There are a couple reasons you should bring out those insurance plans every year. In fact, it could have a huge impact on your life and your finances.

At Longevity Brokers, it’s our mission to ensure you’re getting the best coverage for you and your loved ones. This article is going to look at some of the advantages of reviewing your policies every year. We can help you find the best life insurance plans, homeowner’s insurance policies, auto insurance plans, and much more.

Saves Money

One of the biggest benefits of looking at your plans every month is  it could save you money. If you have had the same plans for several years, then you could be paying way too much for your insurance plans every month. 

Every year more insurance companies enter the market. With more competition and more options, there could be much more affordable options for your insurance plans. Most people buy their plans from someone they know, or they choose the first policy quote that they get. That could be one of the worst mistakes

At the beginning of every year, take some time to look at your plans and get some new quotes for your plans. Comparing quotes is one of the best ways to ensure that you’ve got the lowest rates available.

Instead of wasting your time calling companies, let one of our independent insurance agents do all of that hard work for you. We work with dozens of highly rated companies across the nation. We can help you compare your auto insurance coverage, your homeowner’s insurance, and any other plans that you hold.

Increase Coverage

Your life is always changing, which means your insurance plans should be changing with it. If you haven’t looked at your policies in several years, then you could be drastically underinsured. This could apply to just about any policy that you have.

For example, let’s say that you’ve had a child in the past year, but you haven’t reviewed your life insurance application. There is a good chance your life insurance play is way too small. Not having enough life insurance is one of the worst mistakes you could ever have. Additionally, if you’ve gotten married, you’ll need to increase your insurance coverage.

To decide how much life insurance you can buy, there are a few categories you need to calculate. The first number you should add to the equation is your debts and final expenses. If you have purchased a home or taken on more debt in the past several years, then you will need to increase your insurance coverage. Make sure your life insurance plan is large enough for your family to pay off any debts and final expenses your family would be responsible for if you passed away.

The next number  you need to toss into the equation is your annual income. The secondary goal of your life insurance is to replace your paycheck if something were to happen. The more dependents you have, the more life insurance you need.

Drop Plans or Coverage

Another way you can save money is to drop any plans that you don’t need or to trim down some of the supplemental coverage you’re paying for. Having plans and coverage you don’t need anymore can be a massive waste of money.

Instead of letting those plans collect dust, take them out, and decide if you really need them. One way you can trim down some of the coverage is to raise the deductible for your auto insurance or your homeowner’s insurance.

 Working with an Independent Insurance Agent

There are over 800 insurance companies on the market, and all of them are going to have different rates. It can be a long and difficult process to find the best protection for you and your family.

If you’ve reviewed your insurance plans, you may have decided you need to find a different policy or get additional coverage. That’s where we come in.

It’s our mission to ensure you’re getting the best rates. Not having the proper insurance policies can leave you or your family with a massive amount of debt and other expenses. You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the insurance coverage that you deserve.

If you have any questions about any of your insurance plans, please contact one of our agents today. We have years of experience helping our clients in the Denver, Colorado area get the coverage that they need. Use our contact page or give us a call at (720) 209-4598.

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We look to help applicants get the best life insurance coverage at an affordable price. Not only do we provide quality coverage, but we also help applicants make well-informed decisions about their life insurance needs. Not only do we provide quality life insurance, but we look to protect all areas of your life, everything from your home to your car. 

We know that finding the perfect insurance policy can be a long and frustrating process, but it’s vital that you get the best plan for your loved ones. At Longevity Brokers, we are dedicated to helping the Denver, CO. area get affordable coverage and save money on their policies.

Paying out: Accident Death & Dismemberment

One of the main differences between the two types of insurance policies are the situations in which the plans will pay out. With the accidental death and dismember policy, the company will pay out the plan if you die by from an accident. With these types of plans, if you were to die from natural causes, the plan isn’t going to give you any money from the plan. Because these plans don’t cover as many situations, they are typically going to be much cheaper than a life insurance policy.

This is a stark contrast to a typical life insurance plan, which will payout regardless of how you die (minus suicide). It could be from an accident, natural disaster, or illness, regardless your family will get the money from the policy. Because a traditional life insurance plan gives more coverage, you pay more for a traditional life insurance than you would for accidental death and dismemberment policy.

What to know about AD&D Policies

There are some unique qualities that you should understand before buying one of these policies. First of all, you can purchase this coverage as a stand-alone plan, or you can buy it as a rider on a life insurance policy that you already own. If you add is as a rider, you can double death benefit if you were to pass away from an accident.

