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4 Things Life Insurance Is Not




Are you confused about life insurance? I don’t blame you. When I first started writing about finances more than a decade ago, my understanding of life insurance was limited.

I knew about life insurance because it was offered through my employer, and I thought a $50,000 policy was a lot of money. I also recognized insurance company names from late-night TV commercials and the occasional bit of junk mail.

I understood “insurance” to be that stuff that you had to have for your car, your home, and your health. The “life” part was a big, blurry blob of “other.” If that’s how you’re feeling, here are a few tips that might help bring things into focus—by understanding the “nots.”

1. Life insurance through work is generally NOT enough. Since learning this myself some years back, I’ve noticed that many people never explore life insurance past what is offered through their work. Policies through work are a great benefit to have, but are usually limited to one- or two-times your salary or a fixed amount like $50,000. Plus the coverage typically ends when your employment there does.

How far will an amount like that go when you consider what’s left behind for your loved ones: the loss of your income and mostly likely debts and bills. What about things like rent or mortgage, child-care and education costs?

An easy way to get a working idea of how much life insurance you need is with a Life Insurance Needs Calculator from a neutral source like www.lifehappens.org/howmuch.

2. Life insurance is NOT a luxury item. Many people have not even considered buying life insurance because they’re convinced it’s a luxury. In a recent study by Life Happens and LIMRA, consumers thought the cost of a 20-year, $250,000 level term life insurance policy for a healthy 30-year-old was three times higher than it generally is. Younger people, in particular, overestimate the cost of a term policy by a factor of five.

If you took a guess at what that policy above would cost, what would you say? It comes out to about $13 or so a month for that policy. Definitely not a luxury—most of us spend more than that on a meal out.

3. Life insurance is NOT just about covering funeral expenses. While covering funeral expenses is very important, and a major reason people purchase it, life insurance does so much more. If something happens to you, life insurance benefits can help replace lost income, or pay off a mortgage, or help ensure a college fund or safeguard a retirement nest egg.

The proceeds of a life insurance policy are generally tax free and can be used for anything your loved ones may need now and well into the future. Amazing, right?

4. Life insurance is NOT just for really healthy people. Granted, life insurance is less expensive the younger and healthier you are, but don’t discount it just because you’re not in triathlete shape!

Many people don’t considering buying life insurance because they think they won’t qualify. But when certain health conditions, such as diabetes or high blood pressure, are under control with a doctor’s guidance or medication, it’s often possible to qualify. You may even be able to get coverage after a heart attack. Just know that it is probably best to work with an experienced insurance agent if you are concerned about a health issue and qualifying for coverage.

Now, if you’re a bit overwhelmed with this information and perhaps don’t know where to start, just know that we would be happy to sit down with you at no cost to go over your needs and help you get life insurance coverage to fit your budget. If you don’t have an agent or advisor, go here for suggestions on how to find one. You can also tap the Agent Locator there to find someone in your area.

Remember, the right agent or advisor can help you make sense of the confusion and get you on track for the financial future you want—with the protection your loved ones need.

 

Call us today at The Roe Agency, we will be happy to go over all of your insurance needs and address any questions that you may have. (239) 593-7333

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Do I Still Need Life Insurance Once I Retire? Your Questions Answered

 


Do I need life insurance once I retire? Just because you’re retired doesn’t necessarily mean you’re financially sound.

Think of all the different scenarios that may still be applicable: You may have been required to retire early; you may have had investments that have gone sour and haven’t had time to rebuild your nest egg. Additionally, there may be a need to cover final expenses, you may have children still at home who depend on you, or you may have a family member like an aging parent or special-needs sibling that you provide financial support for.

The bottom line is this: If you owe someone, love someone, or someone depends on you financially, you need life insurance. And just because you’re retired or old doesn’t mean those three things go away.

Do I need the same amount of life insurance coverage as I did before? If you bought the life insurance to replace income and have built up your investments, maybe not.

