in the policy? What part of the premiums or benefits are not guaranteed? What is the effect of interest on the money paid and received at different times on the policy? These are all questions that you should be able to answer by reading your policy thoroughly. Your agent can help you understand things that are unclear.
   
   
5. Understand Renewal Policies: You may renew most term insurance policies for one or more terms even if your health has changed. Each time you renew the policy for a new term, premiums most likely will be higher. Many times premiums can skyrocket at renewal time. Ask what the premiums will be if you continue to renew the policy. Also ask if you will lose the right to renew the policy at a certain age.
   
   
6. Choose a Trustworthy Agent: Select an agent that will be there for you to answer your questions and also give you excellent customer service even after the sale. Check the agent’s reviews, references, testimonials and/or recommendations. It is important to see how previous clients were treated.
   Please take a few seconds to read about what my actual clients have to say about my personalized service in their own words by clicking this link. Agent Reviews.
   
   
7. Pick a Well Established Insurance Company with an Excellent Rating: Check the insurance companies’ ratings for financial strength first before completing an application. You want your insurance company to be there when your family needs it the most.
   
   
8. Be Sure You Can Afford the Premium Payments: Before purchasing a life insurance policy, be sure that you can handle the premium payments. Can you afford the initial premium? If the premium increases later, will you still be able to afford it?
   
   
9. Always Answer the Questions on Your Application Truthfully: A company will use this information to evaluate your risk and set a premium for your coverage. When it’s time to submit a claim, accurate and truthful answers will enable your beneficiary to receive prompt and full payment. Dishonest answers in certain circumstances could allow the insurance company to deny a claim.
   
   
10. Ask for an Independent Insurance Agent: Independent agents don't just use one main insurance company and possibly some of its affiliates for quotes like captive insurance agents from a single big insurance company do. Independent insurance agents can shop a very large number of insurance companies across the market for the very best quotes. Independent insurance agents are also able find specific insurance policies that are best suited for their clients.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

I watched a short CNBC informative video regarding "How to keep your kids from blowing their inheritance” and I thought it may be useful, so I decided to share it.

Click on web link below to watch very short video:

https://www.cnbc.com/video/2017/11/21/how-to-keep-your-kids-from-blowing-their-inheritance.html

Note: Sometimes there is a short video ad (no relationship to me) before the actual video starts.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Below are just some of the important things you really need to know about life insurance:

• Life insurance is considered one of the pillars of personal finance.
  It really deserves the consideration of every household!
  
  
• If anybody relies on you financially, you absolutely need life insurance with yourself listed as the insured and with your dependents as the beneficiaries. That is especially important if you are the parent of dependent children. Or if your spouse depends on you for your income. There are many other examples of when you really should have life insurance. However, I am not going to go into that topic today of who you else you should cover as the insured, or who you should list as your beneficiaries in this particular blog post. 
  
  
• A Life insurance policy is a contract between a life insurance company and a person or sometimes “something” (for example: a trust or company). Be sure to read the entire policy and understand it before signing or at very least before the free look trial period expires.
  
  
• Life insurance doesn’t determine or assign somebody a monetary value of their life.
  However, life insurance does help compensate for the unavoidable consequences that accompany the loss of life. It helps those left behind to cover outstanding debts, final expenses (such as burial and funeral expenses), mortgage payments, educational expenses (such as college for dependent children), and the loss of income from the person that was insured.
  
  
• The primary roles in a life insurance policy:
  • The Insurer (The insurance company that is responsible for paying the claims.)
  • The Owner of the policy. (Responsible for the premium payments and able to make some revisions to the policy, such as changes of the beneficiaries, etc.)
  • The Insured (Person on who the life insurance policy is based on. If that insured person passes away, the death benefit claim is paid to the beneficiaries.)
  • The beneficiary or beneficiaries. (The person or persons, trust, or other entity that receives the death benefit claim in case of when the insured dies.)
    
    
• Two Main Types of Life Insurance: See blog post Types of Life Insurance
  
  • Term (Temporary) Life Insurance 
  • Permanent Life Insurance (Universal Life or Whole Life)
    
    
• Consider an independent agent to help you with life insurance decision making and to shop for the best prices. Life Insurance - Why Choose Independent Agents?

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

It is important to have a financially strong insurance company to back up your life insurance policy or annuity. Otherwise, when you need the funds the most from your policy, the money may not be there for you or your beneficiaries!

