Planning ahead

Your life insurance choices can effect you long term

I’d like to challenge anyone who reads this to consider your life insurance policy a little more closely.

Perhaps, instead of looking for the cheapest solution for the most benefit.

Perhaps consider looking at the benefits you are getting both tangible and intangible

Many policies will have built in riders that allow you to access benefits should your health go south. Those are called living benefits

Another thing to consider is what is called convertibility. See Term plans have an end date. And so a great solution is to look at converting all or part of your term policy to last into your later years.

This conversion also is potentially a fantastic solution as a financial vehicle.

Always consider your options. And sometimes less that 10$ a year in payment could benefit you many times over in the long run.

Stay safe and stay informed my friends

Why is insurance so expensive?

The cost of insurance keeps going up

Like everything these days, things are just getting more and more expensive. Unfortunately, the longer you wait to buy life insurance it continues to get more and more expensive. Now add additional factors like your age, gender, tobacco use, family medical history, and current health are a determining factor along with the requested face amount and policy type is just as a starting point. Knowing these things is important especially if you are self-employed and having to pay for these expenses out of pocket. The important thing to consider is asking the question “how much insurance do I need”? If you are a single person who doesn’t own a home or have a lot of debt consider having a smaller policy to just cover expenses and ensuring you get coverage so not to put the burden on someone else.

Conversely, if you are married, have several children and own a home and make 6 figures you may want to consider at least a million dollars. Consider if you were to die prematurely not only would it affect your children’s ability to go to college or get a good start in life, plus all the now debt burden placed on the surviving spouse. Sadly, you not only lose a spouse but you lose their income now and forever. That is not a place you want to find yourself or your family. Having the appropriate type and amount of insurance is detrimental to your families future. 

Will someone please explain the difference between a co-pay and a deductible? 

Have a pre-existing condition? Working for a large corporation may be a solution

There may be times when life happens and you find yourself in a health situation that maybe you have not taken care of and it does need some attention. Maybe you were self-employed for a while and were not able to pay the out of pocket expenses needed to supply your own health insurance. Due to the nature of larger companies and their ability to apply for group coverage and group pricing it may be an option for you. Many factors come into play when large organizations are looking for insurance for their particular group. The larger the group the opportunity for better rates. A company that has 10 employees versus an organization that has 6000 will be vastly different because now the costs and other factors are now distributed among the members.

This is something that could become a consideration for you depending on the severity of your illness or disease, even having a spouse is isn’t able to get coverage is also a factor. Sometimes families find themselves needing to work for larger companies or organizatioN such as a school district, union, or large corporation. Making sure you have all the information and creating a solution for yourself that can help you find a way forward. Additionally, if you do have coverage and then decide to leave or get laid off, even though you can bring the coverage with you through COBRA the cost will be too expensive to continue. Making sure you plan accordingly if you consider leaving. 

What kind of insurance coverage do I need?

Understanding your insurance needs 101

We all know insurance can be confusing but it doesn’t have to be. With the right help we can help you get the protection you need. Insurance is one of those things that out of 100 things you would rather be doing, using your insurance is not one of them. No matter if you are needing a surgery or having to put a claim in for life insurance due to the passing of a loved one. Having the right protection for those challenging seasons can be the difference in being able to overcome it more easily or it becoming a nightmare of difficulty. 

Having someone on your side to help you understand the various types of coverage can help you have the peace of mind and protection that insurance is meant to provide. Understanding the difference between Term-Life versus Universal or Whole life insurance have many different nuances that need to be explained by someone who is both licensed and who cares for you. This is where JWS Insurance Services come in. We are able to sit down and have a conversation about your desired outcomes and level of protection you may need. We want to make sure you and your family have the appropriate level of insurance you need. Look through our site and learn more about the various types of insurance. We are happy to have a conversation about what might be helpful and useful for your insurance needs.