Health & Life Insurance
Everything You Need To Know About Life Insurance
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance. Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you need coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or pay off a particular debt, such as your mortgage.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums and no loans, withdrawals or surrenders are taken, the full amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to contribute over a long period of time.
It’s impossible to say which type of life insurance is better because the answer is largely contingent on the unique circumstances and financial goals of the individual in question.
The best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed Philadelphia American life insurance professional.
According to LIMRA’s 2018 Insurance Barometer Study, almost sixty percent of United States residents were covered by a type of life insurance. Another notable fact revealed in the findings was that one in five people did not have sufficient insurance to cover their needs. Conversely, the study revealed that approximately one out of every three people tried or purchased online life insurance in the year 2017.
Many people, especially the younger generations, typically overestimate the cost of life insurance and choose to put off looking into it until they’re older. However, identifying the right type of insurance for you is very important. In addition to life insurance, Remco Insurance Services can help you with homeowners insurance services, car insurance, and many others.
Спасибо большое Георгию за помощь в оформлении страховки,все четко ,понятно.Георгий всегда на связи и отвечает на любые вопросы
July 25, 2022
John is super helpful! I highly recommend Remco
July 25, 2022
Рекомендую!!! Георгий очень внимательный и отзывчивый. На все свои вопросы я получила ответы. Вид страхования и его стоимость получила как и было обещано.
July 25, 2022
Great service, special shout to Irina for helping me with a quote. Fast, honest and trustworthy!
July 25, 2022
Special thanks to George and Irina. They helped me out and I'm very glad I talked to them. They didn't waste time or beat around the bush. They got me a great quote for my house and car insurance. I'd definitely recommend giving them a call for a quote. In a time where customer service is king, these two are definitely up there when I have any questions or need help.
July 25, 2022
Jay and his team have been awesome people to work with! Very genuine in what they do and truly care about having a positive impact on their clients and the local community. Highly recommend working with Remco!
July 11, 2022
Здравствуйте, хочу выразить огромную благодарность Георгию. Он нам помог открыть страховку. Хочу отметить высокий профессионализм Георгия, очень доступно все объяснил и подобрал лучший вариант для нас.
July 1, 2022
Здравствуйте, хочу поблагодарить Георгия за помощь в оформлении мед. Страховки! Я с ребенком нахожусь недавно в США и совершенно не знаю как оформляются страховки и всё остальное! Сколько нужно за это платить и тд ! Пошла в ближайшее место по страховкам и там насчитали за оформление (400$),Тк пока без работы и каждый доллар на счету и перед принятием любого решения взвешиваю, решила отложить этот вопрос и ещё искать информацию! когда я на fb увилела объявление о том, что Георгий помогает с оформлением страховки для украинцев бесплатно, я набрала Георгия и этот человек уделил мне время, спокойным голосом всё рассказал, разжевал буквально пошагово и всё оформил! Даже затронули тему от куда я( такое чисто человеческое отношение). Такой отклик и такая поддержка настолько выручает! Я очень благодарна, что есть такие люди, которые помогают другим тем, чем они могут! Особенно в такое время! Это так важно! Для таких , как я , (а таких очень много)это такая рука помощи и такое подспорье! Ещё раз благодарю!
June 1, 2022
Guys are great. They keep up with the times and do not lag behind like others. They quickly did their job. we are very satisfied.
May 28, 2022
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Choosing life insurance
Today, there seems to be an overwhelming number of choices when it comes to life insurance plans. More than that, people often feel like opting for life insurance is less important than other types of insurance. Naturally people prefer to avoid thinking about something they hope won’t be happening anytime soon: your loved ones’ or family’s situation after your death.
However the fact remains that life insurance can be incredibly important for your family in the event that the worst comes to pass. A renowned Philadelphia Life Insurance Company can help you in choosing the right insurance for you and your family.
Life insurance- What you need to understand
Life insurance can be understood as a contract you make with the insurance company. Once the contract is signed, you start paying the agreed upon premium. What do you get in return? Life insurance companies commit to pay an agreed upon amount of money to your family or chosen beneficiary upon your death.
The term “death benefit” refers to the funds received by your loved ones upon your death. A person who receives the money upon your death is called a beneficiary. Remco Insurance Services is known for affordable insurance services, such as health insurance services, which will make your loved ones’ futures more secure.
Life insurance and its importance
The primary reason for choosing life insurance is to guarantee financial security for your loved ones and/or family when you’re gone. Through life insurance, you can ensure their lifestyle will not be fiscally affected by your death. However, there are many other benefits of life insurance in addition to this. Let’s take a look at some of them:
- Once a person dies, the family will likely face many expenses simultaneously. These expenses typically include unpaid medical bills and funeral expenses, but can often include student debt and other types of unpaid debt. If a person has life insurance, their family will not be forced to assume the full burden of these many potential expenses.
- Every family has a certain lifestyle they hope to maintain throughout their life. What happens when the primary earner of the family dies? A life insurance policy can be the only thing maintaining a family’s lifestyle after the death of the “breadwinner.” Leaving money after death supports the family and allows them to continue with the same lifestyle they have grown accustomed to.
