Category: Life Insurance

The importance of beneficiaries in relation to life insurance policies is often underestimated. The selection process can be daunting, requiring careful planning and thought. At Blevins Insurance Agency in Lafayette, IN, we appreciate the significance of this decision and offer our expertise to guide you through the complexities of appointing your life insurance beneficiaries. We aim to empower you to make informed decisions that secure the financial future of your loved ones.

Tips to Choose Your Life Insurance Beneficiaries

The careful selection of life insurance beneficiaries is a pivotal decision. First and foremost, it’s vital to periodically review and revise your list of beneficiaries in line with changing life circumstances. This ensures that the appropriate individuals or organizations receive the policy payout in the unfortunate event of your demise.

Similarly, while making your choice, assess the financial needs of your potential beneficiaries. Understanding how the insurance payout can support you during challenging times helps you make a more informed decision.

The Importance of Primary and Contingent Beneficiaries

It is also advisable to designate both primary and contingent beneficiaries. While primary beneficiaries are the first to receive the insurance payout upon your passing, contingent beneficiaries can claim the payout if the primary beneficiaries are unable to. This dual designation allows for greater flexibility and ensures that your insurance proceeds are distributed according to your wishes.

Reach Out to Blevins Insurance Agency

At Blevins Insurance Agency in Lafayette, IN, we’re here to help you navigate all aspects of life insurance policy setup, including beneficiary designation. Contact us today to schedule an appointment with an experienced agent and explore your options for securing the future of your loved ones.

With the commitment to a mortgage comes the responsibility of protecting one’s investment and ensuring that loved ones are not burdened with financial challenges in the event of unforeseen circumstances. Mortgage Protection Life Insurance is a safeguard that provides policyholders in and around Lafayette, IN with relief and financial security.

Securing Your Home in Times of Loss

The loss of a loved one is emotionally challenging, and the last thing a grieving family should worry about is the financial strain of mortgage payments. It leaves worse pain if evictions are in the realm of possibility. Mortgage Protection Life Insurance steps in to alleviate this burden, offering the following benefits:

• Debt Repayment: The policy pays off the remaining mortgage balance, preventing the surviving family members from inheriting the financial responsibility.
• Maintaining Stability: Keeping the family home intact provides stability during a difficult period, allowing loved ones to focus on emotional healing without the stress of potential foreclosure.
• Customizable Coverage: Mortgage Protection Life Insurance policies are often customizable to align with the specific terms and duration of the mortgage. This ensures that the coverage meets the unique needs of each homeowner.

Key Features of Mortgage Protection Life Insurance

When considering Mortgage Protection Life Insurance, homeowners should be aware of the following features:

• Decreasing Benefit: The coverage amount decreases over time, aligning with the decreasing mortgage balance.
• Terminal Illness Coverage: Some policies offer coverage in the event of a terminal illness, providing financial support when most needed.
• Simplified Underwriting: The underwriting process for Mortgage Protection Life Insurance is often simplified compared to traditional life insurance, making it more accessible for homeowners.

Blevins Insurance Agency Can Help You

At Blevins Insurance Agency, we can help answer questions concerning life insurance. We serve the Lafayette, IN area. Contact us today. 

Life insurance is an essential financial planning tool to ensure your loved ones are taken care of in your absence. It is crucial to plan and make wise decisions as you move through each life stage in Lafayette, IN. Blevins Insurance Agency explains the importance of life insurance in different life stages and how to plan for each chapter.

Life Insurance for Different Life Stages

Early Adulthood

As a young adult, the value of life insurance is often overlooked. In this life stage, you may not have dependents and may not be worried about the financial burden of your absence. However, investing in life insurance early on is a smart decision as it assists in safeguarding your future insurability.

Married with Children

The next significant step is getting married and starting a family. In this phase, you need to plan for the future and consider how your spouse and children would manage if something happened to you. A life insurance policy ensures that they can maintain their lifestyle in your absence and provides a steady income stream.

Pre-Retirement

In this phase, you may have paid off your mortgage, your children have grown, and you may be considering retirement. However, it would help if you had a life insurance policy to cover any outstanding debts and cater to your dependents’ financial needs. 

Retirement

Many retirees consider life insurance as an avoidable expense as their children are independent, and they may have accumulated significant wealth over time. However, life insurance becomes crucial at this stage if you have any pending debts or taxes to cover.

We Are Here To Help

Purchasing life insurance is crucial at every life stage. Contact Blevins Insurance Agency in Lafayette, IN to review your policy and secure your family’s financial future.

Deciding if you need to get life insurance is an important decision in your life. It is not one to take without asking the right questions. Our team at Bevins Insurance Agency in Lafayette, IN can answer any questions you have about life insurance and why it is an important part of your financial plan. Our team is experienced in all aspects of life insurance. 

