Life Insurance for Singles

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Many believe life insurance isn’t a necessity while they’re single, but nothing could be further from the truth. Life insurance is for anyone, and it is useful in many more situations than just providing a cushion for a spouse in the face of suddenly lost income. Here are seven reasons why you might need life insurance even if you’re single:

You have debt. Most Americans owe money for one reason or another. Whether it be a mortgage, car note, outstanding medical bills, or just a general loan, one of the questions concerning debt remains the same: Who would be responsible for paying it back in the event of your death?

People depend on you. Being single doesn’t mean people don’t rely on you. Maybe you’re a parent with young children. Maybe your own parents are getting older, and you take care of them or pay for them to have part- or full-time care. You may even have a disabled sibling or adult child who depends on you for care or stability. What would happen to them if you were no longer around?

You own a business. In most cases, a financial institution issuing a business loan will require a life insurance policy as collateral. Even if this is not the case, key person life insurance is always beneficial for business owners. Should you pass away unexpectedly, the death benefit from a life insurance policy can help keep the business afloat.

You want options while you’re still living. Life insurance policies don’t just provide a death benefit. Permanent products, such as whole and universal life, grow cash value throughout the life of the policy. Term policies with a return of premium feature, also accumulate cash value, in addition to providing conversion options. The cash value can be withdrawn by the policy owner to do things like making a down payment on a home, supplementing retirement income, or covering an emergency expense.

You want to lock in coverage. Premium rates are based on age and overall health; therefore, the longer you wait to purchase a policy, the more expensive that policy becomes.

You want to cover your final expenses. Funerals are notoriously expensive, with even the most basic costing thousands of dollars. That could easily translate into debt for your loved ones.

You want to leave a legacy. You may wish to leave money to a beloved school, religious organization, charity, or individual. Some or all of your policy’s proceeds can be dedicated to whatever way you see fit.

Since insurance needs differ from person to person and from one stage of life to another, life insurance is not “one size fits all.” Your life insurance program can be designed to fit your specific needs and financial goals and can grow as your needs do. Contact The Ayres Group to discuss which life insurance program best fits your needs.

Life insurance protects, offers peace of mind

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Did you know most Americans (78 percent) agree that preparing financially for life’s unknowns is a way to show that you care? In fact, a little closer look at the data finds almost 2 in 3 (65 percent) think that having life insurance is key to taking care of their family financially.

These are just some of the findings from the “2019 Insure Your Love Consumer Survey” by Life Happens. The nonprofit association is dedicated to helping more Americans take personal financial responsibility through ownership of life insurance and related products. Its survey also examined the ways Americans address financial stress in their lives.

LOOKING FOR A NEW WAY TO SAY I LOVE YOU?

The survey found 75 percent of people with life insurance say they prioritize the happiness of their loved ones over their personal happiness compared to 66 percent of people without life insurance.

REDUCE STRESS AND GET MORE OUT OF LIFE!

Almost 8 in 10 people (78 percent) say that finding ways to reduce financial stress is a top priority. And the good news is many are taking steps to do so: 7 in 10 people with life insurance (69 percent) say they are less stressed knowing their family is financially protected. In addition, peace of mind comes with that reduced stress: 65 percent of those with life insurance say they’re able to enjoy life more knowing their loved ones are financially protected with life insurance.

WHAT ADDS MEANING TO YOUR LIFE?

People find joy and meaning in life in different ways. But some things bubble to the top as life-enhancing. Those surveyed say these things add a great deal of meaning to their lives:

  • feeling financially secure (62 percent)
  • being in love (60 percent)
  • finding a reason to laugh every day (59 percent)
  • owning a home (43 percent)

And despite what may seem like an all-pervasive obsession with technology, having the latest electronic gadget was life-affirming to just 10 percent.

IS THERE A DISCONNECT FOR SINGLE PARENTS?

