Here at Bacon Insurance Group in Richmond, VA, there are a few little-known benefits of life insurance that we’ll reveal here.
1. Taxes Don’t Need to Be Paid on the Benefit Amount
The IRS generally doesn’t require beneficiaries to report these benefits as part of their gross income. However, in some situations, it can be considered taxable. Ask your agent or tax consultant about your circumstances.
2. Some Polices Allow for Cash Withdrawals
Whole and universal life insurance allows for withdrawals to be made to borrow against the policy. Some also allow one to get a loan against them, which can come in handy to cover unexpected costs. Keep in mind that both options will reduce your death benefits unless the funds are repaid.
3. Medical Exams Aren’t Always Required to Buy Life Insurance
Many individuals believe that their health issues will prevent them from obtaining a life insurance policy. Several companies require no medical exams whatsoever for guaranteed and simplified issue insurance. Group life insurance through an employer may also not require health exams.
4. You May Already Have Life Insurance and Not Know It
Many employers offer their staff a baseline life insurance policy as an incentive. It may be bundled along with dental, medical, and vision plans. However, it may not be enough, making a supplemental policy necessary.
5. They Come With a Premium Wave-Off Option
You have to make payments on premiums over the tenure of the policy. However, if the policyholder becomes permanently disabled, a rider goes into effect, which sometimes allows premiums to be waived. Contact your provider to see if you qualify for this benefit.
If you want to protect your family’s financial situation after your passing, contact Bacon Insurance Group Richmond, VA, for a custom quote today.
Many people want to leave a financial legacy as they pass away. Our team of qualified insurance professionals at Bacon Insurance Group in Richmond, VA can help you find a life insurance policy that provides a death benefit that can make a major impact on the beneficiary’s life after your passing.
Whether you know you want to hold a life insurance policy or you’re on the fence about it, you should do your research to have a solid understanding of the difference between a life insurance death benefit and other forms of provision for your loved ones after you’ve passed.
What’s the Difference Between a Death Benefit and Inheritance?
When a loved one passes away and leaves their family members or friends with some kind of financial provision, it can relieve some of the burden for the family that comes with losing a family member. Even if you don’t have any family left or anyone whom you would like to receive an inheritance or death benefit, you might find that it can help you to have a semblance of peace as you face the transition from life to death to leave a legacy of a death benefit with your favorite charity or organization.
While an inheritance involves bequeathed assets that are laid out in a will or other official document related to estate planning, a death benefit can only be paid out if the person holding it has a life insurance policy.
Consult With Us
In short, a death benefit is paid out from a life insurance policy. Conversely, an inheritance is designated to the recipient in a will. An agent at our office could give you a better idea of more nuanced distinctions.
For more information, call Bacon Insurance Group in Richmond, VA today.
At Bacon Insurance Group in Richmond, VA, we offer life insurance so you can protect your family. Today, we are here to answer the question, "Do stay-at-home parents need life insurance?"
The Purpose of Life Insurance
When you think about life insurance, you may think of it as a way to replace a family member’s income and cover final expenses. In fact, most life insurance experts recommend a policy that is at least ten times greater than your annual income.
However, if you are a stay-at-home parent, you aren’t bringing in an income. Does this mean that you don’t need life insurance coverage? The answer may surprise you!
Financial Contributions of a Stay-at-Home Parent
As a stay-at-home parent, you aren’t earning a paycheck. However, you do make a significant contribution to your family’s income.
Think of all the jobs stay-at-home parents do. They provide childcare. They often do the majority of household chores, including cleaning and laundry. They also perform errands, like grocery shopping and bringing the child to important appointments or events.
When you imagine hiring someone to perform all these tasks, the bill adds up very quickly.
How to Determine How Much Insurance a Stay-at-Home Parent Needs
The biggest financial cost associated with the loss of a stay-at-home parent is childcare. You’ll want an insurance policy that covers childcare expenses as long as your child or children will need it. Of course, if you have more than one child, this cost will be significantly higher.
We Are Here To Help
If you need life insurance in the Richmond, VA metroplex, contact us at Bacon Insurance Group. We offer life insurance policies to meet your needs and other types of policies to provide you with complete protection.
