Showing posts with label family. Show all posts
Showing posts with label family. Show all posts

Friday, May 26, 2023

Why You Should Consider A Cancer Insurance Plan

Cancer is a serious disease that can have a devastating impact on a person's physical and financial health. The cost of cancer treatment can be high, and even with health insurance, many people find themselves struggling to pay for their care. Cancer insurance can help to ease the financial burden of cancer by providing a lump sum of money to help cover the cost of treatment.

There are many different types of cancer insurance plans available, so it is important to compare plans carefully before choosing one. Some plans offer coverage for a variety of cancer treatments, while others may only cover specific types of treatment. Some plans also offer coverage for non-medical expenses, such as travel costs to and from treatment or lost wages.

The cost of cancer insurance can vary depending on the type of plan, the level of coverage, and the person's age and health history. However, for many people, the cost of cancer insurance is well worth the peace of mind that comes with knowing that they will have financial assistance if they are diagnosed with cancer.



Here are some of the benefits of having a cancer insurance plan:

  • Financial assistance for cancer treatment: Cancer treatment can be expensive, even with health insurance. A cancer insurance plan can provide a lump sum of money to help cover the cost of treatment, including surgery, chemotherapy, radiation therapy, and prescription drugs.
  • Coverage for non-medical expenses: In addition to covering the cost of medical treatment, some cancer insurance plans also offer coverage for non-medical expenses related to cancer, such as travel costs to and from treatment, lost wages, and child care.
  • Peace of mind: Knowing that you have financial assistance if you are diagnosed with cancer can give you peace of mind and allow you to focus on your health. If you are concerned about the cost of cancer treatment, a cancer insurance plan may be a good option for you. Compare plans carefully to find one that meets your needs and budget.

How to Choose a Cancer Insurance Plan

When choosing a cancer insurance plan, there are a few things you should keep in mind:

  • The cost of the plan: Cancer insurance plans can vary in price, so it is important to compare plans to find one that fits your budget.
  • The level of coverage: Some plans offer comprehensive coverage, while others may only cover specific types of cancer treatments. Make sure to choose a plan that offers the level of coverage you need.
  • The terms of the plan: Read the plan carefully to understand the terms and conditions, such as the waiting period, the elimination period, and the maximum benefit.

Once you have considered these factors, you can start comparing plans. There are many different cancer insurance plans available, so you should be able to find one that meets your needs.

You can either run a quote for a plan (and apply for coverage) directly from our site or schedule a short phone call to discuss options.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Sunday, September 25, 2022

Video: The Most Important Thing You Read All Day

Were you aware that this country has a looming retirement crisis? The truth is that far too many people are not contributing to any type of savings plan, including 401(k)s or SEP's. And far less have planned for long term care expenses, which could erode any savings that are in place. 

On top of that, only about 40% of people have the amount of life insurance they actually need, with many people not owning any life insurance at all. That leaves a lot of families in a precarious predicament if the breadwinner should die too soon or unexpectedly.

What if there was a way to make sure your family was taken care of while accumulating cash for a retirement "supplement"? Or, if need be, that money can be used for long term care costs. Would you be interested in learning about such a plan? Let us know by replying in the comment section or directly to the video. We can book a short phone conversation to answer any questions you may have. 

Watch our short video

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Sunday, August 14, 2022

Should I Buy Term Life Insurance?

When I talk with clients about the differences in term and permanent life insurance I get a wide array of opinions. While most prefer term coverage because it is much cheaper, others would rather "lock in" on a price with some sort of permanent coverage. 

Actually, they can both do well if structured properly, while at the same time, stay in a budget. The biggest problem is that many people don't see the value of their coverage and will drop the policy when financial strains appear. Ironically, this is the worst time to drop a life insurance policy that may only be costing less than $50 month. (Same folks who will insure their phone but not themselves.)

According to Term Life Online, only about 1% of term policies actually pay a death claim. They say that this is because most people outlive their policy or they let it lapse before the term has expired. And many are unaware that there is a provision in most term policies that will allow a conversion to a permanent plan, which is what they will need as they get older. 


