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,
Terri
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.
