Everyone has a need for an insurance policy. Life insurance provides your family the economic security and stability they require today and in the future. The primary reason why you require a life insurance is to ensure your dependents' quality of life and future. The benefits from a life insurance policy can be used in a number of ways, other than covering your final expenses in the event of your untimely demise, proceeds from the policy can be used as income replacement and more. The benefits will provide for your family's immediate needs: — Provide for housing & mortgage expenses — Cover unpaid medical bills — Existing liabilities; car loan, credit cards, etc. — Tax & Estate settlement expenses Additionally, cover ongoing expenses to provide for your family: — Housing and Utilities — Food expenses — Transportation — Healthcare needs & emergencies — Childcare costs When structured properly, a policy can be used for future expenses: — Education and college expenses — Retirement income — Develop generational wealth Learn about the benefits of owning a life insurance policy.

Life insurance is can be generally categorized in two classifications, (1) term and (2) permanent life policies. A term life policy is a contract that offers a death benefit to the owner's beneficiaries for a specified term (normally 10, 20, 30 years). It is the “simplest” form of coverage and is more affordable than permanent life insurance types. A permanent life policy is a contract that provides a death benefit for life. These policies allow the owner to build a cash value within the contract, which can be used in a number of advantageous ways to manage risk and develop wealth. Learn more about term life policies. Learn more about permanent life policies.

The cost of a life insurance is policy is dependent on many factors, such as the insured's gender, age, health, amount of coverage, and the type of policy. The general rule of thumb is, the cost of life insurance is much less when the proposed insured is younger, healthier, and a non-smoker. Comparing the two types of policies, a term life policy versus from a permanent life policy, if all factors are the same a term life policy would cost less than a permanent life policy because of the type of contract it is. A good analogy to help differentiate between the two would be to look at a term life policy as a temporary coverage that is needed. It used for a specified term, providing a coverage for that time period. A permanent life policy is an asset (just like owning a house). The owner has coverage for life (or until it is surrendered). You can use it as leverage and grow equity; It is an asset that builds a cash value and provides policy owners with many other living benefits. A permanent life insurance policy can be used to supplement retirement and is the very first step in estate planning & protecting your legacy. Since there are many variables to consider, it would be easier to consult with an advisor, get a free quote today. Learn more, term life vs. permanent life insurance. Interested in getting a quote? It's easy as 1, 2, 3…

Permanent life insurance come with many living benefits, which can provide policyholders with additional financial flexibility while they are still alive. Two common types of permanent life insurance that offer living benefits are whole life insurance and universal life insurance. Here are some living benefits that life insurance can provide policyholders: 1. Cash Value Accumulation: Whole life policies have a cash value component that grows over time. A portion of the premium payments goes into this cash value, which earns interest or dividends, depending on the policy type. 2. Policy Loans: Policyholders can take out loans against the cash value of the policy. These loans accrue interest but can be a source of funds for various needs, such as education expenses or emergencies. 3. Indexed Universal Life (IUL) policies offer, flexible premiums and death benefits: An IUL offer flexibility in premium payments and death benefits. Policyholders can adjust the amount of coverage and the premium payments to suit their changing financial circumstances. 4. IUL also have a cash value and investment options: Like a whole life policy, an IUL have a cash value component. Some policies allow policyholders to invest the cash value in different investment options, potentially leading to higher returns. These living benefits can be advantageous for policyholders who require access to cash for various reasons, such as paying for education, buying a home, or covering unexpected expenses. While the living benefits can provide financial flexibility, it's crucial to carefully review the terms and conditions of any policy, including any fees or penalties associated with withdrawals or loans. Additionally, consulting with one of our advisors can help you understand the specifics of the living benefits offered by a particular permanent life insurance policy and how they align with your financial goals. Learn more different ways to leverage cash value in life insurance policies.

Term life policies do not build up cash value. Cash value is a savings component built into permanent life insurance policies like a whole life policy or indexed-universal life policy. Interested in finding out the best way to save? Do you want to learn how to leverage a life insurance policy and why it is the best financial tool for affluent savers? You can schedule a free consultation, our advisors would be more than glad to illustrate and show you step by step.

Beneficiaries to a life insurance policy can be a person, a group of people, a trust, a charity, or an estate. The beneficiares are entitled to the benefits of the contractual agreeement upon the death of the insured. Beneficiaries are chosen during the application process and creation of the life insurance policy. The owner will be asked to designate a beneficiary; a primary and/or a contingent person as well as specify a percentage that each beneficiary will receive.