 

I once worked with an agent who had been selling life insurance for much longer than I, and he loved to explain that a 10-year term life insurance policy was a "sucker bet". In his estimation, the odds of someone dying in the first 5 years of a policy after a paramed exam were astronomically low, so the person purchasing this policy was really insuring the second 5 years only. Sucker bet.

Of course, there are people who need a 10-year policy. I can say that almost all of these were because they needed to secure a loan of some sort. In that case, it's a great fit. A better strategy for most of us is to find a term that will carry us out as far as possible, or to "ladder" policies. I touched on this concept previously and highly recommend you consider it when structuring your life insurance needs. 

Remember that term can be great for your needs during your working years, as you can buy a lot of coverage for not much money, but you may want to look into permanent coverage for those later years, and the sooner you buy it, the less expensive it can be in the long run.

If you have questions or comments, let us know.  And in the meantime, please stay healthy and safe!


Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Wednesday, June 29, 2022

What Is The Guaranteed Insurability Option?

One of the things that can confuse people when purchasing life insurance (and other types of coverage as well) is the various types of riders that are available. These riders are simply add-ons that can increase the coverage of your policy. One of these riders is the Guaranteed Insurability Option (GIO), also known as the Guaranteed Purchase Option (GPO). 

The GIO rider can work for you by giving you opportunities during the life of the policy to purchase extra coverage without having to go through medical underwriting. The insurance company will send you a notice from time to time (sometime stated in the policy itself) stating that you have a window of time called an "option date" to purchase more coverage. These dates usually fall on the anniversary of your policy and can be spread out every 3 to 5 years.


Of course if you purchase more coverage it will cost you more in premiums, and the additional coverage will be based on your current age. For instance, let's say that you bought a policy at age 35 and the premium is $40/month for $250,000 coverage. At age 45 you want to purchase more coverage (you may have had a life change or bought a bigger home or whatever), yet you have also had health issues recently. In the case your rate will increase because you are buying more coverage, but that new coverage will based on you being 45 years old now. 

As an agent I recommend this rider to people who are insuring small children because you just don't know what can happen down the road for a your person when it comes to their health. 

The rider itself can add a small amount to your premium but should be considered if you have a family history of medical issues or if you have a medical issue that will may get worse. 

Here's a brochure from Illinois Mutual, a great company that has some awesome policies. 


As always, let us help you if you have questions or comments. You can visit our site and book a short phone appointment. In the meantime stay healthy and thank you for your referrals.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Thursday, May 5, 2022

5 Times Your Income

When considering purchasing a life insurance policy many people aren't sure how much to purchase. There are many factors to consider like paying off debt and final expenses, but one part of the puzzle that often gets overlooked. 

I often meet people who say they just need enough to cover the balance of their mortgage with the idea that when they pass away, their families can stay in the home. Unfortunately, they fail to consider that while their loved ones are in a house that is paid for, there will continue to be bills and other expenses that need to be taken care of. Roofs and refrigerators will need to be repaired or replaced, as well as other expenditures that were paid with the income of the family member who has now died.



Considering lost income will definitely add to the total amount of insurance coverage, and in some cases may actually double the original face amount, and in turn, make the premium go up. But that increase won't be as important as ensuring that the family can stay in their home and pay their bills as well. 

When figuring in "loss of income", a simple rule is to multiply your income by 5. Let's use an easy example with round numbers. Suppose your income is $50,000 each year. Simply add $250,000 to your other numbers (debt, including mortgage, final expenses, etc). That extra amount may look scary but a term policy can be an affordable way to get the correct amount insurance and keep it within your budget.

Don't let a few extra dollars in premium keep you from purchasing the insurance your family needs.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Thursday, November 11, 2021

Why Life Insurance Is Necessary For Blended Families

As the holidays approach, the idea of taking care of our family means more to us. Having our loved ones get together for a nice meal and gift giving leaves us with great memories. 

However, when we think of the "traditional family" we think of a husband and wife and their two or three children, who all live together in one home until the kids become adults and move out. Even though there are still families in this situation, there are many people who have changed that concept. With social norms changing and people living longer, the family structure has been altered dramatically. 

