Read more about Life Insurance or submit an on-line request for a quote
There are many factors to consider in determining the amount of life insurance benefits you require.
• Daily living expenses (rent, mortgage payments, utilities, groceries, clothing, child care expenses, school expenses, etc)
• Debt (credit card loans, car loans, personal loans) and lifestyle expenses (housekeeping, dining out, entertainment)
• Death expenses (estate taxes, burial expenses, probate)
• Current assets (savings, retirement funds, bonds, stocks, precious metals, emergency funds, etc.).
A larger amount may be needed while children are young and there is a higher mortgage. In addition you may want to consider any long-term needs of your loved ones or charitable contributions you would like to bestow.
The Martin Insurance Agency will help you plan for your short and long term life insurance needs. Rather than just one policy, you may benefit most from a combination of life policies. As an Independent Insurance Agency, we can investigate the various types of policies offered by a variety of companies to find those that will best meet your requirements.
10-, 20-, 30-Year Term Life Insurance
These are the simplest and most inexpensive types of life insurance for the short term. After the 10-, 20-, or 30-year term is over, the policy renews at a much higher rate.
Return of Premium Life Insurance
This term policy is more expensive than the 10, 20 or 30-year term life. However, if the insured does not die, the owner will get all of the premiums back.
Preferred Whole Life Insurance
Premiums are level over the life of the insured. The policy builds cash value over time that will be turned over to the policy owner if the policy is surrendered. Some policies allow the owner of the policy to take out a loan, against the cash value of the policy, at a specified rate of interest.
Simplified Issue Whole Life Insurance
There are only 3 medical questions asked. No blood or urine test is required. The rates stay the same for the duration of the policy.
Graded Death Benefit Whole Life Insurance
Only One Medical Question! This is an excellent alternative for those who would not normally be eligible for life insurance due to their medical history. There are restrictions on the payout in the event of death:
• Death Benefit Year 1: Return of premiums paid.
• Death Benefit Year 2: Fifty percent of the face amount of the policy.
• Death Benefit Year 3 and beyond: One hundred percent of the face amount of the policy.
Universal Life Insurance
This is a more flexible alternative to Whole Life.
• The premiums may stay level over the lifetime of the insured.
• The policy accumulates cash value. If you apply for it, the cash value can be paid in addition to the death benefit.
• If a premium is not paid, it can be taken out of the cash value of the policy.
• Larger premiums can be paid in the beginning so that the owner can eliminate premiums later in life, such as after retirement.
Both Whole Life and Universal Life insurance policies can be used, as collateral, to guarantee a loan should the debtor die. All such collateral assignments will be paid out of the value of the policy before any monies are paid to the beneficiary.
Children’s Life Insurance
Taking out coverage on your children allows you to secure for them, affordable coverage while they are young and healthy. Many of these policies convert into adult policies at maturity.
Econo-term Life Insurance
Simple term insurance that may be converted to whole life or universal life upon the child’s maturity.
Protégé Term Life Insurance
A lump sum payment provides coverage until the child reaches age 25. For example, for a $350 lump sum payment, the child will have coverage from infancy to age 25.
Accelerated Benefit Rider:
Provides for early payment of the death benefit in the event that the insured is diagnosed with a terminal illness resulting in death within 24 months. This can be of great value if the insured is unable to earn a living during those months.
Accidental Death Benefit:
Provides an additional death benefit in the event of accidental death.
Children’s Term Rider
This rider is attached to the parent’s policy, is usually very inexpensive, and is usually used to provide for funeral expenses in the event of the child’s death.
Guaranteed Insurability Benefit Rider:
Guarantees that additional life insurance may be purchased at a future date, without evidence of insurability.
Waiver of Premium Benefit Rider:
All premiums will be waived in the event of total and permanent disability before age 60.
Annuities are not as much life insurance as retirement insurance. If you should beat the odds and live past the average life expectancy, you run the risk of outliving your retirement savings in other investments. One of the most compelling features of annuities is that many offer the guarantee of a minimum monthly payment to you for the rest of your life. This is the security cushion that draws investors to annuities, especially in times of future economic uncertainty and rising life expectancies.
It is very important to discuss your retirement plans with an Independent Insurance Agent at the Martin Insurance Agency. We will analyze your options and current investments to determine which type of annuity will help your portfolio attain your retirement goal.
You are guaranteed that your premiums will earn a minimum rate of interest (before fees) for a given number of years. This makes retirement planning easier because you will have a better idea of how much money will be available at the end of the contract.
They can be fixed or variable. They are purchased with a single premium for a specified rate of return and payment begins immediately (from the first month or first year). Lifetime income options are often available.
Fixed or variable in nature where earnings are saved until a specified time is reached. Payout can be on a lump sum basis, over a specified number of years, until a specified amount if paid, or for the lifetime of the annuitant (and, perhaps, their spouse).
Annuities are complex investment options that must be properly engineered to result in the desired benefit. As an Independent Insurance Agent, your Martin Insurance Agent can investigate the broad spectrum of annuities offered by well rated insurance companies to find the annuity(ies) that will enhances your retirement portfolio.
Discuss your individual situation with a Martin Insurance Agent. We believe in establishing long term relationships. We strive to be your agent for life.
Policy coverage is subject to the terms, provisions, exclusions, conditions and endorsements as stated in the policy.
If you have any questions, please call the Martin Insurance Agency at 847.526.5755
If you would like, you can also submit an on-line request for a quote