LIFE INSURANCE

12 Benefits Of Converting Your Term Policy To A Permanent Policy


Keep in mind that part of the reason that term insurance can be obtained at a lower cost than a permanent policy is because a term policy is designed to provide only a temporary duration of protection for a temporary need. So with "term" policies the original term length (number of years the policy is set up for) can expire before people die, and if that happens the insurance company gets to keep all the premiums paid over the years and doesn’t have to pay out a death benefit. 

Where as permanent insurance is generally designed to last your life time and eventually the life insurance company will have to pay out a death benefit to your beneficiaries. (That is, if you kept your policy in force until you die. In other words, you didn’t let your policy lapse due to non-payment, etc.)

  1. No underwriting required on term conversions. Keep the rate class you had when you were younger and healthier without a med exam.
  2. Protection throughout your lifetime.
  3. If you are unhealthy and currently own a Term policy, then converting your existing policy to a permanent policy before the term expires can guarantee continuation of coverage. (If the policy provides for conversion rights.)
  4. Permanent life insurance can be set up to accumulate cash value, and you have the ability to access cash that has accumulated, in the form of loans and withdraws after a certain period of time. 
  5. Conversion Credits. Some carrier may offer conversion credits for converting your term policy.
  6. Level Premiums. A new permanent policy can ensure that your premiums will never increase. 
  7. Avoid a new surtax to fund ObamaCare. Income from a life insurance policy is not subject to the new 3.8% surtax to fund the Healthcare Bill.1
  8. Supplement Retirement Income – Tax Free! At retirement you can take withdrawals from your policy up to cost basis, then switching to loans thereafter. These payments are income tax free as long as the policy is not a Modified Endowment Contract (MEC).1
  9. To mitigate taxation of Social Security Benefits. Currently, income from life insurance policies does not impact the income calculation for taxing social security benefits.1
  10. Creditor Protection. Some state statutes protect cash value from the claims of creditors.
  11. To provide 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.
  12. 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.


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.


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. 


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1. 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.






7 Benefits Of Life Insurance


Below is a short list of seven general benefits life insurance can provide, that Marvin Feldman listed in his "Life Happens" blog post. He mentioned (and I agree) that is a good list to pass on to existing clients and also people that are just thinking of purchasing life insurance as a great reminder of just some of the things that life insurance can do for the insured's beneficiaries.


  1. Buys time: Allows loved ones to focus on their grief by helping to pay for the funeral and other costs.
  2. Provides a fresh start: Lets loved ones start with a clean slate by helping to pay off credit card bills, outstanding loans and even the mortgage.
  3. Generates income: Helps replace lost income for years to come so that surviving family members can continue to pay for life’s necessities.
  4. Offers flexibility: Gives a surviving spouse the chance to take time off or to switch to a job that offers a more flexible work schedule.
  5. Creates opportunities: Can provide funding to start a business, or pay for schooling so surviving family members can train for a new career.
  6. Funds the future: Offers a way to fund longer-range goals like a college education for the kids or a secure retirement for a surviving spouse.
  7. Leaves a legacy: Gives parents the chance to leave future generations with the legacy of long term financial security.


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 (Martin Feldman)

Advantages Of Permanent Life Insurance


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?

Can I Qualify For Life Insurance If I Have Major Health Issues?


It depends on what your individual circumstances are, but almost always the answer is yes for "Guaranteed Issue" type policies. However depending your specific health issues, with "impaired risk” you may possibly even qualify for traditional life insurance, but at a higher premium than a healthy person of the same age and gender would pay. 

Broadly speaking, people with higher mortality risk due to health issues, are labeled "Impaired Risk." Impaired risk life insurance is defined differently and approached differently by each life insurance company. Since I am an independent agent, my team has the ability to impartially shop pricing with the various insurance companies allowing me to deliver the best rates with top insurance carriers for my client’s individual circumstances. With that said, we can't always get everybody approved (such as cases with active cancer, suicide attempts, etc.) with traditional life insurance and for those cases we offer other types of alternative life insurance policies that are Guaranteed Issue.  

So if you have previously been charged high rates or declined altogether for life insurance? You have come to the right place and may be pleasantly surprised!

Contact me via email by clicking here or call me at 941-404-5334 to assist 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. 


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Chances are very good that you need Life Insurance!


"Life Insurance is a simple answer to a very difficult question: How will my family manage financially when I die? It’s a subject no one really wants to think about. But if someone depends on you financially, it’s one you cannot avoid.

There are many types of life insurance, but for all of them the bottom line is the same: They pay cash to your family after you die, allowing loved ones to remain financially secure. Life insurance payments can be used to cover daily living expenses, mortgage payments, outstanding loans, college tuition and other essential expenses. And, importantly, the death-benefit proceeds of a life insurance policy are almost never subject to federal income taxes.

If you’ve worked hard to establish a solid financial framework for your family—investments, home equity, a savings plan, retirement accounts—life insurance is the foundation upon which it all rests. It can guard against the need for your loved ones to make drastic changes to future plans when you die. Certain types of life insurance even have a built-in cash-accumulation feature that can help you reach savings goals.

Most Americans need life insurance, and many who already have it may need to update their coverage." 1 

Insuring Important Milestones Of Your Life For Purchasing or Increasing Life Insurance:
* Married or Getting Married
* A Parent or About to Become One
* Being A Homeowner or  Buying a New Home
* Changing Jobs
* Retired or Planning for Retirement
* Single (While providing financial support for parents)

1Source: www.lifehappens.org


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?

Convert Your Term Life Insurance To Permanent Life Insurance Before You Retire


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?

Converting Term Life Insurance


I wrote several blogs on this topic, but to make it easier to find them I pasted the links below.

Click on any of the weblink below:

12 Benefits Of Converting Your Term Policy To A Permanent Policy

Convert Your Term Life Insurance To Permanent Life Insurance Before You Retire

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 Life Insurance in Retirement?


Many seniors don't know if they still need life insurance in their retirement. To find out, click on links below from two different articles to read more and see if your thoughts change after you finish reading.

First link is to a U.S. News & World Report LP article by Jeff Rose: 

http://money.usnews.com/money/blogs/On-Retirement/2012/01/24/do-you-need-life-insurance-in-retirement

The second link below is to a Heraldextra.com article by Jim Miller (Savvy Senior).

http://www.heraldextra.com/print-specific/columnists/is-life-insurance-needed-in-retirement/article_4dee8342-9a25-5817-b9a0-9957a543fdee.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?

Employer Sponsored Life Insurance Plans - Is My Coverage Enough?


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?

Fewer Women Than Men Have Life Insurance, Leaving Families Vulnerable


In this Omaha.com article by Steve Jordon (World-Hearald staff writer), it provides insight with statistics on the gender gap between men and women with life insurance.

The article mentioned that fewer women than men have life insurance. (52 percent to 62 percent.) Women have policies with 31% less dollar coverage than men.

The article goes on to mention further that a life insurance death benefit claim doesn’t always make a family rich, but that money can help by providing time to adjust to being a one income family. That extra time can make a difficult transition manageable, rather than desperate.

Many married couples don’t think ahead regarding that a wife’s work at home can’t be replaced inexpensively. Also that if a wife dies, the husband may have to take more time off work for family duties, in addition to hiring outside help.

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

http://www.omaha.com/money/gender-gap-fewer-women-than-men-have-life-insurance-leaving/article_9c0276cf-2e6e-57c8-a45c-32af51c30c6f.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?

Give Your Wife Security With Life Insurance This Mother’s Day


Very wise advice in this Wall Street Journal article by Joe Lucey regarding thinking past the flowers and show your spouse you really care by planning to secure their financial future with the tips he mentions in the article. He goes on to state that 80% of married women fall into poverty after their spouse passes away! Click below to read more.

http://www.marketwatch.com/story/give-your-wife-security-this-mothers-day-2013-05-10


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?

How Much Life Insurance Do I Need?


There really isn’t a simple answer. Generally if you asked several different insurance professionals, you are likely to get many different answers. However, in my opinion the amount of insurance actually depends on your individual situation, your personal goals and needs. 

Some things to consider when determining how much life insurance you need are:

  1. How much total debt do you currently have including your mortgage, car loans, credit cards, other loans? Do you add to your debt each month?
  2. How much do you spend each month on things other than your debt?
  3. Generally one of the biggest factors to consider is that you should have at least enough coverage to replace your existing income for your survivors.
  4. Do you have children that will need funds to go to college? If so, how many children and how much per child? You may want to plan additional funds for educational expenses.
  5. Add enough in your planning for final expenses such as funeral, burial, and related expenses.
  6. Add additional funds in your planning for unknown future emergency expenses.
  7. Keep inflation in mind when planning. (Because today’s dollars won’t buy the same in the future!)


You really can’t protect your family correctly if you don’t know how much they will need each month to survive. (In at least the manner they are accustomed to living.) One of the key factors to consider is what kind of lifestyle you want your survivors to have if you pass away. You shouldn’t just guess at a number! If you pick an amount out of your hat, such as $500,000 or even $1,000,000, that may seem like a lot. You may think that is sufficient coverage, since that is a lot of money. However after careful thought, considering inflation and other factors, you may find that is not enough! Calculating how much income your survivors need if you aren’t around is the only thing that truly matters! 

There are other general methods and formulas such as buying coverage that is equal to 8 to 10 times your annual income. But in my opinion, those methods are inadequate shortcuts. Life insurance is a personal affair and should be customized to your individual needs and goals. There are also online calculators that can help you figure out how much coverage you need.

If all this seems complicated, one of many licensed independent life insurance agents can help by sitting down with you, getting a fact finder worksheet completed with your personal information, and help you calculate your the recommended amount of life insurance that you should purchase, customized for your individual situation. At that point it is up to you to decide how much you can afford and are willing to purchase. If I can be of assistance, please call me at 941-404-5334 to set up an appointment or click here to contact me by email.


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?

How To Buy Life Insurance


  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?

How To Keep Your Kids From Blowing Their Inheritance


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. 

Important Things You Need To Know About Life Insurance


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. 

Insurance Policy Forms: Ignorance of The Commodity Perception


Click on link below to read this Small Business Trends article by Ryan Hanley. He points out a very common misconception that insurance is just a commodity and it is all about the cheapest price. (Which by the way, also applies to "Individuals" shopping for insurance policies as well and not just for "Business" insurance.) Although he kind of rants and raves in his article, he does have a very good point. Insurance is not all about price, even though price is one of the major considerations, it is not the only thing to consider when purchasing insurance. Other important factors to consider, including things that he may not have been mentioned in the article are:

  • Your agent & the insurance company's customer service. (Does your agent take the time to explain things to your satisfaction. After the policy is sold, are they going to be there to help you, if needed?)
  • What the actual policy includes, or better yet what it may exclude.
  • Find out the rating of the insurance company you pick to help determine if that insurance company will be there when you need it most.

http://smallbiztrends.com/2012/11/insurance-policy-forms-commodity-perception.html/print/


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?

