Yes, excluding your group life insurance that you might participate through you employer, there are 3 types of life insurance: Term Insurance - Term life insurance provides coverage for a specified period, typically ranging from 10 to 30 years, offering financial protection to beneficiaries in the event of the policyholder's death within that timeframe. Unlike permanent life insurance, term life policies do not accumulate cash value and are often more affordable, making them an attractive option for individuals seeking straightforward protection. Policyholders pay regular premiums, and if they pass away during the term, the designated beneficiaries receive a tax-free death benefit, providing peace of mind and financial security to loved ones. Whole Life Insurnace - Whole life insurance is a type of permanent life insurance that not only provides coverage for the entirety of the policyholder's life but also has the potential to pay dividends. These dividends are a share of the insurance company's profits and are typically paid out to policyholders annually. Unlike term life insurance, whole life policies build cash value over time, which can be accessed by the policyholder through withdrawals or loans. Additionally, the death benefit remains in force as long as premiums are paid, offering both protection and the potential for financial growth. Universal Life Insurance - Indexed universal life insurance aka IUL combines the flexibility of universal life insurance with the potential for cash value growth designed to mirror stock market indexes (i.e. S&P 500). Policyholders have the opportunity to allocate their premiums into different indexed accounts, offering the potential for higher returns compared to traditional universal life policies. While providing a death benefit, indexed universal life insurance also accumulates cash value over time, which can be accessed for various financial needs such as retirement or emergencies.

Group life insurance through is great and affordable! Typically, employers offer "one time your salary" which can be whatever you make (ie: you make 50k/yr then your group life insurance death benefit will be 50k). If you have more financial responsibilities to protect like a mortgage, family or aging parents that depend on you, it might be wise to add an additional policy to help with this.

Determining how much life insurance you need involves assessing your financial obligations, future expenses, and the needs of your dependents. Here's a general approach to help you calculate your coverage needs: 1. **Evaluate your debts**: Start by totaling your outstanding debts, including mortgage, car loans, credit card balances, and any other loans. Life insurance can help cover these debts and prevent them from burdening your loved ones in the event of your death. 2. **Estimate your future expenses**: Consider future expenses such as college tuition for your children, ongoing living expenses for your spouse or dependents, and any other financial obligations you anticipate in the coming years. This will help ensure that your life insurance coverage can provide financial support for your family's needs. 3. **Factor in income replacement**: Determine how much income your family would need to maintain their standard of living if you were to pass away. A common rule of thumb is to aim for coverage that equals 5 to 10 times your annual income, although your individual circumstances may warrant more or less coverage. 4. **Consider additional expenses**: Take into account any additional expenses your family may incur, such as funeral costs, medical bills, estate taxes, and other final expenses. Including these costs in your coverage amount can provide additional peace of mind for your loved ones. 5. **Assess existing resources**: Evaluate any existing life insurance coverage, savings, investments, and other assets that could be used to support your family in the event of your death. Subtracting these resources from your total financial needs will give you a clearer picture of how much additional coverage you require. 6. **Review your coverage periodically**: Keep in mind that your life insurance needs may change over time due to factors such as changes in income, family size, and financial obligations. It's important to review your coverage periodically to ensure that it remains adequate to meet your family's needs.

Yes! Depending on your medical conditions and compliance with your doctor, most life insurance companies will look to make an offer. Keep in mind, the underwriting process might take a bit longer than usual with a sub-standard rating.

Applying for life insurance typically involves several steps: 1. Research and Choose: Determine what type of life insurance/coverage amount will be appropriate to fit your needs. Consider factors such as your age, health, financial obligations, and long-term goals. 2. Application: Complete an application. This form will ask for personal information such as age, gender, health history, lifestyle habits, and financial details. 3. Underwriting: The insurance company will assess your application and determine your risk profile. This process may* involve reviewing your medical records, conducting a medical exam, and evaluating other factors such as your occupation and hobbies. 4. Review and Approval: Once underwriting is complete, the insurance company will review your application and determine whether to approve your policy. If approved, you will receive details about your coverage, premiums, and any additional riders or benefits. 5. Policy Issuance: After approval, you will be asked to review and sign the policy documents. Make sure to carefully read through the terms and conditions to understand your coverage and obligations. 6. Payment: Pay the initial premium to activate your policy. 7. Coverage Begins: Once the policy is active and premiums are paid, you are covered! Keep your policy documents in a safe place and inform your beneficiaries about the coverage details.

Believe it or not, this is very common. Best way to find out is check your bank statements for an insurance company that is drafting a premium. If you can find it, give them a call and ask for a new policy and representative.

Disability insurance aka income protection provides financial protection by replacing a portion of your income if you become unable to work due to a qualifying illness or injury for an extended period, typically lasting more than three months. This coverage helps to ensure that you can meet your financial obligations and maintain your standard of living while you focus on recovery. It offers peace of mind by providing a source of income when you need it most, helping you to navigate the challenges of a disability with greater financial security.

90% of disabilities are caused by common illnesses like cancer, heart attacks and disabilities, rather than accidents.