Another thing that you should take note of is that you can get this coverage without taking a medical exam. Unlike a traditional life insurance, you won’t be required to take the medical exam to be approved for insurance protection. With a life insurance plan, you’ll have to take a medical exam from a paramedic, and it can take up to a month for to get the coverage, but with an AD&D policy, you can get coverage much quicker. In fact, you can get AD&D protection in a matter of hours.

There are other ways that these plans will pay out aside from dying from an accident. Each plan is different and has different circumstances that must be met before your beneficiary will receive the money. Every policy is different, but most will only pay out a portion of the face value of the plan if you receive the money through dismemberment. The requirements could be losing a limb, fingers, losing either speech, sight, or hearing, or some other detrimental harm. It’s vital that you understand your plan and the payout circumstances of the plan and what you will get from the coverage.

Which Type of Plan is Right for You?

It’s important that you find the insurance plan that is going to fit your needs the best. There are dozens of different types to choose from, both AD&D and a traditional life insurance are just two of them. How are you supposed to decide which one fits your needs?

While the AD&D plans are a great additional coverage, they aren’t a great choice as a stand-alone policy if they are your only insurance protection plan. You never know what’s going to happen or if something tragic will happen to you. If you were to pass away from something that isn’t covered under the AD&D plans, which could leave your family with a massive amount of debts and no way to pay off all of these final expenses. That can make an already difficult situation a lot worse.

If you want to get the best coverage, it’s always a better idea to purchase a traditional life insurance plan. In just about every situation, you can purchase an affordable life insurance policy that isn’t going to break your bank every month. If you want to get coverage, that doesn’t have any gaps that could leave your family with a mountain of debt.

If you want to get additional coverage, these AD&D are a great additional rider that can give you double coverage and give your loved ones the more protection. If you want to get one of these plans, you should consider getting one of them as a rider and not as a standalone plan.

Accidental Death and Dismemberment Policies – What you need to know

Life insurance protection is one of the best safety nets that you can buy for your loved ones. Because there are so many different types of riders and life insurance policies that you can choose from, it’s vital that you make the best decision for your family members.

If you have any questions about AD&D or about life insurance plans, please contact one of our agents today, and we would be happy to answer those questions and ensure that you’re getting the best protection for your loved one at an affordable price. At Longevity Brokers, we are proud to provide quality life insurance to the Denver, Colorado area. If you have any questions about life insurance or any of our other quality insurance products, please contact us today.

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As Benjamin Franklin said, “in this world nothing is certain but death and taxes” and having a life insurance policy can help with both of those. The primary goal of life insurance is to give you family the money that they need to pay off any debts or final unpaid expenses that you would leave behind after your passing, it also gives them money to replace your paycheck after your death. But, there is also another useful way that you can use a life insurance plan, and that’s to protect your loved ones against massive estate taxes. 

At Longevity Brokers we are dedicated to helping the people in and around Denver, Colorado get the best insurance plans on the market. We know that shopping for insurance is never a fun experience, but we are here to make it as quick and simple as possible.

Life Insurance and Estate Planning

There is no way to avoid your passing, which means that you should always plan for the worst. It’s not a fun conversation to have, but it’s one of the most important. Not planning for your passing could leave your family with a massive amount of debts and taxes that could leave them with a mountain of bills. That will make the situation a thousand times worse. Estate taxes can quickly consume the money that you planned to leave to your loved ones. In fact, those taxes can be up to 55% of your estate. There is no way around them. Uncle Sam is going to want his money.

There are several things that you can do to make the process easier, and you should start with your life insurance and getting the most out of your policy. One way that you can do this is by setting up a life insurance trust to help shield your loved ones from large estate taxes that can quickly drain the legacy that you want to leave behind to your family members. While the process can be confusing, the idea behind the life insurance trust is quite simple. The insurance trust will own the policy for you, which means that it won’t be calculated in your assets. Since you don’t technically own the policy yourself, they won’t be able to count the plan as your personal asset.

An irrevocable insurance trust is a unique tool that is simple to set up and is the best way to cushion your loved ones against the large estate taxes they could face after your passing. Inside of the irrevocable insurance trust, there are three separate components. The first is the “grantor,” which is the person that creating the trust. The next part is the person that manages the trust, which is usually the professional company and they will handle all of the money and the inner workings of the plan. The last part is the beneficiary that is the person that is going to receive the money after you pass away.