Now we have parents raising children who are not theirs, biologically speaking. Think of the old Brady Bunch TV show where two parents who had their own kids remarried. Of course, on the show everything was great. The fact that Marcia was not Mike Brady's biological daughter was never brought up as a topic. 

There are those people who do love their step-kids or other children who have been brought into the home, like nieces and nephews . I know of one person in particular who is raising his wife's nephew because his sister-in-law had a drug problem. 

There are those who begrudgingly raise a spouse's children from a previous relationship to "keep the peace". And when problems arise, the kids want to move back to their other biological parent or some other option. In other words, tensions can, and in some cases, do get escalated to the point where children are going back and forth between parents or other adult family members. 


With all of this in mind, it's important to keep an even keel when it comes to estate planning with a blended family as it creates a whole set of issues. A will may seem like a good way of planning, but in fact, life insurance could be a better option to make sure those who are intended to benefit will be taken care of in the eventual death of a parent. And in the flexibility of naming and changing beneficiaries, as well as listing primary and contingent beneficiaries, makes it incredibly easy to take care of the family's estate planning needs. 

As an attorney friend of mine says, "A life insurance policy trumps a will because it's a legally binding contract." The "yours, mine and ours" scenario can be very confusing for most families when it comes to estate planning, and life insurance can be the answer that is needed. It can help avoid a long and drawn out estate process and keep the peace within a family. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Thursday, October 7, 2021

Is Life Insurance Through Your Work Enough?

Many of us who are self-employed don't always get to enjoy the perks of group benefits, like medical coverage and paid time off. But for those who do have jobs where the company pays for extra perks, those perks may be good, but not awesome.

One of the issues I run into quite often with people who have "bennies" through work is the idea that their group life insurance program is all they need. For some it may be, but for many people that coverage is much less than what they actually need and it more than likely won't be there if these people leave their jobs.

One of my first real jobs was working for a large company that did offer life insurance. They offered me coverage of my annual salary, which was next to nothing, and I could buy additional coverage, like 2 or 3 times my salary for a few dollars each month. There were no exams or health questions, and I got as much as I could for the price of a coffee at Starbucks. I was single and didn't have much debt, so I figured that if something were to happen to me, my family would have enough to pay for a funeral and maybe even have some hor d'oeuvres. In other words, the life insurance plan was appropriate for my needs.

However, there were co-workers of mine who were married and had children. These folks also had mortgages, car payments and other expenses that I didn't have. I seriously doubt that the small amount of life insurance offered was enough to give their families the safety net they needed if they were to die. And when the company was sold and employees started to jump ship like rats, they lost the little coverage they had.


Having life insurance coverage through your work is good, and most agents will take that into account when trying to determine how much you actually need. There are several other items to consider when you calculate your family's needs.

  1. Outstanding debt. Mortgage balance, credit cards and car payments should be included.
  2. Final expenses. Funeral costs and other costs associated with dying. For instance, many people will spend time in the hospital before passing away, and those deductibles may need to be met.
  3. Replacing lost income. Your survivors depend on your income to take care of everyday expenses, as well as those bills that happen to pop up unexpectedly, like repairs for appliances and vehicles. 
  4. Education costs. If you have small children, you may want to include the costs of higher education.
Having life insurance through work is good, but making sure you have enough coverage is even better. If you aren't sure how much you need, Our life insurance quoting tool has a built in calculator that will help you out. Give it a try and in the meantime, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Friday, July 23, 2021

Are You Buying Insurance Or Peace Of Mind?

As I have mentioned previously, the Greek word for insurance is "asfalia", which literally translates to "security". The Greeks are not paying for someone to insure them, but instead are buying peace of mind, knowing that their families and loved ones are secure.

One of the recurring themes that insurance companies use when advertising, or even training their agents, is that their products give people the peace of mind. I worked with one company that had a brochure titled "What Keeps You Up At Night?", with the idea being that prospective clients would be so worried about what would happen to their families that they couldn't get to sleep. One can imagine that this may be the case for some people. 


If only there was a way to get to these people when they were worrying about this. How could I help people who were in their pajamas? 

