Tuesday, July 23, 2013

Life insurance protects your family

When you are buying life insurance, make sure you know what type it is and how the policy is structured. What is the difference between term and whole life?

Term insurance ends at term. If you outlive the end of term insurance, all the premium you paid for the last 10 or 20 years is gone. It does not build cash value. You do not receive premium paid in.  It does not renew. You must go through the application process again.  This time 10 or 20 years older and at higher premium. One of the deciding factors of premium is age. The older you are the higher the premium. If you outlive your term insurance even 1 month past when the term is up, too bad. If you don't have another policy in place, then you have no life insurance to cover funeral expenses and other death related expenses. The financial burden will placed upon family members left behind.

The final expense programs Monumental Life offers are guaranteed that premium will never change and will provide funds to your survivors when they need it most as long as premiums are up to date. Monumental Life offers whole life policies. Whole life policies build cash value and outlive you. At the time of your death, the policy comes alive and provides the monies necessary to cover funeral and other death related expenses. Additionally, whole life policies offer living benefits.

Beware of programs that have a decreasing death benefit. While premiums typically remain unchanged, the amount of coverage you leave your loved ones can be drastically reduced. The final expense programs Monumental Life offers have guaranteed death benefit that will never decrease.

Beware of companies that have association fees. They will market guaranteed premium programs disguised with other fees. The life insurance premium rate is guaranteed but the association fees can increase at the company's discretion. The final expense programs offered by Monumental Life have no association fees. Therefore, the rates will never increase.

Does your current life insurance cover you for both accident and illness? If your death is caused by illness and your life insurance is accident only, your family will not collect the death benefit from that policy.

Monumental Life offers programs that cover both accident and illness. There is no waiting period and coverage begins after the first month's premium is collected. Death does not wait until you are ready. Be prepared and be completely covered. The application process is quick and easy. You are at your healthiest and youngest you will ever be. Now is the time to start the application process and financially protect your loved ones. 

Please visit www.monlife  to learn more about our company.

Trisha M. Pacenti RN,BSN

Saturday, July 13, 2013

What does life insurance do? Simply put: provide peace of mind

You and I have similar purposes in the world. It is your job to provide food and shelter for your loved ones. Out of your hard earned money, will come the cost of my upkeep. A small price to pay to keep me alive. You may think I am worthless or a joke to you, but someday, you and I will trade places. When you are no longer alive, I will step up and become the provider to your loved ones.

Through me, your hard work will carry on. If ever you think I am a monthly cost burden, think of the financial protection I will provide for your family when you are no longer here on earth. When your income stops, I will take over. When your income stops, your family will be financially protected through me. Your family will thank you over again for having me in place.

Life does not wait for convenience.  Be prepared and make me part of your family.

Your life insurance policy

Trisha M. Pacenti RN,BSN

Wednesday, July 3, 2013

Expenses will be incurred at your time of death: NO ONE IS IMMUNE

Final expense insurance is life insurance with a specific need. Final expenses largely make up funeral expenses. Your funeral is the very last expense you will incur. Having the money readily available to your family is part of estate planning. Final expense programs are estate planning.

Today you are in the best of health you will be. Purchasing now will qualify you for the best rate available at your current age. Life insurance is the least expensive insurance and offers the most value added benefit. If you are on a fixed income, chances are your beneficiary is too. Life insurance is protecting the beneficiary from financial catastrophe.
Life insurance is different than pre-need plans offered by funeral homes. Case scenario:  you purchase a life insurance policy with a face value of $10,000.  After only 1 premium payment, you become a victim of a fatal car accident or suffer a fatal cardiac arrest. The full value of $10,000 is available immediately to your beneficiary. The policy you took out in your estate planning is ready to be put to work. You have protected your beneficiary from facing a financial crisis.
Now, lets look at a pre-need plan. During your meeting with your funeral director he sells you a $10,000 pre-need plan with a monthly premium of $54.00. After only 1 premium payment you become a victim in a fatal car accident or suffer a sudden cardiac arrest. Your beneficiary is now responsible for paying $9,946.00 plus interest. If your family is cash strapped, where will that money come from? If you have outstanding bills that need to be paid, where will your beneficiary get that money? You have created a full financial crisis for your loved ones that they may never financially recover from. 

Procrastinating just adds to higher premium payments and not being prepared. Death does not wait. It is going to happen.  Funeral expenses are at an all time high and are expected to increase. Say you have enough money in the bank to cover a $10,000 funeral bill. In the interim, you suffer from a debilitating car accident or a mild heart attack. Your major medical insurance will pay the doctor and hospital, but you will have co-pays, prescription, fuel and household bills to pay. If you are on a limited income, you will burn through that $10,000 bank account. Leaving you with not enough money to pay funeral expenses when the time comes. By proscratinating, you have gained nothing. 

Estate planning is simple and easy to do. Just take the time and do it.

Good health,
Trisha M. Pacenti RN,BSN