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Williamson Insurance Blog

 

Life Insurance Blog Posts

 

MONDAY, JANUARY 16, 2017

A Good Investment for Their Future

Purchasing life insurance for children has many advantages, and is important in protecting their insurability at a young age.

Life insurance is generally purchased for final expenses and replacement income. Even though children do not have an income to replace, the death benefit can be used to pay for unpaid medical bills, memorial services and other final expenses.

Life insurance premiums are typically less expensive for children than comparable insurance for adults. The underwriting process for children’s life insurance is less strict, making obtaining life insurance much easier and faster than life insurance for adults. Usually all that is required is an application, with no medical tests, blood work or urine tests necessary.

There are many different types of life insurance products for children on the market. Some can have premiums paid in full over a certain period of time, as opposed to paid on for the life of the insured. Other products guarantee future insurability by allowing the insured to purchase additional insurance in the future without additional underwriting.

Permanent life insurance, such as whole life and universal life, is the most common type of life insurance for children. Permanent life insurance builds cash value on a tax-deferred basis. While the primary purpose of life insurance is a death benefit, that cash value can be used for emergency funds, education expenses, retirement savings, and much more. The cash value can also be borrowed from the policy through policy loans.

By looking past the mortality aspect, you can see the benefit of purchasing children’s life insurance to guarantee a child’s future insurability. With low-cost premiums and minimal underwriting, the application process is easy, quick and affordable. The decision to purchase life insurance on a child is a great investment for their future.

Article courtesy of Auto-Owners Insurance


 

TUESDAY, JUNE 14, 2016

Life Insurance: Disability Income: protecting your most important asset

You probably know that life insurance will protect your family from the unfortunate death of a loved one. Have you thought about what would happen if something catastrophic were to happen that did not involve a death?

For example, what about an accident that makes it impossible for you or your spouse to work for six months, a year, or even a lifetime? Life insurance won’t be able to help in that situation. Disability income coverage, on the other hand, can.

Disability income insurance protects you by providing a monthly benefit to ensure your bills don’t go unpaid. Considering the numerous monthly expenses we all have nowadays, it’s not unreasonable that a family would go through all of its savings within a couple months, if not sooner, if someone became disabled.

Some may think that Social Security or a workers’ compensation policy will be there to help. Don’t be so sure! A workers’ comp policy will pay a benefit only if you are injured on the job. Social Security does offer disability coverage, but the vast majority of applicants are denied, and those that are approved may be surprised by how little they receive.

A disability income insurance policy will pay you regardless of whether you’re injured on or off the job, and the amount is determined by you when you purchase the policy. Don’t underestimate the biggest asset you have: your earning potential.

Contact Michelle at 740-453-0791 to look into purchasing a disability income coverage policy.

Article courtesy of Auto-Owners Insurance

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2115 Maple Ave
Zanesville, OH 43701
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686 W. Church St.
Newark, OH 43055
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