Did You Know You can Use Life Insurance to Maximize Your Pension?

Your life insurance policy can be used for more than just death benefits. Life insurance can also be used for pension maximization, which is typically used in conjunction with defined benefit qualified pension plans. Pension maximization is a great way to gain needed death benefit protection, while also helping you be able to get the most out of your defined pension benefits.

When choosing how to receive the monthly benefits of the plan on a typical pension plan, you first must choose between a life only benefit and a joint and survivor benefit. The life only benefit will pay the maximum benefit, but when you pass away, your spouse will no longer receive the benefits. The joint and survivor benefit will pay a reduced benefit and allows your spouse to continue receiving benefits after you die.

By using a pension maximization strategy of your life insurance plan is designed to be a middle ground between the two plans. It will allow you to receive higher pension benefits, while also allowing the benefits to be paid to your spouse after your passing.

There are many advantages to choosing a maximization strategy for your life insurance plan, including an opportunity to pass money to heirs and immediate financial protection and control. However, there are also some disadvantages. Some of the disadvantages including that your spouse may lose medical benefits, or the chance that you may not choosing the right amount of life insurance coverage to provide the financial coverage that your spouse needs.

For more information on how you can use your life insurance to maximize your pension, contact Access First Insurance in Eagle, Idaho. We can also help you find the best life insurance policy that will ensure that you and your spouse are financially secure later in life.

The Importance of Life Insurance

Life insurance may seem like it is an unnecessary expense. However, life insurance can help make sure that your family is protected in case of your unfortunate passing.

Life insurance money can help your family pay for unforeseen expenses after your passing, such as funeral costs. If you were the main income provider for your family, it can also help make sure that they are not financially strained after you are gone. It can help pay for everyday expenses, such as the mortgage and car payment. It can also help provide a financial cushion for your family while they are getting back into their routine after you are gone. It can help pay for your children’s college, or make sure there is enough food on the table for everyone.

Most people wait too long to start thinking about life insurance. It is important to start planning for your family as early as possible to make sure they are covered from any unfortunate accident. Even though we all plan to live long, happy lives, that is not always the case.

Contact the insurance experts at Access First Insurance Group, located in Eagle, Idaho, to get a quote for your life insurance policy today.

When — and Why — Permanent Life insurance Makes Sense

Expert opinion on life insurance shifts with the times. The basic question: whether to purchase cheaper term life insurance, or buy a more expensive permanent policy. When other investments seem less certain, many experts say permanent life insurance makes more sense.

Permanent policies come in two basic forms, whole life and universal life. Both plans invest your premiums and provide cash equity over time. You can withdraw or borrow from your accumulated equity to help pay for major life expenses.

To achieve maximum investment results:

1. Purchase your permanent policy as early in life as possible. You’ll get the cheapest premiums and the longest time to build equity.

2. Resist the temptation to borrow from your equity until you need a significant amount. Borrowing smaller amounts depletes equity and could mean your policy won’t have enough to cover a down payment on a home or help pay your for a child’s education.

3. Remember that loans and withdrawals will deplete your equity and the death benefit. If your beneficiaries could face serious hardship without you, be especially cautious when borrowing against your policy.

Access First Insurance in Eagle, Idaho can help you explore your life insurance options. To learn more or get a quote, contact us..

Is Your Life Insurance Too Expensive?

All too often when we look at getting life insurance, we take one look at the cost and are shocked. What you may not realize is that many factors come into play when determining your premium rates and your lifestyle has a lot to do with it. Here are some reasons you may find your life insurance is more expensive than you feel it should be:

Dangerous profession. If you have a dangerous profession such as being a logger, a construction worker hanging big iron or even drive a lot as a part of your job, you may find your life insurance premium is much higher than that for an office worker.

Dangerous hobbies. Also, if you scuba dive, hang glide or even sky dive, you may find your life insurance premiums are significantly higher than someone who collects stamps.

Bad driving record. Statistics show drivers who have moving violations on their driving record take more risks when driving. This also leads to higher insurance rates.

Tobacco and alcohol use. Those who smoke or drink excessively are in a higher risk group as well. 

There are steps you can take to reduce your life insurance premiums through lifestyle changes and working with a great insurance company like Access First Insurance in the Eagle, Idaho area can help. Not only will they be happy to advise you about ways you can reduce your life insurance rates but when you contact them to get a quote, they’ll be happy to help with that as well. 