• Check out the insurance company’s ratings from several different sources. Companies with the highest grades are least likely to become insolvent. However with that said, keep in mind that insurance companies can pay some of these sources and that can be a conflict of interest. So you need to do some research with different sources to get a more accurate picture before you buy. Weiss Ratings seem to be the toughest grader and also doesn’t accept compensation from the companies it rates. Also the specific ratings for the exact same insurance company can vary from one source to another. In addition, the rating grade systems of each source can be very confusing. 
  
  Some of the rating sources are listed below. 
  • A.M. Best
  • Fitch
  • Moody’s
  • Standard & Poor’s
  • Weiss Ratings (Doesn't accept compensation of any kind from the companies it rates.)
    
    
• What if your insurance company goes bankrupt?
  State guaranty associations can provide some protection to their residents, depending on the type and source where they purchase their life insurance or annuity from. There are also limits on our protection and they vary from state to state. Keep in mind that some Life Insurance “Certificates" issued by say for example, a Fraternal Benefit Society, possibly may not even be covered at all by the state guaranty association! A Guaranty Fund excludes coverage for “Policies” (Certificates) issued by a charitable organization, a fraternal benefit society, a mandatory state pooling plan, a mutual assessment company, or by an insurance exchange, or a grants and annuities society holding a certificate of authority under Section 11520.
  
  

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

Source: http://www.consumerreports.org/cro/money/insurance/life/life-insurance-safety/overview/life-insurance-safety-ov.htm  However, article is no longer available at this web link.

From the bottom of their hearts, most people want the financial protection that life insurance provides their loved ones. An insured policy owner will even endure the tedium, intrusiveness, and expense of the purchase of life insurance. He or she will cooperate with every step of underwriting, which is probably one the most comprehensive vetting processes in the market today for a financial product. On top of all that, he or she will do this all with the full understanding that they will not personally reap one penny from the death benefit, because it will eventually just be paid out to their beneficiaries when they pass away.

A person that purchases a life insurance policy for that reason is really an upstanding, responsible, good-natured, caring person that will be remembered with integrity and honor, not only while living, but especially when they are gone!

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

A beneficiary of a life insurance policy has to be an "insurable interest.” 

Someone having an insurable interest in you means that they would experience financial loss and hardship should you die. Therefore, for someone to purchase an insurance policy on your life and be considered the beneficiary (making them beneficiary owner), they must be able to demonstrate an insurable interest. With regard to a life insurance policy, an insurable interest is based on a relationship whereby there is a common interest in another person continuing to live or a financial loss that would result at that person’s death. Therefore, in order to insure the life of an individual, an applicant for life insurance coverage must have a greater financial concern in the insured living than in them dying.

Technical Definition from Investopedia.com:

"What Is Insurable Interest? 

A person or entity has an insurable interest in an item, event or action when the damage or loss of the object would cause a financial loss or other hardships. To have an insurable interest a person or entity would take out an insurance policy protecting the person, item or event in question. The insurance policy mitigates the risk of loss should something beset the asset.

Insurable interest is an essential requirement for issuing an insurance policy which makes the entity or event legal, valid and protected against intentionally harmful acts. People not subject to financial loss do not have an insurable interest. Therefore a person or entity cannot purchase an insurance policy to cover themselves in the event of a loss.”¹

State laws can differ, however, generally the following individuals would be considered having an insurable interest.

•     Yourself
•     Your spouse (or former spouse)
•     Your children or grandchildren
•     A special needs adult child
•     An aging parent
•     Any person under a legal obligation to you for payment of money, services, or property and whose death or illness could prevent or delay such a payment or performance.

So what about a significant other or partner? (When they are not married or even engaged, but are just living together.)

You will need to prove that the beneficiary (referring to an unmarried significant other or partner in answer to the question above) has an insurable interest. You will also need to have consent from each other.

Some examples of insurable interest for a significant other or partner can include:

•     Both individuals being named on a lease
•     Jointly owning a home or business
•     Debts naming both individuals (such as a car loan)
•     Having children

There are situations in which it may prove difficult or even impossible to buy life insurance on each other.

• Life insurance companies won’t allow you to buy life insurance on someone you’ve just begun to date.
• If you and your significant other or partner do not live with each other, it may be more difficult to get insurance approval.
• If you and your significant other or partner are not financially dependent on each other, it will also be difficult to be approved.

