"Bad Things" Only Happen to Other People...

Many people go through life thinking that they are immune to life's tragedies... as if "bad things" only happen to other people.  I have to admit... I used to think that way too... until my own wife was diagnosed with cancer.  Two years later she was gone... leaving behind a husband and a 3-year old son.

I'm sure that if Sharon had it to do all over again, she wouldn't have changed a thing about her approach to life.  But one thing we might have done differently as a couple was re-think our Life Insurance strategy.  I will share part of our story with you...

Actually, we were on the right track.  We had just purchased a nice-sized policy on me... since my earnings potential was higher... and we were going to purchase Sharon's later.  When we found out the baby was on the way, we were ready to buy... but our agent advised us that his company would not issue a policy to a pregnant woman.  We would have to wait until after the delivery...

Well... first came the emergency C-Section ("not insurable until fully recovered")... then, during the recovery period, a car accident with complications ("not insurable until complications are resolved")... then, the fateful cancer diagnosis... and the insurance company's "final answer" that she was permanently uninsurable.  Unfortunately, you know the rest of the story...

Why do we need Life Insurance?

Life Insurance is not for US... it is for those who are left behind in the event of our death...

There are many reasons to purchase life insurance.  The most basic need is for families with children... so that there will be something there to help fill the void created by the lost loved one.  From first-hand experience, I can tell you that the definition of that "VOID" is way too broad to cover here.  Every family has their own set of circumstances... it's not a "one size fits all" scenario.  A sit-down information-gathering visit is usually the best way to assess your specific needs.

Beyond family needs, there are other STRATEGIC reasons to use Life Insurance.  Some of these include: Estate Planning, Trusts, Wealth Transference, Business Buy/Sell & Key Person Replacement, etc.  For advanced concepts, a professional "team approach" is often appropriate.  Again, information-gathering meetings are a good start to assess your specific needs. 

How Much INDIVIDUAL Life Insurance do we need?

This is one of the most common questions I hear.  It's NOT necessarily an easy one to answer, because individual circumstances are so different.  If you are in the beginning stages of the thought process... or just want to take a snapshot of where you currently are... here are some rough guidelines and concepts to consider: 

• Children: This is a sensitive subject for families to discuss... but, sadly, children do die... and I have seen families driven into financial hardship due to the unexpected funeral expenses.  It's a good practice to have at least a "burial policy" on all of your children; generally $10K - $25K.  As they get a little older, it may be a good idea to purchase a starter permanent policy...  let them take over the payments once they are out of school and financially stable.  Encourage them to keep making the payments or even upgrade the policy to a higher face... especially once they are married.  Buying into a permanent policy at an early age assures low annual premiums as well as "insurability.". 

• Single With No Children: There is generally no pressing need for singles to have a "ton" of life insurance unless there are wealth transference strategies involved.  A burial policy ($10K - 25K), at minimum, would help your loved ones with funeral expenses.   As a side-bar... be sure to maintain a current WILL.  Dying without one leaves you "Intestate"... and your assets subject to probate complications.

• SIngle, but planning on marriage someday: As I have mentioned in my own story above, sometimes health issues will arise that can make a person temporarily... or even permanently uninsurable.  If you already have a burial policy... hang onto it.  If your budget permits, it is a good practice to upgrade to at least a $50 - 100K permanent policy.  After you are married... and health permitting... you and your spouse can then consider upgrading both of your policies to meet your family's needs.

• Young Couples & Singles With Children:  OK... now you are where I was when tragedy occurred.  And this is where most people finally start getting serious about life insurance.  For couples, I cannot stress enough that I believe BOTH SPOUSES should have ample coverage... including a spouse who is NOT working.  There are a number of reasons I stress this... and I would enjoy having that discussion with you.  As far as coverage amounts, many "experts" generally agree upon TEN TIMES your annual income as a rough guideline.  Again, this amount is painted from a "broad brush"...  as each family's circumstances will obviously vary.  Ask me about our newest line of "hybrid" No-Lapse insurance that gives you maximum coverage during your child-raising years...

• Empty Nesters: At this point in life, your need for insurance may be somewhat diminished.  However, depending on how financially successful you have become, the surviving spouse may still need to rely heavily on life insurance proceeds upon the other's passing.  You may want to check out our newest line of life insurance that also serves as Long Term Care (LTC) insurance... click here or on our LTC web page tab to find more out more...

LIFE-HEALTH-WEALTH ASSOCIATES will search through hundreds of different policies to find the BEST strategy, policy & value that fits your situation!

Do you have a lapsing Term Life Insurance policy?????

As Term Life Insurance policy holders get older, the annual premiums to maintain their policy become more and more expensive... eventually outpacing most policy holders' financial means.  Ironically, few Term policy holders ever die while their policies are still in force.  Most end up letting the policies "lapse" due to the escalating premium costs... especially past age 60. 

Here's something you may be interested in pursuing.  Now...while this may sound a bit morbid... there are actually companies that seek to PAY YOU MONEY to take over your term policy... REALLY!  They will offer YOU a cash settlement.... then they take over paying your premiums... and THEY get the face amount of your policy from the insurance carrier upon your death.

Most TERM Insureds are not aware of this opportunity... and they simply allow their polices to quietly lapse.  However, I have heard of some very attractive settlements offered... additionally, our LIFE-HEALTH-WEALTH marketing wholesaler channels can actually create "bid wars" between potential buyers!!  Sound intriguing for your situation???  Call today to find out more!!

Different types of Life Insurance

The Life Insurance industry is constantly changing... trying to find more innovative and cost-effective ways to cover you.  Here is a sampling of insurance concepts commonly found in the marketplace:

• Term
• Whole Life
• Universal Life
• Equity Index Universal
• No-Lapse
• Hybrid No-Lapse
• First to Die
• Buy/Sell
• Key Person
• Term Life Buyout

LIFE-HEALTH WEALTH ASSOCIATES represents the full array of Life Insurance products and strategies.  We know we have what you need!

Contact us TODAY for an appointment!

LIFE-HEALTH-WEALTH ASSOCIATES

Office: (513) 829-3749; Cell (513) 260-7115; Email: m.ward@fuse.net