Tag: living benefits

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How Much Coverage is enough?

Posted on by Seek First Financial in Blog, common questions, Term Coverage, Whole Life

While some people come to us, and they know exactly what they are looking for and how much of it they want, most people need a little help and direction on what avenue is best for them. And in reality, many of those who “know exactly what they want”, don’t really understand what they need. Even my own understanding of how much coverage is enough has shifted greatly over the years.

In some cases, final expense coverage is pretty straight forward. Someone comes to me and wants their burial or cremation covered so that the bill does not fall on their loves ones after they are gone. This is an amazing starting place and should be the starting out point for those who currently have nothing in place. Final expenses do often reach well beyond burial and cremation. They include services, plots, monuments and even putting aside some funds to help with the travel expenses of those you would like to attend your services and celebration. People in this position may also want to consider any outstanding debts or loans. Do you want to leave your home to someone and how much is left on your mortgage? Do you want to leave your car? There are lots of ideas and our job is to help people sort through these ideas and put the proper amount of coverage in place to meet the need.

Term coverage face-values all depend on the client. We consider things like how old the client is as well as many other factors. Are they married and do they have children? Do they have a business they are trying to protect? Are they trying to put aside some retirement income in conjunction with their life insurance coverage? The answers to these questions, and many more, could all inform the final amount of overall coverage. Some people need to put quite a bit coverage in place and many others just need enough to meet very specific needs. You can use term coverage to pay your home off if you get a very serious illness or injury and even replace the income lost during a long recovery from cancer. These options are very important to consider, and you may even decide to choose a coverage where you can get your money back if you don’t pass away or use the living benefits that pay for serious illness or injury. It’s these sorts of options that really make it profitable to use a licensed agent or broker during your fact-finding process. We know how to ask that right questions that often get overlooked. You should at least have the option to choose these amazing benefits. Many people don’t even know such options exist!

While there is no right answer to the question of “How much coverage is enough.” There is a right answer for you in your particular situation and stage of life. Set up an APPOINTMENT with us today and see what options are available to you. Don’t wait any longer and get that peace of mind today! Our goal is to help people make preparations that put their future in the best possible place.

What is Mortgage Protection?

Posted on by Seek First Financial in About, Blog, common questions, Term Coverage, Whole Life

Many people see the value of protecting their assets from the results of death, disease and disability. A growing number of people are putting coverage in place for these reasons, specifically in relation to their mortgage. While you can, and should, put coverage in place for all of your assets, especially assets with debt, your home is typically one of your largest assets and the landing place for a large part of your monthly/yearly income. If you were to die, get sick or disabled, what would happen to your home? Would your family be able to make the payments and stay in the home? Or would the bank quickly have to take possession leading to a loss of all the years of investment into your property? Even if your spouse or family could continue to make the payments, how would that affect their financial situation as whole? Who would you leave your home to and are they able to pay for it? What would happen if you got sick or hurt and couldn’t work? These questions and the many like them have led to a rise in coverage designed to protect the home in the event of death, disease and disability.

Mortgage Protection is simply a life insurance policy designed to protect your home and the equity stored up in your home. While everyone has a different situation and different desires, the foundation of Mortgage Protection is to first; protect all the money already invested into the property. Whether you are in your first year of payments or near the end of your mortgage term, Mortgage Protection can put a safeguard around all the money you have already invested into your home. Secondly, people don’t want their families taking on extra financial burden while dealing with a recent death, disability or sickness of a loved one. Death, disease, and disability most often results in a loss of income that paid for all or portions of the home and without that income many people would lose the home. Another reason people are increasingly putting this coverage in place are the Living Benefits included with many of the plans. These benefits also pay the insured (while they are living) for Terminal, Chronic, and Critical diagnosis as opposed to only paying their beneficiary in the event of death. This allows the insured to continue to make the mortgage payments while they are recovering from things like, heart, stroke, cancer, etc. because of the resulting loss of work and income in those cases.

These are just some of the benefits of Mortgage Protection and the reason many people are seeing the value in this type of coverage. Meet with a Mortgage Protection specialist and review your options today. Many of these plans have the possibility to get all or portions of your money back if you don’t use any of the death and living benefits. This simply means that if you don’t use the coverage the entire time you paid for it, you can get up to every dollar you put into the policy back tax free at the end of your term. Make an APPOINTMENT and learn more.

Joseph Doppe