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Life Insurance? Can You Live Without It?
In the thick of an economic slump, many consumers aren’t likely to have “buy life insurance” at the top of their to-do lists.
Yet life insurance in Huntersville and Charlotte is indispensable. Parents and business owners—indeed, anyone who has people dependent on them financially either at home or at work—can benefit from the unique advantages of life insurance.
What is life insurance? Life insurance is a financial contract in which a life insurance company agrees to pay an amount of money to a person upon the death of another person, in exchange for regular payments (known as premiums).
Life insurance serves two key financial functions. First, it’s a tool for prepaying for immediate expenses needed soon after the time of a person’s death. Second, it’s a way to generate substantial investment capital to produce future income (to replace income that an insured person would have been providing if they had not died).
Because a deceased breadwinner no longer is providing an income stream from salary, commissions or wages, a family needs to have invested funds that can generate replacement income.
Likewise, a business owner who passes away leaves behind co-owners and employees who need funds to replace the person’s expertise and revenue-generating capabilities, or to restructure the business.
Some people may think they can live without life insurance, but in reality it’s their families and businesses that cannot. If you want to start increasing the financial security of your family or business, contact us to begin a discussion of life insurance needs and solutions.
So just give us a call 704-875-3060
Find out how we can help you today. Remember we are all in this together and we can help to provide for you and your family better life insurance coverage to insure a safer future.
Not everyone needs life insurance
If you don’t have loved ones who depend on your income and future earnings, then there may be better ways to invest your money. But if you have dependents who will need to cover living expenses, pay off a mortgage or plan for college, then you should at least find out how easy and relatively inexpensive it is these days to buy simple term life insurance.
Term life insurance doesn’t build cash value, but it can guarantee level payments on coverage for up to 20 or even 30 years — perhaps enough to put your children through college or pay off a mortgage. It allows you to buy the most coverage for the least amount of money each year, and it stays in force as long as you pay the annual premium.
Term life insurance prices are probably less expensive than you expect. Let a Fogle Insurance Agent shop around to get you the best deal. Buy more coverage and pay less frequently, and you can save a lot of money.
If you buy a larger policy, the cost per thousand declines. And paying the premiums annually instead of monthly is roughly equivalent to saving 11 percent in finance charges. Life Insurance Coverage on most term policies can be extended through “conversion.” Twenty or 30 years seems like a long time when you consider life insurance. But when the term ends, many folks still feel a need to be insured. Up to a certain age, your policy should allow you to “convert” into a permanent policy. This may not be the best or least expensive way to get a policy at that point, but if your health has changed and you can’t get new coverage, this provision will be important.
Life Insurance companies differ on how they price and accept applicants. One good reason to deal with an independent agency is its knowledge of insurers’ priorities. Some carriers and policies don’t require a medical exam — although the carrier will refuse to pay out if you lied in answering health questions on the application. Buying larger face amounts will require medical underwriting — blood and urine tests, and even an EKG.
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