Is Your Life Insurance Or Annuity Safe?


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.





Life Insurance - An Important Act For An Unselfish, Generous Person


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?

Life Insurance - Are You Worth More Dead Than Alive?


A New York Times article by James Vlahos about some people with existing life insurance policies that become terminally ill, (or sometimes even non-terminally ill folks) and they sell their life insurance policy to a 3rd party in exchange for an immediate cash payment while still alive. The immediate cash settlement is generally a much smaller portion then what their beneficiaries would have received if they had kept their life insurance policy and died. A transaction that is known as a vatical settlement (for terminally ill patients) or a life settlement (for everybody else). Click on link below to read more.

http://www.nytimes.com/2012/08/12/magazine/are-you-worth-more-dead-than-alive.html?pagewanted=all


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 - Choosing Beneficiaries


Beneficiary:

The party designated by the owner of the life insurance policy to receive the life insurance policy’s proceeds upon the insured’s death.


Primary Beneficiaries & Contingent Beneficiaries (Life Insurance)

Generally there are two basic types of life insurance beneficiaries.

  • Primary Beneficiary: 
    The primary beneficiary is the person (or persons) who will receive the proceeds of the life insurance policy when the insured person dies.
      
    Note: Although, the primary beneficiary will not receive any proceeds if he or she dies before the death of the named insured.

  • Contingent Beneficiary:
    A contingent beneficiary is also known as the secondary beneficiary. The contingent beneficiary will not receive any of the life insurance proceeds if the primary beneficiary is still alive when the insured person dies. The contingent beneficiary is only entitled to receive proceeds if the primary beneficiary dies before the named insured dies.

Keep in mind, it usually best to have both a primary beneficiary and a contingent beneficiary.


If you have multiple beneficiaries, you would also need to specify how the proceeds will be distributed.

 Your choices are:

  • Per Capita, under which if a beneficiary dies ahead of the insured the other beneficiaries will get an equal share of the proceeds, or,

  • Per Stirpes, under which the benefits are passed on to the beneficiary's descendants.


Note: If you have multiple beneficiaries, it is best to designate that proceeds will be distributed as a percentage rather than a dollar amount.


Revocable and Irrevocable Life Insurance Beneficiaries

There are also two classes of beneficiaries. One class is revocable and the other class is irrevocable beneficiaries.

  • Revocable beneficiaries: The owner of the life insurance policy has the right to change the beneficiary designation at any time without the consent of the previously named beneficiary.

  • Irrevocable beneficiaries: The owner of the life insurance policy cannot change the designation of the beneficiary without the consent of the original beneficiary.


Determining the proper beneficiary in your life insurance policy is a matter of the utmost importance.

Below are some of the choices of who you should consider as your beneficiaries:

  • Family
  • Legal Guardian
  • Estate
  • Trusts
  • Charity
  • Key Person Life Insurance


Some Common Mistakes To Avoid:

  • Naming a minor child:
    Naming children as life insurance beneficiaries sounds like a good idea but can backfire. Insurers won’t pay life insurance benefits directly to minors. If you haven’t created a trust or designated a guardian to manage the money, a court will have to appoint a guardian until the children turn 18 or 21, depending on the state. This can cause a delay in providing financial support to the children.1

    Instead, set up a trust to benefit the child, and name the trust as the life insurance beneficiary. Or designate a trusted adult as custodian to administer the benefit.1


  • Forgetting to update beneficiaries
    Be sure to review your life insurance beneficiaries every couple of years, especially if you marry, divorce or have a child.1

    If a beneficiary passes away, you’ll want to update your designations.1

    Failing to update your beneficiaries could cause big problems if you die, particularly if an ex-spouse is still listed on the life insurance policy and shouldn’t be. Stay ahead of the game and review your policy from time to time.1


  • Naming only a primary beneficiary
    Naming just one person as your beneficiary isn’t the best option, since that person could die before you do. Or, if you name only your spouse, you could both die at the same time, such as in an accident.1

    So consider naming a secondary and even a tertiary beneficiary. That way, if the primary beneficiary dies, the money goes to the secondary beneficiary. If that beneficiary has died, then the death benefit goes to the tertiary beneficiary.1


  • Not naming any beneficiaries
    On the other end of the spectrum is not designating anyone as a beneficiary — whether intentional or not. When there’s no living beneficiary, the proceeds typically go to your estate and are then subject to probate. This can leave your loved ones with a long wait to get the money. Also, when life insurance benefits go to an estate, they can then be claimed by creditors of the estate.1

  • Naming a person with special needs
    Setting up a lifelong dependent, such as a special needs child, as your life insurance beneficiary can cause big problems. The life insurance benefits can put that person at risk of losing government assistance such as Social Security, on which many adults with disabilities rely for income.1

    Instead, work with an attorney to set up a special needs trust and name the trust as beneficiary. The proceeds can then be used to supplement that person’s government benefits instead of eliminating them.1


This is just a basic overview and there is a lot more to know about beneficiaries. Before applying for your new life insurance policy with your independent life insurance agent, ask him/her for their assistance in helping you pick your beneficiaries.


Disclaimer: These are basic descriptions, be sure to read the life insurance policy you plan on purchasing for specifics before signing!


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?


1. Source: https://www.nerdwallet.com/blog/insurance/life/top-mistakes-designating-life-insurance-beneficiary/

Life Insurance - Delaying Your Decision To Purchase


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?

Life Insurance - Differences Between Long Term Care Or Chronic Illness Riders


What are some of the main differences between a Long Term Care Rider and a Chronic Illness Rider?

Well the differences are significant! Benefits can differ significantly across policies, so be sure to read the fine print on what the rider covers before you purchase a policy. Below I just list couple of the main differences but there are many more differences and you should consult your insurance agent for all of them, or at the very least research on your own before purchasing a policy.

Generally a Long Term Care Rider gives broader coverage and benefits are available when an insured is diagnosed with an illness, or suffers from an accident, that requires substantial assistance with at least two ADLs for at least 90 days. Benefits for one or more Long Term Care events are available throughout the insured’s lifetime, and all under the same rider

Generally a Chronic Illness is defined as a one time permanent situation and is more restrictive. In other words, the condition must be non-recoverable! For example, conditions such as mild to moderate strokes, orthopedic repairs, physical complications from cancer recovery, and other recoverable conditions, etc. would not be eligible to go on claim. 
Certified by a physician, the chronically ill individual has a severe cognitive impairment or requires substantial assistance with at least two activities of daily living (ADLs) for the rest of their lifetime. ADLs include bathing, continence, dressing, eating, transferring, and toileting.


Summary: All riders are not created equal, so do your research and understand all the differences before purchasing!


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 - How Can You Check The Financial Ratings Of Life Insurance Companies?



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.

Life Insurance - How To Avoid The Federal Estate Tax When Collecting Life Insurance Proceeds



I read an informative MarketWatch article by Bill Bischoff regarding how to avoid the federal estate tax when collecting life insurance proceeds and thought I’d share.

A few of the important take-aways from the article are listed below. However I recommend you read the entire article by clicking the web link below.

  • In general, a policy beneficiary can receive life insurance death benefit payments free of any federal income tax (and usually free of any state income tax too).1
  • Under the current rules, when you are considered to own a policy on your own life, the death benefit is included in your taxable estate - unless the money goes to your surviving spouse and he or she is a U.S. citizen. When death benefits go directly or indirectly to a non-spouse beneficiary, such as a child or sibling, without passing through your estate, the money is still included in your taxable estate.1
  • If the value of your estate - including any included life insurance death benefits that go to someone other than your surviving spouse - exceeds the federal estate tax exemption of: (1) $5.49 million if you’re unmarried or (2) a combined $10.98 million for you and your spouse if you’re married, your heirs will stand in line behind the IRS (and possibly the state death tax collector too). For unmarried folks, having lots of life insurance coverage (often through work) is the most common cause of exposure to the federal estate tax or state death taxes. The larger $10.98 million federal estate tax exemption for married couples makes it less likely that life insurance coverage will trigger a federal estate tax bill. But it can still happen.1 


Click on web link below to read entire article for the rest of the tips, etc.:

http://www.marketwatch.com/story/how-to-collect-life-insurance-proceeds-without-paying-any-federal-estate-tax-2017-07-19



1. Source: MarketWatch article by Bill Bischoff (http://www.marketwatch.com/story/how-to-collect-life-insurance-proceeds-without-paying-any-federal-estate-tax-2017-07-19)


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. 

Life Insurance - How To Get Tax Free Retirement Income


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?

Life Insurance - How To Save Money When Buying It!


If you are on a budget and can only afford a certain amount for life insurance premiums each month, some of the tips below may help.

  • Buy life insurance now! The premiums only increase as you get older. In addition, the longer you wait, the more risk of developing a health condition that could increase your premiums even more, or disqualify you altogether from purchasing traditional life insurance.

  • Have an independent insurance agent (such as myself), shop quotes around for you through a large number of top rated insurance companies. The same exact amount of coverage with exact same type of life insurance for yourself with one reputable insurance company, may be a lot less then another.

  • If you desire permanent life insurance but you are on a budget, you may consider less expensive term (temporary) life insurance for a specified number of years. Or you could even choose a combination of both term and permanent in the meantime at a lower cost, until you can afford all of your coverage to be permanent life insurance. If you purchase a term life insurance policy now, generally you can convert it to a permanent life insurance policy later as long as it is converted within the given timeframe specified in your term life insurance policy.

  • You can also reduce the premium amount by decreasing the death benefit amount. Then as long as you stay healthy, you can add more life insurance coverage later on when you can afford to pay more.

  • Lastly you can additionally reduce the premium amount by decreasing the term length. The shorter the term length, generally the lower the premium. Then as long as you stay healthy, you can add a new term life insurance policy with a longer term length or permanent life insurance later on when you are able to afford to pay more later on down the road.




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. 

Life Insurance - Is A Medical Exam Required?


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?

Life Insurance - Recognizing Wealth Protection Value


This LifePro article by Warren S. Hersch made some good points regarding life insurance. The article states that most Americans understand that owning life insurance is key to not only replacing the income of a deceased breadwinner, but also protecting a family’s wealth.

The article goes on to mention that a higher percentage of people that own life insurance feel more "in control" then people that don’t own life insurance. Also states that more than 6 in 10 Americans (63 percent) believe life insurance delivers peace of mind and provides long term or future benefits. However despite those feelings, a survey reveals that only 49% of Americans actually own life insurance! Go figure!

If you are one of those 51% that don’t have life insurance yet, please give me a call today at 941-404-5334 to get you started on the right track!


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

http://www.lifehealthpro.com/2015/09/09/most-americans-recognize-wealth-protection-value-o


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. 


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Why Choose Independent Agents?

