The agents at Irvington Insurance, serving the Indianapolis, IN area, are touting the importance of life insurance and the many different types you can choose from. There are several types of life insurance policies that you can choose from depending on your situation.
Types of Life Insurance
Whole Life Insurance
This type of policy provides coverage for the entire life of the insured person if they keep up with the premiums. This is a popular type of life insurance since you can take cash from it while you are still alive to pay off debts ahead of time for your family.
Term Life Insurance
Term life insurance pays out a death benefit if the person dies during the term it is in effect. You can choose from a term of one year to 30 years or longer. You can renew the policy after the term expires, but it may cost more.
Universal Life Insurance
This type of life insurance policy is similar to whole life insurance, but it allows for more flexibility in premium payments and death benefit amounts. Also, the cash value of your policy can earn interest at a variable rate.
Variable Life Insurance
Variable life insurance allows you to invest your cash from it in things such as bonds, mutual funds, and stocks. This means the amount of the cash value of your policy will fluctuate.
Other Types of Life Insurance
Other types of life insurance you can choose from include survivorship life insurance for two people or the indexed universal life insurance policy that allows you to play the stock market with the cash from it.
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To create the best life insurance policy for you and your loved ones in the Indianapolis, IN area, contact the life insurance agents at Irvington Insurance today!
A major benefit that many employees receive during their tenure is life insurance. Many retirees wonder if life insurance is worth investing in once they leave their jobs. Irvington Insurance is here to help with all your pertinent questions.
Why Retirees Need Life Insurance
Life insurance is not a legal requirement for Indianapolis, IN residents, but many choose to protect their descendants using this tool. Particular circumstances may vary, and older people often have spouses who remain dependent on them for the various streams of income due to them each month. Life insurance is one way to continue providing the essentials and is particularly important if a survivor’s pension or social security will decrease significantly or be taken away entirely.
You may also have a grown child who has special needs, or you may have accumulated debt that will be difficult for your family to pay off. Student loans can remain outstanding, particularly if you went to college later in life.
Many retirees still have a mortgage on their homes, and other common obligations are for personal loans, car notes, or credit cards. Your Irvington Insurance representative can better assist you with the specifics of which product will best meet your needs.
It’s possible that when you pass away, your loved ones could face estate taxes. Life insurance helps with this and can also assist with paying for burial costs.
You may be in a situation where there isn’t sufficient equity in a home to divide among inheritors, and you wish to leave an inheritance to your surviving family members. Parents, especially those who had children later in life, may wish to leave something to help their offspring go to college or start a business.
Contact Us Today
Serving residents in and around Indianapolis, IN, our team of insurance experts at Irvington Insurance can tailor an insurance package just for you. Reach out to us by stopping in the office, calling, or visiting us online.
It might be intimidating to plan the future, but it is important to be prepared. One of the best and most effective ways to prepare is to get life insurance that will provide financial security to the people you love after you are gone. In general, everyone can benefit from life insurance, but there are certain categories of people that need life insurance more than others. Irvington Insurance in Indianapolis, IN is here to provide you with a guide.
Categories of People That Need Life Insurance
Here is a list of the types of people who need to stay insured:
- Singles who plan to have a family in the future. The earlier you get life insurance, the less you will have to pay. In most cases, life insurance rates at 25 years old are 50% lower than the rates at the age of 35.
- Parents. People with children are the most obvious candidates for life insurance. If you are a parent, you want to make sure that your child or children will have financial security in case you pass away.
- Empty nesters. Even if your kids are adults already, and they have moved away from your home, you should still have life insurance. First of all, life insurance will create a legacy of money for your children and grandchildren. Second, you should also think about your spouse. If you have life insurance, you can be sure that your husband or wife will not suffer financially in case of your death.
There are also other categories of people that may want to consider buying life insurance. However, as mentioned above, life insurance can benefit anyone because it is a very universal type of insurance.
Contact Us Today
Are you thinking of buying life insurance? Are you looking for a perfect policy that will provide financial security to your loved ones and the peace of mind you need? Then, feel free to contact us at Irvington Insurance in Indianapolis, IN- we specialize in different types of insurance, including life insurance. Give us a call to get more information and learn more about insurance options.
Protecting your loved ones is a natural instinct that most people have. That is where life insurance comes in. It is something you can do to make sure, even if you aren’t there to provide for them, your family will be all right. At Irvington Insurance in Indianapolis IN, we provide expert guidance to our customers to personalize their life insurance.
