Choosing Life Insurance in Egypt
You can't take it with you but you can preserve your assets for your family with proper planning and life insurance. Final expenses, taxes and legal fees can take a huge bite out the estate you want to pass on to your loved ones. Life insurance can play a vital role to ensure your wishes are carried out. The average funeral in 2018 today costs $7,000 to $10,000. That's just the start. Attorney fees, probate, and administrative fees can easily run into the thousands of dollars depending on the size of the estate and any claims against it. Fees quickly add up. Additionally, the State of Pennsylvania bids you farewell with an inheritance tax of 4.5% to 15%. Sometimes beneficiaries have to sell the property just to cover the estate taxes.
Life insurance can lessen the financial fallout that comes with the loss of a loved one. Life insurance is for more than burial costs. It can be used to recover lost income and pay off debt. Small business owners often purchase insurance policies on partners or employees who are essential to their business and productivity.
We Have the Answers to Your Life Insurance Questions
HealthMarkets Randy Roberts Insurance Agency deals with the leading companies offering life insurance in Egypt. With so many options you can rely on the advice of the insurance professionals at HealthMarkets. Randy Roberts has the answers you are looking for. We have years of experience finding affordable life insurance with the right kind and amount of coverage for every client. The Randy Roberts Insurance Agency bases our insurance recommendations on individual needs that factor in your age, marital status, your children, and much more. Our insurance pros listen to you and answer your questions.
How Much Life Insurance is Enough in Egypt PA?
Policies come in all shapes and sizes to suit every need. That's why we shop around for you. Everyone is unique. A commonly used measure is that life insurance should be equal to 2-5 years of lost income. Family members should be protected from a sudden reduction in lifestyle. Randy Roberts Insurance Agency looks at all the factors to get you the best life insurance options: What are your debts? Do both spouses work? Can his/her income pay the bills without yours? Do you have young children? Do you have a mortgage, car payments or loans? There is no one-size-fits-all insurance policy. The experts at HealthMarkets Randy Roberts Insurance Agency tailor the insurance to fit you.
Randy Roberts agents work with you to help us understand how to meet your needs. Also, we want you to have a solid understanding about what life insurance policies offer. We want to match you with the right life insurance coverage. Randy Roberts Insurance Agency offers life insurance in Allentown, Bethlehem, Easton and surrounding towns in Lehigh Valley area.
Egypt Life Insurance Basics
There are basically two types of life insurance: Term and Whole Life. Whole Life includes several subcategories, including traditional whole life, universal life, variable life and variable universal life.
Term Life Insurance pays only if death occurs during the term of the policy, which can be from one to 30 years. Most term policies have no additional benefits or provisions.
The two kinds of Term Life Insurance are level term and decreasing term. Level term means that during the term of the policy the benefit remains the same. With a Decreasing Term the death benefit is lower every successive year the policy is in force. The overwhelming majority of policies sold are level term life insurance.
Whole life insurance pays a death benefit no matter how long you live. The three main kinds of whole life insurance are traditional whole life, universal life, and variable universal life. Each of these can include some variations in benefits.
For traditional whole life, the death benefit and the premium are designed to remain unchanged throughout the life of the policy. The cost of insuring people rises as they age so, to avoid pricing older people out of the market by raising premiums to correspond with risk, premiums are higher in the early years when claims are lower. The excess premium is invested in order to help supplement the cost of insurance as you grow older.
When and if this excess premium reaches a certain amount the policyholder begins to accrue a cash value which can be accessed if he or she decides to cancel the plan. Taking the cash cancels the death benefit. You can't keep both.
Whole or ordinary life
This type of permanent insurance policy offers a death benefit along with a savings account. You are pay a specified amount in premiums periodically for a stated death benefit. The company pays you dividends to grow the savings portion.
Universal or adjustable life
In this policy you can choose to increase the death benefit if you pass a medical exam. This policy also includes a savings portion which can be used to pay part or all of the policy premiums if it has accumulated sufficient value. If you opt to pay for regular premiums from the savings account, you need to make sure that account has enough to cover those payments. If it runs out of money, and you don't pay it out of pocket, you policy will lapse.
Variable life offers a savings account that you can invest in stocks, bonds and money market mutual funds. This type of policy presents more potential for growth but also more risk if your investments do not perform well. Cash value and death benefits could go down; although some policies guarantee that your death benefit will not fall below a minimum level.
If you purchase this type of policy, you get the features of variable and universal life policies. You have the investment risks and rewards characteristic of variable life insurance, coupled with the ability to adjust your premiums and death benefit that is characteristic of universal life insurance.
As you can see, there are lots of choices and variations which is why it is important to consult with the insurance professionals at HealthMarkets Randy Roberts Insurance Agency to find the ideal fit for you and your family.