The duration of long-term disability insurance payouts varies depending on the terms of the policy. Typically, long-term disability policies provide benefits until the policyholder reaches retirement age (usually between 65 and 67) or until they are able to return to work, whichever comes first. Some policies may have a specific benefit period, such as two years, five years, or even up to age 65. It's essential to review the details of your policy to understand the specific terms and limitations of your coverage.

Annuities are designed to provide a steady stream of income over a specified period or for life. It is typically purchased with a lump sum payment or through a series of contributions. Annuities can offer tax-deferred growth, and they come in various types, including fixed, variable, and indexed annuities, each with its own features and potential benefits. Annuities are often used as part of retirement planning to supplement other sources of income and provide financial stability during retirement years. 1. Variable Annuities: Variable annuities allow investors to allocate their funds into various investment options, such as mutual funds, stocks, or bonds. The value of the annuity fluctuates based on the performance of these investments, offering the potential for higher returns but also carrying greater risk. Variable annuities typically offer a range of investment choices and may include optional features such as guaranteed minimum withdrawal benefits. 2. Fixed Annuities: Fixed annuities provide a guaranteed, fixed rate of return on the invested principal. These annuities offer predictable income payments over a specified period, usually with a set interest rate for a certain duration. Fixed annuities offer stability and security, making them a popular choice for retirees or those seeking a steady stream of income without exposure to market fluctuations. 3. Indexed annuities: Indexed annuities are insurance products that offer the potential for returns linked to the performance of a specific market index, such as the S&P 500. Unlike variable annuities, indexed annuities provide a minimum guaranteed interest rate, ensuring principal protection, even if the market index performs poorly. This combination of potential market-linked gains with downside protection makes indexed annuities a popular choice for individuals seeking a balance between growth potential and risk mitigation in their retirement savings strategy. 4. Immediate Annuities: Immediate annuities begin paying out income immediately after a lump sum payment is made. With an immediate annuity, the investor exchanges a sum of money for regular income payments, which can be fixed or variable depending on the terms of the annuity contract. Immediate annuities are often used to provide guaranteed income during retirement or to convert a lump sum of savings into a steady stream of payments for a specified period or for life. Each type of annuity has its advantages and considerations, and the choice depends on individual financial goals, risk tolerance, and income needs. It's essential to carefully evaluate the features and costs of each annuity type before making a decision.

Annuities work by providing a stream of income over a specified period or for life in exchange for a lump sum payment or series of contributions. Here's how they typically function: 1. Purchase: An individual purchases an annuity contract from an insurance company by making a lump sum payment or through a series of contributions. 2. Accumulation Phase: During the accumulation phase, the funds within the annuity grow tax-deferred, meaning they are not subject to taxes on earnings until withdrawals are made. Depending on the type of annuity, the funds may earn a fixed interest rate, be linked to the performance of a market index, or be invested in underlying investment options. 3. Distribution Phase: When the annuity owner is ready to start receiving income, they enter the distribution phase. This phase can begin immediately (with an immediate annuity) or at a later date (with a deferred annuity). The insurance company then pays out income to the annuitant, either in regular installments or as a lump sum. 4. Income Payments: The amount and duration of income payments depend on various factors, including the terms of the annuity contract, the amount of the initial investment, and the annuitant's age and life expectancy. Annuities can provide a fixed income stream, variable payments based on underlying investments, or payments linked to market performance. 5. Taxation: Any earnings withdrawn from the annuity are subject to income tax at the annuitant's ordinary income tax rate. If withdrawals are made before the age of 59½, a 10% penalty tax may also apply, unless an exception applies. 6. Death Benefit (if applicable) : Some annuities offer a death benefit, which ensures that any remaining funds in the annuity are passed on to designated beneficiaries upon the annuitant's death, providing financial security for loved ones. Overall, annuities can serve as a valuable tool for retirement planning, offering a reliable source of income and potential tax advantages.

Non-qualified money and qualified money refer to funds that are treated differently for tax purposes: 1. Qualified Money: This refers to funds that are held in tax-advantaged retirement accounts that meet specific Internal Revenue Service (IRS) guidelines. Examples include contributions to employer-sponsored plans like 401(k)s, traditional IRAs, Roth IRAs, and other similar retirement accounts. Contributions to qualified accounts are typically made with pre-tax dollars, meaning they are tax-deductible in the year they are made. Taxes on earnings within the account are deferred until withdrawals are made during retirement. 2. Non-Qualified Money: Non-qualified money, on the other hand, refers to funds that are held in accounts that do not have special tax treatment under IRS guidelines. This can include regular savings accounts, brokerage accounts, certificates of deposit (CDs), stocks, bonds, and mutual funds. Contributions to non-qualified accounts are made with after-tax dollars, meaning taxes have already been paid on the money. However, certain types of investments held in non-qualified accounts may still be subject to taxes on dividends, interest, and capital gains. In summary, qualified money is held in tax-advantaged retirement accounts that offer tax benefits, while non-qualified money refers to funds held in accounts that do not have special tax treatment. Understanding the distinction between qualified and non-qualified money can help individuals make informed decisions about their retirement savings and investment strategies.