When To Review Life Insurance
A job change
If you get life insurance as part of your benefits package and it is the only life insurance you have, a change of employment could leave you without life insurance. This is the time to seriously think about whether or not you want to let your employer control your life insurance.
Even if your spouse is self-supporting, when you get married and combine your assets, it is a good time to think about life insurance. At the very least, it is time to change the beneficiary on any life insurance that you already have.
Buying a home
When you buy a house it usually involves both of your incomes, to make the mortgage payments. You don’t want to leave your spouse or yourself struggling to make the payment with only one income. Both of you should have enough life insurance to pay off the mortgage.
Having children changes everything. They are a commitment that can last well over 20 years and that requires enough life insurance to see them grow to adulthood even if it is without you. You may want enough for college and even to help them get a start in life.
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Life insurance needs will change many times over your lifetime and you should be prepared for all of them. Contact Irvington Insurance if you are in the greater Indianapolis, IN community when it is time to review your life insurance coverage.
Life insurance is something that we know is an important thing to have. It is also something that can be confusing for a lot of people. The team at Irvington Insurance is here to help clear some of that confusion for our clients in the greater Indianapolis, IN area.
Benefits of life insurance while you are living
When people think of life insurance benefits, they typically think of the death benefit provided to their loved ones after they pass. While this is the main benefit for most families, other features can help you and your family while you are still alive.
Even with a term life insurance policy with only a death benefit, you will have the peace of mind that comes with knowing that your family is protected, no matter what may happen to you as the main financial provider.
People who choose a whole life policy, or another such lifetime option, can benefit from any cash accumulation during their lifetimes. Such funds can often be used for major life expenses like a house down payments, college tuition, or paying for a child’s wedding.
Life insurance can be a lot more versatile than many people think. Why not learn more about these benefits today?
Find out more about the many benefits of life insurance today
Irvington Insurance is here to answer all of your insurance questions, including those pertaining to life insurance. If you are a resident in the greater Indianapolis, IN area, call us today! We will be more than happy to set up an appointment to review your life insurance options and help you determine which policy is suitable for your needs.
Life insurance is all about taking care of the ones you love. You need to know that if you are not there to provide your income, your family will be able to survive and thrive. You can do this by having the right amount of life insurance. At Irvington Insurance in Indianapolis, IN, we have been putting the needs of our customers first since 2007 and as independent insurance agents, we have more options to offer.
Determining how much life insurance is enough is a complex formula. It is very personal and your figure won’t be the same as anyone else’s. It is customized for you, your family, and your needs.
The first consideration is who is dependent on you? If the answer is no one, the response will be much different from someone who says, my wife and five children or my elderly parents. What you need to consider is how much money you need to continue to support the people who depend on you.
Coming up with the amount your dependents need per year and for how many years they will need it is the next thing you need to do. Your income plays a part in determining how much life insurance you need to support your loved ones. Financial experts suggest that if you have young children, you should have between seven and 10 years of income in life insurance. This is just a suggestion and it doesn’t take into account the fact that you may not be able to afford to have that amount of life insurance.
Life insurance won’t be of any help if you allow the policy to lapse because of non-payment. You need to balance your life today with the life you want for your family in the future if you are not there.
Contact Irvington Insurance in Indianapolis, IN with your questions about life insurance.
Supporting aging parents can be a financial burden. Unfortunately, most of us will experience this at some point in our lives.
A life insurance policy can potentially help you recoup some money you’ll spend on caregiving and final arrangements. Although consent is required to become insured, you can work with a parent to find a policy that meets both of your needs.
If you’re still debating whether this is right for you, Irvington Insurance can help. Serving Indianapolis, IN, their experts offer four ways that buying a life insurance policy for a parent could help.
Pay medical expenses
The remaining years of any person’s life can be expensive. Medical issues are a major factor. A policy will help cover any bills that may have been left behind.
Cover final arrangements
Funeral expenses can also be costly. While the burden may fall on a child, a plan may help ensure a parent has enough funds for their desired end-of-life wishes.
Support a surviving parent
When a parent passes, it can be difficult for the surviving parent to continue to live alone. Relocating to an assisted facility may be a necessity. Or, the parent may want to downsize or move closer to their child. With any of these options, a life insurance policy can help make the transition easier.
