Life Insurance2022-02-01T10:25:57-05:00

Life
Insurance

Life Insurance

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Many financial experts consider Life insurance to be the cornerstone of sound financial planning.  It is generally a cost-effective way to provide for your loved ones after you are gone.  It can be an important tool in the following ways:

Income Replacement

For most people, their key economic asset is their ability to earn a living.  If you have dependents, then you need to consider what would happen to them if they no longer have your income to rely on.  Proceeds from a Life insurance policy can also help supplement retirement income for your significant other.  This can be especially useful if the benefits your surviving spouse or domestic partner receives will be reduced after your death.

Pay Outstanding Debts & Long-Term Obligations

Consider Life insurance so that your loved ones have the money to offset burial costs, credit card debts, and medical expenses not covered by Health insurance.  In addition, Life insurance can be used to pay off the mortgage, supplement or provide retirement savings, and help pay college tuition.

Estate Planning

The proceeds of a Life insurance policy can be structured to pay estate taxes so that your heirs will not have to liquidate other assets.

Charitable Contributions 

If you have a favorite charity, you can designate some of the proceeds from your Life insurance to go to this organization.

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Zoe Wallace
13:43 05 Aug 22
Outstanding customer service from Joe Boyle. He was able find me a home owner’s insurance couple of months before my non-renewal/expiration date. Since we were not in the 30 day window for binding, he set up a calendar invite to do the paperwork within that window. Just completed everything. He maintained excellent communication throughout this process which is hard to come by these days. I am more than happy to recommend Joe and his company, Fearnow Insurance to anyone who is shopping for insurance.Great job.Thank you
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21:52 20 Jul 22
I am very pleased with this insurance co. and their quick action for our situation. Joe Boyle not only got us homeowners insurance in a very timely manner, (our other insurance co. was being liquidated in 2 weeks), he also got us new auto insurance for a lot less, and our new homeowners is less. Thank you Joe, and Fearnow....Great company!
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14:38 09 Jul 22
Joseph Boyle was very quick on responding to my needs and helping me get covered. He was thorough and communicated with me every step of the way! Thank you for making this process easy for me !!!
Samari Rivera
22:25 01 Jul 22
Joe Boyle is outstanding in customer service. I’m a returning customer, this time for Home Insurance. Joe had gone the EXTRA mile to insure me the coverage will be completely handled with just a little information from myself. He has truly made this experience less stressful when I was left with a policy that was being liquidated in a short amount of time.Trust Joe at Fear Now to answer and guide you through any insurance questions/ policy.Thank you Joe!
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17:04 30 Jun 22
Joe Boyle handled our needs promptly, accurately and professionally.Given our circumstances, he did a through review and came back with quotes that proved to be more than compelling to switch carriers. I believe the agency is tops and sorry I didn't find out about them earlier.
Chris Holden
18:12 29 Jun 22
Joe is the best! We needed a home insurance quote quick for the purchase of a home. He was willing to have tough conversations about good quality coverage for the age of the home, and worked fast to get all the right documentation for our closing. Also, Joe found us great discounts on our auto insurance getting us better coverage, with an A++ provider at a lower cost. Thank you Joe!
Jessica Rhodes
23:16 24 Jun 22
Joe Boyle is THE BEST! I’ve been shopping around for auto insurance since moving to the area and haven’t been having the best luck. After reading reviews, I reached out to Joe Boyle at Fearnow and was amazed at his professionalism, knowledge, and efficiency. Joe took the time to explain everything about my policy in detail and did his best to find the most affordable rate for my policy. I would trust Joe handling anything related to insurance going forward and am so happy I took the chance to get in touch with him. There is nobody better in the industry than Joe!
Matthew Weddleton
22:24 15 Jun 22
I needed to get into a cheaper Homeowners Insurance and Joe Boyle was very helpful. He was quick professional, friendly, efficient, and knowledgeable. This made the entire process effortless. He assisted in cancelling my old Homeowners at the appropriate date and starting coverage with the new company, which is an A rated company too.
Paula Williams
23:33 07 Jun 22
Joe B was awesome, he communicated along every step and answered all of my questions.Will definitely use him again. Thanks Joe!👍
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20:08 01 Jun 22