Trust vs. Life Insurance Plan

There are several other advantages to a trust versus having a life insurance plan. The biggest one is that the trust will allow your loved ones to receive the money, even if something were to happen to the person that you named a beneficiary of the plan. If something were to happen to the beneficiary of your life insurance policy before they receive the payout, there is going to be a long and painful court process to get the money that they need. With a trust, on the other hand, the trust can use the money for the good of the family to meet their needs.

Another advantage to an irrevocable insurance trust is that it gives you control over the money that you leave to your family members. When you create the trust, you can designate the money to be used for a particular need. You can outline the money to be used to pay off any debts, estate taxes, or even just to be distributed to your children in small chucks ever year.

Life Insurance to Combat Estate Taxes

Life insurance is one of the most important purchases that you’ll ever make for your family. It will give them the resources that they need if anything tragic were to happen to you. A life insurance policy is the best safety net that you could ever give your loved ones, but it won’t protect you against estate taxes. It could give your family the money that they need to pay estate taxes, or it could cause the taxes to be much higher. Having an insurance trust to offset those taxes and ensure that your family receives the money that you left them, without Uncle Sam taking his chunk.

At Longevity Brokers, we are proud to provide quality and affordable life insurance to the Denver, Colorado area. Not only do we offer life insurance, but we also work to protect other areas of your life, including your house and your car. If you haven’t bought a life insurance policy because you think it’s too expensive, there are several ways that we can help you get lower insurance premiums.

We know that finding the perfect life insurance policy can be a long and complicated process, but we are here to make the process as quick as comfortable as possible. If you have any questions about getting life insurance up setting up a trust, please contact one of our agents today, and we will be happy to help. You can call us at (720) 209-4598, or you can use our contact page, and an agent will get in touch as soon as possible.

The post Buying Life Insurance To Shield From Estate Taxes appeared first on Longevity Insurance Brokers.

Our agents at Longevity Brokers understand the need to get the proper insurance plans. We are happy to offer quality insurance products to the Denver, CO. area. We know how important it is to have quality life insurance protection for the ones that you love. It’s our mission to protect every area of your life. Everything from your house to your car.

One of the best ways to protect your family from being left with a massive amount of debt is to have a life insurance policy, but life insurance can leave your family with estate planning problems that can lead to frustration and more problems. One way that you can still give your family protection without having their payout drained by Uncle Sam and estate fees, you can set up an irrevocable life insurance trust.

What is an Irrevocable Life Insurance Trust?

These trusts work similarly to other types of trust funds, which are basically just a place to hold a large sum of money. These trust can be used for just about anything, but in this article, we are going to discuss using an irrevocable life insurance trust as a way to give your loved ones the money that they need if you were to pass way suddenly.

There are several kinds of trusts that you can choose from, if you’re looking for life insurance protection, an irrevocable life insurance trust is going to be the best option for you and your family. As you can imagine, once you set up one of these trusts, they are irrevocable, which means that once it’s established, you can’t take the trust back.

To correctly set up the trust, there are several different factors that you’ll need to establish to ensure that your family gets the protection that they need. The first and most important decision that you’ll need to make is who is the trustee or trustees of the account. These are the people that are going to receive the money inside of the trust, once the requirements are met (your passing). Before you name the beneficiary, you should spend a lot of time considering who this person should be.

Another factor to consider is what the money should be used for. You can designate the money for just about any expenses, but in this case, the money will only be used for paying off debts, estate taxes, or any other final expenses that are left behind to your loved ones.

You’ll also need to lay out the terms of the trust. You can have any number of guidelines for the trust and at what point the beneficiaries are going to receive the money. It could be anything from completing college to your passing away. Because it’s being used in place of a life insurance plan, the guidelines are that the beneficiaries will receive the trust after your passing.

The Advantages of an ILIT

One of the best benefits of using an ILIT instead of a traditional life insurance policy is that the trust account won’t be counted towards your estate value, while the life insurance policy will. The ILIT are an excellent way to keep your estate value down, which will protect your loved ones from having their inheritance drained by taxes.

Another advantage is that you’ll have much more control of the policy and how the funds are used. Unlike a traditional life insurance plan, you’ll be able to designate the money and ensure that the money is used how you intended.

Disadvantages of an ILIT

The most significant disadvantage to the ILIT is their price. While they aren’t going to break your bank every month, there are going to be more affordable options for life insurance protection. If you want to get the most affordable life insurance protection for your family, the best way to do that is by getting a term life insurance plan.

Additionally, these plans are going to require a little more work than a term life insurance plan. You can purchase a term life insurance plan very simply, but with an ILIT, there is going to be more groundwork that you need to lay before you’ve got the protection.