- Paying off a mortgage, gathering the funds for college, supporting a charitable cause, and even leaving an inheritance are all made possible when a person opts for life insurance.
- When a person chooses life insurance in addition to pursuing other investment options, they are now compounding the financial support their loved ones will receive upon their death.
- Life insurance can bring a lot of tax-related advantages. A person can enjoy the benefits of certain tax breaks by choosing the correct life insurance plan. Opting for life insurance is in essence simply transferring wealth while saving on taxes.
- A life insurance policy payout can be used to pay estate taxes so the family need not worry about paying taxes when they are utilizing the inheritance.
- With a large life insurance payout a person can secure a mortgage and all other types of debts and utilize them when a lender requires it.
You can easily get other types of insurance including flood insurance services, health, auto insurance and many more at Remco Insurance Services.
Life insurance- How much do you need?
Why do people buy life insurance? There are various reasons, and the essential question everyone has to ask themselves before purchasing life insurance is simply, “how much do I need?”
Once you are clear about why you’re opting for life insurance, you can easily decide the amount you need. For example, if you’re buying life insurance to secure your family’s financial well-being then you need to consider several personal factors, primarily your debt and their future expenses. These factors will help you in deciding the amount right for you.
Regardless of your circumstances, you should estimate the income required to support your beneficiaries for one year in the case of your death. Be sure to consider factors like your own expenses and activities that will not be occurring after your death. In addition to this, you have to consider the amount which goes towards the remaining mortgage.
Does it look complicated? Yes, it’s neither easy nor fun to consider questions related to income replacement in the event of your death. This however doesn’t diminish its importance. Let’s consider some of the questions you need to ask yourself before determining the amount of your life insurance policy.
- How long are you planning to provide income for your family?
Have you included funds needed for the college education of your children?
- Currently, what other savings and investments have you setup?
- If you are married, will your spouse continue to work after your death? If yes, how long will they work? Are they contributing to family expenses?
- Think about the current debts family has. Are you planning to cover everything with your life insurance policy?
- Have you included medical bills, outstanding loans, and mortgages?
- What happens to the family’s regular expenses after your death? Don’t forget to include medical costs, like hiring help at home and funeral expenses.
Life insurance- What is the cost?
Life insurance and the premium to be paid can vary from a few dollars to several hundred per month. But, the best part is the majority of the insurance companies offer several payment options. They bring plans to make the payment affordable. In general, several factors influence the cost of life insurance.
- The largest factor that affects the cost of life insurance is age
- Pre-existing medical conditions also affect the cost of life insurance. These conditions can vary from regular smoking to chronic illnesses. In some cases, a life insurance agency may require you to pass a medical exam to determine eligibility.
- Consider the amount of death benefit; will it be enough to cover all the expenses you’ve calculated?
- Here the cost also depends on the type of life insurance. If you go for permanent life insurance instead of term insurance, it becomes a little bit expensive
- Consider the cash value of the life insurance policy
In other words, if you are healthier and younger, then your life insurance will be less expensive. A professional Life Insurance Company can guide you when you are worried about choosing the right kind of life insurance at the right price.
Things to consider when thinking about life insurance
Apart from all these, it’s advisable to consider several other additional factors when choosing life insurance. Many factors come into play when identifying the most appropriate life coverage for you. Once you understand all these, decide what kind of a monthly payment you can realistically afford before determining the life insurance amount.
- In addition to permanent life insurance, you can also choose term life insurance as a supplement
- Term life insurance will help in fulfilling short term needs. Especially if you are starting dangerous work, then term insurance is the best option to save money on your monthly premium.
- Every few years, look back and review your life insurance choices. As soon as your family situation changes, reconsider the beneficiaries and death benefit, while doing an overall analysis of your current life insurance plan
- Those looking for Life Insurance In PA have countless options at their disposal. PA residents can choose the best agents to help them in the life insurance process. If you’re uneasy, don’t hesitate to consult with a life insurance professional.
- Before choosing life insurance, you should always compare plans. Once you understand the options available to you, you can choose a life insurance plan with confidence.
- Whether it’s term insurance or permanent insurance, the life insurance you choose should offer the best coverage at the best price. Even though each person has unique priorities and circumstances, everyone expects and deserves the best coverage their budget can buy.
- Your hunt for life insurance should be in the right direction and with the right life insurance agent. Having proper guidance is a sure-fire way to save money and time, and end up with the best policy with the right coverage
How Life Insurance can help you?
Life insurance agents are needed to guide you in the right direction. Comparing insurance quotes, choosing the right life insurance coverage and the right policy, and determining a right price that you can afford but will cover all your family expenses: none of it is a walk in the park.
A good life insurance agent will guide you in the right direction. When you consult a life insurance service agent, they analyze your needs and offer you the tools to easily find the right insurance plan for you. At times you can even revise the options available and compare them to others before finally committing.
Buying life insurance and securing your family’s future is an essential part of life. The right guidance will help in choosing the right life insurance policy that brings the proper coverage. There are a vast variety of things to understand before selecting the type of policy, the insurance amount, and the right coverage. Consult with life insurance services or agents before you buy life insurance intended to secure your loved ones’ futures and build wealth. Go for life insurance and premiums that you can afford.