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Think Renter’s Insurance is Only for Your “Stuff”? Think Again!

  Think Renter’s Insurance is Only for Your “Stuff”? Think Again! Clients often think they don’t need renters insurance — “Nothing I have is worth that much,” they’ll say, or “I don’t have a lot of stuff.” That’s how most people think of renter’s coverage: protection for stuff, and nothing more. After all, it’s inexpensive and it doesn’t even cover the structure itself. So how important can it be, especially if you don’t think you have anything valuable to protect? Plenty important, because you have more to protect than you realize. You just have to stop thinking only about “stuff.” Here are three key financial protections a renters policy provides: Loss of use coverage. What would you do if a fire or other issue forced you out of your home? You’d have to find a temporary place to stay, maybe even for months — which might cost you more than your normal rent. Loss of use helps cover that and other additional expenses. Personal liability protection. If someone trips and injures themsel

Why should I buy Life Insurance from PJS Insurance Services

 



Why should I buy life insurance?

When it comes to life insurance for many people its not the question of How Much, but the question of WHY? The state of Arizona is making me buy auto insurance for our cars. My bank said I need home insurance for the mortgage...WHY do I need to spend more money for something that is not required? 

Many financial experts consider life insurance to be the cornerstone of sound financial planning. 

Where auto and home insurance protects your "stuff" and liabilities. Life insurance protects the people that rely on you the most. Life insurance can form a vital part of your family’s financial stability and well-being but, if you’re like most people, you may find the thought of shopping for the right type of coverage a little daunting. 

“In 2015, approximately 30% of Americans say that they need more life insurance coverage – that’s approximately 70 million people.” 

Life Insurance and Market Research Association (LIMRA), 2015 

It can be an important tool in the following situations:

  • Replace income for dependents

If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.

  • Pay final expenses

Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.

  • Create an inheritance for your heirs

Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.

  • Pay federal “death” taxes and state “death” taxes

Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level “death” taxes.

  • Make significant charitable contributions

By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.

  • Create a source of savings

Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).



How life insurance quotes are determined

Life insurance companies use life expectancy as the basis for determining quotes. Anything that could shorten your life expectancy will typically lead to a higher price. This includes:

  • Your current age.

  • Your sex. (On average, women live longer than men.)

  • Whether or not you smoke.

  • Current health conditions, such as high blood pressure or heart disease.

  • Your immediate family’s health history, such as if one of your parents has had cancer.

Don’t let a health condition stop you from getting quotes - 80% of people overestimate the cost of life insurance. Term life insurance is an affordable way to provide a crucial safety net for your family.

It's time to start the conversation and stop kicking the can because remember it's not about you. It's about the ones who rely on you if no longer there.



Start today with your Free Life insurance quote!

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