Insurance Policies and More

Don't wait until it's to late!

SO WHY DO YOU NEED THIS?

        How about 49% of foreclosures are due to critical, chronic, or terminal illness. That's almost 1 out of 5. Which is higher than foreclosures from people losing their jobs, that's only 32%.

        Did you know the average recuperation time for cancer is a year. And with today's medical advances more people are surviving critical illness like cancer only to come home to a foreclosure notice.

The last thing you want to do is leave your loved one's with debt. Why not leave them a little something to help them out.

        Work? Who can work after they just had a heart attack, stroke, bypass, or is undergoing chemo, or radiation. Do you have enough money in savings to live on for 6 months to a year? The banks don't care that you can't work due to an illness, all they only care about is getting their money.

So ask yourself these question's?

  • What would happen if I became ill?

  • What if I didn't come home tomorrow?

  • Would my family be able to keep paying the bills?

  • Where would they go or who would they stay with?

Life insurance policies provide a payment in the event of you passing away that can help protect your family's ways of doing things in the absence of your income. "Many people have life goals they are trying to meet through hard work which brings  income such as paying off a home, putting a child through college, or supporting one of their parent's. Life insurance can help support your family and their goals," 

When someone purchases a life insurance policy, they are buying a contract from the insurance company. The insurance company promises to pay the claim to your beneficiaries that is free from income taxes. The insurance company will issue a check to your beneficiary, the check will be sent without delay so you can pay your unexpected expenses.

LIFE INSURANCE

Term Life

Whole Life

Coverage for a specific time is usually 10,20,or 30 years and have a fixed premium which means your payments won't go up.You can also add on things like accidental death which means the beneficiary will receive more than just the regular benefit. Also waiver of premium which is great to have because if you happen to lose your job the premium will be waved up to 6 months so you won't lose your policy because you can't pay it for lack of income. You can also get a children rider that covers your children.

Life long coverage  and can include cash value components. The cash value component slowly grows in a tax deferred account which means you don't pay taxes on its growth while it's accumulating. You can borrow against it like taking a loan or surrender the policy for cash which means you closed out the policy. If you don't pay the money back with interest your death benefit will be reduced. Also the premium will stay the same and not go up or down and the death benefit is guaranteed, plus the cash value grows at a guaranteed rate.

Mortgage Protection Insurance

The same as Term Life Insurance but with living benefits. Most confuse this insurance with mortgage insurance and or think the money would go to the bank. But far from true the benefit covers you when you're alive and the benefit comes to you. It's there if you are unable to work due to illness so you can pay your bills. So you decide how best to use the benefit.

TheThree Categories of Life Insurance

Living benefit's

​Critical Illness

  • Heart Attack

  • Stroke

  • Cancer

  • Coronary Bypass

 

​Chronic Illness

  • Diabetes

  • COPD

  • Crohn Disease

  • Arthritis

 

Terminal Illness

Terminal Illness applies when you have been given 24 months or less to live. So you can take some of the burden off of your family by taking care of the debt that would normally be left behind. Or even make the necessary arrangements.

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