That's why we have added several quoting tools onto our website. A concerned breadwinner can visit our site and run quotes for life, cancer, accident, and hospital indemnity insurance. We even have one for our combo dental, vision and hearing plan. And the best part is if someone sees a rate that fits into their budget they can start their application, all without a pushy salesman. (We aren't pushy.)

On the other hand, we make ourselves available if someone is looking for a little assistance, and we do have other insurance products, like disability and long term care, that we currently don't have the capability of quoting online. For those kinds of concerns, we ask that you book an appointment that is convenient for you from our site and we can help you out over the phone. 

If you are in Virginia, Tennessee, Georgia, North Carolina or South Carolina, and can't sleep, visit our site. In the meantime, please stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Saturday, June 26, 2021

5 Ways To Help Your Family From Beyond The Grave 2023

As an insurance agent I have come across a wide variety of opinions when it comes to people discussing their own deaths. I am constantly amazed at how people will open up with me so quickly. Maybe they trust an insurance agent more than their own family members.


Some of these folks believe they are heading into the afterlife, one way or another, while more than you would expect seem to feel that there is nothing after you die. But with all of these differing opinions, most do agree that their loved ones will still be around when they are gone and may have to pay some expensive bills as a result of their death.  

And here is the rub. If we agree that there will be some costs involved when we go to our great reward, shouldn't we try to minimize those costs ahead of time? Wouldn't it be in the best interest of our surviving family members? It seems like common sense to say "yes". Especially when we know that no one lives forever.


So what can you do to make sure your family doesn't go broke paying their last respects to you? Here are a few ideas of simple tasks that don't need to be put off any longer.

  1. Have a will. Your will directs the courts to help settle your estate per your wishes. It's very important to keep it updated every few years as your situation changes. And most importantly, make sure your family members know where to find it. Is your will in a safe, or a file at your attorney's office? And never leave it in a safe deposit box unless other family members have a key. 
  2. Have a living will. If you were seriously ill, would you want to be on life support or would you rather have the medical staff "pull the plug"? Your directives can keep your family from keeping you on life support when you would rather pass away.
  3. Have a life insurance policy. As an attorney friend of mine always says, "A life insurance policy trumps a will." You don't have to wait for someone's estate to be settled because a life insurance policy is a binding contract between you and your insurance company. Remember that when someone dies, the funeral home, lawyer and others will have their hand out waiting to be paid. Your life insurance agent will be the one bringing you a check to pay those bills. 
  4. Pre-plan your funeral. Instead of your kids picking out a Cadillac coffin, you can decide for yourself how modest you want your funeral to be. 
  5. Pre-pay your funeral. My own father did pre-plan but didn't pre-pay. From the time he had planned his funeral to the time he actually passed away, inflation had done some damage. The funeral director shook his head and said, "I'll do the best I can on these prices", and I could tell it wasn't the first time he had run into this situation. 
This list may seem daunting, but it doesn't have to be. The first two items and the last two items can be taken care of at the same time. Having a plan and letting your family know what it is can save them substantial money and they will know that, even in death, you are looking out for their best interest.  

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Wednesday, June 23, 2021

I Sell Money

When I first got into the insurance business I didn't have a mentor or anyone to "show me the ropes" per se. I learned quickly that my sales manager had a financial interest in me selling, and one would think that he would want me, as well as the rest of the agents on his team, to succeed. And while it was true to an extent, I also learned that I needed a mentor who did not have any skin in the game when it came to my success. Basically I needed someone who could be objective and give me sound advice who would be looking out for my interests.

Since no one was stepping up to the plate to help me, I started reading books about sales and any information I could find about successful insurance agents. There were many motivational books and most of them gave the same basic information. One day, I came across an article about an agent who was deemed "The Greatest Life Insurance Agent of All Time". His name was Ben Feldman and his story was quite remarkable. 

I don't want to bore you with all of the details as you can look up the details on him with a simple Google search, but the simple fact is that he found a way to sell more life insurance as an agent than some entire companies at the time. When asked how he sold so many insurance policies he said, "I do not sell life insurance. I sell money."