Another pitfall is that with an irrevocable trust, everything is set in stone once you establish the trust, which means that you won’t be able to change anything after the paperwork is completed. For some people, this is a nice benefit, but other applicants don’t like the idea of having zero flexibility.

Which Plan is Right for You?

Getting life insurance protection for your family is one of the most important safety nets that you’ll buy for your family. It’s one of the only ways that you can ensure that your family has the money that they need, regardless of what happens to you.

At Longevity Brokers, we are proud to provide the Denver, CO. area with quality life insurance plans. Not only do we help our clients get the life insurance coverage that they deserve, but we also help them make the best decisions for their family. If you have any questions about an irrevocable life insurance trust or about any of the other insurance products that we have, please contact us today. We would be happy to answer those questions and ensure that you’re getting the best insurance to fit your needs. You can call us at (720) 209-4598 or use our contact page.

The post What Is An Irrevocable Life Insurance Trust? appeared first on Longevity Insurance Brokers.

At Longevity Brokers, we are proud to offer a variety of quality insurance products. Everything from homeowner’s insurance to auto insurance. Not only do we provide insurance products, but we also help our clients make the best decisions for their insurance needs.

Group Life Insurance

Today, there are thousands and thousands of companies that have started offering their employees the opportunity to be a part of life insurance policy. Every company has different life insurance benefits that they are willing to provide for their employees. Some companies will pay the premiums for you, and give you a decent sized insurance plan to protect your family. Other companies will pay a portion of the premiums or pay for a smaller life insurance plan around $10,000.

There are several benefits to a group life insurance policy. The first is that the steps to get coverage are much simpler than an individual plan. With a group plan, you won’t be required to take a medical exam before getting coverage. Additionally, you won’t be required to answer as many questions about your health or any pre-existing conditions that you have. For anyone that is in poor health or has blemishes on their medical record, group life insurance plans are a great way to get coverage without breaking your bank every month.

Individual or Group Life Insurance – Which is Right for you?

Each person and company is different, which means that every situation is going to be unique. There are dozens of different factors that go into deciding if an individual policy or a group plan is going to be better for you and your loved ones.

The first factor that you’ll need to look at is how much coverage the group life insurance plan is going to give you and if it will be enough if something tragic were to happen to you. Make sure that the plan offered by your employer is going to meet your life insurance needs. There are several factors that go into calculating your life insurance needs, everything from your mortgage to your monthly paycheck. Not having enough life insurance could leave your loved ones with left over expenses and no money to pay off those bills.

The next thing that you should look at is, what’s going to happen to that life insurance policy if you were to leave your job or get fired. Some companies will allow you to take over the premiums, while other won’t. The older that you are, the more expensive your life insurance plan is going to be, which means that if you lose coverage in the future, when you reapply, your coverage is going to be much more expensive.

One of the main reasons that most applicants don’t get life insurance protection is because they assume that it’s going to be too expensive to fit in the budget. This couldn’t be further from the truth. There are several ways that you can do to ensure that you get the most affordable life insurance policy.

Getting Cheap Life Insurance

If you want to get affordable life insurance, there are several lifestyle changes that you can make to get the best rates possible, either through a group plan, or through a private insurance plan.

After you complete the initial paperwork, the insurance company is going to want to know what kind of health you’re in before they give you life insurance. The better your health, the less money you’ll pay every month. If you want to save money, you’ll need to improve your health. Starting a diet and getting regular exercise can work wonders on your health and keep more money in your pockets.

Additionally, if you want to save money, it’s time to eliminate any tobacco that you currently use. Being a smoker drastically increases your risk of having severe health complications later in life, which means you’re more of a risk to the insurance company. If you want to get affordable life insurance, it’s time to eliminate the cigarettes. Anyone that is listed as a smoker on their life insurance application is going to pay drastically more than a non-smoker. If fact, smokers are going to pay twice as much as their coverage than someone who doesn’t smoke.

The last thing that you should do is compare rates from dozens of companies before you decide which one is going to work best for you and your family. Each company is different, and they will all give you various rates for your insurance plan. You could save hundreds of dollars simply by comparing quotes.

Longevity Brokers Life Insurance

At Longevity Brokers, we understand the importance of getting a quality and affordable life insurance plan. We know that finding the perfect plan can be a confusing and frustrating process, but we are here to help. If you have any questions about any of the quality products that we offer, please contact one of our agents today. We would be happy to answer those questions and ensure that you’ve got the best coverage available to you. You can use our contact form or call us at (720) 209-4598.