Life Insurance - Some Of The Most Common Mistakes


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

  1. 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.

  2. 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.

  3. 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!

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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. 


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Why Choose Independent Agents?


Life Insurance - Understanding Rating Classifications


I found an informative "Life Happens” article that helps explain life insurance rating classifications and thought I’d share and add to it.

Everyone who applies for “traditional" life insurance is assessed for coverage. Insurers provide coverage and premium rates in accordance with an applicant’s risk level. To that end, insurance companies typically place applicants in categories relative to their risk which involves their health as well as lifestyle choices. Smoking, for example, as a behavior associated with health risks, will impact which category an applicant will be assigned. Sometimes a person, due to health issues or lifestyle factors, may not fit into standard categories and will, instead, be assigned a table rating. While obtaining a policy is still quite possible, table ratings are associated with higher premium rates.

Note: While each insurance company has different underwriting policies, below are some generalized definitions of each classification. Not all insurance companies will agree on these same generalized definitions for each classification. Some insurance underwriters may be more lenient, than others, in regards to fitting a person into a specific classification. Hence it is important to note, that since all insurance companies do not follow the same rating criteria, you could be rated as "preferred select" by one company and just “preferred" by another for example, simply because of that company's individual underwriting guidelines. Also please keep in mind that not all insurance companies have all six of the classifications listed below. For example, one insurance company shows only to have three basic categories plus substandard ratings for non-smokers under age 70.

What Do Basic Classifications Mean?

  • Preferred Select: Sometimes referred to as preferred elite, preferred best, super preferred, or preferred plus, this category is associated with excellent health, a normal weight and height profile, and no other factors that might suggest increased health risk such as the death of a family member due to heart disease before age 60, for example.
  • Preferred: This category is associated with excellent health, though there may be a few minor issues like a slightly elevated cholesterol level, for instance.
  • Standard Plus: While associated with optimum health, there may be some factors that prevent the applicant from falling into a preferred category like high blood pressure or being overweight.
  • Standard: This category is associated with average health as well as a normal life expectancy. Minor health issues may be present or, perhaps, weight is not optimum. Factors such as these coupled with the death of a parent due to disease before age 60 could also be relative to this category.
  • Preferred Smoker: This category is for a person who would otherwise fall into the regular preferred category but smokes. Some insurers will place an occasional smoker in this category such as someone who smokes cigars only from time to time.
  • Standard Smoker: A smoker who is in otherwise standard health will be placed into this category. Since some providers offer non-smoker rates, someone in this category is apt to pay more than a non-smoker for the same type of policy.


What Happens When an Applicant Doesn’t Fall into a Category?

Many applicants do not fall into these categories yet are still eligible for coverage. Their health issues or lifestyles may prevent them from falling into a standard classification, but they can still be rated in accordance with their coverage risks. Insurers call this further classification system table rating system. Instead of preferred or standard categories, an applicant might be given a table rating with a number or letter to designate their rating. Depending on that rating, the applicant will pay an additional percentage if approved for a life insurance policy.


Understanding Table Ratings

Table ratings allow an insurer to further assess an applicant in accordance with their risk level. The rating allows the insurer to provide coverage but at an increased rate depending on that applicant’s table rating. For example, an applicant that has a table rate of A can typically expect to pay the standard rate plus an additional 25%. Someone with a table rate of G can expect to pay the standard rate plus an additional 175%. Usually table rates are issued for applicants that have definite health conditions. If the condition is deemed stable, the insurer will provide coverage and charge the rate associated with that applicant’s table rating.


Table Ratings and Life Insurance

Table ratings carry a higher rate, of course, but they do help insurers assess risk. Moreover, they also allow someone with a health condition to obtain life insurance which can be immensely important to the applicant and their families. If you are assigned a table rating, your insurer can discuss how that determination was made and why the rate is priced as it is. These table ratings are mostly standard throughout the industry. However, some life insurance providers are well-known for providing coverage to people with existing health conditions and may have more optimum rates and different coverage criteria than other providers.


Obtaining Coverage

If you are turned down for life insurance by one company, you may still qualify for coverage from another. The key is to work with a knowledgeable agent. One insurance company may deny you, while another insurance company may be happy to insure you even if it is at an increased premium rate.


To read entire post, click on link below:

https://www.lifehappens.org/blog/understanding-life-insurance-ratings/


Source: Life Happens Post by Liran Hirschkorn 


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. 


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Life Insurance - What Are Some Of The Advantages & Disadvantages Of Replacing An Existing Life Insurance Policy?


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. 


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Life Insurance - What Is A Temporary Insurance Application And Agreement (TIAA)?


A temporary insurance application and agreement (TIAA) in many cases can be a receipt for the first full premium that is collected at the same time as a completed signed term (or permanent) life insurance application is taken by an insurance agent. It provides temporary insurance coverage while the insurer processes the policy, as defined in the receipt. However each insurance company, as well each state, can have different requirements, so it is important to read the receipt offered to you carefully to make sure you understand it correctly before signing. 

Many receipts will have different terms and conditions. Some examples could be, but are not limited to:

  • A certain time limit on the agreement until it expires (End Date of Coverage)
  • Limited to a maximum amount of coverage for the temporary agreement. (i.e. : $1,000,000)
  • Insured would have to answer to “no" all questions listed on the Temporary Insurance Application and Agreement (TIAA) to qualify.
  • Limited to return of premium if any part of the life insurance application or TIAA contains a misrepresentation material to the insurer.
  • Limited to return of premium if proposed insured dies due to suicide.


Other terms you may hear that may similar (or even slightly different) meanings may be: 
Conditional Receipt, Conditional Receipt Agreement, Binding Receipt, Temporary Insurance Application and Agreement, Limited Insurance Agreement, etc. and some may differ from each other, so as I mentioned it is important to read the fine print. 

Generally conditional insurance coverage continues until the insurance company either refunds the premium or accepts the risk and issues the policy. Coverage under a Conditional Receipt is conditional on the person being insured having completed all medical requirements and being insurable on the premium basis applied for.


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. 


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Life Insurance - What Is Final Expense Insurance?


"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. 


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Life Insurance - When Doesn’t It Pay & For What Reason?


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.

Life Insurance - Who Should You Insure?


There are many specific reasons for different people (or companies, trusts, etc.) to have life insurance to protect their beneficiaries should the insured pass away.

Below I will list just a few examples of who or what entity you may want to insure and which type beneficiaries you want to list on a life insurance policy.

  • Insure: Yourself
    Especially if you are the breadwinner and have a spouse and/or dependent children or sometimes even dependent elderly parents that rely on your income.
    Possible beneficiaries you may want to consider: Spouse, children over legal age, or a trust for minors. (Possibly even dependent elderly parents listed as beneficiaries, if applicable.)
    Note: Be careful not to list children under legal age as beneficiaries since their legal guardian (if both you and your spouse pass away) would have control over the money, not your actual children that are minors. You may want to consider creating a trust for that type situation unless you have a predetermined designated legal guardian in place which you feel is trustworthy and will have your children’s best interests at heart.
  • Insure: Spouse 
    If you have dependent children you should also insure your spouse. (Even if your spouse is not the breadwinner.) Consider that you, as a survivor, may need to start to pay for full time child care, etc. since you may still need to work full time to earn income after the death of a spouse, thus not allowing you to devote your full time attention to your children.
    Possible beneficiaries you may want to consider: Yourself, children over legal age, or a trust.
  • Insure: Key Person (Key Man)
    Life insurance taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business.
    Possible beneficiaries you may want to consider: Company that employs the key person.
  • Insure for: Buy-Sell Agreement
    A buy-sell agreement (may also be known as a buyout agreement), is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or is otherwise forced to leave the business, or chooses to leave the business. It may be thought of as a sort of premarital agreement between business partners/shareholders or is sometimes called a "business will". An insured buy–sell agreement (triggered buyout is funded with life insurance on the participating owners' lives) is often recommended by business-succession specialists and financial planners to ensure that the buy–sell arrangement is well-funded and to guarantee that there will be money when the buy–sell event is triggered.1
    Possible beneficiaries you may want to consider: Partners / Shareholders

    1. Source: Wikipedia Partial Definition https://en.wikipedia.org/wiki/Buy%E2%80%93sell_agreement


For other circumstances, below are some choices of who you should consider as your beneficiaries:

  • Family
  • Legal Guardian
  • Estate
  • Trusts
  • Charity


Insuring Important Milestones Of Your Life For Purchasing or Increasing Life Insurance:

  • Married or Getting Married
  • A Parent or About to Become One
  • Being A Homeowner or  Buying a New Home
  • Changing Jobs
  • Retired or Planning for Retirement
  • Single (While providing financial support for parents)


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.

Life Insurance - Who Wins? A Beneficiary On A Life Insurance Policy Or On A Divorce Decree?


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.

Life Insurance - Why Buy It?


Purchasing life insurance for your dependents can be one of the most caring, thoughtful, and unselfish acts you can do for your loved ones. Life insurance allows your dependents to be financially provided for after you are gone by creating a TAX FREE instant estate.

Life insurance can show how much you love and truly care for your dependents, especially when you are not there to support them any longer. Life insurance helps compensate for the inevitable financial consequences that accompany the loss of life.

Life insurance is often known as of one of the pillars of personal finance, deserving of consideration by every household. If anyone relies on you financially, you need life insurance for them. (Life insurance's main concept is NOT meant to solely benefit yourself!) Although life insurance should give you peace of mind knowing that your loved ones will be taken care of financially. So if you truly care about the wellbeing of your dependents, life insurance is certainly a very good way of showing it.

So don’t procrastinate!
Get started with the process of purchasing a policy today by contacting me at 941-404-5334! 

Or if you already have an existing life insurance policy, you may want to consider increasing the death benefit coverage amount!


Side Note: You don’t wait until you have an accident to buy auto insurance, same thing should be true about buying life insurance. If you think about it, what is more important your home, your car, or yourself? You insure your house for probably $250,000 (or whatever the value of your house is worth), so why not insure your life for the same amount or more? Some people could go their entire life without their house burning down or getting in a car accident, but yet they still purchase those types of insurance without really thinking about it. However, unfortunately you literally can’t go the rest of your life without dying sooner or later. So it is wise to purchase life insurance now while you can. (approval will depend upon your health.) Keep in mind as you get older when applying for life insurance your premiums will only increase with age, and that is if you can even still get approved since your health could deteriorate by the time you finally decide to apply in the future! So it is best to act now.



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


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. 

Life Insurance - Why Choose Independent Agents?


  • 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. 

Life Insurance - Why Quotes Can Vary For The Same Coverage Amounts?


Why do some life insurance quotes vary?

Many factors will affect quotes, so let’s explore some of the answers:

  1. Your age, health, height/weight ratio, and whether you are a tobacco user or non-tobacco user are big factors that will help determine your quotes. With many insurance companies, even your family health history can be a factor. Risky habits and/or hobbies can also be additional factors when determining your rate classification.