Do I need life insurance if I have no dependents?

If no one counts on your income and you have enough cash to pay off any debt you may have and your final expenses, then no, you don’t need to have life insurance. 

Can I choose anyone that I want as a beneficiary?

The choice of beneficiaries is up to you. It can be one person or more than one person, but if the person you choose is a child, they will not be able to collect the benefit until they reach legal age in the state where they reside. 

Should I have life insurance after I retire?

Each case is different, but if someone still counts on you for support, then yes. You may not need quite as much as you need before retirement. Discuss the options with your independent agent. 

Do I need to buy my own insurance if I get some at work?

Your life insurance is designed to protect your loved ones in the event something happens to you. Do you trust your employer to know how much your family needs to survive? It is better to control the amount of life insurance you have yourself and think of your employee benefits as a bonus. 

Give Us A Call

Call Blevins Insurance Agency when you need help with your life insurance decisions in Lafayette, IN. 

A life insurance policy is one of the most important investments you can make for your family. It provides peace of mind in knowing that your loved ones will be taken care of financially if something happens to you. However, as your life changes, so should your life insurance policy. Blevins Insurance Agency in Lafayette, IN is here to help. 

When to Update Your Life Insurance Policy 

1. When You Get Married

If you’re like most people, you probably didn’t have a life insurance policy when you were single. But now that you’re married, it’s time to reconsider. It provides financial security for your spouse if something happens to you and can also pay off debts, cover funeral expenses, and more.

2. Welcome a New Child

Once you have children, your life insurance needs will increase exponentially. Not only will you need to provide for your spouse if something happens to you, but you’ll also need to make sure your children are taken care of financially. A life insurance policy can help ensure your children can attend college, have a financial cushion in an emergency, and more. Contact Blevins Insurance Agency for help with finding the proper coverage.

3. Change Jobs

Updating your life insurance policy is essential if you’ve recently changed jobs. Most employer-sponsored life insurance policies only provide up to a certain amount and may not cover you if you leave your employment. If you have a change in income, it’s also essential to update your life insurance policy so that it continues to meet your needs.

Contact Us Today 

A life insurance policy is an essential investment for anyone with family or other dependents. Be sure to review your life insurance policy periodically and make updates as needed so that it continues to meet your needs throughout your life.

Do you need help finding the right life insurance policy in Lafayette, IN? Blevins Insurance Agency can help. We specialize in assisting families in finding the right coverage at the right price.

There are two primary types of life insurance. These are term life and whole life policies. Both of these have their own advantages and disadvantages, and you should understand what they are before you choose your life insurance policy. When you need life insurance, contact us today at Blevins Insurance Agency in Lafayette, IN to learn more. 

Life Insurance: What You Need To Know

Whole Life Insurance

This type of life insurance is one that you can keep for the rest of your life. These policies require a premium to be paid as agreed, and as long as that keeps being paid, the policy can’t be canceled. Even the company issuing the policy can’t cancel it. You can truly keep it for your whole life, as the name suggests. This type of insurance will also build up a cash value for your policy. It’s this amount that you can borrow against if you were to ever have a financial emergency and need money. Many people choose these policies because they want that extra layer of security available to them. 

Term Life Insurance

With this type of life insurance, the setup is very different. Instead of being a policy that is good for life, it is a policy that is good for a specific term, hence the name. This term is often about 20 years. The policy is in effect during the term and then expires after it. When that happens, you must get a new policy, starting over again with a new application. A major benefit of this type of insurance is that it costs less and can be very affordable. It’s a popular type of insurance because of its price tag. 

Get Your Life Insurance Policy

Most people should have life insurance, so don’t wait to get a policy of your own. When you need a policy, give us a call at Blevins Insurance Agency in Lafayette, IN to get started. 

When thinking about life insurance, most people don’t think about it until they are older and getting closer to death. When they are younger, they may feel invisible. As they age, they are faced with a mortgage and raising a family. They may not have enough extra money to put toward life insurance. So, that being said, is it ever too early to get life insurance? 

Blevins Insurance Agency in Lafayette, IN recommends you consider life insurance

The truth is that it is never too early to get life insurance. In fact, some parents will buy insurance for their young children, just in case. These policies are often very affordable due to the fact that death is unlikely at this age.  

As you start to go out and live your own life, you may also feel like you are too young to get insurance. However, you may want to think about getting a policy. Your premium will be much more affordable when you are in your twenties and thirties, instead of your forties and fifties. In fact, it could double in just a few years!  

You also need to think about your health. As you age, you may develop health problems that could make your insurance cost even more. You might even have a disease that prevents you from getting insurance. That wouldn’t have been a problem if you had gotten it earlier, and you should have been covered.