Nearly 8 in 10 single parents (78 percent) agree that financially preparing for life’s unknowns is a way to show your loved ones you care. And most of them (85 percent) say feeling financially secure is

a top priority, as is reducing financial stress (79 percent). However, only slightly more than half of single parents have life insurance in place compared to parents who live with their spouse/partner (72 percent).

 

Life Happens conducted the “2019 Insure Your Love Consumer Survey,” an online survey, via Survey Monkey among US consumers ages 18 and older who play a role in financial decision-making for their household. A group of 1,748 respondents qualified for the survey; base size varies by question as respondents could skip questions or drop out before completing the survey. The survey was fielded from October 31 to November 2, 2018.

Neither The Ayres Group Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. For policy service and additional information, speak to an independent agent representing The Ayres Group Insurance Company. For a complete statement of the coverages and exclusions, please see the policy contract. All applicants are subject to underwriting approval. 

Life insurance can protect family from college debt

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As college graduates take the next step, one thing is often left out of the process – life insurance. Young adults often carry debt with them into the working world, whether from student loans, car loans or credit card debt.

If you are a recent graduate, have you considered what could happen if you were no longer around to cover your loan payments? Would your loved ones struggle to make ends meet?

Many people do not realize that – depending on their loan agreement – their spouse, cosigner or estate might be responsible for paying off student debt. A 2016 LIMRA study found one in three households would have immediate trouble paying daily living expenses after the death of a primary wage earner. This need tends to be compounded for young adults who are not financially established in life. Most people are not expecting to cover the loan payments and final expenses of a young relative, but tragedies can happen, and life insurance can provide the financial protection to cover these costs while a family grieves.

Through the purchase of a term life insurance policy, a young adult could obtain coverage to fit their stage of life. Term life insurance offers a level death benefit for a guaranteed period of time ranging from 10 to 30 years. Furthermore, an applicant can usually obtain the most cost-effective coverage while still young. Term life insurance is an ideal product to protect a new professional’s family from financial distress in the event of an untimely death.

And it probably costs less than you think. Term life insurance tends to be the least expensive coverage option for an individual. A 2017 Insurance Barometer Study indicated that four in 10 millennials overestimate the cost of term life insurance by more than five times the actual cost. Even with a tight budget, term life insurance can provide the necessary coverage to protect one’s family.

Contact your Ayres Group representative for more information.

How much life insurance do I need?

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Once you have decided to purchase life insurance, the next question to answer is how much to purchase.

Some people select coverage based on an arbitrary amount: $100,000 or $200,000. Others purchase enough to pay off a home mortgage or other major bill. And some stick to the tried-and-true measure of 10 times salary.

But there are other methods to consider. You can complete a fact finder/needs list or use a life insurance calculator.

Using a fact finder ̶  something you would complete with your Ayres Group agent  ̶  is a fancy way of saying making a list. The list would include things you would want the life insurance proceeds to cover in the event of an untimely death: car note, college tuition, income replacement, etc. Then prioritize the list based on need and importance.

If you are computer savvy ̶  and you probably are if you are reading a blog  ̶  I would recommend the life calculator on lifehappens.org. Life Happens is a life insurance educational site independent from any life insurance company. You can find out about the different types of life products available, for example, permanent vs. term, universal life vs. guaranteed whole life and other options. The Life Insurance Needs Calculator is on the Calculator tab. By investing just 5 or 10 minutes of your time, you can receive a calculation of the amount of life insurance you need.

Regardless of calculation method, you may be overwhelmed by the size of the need number. Don’t be. Think of it as only a starting point. Show your calculations to a life insurance agent, who can help fine tune your numbers.

You also want to consider your budget. You never want to be insurance poor, meaning that you purchased so much insurance it caused a major change in your lifestyle. However, would eliminating one fancy coffee or an unnecessary trip to the snack vending machine disturb your routine much? There’s nothing wrong with working backward, first determining the amount that fits within your budget, then determining the coverage type and amount.

And one final thought: any insurance is better than none. Remember that the death benefit is TAX-FREE. A little gift would still go a long way for your family.

Neither The Ayres Group nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. 