  2. In the beginning of the quoting process with different agents is where the quotes can vary quite a bit from one agent to another. Some unscrupulous (or unknowledgeable) agents may quote the lowest amounts in order to just get your business from the start, knowing very well that they will not be able to deliver by getting you approved at that same rate class and quote they originally gave you. Then they will try to bump you up to a higher premium once you have gone through the whole lengthy approval process and they only got you approved at a higher amount then they originally quoted.

    On the other hand, having an experienced honest agent ask you the correct questions upfront will help that agent preliminarily determine your rate classification more accurately so you may hopefully get approved at your original quote. However, keep in mind even the most experienced and honest agents are really only making an educated guess on quotes based on their previous experience and with the preliminary limited information they have at the time. However once a full application is completed and submitted, along with Paramed examination results, ultimately your rate classification decision will be determined by the insurance company’s underwriters. So for example: An experienced honest agent may quote you higher in the beginning, which may turn out to be a lot more accurate to what you will actually get approved at by the insurance underwriters. Rather than a bait and switch with a low quote in the beginning by another agent and then they try to bump you up to a higher quote later on, once you are approved. Keep in mind, even if an experienced agent happens to quote you higher in the beginning, and you then you get approved at a lower quote by the insurance company, you still would only pay the lower rate you got approved at. (Not the original higher quoted amount!) I feel it is best, if there is a going to be a surprise, for the surprise to be to your benefit and not the other way around! 

  3. It is also important for your independent agent to try to place you with the insurance company they feel is best suited to approve you at a better rate classification then possibly other insurance companies, due to your specific circumstances or health conditions. The underwriting process varies among life insurance companies. For example: one insurance company might offer better life insurance quotes for applicants with diabetes than other insurance companies may offer. Some insurance companies are more lenient for risky habits, such as cigar smoking, than others, and some insurance companies are more comfortable than other insurance companies with covering people who have risky hobbies, such as scuba diving. Having an experienced insurance agent (or his/her team), know the correct insurance company to place you with, can end up saving you lots of money as well as extra time shopping around!

  4. As they say, compare apples to apples. 
    • When comparing quotes make sure the death benefit coverage and term length are exactly the same.
    • Also make sure you are comparing the quotes for exact same type of policies, whether it is term, universal life, or whole life.

  5. Lastly, make sure to review life insurance company ratings of the company you chose. You want the insurance company to be there when your beneficiaries need them the most.


See Related Blog Posts by clicking links below:


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 - Will My Premiums Increase?


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?

Life Insurance 101 - The Basics


In the simplest sense, life insurance is something that pays a death benefit to a beneficiary when you die. Life Insurance's primary purpose is to protect against the risk of you dying too soon. Your premature death would expose your family or business to certain financial risks, such as burial expenses, paying off debts, loss of family income and loss of business profits, etc.

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. When an insurance company issues a "permanent" life insurance policy, it knows it will be called upon to pay a claim someday since every human being dies sooner or later. 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.

None of us can be certain that we will live for a long time, even if our ancestors are long-lived. There is always the possibility that a disease or accident will result in a premature death. Anyone can become a victim of a natural disaster or an act of violence.

Death benefits are the one thing that all types of life insurance have in common. If it doesn't pay a death benefit, it isn't life insurance. The death benefit is the pure life insurance protection portion of a policy. The product gets its name from the fact that a life is being insured and it is the loss of life that triggers payment of the benefit. Death benefits represent the true insurance element, the pure protection aspect, of all life insurance policies.

In addition to death benefits, many life insurance policies include other features, such as savings or investments. These non-life insurance benefits may be included in a policy or they may be attached as optional riders. They make it possible to use life insurance as a vehicle for building capital for accumulating assets or funds designed to serve specific purposes. Thus, some people use life insurance to accumulate funds for children's education, to provide retirement income, to create or add to an estate and for other purposes.

The death of an insured person creates an instant estate for the benefit of the individual's family. From a personal perspective, life insurance may be used to provide peace of mind and financial security for a family.

 

Source: Florida School of Insurance

 

Related Blog Posts:


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 101 Video


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

Life Insurance Can Be Important At Any Age!


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 For Business Owners Can Be A Multipurpose Tool.


In this LifeHealthPro article by David Port, it explains how life insurance can be set up as a multipurpose tool. The article briefly touches on some of the different purposes life insurance can provide for businesses including a brief explanation for each purpose. It touches on getting a formal succession plan in place, key person planning, talent retention of employees, or even estate equalization planning.

If you are a business owner and think that you already have too much on your plate running a company to worry about long-term planning stuff, then you should start by reading this brief article and then expeditiously act on the suggestions to purchase life insurance to fit your business needs. Contact me for assistance in determining what type of life insurance will best suit you.


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

http://www.lifehealthpro.com/2015/08/25/life-insurance-for-business-owners-a-multipurpose?page_all=1


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 Myths


Myths:


  • Life insurance is expensive!
    This is one of the biggest misconceptions. Many people overestimate the price for a given policy! People tend to think life insurance is more expensive than it really is, for protection that they truly need.


  • I don’t need life insurance!
    Most people don’t want to think about their own mortality in advance. However all of us are human and we will eventually die at some time in the future, we just don’t know when. It is just a fact of life. Even though we really don’t like to think about our own mortality, it is prudent to plan ahead by purchasing life insurance so your loved ones will be financially taken care in the event of your passing. Many people only start to think of purchasing life insurance when a family member, relative, or close friend passes away. That event jolts them into taking action of purchasing life insurance for themselves. Think back of when somebody close to you unexpectedly passed away. Did the departed have life insurance? If not, what happened the survivors?  You really shouldn’t wait for a jolting event like that to happen to “somebody" close to you before taking action and purchasing life insurance! That “somebody" could be you instead!


  • Once you buy life insurance, you just set it aside and forget about it!
    You should revisit your life insurance policy annually or upon major life events such as: 
    • Birth or adoption of a child
    • Deaths, Divorces and Marriages
    • Employment, career, or income changes
    • Sale or purchase of a home
    • Taking on the care of a parent or relative
    • Planning or nearing retirement
    • Planning for a child’s education or wedding
    • Starting or selling a business
    • Tax-law changes

Note: Changes to the amount of coverage should be considered to determine if you still have enough to meet your beneficiaries future needs. Example: A $1,000,000 may seem like a lot to many people, however if you have a spouse, a couple or more children that plan on going to college, and also have some existing debt that same $1,000,000 may not get them very far!


  • Having life insurance through your employer is enough and I’ll have it when I leave!
    The first point is the amount of coverage your employer provides. Is it enough?
    The second point is your life insurance policy portable? Meaning can you take the life insurance with you if your employment with that company gets terminated? (Regardless whether you quit or got fired.)

  • I’m young and don’t need life insurance. It is for old people!
    You may be young but that doesn’t prevent you from accidents and illnesses!
    You can lock in the best rates for your entire life while you are young and healthy! Rates increase with age and deteriorating health.
    Second point is that younger people are more likely to have small children, big mortgages, and very little savings. That is a recipe for disaster should the breadwinner unexpectedly pass away, leaving the survivors to fend for themselves.

  • It is not available for older people.
    Even if you are over 80 and in very good health, you can generally buy life insurance. Key factor of your approval would depend on your health. At that age, you may want to consider a shorter term policy to help keep the cost down. Of course the cost of the coverage for older people is much higher. Older folks may also want to consider final expense insurance. That type policy is designed to pay off final debts and burial expenses as not to burden their surviving family members with large expenses when they pass.
     
  • The choices are overwhelming.
    Yes it is true that there are many varieties of life insurance, but with the guidance of a professional licensed insurance agent he or she can guide you to the type of policy that best fits your needs and/or budget.

  • If you have health issues, you can’t get approved.
    Barring a terminal health condition, chances are good that you can still get approved depending on your individual circumstances. However your life insurance premiums most likely will be higher due to the additional risk.

  • I can lie about a medical condition to get the best rates.
    Lying doesn’t work! Eventually the truth will come out and your claim may be denied when your beneficiaries need the money the most!

  • The Internet offers the best deals!
    You will not only be missing out on having a real live person who will listen to your specific needs, understand and process all the information to meet those needs, but the actual pricing is pretty much the same whether you go online or through a live in person agent! With a live person you can get personalized service who can explain all the confusing insurance jargon, answer your questions, come directly to your house, work, or where ever convenient for you. Plus if your live agent is like me, you’ll have great service!


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 Quotes & Application Process - Demystified


Ever wonder how life insurance quotes are generated? It is not magic. There are many criteria that are considered.

The death benefit amount and the length of the policy will be some of the major pricing factors. Also underwriters will review your income, lifestyle, medical history, overall health, your family's medical history and any hazardous recreational sports or occupations to help determine your risk, which will be additional considerations greatly affecting your quotes as well.

There are several types of criteria that can affect the pricing factors and need to be gathered in order to make life insurance quotes more accurate. But ultimately the type of policy (including the death benefit amount & the length of the policy term), your completed application, your paramed exam results, and complete information gathered for your underwriting review will determine your exact premium amount.

Some of the basic preliminary information that will need to be obtained will be:

  • Birth Date 
  • Gender
  • Height and Weight
  • Do you currently, or have you in the past, used tobacco?
  • Your current and past health (including blood pressure and cholesterol levels)
  • Your family’s health history, including ages when parents or siblings may have passed away if applicable. (If they passed away after age 60, it generally shouldn’t affect your premiums.)


As I mentioned above, those items above are the main basic preliminary information items needed to start, but there many other types of criteria that are considered as well that are usually gathered in your completed application. Not always asked during the preliminary questions but questions about other risk factors, such as but not limited to: your driving record, scuba diving, motor vehicle racing, piloting planes, hand gliding, sky diving, etc. are normally on the application. So it is a good idea to volunteer any of this type information at the same time to get a more accurate preliminary quote. Otherwise you may have a higher quote after the application is completed, reviewed, and approved. 


Once preliminary accurate information is gathered, an independent agent can then shop the quotes for you. It is strongly recommended that an “independent agent” assist in helping you pick a top rated life insurance company that best fits your information given.  Unlike captive insurance agents working for one insurance company, independent agents can shop a very large number of insurance companies across the market for the very best quotes suited specifically for you. Since some insurance companies specialize in certain areas and are more aggressive in determining a client’s risk class, they may put you in a more preferred class (meaning lower premiums) than another insurance company would. Independent agents knowing which top rated insurance company to submit your application to, generally can save you a lot of money in the long run with the same coverage. A couple of examples could be:

  • One insurance company may be more lenient toward people of a certain age & health thereby offering lower rates than another insurance reviewing the exact same information from the same exact person!
  • Another example is that one insurance company may be more lenient toward people with diabetes, while another insurance company may be more lenient for folks that had another long term illness or disease.

