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Life Insurance

Life Insurance2024-04-16T17:28:15+00:00

Plan Today for the Uncertainties of Tomorrow

Everyone deserves a secure financial future and that’s why life insurance is so important. Whether you’re just starting out or you’re getting ready to retire, a life insurance policy can help you give your family financial peace of mind if you are no longer there to provide for them. The trouble is choosing from the myriad of options. Intelliplan knows how to help.

How does Intelliplan choose the right Life Insurance Policy?

There are several options in utilizing life insurance and not all insurance is right for everyone. When a life insurance policy is designed properly, it will provide for the family in the event of an unexpected death. Some policies offer safe and guaranteed cash accumulation for emergencies, as well as a tax-free retirement income, and a legacy from generation to generation. We look at your whole life and its entire financial picture before recommending a policy.

Commonly Asked Questions about Life Insurance

Insurance seems like a big commitment. We understand that you want to know your plan and be comfortable with the choices. That is why you can ask us anything, anytime.

Do I Need Life Insurance?

Not necessarily. If you have no children or dependents whom you support financially, you might not need a life insurance policy after all. Life insurance aims to provide a solution for those who seek income replacement, mortgage protection, estate planning, leaving a legacy, or burial expenses. However, if someone you love is dependent on you financially, you need life insurance.

To determine how much life insurance you need, it’s best to look at your surviving family’s immediate, ongoing, and future financial obligations, and compare that with your financial resources. Below are examples of each type of need:

  • Immediate: funeral costs, medical bills, taxes.
  • Ongoing: mortgage payments, utilities, food.
  • Future: college tuition, retirement funds.

Financial resources can include your partner’s income, savings, income-producing assets, and investments. Considering all these obligations and resources, the difference between the two is how much life insurance you need.

Buying a term life or a combination of term and permanent insurance may help you pay a lower premium. Buying a policy early in life is also a good way to ensure a lower premium.

The older you are, the higher the premiums, and the more risk you have of developing a health condition that could increase your premium even more or disqualify you from getting coverage at all. You can read more about saving on life insurance here.

Premium rates are typically based on factors such as age, gender, height, weight, health status (including whether or not you use tobacco), and if you participate in high-risk activities or occupations.

Permanent policies are typically the best option if you are looking for life-long protection, or an option to accumulate a tax-deferred cash value. A portion of the premium of a permanent policy is used to build up a cash value. The cash value can be used in several different ways, including allowing you to take out a loan against the cash value, or paying your premium after your policy is fully paid up.

If you already have a policy, it will usually have a lower premium rate than a new policy you would buy. If you’re buying a permanent policy, the cash value will also be smaller for several years. Keeping all these factors in mind, it might be worth considering a new policy if you have any significant changes in your life circumstances, such as if you:

  • Are recently married or divorced
  • Have or adopt a child (or became a grandparent)
  • Have children or grandchildren who are about to enter college
  • Provide care or financial help to a child or elderly parent
  • Receive an inheritance
  • Retire (or your spouse retires)
  • Start a business
  • Change or lose your job or salary

Most policies have a 31-day grace period wherein you can pay the premium with no penalty or interest. If you have a term policy and do not make the payment within this grace period, the insurance company will usually terminate the policy. If you have a permanent policy, you can authorize the insurance company to draw your premium from your policy’s cash value.

A Life Insurance with Living Benefits

Flexible options, such as 0% equity withdrawals and Dividend Payouts

Unlike in other life benefits, with Intelliplan strategies you can take out your equity as you see fit, without consequence.

Review Your Current Life Insurance

We recommend Reviewing Your Policy Every Year

Life is changing rapidly. Odds are, your policy may be out of date and you are missing out on some major advantages. If you have had any major life events recently, call Intelliplan to review your policy.

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INTELLIPLAN FINANCIAL

670 Morrison Rd., Suite 210
Gahanna, OH 43230

(614) 255-7547
hello@intelliplanfinancial.com

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