Term life insurance is commonly purchased to protect a family or business. Term life insurance is financially beneficial for those who are single, married, married with children, single parents, divorced, and retired. Term life insurance policies allow you the ability to purchase the amount of insurance you actually need at a reasonable price. With term life insurance, you are able to buy term policies with a guaranteed level premium ranging from 1 – 30 years (depending on the product approval availability in your state of residence). In our opinion, term life insurance is the best type of life insurance to purchase for most individuals’ situations.
We at Stuart Woodbury Insurance have access to rates from over 200 top-rated life insurance companies. We will get you the best priced policy available for your situation. We have 25 years of experience in the insurance business and pride ourselves on focusing on the needs of our clients in an honest and straightforward way. With a mission to provide the lowest cost term life insurance policy available, we are confident that we will be able to provide you with the best policy available in the marketplace.
If you’re retired, life insurance can still benefit you. Depending on the size of your estate, your beneficiaries could be left with a large estate tax after you pass away. Often, this percentage can be up to 45% of your estate. The proceeds of a life insurance policy are payable immediately. This allows family members who will inherit your remaining possessions to take care of funeral costs, estate taxes, and any other remaining debts without having to liquidate other assets. Life insurance proceeds are most often income tax free while being arranged in a way to avoid probate. If set up correctly, the proceeds from your life insurance policy will not add to your estate tax liability.
John is a 41 year old male in good health. He quit smoking cigarettes 5 years ago. However, John currently chews tobacco. His father was diagnosed with cancer at the age of 60 and is still living. John is currently paying $102.00/month for a $130,000 policy that he purchased from another company. We were able to get John a $500,000, 20 year policy for under $61.00 per month.
Cindy is a 61 year old non-smoker in good health. She takes medication for an irregular heartbeat, which controls her condition. Cindy has no underlying cardiac history. She qualified for a standard premium classification after we reviewed every policy available in her state of residence, Colorado, and we were able to get Cindy a $300,000, 10 year policy with an annual premium of only $1,191.
When beginning the process to qualify for a life insurance policy, your medical history and current health will be evaluated through a formal underwritten process. The underwriting review identifies your risk classification according to your medical condition. The classification procedure is a means to group your application with others who have similar health histories and risk characteristics. Factors such as income, lifestyle, medical history, overall health condition, and dangerous or risky work-related occupations are included in the process of obtaining the right life insurance policy for you. The information collected from the underwriting process is essential in determining your premium policy price.
Life insurance is financially beneficial if you are married with children. Most families depend on two incomes to comfortably support their wants and needs. When considering if life insurance is the right decision for your family, it is important to ask yourself one question in particular: If you died unexpectedly, could your family maintain their standard of living on your spouse’s income only?
Often, those who are single do not think life insurance will benefit them financially because they have no dependents. However, various circumstances in the future may be easier if you have life insurance. Some of these situations may, for example, necessitate the need for someone to provide support to aging parents and siblings or funds to take care of the passing on of significant debt to other family members. Insurability is another reason to financially plan ahead. Although marriage may or may not be in your foreseeable future, it is easiest to obtain an affordable premium while you are young, healthy, and have a good medical family history to prevent any unpredictable medical complications in the future.
Todd is a 45 year old male, non-smoker, in excellent health. Todd is not on any medications and has no prior health complications. He was looking for a $500,000 20 year life insurance policy. After reviewing every term policy in the state of Missouri, we were able to find Todd a $500,000 20 year policy that fit his needs for only $56.76 each month.
Josh is a 66 year old male, non-smoker, who is in good health. Josh is on blood pressure medication that is working effectively. He originally had a 20 year life insurance policy, yet indicated during this current year’s policy review that he was in need of coverage once his original policy ran out.
Stay-at-home parents play a vital role in not only children’s lives, but also the overall family dynamic. It is important to take into consideration tasks performed by the stay-at-home parent like childcare, cleaning, cooking, and transportation. Hiring someone outside of the home to perform domestic and childcare duties is estimated to cost approximately $40,000 per year. When considering life insurance for a stay-at-home parent, don’t forget that, although they’re not paid a salary, they perform otherwise expensive services for your family. The remaining spouse needs to be able to afford these services.
