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How does it work and how much do I need? If you are willing to keep reading we will gladly answer all those questions and more below, however if you prefer to talk with one of our Advisors please text, call or email us and we will be thrilled to take the time to answer the questions above and more.
It’s easier to paint a picture, so let’s take a look at Average Joe. Joe is 35 years old, earns $60,000 a year and is married with 1 kiddo. The quick and easy way to assess how much life insurance Joe needs is amount equal to roughly ten to twelve times his annual income. For Joe that would a be a $600,000 to$720,000 Policy, let’s say Joe opts for a $700,000 Policy.
If Joe unfortunately passed away, an Insurance Company would deliver a check to Joe’s wife for the full policy benefit $700,000. Joe’s wife would want to convert the cash into a financial product, ideally one that earns 8-12% interest every year. If she chose the safer route of 9%, then that $700,000 benefit would generate $63,000 a year for her and her kiddos. The $700,000 lump sum would continue to accrue interest for them to live on year after year, essentially replacing Joe’s annual income.
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Now this definitely depends on the “Average Joe” involved, specifically Joe’s age and health. Generally speaking, if Joe is between age of 20 and 50, asking for an amount under $1,000,000 and is in decent health the process is pretty straightforward:
1) Discuss needs with a license insurance agent
2) If an Independent Agent, they will shop numerous carriers to find the Carrier that is the best fit for “Joe” and his needs
3) Based on information provided and best guess on health, the Agent will present options
4) If “Joe” likes an option, the Agent will submit Joe’s application for Underwritting for approval
5) Joe will answer health questions, most likely have to submitlabs at the expense of the carrier
6) After lab results, Insurance Company will present a Final Offer
7) At that point it is up to Joe to accept the offer, make the first payment and coverage begins.
As promised this was just a very brief fly over. Everyone is going to have their own set of concerns, objectives and situations to consider. If you would like to talk through what your options are or would like one of our team members to review your current situation on, we would be thrilled to help. Please do reach out and talk to us or click the following link and we will follow up shortly to help.
What is Life Insurance?
If your family depends on your income for their livelihood,that income needs to be protected in the event that something tragic happens to you. The right Life Insurance Policy will pay a benefit to your loved ones effectively replacing your earned income for a life me.
How much do I need and how does it work?
It’s easier to paint a picture, so let’s take a look at Average Joe. Joe is 35 years old, earns $60,000 a year and is married with 1 kiddo. The quick and easy way to assess how much life insurance Joe needs is amount equal to roughly ten to twelve times his annual income. For Joe that would a be a $600,000 to $720,000 Policy, let’s say Joe opts for a $700,000 Policy.Hi. My name is Joe. If Joe unfortunately passed away, an Insurance Company would deliver a check to Joe’s wife for the full policy benefit $700,000. Joe’s wife would want to convert the cash into a financial product, ideally one that earns 8-12% interest everyyear. If she chose the safer route of 9%, then that $700,000 benefit would generate $63,000 a year for her and her kiddos. The $700,000 lump sum would continue to accrue interest for them to live on year after year, essen ally replacingJoe’s annual income.Yes, there are quite a few caveats, details and additional options to discuss for every “Average Joe” out there, but for the most part that is how life insurance works.
What is the process to purchase life insurance?
Now this definitely depends on the “Average Joe” involved, specifically Joe’s age and health. Generally speaking, if Joe is between age of 20 and 50, asking for an amount under $1,000,000 and is in decent health the process is pretty straightforward:
1) Discuss needs with a license insurance agent
2) If an Independent Agent, they will shop numerous carriers to find the Carrier that is the best fit for “Joe” and his needs
3) Based on information provided and best guess on health, the Agent will present options
4) If “Joe” likes an option, the Agent will submit Joe’s application for Underwritting for approval.
5) Joe will answer health questions, most likely have to submit labs at the expense of the carrier.
6) After lab results, Insurance Company will present a FinalOffer.
7) At that point it is up to Joe to accept the offer, make the first payment and coverage begins.
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As promised this was just a very brief fly over. Everyone is going to have their own set of concerns, objectives and situations to consider. If you would like to talk through what your options are or would like one of our team members to review your current situation, we would be thrilled to help. Please do reach out and talk to us or click the following link and we will follow up shortly to help.
"Inner Circle Advisors has been a great partner for our insurance needs since we found them a couple years ago! Each person that has helped me (this time it was Kaleb) has been so helpful to review my situation and help me find the best solution for my family. I can tell they truly have our best interest in mind vs pushing me in the wrong direction or toward a specific provider. Excellent customer service and follow up! We will continue to use them moving forward."
"Hands down the best insurance shopping experience I've ever had. Any person you reach in this office will help you with the utmost care and attention. They will do everything that you didn't even think of doing so that you're fully covered and have all the necessary paperwork. I will not go through any other insurance agency because they've built such a great rapport with me. I send any friends and family their way that I can. Kaleb in particular made a fantastic impression by taking the time to handle all of my requests in a timely and professional manner. Thanks Kaleb!"
"What a great resource for insurance they are to have! They stay on top of the ins-and-outs of the ever-changing industry. Kaleb was so informative about the many intricate details of the policy and also a great listener as we talked things through."
"My husband and I have used ICA since 2017. We learned of them through Dave Ramsey ELP services. They consistently have provided excellent customer service and communication. Easy email and phone call correspondence. They always get back to me promptly and don’t waste any time keeping you busy on a lengthy phone call. I fully trust they are giving me the best rates on the market. I have spoken with several of the agents and all have always been helpful in answering my needs. Let them do the leg work for you!"
"Mr. Adams talked me off the ledge after I saw my renewal home owner's insurance premiums. I am sure we are all facing the same shock right now of increased prices. He was a great asset in my shopping for rates and options. He answered every question I had and more importantly, provided assurances that were heartfelt and sincere. Mr. Adams is a Ramsey Trusted agent - if you can't trust that for your money, you need more help than I can proffer hehehe :) Thank you, Inner Circle. Thank you for having my back."
"Had a great experience choosing Inner Circle Advisors. Actually tried finding an independent agent on my own and found it actually difficult to locate one and used Dave Ramsey's referral to have one reach out.
Super easy process and glad I did. I tried quoting just about every Auto/Home insurance by myself and couldn't find a better rate than my previous insurance company. Though Inner Circle and Danielle were able to save us over $1000 a year!"
"ICA was friendly and accommodating. They’ve gone above and beyond whenever I’ve had questions or needed anything. Friendly people great coverage and saved me a lot of money. I can’t recommend the group at ICA enough."
"We had Kaleb Flick at Inner Circle check on some auto insurance rates because State Farm had become very expensive. Kaleb found some options for us to look at. We had to wait a month for our home policy renewal to come out so we could see what changes that was bringing to us. Kaleb kept in touch with us throughout this time and then he rechecked again and found the auto policies hadn't changed in that one month period. We pulled the trigger and now saving about 1000 annually. He informed us of what to do and educated us on what insurance companies could and could not do. Very helpful and polite."
"Danielle was very patient with us. We received a professional & courteous service. Above all, she met our needs & delivered the result we were looking for. Thank you."
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