Life insurance riders are additional options that enhance a policy. There are a number of riders that can be added to serve different purposes for varying situations. These riders may be free or have additional cost. Here are some common life insurance riders: Accidental Death Benefit Rider: Provides an additional death benefit if the insured's death is the result of an accident. This is in addition to the base death benefit and is designed to provide extra financial protection for accidental deaths. Critical Illness Rider: Pays a lump-sum benefit if the insured is diagnosed with a critical illness specified in the policy, such as cancer, heart attack, stroke, or other serious conditions. The purpose is to help cover medical expenses and other costs associated with the illness. Long-Term Care Rider: Offers benefits to cover the costs of long-term care services if the insured becomes chronically ill and needs assistance with activities of daily living. This rider can help pay for nursing home care, home health care, or assisted living. Disability Income Rider: Provides a regular income stream to the policyholder if they become disabled and are unable to work. This rider can help replace lost income during the disability period. Waiver of Premium Rider: Waives future premium payments if the policyholder becomes totally and permanently disabled, ensuring that the life insurance coverage remains in force without the need to pay premiums during the disability period. Term Conversion Rider: Allows the conversion of a term life insurance policy to a permanent life insurance policy without the need for a medical examination. This provides flexibility for individuals who may want to convert their coverage as their needs change. Child Protection Rider: Provides a small death benefit for the policyholder's children, typically covering funeral expenses or providing financial support in the event of a child's death. Accelerated Death Benefit Rider: Permits the policyholder to receive a portion of the death benefit in advance if diagnosed with a terminal illness. This rider is designed to help cover medical expenses and other financial needs during the individual's remaining time. It's important for policyholders to carefully review the terms and conditions of each rider, as well as any associated costs or fees. Some insurance providers offer some of these riders at no additional cost, and others vary among insurance providers, so individuals looking for a policy should consult with their insurance agent or financial advisor to determine which riders align with their goals and circumstances.

Calculating the amount of life insurance you need involves assessing your financial situation, considering your dependents' needs, and accounting for various factors. Here's a general guideline to help you determine if you have enough life insurance: Evaluate Your Financial Obligations: Outstanding Debts and Final Expenses: Consider your outstanding debts, including mortgage, car loans, student loans, and credit card debt. Your life insurance should be sufficient to cover these debts. In addition, factor in the funeral and burial expenses, which can be a significant amount. A common estimate is around $10,000 to $15,000, but costs can vary. Income Replacement: When calculating income replacement, an individual can use Multiple of Income, a common rule of thumb is to have life insurance coverage that is 5 to 10 times your annual income. This can provide a financial cushion for your family in the absence of your income. When using this method, consider the Number of Years, how many years your dependents will need to rely on your income. For example, if you have young children, you might want coverage until they are financially independent or through their college years. Education Expenses: If you have dependents planning to attend college, factor in the cost of their education when calculating the amount of life insurance needed. Consider Spousal Income: If your spouse has their own income, you may need less life insurance to replace your earnings. Factor in your spouse's financial contribution when determining the coverage amount. Assets and Investments: If you have substantial savings, investments, or other assets, you may need less life insurance to cover your financial obligations. Take into account your existing financial resources. Future Needs: Anticipate any future financial needs, such as major life events (e.g., weddings, home purchases) or changes in your family structure. Inflation: Consider the impact of inflation on the future cost of living. The coverage amount should account for the increasing cost of living over time. Review Existing Coverage: If you already have life insurance coverage, assess whether it is still adequate based on changes in your life circumstances. Although using the multiple of income method is a common method used, it can be too simplistic for many situations. We firmly suggest the best way to estimate a person's life insurance needs, to go through a full financial work-up that evaluates your entire situation. It can a bit more time-consuming, but the process is still very simple. We help analyze all your necessitated requirements, including your final expenses, your family's current and future needs and weigh them against your assets and liabilities to come up with the coverage amount needed for your family and their future. It's important to note that everyone's situation is unique, and there is no one-size-fits-all approach. Personal factors, such as your age, health, and lifestyle, also play a role in determining the appropriate amount of life insurance. Because we want to provide the best solution for your family, we will go through the extra step to prepare a budget and financial analysis to make sure your objectives and financial goals are met. We've simplified this process for you. If you want to get a full complimentary assessment of your situation and determine your life insurance needs, schedule a call with us.

