End of life expenses never stop rising, and every year millions of Americans face those costs unprepared. A study from the National Bureau of Economic Research shows the average family pays out over eleven thousand dollars in end of life expenses. This doesn’t begin to factor in the remaining debts you may have to leave your loved ones to manage. Life Insurance policies from Intelli Choice Insurance help to make sure your family is taken care of. Whether it’s a basic term policy to cover a specific debt need, or a whole life policy to help provide for comprehensive needs, we will help you find the policy package that’s right for you.
Life insurance is a crucial step in planning for your future. Not only can life insurance provide assurance for your family if you are no longer around, there are life insurance policies that offer benefits while you are living.
How much life insurance is right for you?
Intelli Choice Insurance understands the life insurance needs of our customers.
The necessity of life insurance depends on your own personal and financial needs. We can help you determine the type and amount of life insurance that is appropriate for you and your family. Generally, you should consider life insurance if:
You have a spouse
You have dependent children
You have an aging parent or a physically challenged relative who depends on you for support
Your retirement savings are not enough to insure your spouse’s future against a rising cost of living
You have a sizable estate
You own a business
Advantages of life insurance (other than providing for your loved ones) include:
Having the right life insurance is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.
Life Insurance Death Benefit - When you pass away, your life insurance provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
Living Benefits - The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made your family when you are gone.
Don’t leave the future of you and your loved ones to chance. Intelli Choice Insurance can help you find the right Northern Kentucky & Cincinnati life insurance coverage for you, and help ensure that your policy continually meets your needs.
Life Changes - So Should Your Policy
Your need for life insurance is dependent on your personal and financial needs. The right life insurance will be unique and dependent on personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. your life changes, your life insurance coverage may need to change as well to adapt to your current needs.
- Some life changes that may require a policy "tune-up" include:
- You recently married or divorced
- You have a new child or grandchild
- You have opened or expanded a business
- Your health or your spouse's health has deteriorated
- You are providing care or financial assistance to a parent
- Your child or grandchild requires assistance or long-term care
- You recently purchased a new home
- You are planning for a child or grandchild's education
- You are concerned about retirement income
- You have refinanced your home mortgage in the past six months
- You or your spouse recently received an inheritance
- You have a sizable estate
Term Life Insurance
provides life insurance protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It's generally less expensive than permanent (whole) life insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
Whole Life Insurance
is a form of permanent life insurance that remains in force during the insured person's lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
Universal life insurance
is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.
What type of life insurance is best for you? Talk with the team at Intelli Choice Insurance. We can assist in identifying the best protection for you.
The right life insurance coverage for each and every one of our customers in Kentucky is unique. Talk with the Intelli Choice Insurance team today to find out how to protect your family and your future with the right life insurance.
Business Personal Property Coverage
covers property at a specified location such as furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Electronic Data Processing (EDP) Insurance
is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
is essential if you own a commercial building. Could you afford the replacement cost in the event of a disaster? Most businesses can't. Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building.
is excluded from most commercial property policies. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask us to review your insurance policy, and we’ll help you find the best solution.