LIFE INSURANCE

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LIFE INSURANCE

Life insurance montage in the shape of a heartLife insurance is simply protection to ensure that your family will have financial security when you pass away.  If something should happen to you, how will they be able to continue doing the things they take for granted, such as live in a nice home, continue their education, or create a retirement nest egg without you?  Life insurance can help to provide the answer.  It can also provide the ability to pay off debts such as health care expenses, cost of the funeral, loans, or even to help keep a family business. Unfortunately, most families either do not own life insurance or don’t have enough, which leaves them at risk.

There are many reasons for purchasing life insurance:

  • Family protection to provide financial security to surviving family members on the death of the insured person.
  • To pay for children’s education.
  • Insurance to cover a particular need such as paying off a mortgage or consumer debt upon the insured’s death.
  • Business insurance to compensate a company on the death of a key employee or to provide a surviving partner the resources to buy out the deceased partner’s share of the business.
  • To provide funds to pay estate taxes or other final obligations necessary to settle a deceased person’s estate.
  • To provide the funds necessary for the deceased person’s burial expenses.
  • Accumulation of funds to supplement retirement income.

There are several kinds of policies available.  Term life insurance policies provide life insurance protection for a specific period of time or term.  If you die during the coverage period, the beneficiary named in your policy receives the policy death benefit.  If you don’t die during the term, your beneficiary receives nothing.  Common term policies last for 10, 15, 20 and even 30 years.  Permanent insurance policies provide insurance protection for your entire life as long as the policy remains in force.  In addition to the insurance protection provided, this type of policy also builds internal cash values, often described as a savings account within the policy. The following is an outline of coverage options we are pleased to provide and would be more than happy to explain to you in detail.  We are here to show you the steps you need to take to secure the future of your family. It doesn’t have to be complicated or costly. In fact, it’s our job to make it easy! For a complimentary consultation, please give us a call at (314) 739-9100 or request an appointment by going to our Contact Us page and submitting your information.

The following is an outline of coverage options we are pleased to provide:

  • Permanent / Whole Life
  • Term – up to 30 years
  • Temporary
  • Return of premium
  • Accidental Death
  • Waiver of Premium
  • Child Rider

Below are the types of plans we are pleased to provide:

  • Key Person
  • Buy / Sell Life Insurance
  • Second-to-Die

I went through All Brand Financial when purchasing life insurance for myself as well as my family.  What I believe to be one of their most invaluable components is the support and customer service they provided.  Their knowledge and guidance was superb from start to finish!  I would not hesitate to recommend All Brand to anyone!

Bryon M.

All Brand Financial helped me with purchasing my life insurance.  Throughout the process they were eager to educate me and promptly responded to all my questions.  I was very impressed with their focus on client service.  If you’re looking for a company that will steer you in the right direction regarding life insurance, this is your place!

Matt K.

FREQUENTLY ASKED LIFE INSURANCE QUESTIONS

How much life insurance should an individual own?

Rough “rules of thumb” suggest an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account in determining a more precise estimate of the amount of life insurance needed.

Important factors include:

  • Income sources (and amounts) other than salary/earnings
  • Whether or not the individual is married and, if so, what is the spouse’s earning capacity
  • The number of individuals who are financially dependent on the insured
  • The amount of death benefits payable from Social Security and from an employer sponsored life insurance plan
  • Whether any special life insurance needs exist (e.g., mortgage repayment, education fund, estate planning need), etc.

We can assist you in determining a precise calculation of how much life insurance you may need.

What about purchasing life insurance on a spouse and on children?

In certain circumstances, it may be advisable to purchase life insurance on children; generally, however, such purchases should not be made in lieu of purchasing appropriate amounts of life insurance on the family breadwinner(s). It is of utmost importance that the income earning capacity of the primary breadwinner be fully protected, if possible, through the purchase of the required amount of life insurance before contemplating the purchase of life insurance on children or on a non-wage earning spouse. In a dual-earning household, it is important to protect the income earning capacity of both spouses. Life insurance on a non-wage earning spouse is often recommended for the purpose of paying for household services lost at this individual’s death.

Should term insurance or cash value life insurance be purchased?

Although a difficult question–one whose answer will vary depending on circumstances–several principles should be followed in addressing this issue.

It must first be recognized that in any life insurance purchasing decision, there are at least two basic questions that must be answered:

  1. “How much life insurance should I buy?”
  2. “What type of life insurance policy should I buy?”

The question contained in (1) involves an “insurance” decision and the question contained in (2) requires a “financial” decision.

The “insurance” question should always be resolved first. For example, the amount of life insurance that you need may be so large that the only way in which this needed amount of insurance can be afforded is through the purchase of term insurance with its lower premium requirements.

If your ability (and willingness) to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the “financial” decision–which type of policy to buy. Important factors affecting the “financial” decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), and the rate of return on alternative investments possessing similar risk.

How does mortgage protection term insurance differ from other types of term life insurance?

The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Although the face amount decreases over time, the premium is usually level in amount. Further, the premium payment period often is shorter than the maximum period of insurance coverage–for example, a 20-year mortgage protection policy might require that level premiums be paid over the first 17 years.

Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?

Yes; the purchase of a new mortgage protection term insurance policy is usually not required by the lender. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured’s death.

Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation.

Is credit life insurance a good buy?

Credit life insurance is frequently more expensive than traditional term life insurance. Further, if you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost. Therefore when purchasing Term Life Insurance, it’s always good advice if you consider purchasing enough to cover more than your current debts and needs. The reason being, should you require Credit Life in the future you would be more likely to have the additional coverage built in to your current level of protection. Which could easily save you the cost on additional short-term (high cost) additional coverages.