After an application is completed, most (but not all) types of Life Insurance require a paramed exam, which is performed at no cost to the insured. The insurance company pays for the exam.

Finally, once the completed application and the paramed results are both submitted, then the insurance company’s underwriting department reviews all the information, which can take a while since they like be very thorough. When the underwriting department review is complete, they will either approve or deny the application. If approved, the underwriters will determine which risk classification you fall into. That risk classification assigned to you will ultimately determine the premium amount. The better your risk class, the lower your premiums will be. A majority of the time the premium amount will stay the same as quoted. However sometimes after receiving the full completed application with more thorough information than just the preliminary questions answered to get a preliminary quote, during the review the underwriter may find you to be more at risk than originally anticipated with just limited information. Then the premium may be higher than originally quoted. At that point you will have the chance to accept the new revised quoted premium amount and continue to move forward or stop the process.


Below is a reference for some typical life insurance rate classifications. However many insurance companies use similar but different names for each of the same classes and other insurance companies may vary their rate classifications altogether. Not all insurance companies have all those different classifications listed below. 

Keep in mind that the “Standard” classification is generally considered for average health, see below definition. So only if your health, etc is above average, would you even be considered for one the higher approval ratings.

Standard: This category is associated with average health as well as a normal life expectancy. Minor health issues may be present or, perhaps, weight is not optimum. Factors such as these coupled with the death of a parent due to disease before age 60 could also be relative to this category.

Non-Smoking or Non-Tobacco User

  • Super Preferred (Sometimes also called Preferred Best)
  • Preferred Plus
  • Preferred
  • Standard Plus
  • Standard
  • Substandard

 

Smoking or Tobacco User

  • Tobacco (non-cigarette)
  • Preferred Smoker
  • Standard Plus Smoker
  • Standard Smoker
  • Substandard

 

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 Video - Embracing Uncertainty


Click on the web link below to view a short but informative 2 minute YouTube video by Penn Mutual explaining the some of the benefits of permanent life insurance. Even though the video was created by Penn Mutual, the main principals can apply to most permanent life insurance policies.

Video - Protect yourself today for the uncertainty of tomorrow!


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. 


Life Insurance Video - If You Still Haven’t Purchased Life Insurance Maybe This Will Change Your Mind!


I viewed this Transamerica Life Insurance video and thought I was important to share it with folks that might have procrastinated and haven’t purchased life insurance for their loved ones quite yet. Or for those that already have life insurance, it will give them peace of mind knowing they did the right thing!

I suggest you view the entire 6 minute video. Don’t close it after just a few seconds. Give it a chance to get the message across. It is enthralling, a bit dramatic, but very appropriate.

Some of the messages in the video I particularly liked were:

  • When it is needed the most, a check appears with a memo line that may as well read:
    Despite the fact that my body is no longer here ….I still am!
    1
  • My love lives on, even though I don’t!1
  • We don’t buy life insurance for when we die, we buy it from when they don’t!1
  • The answer is "No" when the question is: Are you interested in preparing for your death? But when asked the question: Do you want to take care of your family?  The answer is always yes!1
  • Life insurance is the final loving act of a person who at the end, didn’t see flashes of his own life, but instead saw he saw the future he wanted for his loved ones. If he knew their pain could somehow be lessened, their financial load lightened, that perhaps their grief would be less sharp then it might have been.1


Click on web link below to view Transamerica Legacy Of Love video:

https://www.youtube.com/watch?v=YfMYEX6TQgM


1. Source: Transamerica Legacy of Love Video at https://www.youtube.com/watch?v=YfMYEX6TQgM


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 With Health Issues? - Charged High Rates or Declined Altogether?


Have you been charged high rates or declined for life insurance? Broadly speaking, people with higher mortality risk due to health issues, are labeled "Impaired Risk." Impaired risk life insurance is defined differently and approached differently by each life insurance company. Since I am an independent agent, my team has the ability to impartially shop pricing with the various insurance companies allowing me to deliver the best rates with top insurance carriers for my client’s individual circumstances. 

If you feel you have a tough case where you don't think that you will be able to get approved due to your health issues or have already been declined, please contact me. You may be pleasantly surprised! You have come to the right place. My team specializes in getting people approved with "difficult to get approved cases!" With that said, we can't always get everybody approved (such as cases with active cancer, suicide attempts, etc.) with traditional life insurance and for those cases we offer other types of alternative life insurance policies that are Guaranteed Issue. 


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: Who Really Needs It?


David Marlett, chair of the Department of Finance, Banking and Insurance at Appalachian State University in Boone, N.C is interviewed, sharing his thoughts on who really needs life insurance in this article from Fox Business by Chris Kissell. Click on the link below to read the article.


http://www.foxbusiness.com/features/2013/02/27/life-insurance-who-really-needs-it.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?

Not Just Life Insurance - 5 Financial Lessons From A Parent’s Last Days


In this WSJ article by Charles Passey, it states 5 important financial lessons learned when his mother passed away. He mentions that there are a multitude of expenses associated with death and dying and that many of them can be managed effectively and even negotiated down. Planning ahead can save you a lot of money and not have to deal with much of that stuff while you are grieving.

To read more, click on the link below:

http://www.marketwatch.com/story/5-financial-lessons-from-a-parents-last-days-2014-06-04/print?guid=B22923C8-EBFD-11E3-A9E8-00212803FAD6


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?

One In Three Americans Who Get An Inheritance Blow It


An interesting MarketWatch article by Elizabeth O’Brien on things you should do to avoid blowing a new found inheritance. The article mentions one study found that one third of people who received an inheritance had negative savings within two years of the event. 


To read the article, click the link below:

http://www.marketwatch.com/story/one-in-three-americans-who-get-an-inheritance-blow-it-2015-09-03


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?

Permanent Life Insurance - Related Blog Posts


Due to my many blog posts, I decided to group my blog posts related to permanent life insurance in one post by listing my blog post web links below:

Advantages Of Permanent Life Insurance

What Is The Difference Between Universal Life Insurance And Whole Life Insurance?

What Is Universal Life Insurance?

Whole Life Myths Debunked

Whole Life Insurance vs. Term 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?

Price - Important Factors That Affect Your Life Insurance Premiums


These important factors listed below affect the price your life insurance quotes / premiums:

  • Age
    If all other factors are equal, the younger you are the lower your premium will be.

  • Gender
    Woman tend to live longer than men as a general rule, thus women generally get a lower rate for life insurance than men. (Again if all other factors are equal)


  • Current Health
    Depending on the type of life insurance you are buying, you will generally have to go through a medical exam. The insurance underwriters will search for things that may possibly make you a higher risk. (Examples could be: High blood pressure, high cholesterol, or other health concerns that might be a sign of future problems.) People who are currently in good health will generally have lower rates. (Again depending on the policy type.)

  • Health History
    If you have a history of chronic disease or other potential health problems that makes you a higher risk for the insurance company, that may result in higher rates also.

  • Family Health History
    If your family members have a major history of serious illnesses such as heart disease and cancer, which can be hereditary, you may end up paying more for life insurance as well.

  • Weight
    If you are overweight based on a height to weight ratio scale, you generally will pay more for life insurance. Being overweight is known to come with potential health problems that could result in earlier death, which means a higher risk for the insurance company.

  • Smoking
    Smokers pay more for life insurance because of the increased risk of earlier death. However, if they quit smoking, they may qualify for lower rates within a year.

  • Alcohol Consumption
    Heavy alcohol consumption can also have a major adverse effect on your health. Those who drink heavily are likely to pay more for their insurance rates.

  • Occupation
    It’s pretty clear that some trades and professions are more risky than others. For example, if you are a tower climber or race car driver, you will certainly pay more than an office worker since insurance companies have good reason to see your job more risky than the average office worker. Certain dangerous occupations may result in an increase in rates or even denial of coverage because they carry such a heavy risk of accidental death.

  • Policy Type and/or Length
    The type of life insurance policy can effect the price of your premiums.
    Examples:
    "Whole Life Insurance" and "Universal Life Insurance” (which are considered permanent life insurance policies and are generally the most expensive) can last your entire life and also can have cash accumulation built into the policy, thus increasing your premiums.
    Whereas "Term Life Insurance" (also known as temporary life insurance since it is set for a predetermined number of years, such as 10 years, 20 years, etc.) can strictly be purchased for the death benefit without any cash accumulation. Term Life Insurance is generally considered the least expensive type of Life Insurance since it is not guaranteed to last your entire life time. The term policy is designed only to last the predetermined number of years agreed upon and listed in the policy. Depending on the number of years listed in your term policy, you may possibly outlive that guaranteed term and thus not have any coverage when you pass away. (Unless you convert the policy or buy more life insurance.)

  • Death Benefit Amount
    Lastly and it kind of goest without saying, but the more death benefit amount you request, the higher the premium will be!

  • Choose an Independent Agent
    Choosing an independent agent allows your agent to shop a large number of insurance companies for the best rate regarding your specific circumstances, rather than working with captive agents that may be just allowed to use one insurance company or their affiliates. Rates can vary a lot from one insurance company to another insurance company for the exact same coverage for a person with the same circumstances. So it is prudent to let your independent agent find which insurance company best suites your needs and budget. Since you may be able to get the exact same amount of coverage and term length through a highly rated insurance company at a less expensive premium. 


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?

September Is Life Insurance National Awareness Month


If you have been putting off purchasing Life Insurance, make Life Insurance a Top Priority in September!

Life insurance pays tax free cash to your family after you pass, allowing loved ones to remain financially secure. 

Keep your family financially secure in your absence by planning ahead and acting now. 

Do not delay, call me today at 941-404-5334 to get started protecting your loved ones!

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?

Term Life Insurance With Living Benefits



There is a new type of Term insurance that includes living benefits (with no additional charge for those riders in most cases.) Meaning that this type of term life insurance with living benefits provides access to money for a chronic illness, critical illness, and terminal illness. This new type of term life insurance provides an extra level of protection with living benefits and death benefits all in one life insurance solution. Chronic diseases - such as heart disease, stroke, cancer, diabetes, and arthritis - are among the most common and costly of all health problems in the U.S.


Chronic Illness

In this type policy, Chronic illness is described as when an insured is determined by a licensed health care practitioner to be unable to perform two of the six activities of daily living (bathing, continence, dressing, eating, toileting, and transferring) for a period of 90 consecutive days, or to be suffering from severe cognitive impairment for a period of 90 consecutive days or more.1


Critical Illness

In this type policy, it enables the policyholder to access his or her death benefit in advance of death when he or she is determined by a licensed physician to have suffered a critical health condition, such as cancer, heart attack, stroke, a major organ transplant, end stage renal failure, Amyotrophic Lateral Sclerosis (ALS), blindness, or paralysis due to the loss of two or more limbs.1


Terminal Illness

In this type policy, it provides the ability to access a portion of the policy’s death benefit as a lump sum payment in advance of death when a licensed physician has diagnosed the insured to have less than 12 months to live.1




1 There are specific differing maximum percentage amounts of death benefit for each of the above and certain conditions apply for each type. Contact me for specific details if you'd like know more.