Protect against financial loss
Other expenses may have accumulated. Perhaps you’ve missed time from work to provide long-term care. Maybe a parent had a loan or mortgage that was still outstanding. Regardless of the scenario, a well-crafted policy can help provide financial relief.
Contact an agent in Indianapolis, IN
If your parent qualifies and consents to life insurance, there are several different policy options available. Irvington Insurance can work to find a policy that gives you and your parents peace of mind.
In the history of insurance policies, Whole life and term packages have been instrumental in life insurance. They are the most prevalent options for people looking to buy insurance in numerous regions, including Indianapolis, IN. Irvington Insurance institution has invested heavily to offer you decent life insurance deals. The process of looking for appropriate life insurance coverage is not as easy as it may sound. The complexity of the matter varies from one state to the other. Choosing between term and permanent coverage narrows down to your preferences and the available options. Here is an overview of both alternatives.
A Background Check to Term Life Insurance
The policy features few complications, so learning it is much simple. It does not come with jargon, making it your ideal choice if you pictured a standard coverage. The process of acquiring it is straightforward and does not need extensive coaching from an expert. With the insurance, your beneficiaries get compensated when you die. One of its chief limitations is that it offers coverage for a short period, prompting regular contract renewal. The policy expires when the stated duration elapses.
The policy is cheaper compared to its counterpart. It is a viable option if you only want to secure the future of your loved ones when death comes. Assess your family setup and see whether term life insurance is the real deal for you.
A Review of Permanent Life Insurance Cover
The coverage is different from term insurance in two distinct ways. The policy does not have an expiry date, but you must update your premium payments as stipulated in the agreement. Secondly, the option features cash value besides compensating your beneficiaries after death. The convenience of paying standardized monthly premium rates makes it a better alternative for many clients. A portion of your payment serves as your cash value, while the rest serves as insurance coverage after death.
Visit our website today to contact Irvington Insurance in Indianapolis, IN, for all your life insurance queries.
Life insurance can often feel like a confusing and awkward topic to discuss. At Irvington Insurance, serving Indianapolis, IN, we want to help in this area. Having important and challenging conversations is sometimes difficult, but these conversations are a necessary and vital part of your financial planning at the end of the day. We are here to help you navigate the difficult topic of life insurance.
Why Is Life Insurance So Important?
Life insurance is an essential type of insurance product because it helps provide financial stability for your family when you are not personally there to contribute an income. If you contribute to your family’s income and wealth, you need to understand that you are a vital factor in their financial stability and security. When you die, that security is threatened. You can protect against this threat with a solid life insurance policy.
How Does Life Insurance Work?
Once a life insurance policy has been established for you, you will invest in this policy each month. In the event of your death, the benefit, the value of the policy, will be paid to your beneficiaries. This benefit can be used to pay for your final expense and help contribute to your family’s income.
How Much Life Insurance Do I Need?
One of the most difficult issues to navigate concerning life insurance is how much life insurance needs to be purchased. This is a difficult question because the amount will vary from family to family. The best way to determine this is by sitting down with a knowledgeable insurance representative. They will be able to help you evaluate your family’s unique situation to determine how much life insurance is appropriate.
If you would like to learn more, please contact us at Irvington Insurance serving Indianapolis, IN.
Your financial advisor may not have mentioned a valuable method for saving for your future that also protects the fiscal health of your family in the event of your death. They typically suggest an individual retirement account (IRA), investment accounts, and money market accounts. Irvington Insurance wants to suggest a life insurance policy with a cash value account.
Purchasing a life insurance policy with a cash value account component lets you save for the future while providing a death benefit to your family. This type of whole life policy costs a little more than term life insurance. Still, your premium covers both the life insurance policy with a death benefit for your beneficiaries and a cash value savings account. The savings account may be parlayed into an investment account that links to a stock index, typically the S&P 500.
Many advantages exist to a policy with a cash-value account. First, you can borrow against the account if needed to obtain a mortgage for your Indianapolis, IN home.
Another huge benefit is that you typically avoid paying taxes on the money as the account builds. Like an IRA, you can deposit your premium pre-tax as a paycheck deduction. This lets you save without paying taxes on the deposits. You only pay taxes on the money when you withdraw it or when you take out a loan using it for collateral. You can withdraw from the account once it reaches a specific level, but you cannot do so without incurring a penalty.
Contact Irvington Insurance serving the Indianapolis IN area for more information on this life insurance that also lets you save money for your future. Call us today.