Insurance

Two products to help ensure your financial security

DATE | 01/11/21
4
Min
Read
array(5) { [0]=> array(5) { ["file"]=> string(19) "life-ltc-150x87.jpg" ["width"]=> int(150) ["height"]=> int(87) ["mime-type"]=> string(10) "image/jpeg" ["url"]=> string(70) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc-150x87.jpg" } [1]=> array(5) { ["file"]=> string(20) "life-ltc-300x173.jpg" ["width"]=> int(300) ["height"]=> int(173) ["mime-type"]=> string(10) "image/jpeg" ["url"]=> string(71) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc-300x173.jpg" } [2]=> array(5) { ["file"]=> string(20) "life-ltc-480x277.jpg" ["width"]=> int(480) ["height"]=> int(277) ["mime-type"]=> string(10) "image/jpeg" ["url"]=> string(71) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc-480x277.jpg" } [3]=> array(5) { ["file"]=> string(20) "life-ltc-768x444.jpg" ["width"]=> int(768) ["height"]=> int(444) ["mime-type"]=> string(10) "image/jpeg" ["url"]=> string(71) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc-768x444.jpg" } [4]=> array(3) { ["width"]=> int(900) ["height"]=> int(520) ["url"]=> string(63) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc.jpg" } } ===========array(5) { [0]=> array(10) { ["media_query"]=> int(0) ["url"]=> string(70) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc-150x87.jpg" ["width"]=> int(150) ["next_break"]=> int(150) ["ratio"]=> bool(false) ["acceptable_h"]=> int(0) ["acceptable_w"]=> int(0) ["max_image_width"]=> int(1400) ["image_full_width"]=> int(900) ["percent_width"]=> int(1) } [1]=> array(10) { ["media_query"]=> int(150) ["url"]=> string(71) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc-300x173.jpg" ["width"]=> int(300) ["next_break"]=> int(300) ["ratio"]=> bool(false) ["acceptable_h"]=> int(0) ["acceptable_w"]=> float(150) ["max_image_width"]=> int(1400) ["image_full_width"]=> int(900) ["percent_width"]=> int(1) } [2]=> array(10) { ["media_query"]=> int(300) ["url"]=> string(71) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc-480x277.jpg" ["width"]=> int(480) ["next_break"]=> int(480) ["ratio"]=> bool(false) ["acceptable_h"]=> int(0) ["acceptable_w"]=> float(300) ["max_image_width"]=> int(1400) ["image_full_width"]=> int(900) ["percent_width"]=> int(1) } [3]=> array(10) { ["media_query"]=> int(480) ["url"]=> string(71) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc-768x444.jpg" ["width"]=> int(768) ["next_break"]=> int(768) ["ratio"]=> bool(false) ["acceptable_h"]=> int(0) ["acceptable_w"]=> float(480) ["max_image_width"]=> int(1400) ["image_full_width"]=> int(900) ["percent_width"]=> int(1) } [4]=> array(10) { ["media_query"]=> int(768) ["url"]=> string(63) "https://weabenefits.com/wp-content/uploads/2021/01/life-ltc.jpg" ["width"]=> int(900) ["next_break"]=> int(900) ["ratio"]=> bool(false) ["acceptable_h"]=> int(0) ["acceptable_w"]=> float(768) ["max_image_width"]=> int(1400) ["image_full_width"]=> int(900) ["percent_width"]=> int(1) } }
Learn more about the effect life insurance and long-term care insurance programs may have on your financial security and peace of mind.

Life insurance

Member Benefits is very pleased to announce we have partnered with Associates of Clifton Park (AoCP) to offer life insurance to our members.

Life insurance not only helps ensure your family’s financial security, it provides peace of mind.

It’s also an important part of your family’s financial stability and well-being. If anyone depends on your income, they would likely struggle without it if you were to pass away.

Have you considered life insurance and what it might mean to your family? We answer some frequently asked questions to help you decide.

When is the best time to buy life insurance?

Now! You will never be younger or healthier. Life insurance costs less the younger you are.

Why should I purchase life insurance?

Life insurance is essential when there’s someone you care about who would suffer if you and your financial contributions were no longer in the picture. This could include a spouse, children, disabled family members, aging parents, or anyone else who depends on your earnings to make ends meet. It’s a simple answer to a very difficult question: How will my loved ones manage financially if something were to happen to me?

What does life insurance cover?

Some common immediate and everyday expenses people use life insurance for include:

  • Funeral and estate settlement costs.
  • Healthcare and health insurance bills.
  • Mortgage or rent.
  • Credit card debt and other loans.
  • Childcare expenses.