Click web link below for another related topic regarding beneficiaries:

Life Insurance - Choosing Beneficiaries

1. Source: Investopedia.com -  https://www.investopedia.com/terms/i/insurable-interest.asp

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Deciding to delay your decision to purchase life insurance until later can turn out to be a costly decision or even a disastrous mistake! Since it will cost more to purchase later on. There is also a possibility you may not even be able to be approved as you age and/or your health deteriorates due to an unexpected sudden illness or accident, which at that point you could become uninsurable. I’m guessing you probably know somebody that has passed away over the years that didn’t have any life insurance and how it affected their surviving family members. So don’t take a chance to possibly let that happen to your loved ones, act now!

Keep in mind that life insurance is a subject most people don’t like to think about and many tend to put off making a decision as long as they can! So often times they delay purchasing a policy, until it is too late! It may always tend to seem like the timing just isn’t right to purchase life insurance for one reason or another. Examples: You are just too busy to purchase life insurance at this time. OR It is not in my budget at this time. Accidents and illnesses can happen suddenly and unexpectedly. So unless you start the process while you are initially looking into getting life insurance, your loved ones may not be protected when they need it most!

Life Insurance can provide an instant tax free estate in your absence, heaven forbid something unexpected should happen to you. 

The gist is that waiting to purchase life insurance later on only worsens the matter by at best, making your premiums more expensive and at worst, you may not even be able to be approved later on even though you are ready to purchase then.

Related Blog Post: (Click one web link below to read)

Why do some consumers procrastinate buying life insurance?

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

When you’re deciding what insurance company to purchase your life insurance from, it is important to have a financially strong insurance company to back up your life insurance policy. Otherwise, when your beneficiaries actually need the death benefit funds the most from your policy, the money possibly may not be there for them!

You should definitely check out the insurance company’s financial ratings from several different sources. Insurance companies with the highest grades are least likely to become insolvent. However with that said, keep in mind that insurance companies can pay some of these financial rating sources and that can be a conflict of interest. So you need to do some research with different sources to get a more accurate picture before you buy. Note that the specific ratings for the exact same insurance company can vary from one rating source to another. In addition, the rating grade systems of each source can be different and very confusing. Another option is to get an average score of the major insurance rating organizations.

A Comdex ranking is a composite score averaging the ratings of the major insurance rating organizations including A.M. Best, Fitch, Moody’s and S&P. The Comdex is not really a rating, but rather a ranking based on the average of all the different ratings these different organizations give an insurance company. The Comdex rating is based on a number scale of 1 to 100, with the higher the number, the better ranking.  If an insurance company’s Comdex ranking is 90, that means it scores higher than 90% of all other insurance companies with multiple ratings. An insurance company must have ratings from at least 2 insurance rating organizations to have a Comdex ranking.

Some of the rating sources are listed below. 

        A.M. Best

        Fitch

        Moody’s

        Standard & Poor’s

        Weiss Ratings (Doesn't accept compensation of any kind from the companies it rates.)

Rankings:

        Comdex Ranking

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.

For people that also have a need for protecting their loved ones with life insurance, they can use their life insurance policy as an accumulation vehicle by paying in additional dollars over and above the premiums required to support life insurance. (Note: There are certain limits on the additional amount you can put in, relative to the death benefit). Those additional dollars go into separate accounts. Depending on the type of policy, those accounts could be called either sub-accounts or index accounts. Then those additional dollars grow tax-deferred over the years. The nice part is that you can take out your “basis” (the money you put in) first and that comes out tax free. Then when you depleted that basis amount, you can switch over and start taking out the gains as income free loans against the income tax free death benefit. Finally when you pass on, the remaining death benefit money, after subtracting the loan amounts you took out, goes tax free to the beneficiary.

Keep in mind that there will be additional costs associated with using life insurance in this manner, but those costs are substantially offset compared to the taxation you would have had, because you would have been able to take loans against the death benefit. Note: The policy needs to stay in force until the insured passes on, in order to enjoy the tax free retirement distributions while living. 

Another benefit is that you can take out your retirement income before age 59 and a half without an additional tax penalty. That is in contrast to other types of deferred retirement income assets such as: 401(K)’s, IRA’s, and annuities that do have an additional 10% tax penalty if funds are taken out before age 59 and a half.

Lastly, in contrast to a tax qualified account such as 401(K), IRA, etc., life insurance death benefit amount paid out when the insured passes is completely tax free to the beneficiaries!