 

Courtesy; Cinfin.com

Life insurance in the workplace

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Good benefits can increase employee satisfaction. If you are an employer, providing valuable benefits that can be paid via payroll deduction can give you an edge when trying to attract and retain workers. Life insurance is one benefit you can offer in the workplace at a reasonable cost.

But as you consider offering life insurance, you may ask: How much coverage is needed? What about protection for family members?

According to LIMRA, a leading insurance and financial services trade organization, millions of Americans have no life insurance coverage other than the employee group term life insurance offered by their employers. Group life insurance plans usually include a cost to the employer, offer limited coverage options for the employees, and are not portable if an employee leaves the company. And, since these plans cover employees only, an even greater number of people have no coverage for their spouses or dependent children.

A LIMRA study found that almost eight in 10 American households have no personal life insurance agent. The only opportunity they may have to work with an insurance professional is through the employee benefit programs offered by their employers.

Individual life insurance as a voluntary benefit Voluntary life insurance plans offer individually owned life insurance to employees, their spouses and dependent children without direct cost to the employer. These plans give employees the flexibility to build an insurance program according to their needs and budgets. Some of the features you may want to look for are:

  • Guaranteed issue
  • Eligibility without a medical exam or blood profile
  • Availability to add the employee’s spouse, children and grandchildren
  • Premiums paid through the convenience of payroll deduction
  • Customizable policies to meet individual family needs
  • Portability – the option to continue coverage with no change in death benefit or cost if an employee leaves or retires
  • Voluntary – no sales pressure approach

Employees want a variety of benefits to choose from, which leaves you to decide what options to offer. Consider that retaining current employees is more cost effective for a business than hiring new. Offering your employees the added financial protection they may need in the event that something unexpected happens could be a deciding factor in their retention.

Talk with your Ayres Group agent to learn more about voluntary life insurance opportunities.

10 Reasons to Buy Life Insurance

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If you are one of those people who do not think they need life insurance, think again. There are very clear benefits for purchasing a life insurance policy. Remember that the money generated by your life insurance policy when you finally go 6 feet under can address a number of fundamental needs of your surviving family.

Why you should buy life insurance… our “Top Ten List”

  1. To protect your family if you lose a job or change jobs that had provided life insurance.
  2. To pay for funeral expenses, loans or any outstanding debt.To cover your childrens’ future education expenses if you are not there to provide.
  3. To cover your childrens’ future education expenses if you are not there to provide.
  4. To provide funds for your family to pay off a home mortgage.
  5. To protect a business by letting partner/beneficiaries buy out a deceased partner’s business interests.
  6. To set an example of responsibility and family values for your children.
  7. To provide child care or elder care for aging parents if the top caregiver/provider passes away.
  8. To provide peace of mind for your loved ones in uncertain financial times.
  9. To comfort your loved ones in a difficult time of loss and grief. You do it for love. To insure those you love the most by leaving them a legacy of your life.
  10. You do it for love. To insure those you love the most by leaving them a legacy of your life.

Get a free quote now to protect the future, and mostly, to insure the future of the ones you love.

Controlling Risks for Property Owners

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Losses that occur on property you own can affect your livelihood and that of your tenants. They also can affect your insurance rates and eligibility. Without the proper controls in place, you could be saddled with the responsibility of owing for injury or damages that you did not cause.

RECOGNIZE THE RISKS

When you understand the risks you face as a property owner and lessor, you can better manage them. Consider these scenarios:

Natural perils – A tornado sweeps through town, damaging your building and your tenants’ contents.

Fire – A grease fire starts in a restaurant at one end of your building. Before it is extinguished, fire damages multiple units and tenant contents.

Third-party injury or illness – A patron slips and falls in the parking lot, spraining her ankle.

Change in occupancy – A restaurant replaces a retail store in one of your units. As a property owner, you want to determine if the current sprinkler system is able to handle the demands of a restaurant.

Change in tenant operations – A retail craft store expands its operations to include pottery making. With this expansion, your tenant adds kilns to heat-treat ceramic projects.