In addition to letting your loved ones maintain their standard of living now, life insurance also helps ensure their future. Some common non-immediate expenses life insurance covers include:

  • Future college costs.
  • A spouse or partner’s retirement.
  • Planned inheritances.
  • Special charitable giving projects like a memorial fund.

What type of life insurance should I have?

While there are several different types of life insurance to consider, what they all have in common is that they pay cash to your loved ones in the event that you pass away.

Steve Gregory, Principal at AoCP, explains, “We offer life insurance from a variety of insurance carriers, including term insurance and universal or whole life insurance policies. Most people purchase life insurance to provide benefits to their loved ones when they are no longer here, but there are also a variety of ‘living benefits’ that life insurance can offer. We can review options to help you decide what best meets your needs.”

Who needs life insurance?

This question is a very personal one. Some of the people who commonly consider life insurance include:

Married or partnered people. Those left behind often find it difficult to cover daily and future living expenses without a partner’s financial contributions. This is often as true for young couples as it is for empty nesters closing in on retirement. Life insurance can help ensure your surviving spouse or partner can maintain the standard of living you worked so hard to achieve.

Parents. It is estimated that it costs $233,610 to raise a child to age 18 (USDA). And that number increases if you plan on contributing to your child’s college education.

Statistics like this underscore how incredibly important it is for parents to consider life insurance. This is as true for working parents as it is for stay-at-home parents whose unpaid contributions to the family would be expensive to replace. And single parents supporting families on their own have an especially important need for financial protection in the form of life insurance.

Retirees. Surviving partners often have to make do with less Social Security and pension support. They may also have unforeseen funeral costs to cover. This can seriously hamper their finances.

What’s more, if you’re planning on leaving money to heirs, they could be required to pay estate taxes of up to 45%. Life insurance, which is almost always exempt from federal taxes, can be immensely helpful in any of these situations.

Business owners. Surviving family members are often not prepared to take over a business when an owner passes away. This pain is only compounded when a business has debts that are backed by assets like the family home. What’s more, a family that wishes to continue running a business may need to buy out a partner’s shares.

Those who only have group insurance through work. Group insurance is usually limited in amount and scope, and only covers you while you remain an employee. Individual insurance can be purchased for any amount needed and allows you to choose your own time period of 10, 20, 30 years or more.

What life situations would warrant life insurance?

There are certain life events that should make you ask, “Do I need life insurance?” They include:

  • Changing jobs or starting a business.
  • Buying a house.
  • Getting married or divorced.
  • Having or adopting a child.
  • Deciding to go back to school.
  • Becoming a single parent.
  • Supporting someone financially.
  • Saving for a child’s college education.
  • Getting close to retirement.

Learn more from Associates of Clifton Park

There are many reasons to consider life insurance. The good news is that getting life insurance is simpler and more affordable than most people think. One of the best ways is to work with a licensed insurance agent who can walk you through the entire process.

Adds Steve, “Educators love to teach and learn, as they know knowledge is power. The life insurance world has changed beyond comprehension in the last couple of years. For example, did you know there are programs that reward healthy living, with the potential to earn lower premiums, and other rewards? Contact us to learn more about all of your options.”

Do you have health concerns or questions? AoCP shops over 70 policies, so chances are they can find the right policy and price for your situation.

Do you have a quote from an agent or company and want an education or second opinion? We can help. You DO NOT need to provide any personal information to compare life insurance quotes with us. If you have questions about your quote and if there is a better fit, we may tell you to go with it or give you better alternatives.

Contact us and speak with a Licensed Life Insurance Advisor. Fill out our online information request form or give us a call.

1-800-893-1621
weabenefits.com/life


Long-term care insurance

Long-term care (LTC) has been called “the greatest uninsured financial risk today.” That’s because most costs for extended care needed during recuperation from strokes, accidents, illnesses, and operations are not covered by health insurance or Medicare.

LTC is the care you may need at home if you are unable to perform daily activities on your own, such as eating, bathing, dressing, or going to the bathroom. It may also include care in the community, such as in an adult day care facility.

Long-term care insurance (LTCi) provides coverage for quality LTC that may be needed at any time in life. Without LTCi, these costs are paid from one’s personal savings and assets.

Fortunately, LTCi policies can be tailored to cover varying circumstances. They are not one size fits all. When deciding which coverage you’ll need, here are some things to consider:

  • How much can you afford to contribute toward the expense of your care?
  • For how long might you need LTC services?
  • How much time will pass before you need to start receiving benefits from the policy?
  • What’s the anticipated cost of LTC?

Because your first claim might be years into the future, it’s essential to obtain your policy from a trusted source to ensure that customer service and insurer funding will be available at the time of need.

For more information, contact Associates of Clifton Park.

1-800-893-1621
weabenefits.com/ltc