Disclaimer: I am not a tax advisor. I am insurance licensed only, thus regarding tax advice always be sure to check with your tax accountant first for your individual situation before making any decisions.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

With traditional life insurance a medical (paramed) exam is normally required to get approved. The reason the paramed exam is required is that the insurance company wants to assess the risks involved with insuring you. Including whether or not to even offer you coverage, if you happen to have a history of poor health, etc. With traditional life insurance if it turns out after the insurance company reviews your medical exam results, medical history, your entire application, etc. and determines that you are in excellent health and a low risk, you will be offered a lower premium then say a person in just average health and a lot less than a person in poor health may be offered, if they are even approved. If you are in average health you will be offered premiums for your rate classification. Lastly if you are in poor health, if they happen to approve you, then you would be offered higher rates that match your rate classification.

However not all types of life insurance policies require a medical (paramed) exam. Some types of life insurance like Simplified Issue, may just ask medical questions without requiring an actual medical exam. A Simplified Issue Policy will be offered if your answers to certain questions fit the underwriters guidelines of the insurance company to which you are applying to for coverage. Although Simplified Issue can be sometimes 2-4 times higher then traditional life insurance that requires medical exams. Although it may be more convenient and a lot quicker to get approved then traditional life insurance.

Other types of life insurance such as Guaranteed Issue don’t require any medical questions OR medical exams, however those types of policies are a lot more expensive then traditional life insurance (and even more expensive then simplified issue) and also may have other limitations. One of the major limitations is that the full death benefit is not available until after the policy has been in force for a given amount of time, usually two full years. In the insurance industry, this is called graded benefits. In some cases, if the insured person dies before the beginning of the 3rd year of purchasing the policy, then the beneficiaries only get refunded the premiums paid up to that point, plus interest. Guaranteed Issue is probably the most expensive life insurance you can buy since they accept everybody regardless of health. Guaranteed Issue is basically designed to pay for funeral expenses, plus other final expenses and is typically known as a last resort type of life insurance policy because you can’t get insurance elsewhere.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

Some of the most common mistakes made with life insurance are:

1. Not having any life insurance at all!
   Lots of people simply overlook the importance of life insurance. Life insurance may not seem to be something they need at the time and it can incorrectly be viewed as just an added expense. However if you actually stop to consider all the people most important to you in your life and how would they be impacted financially if you weren’t there, that is when it starts to make sense. Hopefully you can begin to understand that life insurance is a critical tool to ensuring that your family will be financially supported should anything happen to you. Keep in mind that if you have any outstanding debts or other financial obligations, a life insurance policy can create a “tax free instant estate” to cover all those expenses and more. Remember, it is also important to get life insurance sooner rather than later because the cost can increase exponentially as you age.
   
   
2. Relying only on employer provided workplace life insurance or group insurance
   Several questions you want to ask yourself (or ask your HR representative, if you don’t know the answers):
   --Is your employer sponsored life insurance plan “portable?” Meaning: Do you have the option to take the plan with you when you leave? (Regardless if you are fired, you quit, or you leave for any other reason.)
        -If your plan is portable, another question to ask: Will you be guaranteed to keep your current premium or will you have to go through underwriting when you leave your company to determine your new premium amount? If you need to go through underwriting, that may make your premiums much more expensive depending on your age and health at that time when you leave your company.
        -If your plan is NOT portable and you still want to continue being covered, you would have to purchase a new individual life insurance policy when you leave your employer. Which could be very costly depending on your age and health. (That is if you can even get approved at that future time.)
   --Who is responsible for the premium payments? You or your employer? 
        -If you are responsible for the payments, do you have guaranteed level premiums for the rest of the policy term or do your premiums increase annually, like the majority of employer sponsored plans do?
   --Is the death benefit a fixed amount or a multiple of your salary? Does the multiple increase to a higher tier level if you get promoted?
   
   
3. Only considering term (temporary) life Insurance
   The two main types of life insurance are permanent life insurance and temporary life insurance.
   
   Term insurance is generally known as “temporary" insurance because it only provides protection for specified number of years. (Example: 10, 20, 30 year terms are common options). Then when that term life insurance policy term expires, you do not have any cash value built up.  If you still want life insurance, you will need to purchase a new policy at considerably higher rates due to your older age and possibly health issues at that future time. (If you have major health issues at that time, you may not even be eligible for a new life insurance policy!)
   
   Permanent life insurance can provide protection throughout your lifetime and may build cash value at the same time! Permanent Life Insurance can provide guaranteed lifelong protection (or to a specific age) as long as the necessary premiums are paid. A nice feature is that after a pre-determined period, many times premium payments can even be made from the cash value of the policy depending on how the policy was set up. To read more, click on these web links below:
   
   

     Life insurance - Advantages Of Permanent Life Insurance

     Life Insurance - Whole Life Insurance vs. Term Life Insurance

4. Rate increases
   With a level premium term life insurance policy, you are guaranteed that the premiums will not increase during the initial coverage period. However after that initial coverage period, watch out since premiums may skyrocket. When the stated period is up, you are likely to get an invoice for the latest premium that is many multiples of what you had been paying previously.
   One the other hand, with a permanent life insurance policy the premiums may be set to be level (not increase) for your "entire life" as long as you continue to make your payments on time.
   