Not having life insurance is one of the worst things that you can do for your loved ones. Don’t wait any longer to get the insurance protection that they deserve, either through a group plan or through an individual insurance policy.

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It’s our mission to provide the Denver, CO. area with an array of quality insurance products to protect every area of your life. Everything from your home to your car. Additionally, we are here to help you make the best decisions for your insurance products.

What is a Flexible Premiums Life Insurance Plan?

There are two main types of life insurance, term life insurance, and whole life insurance, but inside of those two main categories are several other sub-types of insurance. Each of them has unique qualities that you’ll need to consider when you’re looking to get the perfect plan to fit your needs.

Flexible premium life insurance policy has several distinct characteristics that set it apart from some of the other more traditional plans. Flexible premium policies, formally known as “adjustable life insurance” is a kind of permanent cash value insurance that combines the advantages of several types of plans to create a whole new kind of life insurance.

As you can guess by the name, flexible premium policies allow you to increase or decrease the amount of the premiums, within a specified range. This is a great way for a policyholder to adjust their budget as their life changes, or they run into any financial difficulties.

The premiums aren’t the only factor that you can adjust with these policies. You’ll also be allowed to change the face value of the plan. As your life continues to change, your life insurance needs are going to change with it as well.

In addition to the benefits of being able to adjust some of the key features of the policy, these plans still hold the same advantages of a whole life plan, like building cash value, and not having to worry about reapplying for life insurance coverage in the future. The cash value inside of the policy can be an excellent tool for the policyholder and their family. With the cash value inside of the plan, there are several ways that you can use the money inside of the policy.

The Advantages

We’ve already mentioned some of the advantages of these plans, but there are a few key benefits that you’ll need to factor when deciding which plan is going to fit your needs the best. One of the key advantages is that it’s a form of whole life insurance and you can adjust the size of the monthly premiums that you have to pay for the coverage. You never know what’s going to happen tomorrow, or some of the financial complications that you could run into, which means that you could have problems paying your life insurance fees.

Another key benefit is the ability to change the face value of the plan. While this may not seem like a key advantage, it’s extremely beneficial. As your life continues to change, you need for life insurance is going to change with it. Instead of having to reapply for either a larger or smaller plan, you can simply change the value of the plan. This can save you hours of time and frustration.

The Disadvantages

Just like with any life insurance coverage, there are going to be some pitfall to these plans. The most significant is that they are going to be more expensive than a traditional term life insurance policy. If you’re looking to get the most affordable life insurance policy, this isn’t going to be the best option. There are several other kinds of plans that can save you money on your life insurance.

Another disadvantage of these plans is the investment component of the policy. While these plans can be a unique tool for your investment portfolio, your investments are limited by the market index. Most financial professionals will tell you to save the money on premiums and invest the left over money.

Longevity Brokers and Life Insurance

Life insurance is one of the most important investments that you’ll ever make for your family and the safety of their future. There are dozens of different kinds of plans that you’ll need to pick from to get your family the protection that they need. Not only do we help provide you with insurance plans to protect every area of your life, from auto to home, but we also help our clients make the best decisions.

At Longevity Brokers, we are proud to provide quality and affordable life insurance plans to fit the needs of your family. Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance coverage that they need. Not having life insurance is one of the worst mistakes that you could make. If something tragic were to happen to you, your loved ones would be left with all of the debts and final expenses that you had. It could leave them under a mountain of debt, and no way to pay for those bills.

We are happy to serve the Denver, Colorado area and connect its residents with the best and most affordable insurance policies available. If you have any questions about life insurance or about any of our other quality insurance products, please contact one of our agents today. You can use our contact form or call us at (720) 209-4598/

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No Medical Exam Life Insurance

