Tuesday, July 23, 2013

Keeping My Family and Friends Informed

Last month, I started sending out what would be the first of a few letters to my family and friends to keep them informed on what my business offers and who I serve.    

This month's letter is focused on Life Insurance.     Hope you enjoy it and as always, if you have questions or need information on any of the products that are offered through my business, let me know.     My purpose is to serve you providing you with balance, security, and peace of mind with your insurance needs.   

In my last letter, I spoke how Balanced Care services our senior market.     When I originally planned out these letters, I thought that I would cover health insurance for you on the second letter, however, with changes still happening in health care reform and insurance companies waiting on their plans to be approved by the Federal Government prior to open enrollment for individuals this fall, my focus in this letter will be on life insurance and who I help with this product.    

As mentioned previously, insurance is never something most of us jump up and down about.     When it comes to life insurance, that statement is definitely true.     When I work with businesses providing benefits to their employees, group life insurance is a product that many employers provide.     Some employers will pay for one and a half to two times an employee’s salary for a life insurance benefit.      Some employers will give an option to their employees to purchase more and have it deducted from their paychecks.     This leads me to a story that I often share because it holds the true value that life insurance brought to a young woman I worked with.       While working with a business enrolling employees in plans, I sit down one to one with employees to make sure they understand what is offered to them.    This particular day, I was approached by a fifty year old woman.     Every question that she asked was regarding life insurance.     It was obvious to me that she had her reasons for needing it and after we established some trust between us, she stated that she would be forever grateful for her employer for giving her the opportunity to own it.       She had tried to purchase life insurance online; however, due to the fact that she had some health issues, she was declined.    When purchasing life insurance through a business or group, there is little to no medical underwriting which now made her eligible.    She also shared that she had recently lost her thirty year old daughter who died suddenly.     The next statement she made was one that I will always remember.     She stated, “Writing a check out to the funeral home each month brings me back to pain of losing her over and over again.     She was young, healthy, and thought she had plenty of time to worry about life insurance.    With two children still at home, I want to do as much as I can to take away this pain should something happen to me.”    If ever there was a reason to know that what I do brought value, she gave it to me in that moment.     

Not only do I provide life insurance for employees, but also business owners and families.     Business owners purchase it for reasons such as a key employee.    This employee may be a partner in the business and be an integral part of the business’ success.    Businesses have to ask themselves if their business could continue to thrive should something happen to the person they are depending on.  Another reason a business purchases life insurance from me is business continuation.     If a business owner were to pass away, they have to ask themselves if their heirs would be able to continue the business or have to sell because they wouldn’t have the financial means to do so.      

The majority of clients I work with purchase life insurance as a means of protecting their families.      New homeowners, newly married, and upon the birth of children are just some of the reasons clients come to me.   Whether they buy term life insurance, whole life insurance, universal life insurance, or indexed universal life insurance depends on their need, their age, and their budget.     At Balanced Care, I have worked with single men and women, married couples, college students, stay at home parents, and retirees.      Believe it or not, life insurance is also a vehicle to tax free retirement.    Because I am a broker, I work with over forty different insurance carriers to make sure clients have options and that the policy works not only for your budget, but for your specific needs.  

Lastly, I work with a life insurance product called Final Expense life insurance.     These plans are small, affordable and are designed to cover final expenses such as funeral and burial costs.       Without these plans, many retirees and our senior generation would not be able to provide a means to have their final wishes carried out.      These plans are also a good vehicle for leaving a legacy to your favorite church and/or charity.        Many people want to give generously to their church, but financial limitations can stand in their way.     A living gift memorial plan is a viable option that allows you to endow your church with a substantial gift without burdening your personal finances.     A client in her sixties asked me if she could leave part of her death benefit to a library that held a special place in her heart.     I recommended a Final Expense policy that was not only less expensive, but gave her protection for her final expenses as well as leaving a gift to the library as she desired.   

For your convenience, I have included a comprehensive life insurance checklist for you to take a look at.    It has been divided into age brackets with the types of life insurance that are most appropriate.      As I continue to provide solutions, education, and consultations each day, I thank you for taking time to learn more about the people I have the privilege of serving each day and the products that protect them with their most precious assets – Their business, their family, and themselves.   



With love,  




Part 2 - Comprehensive Life Insurance Checklist 
Comprehensive Insurance Checklist for 2013
Ages 30 – 40 Newly married?   Planning a family?   Starting to think about retirement planning?     
·         Term Life Insurance – A twenty to thirty year term policy can help you with your financial responsibilities such as your mortgage and your children’s college tuition should something happen to you.  
·         Indexed Universal Life Insurance – Purchasing an indexed universal life policy early in life allows you greater potential for the policy to grow and accumulate value while you pay your premiums. 
Ages 40 – 55 Married? Have children?  Protecting your family/preparing for a comfortable retirement?
·         Indexed Universal Life Insurance – You have probably made some contributions to your employer sponsored retirement plan and have a more focused prospective on what you’ll need for retirement.   This will help you as you design your personal IUL.  
Ages 55 – 65 Married?    Children grown and moving out?  Preparing for retirement – protecting assets?
·         Whole Life Insurance – A whole life policy can be used for Estate Planning, charitable donations, or even purchasing as a gift for a grandchild
·         Annuity – An annuity can be an ideal place to roll over pension/IRA funds which will eliminate market volatility at a time in your life when you can’t afford to lose.  
Ages 60 – 70 Retired? Want to offer protection to family after your gone?
·         Final Expense – A small, affordable life insurance policy designed to cover final expenses such as funeral costs and other end of life expenses.  
·         Annuity – The peace of mind that comes from having an income stream unlike any other protection you have in place.   As you look at your retirement income, an annuity might be the perfect compliment.