   
5. Beneficiaries
   Listing beneficiaries is a part of the initial insurance company application process indicating who should inherit the death benefits of your insurance policy. You fill out the form when you buy the life insurance policy, but beneficiaries can later be revised by contacting the insurance company in writing. It is crucial that you keep these beneficiary designation forms up to date. You should review your life insurance policies annually or whenever there is a major life events, such as having a new baby, a divorce, a new marriage, spouse passes away before the insured on the policy, etc.
   
   
6. Procrastinating and/or being under insured!
   Almost 1/3 of Americans think they need more life insurance, and 43% say they would feel a financial hit within six months if their family’s primary wage earner died, according to the 2015 Insurance Barometer Study by industry groups LIMRA and Life Happens. Yet 54% of Americans don’t plan to buy life insurance in the next 12 months.
   If you need life insurance, it’s better to buy sooner rather than later. Life insurance rates increase as you age and develop health conditions. That is if you can still get approved, since if you have major health issues at that time, you may not even be able to get approved for a new life insurance policy!
   
   
7. Naming a minor as a beneficiary
   You might buy a life insurance policy for your children’s benefit, but naming them as beneficiaries on the policy while they are still minors is a very bad idea. If you die before they have reached legal adulthood, the life insurance company can’t pay benefits until the court appoints a guardian. That takes time and money for attorney fees and court costs. Plus the money decisions of the minor will be in the guardian’s control. Instead, name your spouse or other trusted adult as the beneficiary. Or better yet set up a life insurance trust for your children, and name the trust and trustee as the beneficiary on your life insurance policy. You can stipulate how the money should be used. Then when they become of legal age, you can always revise the beneficiaries by contacting the insurance company in writing at that time.
   
   
8. Don’t keep your life insurance policy a secret!
   Many people don’t like to talk about their personal finances, even with their close family members. However somebody needs to know about the life insurance policy, so that the beneficiary can make a claim if/when the time comes. People with a good reason to know about your policy should be: your spouse, adult children, financial advisor, an estate planning attorney, and anyone you appoint in your will as the personal representative or executor of your estate.
   
   
9. Naming your estate as a beneficiary.
   The mistake of naming your estate as beneficiary of your life insurance policy condemns the proceeds (in many states) to needless state inheritance taxes or to a higher rate than if the proceeds were payable to a named beneficiary. This mistake also allows that creditors will have full access to the life insurance proceeds even though most states’ laws provide full or significant exemption from the claims of creditors for life insurance payable to named beneficiaries such as a spouse, children, parent or sibling. So by the mistake of naming your estate as your beneficiary, you guarantee that the precious dollars you wanted to go to a loved one will be subjected to the expense and potential aggravation and delay of probate.
   The solution would be that you should change the beneficiary of your group insurance at work and your individually owned policies to the persons or organizations you really want to receive it. That way you can legally cut out the tax middleman and others whom you don’t want to be recipients of your life insurance.
   
   
10. You didn’t list at least two contingent beneficiaries on your life insurance policy.
    If the beneficiary you named dies before you do (even if only minutes before you), and you hadn’t named other beneficiaries, the proceeds will be paid to your estate. This needlessly subjects the proceeds to all the problems of the above paragraph, just as if you had named your estate as your life insurance beneficiary.
    You should name at least list two contingent beneficiaries for every person named in your life insurance policy as a beneficiary.
    
    
11. You don’t check your life insurance polices annually for any changes that may need to be made to keep them up to date.
    For example: Many policies are payable to former spouses or others, whom the owner of the policy would not have wanted to receive the proceeds. Children born after a policy was purchased are often inadvertently omitted. This can happen because it’s easy to forget whom you named as the beneficiaries of your life insurance many years ago. Forgoing an annual checkup also makes it likely that you may not have the best possible type of policy to meet your present needs. So check your life insurance policies annually (or better yet have your agent sit down with you and review together) to see if the beneficiaries named are the people you still want currently as your beneficiaries and also that the policy proceeds are payable to them in the manner that best meets their needs, abilities and circumstances. Lastly, check to see if you still have the best possible type of policy and coverage amounts to meet your present needs.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

What are the advantages and disadvantages of replacing an existing life insurance policy?