Regardless of your health or any severe health complications that you have, one option for life insurance is a no medical exam life insurance policy. These policies operate just like a traditional insurance plan, but without being required to take the medical exam before being approved for coverage. Just like with a policy that requires a medical exam, you’ll be able to pick between a term policy or a whole life policy.
With these types of insurance plans, you’ll apply for coverage and only be required to answer a few simple health questions instead of taking a full blown physical exam or medical questionnaire. Just about any applicant can be approved for one of these policies, and they are a great option for anyone that has been declined for coverage.
There are a few different advantages and disadvantages to these types of plans that you should be aware of when you’re looking to get life insurance protection. One of the benefits of these plans is that they are quick and easy to apply for, and you can get coverage much quicker than with a traditional life insurance policy. Because there is no medical exam required, you won’t have to wait to schedule an exam or wait for the results to go through the medical underwriting, which means that you can get insurance in a matter of days versus the weeks that it takes with a normal insurance plan.
There are also several major disadvantages to these kinds of policies that can keep you from getting the best coverage available to you. The biggest one is that no medical exams are more expensive than their traditional counterparts. If you choose to skip the medical exam, you’re going to be paying more for your life insurance than if you would have taken the exam. That’s because after you apply for insurance coverage, the company is going to want to know how your health is to see how much of a risk you are to insure. If they don’t know how your health is, they are taking a much higher risk, and they are going to offset that risk by charging you much more every month for your policy.
Another pitfall of the plan is that there is a low ceiling on how much insurance coverage that you can buy. Unlike a policy that requires a medical exam, you’ll be restricted on the size of policy that you can get. Most insurance companies will only allow you to get around $250,000 worth of coverage. For most applicants, this isn’t nearly enough life insurance, and that could leave some families with massive debts. It’s vital that you calculate your life insurance needs before you buy a no medical exam plan.

How much Life Insurance do you need?

There are several different factors that you’ll need to look at when you are calculating what your life insurance needs are. The first thing that you need to account for is your debts. After you pass away, your loved ones will be stuck with all of your bills and unpaid expenses. The primary goal of your life insurance is to give your family members the money that they need to pay off your debts and final expenses like funeral and burial costs. Without a life insurance policy, your family will be left with a mountain of debts, which makes an already difficult situation a thousand times more stressful.
The next aspect that you need to look at is your salary and how many people rely on it. The secondary goal of your life insurance is to replace your income if you were to pass away. If you’re one of the main income earners in your household, your family would struggle financially if you passed away, but that’s where life insurance comes in. Your policy will give your loved ones the money that they need to replace your paycheck to pay for any essential costs.

Life Insurance Summary

Because life insurance is one of the most important purchases that you’ll ever make for your family, it’s vital that you make the best decision to give them the protection that they need. If you have any questions about life insurance or no medical exam options, please contact one of our agents today. Life insurance is just one of the many products that we offer to the Denver, CO. community. Don’t wait any longer to give your family the insurance protection that they deserve. You can call us at (720)209-4598 or use our contact page.

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At Longevity Brokers we can help you make the best decisions about your insurance needs. We not only provide life insurance, auto insurance, and home owner’s insurance to our clients in the Denver, Colorado area, but we can also help you make an educated and calculated decision about your insurance needs. Nobody should ever go without the insurance products that they need to protect their family and their savings. We know that buying life insurance can be a difficult process, trying to decide between whole life or a term insurance policy, but maybe you need neither and should go with a final expense insurance plan instead.

What is Final Expense Insurance?

Final expense insurance (also called “burial insurance) is basically just a very small life insurance policy that is used to pay for any funeral expenses or small debts that you would leave behind. These plans are sold from traditional life insurance companies and you can buy them ranging in sizes. Anywhere from a couple of thousands of dollars all the way to $25,000. They are a much more affordable option compared to a larger life insurance plan.

One final expense that you know your family is going to be left with are funeral expenses. Burial costs and all other related bills can easily reach up to $10,000 or more, which can be difficult for a grieving family to cover. That’s how a burial insurance policy can be useful. It will give your family the money they need to respect your final wishes and lay you to rest without adding any financial strain.

Is a Final Expense Insurance Policy Right for me?

There are several different factors that you’ll need to look at to determine if a final expense insurance policy fits your needs. The first thing that you’ll need account for is your debt.

The primary goal of life insurance is to pay off any of your debts, but if you’ve paid off all of your debts and no longer have a mortgage, then you can consider getting a final expense insurance policy instead of a traditional life insurance plan.

The next factor that you’ll need to look at is your paycheck and how many family members rely on that income every month. If your children are out of the house, and you don’t have anyone that needs your salary, then you can consider getting a small burial insurance policy instead. The secondary goal of life insurance is to help your family replace your income after your passing, but if you don’t have anyone that needs that paycheck, you’d be wasting money to have a life insurance plan.

Another factor to consider is your savings account. If you have the money saved up in your bank, that money could be used to pay for the funeral and any other final expenses that you would leave behind.