The Fearnow Agency Advantage

  • We work for you, not the insurance carriers, to ensure your claims are processed efficiently and are paid out quickly.
  • Unlike a single-company agency, we have access to over 100 carriers, so we’re never limited in the services we can provide you.
  • We can save you up to 37% in insurance cost, or get better coverage for the same cost.
  • We always provide full disclosure of plan inclusions and exclusions.
  • We offer customized plans tailored specifically to your needs, instead of forcing you into a pre-packaged solution that won’t really work for you.
  • Our agents are continuously training, so they stay the leading experts in their field.

Home Much Life Insurance Should I Buy?

To decide how much Life insurance to buy, you need to first figure out what your goals are when purchasing this coverage.  Ask yourself the following:

  • Do I want to spare my loved ones from my funeral costs and outstanding debts?
  • Am I concerned that my spouse or domestic partner will not be able to continue to pay off the mortgage if I die suddenly?
  • Do I have dependents who count on my income?
  • Am I concerned about college savings for my children, or retirement savings for my spouse if I die suddenly?

While all situations are different, here are two scenarios to help you think through the questions you should pose to your insurance professional.

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Dependents

If you have children, a spouse who does not work outside the home, or aging parents who you financially support, then you have dependents.  Alternatively, you may simply have a spouse or domestic partner who would be unable to pay the mortgage without your financial contribution.  In either case, your loved ones will no longer have your income to help them pay the bills and maintain their lifestyle after you are gone.  You will have to purchase enough insurance to provide for their future, while considering how much of your budget should be devoted to Life insurance.

Some insurance experts suggest that you purchase five to eight times your current income.  While this may be a good way to begin estimating your family’s needs, you will also need to figure how much your dependents will need to pay for some or all the following:

  • Cost of owning a home (mortgage, maintenance, insurance, taxes and utilities)
  • College savings
  • Food, clothing, utilities
  • Child care
  • Nursing home or elder care
  • Retirement savings
  • Funeral expenses and estate taxes

Your family may also need extra money to make some changes after you pass away.  They may want to relocate, may have to start paying for childcare, or your spouse may need to go back to school in order to be in a better position to help support the family.

No dependents

If you are young and plan to have a family in the future, you may also want to consider purchasing Life insurance now so that you can lock in a good rate.

Just because you don’t have dependents, does not mean that you don’t have responsibilities.  For instance, you may be concerned with not being an economic burden to others if you die unexpectedly.  You may also want to leave some money behind to close family, friends, or a special charity as a remembrance.  In this case, you should purchase enough coverage to pay funeral and burial expenses, and outstanding debts and tax liabilities, so that the bulk of your estate goes to your family, friends, or selected charity.

Your insurance needs will vary greatly according to your financial assets and liabilities, income potential, and level of expenses.

Types of Life Insurance

While there are many different types of Life insurance policies, they generally fall into two categories – term and permanent.

Term

Term Life insurance is the simplest form of Life insurance.  It provides financial protection for a specific time, usually from one to 30 years.  These policies are relatively inexpensive and are well suited for goals, such as insurance protection during the child-raising years or while paying off a mortgage.  They provide a death benefit, but do not offer cash savings.

Purchasing Term Life insurance is like renting a home.  It is a short-term solution.  Monthly costs are usually lower, but you will not be building equity.  Individuals who need insurance protection now, but have limited resources, may purchase term coverage and then switch to permanent protection.  Others may view Term insurance as a cost-effective way to protect their family and still have money to put into other investments.

Permanent

Permanent Life insurance (such as Universal Life, Variable Universal Life, and Whole Life) provides long-term financial protection.  These policies include both a death benefit and, in some cases, cash savings.  Because of the savings element, premiums tend to be higher.  This type of insurance is good for long-range financial goals.

Purchasing permanent insurance is like buying a home instead of renting.   You are taking care of long-term housing needs with a long-term solution.  Your monthly costs may be higher than if you were to rent, but your payments will build equity over time.  If you purchase permanent insurance, your premiums will pay a death benefit and may also build cash value that can be accessed in the future.

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