Some of the possible advantages:

• Overall Cost - If the new life insurance policy will cost you substantially less than your existing policy, it may make sense to replace the existing policy. Possibly the premium for the new coverage could also have greater cash value potential.
• Flexibility - A new life insurance policy could possibly be better suited to your cash flow.
• Existing loans - if you have an older cash value permanent life insurance policy that you have stripped bare, it may make more sense to replace the existing policy with a new life insurance policy. (However be aware you may create a tax liability consequence.)
• If you have a term life insurance policy and the original term will expire before you are ready to go without coverage, you may want a new life insurance policy to extend the coverage. That is, if your existing term life insurance policy can’t be converted or it is too expensive for your budget to do so.
• You may want to simply increase the value of your death benefit. Keep in mind you can still keep your existing policy and add a new life insurance policy, rather that replacing your existing policy, if you so desire and it makes financial sense.

Some of the possible disadvantages:

• If you have had a cash value permanent life insurance policy for more that 3 years, you probably have already gotten most of the upfront costs out of the way and your cash value will start to accumulate value. Since you pay most of the fees and costs of a new life insurance policy upfront.
• Generally the older you get, the higher the cost of life insurance. However there may be some exceptions to that rule. For example, if you were in poor health and/or a tobacco user and now you are in good health and quit using tobacco for quite some time, you may qualify for better classification, meaning lower premiums. Plus there are other factors that could affect the premiums. So it is worth checking out, since I’ll generate life insurance quotes for free with no obligation.
• Another thing to keep in mind when replacing a life insurance policy is the fact that you will be subject to new incontestability and suicide periods with your new coverage.
• Consider any tax consequences of dropping your existing life insurance policy before committing to a new life insurance policy.
• Be sure to check the new policy to determine if you will be insurable under the same conditions as your existing policy, based on your age and health.
• Check to see if you have a surrender charge on your existing policy. If so, how much?
• Possible loss of features of your existing policy, such as riders that aren’t available with the new policy you are considering, etc., are worth checking out in advance.

Some very important things to remember if you do decide to replace your existing policy:

1. Never cancel your old life insurance policy before the new life insurance policy is in force! Otherwise you will have a lapse in coverage!
2. Make sure you fully understand your new policy and any advantages/disadvantages that go along with it.
3. Check to see if your existing life insurance policy can be modified or converted first, before just replacing.
4. Be aware of illustrations that show high level interest rates. Just because they are shown in an illustration, it doesn’t mean you will actually get that high interest every year.
5. If you are considering purchasing Universal Life insurance, ask for a “Guaranteed" Universal Life Policy. (GUL)

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

"Final Expense" life insurance policies are generally similar to most other life insurance policies with a few exceptions: 

1. "Final Expense" life insurance policies are basically designed for final costs such as funeral/burial costs which could include cremation or funeral costs. Some examples could be: payment for a casket, funeral service, funeral procession, cemetery plot, headstone, and/or other miscellaneous related costs. Keep in mind that your beneficiaries are not obligated to use the death benefit payout for these specific costs. Like other life insurance policies, they are free to use the payout in any way they feel fit.
    
2. These type policies come in a wide range of coverage amounts. They can range from as low as $5,000, but are usually limited to as high as $50,000.
   
   
3. There are many different types of policies that many refer to as “Final Expense." Some examples of Final Expense insurance are listed below.
   
   

• Final Expense Life policies that you need to get underwritten to get approved.
• Simplified Issue. (Normally no medical exam is needed. However they do ask you medical questions and if your answers satisfies the underwriters, then no medical exam is needed.)
• Guaranteed Issue. (No Medical Exam or Medical questions are ever needed to be approved.) There are at least a couple of reasons a person may choose this type policy. One reason could be strictly for convenience and speed of putting policy in place. However the main reason a person would choose this type policy is that they can not get approved through traditional life insurance due to medical issues, etc. Keep in mind that due to the fact you don’t have to be approved through underwriting, the premiums for this type policy are generally the highest. Also understand that full death benefits don’t kick in until after the second or third year the policy is in place, depending on the insurance company.
• Some types of final expense are permanent life insurance (lifetime) and build cash value. However other final expense policies can be “Term" policies that can expire at certain age (such as age 80 for example), don’t build cash value, and also the premiums can increase for example every 5 years.
  
  

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

What could be some of the exclusions for when a life insurance company won’t pay a claim?

