A. Consider how much income your dependents would need to live comfortably and be secure. Any outstanding large debts, such as a mortgage, should be included in your calculations. Also, remember to include college and retirement savings, if necessary, as well as the effect of inflation. A good rule of thumb is to have life insurance in the amount of at least 7-10 times annual income.

A. Premiums for life insurance are based upon several factors including age, health, height/weight, tobacco use, participation in hazardous activities, and current lab results. The type of policy you buy will also affect the premium. The longer the guaranteed period, the more costly the policy will be. Request a Quote from us today.

A. It is a good idea to review a policy every 2-3 years to determine that it still meets your needs. Often there are life changing needs that require an update. Also, many insurance policies may not be competitively priced, and life insurance premiums have come down over the years. It is a good decision to review your in-force policy to see if the benefits can either be increased, or if the premium can be reduced.

A. Examples of life changing needs can be the following:
      •  Marriage
      •  Buying a new home
      •  Birth or adoption of a child
      •  Divorce
      •  Change in health
      •  Starting a new business
      •  Retirement
      •  Caring for an aging parent
      •  Desire to leave a legacy for children, grandchildren or charity

A. Life insurance benefits are received income tax-free by the beneficiaries. Also, life insurance proceeds avoid probate, and are generally incontestable.

A. Yes. If the policy is underfunded due to declining stock market values or declining interest rates. A review of older permanent policies is critically important. Balanced Insurance Group has saved numerous permanent life policies from a future lapse with a policy audit and review. Contact us to review your permanent policy today.

A. Yes. An insured may always replace coverage if it is determined that there are advantages to replacing an older policy. But you never want to cancel a policy until you have been approved for coverage on a new policy.