Category: Life Insurance

You may be under the impression that life insurance is just for the living after you’re gone. That can seem like a strange concept, but in fact, life insurance is something you can use strategically as part of your finances today.

How Life Insurance Can Benefit You, Your Family, and Your Business, Today

At Infinity Insurance Group, we offer our clients in Post Falls, ID and elsewhere a selection of life insurance that, as insurance professionals, we’ve reviewed for the quality of coverage and industry ratings. Let us explain the types of life insurance that are available and how each one has a specific role to play in your life.

Whole life insurance, for example, helps you build up cash value as well as prepare for the future benefit to those you designate. Term life insurance can be used to make sure things you’ve worked hard for, such as business and building a house, can be finished if you’re not able to. It can be difficult to envision preparing for situations like these, but it’s also an opportunity to ensure that your future plans are solid, even if the unexpected happens.

Focusing On Goals with Life Insurance

With an eye into the future, you may have goals like your child’s graduation from college, that you’d like to make sure happen without doubt. Part of your financial planning can include an affordable policy that covers the time when your child would be in college, addressing concerns of disruption due to family finances changing without your earnings. If you choose insurance with a cash value, you can have that available for the same purpose, offering a dual strategy.

At Infinity Insurance Group, we can help with your goals in Post Falls, ID, as well as provide protection.

Having life insurance has become a must for everyone, but parents need to have one.  Your children depend on you financially, and you want to have a plan in place just in case you were to pass away.  But there are several other reasons besides unexpected tragedies why having a life insurance plan is a must.  We at Infinity Insurance Group serving Post Falls, ID are here to guide you on the right path to enrolling in a plan.

Raising Kids is Expensive

It’s no secret that raising children these days has become expensive.  One 2017 report from the U.S. Department of Agriculture shows that the average cost of raising a child from birth to age 17 is $233,610.  In the urban Midwest region, the average is said to be $227,400.  Since we’re in an inflation period, it’ll probably be more than that.  You have to factor in childcare, housing, education, food, clothing, entertainment, etc. when taking care of children.  Obtaining life insurance will help you put together the financial safety net you need.

You Need an Emergency Fund

If you’re a responsible parent, you probably put together a savings account for this.  However, having life insurance provides you with the added financial help your family truly needs.  If you were to pass away, life insurance helps provide your surviving family members with financial assistance with healthcare or with even some repairs to your home.

It Helps Prepare for Substantial Debts

When parents decide how much life insurance exactly they need, one of the things they factor in is their child’s education.  You may want to prepare financially for their future.  The cost of a college education has gone up 25% in the last decade.  Having life insurance will help you cover some of those expenses.

Contact Us For More Information

Enrolling life insurance is a must for any parent.  Let our office at Infinity Insurance Group help you find the right one.  Contact our Post Falls, ID office to schedule an appointment today.          

Everyone needs life insurance to provide for those we leave behind. It’s important to always have a policy in place just in case the worst should happen. When you’re interested in getting life insurance, you may have heard of term life and whole life policies. Term life policies work much differently, only being in place for a set number of years. However, many people prefer getting a whole life policy because of its many benefits.

If you want to know more about whole life policies, call us at Infinity Insurance Group in Post Falls, ID.

Your Whole Life

These policies are called whole life because it stays in place for your whole life as long as you keep paying for them. As long as the payments are made, the company can’t cancel the coverage no matter what age you reach. This is a solid benefit for those who don’t want to risk going without life insurance at the end of a term policy.

Because they cover you no matter how old you get, these policies are more expensive. However, they come with another benefit that makes them a popular type of insurance to have. 

Cash Value

As you continue with your whole life insurance policy, the policy will start to build a cash value after a few years. This amount grows over time. With this cash value, you can borrow it if you ever have a need to. This can help you out in a financial crisis. It can also give you peace of mind because you know it will be there if you need it. It can be used for a number of things to help you in a difficult financial situation.

Get Whole Life Insurance

When you need life insurance, whole life is a great choice. Call us at Infinity Insurance Group in Post Falls, ID.

The biggest risk of life insurance is that you won’t be around long enough to collect on the policy’s benefits. You can reduce your risk even more by purchasing term life insurance rather than a policy that pays out a lump sum in the event of your death. Term policies are much less expensive than whole life policies, but they do not offer any cash value that you can earn through investment. Term life insurance is often the best option for people in their 30s and 40s who want to purchase a policy but cannot afford the higher rates of whole life insurance. Infinity Insurance Group in Post Falls, ID is here to provide you with a guide.

What to Know About Life Insurance 

There are drawbacks to life insurance. The biggest one is the cost. Because life insurance is designed to protect your family in the event of your death, it comes with a hefty price tag. In most cases, it costs thousands of dollars per year to maintain a policy. Some people decide that the cost is worth the peace of mind it provides, while others cannot justify the expense. Another drawback is that some policies have exclusions. If you have a pre-existing condition, it may be difficult or even impossible to find a policy that covers you. Before purchasing a policy, make sure to review the fine print to determine what benefits it offers and what drawbacks it comes with. 

To get the most out of your coverage, it’s important to shop around and make sure you’re getting the best deal. You may be able to save money by choosing a shorter contract length, opting for a higher deductible, or selecting a more expensive benefit option. You may not need the maximum amount if you have other assets like property or investments that will generate income in the event of your death. It’s also important to ensure you’re buying the right type of life insurance. You may not need a policy that pays out a lump sum if you have other assets. Finally, you also have to keep track of your policy and make sure you renew it when necessary. 

Give Us A Call 

With life insurance, premiums can vary widely, but they can often be quite expensive. Having a pre-existing medical condition also brings a hurdle to getting coverage. Another potential drawback is that most life insurance policies do not provide a lump sum payment if you die. Instead, the money from the policy will go towards paying off any debts or expenses that you had at the time of your death. For any assistance, give us a call at Infinity Insurance Group in Post Falls, ID.

Many people wonder if they need life insurance, and for the most part, there are reasons why they do; however, they don’t realize they need it. If anyone in your life financially depends on you, you may need a life insurance policy. For your financial future, it is better to purchase a life insurance policy when you are younger because your premiums are lower, and depending upon the policy, you build equity in the policy you can use when you retire. 

Those in Post Falls, ID can reach out to the agents at Infinity Insurance Group to discuss their questions about whether they need life insurance. 

Reasons Why You May Need Life Insurance

There are many reasons to purchase a life insurance policy. Here are some of the common reasons why may want to buy a life insurance policy: 

• You have dependents relying on your income
• You are considering starting a family
• You have (or plan to have) a mortgage, auto loan, or other substantial debts
• Your income is the sole, or most substantial, income supporting your household
• Other people rely on you financially, such as a business partner
• You are elderly and do not have the financial stability to pay for funeral expenses

How Much Life Insurance Do You Need? 

The amount of life insurance you purchase depends significantly upon your stage in life if you have dependents or the number of your financial responsibilities. There are various types of life insurance capable of providing you with enough coverage based on your situation. 

Those looking to buy life insurance in Post Falls, ID can reach out to the agents at Infinity Insurance Group. Our agents can help assess your needs and find you the best life insurance policy to protect you and your loved ones.