Well it really depends on which state you live in, your life insurance company policies, and more specifically what your individual policy states in writing. Generally older policies may have had more exclusions then some of the newer policies but again it depends on what your specific policy states, so be sure to read it.

In many cases (individual states can differ) there is a two year incontestability provision in which the insurance company may contest your insurance benefits claim based on a material misrepresentation made by you and used by the insurance company to determine your insurability.

Some of the most common exclusions depending on your policy could be:

• Suicide clause (Generally only with a 2 year waiting period from the start of the policy)
• Dangerous activity (if not stated in the application, such as auto racing, scuba diving, etc.)
• Aviation exclusion (Generally will only pay if insured is killed in a commercial plane crash as a passenger. Not flying as a pilot, unless stated in the original application with most likely a higher premium if approved.)
• Act of war exclusion (Depending on the insurance company and specific policy)
• Depending on the circumstances and the actual policy, other exclusions could include:
  Drug or Alcohol abuse, participation in illegal tasks, etc. 

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.

I read this interesting MarketWatch article by Quentin Cottrell and thought I’d share it.

The gist: A spouse has an existing life insurance policy, gets a divorce, but during the divorce settlement it was written, agreed upon, and signed by both parties that the life insurance policy be retained and paid for by the spouse during the spouse’s entire lifetime with the same beneficiaries specified in the policy at the time of divorce.

The article has some other examples with some different scenarios and what happened with each scenario as well. 

For the answers, click below to read the entire article:

http://www.marketwatch.com/story/my-ex-husband-asked-our-sons-to-pay-off-his-life-insurance-policy-contrary-to-our-divorce-decree-2017-05-25

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.

• Independent life insurance agents don't just use one main insurance company (and possibly some of their affiliates) for quotes, like captive insurance agents are required to do. (Captive agents are agents that work specifically for one main insurance company and can sell only their company’s products.) In contrast, since independent agents are not tied to just one company, they can offer a wider choice of products. Then they can “shop” around a very large number of insurance companies across the market all at once to find out what fits your needs the best and at the lowest premiums. So unlike when using captive agents, you are not beholden to any one company when you choose to use independent agents. Also by choosing an independent agent you do not need to change insurance agents, if you want to purchase a new policy (or replace your old policy) with a different insurance company later on in life, as your insurance needs may change in the future.
  
  
• Independent life insurance agents, such as myself, allows us to find particular types of life insurance policies that are best suited for our clients’ specific needs. (For example: One life insurance company may specialize and be accommodating with approvals and lower rates in one area and yet another insurance company may specialize and be more accommodating in a totally different area.)
  
  
• Independent life insurance agents, such as myself, also offer personalized customer service rather that some automated voice prompt menus, etc. I work with your best interests in mind rather than just the insurance companies. I will also try to customize your insurance policies to meet your specific insurance needs.
  
  
• The good news is that independent life insurance agents do not add extra charges to insurance companies’s rates, like some other industries do. So why not take advantage of personalized customer service of independent agents, that will also shop around for you to find the best rates, all at no additional charge?
  
  
• Convenience -  Local independent life insurance agents will come to your home, your work, or somewhere else that you choose, so you don’t even have to travel to an office. Also independent agents will try to accommodate your schedule. (For example: If you work during the day and prefer to meet in the evening or on the weekends generally that is not a problem.)
  
  
• Understanding – Independent insurance agents understand that life insurance can seem complicated, daunting, and confusing, especially when you don’t deal with insurance on a regular basis. As an insurance agent, I will work to try to ensure that you fully understand your coverage, by explaining things in simple easy to understand terms, and at a pace you prefer.
  
  
• After you purchase your policies, our work as independent agents are not over. I am available the following years to help answer your questions, update your policy and make coverage recommendations.
  
  
• Reputation – Reputation plays a crucial role in finding an independent agent that you can trust. I am committed to maintaining the highest standards of integrity and professionalism in my relationships with my clients. My quality client relationships are built on a foundation of honesty, integrity, trust, and caring. Please Click Here for reviews from my actual clients to find out more about the quality of my services I offer and how my clients are treated in their own words.
  
  
• Peace of Mind – Above all, working with an independent life insurance agent will provide you with peace of mind, knowing that when you save money on your insurance, it won’t come at the expense of comprehensive coverage. Also when it comes to protecting your loved ones or your business, relying on an independent agent that you can trust is certainly a great place to start!

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Well, it really depends on the type of life insurance policy you have on whether or not your premiums remain level. 

