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Are You Considering Chronic Illness Risk in Your Retirement Plan? 

Are You Considering Chronic Illness Risk in Your Retirement Plan?  When an individual is in the process of considering a life insurance plan with a term that extends into their retirement, often times risk of serious chronic illness or health problems are not fully considered. While it may be easier to think that “I don’t/won’t get sick, and therefore it isn’t necessary for me to consider healthcare costs,” it is important to consider that according to the National Council on Aging, 92% of all older adults have some form of chronic illness.  Getting deeper into the statistics of chronic illness,…

How Much Life Insurance Do You Really Need?

  When it comes to purchasing life insurance, the first piece of the puzzle is to determine the correct amount of life insurance to hedge against the risk of a premature death. Before getting into the weeds of permanent cash value life insurance or term life insurance, it is apt to take a step back and make sure you are establishing the right amount of death benefit in order to protect your overall financial goals. It is also prudent to consider you and your family’s immediate needs such as a mortgage and other debt in addition to ongoing needs, such…

Life Insurance Basics 101 in 2019

Life Insurance Basics 101 in 2019 Initial Meeting – This can be accomplished over the phone, online video conference, or office consultation. The first meeting should be to identify the insurable interest for life insurance such as spouse, children, business partners, etc. and to establish the correct amount of life insurance needed.  There are multiple ways to determine the correct amount of life insurance but most of the ‘life insurance needs calculators will end up being close to 10 times the annual income for people between the ages of 30 to 55 years old. Application Process – A lot of…

InsMark & Life Insurance Illustrations

For people who like to crunch the numbers, InsMark becomes a great way to compare alternative retirement vehicles. Founded by Bob Ritter in 1983, InsMark takes the life insurance cash value numbers and compares them sided by side to other retirement accounts, such as Roth IRA’s, 401k’s, Traditional IRA’s, and multiple other retirement savings accounts. Before Mr. Ritter started InsMark he was a Top of the Table independent agent selling life insurance and he created InsMark in order to provide people with concise information which makes it easier to analyze retirement options. Every year it seems like life insurance illustrations…

The Importance of Tax Diversification When Saving for Retirement

As of July 26th 2019, the United States national debt is over 22.5 TRILLION DOLLARS and GROWING! Social Security and Medicare has over 100 TRILLION DOLLARS of unfunded obligations, meaning the money is not currently sitting in an account to pay the benefits… This leads to the question we think about on a daily basis – “How can we help our clients save money for retirement and hedge against higher tax rates in the future?” The simple answer is by contributing to post tax saving accounts such as Roth and Maximum Funded Life Insurance policies. If someone thinks tax rates…

So, What is Paycheck Insurance?

So, What Exactly Is Paycheck Insurance? What does 6, 12, 24 months without a paycheck look like for you if become sick or injured? People generally begin their careers before getting married and having kids which can leave their loved ones exposed down the road if they do not take the time to properly evaluate the proper disability income protection program for their situation. It makes sense, who really wants to spend time analyzing how their income will be affected if they come down with an illness (physical or mental), or injury? It is a lot more fun to plan…

Marijuana & Life Insurance

Marijuana & Life Insurance   For people who use marijuana and are looking for life insurance… GOOD NEWS! Life insurance companies are finally coming around to offer excellent rates for people who use cannabis. In the past it has been extremely difficult to find life insurance companies who will offer preferred and super preferred non-tobacco rates for people who would otherwise qualify, but they occasionally partake in “The Ganja”. Typically, the best rating for someone using marijuana (with no use of any time of tobacco or nicotine products) is a standard non-tobacco rating. So, even if someone has perfect height,…

Mortgage Protection vs Term Life Insurance

Mortgage Protection vs Term Life Insurance         In 2001 we used to mail out thousands of direct marketing pieces to people who had just purchased or refinanced a home. A lot of people do not realize their loan information and address is public information and after closing on their loan they start receiving multiple letters in the mail talking about protecting their mortgage payments in the event of death, disability, illness etc… Often times the marketing mail pieces will even look like they are coming from their lender… but they are NOT.  In the 1980’s & 1990’s there…

Experienced Independent Life Insurance Agent vs. Life Insurance Call Center: 6 things you need to know

Experienced Independent Life Insurance Agent vs. Life Insurance Call Center: 6 things you need to know   Almost every day we get people who call our office frustrated because they applied with an online call center and their life insurance application has been in underwriting for several months. Unfortunately, when it comes to life insurance people assume the process is the same and nothing could be farther from the truth. Just last week we had a case get approved with a doctor in Seattle who completed the application, paramedical exam, and blood-work two weeks ago and we got him approved…

2 Extremely Important Factors to Consider when Purchasing Term Life Insurance

There are two important factors when it comes to purchasing term life insurance: Convertibility – the ability to exchange the policy for a longer period of time at the rating the insured received when the policy was initially issued. In layman’s terms, if someone purchases a policy and receives a “preferred non-tobacco” rating and becomes uninsurable due to diabetes, cancer, heart problems, etc., the policyowner can convert the policy at a phenomenal health rating they currently could not qualify for. Accelerated Benefit Riders – the ability to accelerate the death benefit of the policy in the event of a terminal,…