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 Help Your Heirs, Write a Death Book Now!


As grim as it sounds, this task could save your spouse and other survivors a lot of trouble and expense especially at one of the worst of times of their lives. This WSJ article by Henry Hebeler spells out what you should include in your "Death Book." As mentioned in the article, this Death Book may be one of the best presents you can leave.

http://www.marketwatch.com/story/to-help-your-heirs-write-a-death-book-2013-02-26?siteid=nwhpf


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?

Types of Life Insurance


There are many types of Life Insurance too numerous to list here, but most of them fall under two basic kinds of Life Insurance: Temporary and Permanent

Temporary life insurance is commonly known as "Term" insurance because just as the name implies it provides a death benefit for a specified number of years, such as ten, twenty, or even thirty years. (Or other number of years specified.)

Permanent life insurance however can provide lifelong protection (or to a specific age) as long as the necessary premiums are paid. In addition to providing a death benefit, permanent life insurance accumulates cash value, and you have the ability to access cash that has accumulated, in the form of loans and withdraws after a certain period of time. Permanent life insurance has many different types that fall under this category. Typical examples include Whole Life, Universal Life, Variable Universal, and Index Universal Life. Other variations include Guaranteed Issue Graded Benefit Life in which applicants are *Guaranteed to be issued a policy if they are between the ages of 40 and 80. (Policy issue ages may vary depending on the actual individual insurance company's requirements.) Meaning no medical questions, examinations, or tests to be approved and applicants can't be turned down due to their medical history. Contact me for more details.

*Note: An individual that is a patient or resident in any form of health care or nursing home facility is not eligible for this type coverage. Other factors that make an individual not eligible could be: If an individual is not of sound mind, or an individual is incarcerated, on parole, or on probation.


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?

Use Of Your Term Life Insurance Policy's Conversion Option

 

As you may already know, a Term Life Insurance policy is considered a "temporary" type policy, for a specified number of years. Keep in mind with a term policy, if the policyholder outlives the initial predetermined term length, the new premiums for that same policy can skyrocket or that life insurance policy can terminate and the insurance company keeps all your premiums you paid over the years without having to pay a cent to any beneficiaries. So you may want to consider a permanent type policy like Universal Life or Whole Life. Permanent insurance can provide guaranteed lifelong protection (or to a specific age) as long as the necessary premiums are paid.

After your initial "term" is up on Term policy, generally you are allowed to keep the policy in force for a certain amount of time, but the premiums skyrocket going forward and can become prohibitive. So at that point (or preferably way before then, by planning ahead) you'll need to shop around for a new policy. Unfortunately when your specified term is up, you also will be older then when you first purchased your existing term policy. Many times people's health may have deteriorated by then also. Making it difficult and sometimes impossible to get approved for coverage with a new traditional life insurance policy. That is when this conversion option may be a good idea such as, if you are not in good health and fear you may not be approved thru normal traditional life insurance. However if you are still in good health, it most likely pays to shop around for a new policy and compare rates since conversion premiums are not always the most competitive rates for something similar thru another company.

Each insurance company has different time periods when you are still able to convert. It is stated in your policy when you are permitted to convert your term policy to a permanent policy (with the same insurance company) without having to get another medical exam and go thru underwriting. So if you were healthy when you first got the original policy and were approved with a good rate classification, you should be able to keep that same rate classification even if your health has deteriorated when you are planning to convert to a permanent life insurance policy with the same company.

I can assist you with both the conversion process or shopping for a new policy, if you have any questions, feel free to give me call to assist 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?

What Good is Life Insurance if No One Collects?


Some very important tips are mentioned in this WSJ article by Jennifer Openshaw.

Make sure to inform your beneficiaries that you have a life insurance policy and that they are listed as one of the beneficiaries (or the sole beneficiary.) In addition, give them the name of the life insurance company and your policy number.

Mention the policy in your will or keep a copy of the policy with your other important documents in a safe place, but make sure it is accessible to the executor or person that will need it when the time comes.

Many life insurance policy benefits go unclaimed due to the beneficiary not knowing money is owed to them. Make sure your loved ones are NOT one of those!
To read more click on the link below: 

http://www.marketwatch.com/story/what-good-is-life-insurance-if-no-one-collects-2013-02-20


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 is a Life Insurance Rider?


A rider is simply a separate add-on document that has special provisions not included in the main policy it is attached to. Generally you can request to purchase a rider for extra coverage or protection not originally covered in the main policy. However, depending on the type of insurance policy you are applying for, which riders, if any are offered. Some riders may even be included at no extra charge depending on the type and the insurance company. 

There are many types of Life Insurance riders. Just to name a few common examples with their definitions, I made a short list below :

·         Accidental Death Rider: When added to a life insurance policy, this rider provides an additional amount of money to be paid to the beneficiary if the policyholder dies as a result of an accident. Since in most cases this life insurance rider usually doubles the amount of the death benefit, it is often referred to as a Double Indemnity Rider.

·         Accidental Death, Disability or Dismemberment Rider:  The accidental death rider can be sometimes extended to include any permanent or long term disability lasting at least for 6 months or loss of limbs or sight due to accident.

·          Child Term Rider: The Child Term Rider protects your children with a small benefit, typically from $1,000 to $10,000, until they reach the age of 18 in most cases. This rider alleviates the need to complete an entire application on behalf of your children and instead covers all of children under a certain age for one low fee. Children covered under the Child Term Rider do not have individual life insurance policies but are offered the chance to convert the term rider benefit into their own plan, in most cases at age 18.

·         Critical Illness Rider: Also known as an Accelerated Death Benefit Rider. This life insurance rider allows an insured to collect either all or a portion of their life insurance policy while they are alive. The insured can claim this rider if he/she is diagnosed with a terminal illness, requires long term care or admission to a nursing home, by withdrawing part or whole amount of death benefit from the basic insurance policy. The basic insurance policy reduces by the amount withdrawn under rider. The rider helps the insured and his family meet immediate financial needs of medical treatment and loss of regular income generated by the insured. The rider generally specifies the amount available to insured in such cases and can be withdrawn by him/her during term of policy. This type rider has become standard in the industry and is usually included automatically for free or offered at a nominal cost.

·         Disability Income RiderBy adding the Disability Income rider to your life insurance policy, you will receive a portion of your death benefit in monthly installments if you become disabled. Each insurance company has different specifications regarding the percentage of your death benefit that will be paid to you, when payments will commence, and the length of time that payments will continue.

·         Family Income Benefit Rider: This rider provides a cushion in case of sudden death of the insured during policy term. While taking the rider, the insured needs to select the time frame for which he wants his family to continue receiving benefits. According to their comfort  level, the beneficiaries will have the option of receiving regular monthly income or taking the entire benefit as lump sum after the death of the policy taker. As the insured grows old the duration of rider decreases. This rider is most beneficial to families with a single bread winner, since it provides a continuous monthly payment to the insured's beneficiaries in the event of the insured's death.

·         Guaranteed Insurability Rider: Also known as Renewal provision, this rider allows you to buy extra insurance at certain periods during the specified term of rider. Without letting your existing policy elapse, you can purchase additional insurance or convert basic term insurance without proving insurability or having to undergo fresh medical examination. The rider is most beneficial to those who may experience major medical illnesses or loss of health due to advancing age, as there is no need for fresh underwriting. It also allows to add more insurance with changing life circumstances like marriage or arrival of newborn.

·         Level Term Rider: With this rider you can attach a fixed amount of term insurance to your basic permanent life insurance policy for a certain period. The amount of benefit assured can be multiple times the basic death benefit from the original policy.

·         Return of Premium Rider: Return of Premium is a relatively new feature available since the early 1990's in some Term Life Insurance policies as a solution to the live and lose concern presented by traditional term policies. As the name implies, this rider will allow term life insurance policyholders to recover all or part of their premiums paid over the life of the policy if they do not die during the stated term. Also keep in mind that money from Return of Premium is tax free! Although, adding this type protection will raise the overall cost of the policy accordingly. Return of Premium (ROP) is not available with all term policies.

·         Waiver of Premium Rider: This rider helps the insured to continue with his/her insurance policy even if he/she are unable to pay regular premiums due to long term or permanent disability (generally before a specific age). By default, a life insurance policy can expire if the premium is not regularly paid. If the insured suffers from a disability that prevents him from earning a regular source of income, the insurance policy premiums may become difficult to bear. This rider allows the insured to take waiver from premium payments while the disability lasts or for the entire policy period in case of permanent disability. So in other words, the waiver of premium life insurance rider will guarantee the active status of the life insurance policy even if premiums are not being paid by the policy owner due to a proven disability that prevents him from earning a regular source of income. The terms of proving disability and its valid duration vary from company to company and across different policies.


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. 


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What Is Guaranteed Universal Life?


Guaranteed Universal Life Insurance (sometimes abbreviated as either GUL or UL-G) is a specific type of life insurance that grants the policyholder a guaranteed death benefit. Meaning, that even if there is insufficient cash value within the contract to support the death benefit, it will still remain in force due to the coverage protection guarantee. The requirement to this guarantee is that premium minimums must be met and on time. So in simpler terms: a Guaranteed Universal Life Insurance contract will still pay out a death benefit even if the accumulated cash value decreases or zeroes out as long as the payments are not missed and are made on time as required.

Some of the advantages of a Guaranteed Universal Life Insurance policy could be:

  • Premiums can be level for lifetime.

  • You can select the age you want the death benefit guaranteed to, whether it is age 90, 95, 100, 105, etc.

  • Interest rate volatility will not affect premium payments.

  • Generally this type GUL product is inexpensive as a permanent life insurance product compared to other permanent products, as the premium is calculated to maintain a level premium payment until death.

  • GUL can be used as alternate to a term life insurance policy with more flexibility regarding planning a longer term length that you will need the policy to be in force. On the other side, term life insurance policies are generally limited to as many as 30 years, with even more term length restrictions for older folks that only allow for shorter term periods as they age.


(Depending on what you are looking for in a life insurance policy)

Some disadvantages of a Guaranteed Universal Life Insurance policy could be:

  • Unlike other types of permanent life insurance, like Whole Life for example, Guaranteed Universal Life Insurance policies are generally not designed to build up a lot of cash value within the policy. (This type of insurance policy is designed more as an inexpensive way to get permanent life insurance. By not accumulating a large cash value build up in a Guaranteed Universal Life policy, the premiums can be a lot less expensive then say for a Whole Life Policy that is designed to build cash value.)

  • However be aware that the timeliness of your premium payments is critical to maintaining the guaranteed level premium. Other type permanent policies that contain cash value can provide a source within the policy itself to cover the required premium to maintain the death benefit. Although, a missed or late premium payment in a GUL policy can jeopardize the guaranteed premium feature resulting in a policy without a guaranteed premium!