Premiums for a term policy may be either level or increasing. It will depend on the type of term policy you purchased. For example: With the most common type of term life insurance your premiums are level for the entire term period with a fixed death benefit amount. Or if you wanted your death benefit to increase each year, concurrently your premiums would increase each year to accommodate that increased death benefit. 

With "Guaranteed Level Premium Term Life Insurance” premiums are guaranteed in the policy to remain level for a specified period of time and may increase thereafter. With most term life coverage, your premiums start out lower than comparable permanent coverage and stay fixed for the initial term. However with term policies if you choose to keep your policy in force past the initial locked in term period, then the premiums will likely skyrocket at the end off your initial term. The reason is that the term policies are designed to basically just cover the specific number of years it was initially designed for to keep premiums inexpensive. So when you buy Guaranteed Level Premium Term life insurance, the company can’t increase the rates during the initial term. For example: if you buy a 20-year term policy, your premiums are fixed for 20 years. However after the 20 years, your premiums could skyrocket up if you chose to keep that same policy.

With permanent life policies such as Whole Life or Guaranteed Universal Life, as long as you don’t let your policy lapse, your premium amounts are guaranteed not to increase for the rest of the owner’s life.

Keep in mind that Universal Life policies and other permanent life policies can be structured in a number of different ways. They generally all use premiums to build up a cash value that contributes to the death benefit, but how that money grows can differ. Some Universal Life policies offer a "no-lapse guarantee" which secures the death benefit and fixes the cost of your premiums over the life of the policy. Then there are other policies that are without the guarantees, often cheaper and project a growth rate based on historical calculations that, they claim, should keep premiums steady and build up a large death benefit over time. However when those projections don't pan out, policyholders can be left with very little to show for their years of premiums. An example of this is when many people who bought their policies in the 1980s, when interest rates were high, and now due to interest rates being low, the balances did not grow fast enough to cover the cost of the policy, let alone build a death benefit. As a result, balances may have actually decreased as the insurance company deducted money to cover the annual costs associated with the policies. If the balance hit zero, then the policy lapsed and any death benefit with it evaporated. The issue was that many longtime policyholders never understood this variable nature of the insurance when they signed up. Most people didn't find out about this problem until they received a letter telling them that their cash value was zero, and in order to continue their policy they had to increase their payments! That is why it is very important to have a No-Lapse Guarantee Universal Life policy to avoid this type of situation from happening to you.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

To view a very short video about life insurance basics and how important it is for protecting your loved ones, click on the web link below:

https://www.lifehappens.org/videos/life-insurance-101/

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

Source: www.lifehappens.org

This StarHerald article by Irene North mentions how important life insurance is, even at young ages. 

Stating that when you’re young, life insurance is one of the last things you think is necessary in your life. Yet, every year, families suffer from the loss of a family member with no safety net to help them.

Many people don’t even think about purchasing homeowners insurance or auto insurance, yet they purchase those types of insurance almost automatically each renewal period. Although when it comes to life insurance, not always so much! Material things can be replaced, but when you die with no life insurance to protect your loved ones financially, that is pretty final and can leave your survivors in desire consequences.

The article goes on to say that for those under age 25, it is a great time to invest in life insurance, since they are generally very healthy at that age and the cost is very inexpensive compared to later in life. 

Another good point made in the article is that even while most people agree having life insurance is important, we are experiencing the lowest level of ownership in 50 years and even those that do have coverage have far less than experts recommend.

Online searching is great for some things, but for life insurance and financial planning it is really best to sit down with a professional who can make it easier to understand, and also make some recommendations.

To read more, click on the link below.

http://www.starherald.com/news/local_news/life-insurance-important-no-matter-what-your-age-is/article_d3f0dfd7-ed3f-553d-91f3-b8dbbeb3250f.html

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

Click web link below to find out:

Why Choose Independent Agents?

Life insurance applications for Americans have jumped in 2020 as the COVID-19 pandemic has made us more aware of our own mortality.¹

No one has been more interested in their own life insurance gaps than the under 45 crowd. Application activity has grown almost twice as fast this year for Americans 44 and younger as for those 45-59, according to research through September from MIB Group, a data-sharing service for insurance companies.¹

In October, nearly 1 in 3 millennials said they feel an increased need for life insurance due to COVID-19, according to consumer research from LIMRA.¹

To read the entire article click on the web link below:

https://apnews.com/article/virus-outbreak-millennials-life-insurance-ca8badedec4910701b6057414515c813

1. Source: Article by Andrew Marder (Nerdwallet) AP News
https://apnews.com/article/virus-outbreak-millennials-life-insurance-ca8badedec4910701b6057414515c813

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.