We all want to be healthy and feel our best, but sometimes it can be hard to get motivated here in the Richmond, VA area. Here are some suggestions from us at the Bacon Insurance Group to help you get started on your journey to health and improve the quality of your life.
Tips to get healthy
1. Start small
It’s easy to get overwhelmed when thinking of all the steps you need to take to get healthy. Instead, focus on one thing that you can do today and build upon it. Whether it’s committing to 10 minutes of exercise or packing a healthy lunch for work, start small and gradually increase your efforts over time.
2. Get organized
Write down specific goals you have for getting healthier and create a plan for achieving them. Make sure these goals are realistic so that you don’t become discouraged if they aren’t achieved promptly. Having an organized plan will help keep you motivated and accountable for your progress.
3. Find support
Getting healthy shouldn’t be done alone! Find friends or family members who share your same goals and use their support as motivation throughout the process. Encourage each other and celebrate successes together!
Update Your Life Insurance
These are just a few ways of getting healthy, but there are countless more strategies that can also help with this goal. So find something that works for you and keep pushing yourself forward towards better health! For more tips on how to get healthy, or for more information about insurance and programs that can help get you there, please give us a call at the Bacon Insurance Group today. We proudly serve the Richmond, VA area.
Life insurance is one of the most important investments you can make for your family’s future, but deciding which type of policy is right for you can be challenging. Term life insurance provides coverage for a set period, while whole life insurance offers lifelong protection.
There are a few things to consider when choosing between term and whole life insurance. Bacon Insurance Group in Richmond, VA can help you navigate this vital insurance coverage.
To determine the best life insurance for yourself, consider your needs:
Do You Have Children?
If you have young children, you’ll want to ensure they are taken care of financially if something happens to you. A whole life insurance policy will provide that your family is taken care of no matter what, while a term life insurance policy will only cover you for the length of the term.
Do You Have a Mortgage?
If you have a mortgage, you’ll want to make sure it is paid off in the event of your death. A whole life insurance policy can help ensure your family doesn’t have to worry about making mortgage payments if something happens to you. Your Bacon Insurance Group agent can help you determine whether term or whole life insurance is correct based on your needs.
What’s Your Budget?
Whole life insurance policies are typically more expensive than term life insurance policies. A term life insurance policy may be better if you’re on a budget. However, a whole life insurance policy may be worth the investment if you can afford the higher premiums.
What Are Your Other Financial Obligations?
Think about your other financial obligations, such as credit card debt, student loans, or car loans. You’ll want to make sure these are paid off in the event of your death so your family isn’t left with a financial burden. A whole life insurance policy can help ensure your family is taken care of financially if something happens to you.
Get The Right Life Insurance For Yourself Today
Contact Bacon Insurance Group in Richmond, VA to learn more about choosing between term and whole life insurance.
Life insurance is one of those things that, unless you are in the insurance business, you probably have little or no knowledge about. That is true for most people. In spite of that, it is something that you need to think about sooner rather than later. In the greater Richmond, VA community, Bacon Insurance Group is your local independent insurance agent. Our team will work with you to make sure you have the right kind and amount of life insurance.
Life insurance FAQs
When should I buy my first life insurance policy?
The simple truth is, before you need it. The reality is that when you are healthy and young, you will get the most choices and the best rates. It is a good idea to start with a whole life policy that will last for your entire life. At this point a term policy might run out while you still need it,
Do I need my own life insurance if I get some from work?
Yes, you do. What if you change jobs, and chances are pretty good that you will. Can you take your life insurance with you? Is it at the best rate you could get for a similar policy and is it the amount you need? You need to be in control of your life insurance.
Can I pick anyone to be my beneficiary?
Yes, you can. Be aware, however, that if you choose a child, they will need to reach their legal age before they are able to access the money.
Is there such a thing as too much life insurance?
If you are struggling to pay your premiums, then yes, maybe you have too much life insurance or, at the very least, the wrong kind. Sit down with your independent insurance agent to discuss your concerns.
In Richmond, VA contact Bacon Insurance Group to discuss what your life insurance needs are.