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. 


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What Is The Difference Between Individual Life Insurance and Group Life Insurance?



Individual life insurance is generally bought and paid for by yourself (or a relative) directly thru an insurance agent or insurance company. However, group life insurance is generally provided by an employer, union, or association. Below I will list some of the advantages and disadvantages of each.


Individual Life insurance Advantages

  • The individual policy owner controls the policy.
  • Unlike with group life insurance policies, the individual life insurance policy is “portable." (Meaning regardless of your employment status, a death benefit will provided as long as the contract is in force when the insured dies.)
  • The individual can choose the type of policy (permanent or term), the length of the coverage, the amount of coverage, the insurance carrier providing the death benefit coverage, and/or if they want any optional riders, etc.
  • Rates can be shopped around. Depending on the individual, the individual life insurance rates may actually be less expensive than group life insurance. (A better individual rate may depend on the insured’s health and age.) 


Individual Life Insurance Disadvantages

  • For most type traditional policies the insured must go through the application process, including a medical exam to get approved. (However there are other types of individual life insurance such as simplified issue or guaranteed issue policies, that don’t require a medical exam although they are more expensive.)
  • Depending on the insured’s health after getting a medical exam, they may not qualify for traditional individual life insurance. (Again guaranteed issue is available for those that do not qualify for traditional individual life insurance, but their premiums will be at a higher cost.)


Group Life Insurance Advantages:

  • Many times an employer will cover the premiums, offer as an employee benefit, or will offer an optional benefit that the employees may purchase if they desire.
  • Many group policies don’t require a medical exam or individual assessment and don’t take into account the health issues of any particular individual. The rates are based on the makeup of the entire group of employees or members covered. That more lenient underwriting lets people who have minor medical conditions get coverage they might not have qualified for on their own, or for which they would have had to pay a higher rate. However because insurers generally assume that the pool of people applying for such coverage is not the healthiest, they charge more for everyone in the pool. (Not requiring a medical exam and individual approval may or may not be an advantage, depending if you have health issues and would not qualify for a traditional individual policy on your own. However if you are healthy, individual life insurance may be less expensive in that case.) 
  • You may be offered premiums at a group rate. (However it is still a very good idea to check with an independent agent that can shop premium rates for an individual policy across a large number of insurance companies to compare which type policy has the better rate and is best suited to your needs. Group rates are not always the least expensive. Also keep in mind there may be other drawbacks to a group policy besides price. See below.) 


Group Life Insurance Disadvantages:

  • Portability of Insurance: Generally most group life insurance coverage terminates when you leave your employer, union, or association. (This very important to keep in mind when purchasing. Since if you get very ill, or need to leave your employment for any other reason, you may lose your life insurance coverage at that time and may not qualify for new individual life insurance due to health issues.)
  • You have may have little or no control over the plan design or benefits provided.
  • Coverage options may be limited and not sufficient to meet your dependents’ needs.
  • Employer, union, or association (depending your situation) is the owner of the policy and can change, or even discontinue the group policy at any time.
  • Another big disadvantage between the extra coverage offered by many employers versus an individual policy is the number of years that rates remain in effect. Many group policies set their premiums in five-year age bands. Meaning for example, if you buy the policy when you’re in your early thirties, the premium will increase when you reach age 35 and then jump again at 40, again at 45 and so on every five years. But if you buy a policy on your own, you can lock in your premiums for 20 or 30 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. 


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What Is The Difference Between Universal Life Insurance And Whole Life Insurance?


Universal Life insurance and Whole Life insurance are both considered to be permanent life insurance products. Although, there are distinct differences between the two types of life insurance. Below I’ll go over some of the differences.


Whole Life:

  • Caters to long term goals by offering customers consistent premiums and guaranteed cash value accumulation. 
  • Whole life covers you as long as you live. (As long as necessary premiums are paid. However, after a pre-determined period, many times premiums can be made from the cash value of the policy or from dividends.)
  • Level premium amounts throughout the policy. (In other words, you pay the same premium amount for a specific period of time.)
  • Generally whole life pays dividends each year.
  • Provides a built in savings feature in addition to life insurance coverage.
  • Generally customers have very little to no choice in how the investment component (savings element) is invested.
  • Because of the level premiums, the built in savings feature, fixed death benefit, ability to access the cash value thru loans, dividends, and withdrawals, whole life is generally is the most expensive type of life insurance.


Universal Life:

  • Universal life can provide guaranteed lifelong protection (or to a specific age) as long as necessary premiums are paid. However, after a pre-determined period, many times premiums can be made from the cash value of the policy.
  • Gives customers more flexibility with premium payments, death benefits, and the savings element of their policies.
  • Customers can choose how the investment component (sometimes referred to as the savings element) is invested.
  • Customers also have the ability to access cash that has accumulated, in the form of loans and withdrawals after a certain period of time. 
  • Lets customers establish a permanent life insurance policy with a lower premium than they would have to pay under a whole life policy.
  • Universal Life may be set up to have a guaranteed death benefit up to a specific age, such as age 90 as an example rather then lifetime, thus reducing the premium amount. Also the savings element can basically be stripped out to give almost pure death benefit, additionally reducing the premiums.



Comparison:

Permanent life insurance is designed to give you and your loved ones livelong security. Whole Life is more rigid in that many features are preset and fixed. Where as Universal Life is a lot more flexible. Whole Life generally pays dividends and Universal Life generally does not. Because Universal Life is more flexible, it may be able to be customized more to your specific needs. With Universal Life customers have the ability to change the premium amount and the death benefit amount. Also Universal Life may be set up to have same amount of guaranteed death benefit as Whole Life, but strip out the savings element to keep the premiums a lot lower than Whole Life.


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. 


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What Is Universal Life Insurance?


The simple version is:

Universal Life Insurance (UL) is a type of permanent life insurance1. Universal Life is more flexible than Whole Life, which is another type of permanent life insurance. 

Universal Life is a unique type of life insurance that is actually two different products packaged together into one. The 1st product is a one year annual renewable term life policy at the face amount listed on the policy. The 2nd product is a type of savings component in the form of a cash value account that grows at either a guaranteed interest rate or the current rate whatever is higher. 

Some of the advantages of Universal Life Insurance is that you have the ability to access cash that has accumulated, in the form of loans and withdrawals after a certain period of time. You also have the flexibility to change the amount of premium payments and in many cases even the death benefit amount as well. Another advantage is that the growth in cash value is tax-deferred under the current federal income tax law.


1Permanent life insurance can provide guaranteed lifelong protection (or to a specific age) as long as the necessary premiums are paid.


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. 


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Whole Life Insurance vs. Term Life Insurance


Whole Life Insurance:

  • Known as permanent Insurance, because it can provide protection throughout your lifetime.
  • Whole life insurance policies have a living benefit and a tax sheltered cash account that builds up inside. 
  • Forces you to save.
  • 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 each year, and that money can be used in retirement to supplement their retirement planning.
  • Level premiums. (Payments stay the same & never increase throughout the entire policy.)
  • Whole life insurance policies have dividends. Dividends can be used to reduce the premium or to build up cash inside the policy and face amount.
  • 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.
  • Beneficiaries receive death benefits tax free! (Same as term life insurance.)


Term Life Insurance:

  • Known as temporary insurance, because it only provides protection for specified number of years. (Example: 10, 20, 30 year terms are common options)
  • Term Life Insurance is very inexpensive.
  • Gives you the ability to buy a lot of death benefit for a low cost.
  • Generally term life insurance is meant for a temporary need or period of time. Since after the initial term lapses, you will need to buy a new policy. As we age, the premiums from the same coverage as your original policies will increase. So higher premiums at a later age with the same coverage can get expensive, especially depending on your health, etc. at that time. Also you run the risk of becoming uninsurable if your health significantly deteriorates by the time your original policy lapses. 
  • Term insurance can be converted to permanent insurance such as: whole life insurance (or universal life insurance) as long as it is done within the limits of the original term policy parameters.
  • Beneficiaries receive death benefits tax free! (Same as whole life insurance.)


Keep in mind one type life insurance doesn’t fit all. There are pros and cons for each. There are also advocates for both sides. Some permanent life insurance advocates will say that buying term life insurance is just renting security, while whole life provides lifetime security. Others on the other side claim that whole life insurance is too expensive and your additional money is better spent elsewhere. Note that part of the reason that term insurance can be obtained at a much lower cost than a permanent policy is because a term policy is designed to provide only a temporary duration of protection for a temporary need and also doesn’t build any cash value. So with "term” policies, the original term length (number of years the policy is set up for), can expire before people die. If that happens the insurance company gets to keep all the premiums paid over the years and doesn’t have to pay out any death benefit and also there is no cash value for the policy owner to pull out.

Whole life is typically the most expensive type of life insurance due to the fact that not only do you accumulate cash value, but also eventually the life insurance company will have to pay the beneficiaries the death benefit.

So some folks who need more death benefit for specified period of time may opt for term insurance due to their budget. Others may want a more permanent solution and build cash value. Some folks like a combination of both! The main important concept is to get some type of life insurance now, and you can add to it later on, or replace it with another type, as long as you are in good health.


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. 


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Whole Life Myths Debunked


Many people incorrectly assume that you only benefit from whole life insurance when you die. However, whole life insurance can provide an excellent source of tax free funds to assist with a tight retirement budget while you are still living later in life! 

Below are some incorrect myths about whole life insurance and reasons why they are not true:

  1. Myth: You (or your beneficiaries) can only benefit from your whole life insurance policy when you die.
  • “Participating” (or “par”) insurance company policy owners generally receive annual dividends after the first policy year. Then dividends can be used to fund policy premiums or to buy more permanent increments of death benefit and cash value.
  • Policy owners can generally access the cash value in their policies through withdrawals and tax-free loans. 


  1. Myth: Whole life insurance is not a good place to accumulate your money.
  • The value of a whole life insurance policy is uncorrelated to the stock market and is largely guaranteed by the insurer. Therefore neither death benefits nor cash values are affected by declining markets and a whole life policy can serve as the stable component of your financial strategy.
  • People purchase whole life insurance to protect their families in the event of the insured's death. Although whole life insurance is much more than just a death benefit. It actually can be one of the most valuable assets in your financial portfolio. A whole life insurance policy has a real return that performs competitively within other high-quality, fixed return assets. Depending on how you use your whole life insurance policy, it can end up being two assets and two returns: 1) a living asset with tax-advantaged distributions and 2) an income-tax-free and potentially estate-tax-free death benefit.