Life changes and so might your life insurance needs

We all go through different stages in life, and as we do, our needs may change. Our life insurance needs may also change. Whenever there are significant changes in your life such as a child being born or a child moving out of the house, you should review your need for life insurance.

In some cases, you may need to increase the amount of life insurance that you have, while in other cases, you may no longer need coverage and can stop paying premiums. Before you make any decision, you should consider the consequences of your actions.

If you buy a house with a 30-year mortgage, you may want to buy a term life policy that coincides with the payoff date of the home. That way, if something happens to you, your spouse and family will have the money needed to pay the mortgage and stay in the house.

Life insurance can be used to pay off debts, provide financial security for your beneficiaries, or even to give as a gift to your favorite charity. To get a quote, or for more information about life insurance in Idaho, please contact Access First Insurance in Eagle, Idaho. 

Life Insurance: Another Way To Save

Life insurance allows you to save money in the event of your passing. Even young people must start thinking early about life insurance, especially since life insurance rates increase as you age or develop an illness. With a life insurance policy in place, you know you are saving for the future. You may not realize it, but a life insurance policy is actually a vehicle to save money.

Savings for Loved Ones

When you are gone, your family loses financial support from your income. In some cases, this may be the only source of income. Life insurance is savings to help your family with routine expenses, monthly bills or even a mortgage. They are able to combine this money with any other savings you or they might have to help support daily life.

Save for Your Future with Whole-Life Insurance

Whole-life insurance is one form of life-insurance you should consider because it can actually help you with your own bills and expenses. Unlike term-life insurance, you can access some of the value of your whole life insurance before your passing. After a certain amount of time, you are able to surrender the policy and get the cash value you have accumulated. The more you accumulate or save, the more you can access.

This type of policy is great for savings because it allows you to access the money and help pay for important costs now, such as a mortgage or expensive medical bills. Use it as a savings tool to help fund your retirement years.

If you’re considering using a whole-life insurance plan for savings, start as soon as possible. Premiums increase as you age or get sick, and you never know when you might develop an immune disorder, heart condition, cancer or other condition, which increases the premiums. Starting early allows you to lock in a low premium for your future savings.

For more information about life insurance in the Eagle, Idaho area, contact Access First Insurance.

Why You Need Life Insurance When You’re Younger

One of the major and persistent misconceptions about life insurance is that it’s only for the elderly or people with children. That’s simply not true. Anyone who financially supports another should purchase a policy, no matter what age they are.

Support for Dependents

You don’t have to be married or have children to financially support another person. For example, you might provide for your parents or support your younger siblings. If you die young, the premiums from a life insurance policy will ensure that your dependents have financial support for a period of time.

If you are married and have small children, insurance is a necessity. Even if you and your spouse work, your living expenses are most likely based on two incomes. The benefits from the policy make up for the loss of one income.

Insurance Policies are Affordable

As a general rule, the younger you are when you buy a policy, the lower the cost of the monthly premiums. For example, the yearly cost of a policy for a 30-year-old, non-smoking woman might be less than $300, according to CNN. Although you never hope to use it, paying a small premium each month can be worth it should your family or loved ones need the policy.

To Cover Your Funeral Costs

The benefits from a life insurance policy not only provide financial support to your dependents. Any benefits your loved ones receive can also be used to pay your funeral and burial costs. The median cost of a funeral in 2013 was more than $7,000, according to the National Funeral Directors Association.

For more information life insurance for younger people, contact Access First Insurance, in Eagle, Idaho, to get a quote today!

Browse Health Insurance Plans on The Marketplace Quotes & Purchases Platform

With the rising costs of medical expenses, you can’t be without health insurance to pay for medical emergencies or be without life insurance to pay for funeral costs and other expenses for your beneficiaries. Yet getting these insurance plans shouldn’t be a hassle of navigating difficult federal web pages that won’t load or having to call people to verify your identity over and over again.

The Marketplace Quotes & Purchases platform allows you to find the perfect plan for your life insurance and health insurance needs without becoming frustrated at long page load times or getting booted out of the server system on the federal website. Call Rachel Johnson today who can help you narrow down your choices and give you an instant no obligation quote based on the type of life and health insurance you need. You will even find out more information about the new Healthcare Marketplace exchanges for different states.

The Marketplace Quotes & Purchases provides a more streamlined way to compare insurance plans so you can pick out the right one for you and your family. Get the health insurance you need today.

For more information about the Marketplace Quotes & Purchases, please contact Access First Insurance at 208-854-3621.