Step One: The life insurance application process begins with field underwriting. We gather information and qualify your life insurance needs. Based your personal situation, together we will determine the best solution and provider then fill out a life insurance application. Step Two: If needed, further underwriting will be determined by the chosen provider. In simple terms, this is when your insurance risk is further evaluated by the insurance company and your risk class and final insurance cost is determined. Note: Not every case will have to undergo the full underwriting process or medical examination. Step Three: After the application is processed and approved, our agents will deliver, review, and explain the policy all over again to ensure that you are aware of every detail. During this time you will have a "10 day free look period." Within this period you have the ability to terminate your contract without penalty (i.e. surrender charges). Note:It is important to continually review your policy annually to reevaluate your current and future needs. Unifirst Financial Advisors continually check-in with our clients to make sure their policies in-force meet our clients current needs.

After the insured's death, a claim must be filed with the insurance company. A copy of the insured's death certificate is needed to process the claim. After the claim is filed, the life insurance benefits can be paid out in several ways, but in most cases, the pay-out to the beneficiaries is distributed in a lump sum unless other methods (i.e. installment over time) is elected. Make sure to talk to your advisor if there are special circumstances to consider that must be considered (i.e., beneficiaries are children or disabled). It's crucial for beneficiaries to be aware of the details of the life insurance policy, including the coverage amount, beneficiary designations, and any specific provisions or conditions that may affect the payout. Prompt notification to the insurance provider and thorough documentation can expedite the claims process. If you have concerns about the payout, beneficiaries may seek guidance from the insurance company or legal and financial professionals. Note:If there are unusual circumstances or the insured dies within 2 years of the policy being written, the process may be delayed. Illegal acts or suicide may nullify a life insurance policy, resulting in a claim denial. During the first two years of a life insurance policy (known as the contestability period), the insurance company may investigate the accuracy of information provided in the application. If there are misrepresentations or non-disclosures, it could impact the claim payout. If the policyholder had outstanding loans against the cash value of a permanent life insurance policy, the outstanding loan amount might be deducted from the death benefit. Additionally, any unpaid premiums or policy loans may reduce the net amount paid to beneficiaries. In many cases, life insurance death benefits are paid out tax-free to the beneficiaries. The tax treatment may depend on various factors, such as the size of the insured's estate, the type of policy in-force, and the local tax laws. It's advisable to consult with a tax professional for personalized advice.

Because our life needs continually change, policy owners should review their policy at least once a year or when life changes occur (i.e. marriage, new addition to the family, etc.). To make sure you have the adequate coverage to secure your family's quality of life and future needs simply reach out to one of our advisors, and we will provide you with a free review and comparative analysis. Schedule a free consultation.

Everyone has a need for an insurance policy. Life insurance provides your family the economic security and stability they require today and in the future. The primary reason why you require a life insurance is to ensure your dependents' quality of life and future. The benefits from a life insurance policy can be used in a number of ways, other than covering your final expenses in the event of your untimely demise, proceeds from the policy can be used as income replacement and more. The benefits will provide for your family's immediate needs: — Provide for housing & mortgage expenses — Cover unpaid medical bills — Existing liabilities; car loan, credit cards, etc. — Tax & Estate settlement expenses Additionally, cover ongoing expenses to provide for your family: — Housing and Utilities — Food expenses — Transportation — Healthcare needs & emergencies — Childcare costs When structured properly, a policy can be used for future expenses: — Education and college expenses — Retirement income — Develop generational wealth Learn about the benefits of owning a life insurance policy.

Life insurance is can be generally categorized in two classifications, (1) term and (2) permanent life policies. A term life policy is a contract that offers a death benefit to the owner's beneficiaries for a specified term (normally 10, 20, 30 years). It is the “simplest” form of coverage and is more affordable than permanent life insurance types. A permanent life policy is a contract that provides a death benefit for life. These policies allow the owner to build a cash value within the contract, which can be used in a number of advantageous ways to manage risk and develop wealth. Learn more about term life policies. Learn more about permanent life policies.

The cost of a life insurance is policy is dependent on many factors, such as the insured's gender, age, health, amount of coverage, and the type of policy. The general rule of thumb is, the cost of life insurance is much less when the proposed insured is younger, healthier, and a non-smoker. Comparing the two types of policies, a term life policy versus from a permanent life policy, if all factors are the same a term life policy would cost less than a permanent life policy because of the type of contract it is. A good analogy to help differentiate between the two would be to look at a term life policy as a temporary coverage that is needed. It used for a specified term, providing a coverage for that time period. A permanent life policy is an asset (just like owning a house). The owner has coverage for life (or until it is surrendered). You can use it as leverage and grow equity; It is an asset that builds a cash value and provides policy owners with many other living benefits. A permanent life insurance policy can be used to supplement retirement and is the very first step in estate planning & protecting your legacy. Since there are many variables to consider, it would be easier to consult with an advisor, get a free quote today. Learn more, term life vs. permanent life insurance. Interested in getting a quote? It's easy as 1, 2, 3…