Vacancy – Your unoccupied building is vandalized, resulting in damaged property.

REVIEW THE RESPONSIBILITIES

A well-designed lease agreement can assist owners in transferring responsibility for payment due to bodily injury or property damage to the legally responsible party.  Consult with legal counsel when evaluating your current lease or other formal contract.  When consulting with your attorney, consider whether your agreement:

  • is signed by all tenants
  • contains appropriate anti-subrogation wording and indemnification–hold harmless provisions favorable to you and acceptable under your state’s laws
  • authorizes you to develop, change and enforce rules and regulations for the premises
  • defines which areas you control and which the tenant controls
  • defines the maintenance obligations of all parties while specifying the scope of the operations and the steps you will take if the tenant defaults on these obligations
  • grants you the right to inspect the leased premises for conformance with the lease provisions concerning maintenance and to point out to the tenant any obvious hazards
  • requires the tenant to obtain permission before performing any building alterations
  • contains provisions regarding use of hazardous substances, dispensing of liquor and other activities that increase the risk of loss
  • requires service contractors who come on your premises to provide certificates of insurance verifying adequate limits of insurance and appropriate state licenses, where applicable
  • requires tenants to obtain specified liability insurance on behalf of the owner, with you listed as an additional insured on a primary basis. Make sure you obtain proof that the tenant has acquired and maintains all required insurance.

Consult with legal counsel to familiarize yourself with state laws before you lease space to bars, restaurants or stores that sell liquor.

While it is your duty to live up to your obligations as a property owner, it is also wise to make your tenants take responsibility for their actions and premises upkeep.

Contact your Ayres Group agent whenever a new tenant moves into the building, a current tenant changes its operations or part of the building becomes vacant for 30 days.

Source Cincinnati Insurance

Insuring your love in all of its stages

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Think of your life as a series of stages: youth, adulthood, parenthood, maturity. Each stage has its own loves, its own rewards – and its own reasons to purchase life insurance.

As you reach different stages of life and your needs change, consider how different life insurance products can help.

YOUTH

It may not be obvious to most people, but childhood is actually a great time to get life insurance, when health is not normally an issue and costs are lower. A parent or grandparent can purchase life insurance for a child or grandchild that offers three important advantages: it’s inexpensive; it provides protection for the unexpected; and certain types of life insurance could help protect your child’s or grandchild’s insurability. Term or permanent life insurance may be appropriate, depending on the situation. Your independent life insurance agent can provide more information about the available options.

YOUNG ADULTHOOD

Young adults often struggle to manage debt from student loans while trying to get a start in their careers. Whether single or married, life insurance should still be a priority to protect the future. As with the youth stage, most young adults are in better health than they will be later in life – a major insurability factor. And, even if they don’t have children, young adults may have others who depend on their income: aging parents, younger or disabled siblings, business partners or close friends. Purchasing term insurance as a young adult is an inexpensive way to plan for the future. Talk to your local agent about designing your insurance needs to plan for the road ahead.

PARENTHOOD

This is the stage when a large number of people decide to buy life insurance. When children depend on you, a permanent life insurance plan can ease your mind. If you already purchased term life insurance, this may be a time to convert it to permanent coverage. Some parents also find it useful to supplement a permanent life insurance plan with term insurance during their children’s preschool or college years. Consider a low-cost option of adding a children’s rider on your policy to protect the little ones as well. Ask your local agent to help you identify your options.

MATURITY

The children are on their own. You’re winding down your business, looking to pass it on to a relative or a trusted employee. You’ve earned your retirement. Life insurance can help you achieve your goals of financial security as you mature. Your local agent can assist in a permanent life insurance policy to safeguard your future.

Whatever your stage of life, whoever you love, whatever your plans – a well-designed life insurance program can help secure your future.

Coverages described here are in the most general terms and are subject to actual policy conditions and exclusions. For actual coverage wording, conditions and exclusions, refer to the policy or contact your Ayres Group Agent.