LIFE INSURANCE
As we journey through life, we often get sidetracked and may forget an
important task like buying life insurance. When reviewing your insurance
coverage, DON'T FORGET ABOUT LIFE INSURANCE! You cannot
replace people with money, but it can help lessen the burden of the loss
of a family member.
Quite often employee-sponsored life insurance may not provide
adequate coverage to protect your family. You may think you'll never use
it, but it's quite comforting to know it's there. Ample life insurance can
help your family members achieve its hope and dreams even after you
are gone. Unfortunately, it may become very tempting to let an
insurance policy lapse when bills mount up, but the best way to
guarantee insurability later on is to keep your policy in force. The best life
insurance policy is the one that is in force when you die.
Don't wait until it is too late and you are no longer in good health to buy
life insurance. Start planning today when it's still affordable.
As we journey through life, we often get sidetracked and may forget an
important task like buying life insurance. When reviewing your insurance
coverage, DON'T FORGET ABOUT LIFE INSURANCE! You cannot
replace people with money, but it can help lessen the burden of the loss
of a family member.
Quite often employee-sponsored life insurance may not provide
adequate coverage to protect your family. You may think you'll never use
it, but it's quite comforting to know it's there. Ample life insurance can
help your family members achieve its hope and dreams even after you
are gone. Unfortunately, it may become very tempting to let an
insurance policy lapse when bills mount up, but the best way to
guarantee insurability later on is to keep your policy in force. The best life
insurance policy is the one that is in force when you die.
Don't wait until it is too late and you are no longer in good health to buy
life insurance. Start planning today when it's still affordable.
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LANGER INSURANCE
What should I know about Life Insurance?
* How much life insurance should I purchase?
If you have a family, many experts suggest that you need an amount equal to 5 to 10
times your annual salary. However, many people own higher coverages to provide
more income for their family.
* How can life insurance be used?
Your life insurance funds can be used for a number of needs, including:
• Any needs after the time of death, such as final illness expenses, burial costs and
estate taxes.
• Funds for a readjustment period, to finance a move, or to provide time for family
members to find a job.
• Ongoing financial needs, such as monthly bills and expenses, day-care costs,
college tuition or retirement.
* Term vs. Permanent?
Term life insurance provides you with coverage for a specific period of time. It pays
a benefit only if you die during that term. Some term insurance policies can be
renewed at the end of the period. Premium rates may increase at each renewal date.
Because term insurance premiums are generally lower than permanent insurance
premiums, you can usually afford a higher level of coverage. Term insurance is good
for responsibilities that will diminish or end over time, for instance, mortgages or car
loans.
Permanent insurance is designed to be a lifelong policy and is known by a variety of
names. As long as you pay the necessary premiums, the death benefit will always be
there. These policies are designed and priced for you to keep over a long period of
time. In addition, permanent life insurance policies can build cash value over time. This
is money that can be borrowed against and, in some cases, withdrawn to help meet
future goals. Please note that accessing your cash value may reduce the death
benefit and increase the risk of lapse.
* What's the difference between standard and preferred rates, and how do I
qualify for preferred rates?
Most often preferred rates require you to be in excellent overall health. Specifically,
that means you must:
• Be within strict limits on height, weight, cholesterol, and blood pressure
• Have no family history of any significant health impairments
• Not use tobacco in any form.
• Have no history of drug or alcohol abuse
• Not be engaged in any hazardous activities.
* Do I have to take a medical exam to qualify for life insurance?
In most cases, an exam is required. If so, we will pay the costs and have it done at a
time and place convenient for you – often right in your home.
* Will my policy ever be canceled for health reasons?
As long as you keep your premiums current, your policy will never be canceled
because of a change in your health, and you will not be asked to provide evidence of
good health in order to renew your policy each year. However, you have the right to
cancel your policy at any time.
* What happens if I become disabled?
Many policies include an optional rider that provides a "waiver of premium" for total
disability. In the event you become totally disabled (as described in the rider) for a
certain period (typically six months or longer), then Farmers will pay your premium for
you until you are no longer disabled.
* Should I get coverage for my spouse and/or children?
Coverage for both spouse and children can be a very good idea. The financial strain
on a family after the loss of a spouse can be significant, even if the deceased wasn't
earning an income. Often the surviving spouse will want to take time off work or
change jobs in order to spend more time with the children. Coverage for children is
also available to cover final expenses. It can also guarantee insurability for the child's
future.
* How much life insurance should I purchase?
If you have a family, many experts suggest that you need an amount equal to 5 to 10
times your annual salary. However, many people own higher coverages to provide
more income for their family.
* How can life insurance be used?
Your life insurance funds can be used for a number of needs, including:
• Any needs after the time of death, such as final illness expenses, burial costs and
estate taxes.
• Funds for a readjustment period, to finance a move, or to provide time for family
members to find a job.
• Ongoing financial needs, such as monthly bills and expenses, day-care costs,
college tuition or retirement.
* Term vs. Permanent?
Term life insurance provides you with coverage for a specific period of time. It pays
a benefit only if you die during that term. Some term insurance policies can be
renewed at the end of the period. Premium rates may increase at each renewal date.
Because term insurance premiums are generally lower than permanent insurance
premiums, you can usually afford a higher level of coverage. Term insurance is good
for responsibilities that will diminish or end over time, for instance, mortgages or car
loans.
Permanent insurance is designed to be a lifelong policy and is known by a variety of
names. As long as you pay the necessary premiums, the death benefit will always be
there. These policies are designed and priced for you to keep over a long period of
time. In addition, permanent life insurance policies can build cash value over time. This
is money that can be borrowed against and, in some cases, withdrawn to help meet
future goals. Please note that accessing your cash value may reduce the death
benefit and increase the risk of lapse.
* What's the difference between standard and preferred rates, and how do I
qualify for preferred rates?
Most often preferred rates require you to be in excellent overall health. Specifically,
that means you must:
• Be within strict limits on height, weight, cholesterol, and blood pressure
• Have no family history of any significant health impairments
• Not use tobacco in any form.
• Have no history of drug or alcohol abuse
• Not be engaged in any hazardous activities.
* Do I have to take a medical exam to qualify for life insurance?
In most cases, an exam is required. If so, we will pay the costs and have it done at a
time and place convenient for you – often right in your home.
* Will my policy ever be canceled for health reasons?
As long as you keep your premiums current, your policy will never be canceled
because of a change in your health, and you will not be asked to provide evidence of
good health in order to renew your policy each year. However, you have the right to
cancel your policy at any time.
* What happens if I become disabled?
Many policies include an optional rider that provides a "waiver of premium" for total
disability. In the event you become totally disabled (as described in the rider) for a
certain period (typically six months or longer), then Farmers will pay your premium for
you until you are no longer disabled.
* Should I get coverage for my spouse and/or children?
Coverage for both spouse and children can be a very good idea. The financial strain
on a family after the loss of a spouse can be significant, even if the deceased wasn't
earning an income. Often the surviving spouse will want to take time off work or
change jobs in order to spend more time with the children. Coverage for children is
also available to cover final expenses. It can also guarantee insurability for the child's
future.
Proud Member of:
"Peace of Mind for All
of Your Insurance Needs"
of Your Insurance Needs"
Toll Free: (866) 728-6425 Fax: (661) 999-6666
LANGER INSURANCE