You see, Mr. Feldman was able to clearly communicate what life insurance is. When a client buys a policy, they are actually buying a promise. That promise is that if the insured should die, the insurance company will pay a death claim which will exceed what the client has paid in. 

Mr. Feldman also was noted as saying to his agents, "Don't sell life insurance. Sell what life insurance can do." In today's world of life insurance, a policy can do a lot for a family when the insured passes away, but with all of the living benefits available nowadays, people can use them while they are still living. 

Let's face it, no one really wants to buy life insurance, or any other kind of insurance for that matter. It's not fun or something one can show off to their friends. But it is necessary, especially when others are dependent on us financially. Our children rely on us to provide housing and education, which costs money. Our parents, who always insists that they don't want to be a burden on anyone else, may ultimately rely on us to help with long term care costs if they haven't planned in advance.

And then there are others that may depend on us financially, like charities and churches. When a large donor passes away, that non-profit organization may need to find other donors to fill the missing gaps. And sometimes, those large donors will list the charity of their choice as a beneficiary on a policy.

Ben Feldman knew all of this and made sure he didn't sell just the steak, but the sizzle as well. Instead of saying he was selling life insurance, he would call it something like "a special educational package for your children's children."

So the next time you talk to a life insurance agent, remember, we don't just sell insurance, but we sell money, and a promise. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Monday, June 21, 2021

Why I Got (Back) Into To The Insurance Business

A few weeks back I joined an online chat with some people I really didn't know but who had some valuable information to offer. Fortunately, these very nice people welcomed me to their group. One of them in particular, Adam Griggs who is the CEO of CLARAfi, dropped me a note a few days later, which began a conversation. 

Adam took a look at some of my videos on YouTube, gave me a word of encouragement, and then suggested that I make a short video explaining my "how and why" I got into the insurance business. To be honest, I initially was thinking, "Yeah, no one really wants to hear that story." But since Adam took the time to watch a few videos, I thought the least I could do would be to consider his idea. 

I thought back to my first venture into insurance back in 1985. Having graduated from college with no real job prospects, my father wanted me to work with him at his fledgling engineering firm. Keeping my eyes open for other opportunities, I begrudgingly went to work for him entering data into an MS-DOS program. 


There were several issues with this situation, with a major problem being that I was not an engineer. My degree was in Business Management. Also, my old man, who was a micromanager to say the least, wanted me to live at home, work with him, and let him decide what I should eat for dinner. Also, that dinner would include discussions about work, which I had just suffered through a few hours earlier. I was quickly going crazy.

I needed to find a job where I could learn some real world business skills while getting out from under the old man's thumb. One morning I told my father I had a job interview in Raleigh, NC, about an hour away. I didn't really, but my plan was to go there and start looking for work. In the course of a few hours I had managed to find what I thought was a good opportunity with an insurance company.


The job wasn't exactly as presented by the recruiter, who had made it sound fairly easy work with banker's hours and great pay. Instead I found myself driving all hours of the day and night in rural areas doing what boiled down to door-to-door insurance sales. And the product was not something I would not purchase for myself. As a matter of fact, I met several people who were angry about their claims experiences. One even threatened to get his gun and shoot me. 

After a few months of this, I realized that my coworkers were leaving and being replaced by a revolving door of new agents. It didn't take me long to jump ship as well, and being young and naïve, I got out of the insurance business altogether for about 15 years. 

In 2000, I decided to give insurance another go, but this time would be different. I wanted to learn the business from multiple perspectives, so I worked for various companies as an independent agent. Each company had its own way of doing things, from how they prospected for clients to the ways they collected premiums. I learned how some insurance carriers' products were better than others and when those products were suitable for clients.

About this same time, I had an aunt who had been in a nursing home for over 20 years. She had fallen and broken her hip when I was still in high school. My parents had been left with the responsibility of taking care of her bills and I watched them struggle. Even though my father's engineering firm was doing okay, his finances were stretched. A long term care policy would have been a great help, had one been available for her (and subsequently my parents) when she had gone into a facility. 

That's when I realized that selling insurance was more than just a job, but a way to help people who were in bad situations by convincing them to mitigate their financial risks ahead of time. There were plenty of examples of insurance policies keeping people from financial ruin, from strangers to those close to me.