Permanent life insurance come with many living benefits, which can provide policyholders with additional financial flexibility while they are still alive. Two common types of permanent life insurance that offer living benefits are whole life insurance and universal life insurance. Here are some living benefits that life insurance can provide policyholders: 1. Cash Value Accumulation: Whole life policies have a cash value component that grows over time. A portion of the premium payments goes into this cash value, which earns interest or dividends, depending on the policy type. 2. Policy Loans: Policyholders can take out loans against the cash value of the policy. These loans accrue interest but can be a source of funds for various needs, such as education expenses or emergencies. 3. Indexed Universal Life (IUL) policies offer, flexible premiums and death benefits: An IUL offer flexibility in premium payments and death benefits. Policyholders can adjust the amount of coverage and the premium payments to suit their changing financial circumstances. 4. IUL also have a cash value and investment options: Like a whole life policy, an IUL have a cash value component. Some policies allow policyholders to invest the cash value in different investment options, potentially leading to higher returns. These living benefits can be advantageous for policyholders who require access to cash for various reasons, such as paying for education, buying a home, or covering unexpected expenses. While the living benefits can provide financial flexibility, it's crucial to carefully review the terms and conditions of any policy, including any fees or penalties associated with withdrawals or loans. Additionally, consulting with one of our advisors can help you understand the specifics of the living benefits offered by a particular permanent life insurance policy and how they align with your financial goals. Learn more different ways to leverage cash value in life insurance policies.

Term life policies do not build up cash value. Cash value is a savings component built into permanent life insurance policies like a whole life policy or indexed-universal life policy. Interested in finding out the best way to save? Do you want to learn how to leverage a life insurance policy and why it is the best financial tool for affluent savers? You can schedule a free consultation, our advisors would be more than glad to illustrate and show you step by step.

Beneficiaries to a life insurance policy can be a person, a group of people, a trust, a charity, or an estate. The beneficiares are entitled to the benefits of the contractual agreeement upon the death of the insured. Beneficiaries are chosen during the application process and creation of the life insurance policy. The owner will be asked to designate a beneficiary; a primary and/or a contingent person as well as specify a percentage that each beneficiary will receive.

Life insurance riders are additional options that enhance a policy. There are a number of riders that can be added to serve different purposes for varying situations. These riders may be free or have additional cost. Here are some common life insurance riders: Accidental Death Benefit Rider: Provides an additional death benefit if the insured's death is the result of an accident. This is in addition to the base death benefit and is designed to provide extra financial protection for accidental deaths. Critical Illness Rider: Pays a lump-sum benefit if the insured is diagnosed with a critical illness specified in the policy, such as cancer, heart attack, stroke, or other serious conditions. The purpose is to help cover medical expenses and other costs associated with the illness. Long-Term Care Rider: Offers benefits to cover the costs of long-term care services if the insured becomes chronically ill and needs assistance with activities of daily living. This rider can help pay for nursing home care, home health care, or assisted living. Disability Income Rider: Provides a regular income stream to the policyholder if they become disabled and are unable to work. This rider can help replace lost income during the disability period. Waiver of Premium Rider: Waives future premium payments if the policyholder becomes totally and permanently disabled, ensuring that the life insurance coverage remains in force without the need to pay premiums during the disability period. Term Conversion Rider: Allows the conversion of a term life insurance policy to a permanent life insurance policy without the need for a medical examination. This provides flexibility for individuals who may want to convert their coverage as their needs change. Child Protection Rider: Provides a small death benefit for the policyholder's children, typically covering funeral expenses or providing financial support in the event of a child's death. Accelerated Death Benefit Rider: Permits the policyholder to receive a portion of the death benefit in advance if diagnosed with a terminal illness. This rider is designed to help cover medical expenses and other financial needs during the individual's remaining time. It's important for policyholders to carefully review the terms and conditions of each rider, as well as any associated costs or fees. Some insurance providers offer some of these riders at no additional cost, and others vary among insurance providers, so individuals looking for a policy should consult with their insurance agent or financial advisor to determine which riders align with their goals and circumstances.