Getting and Affordable Final Expense Insurance Policy

In most cases, life insurance and final expense insurance are much more affordable than most people think, but there are a few things that you can do to make your premiums even lower. With burial insurance, the application process is a little different than a traditional life insurance policy. With a normal life insurance policy, the company will require that you take a medical exam before they approve you for coverage, but because these plans have much smaller payouts you won’t have to with a final expense insurance plan, but there are still a few things that you can do to get the lowest rates available.

The first way is to purchase a plan as soon as possible. One of the main factors that the insurance company will look at is your age. The older that you are, the more you’ll pay for insurance coverage. Every year is going to mean higher premiums.

Another factor that you can change is any tobacco that you currently use. While the insurance company isn’t going to require a medical exam for your final expense insurance, they may ask a few questions, like if you are a smoker. Smokers are going to pay twice as much for coverage.

The best way to ensure that you’re getting the lowest rates is to compare rates from dozens of companies before you choose the one that fits your needs the best. Every insurance company is different, which means that they will all give you varying rates for the same amount of coverage. Don’t waste your time calling dozens of insurance companies to get the lowest rates, let our insurance agents do all of the work for you. Our insurance agents are independent insurance agents, which means that we don’t only represent one single company, instead re represent dozens of highly-rated insurance companies across the United States.

If you have any questions about life insurance or about final expense life insurance coverage, please contact one of our agents today. At Longevity Brokers we are pleased to provide our customers with affordable and quality insurance products. You can call us at (720)209-4598 or you can use our contact page and an agent will respond shortly.

Getting adequate insurance protection is one of the most important things that you can do for you and your loved ones, don’t wait any longer to get the peace of mind knowing that they will be taken care of, regardless of what happens to you. Expensive funeral costs can leave them with financial stress during a difficult time.

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We know that purchasing a life insurance policy can be a long and confusing process. There are dozens of different types and components within each of the policies. One of the common questions that we get revolves around the “cash value” aspect of life insurance policies. We are here to clear up any confusion that you may have and to answer any questions.

Cash Value Inside of Life Insurance

The cash value component of life insurance isn’t available with every type of policy, it is only a part of permanent life insurance policies, not with term life insurance plans. To put it simply, cash value inside of a plan continues to grow the longer that you pay premiums on your insurance plan. Just about every form of whole life insurance has a cash value component.
Once your plan has accumulated enough cash, you can use it to do several different things. You can use that cash to pay the premiums for the policy, take out a loan against the cash that will give you a lower interest rate, invest the cash, or use it to supplement your retirement income. As you can see, there are several advantages to having a policy with the cash value building up inside of it.

Whole Life Versus Term Insurance

The two main types of life insurance are whole life insurance and term life insurance, they each have distinct characteristics that you should be aware of when purchasing a life insurance plan. The first is that any permanent insurance policy that has cash value is going to be more expensive than a term insurance policy. If you’re looking for the cheapest insurance coverage, a term policy is going to be a better choice.
Another factor to understand, is that term insurance plans have an expiration date on them. When you purchase the policy, it’s only effective for a predetermined amount of time. They are normally sold in 10,20, or 30-year terms that you can buy to suit your needs. Once that time is up, you’ll have to reapply for insurance coverage once again. If you want the security of never losing life insurance coverage, a whole life policy is the best option.
Because each of the plans has their own benefits, you’ll have to look at all of your different options to give your family the best life insurance policy that they need. Regardless of which type that you choose, it’s vital that your family has the insurance that they deserve.

The Importance of Life Insurance

Life insurance is one of the most important investments that you’ll ever make. If you purchase a whole life policy, it’s the only investment that you can be 100% that you’ll get a return on. There is no way to avoid death, which means that you should plan for the inevitable.
If you were to pass away tomorrow, your loved ones would be lefts with all of your debts and final expenses, which can make an already difficult situation a lot more stressful. That’s where life insurance comes in, it gives your family the resources that they need to get through the emotional period of losing a loved one.

How much Life Insurance do you need?

Aside from picking the best type of life insurance policy, the next biggest decision is to calculate how much insurance coverage you’ll need to buy. There are several factors that you’ll need to account for when looking at your life insurance needs.
The first one is your debt. The primary goal of your plan is to give your loved ones the money that they need to pay off all of your debt and final expenses, which can easily add up to thousands and thousands of dollars. Make sure that your insurance plan is sufficient to cover all of these costs.
The next factor to account for is your annual salary. The secondary goal of life insurance is to replace your paycheck if anything tragic were to happen to you. The more people that rely on your income, the large policy that you’ll need. If you’re one of the primary income earners in your household, your loved ones will suffer financially if you passed away.

