Updating Your Personal Information It’s important to keep your life insurance policy up-to-date with your current personal information. This includes your name, address, phone number, and other contact information. If your policy is underwritten by an insurance company, you may be able to update this information directly with the company. In other cases, you may…
Cash Value Many life insurance policies come with a cash value component. This means that, as the policyholder pays their premiums, a portion of the premium is set aside in a savings account that grows over time. If the policyholder outlives their coverage, they can choose to receive the cash value as a lump sum…
Why financial history matters The financial history of an individual can indicate their ability to pay their life insurance on time. Insurers will look at the applicant’s credit score and debt-to-income ratio to determine if they are a high or low-risk individual. If an applicant has a high debt-to-income ratio and a low credit score,…
How Substance Abuse Affects Life Insurance Premiums Life insurance companies use various factors to determine the risk associated with insuring an individual. Substance abuse is one of these factors and is considered a red flag by insurance companies. Substance abuse increases the risk of death, and therefore, life insurance companies are likely to charge higher…
Here are some tips to help you choose the right life insurance agent: Look for experience and expertise: The right life insurance agent will have a thorough understanding of the industry and will be able to answer any questions you have about life insurance. Look for an agent who has been in the business for…
Step 1: Determine Your Coverage Needs The first step in buying life insurance is to determine how much coverage you need. This will depend on your individual circumstances, such as your income, debts, and the number of dependents you have. A general rule of thumb is to purchase enough coverage to replace your income for…
Life and health insurance are crucial components of a comprehensive financial plan. They provide a safety net for you and your loved ones in the event of unexpected medical expenses or loss of life. However, with so many options and carriers available, finding the right coverage can be overwhelming. That’s why Buckalew Financial Services is…
Determine Your Coverage Needs Before you start comparing quotes, it’s important to determine how much coverage you need. Consider factors such as your income, debts, and living expenses to determine the amount of coverage that will adequately protect your loved ones. Consider the Type of Policy There are two main types of life insurance policies:…
Accidental Death Benefit (ADB) Rider The accidental death benefit (ADB) rider provides an additional payout to your beneficiaries if your death is the result of an accident. This type of rider can offer added protection and peace of mind, especially if you engage in hazardous activities or have a dangerous occupation. Disability Income Rider The…
Life insurance is a crucial component of any comprehensive financial plan. It provides a safety net for your loved ones in the event of your untimely death, ensuring that they are protected financially and able to maintain their standard of living. One of the primary benefits of life insurance is that it pays out a…
