Will I Have to Have a Medical Checkup When I Get Life Insurance?

Obtaining life insurance typically includes going for a checkup with a physician. The insurance firm bears the expense of this medical examination, which usually takes less than an hour to complete.

At Irvington Insurance in Indianapolis, IN, we assist our clients in procuring life insurance coverage. We also cater to individuals who wish to acquire life insurance but prefer to avoid a doctor’s appointment. Here, we provide essential information about life insurance coverage.

Is a Medical Checkup Necessary for Life Insurance?

A medical examination is typically (though not always) a requirement for acquiring life insurance. This checkup aims to enable the insurance company to assess the risk of granting you insurance accurately and to set the policy rate appropriately. This evaluation assists the insurance company in determining the amount of coverage you can purchase and its cost.

There are insurance policies that can be purchased without a doctor’s examination. However, such policies prevent the insurance company from assessing the risk involved in insuring you. This could lead them to assume a higher risk, which may result in a lower coverage amount at a higher cost.

What to Expect If You Do Not Want a Medical Checkup

If you desire to take life insurance but are not keen on undergoing a medical exam, you should be prepared to pay a higher premium. You might also have to answer several health-related questions without having to schedule a full medical examination.

If you are considering life insurance, contact Irvington Insurance in Indianapolis, IN. We offer life insurance policies to our clients and can help you choose the policy that best fits your needs.

The Role of Life Insurance in Community Development

Life insurance, often associated with personal financial planning, has significant potential to drive community development initiatives. Beyond providing financial security for individuals and their families in the Indianapolis, IN area, life insurance plays a multifaceted role in fostering economic growth, social stability, and community resilience.

Financial Stability for Families

At its core, life insurance offers security for families when the ultimate breadwinner dies. Life insurance ensures that loved ones can maintain their standard of living, cover expenses, and pursue their long-term goals even after the loss of income. 

Facilitating Intergenerational Wealth Transfer

Life insurance is a strategic tool for wealth accumulation and transfer across generations. Policyholders can use life insurance policies to build a financial legacy for their heirs, giving them an inheritance that can support their educational pursuits, entrepreneurship endeavors, or homeownership aspirations. 

Supporting Small Business Growth

Business owners rely on life insurance policies and can use them as collateral for loans, ensuring access to capital for business expansion, equipment purchases, or operational expenses. Additionally, life insurance can provide a succession plan for small businesses, ensuring a smooth ownership transition in the event of the owner’s death. By supporting small business growth and continuity, life insurance contributes to job creation, economic vitality, and community resilience.

Strengthening Social Safety Nets

Life insurance can also strengthen social safety nets and community support systems. Policies with charitable components or beneficiary designations to nonprofit organizations can contribute to philanthropic causes and community development initiatives. These contributions support vital services, such as education, healthcare, affordable housing, and disaster relief efforts, addressing societal needs and enhancing the well-being of community members.

How Irvington Insurance Can Help You

At Irvington Insurance, we can help answer questions concerning life insurance. We serve the Indianapolis, IN, area. Call us today.

Are You Too Old For Life Insurance?

We at Irvington Insurance know that far too many older people think their life insurance window is closed. That’s not the case! If you live in Indianapolis, IN, and are a senior with no life insurance protection, please read on to learn more about why it’s never too late to apply.

It’s Never Too Late to Get a Policy 

A common misconception is that you can’t get life insurance once you reach a certain age. That’s not true. Many people in their 50s to 70s get insurance all the time. It’s a smart idea because it can protect you and your family in various important ways.

For example, it can pay for your funeral expenses and even help your family as they prepare to sell your home, disperse your estate, or take other important steps. You can’t ignore it, so make sure you look for a policy that seems right for your needs.

Term-Life Policies Work Well for Many 

While whole life insurance policies are a popular option for many people, they may not be the best choice for older adults. Instead, a term-life policy is probably a better choice for you. That’s because they typically cost less than a whole life and provide strong protection. 

Furthermore, most term-life policies last between 10-30 years, which is a good amount of time for older adults. For example, if you’re in your 70s, a 30-year plan is probably a wise investment and is typically available at far less than a more expensive whole-life insurance option.

We Can Help You!

Don’t think it’s too late to get life insurance coverage! At Irvington Insurance, we’ve helped many Indianapolis, IN your age or older get the policies they deserve. Please don’t hesitate to contact us if you’re interested in coverage, and we’ll do what we can to help you out.

What type of life insurance is right for me in Indiana?

If you are a resident of the Indianapolis, IN area, you will likely know that there are many important types of insurance to consider getting. While many forms of insurance are designed to protect against liability risk or cover assets, life insurance is another important type of coverage. Today, various types of coverage are available, and it is important to understand the benefits and features of each when selecting a new plan.

Term Life Coverage

A common form of life insurance for many people is term life insurance. This is an ideal coverage option as it is customizable to meet your needs regarding coverage length and policy term, coverage amount, and premium costs. The plans tend to range from 10 to 30 years, and you will know exactly what your benefit is. A downside to the plan is that it does not offer any cash value or investment benefits.

Whole Life and Permanent Life Coverage

Another option for life insurance to consider is whole or permanent life insurance. This is a unique type of coverage because it has a term that will last for the rest of your life. While premiums tend to be much higher, they will also build a cash value over the years that you can either liquidate or post as collateral. This helps to make it an excellent addition to any investment plan. 

Choosing the right type of life insurance in the Indianapolis, IN area is very important. When you are looking for a new plan here, call our professionals at Irvington Insurance. Our team of insurance professionals at Irvington Insurance will always help you assess your options and build a new policy that fits your budget and provides the coverage and benefits you are looking for. 

Life insurance FAQs

Having questions about life insurance is not unusual. Most people are not life insurance experts, and they must count on their independent insurance agent to give them the advice that allows them to make educated decisions. At Irvington Insurance in Indianapolis, IN, we understand what an important decision choosing your life insurance is, and we will be there for you with any answers and advice you need. 

How is a life insurance claim filed?

When the person covered by life insurance passes away, you must call the insurer. You will need to fill out a claim form and send them a copy of the death certificate. Assuming you have had the policy for a while, that is all there is to it. The check will be mailed to you. If it is a new policy, more investigation may be required before the insurer pays.

Do I need to have insurance policies for my children?

Unless you have extraordinary children who have dependents, then the answer is no. Life insurance is designed to replace the income of the person who has passed away. Most children have no income. Parents love their children, which makes them want to protect their children, but this is not necessary. 

Do I need my own life insurance if I get some from work?

Life insurance as a work benefit is an excellent addition to your financial plan, but it should not be your only plan. What if you change jobs? What if your employer goes belly up? It is essential that you have your own life insurance coverage. 

At Irvington Insurance in Indianapolis, IN, we can help you find the best life insurance for your situation in life. Give our office a call today. 

Types of Life Insurance

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.

We Are Here To Help!

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!

Do Retirees Need Life Insurance?

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. 

Categories Of People That Need Life Insurance

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. 

Life events that should trigger a look at your life insurance coverage

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. 

Getting married

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

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.

Contact Us Today

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. 

What are the benefits of life insurance when you are still alive?

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.