Summary

Because life insurance is such an important investment, it’s vital that you make the best decision. Each type of policy has different benefits that you can take advantage of, one of the advantages is cash value accumulation. It’s vital to understand everything that you can do with the value inside of the plan.
If you have any questions about life insurance, whole life plans, or about the cash value, please contact one of our agents today. At Longevity Brokers, we are not only proud to provide quality insurance products to our customers, but we also work to help our customers make the best decisions when purchasing insurance policies. Please call us at (270)209-4598 or use our contact page.

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One of the types of life insurance that is commonly misunderstood is variable life insurance, which provides a unique set of advantages that isn’t offered by other types of coverage. At Longevity Brokers we are pleased to help customers get the best insurance policies for all areas of their life, everything from auto insurance to homeowner’s insurance. Not only do we provide quality insurance, but we also help customers make educated decisions about their life insurance needs.

What is Variable Life Insurance?

Variable life insurance (also called variable universal life insurance), is another form of whole life insurance with some distinct differences than a traditional permanent insurance policy. Unlike a term insurance policy, you won’t lose coverage after the term is up, which means that as long as you continue to make the premium payments, you’ll have life insurance coverage.

Just like with other whole life policies, variable life insurance policies have a cash value component. The longer that you pay the monthly premiums, the more value is accumulated inside of the plan. This is a great component of the plan if you ever need to borrow money against the policy in the future for a financial emergency. Although that will take a chunk out of the death benefit.

Unlike a traditional whole life policy, these variable life insurance plans allow you to invest the accumulated cash value into a variety of different investment vehicles. Inside of the plan, you’ll have several different options on how you want that cash value invested.

Advantages of Variable Life Insurance

There are several benefits to these variable plans. One of the obvious ones is that it allows flexibility in how much you pay in monthly payments. Within a certain range, the insurance company will allow you to change your premiums. There will be certain times in your life when you need to save money on your insurance premiums, and these plans allow you to change that as your life changes. This is where they get the “variable” portion of their name.

Additionally, you’ll be able to change (within reason) the death benefit of the policy. The older that you get, the less need you’ll have for life insurance. Instead of having to reapply for a smaller insurance policy, you’ll be able to decrease your death benefit.

There is an additional tax advantage that you’ll find with these life insurance plans. All of the growth inside of the account is tax-deferred until any of the money is withdrawn. It’s a great way to supplement your investment portfolio.

Disadvantages of Variable Life Insurance

There is one significant disadvantage, these plans are much more expensive than other options. If you’re looking for the most affordable life insurance coverage, variable plans aren’t the best choice. In just about every case, a term life insurance policy is going to be the cheapest route for life insurance.

Another pitfall of these plans is that these plans are much more complicated than its counterparts like a term insurance plan or a tradition whole life policy. For anyone that doesn’t have experience in the life insurance marketplace, it’s easy to be confused with all of the components and parts of the plan.

The Importance of Life Insurance

Life insurance is one of the most important purchases that you’ll ever make for you and your loved ones. If you didn’t have life insurance, your loved ones would have thousands and thousands of debt and no resources to pay those bills, which can make an already stressful situation a lot worse, but that’s where life insurance comes in.

It’s vital that you get the best insurance policy that fits your needs the best. There are several different factors that you’ll need to consider when you’re looking for that perfect policy. Different things like your debt, your retirement, your salary, and how many family members rely on your income.

The primary goal of your life insurance coverage is to give your family the money that they need to pay off any of your unpaid expenses and final bills that you would leave behind after your passing. Make sure that your insurance plan is large enough to pay for all of them without leaving any financial stress to your loved ones.

The next factor to consider is your annual salary and how many family members rely on that income every month. The secondary purpose of your coverage is to replace your paycheck if anything tragic were to happen to you.

As you can see, there are several different factors that you’ll need to account for when calculating your life insurance needs, and all of these factors can change constantly. You could get several raises and drastically increase your paycheck, or you could finally pay off your mortgage debt, both of which would alter your insurance needs. With a variable life insurance policy, you would be able to change the death payout as your needs change.

Summary

In most cases, we don’t recommend these variable life insurance policies because of all the disadvantages and because they are much more expensive than other options, but that doesn’t mean that you should automatically discount these plans for your insurance needs.

If you have any questions about life insurance or about variable insurance plans, please contact one of our agents today. Our agents at Longevity Brokers would be happy to answer any questions that you have or help connect you with the perfect insurance policy to fit your needs. Life insurance is just one of the many quality products that we are pleased to provide. Call us at (720)209-4598 or use our contact form.

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