8596 W. Bolsa Ct., Boise, ID 83709
Phone: (208) 321.4621
Fax: (208) 321.4656

Life Insurance

Why is it important to have Life Insurance?

An essential part of financial planning is creating provisions for your family and loved ones following y1363427_16057933our death. Unknowingly to most, life insurance can also provide living benefits. Life insurance can assure financial security to those who mean the most to you. A carefully executed life insurance policy can help prepare for life’s uncertainties and provide peace of mind knowing that the future of those who rely on you is secure. Life Insurance is not designed to make your family wealthy without you but rather to help achieve the dreams that you and your family created together that sometimes money can help accomplish. What kind of legacy do you want to leave behind?

Pays for immediate expenses: Bills can start accumulating fast in the event of a death. Life insurance can be used to pay for immediate expenses such as funeral costs, unsettled hospital/ medical bills, mortgage payments, business commitments or college expenses for children.

Cash Resource: Life insurance provides access to cash to pay for grocery bills and other daily expenses. It can help pay for necessities such as a car, washing machine, etc. that you would normally need to qualify for a loan to get. Furthermore, it helps secure your estate by providing tax-free cash to pay estate and other obligations.

Maintaining your family’s standard of living: With the right coverage, your family’s lifestyle and standard of living can be sustained, providing much needed normalcy during a difficult time. The biggest challenge when you or a spouse passes away, if there are not adequate funds available, the surviving spouse usually has to work more. This can result in additional time spent away from children or dependent loved ones.

Wide range of options: There are two basic types of life insurance: Term life and whole life. No matter which policy you purchase, we will meet each year to review changes in your life/needs and how inflation can impact your policy. We will work with you to make any necessary adjustments so your policy is designed to meet your needs.

Term/temporary life policies offer death benefits within the selected period of time as stated in the contract. Upon your death, the policy will pay out the agreed benefit, but if you live past the pre-determined length of the policy, you will not receive benefits. In fact, most term policies (over 90%) never pay out anything!  Term insurance significantly increases at the end of each term length as premium rates are calculated at your attained age.

Whole life or permanent insurance is a better purchase long term, these policies you cannot outlive and also accumulate cash value that the policyholder can earn dividends. This money is available to use as needed as a living benefit! Whole life also provides an opportunity to lock in your premium rate until the policy endows, is surrendered, or a claim is made.

Coverage modified for your specific needs: If you have dependent children, a spouse or parents/family to care for, you’ll want a policy that would protect them after your death. Typically, policies are opened for the breadwinner of the family, but, a stay-at-home spouse’s contributions are often overlooked. You might consider a policy to cover childcare, carpooling and household chore expenses in the event of a stay-at-home spouse’s death.

Appropriate coverage makes a difference: It is important to consider how many dependents you have, how long they will be dependent upon you, and the lifestyle they expect to live after your death. These are important factors when deciding how much coverage you need, in general, you will need more coverage than a typical plan offered by an employer, which usually totals one or two years of your gross salary.

Improve your credit rating: A life insurance policy is considered a financial asset and may increase your credit score, which could be beneficial when trying to obtain a home or business loan.

Life insurance may be exempt from bankruptcy: Most life insurance plans will not be affected by bankruptcy and will remain intact if you claim bankruptcy. However, you’ll need to consult with a bankruptcy expert, as each case is unique.

Life insurance can be complicated: Don’t stress. At Shores Insurance we can walk you through the advantages and disadvantages of each plan available through the most competitive insurance carriers and help you find coverage that works best for your personal situation, now and in the future. We offer a free consultation and policy review for those who have existing policies and want to verify their coverage appropriately meets their needs.

Tom Shores Insurance