Protectall Salvador - Life Insurance

LIFE IS A JOURNEY FULL OF SURPRISES... WE ARE HERE HERE TO HELP YOU REACH YOUR FINISH LINE

“Life insurance provides financial protection should the unthinkable happen, enabling people to be secure in the knowledge that their dependents could receive a cash lump sum if they were to die.

Homeowners in particular should take care not to overlook life insurance as it can help to ensure the property is paid for upon death, alleviating any financial burden and may even provide financial security for loved ones.”

Protectall Salvador will work with you to translate your goals and unique situation into a policy that will provide you assurance and peace-of-mind.

LIFE INSURANCE—FACE THE FUTURE WITH CONFIDENCE

Too often, when an income earner dies, survivors are forced to make tough financial decisions. Cost of funeral is only the first obligation, then there could be debts to pay off, housing payments to meet, ongoing living expenses, fund childrn's college education and much more.

Life insurance is a tool to protect your spouse and your children from potentially devastating financial losses if you die prematurely. Life insurance gives your family choices by providing the resources to face the obligations you left behind.

There are several points that impact which type of insurance is best for you. Generally speaking, you should consider a term life insurance policy if you’re looking for:

The most affordable coverage
Income replacement to cover your mortgage or the expense of a child's education should you die prematurely
You think may want to convert your term life insurance to whole life policy when you can better afford it

You may opt to choose permanent or whole life insurance if:

You want to provide money for your heirs to pay estate taxes
You have a lifelong dependent, such as a child with special needs
You want to leave an inheritance for your heirs when you die
You want to leave your business to one heir and use a life insurance payout to equalize the inheritance to compensate another heir

FUNERAL EXPENSES INSURANCE

Final Expense Life Insurance helps families cope with the loss of a loved one by guaranteeing all funeral and burial expenses will be paid for. With so many different options to choose from, the cost for a service, burial plot, casket, and headstone

According to the National Funeral Directors Association, the median cost of a funeral, burial services, and a vault is $9,135, while the median cost for cremation is $5,150. (Source: NFDA News Release, December 19, 2019)

Breakdown of Funeral Services

Funeral Home * Flowers
Casket * Embalming
Service Fees * Wreaths
Funeral Plot * Headstone (grave marker)

LEARN WHAT GOES INTO PRICING LIFE INSURANCE

Age

Not surprisingly, the number one factor behind life insurance pricing is the age of the applicant. If you’re young, the chances are that you’ll be getting a policy with lower rates.

On the contrary, the older you are, the more expensive it gets

Consequently, you’re better off taking out a policy before your next birthday.

Gender

Next to age, gender is the biggest determinant of pricing. Insurance carriers use statistical models to approximate how long someone with a specific profile will live. The fact is that women, on average, live nearly 5 years longer than men, and because women pay premiums for a longer period of time, they enjoy slightly lower rates.

Health

The underwriting process for most carriers includes medical exam in which the company records height and weight, cholesterol, blood pressure. They may also ask for an electrocardiogram (ECG or EKG) to check your heart in some cases. It’s critical to get any serious conditions like diabetes and high cholesterol managed before applying.

Family History

There’s not much you can do about your gene pool. However, a family history of stroke, cancer or other serious medical conditions may predispose you to these ailments and lead to higher rates. Carriers are usually interested in any conditions your parents or siblings have experienced, particularly if they contributed to a premature death.

Some carriers put more emphasis on your family’s health than others, but it’s likely to have some impact on your premium.

Life Style

Is your pastime racing cars or climbing treacherous mountains? If so, you’ll likely pay substantially more for insurance. Any time you practice high-risk activities there’s a bigger likelihood that you’ll die untimely. Companies charge more for relatively dangerous professions too.

Smoking is a higher risk for all sorts of health ailments. So if you like to light up, it’s a red flag for life insurance. In fact, it’s not uncommon for smokers to twice as much as non-smokers

Driving Record

It may come as a surprise, but during the underwriting process, most of the time the insurance companies will look at your driving record

Whether or not they ask about violations on the life insurance application, they can access your state's Department of Motor Vehicles records to find out if you’ve run afoul of the traffic laws.

Keep in mind that the last 3 to 5 years carry the most weight, so if you’ve improved your driving habits, you may benefit with a more favorable price.

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