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Thursday, September 15, 2016

How to Save Money When Buying Life Insurance

You aren't getting any younger.  We are not promised tomorrow.  You owe  owe owe, and you don't want to leave a burden on your family if something happens to you.  You want to do estate planning. You want to ensure that your children will have the resources needed to attend college if you are no longer around.   You want your business to be able to continue without you.  So many reasons to obtain a life insurance policy.  Here's the catch --- you will not get to enjoy the proceeds -- Life Insurance is not for you; it's for those you leave behind.

To know how much you need, you should consider 3 factors - 1) Your Total Annual Bills, 2) Your Total Assets 3) Your Total Liabilities.  You should do some planning to determine how much coverage you should obtain, and the younger and healthier you are, the lower the rate you will pay.

This is a good Life Insurance Calculator  you could use:

Next, you will need to decide what type of coverage to purchase - Term or Whole Life.  Term Life has a definite period of coverage with the lowest premiums.  Whole Life is sometimes referred to as Permanent Coverage because it does not expire and may also provide a cash buildup and/or dividend option. Which is better depends on your personal needs.  As you age, your financial needs and obligations will change, so if you have a good retirement plan, you may not need permanent coverage.  If you are not disciplined about saving or anticipate ongoing needs, whole life may be a better option.  Your Trusted Choice Agent can assist you with evaluating the amount and type of coverage that would be the most beneficial

There are hundreds of companies and hundreds of options that can be very confusing.  Add to that the line of Annuity products that are available to provide fixed income and tax savings, you could easily be overwhelmed.  Check with a Trusted Choice Agent to better understand your options and to obtain a solution crafted to meet your individual needs.

Ways to save money on life insurance -
1) Look into Term insurance (lower cost) and invest the difference
2) Avoid "guaranteed issue" if you are healthy
3) Get your Trusted Choice Agent to shop around for you and customize your coverages based on what you really need
4) Buy life insurance as early as you identify the need (the younger and healthier you are, the lower the rate)
5) Pay for your coverage annually instead of monthly (this reduces fees)
6) Obtain a re-evaluation if your health or life style changes for the better (examples: stop smoking, lose and maintain weight loss
7) Get healthy!
8) Focus on financially sound insurance companies
9) Choose a policy with a renewal guarantee to prevent the possibility of being uninsurable when your term expires.
10) Keep your policy up to date and your payments up to date to avoid penalties.

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast , SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: , phone: 228-466-4498 fax:888-415-8922, FaceBook, or Twitter ! 

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states. 

Insurance is stressful, but we make saving easy. We help you save money on insurance!

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