Then again, if you have built up your investments over the years, there may be some state or federal inheritance tax that will have to be paid upon your death. And even if there is no federal tax, there may still be significant state inheritance tax. There are also things like probate costs, administration costs; there might be final debt or a mortgage on house, too. So as long as there is some type of financial exposure, you need life insurance to match up with that.

If I don’t have one, is it still possible to buy a policy in retirement? Absolutely. Just because you’re old or older doesn’t mean you’re uninsurable.

I just got a call from someone doing planning for the family patriarch who’s 85 years old. They realized that right now, the estate is worth more than the combined amount of federal exemption and that there will be tax to pay. That’s where life insurance comes in, at less than a dollar for each dollar of tax.

Another reason to have the coverage is if someone has taken 100% pay-out on their pension, with no survivorship provision. If that person dies, no money gets paid out to the surviving spouse. This is more common than you think. Nor is it unusual to hear that someone remarries and forgets to change the pension beneficiary. Life insurance can ensure that the spouse is taken care of.

What else should I know about having life insurance in retirement? People don’t often talk about the living benefits of life insurance.

Let’s say you no longer need the death benefit, but are living with a lingering, terminal illness and may not have sufficient cash to pay medical expenses. The accelerated death benefit provision means you can go to the insurance company and pull down money from the policy to absorb the costs of that illness and avoid bankruptcy.

A permanent life insurance policy is also a place to put money aside that gives you a better rate of return than a low pay-out CD or putting money in a safely deposit box. It’s a way to have some safe money invested at no risk—it’s just there for when you need it.

 

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Looking for the perfect fall Instagram pic in Southwest Florida this season? We've got you covered.

 

 

FM Great PUmpkin Festival

(Photo: Getty Images)

Wondering how you can share in the fall fun you see on social media? Wonder no more. Southwest Florida may be the land of eternal summer, but there are plenty of pumpkin patches, haunted houses and fall festivals to make your Instagram autumn-approved.

Pumpkin Patches:

Faith Presbyterian Church Pumpkin Patch 10 a.m. to 8 p.m. Oct. 7 through 31 at Faith Presbyterian Church, 4544 Coronado Parkway, Cape Coral.

North Naples Church Pumpkin Patch 3 p.m. to 7 p.m. Monday through Friday, 9 a.m. to 7 p.m. Saturday and Sunday, Oct. 12 through 31, at North Naples Church, 6000 Goodlette Road N., Naples.  Pumpkins of all sizes, corn stalks and gourds range $1 to $20. Cash or check only.

St. Monica’s Episcopal Church Pumpkin Patch 1 to 7 p.m. Oct. 16 through 31 at St. Monica’s Episcopal Church, 7070 Immokalee Road, Naples.

 

General Events:

Fall Walk 6 to 9 p.m. Saturday and Sunday, Oct. 26 through 27, at Naples Botanical Garden, 4820 Bayshore Drive, Naples. This seasonal experience will feature lights, live music, a pumpkin patch and more. Children and adults may both wear costumes. Adults are asked not to wear masks. Member pricing: $10 per adult, $5 per child. Non-member pricing: $20 per adult, $10 per child. Children 3 and younger are free. 239-643-7275. Naplesgarden.org.

Immokalee Pioneer Pumpkin Palooza 10 a.m. to 3 p.m. Saturday. Oct. 20, at Immokalee Pioneer Museum at Roberts Ranch, 1215 Roberts Avenue W., Immokalee. This event will feature a pumpkin patch, hay maze, hayrides, arts and crafts, scavenger hunt, pioneer games and other Halloween-related activities. Food and drink will be available for purchase. 239-252-2611.

Farmer Mike's U Pick Corn Maze and Fall Festival Every Thursday, Friday and Saturday in October at Farmer Mike’s U Pick, 26031 Morton Ave., Bonita Springs. Farmer Mike's Fall Festival offers photo opportunities, games, food and drink available for purchase, a hay ride and two corn mazes (haunted maze and non-haunted maze). Event also includes “pick your own pumpkin patch.” Costumes, flashlights, glow sticks and lanterns are welcome. $12 per person for non-haunted maze. $18 per person for haunted maze. Free for children 2 and younger. Haunted maze open only on select dates (Oct. 11-13, Oct. 18-19 and Oct. 25-27). farmermikesupick.com/corn-maze-2018-tickets.