Though you may feel like you are too young to worry about life insurance, the truth is that you should consider it. It will be much cheaper now than later. You may also become ineligible for insurance if you develop a health condition. 

If you want to make sure that you have the right life insurance policy, you should contact us today at Blevins Insurance Agency in Lafayette, IN. 

Most people don’t know a lot about most kinds of insurance and life insurance is no exception. . If you have lots of questions, you have company. At Blevins Insurance Agency in Lafayette, IN, we have been helping residents in the area since 1998. As independent agents, we are able to work for our customers to find the right life insurance to meet their needs. We also get to know them well enough to know what those needs are. 

When is the optimal time to buy life insurance?

When you are healthy and young, life insurance will be at its most affordable.  But that is not the only time that it makes sense. When you are getting married, having a child, or have just bought a home, these are all times when buying life insurance may be a good decision. You want to buy it before you need it. 

Should I buy whole life or term insurance?

You should probably have both types of life insurance. Term life insurance only lasts for the term of the policy, which can be anywhere from 5 to 30 years. At the end of the term, there is no longer any coverage. Whole life insurance stays with you for your entire life and the premium won’t go up. 

Do I need my own life insurance if I get some from my employer?

If you could guarantee that you will never leave this employer, you might not need your own insurance, but no one has that assurance. Your employer could lay you off or close their doors and then what would happen to your life insurance coverage? Who knows? It is always best to be in control of the decisions that affect your life insurance. 

Contact Blevins Insurance Agency in Lafayette, IN if you have questions about life insurance. 

The decision to get life insurance is a big decision, but it should never be as stressful as people consider it. If you are wondering if you need life insurance, there are a few life litmus tests that you can give yourself to determine what to do about this insurance policy.

At Blevins Insurance Agency, we want Lafayette, IN residents to feel secure about their futures, and about the futures of their dependents. We can help you design the best life insurance policy for your needs, for the right reasons.

Middle-Aged With Dependents

If you are middle-aged with dependents, life insurance is a good idea. For all those nights you wonder what will happen to them if something happens to you, life insurance is the answer.

If you are middle-aged and healthy, and not looking at life insurance as an investment, term life insurance will probably be the best option for you. This is life insurance that you purchase for a set amount of time, with a one-time benefit for your chosen beneficiaries. It can help them pay for funeral costs, your mortgage, and any other life expenses they will need.

Retirement Security

When you are thinking of life insurance, you are thinking of all of your needs for the long-term. Retirement security is something everybody thinks about at any age. If you are not sure how you are going to invest in your retirement planning, life insurance is a great start.

Whole life insurance and permanent life insurance are life insurance policies that function as assets. They offer death benefits, but additional benefits as well. You may be eligible to receive annual dividends after you have been paying for your life insurance for a few years if you pay more premiums than you are supposed to. Some may also provide long-term care coverage.

Every kind of life insurance functions as retirement security. 

Get a Quote

There is no one answer on whether you need life insurance. If you want security for your dependents should you die, you need life insurance. At Blevins Insurance Agency, we want Lafayette, IN to feel secure with their life decisions. Call us for a quote today.

The talk of death is taboo to many. However, if you want to secure the future of your loved ones, it’s a topic you can’t avoid. Life insurance helps plan for the life of your dependents after you are long gone. Yes, it’s impossible to replace you, but life insurance makes life easier for those you leave behind.

Sometimes, insurance can be confusing, and knowing what you need can be a tall order. However, when you partner with competent insurance agents like Blevins Insurance Agency of Lafayette, IN, insurance can be broken down into simple, digestible chunks that are easy to understand.

Today, we will take a deep dive into one of the most asked questions: Why do I need life insurance? If you would like to find out, keep scrolling.

To protect your loved ones.

If you have children, aging parents, or a disabled sibling that depends on you for financial support, life insurance is a worthwhile investment to support their financial needs even when you die. Simply put, life insurance replaces your income when it is time to go.

To pay off your debts.

Do you have a home mortgage? Or perhaps you have a federal student loan or a credit card? Since you wouldn’t want to leave a financial burden to your loved ones and loan cosigners, investing in life ensures that your debts are taken care of when you pass on.

Funerals are expensive

Did you know that it cost about $7,000 to $10,000 to fund an average funeral? Of course, this figure can go depending on your funeral wishes. Your family is already having a hard time processing your demise. Adding funeral expenses on top can only worsen the scenario. 

To protect your business.

If you are in a business partnership, your partner depends on you for financial support. If you die, you will leave a huge financial gap that is difficult to fill. Without life insurance, your business could face substantial financial losses and liabilities that could compromise its going concern. However, life insurance can plug the financial gap left as things settle. 

Are you seeking to determine your life insurance needs? Please contact Blevins Insurance Agency. Better yet, you can visit our Lafayette, IN office to speak to one of our agents in person.