Calculating the amount of life insurance you need involves assessing your financial situation, considering your dependents' needs, and accounting for various factors. Here's a general guideline to help you determine if you have enough life insurance: Evaluate Your Financial Obligations: Outstanding Debts and Final Expenses: Consider your outstanding debts, including mortgage, car loans, student loans, and credit card debt. Your life insurance should be sufficient to cover these debts. In addition, factor in the funeral and burial expenses, which can be a significant amount. A common estimate is around $10,000 to $15,000, but costs can vary. Income Replacement: When calculating income replacement, an individual can use Multiple of Income, a common rule of thumb is to have life insurance coverage that is 5 to 10 times your annual income. This can provide a financial cushion for your family in the absence of your income. When using this method, consider the Number of Years, how many years your dependents will need to rely on your income. For example, if you have young children, you might want coverage until they are financially independent or through their college years. Education Expenses: If you have dependents planning to attend college, factor in the cost of their education when calculating the amount of life insurance needed. Consider Spousal Income: If your spouse has their own income, you may need less life insurance to replace your earnings. Factor in your spouse's financial contribution when determining the coverage amount. Assets and Investments: If you have substantial savings, investments, or other assets, you may need less life insurance to cover your financial obligations. Take into account your existing financial resources. Future Needs: Anticipate any future financial needs, such as major life events (e.g., weddings, home purchases) or changes in your family structure. Inflation: Consider the impact of inflation on the future cost of living. The coverage amount should account for the increasing cost of living over time. Review Existing Coverage: If you already have life insurance coverage, assess whether it is still adequate based on changes in your life circumstances. Although using the multiple of income method is a common method used, it can be too simplistic for many situations. We firmly suggest the best way to estimate a person's life insurance needs, to go through a full financial work-up that evaluates your entire situation. It can a bit more time-consuming, but the process is still very simple. We help analyze all your necessitated requirements, including your final expenses, your family's current and future needs and weigh them against your assets and liabilities to come up with the coverage amount needed for your family and their future. It's important to note that everyone's situation is unique, and there is no one-size-fits-all approach. Personal factors, such as your age, health, and lifestyle, also play a role in determining the appropriate amount of life insurance. Because we want to provide the best solution for your family, we will go through the extra step to prepare a budget and financial analysis to make sure your objectives and financial goals are met. We've simplified this process for you. If you want to get a full complimentary assessment of your situation and determine your life insurance needs, schedule a call with us.

Step One: The life insurance application process begins with field underwriting. We gather information and qualify your life insurance needs. Based your personal situation, together we will determine the best solution and provider then fill out a life insurance application. Step Two: If needed, further underwriting will be determined by the chosen provider. In simple terms, this is when your insurance risk is further evaluated by the insurance company and your risk class and final insurance cost is determined. Note: Not every case will have to undergo the full underwriting process or medical examination. Step Three: After the application is processed and approved, our agents will deliver, review, and explain the policy all over again to ensure that you are aware of every detail. During this time you will have a "10 day free look period." Within this period you have the ability to terminate your contract without penalty (i.e. surrender charges). Note:It is important to continually review your policy annually to reevaluate your current and future needs. Unifirst Financial Advisors continually check-in with our clients to make sure their policies in-force meet our clients current needs.

After the insured's death, a claim must be filed with the insurance company. A copy of the insured's death certificate is needed to process the claim. After the claim is filed, the life insurance benefits can be paid out in several ways, but in most cases, the pay-out to the beneficiaries is distributed in a lump sum unless other methods (i.e. installment over time) is elected. Make sure to talk to your advisor if there are special circumstances to consider that must be considered (i.e., beneficiaries are children or disabled). It's crucial for beneficiaries to be aware of the details of the life insurance policy, including the coverage amount, beneficiary designations, and any specific provisions or conditions that may affect the payout. Prompt notification to the insurance provider and thorough documentation can expedite the claims process. If you have concerns about the payout, beneficiaries may seek guidance from the insurance company or legal and financial professionals. Note:If there are unusual circumstances or the insured dies within 2 years of the policy being written, the process may be delayed. Illegal acts or suicide may nullify a life insurance policy, resulting in a claim denial. During the first two years of a life insurance policy (known as the contestability period), the insurance company may investigate the accuracy of information provided in the application. If there are misrepresentations or non-disclosures, it could impact the claim payout. If the policyholder had outstanding loans against the cash value of a permanent life insurance policy, the outstanding loan amount might be deducted from the death benefit. Additionally, any unpaid premiums or policy loans may reduce the net amount paid to beneficiaries. In many cases, life insurance death benefits are paid out tax-free to the beneficiaries. The tax treatment may depend on various factors, such as the size of the insured's estate, the type of policy in-force, and the local tax laws. It's advisable to consult with a tax professional for personalized advice.

Because our life needs continually change, policy owners should review their policy at least once a year or when life changes occur (i.e. marriage, new addition to the family, etc.). To make sure you have the adequate coverage to secure your family's quality of life and future needs simply reach out to one of our advisors, and we will provide you with a free review and comparative analysis. Schedule a free consultation.