File Illustration - Halloween

File Illustration - Halloween (Photo: FamVeld, Getty Images/iStockphoto)

Fort Myers Fall Festival at Southern Fresh Farms 9 a.m. to 5 p.m. every Saturday and Sunday in October at Southern Fresh Farms, 8500 Penzance Blvd., Fort Myers. Event features hayrides, a petting zoo, vendors, photo opportunities, music and a pumpkin patch. 239-768-0309.

Fort Myers Zombie Halloween Party 6 p.m. to midnight Saturday, Oct. 27, at Millennial Brewing Co., 1811 Royal Palm Avenue, Fort Myers. Adults only. Free admission. The street will be closed for this Zombie Halloween Party, featuring themed food items, a costume contest, dancing with a live DJ and themed beer cocktails. 239-271-2255.

Great Pumpkin Festival 9 a.m. to 5 p.m. Friday, Oct. 12, through Sunday, Oct. 14, at Fleamasters Fleamarket, 4135 Dr. Martin Luther King Jr Blvd., Fort Myers. Celebrate the fall harvest season and pick out a pumpkin from the Great Pumpkin Patch to decorate and take home, listen to live music and see the Whispering Pines Clydesdales. 239-334-7001.

More: 16 Instagram-worthy spots to check-in around Southwest Florida

More: Where to enjoy fall festivals, Halloween haunts in Naples, Bonita, Fort Myers

Legends of Oblivion Haunted House 7 to 11 p.m. Friday, Oct. 19, through Sunday, Oct. 21, and Friday, Oct. 26 through Wednesday, Oct. 31, at Lee County Civic Center, 11831 Bayshore Road, Fort Myers. Event features a haunted house, pumpkin patch, an escape room, games and a hay maze. $25 per person for admission, $5 per vehicle to park. legendsofoblivion.com.

Mercato's Brew Ha Ha Craft Beer Festival 5 to 8 p.m. Saturday, Oct. 20, at Mercato, 9132 Strada Place, Naples. Event features 60 craft beers with a spotlight on Florida breweries, live music, raffles, a costumes contest and a stein holding contest. $65 for VIP tickets, including early entry at 4 p.m., cheese and beer pairing session, two limited-release beers, unlimited bottled water and soda and dedicated restrooms. $35 per person for general admission in advance, $40 at the gate.rmhcswfl.org/events/brew-ha-ha-craft-beer-festival.

Naples Halloween Spooktacular On Fifth Avenue South 4:30 to 7:30 p.m. Wednesday, Oct. 31, at Fifth Avenue South, 659 Fifth Avenue S., Naples. Free to attend. The entire street will be closed for costume contests, live music, games, street dances, spooky movies and trick or treating. fifthavenuesouth.com.

Pumptober Fest 3 to 7 p.m. Saturday, Oct. 13, at Bell Tower Shops, 13499 S. Cleveland Avenue, Fort Myers. $35 per person includes unlimited tastings of ales, lagers, pilsners and stouts served in keepsake mini-mugs. Event will also feature a DJ, a stilit walker and balloon artist and face painting. 239-332-3624. This email address is being protected from spambots. You need JavaScript enabled to view it..

Scarecrows in the Park Oct. 12 through 28 at Lakes Regional Park, 7330 Gladiolous Drive, Fort Myers. Local businesses, community members, organizations, schools and youth groups can join the contest fun by fashioning custom-made scarecrows to be displayed at Lakes Park during the festival. Proceeds will benefit the Lakes Park Enrichment Foundation. Prizes will be awarded in multiple categories by a team of celebrity judges at the Scarecrows VIP Party on Saturday, Oct. 13. Fall Festival attendees will vote for their favorites in the People’s Choice competition. People’s Choice winners will be announced the last week of the Festival. This email address is being protected from spambots. You need JavaScript enabled to view it..

 

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