  1. Myth: Whole Life Insurance is just too expensive!
  • When considering whether to purchase whole life or to buy term life insurance and then invest the difference, you need to take into account not just the premium costs, but also the length of time you want coverage and your ability to invest the rest efficiently.
  • Term life insurance isn’t designed for lifetime coverage. In fact, term life insurance is prohibitively expensive to maintain for the average U.S. life expectancy.
  • For longer periods such as an entire lifetime, whole life insurance is substantially less costly than a lifetime of premiums paid for term life insurance. If the well defined needs for life insurance will not exceed 30 years, a term life insurance policy will often be less expensive.
  • While term life insurance is typically affordable during the primary premium guarantee period of 5 to 30 years, annual premiums can quickly escalate to an unaffordable level once the guarantee period ends.
  • With term life insurance, the policyholder does not accumulate any lasting cash value. At the expiration of the term of the insurance, the policyholder doesn’t own anything, in contrast to whole life insurance, where premiums build cash value that belongs to the policy owner.


Click on this web link below to read related blog posts on permanent life insurance.

Permanent Life Insurance - Related Blog Posts


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. 


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Why Buy Life Insurance For Children?


  • Permanent life insurance for a child is often purchased by a parent or grandparent as a gift that can last a life time. A whole life policy accumulates cash value over time, which may be withdrawn later in life or used as a nest egg.
  • Another reason is to cover funeral and burial expenses in the unlikely event there is a tragedy of the loss of a child. One of the last things a parent wants to do is add a financial hardship to the emotional burden of losing a child.
  • Buying a whole life insurance policy for a child is very inexpensive and the premium can be locked in to never increase throughout their lifetime! 
  • By purchasing life insurance while they are young and healthy, it ensures that the child will have life insurance throughout their life, even if they have health problems that might have prevented them from purchasing life insurance later in life.
  • Some whole life policies automatically double the coverage at age 18, with no additional premium increase.
  • Some whole life policies guarantee future insurability for the insured child to purchase additional coverage later in life as an adult regardless of their health, occupation, or anything else.


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. 


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Why Do So Many Parents Lack Life Insurance and Wills?


I found this to be an interesting CNBC article by Kelli B. Grant regarding why so many parents lack life insurance and wills.

The articles mentions that more than a third of parents with kids younger than 18 years old don't have life insurance. Of those who are insured, half have less than $100,000 in coverage, which isn't enough for common life insurance aims of replacing the deceased parent's income, paying off the mortgage or funding the kids' college education, said Doug Whiteman, an insurance analyst at Bankrate. "We found it rather unsettling," he said. "This should be a wake up," said Whiteman. "You really do need to sit down and think, what if something were to happen to me?"

The article goes on that many times young parents are transitioning into this role of greater responsibility which is a shift from previously worrying about just their own financial future, to now planning financially for dependents, 

Life insurance is one of the first things parents should put in place as a priority. The rule of thumb is to have an amount equivalent to 7 to 10 times your income, said Whiteman, but the details of how much and what kind of insurance will depend on your family's needs and future goals.

To read the full article, click on the web link below:

http://www.cnbc.com/2015/07/07/why-do-so-many-parents-lack-life-insurance-and-wills.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. 


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Why Do Some Consumers Procrastinate Buying Life Insurance?


Many people are likely to delay the purchase of life insurance or additional life insurance for several reasons, just a couple of which are:

  1. They just don't understand what type of life insurance to purchase or how much coverage they actually need. They think it is just too complicated.

    Response: A couple of the most important parts of buying life insurance is determining how much you need, and the type of life insurance. I provide a "Free Needs Analysis" service to help you determine the type of life insurance and your actual coverage needs. If you are local, I can come right to your home or business to make it as convenient as possible for you. If you are out of the area, I can discuss with you by phone.
    Click here to get started with a "Free Needs Analysis" as your first step to providing protection for your loved ones!

  2. Some folks feel they have other current financial priorities and think they can't afford Life Insurance at the present time, which is a very scary short sighted point of view that may come back to haunt their loved ones in the possibly near future should the insured pass away unexpectedly before they feel Life Insurance is a priority to purchase.

    Response
    Many people overlook the bigger picture when determining if they can afford life insurance. They are concerned with their immediate outlay for premiums versus the bigger picture of the benefits that life insurance can provide for their loved ones when they are no longer able to provide for them. For example, if a family is living from paycheck to paycheck, how would their family survive losing the breadwinner's income or in a more typical situation, losing just one of the two income providers? With life insurance, it gives you piece of mind that your loved ones will be taken care of financially in your permanent absence. One other thing to keep in mind if you truly can't afford the full amount of life insurance coverage that is recommended, at least start with a smaller amount of life insurance. That way you should be able to add more life insurance later on, depending on your health, etc. Then your loved ones will at least have some coverage, rather than nothing at all, in the event of an unexpected passing of a bread winner.

  3. They don't think it is a necessary thing to start the process now. So why now?

    Response: Because changes in health can happen, it can make it impossible for you to obtain coverage later o
    n, or at the very least cost you a lot more if you even qualify. Or worse yet, an unexpected accident or other catastrophic event causing death happens before you get life insurance.

    Even if you can still get insured at a later date while still healthy, as you age it will still cost you more to purchase the same exact coverage!



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

Delaying your decision to purchase 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. 


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Why Is A Buy-Sell Agreement with Life Insurance Important?


Buy-Sell agreements generally are one of the most common, efficient, and important tools in setting the framework for an ownership transfer to their partners, heirs, etc. 

In the most simplistic layman’s terms, a buy-sell agreement1 with life insurance is a contract based around life insurance policies purchased on each owner to help ensure the smooth continuation of a business after the death of one or more of the owners. (It can also be referred to as Cross-Purchase Plan). The agreement creates rules for what will happen when a business owner passes away. Basically saying something to the effect that if one of the owners passes away, a life insurance policy kicks in by paying a lump sum cash death benefit to buy out the ownership interest of whoever would have inherited that share of the business.

For example: If one of the owners passed away, and their surviving spouse or child had inherited a portion of the business, that may not be good for the actual business or for the surviving family members since the family members may not know how to run the business nor have the desire to learn. By having a buy-sell agreement with life insurance set up in advance, it takes away that complication. It allows the business to be run by the surviving owner(s) and terms would have been set up in advance by the then deceased owner for the surviving family members to receive a predetermined lump sum of cash from a life insurance death benefit which in turn buys out their ownership interests in exchange.

Why is it important?

A buy-sell agreement is kind of like a will for a business and it can eliminate a lot difficulties and heartaches when an owner passes away. A plan needs to be in place in advance. Life insurance as a method of funding that plan is a great way to accomplish that funding portion of the plan.

These type of agreements can often be settled expeditiously allowing for lump sum cash proceeds to be paid to the surviving family quickly, which can be very important to the surviving family members as well as continuity and a smooth transition for the business itself. 

Another benefit to the survivors is that generally life insurance proceeds are income tax free. (Depending on individual situations.)


1 Note: Some buy-sell agreements can also be set up to be used due to an owners' disability, or if an owner is otherwise forced to leave the business and possibly even other situations such as retirement, etc. But for the purpose of this blog post, I am only referring to a buy-sell agreement with life insurance set up in advance for the potentially disruptive and unfortunate event such as if one of the owners actually passes away.


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?

Women May Be Less Prepared For The Death Of Their Spouse


A good MarketWatch article by Quentin Fottrell. It states: "Women outlive men, but they may not fare so well financially after the death of their spouse.” The article also has some good info and basic statistics. However the gist is that couples need to plan ahead with end-of-life financial preparation and final wishes. Women especially could benefit from advance planning. Even though it is not a pleasant conversation, it is a necessary one to have!

To read the full article, click on the link below:

http://www.marketwatch.com/story/women-may-be-less-prepared-for-the-death-of-their-spouse-2015-08-25


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. 


Click web link below to find out:

Why Choose Independent Agents?

You Could Save Money - Is Your Existing Life Insurance Policy Due For A No Cost Policy Review?


You should check to find out if your existing life insurance policy needs a tune up. Just like reviewing your mortgage interest rates, your home owners insurance, or auto insurance for a better deal, you should also review your life insurance to see if it is still the best deal or if you could improve it by saving some money or adding additional benefits for the same amount.

A no cost policy review is suggested annually, but it is even more important to have one completed if you haven’t had a policy review in a while and especially if your existing policy is more than a few years old or your needs have changed due to changes in your life since your original policy effective date.

An independent agent can help you make certain that the coverage you purchased years ago will protect you and your family when it is really needed and at the same time determine that you aren’t paying too much. Over the past 10 years falling interest rates, advances in underwriting practices, lackluster stock market performance and other factors have affected the performance of many in-force permanent life policies. These policies may not be performing as expected and may not meet your original objectives. In addition, new policy choices with additional underwriting rating classifications have been added. Competition has made the insurers become more aggressive in making offers and providing improved pricing for each rating category. Also product benefits have been expanded to provide living benefits so the insured has living value. Living benefits include more flexibility in using policy cash values that can be accessed free of income taxation as well as market risk. Additional living benefits can also include chronic, critical, and terminal illness riders; some of which may be included at no additional charge depending on the policy chosen. You may not know a lot of people that died before age 65, but most everyone knows someone that suffered a critical health condition, such as a heart attack, experienced cancer, a stroke, a major organ transplant, end stage renal failure, (ALS), etc. or possibly even needed assisted living before age 65. So if you don’t already have chronic, critical and terminal illness riders included in your existing policy, it is a good idea look into a new policy that does, compare costs, and replace your old policy with a more comprehensive policy with those benefits included.

Other reasons that it is a smart idea for getting a second opinion on your existing policy, such as with getting a second opinion with a doctor on your health options, are listed below. You certainly don’t have anything to lose, other than a few minutes of your time gathering your old policy info and giving written authorization to me. As an independent agent, my team and I do the rest of the work by comparing your existing policy with what a newer policy could offer and then sharing the results with you. Of course if your existing policy still turns out to be the best deal after comparing, and I can’t save you some money or add additional benefits for approximately the same money, or other options that appeal to you, then you’ll have peace of mind knowing your existing policy is still working well for you. So don’t delay, start the review process today by calling me at 941-404-5334!

You want to make sure you are still meeting all your objectives and also to check to see if you had any major changes in your life that may affect your new expectations. Some examples of major changes are:


•         Birth or adoption of a child
•         Deaths, Divorces and Marriages
•         Employment, career, or income changes
•         Sale or purchase of a home
•         Taking on the care of a parent or relative
•         Planning or nearing retirement
•         Planning for a child’s education or wedding
•         Starting or selling a business
•         Tax-law changes

Some other additional reasons to review policies annually may be:

•         Your needs have changed since your original policy was purchased and you now need to build cash value within your policy
•         You want to change to permanent insurance to last your entire life, if you only originally purchased a term life insurance policy (set up only for specific number of years).
•         You want to add living benefits within a new life insurance policy (Living benefits can include chronic, critical, and terminal illness riders; some of which may be included at no additional charge depending on the new policy chosen.)

 Again don’t delay, call me today at 941-404-5334!


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?