For example, my wife's father had died unexpectedly before I had met her, and his life insurance policy helped her graduate from college and take care of other necessities. We even used some of the proceeds years later to make a down payment on our home. 

Making sure that people have the right amount of insurance, their beneficiaries are up-to-date and keeping it all in a budget can be tough. Insurance is a product that most people don't want to buy, so the job is more about convincing them they need it. Because of this, the stereotypical insurance salesperson is high pressure. I prefer to say I use "good pressure", because my intention isn't to get the sale, but to make sure that when something bad happens, my clients won't have to move out of their homes or take a second job to pay the bills. 

When someone goes to my website and books a phone appointment to discuss life, disability or long term care insurance with me, I may give them a bit of a nudge to make sure their needs are met. It's all done with their best interests in mind. And that is why I do what I do. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Thursday, June 17, 2021

What Is Life Insurance Laddering?

One of the most confusing issues about buying life insurance is knowing how much you will need at different points of your life. As your personal situation changes over time, so will your life insurance needs. Marriage, having children, buying a home or starting a business can mean incremental differences in your coverage. 

And as you get older, your life insurance needs typically decrease. The kids have gone off to college or are on their own, the mortgage is paid and other debt has hopefully been eliminated. With all of this change going on, it makes sense to know what your foreseeable needs will be and adjust accordingly.

Sure, you could just buy one very large term policy to cover the next 20 to 30 years, but what happens after that? Burial insurance sounds good, but what if you should have some health issues that could prevent you from buying an affordable policy? The non-medical policies are okay, but they can be expensive.

This is when you should consider a strategy known as "laddering". Laddering is the practice of purchasing several term policies for different lengths of time and different face amounts. Since the policies are set to expire at different times, you only pay for the amount of coverage you need throughout your different life stages.

As an example, let's say that "Bob" is 35 years old, in good health and a non-smoker. After a quick review, Bob discovers he needs $1 million over the next 30 years. If he were to purchase a policy for $1 million, if may cost him about $75 each month, or $900 each year. Over the course of 30 years, Bob would pay $27,000. 


However, if Bob decided to purchase three smaller policies that had different terms, it would look something like this:

  • First policy - A 10-year term with a death benefit of $500,000 ($14 each month)
  • Second policy - A 20-year term with a death benefit of $300,000 ($16 each month)
  • Third policy - A 30-year term with a death benefit of $200,000 ($21 each month)
The total amount of coverage is $1 million, but the amount of premium Bob pays on a monthly basis is different throughout the years. And this saves Bob money. 

For the first 10 years, Bob pays $51 each month. At the end of the 10th year, the $500,000 will expire, which means Bob only pays $37 each month from year 11 through 20. At the end of the 20th year, the $300,000 policy will expire, which means Bob will only pay $21 each month from the 21st year until the end of the coverage period.

Bob's total premium over the 30 years is $13,080, which means he'll save $13,920! Not bad. And that difference could have been invested into a retirement plan or something else.

As you can see, Bob saved a ton of money plus he got the coverage he needed. During the first 10 years, Bob had $1 million dollars of coverage to pay off his mortgage and other financial obligates. In the second 10 years, with his mortgage principle decreasing, he still had $500,000 of coverage, which would have been sufficient at that point. Finally, in the last 10 years, his spouse could pay off the remaining bit of mortgage as well as take care of his funeral expenses and any other debts with the remaining $200,000.

Even though buying multiple policies may seem like more work, if they are all purchased at the same time through the same carrier, the bill can be consolidated and the savings will be well worth the time and effort. 

If you have questions about laddering your policies or anything else related to life insurance please drop us a note or book a short phone appointment with us. In the meantime, please stay healthy!


Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Friday, June 11, 2021

Do Younger People Need Life Insurance? 2023

If you are a millennial or GenX'er you may wonder what kind of life insurance you should purchase. There are a few different types of coverage available. Term, universal, indexed universal and whole life. Term policies could be considered "temporary" as they only cover you during a specific amount of time, like 10, 20 or 30 years. There are even some companies out there offering 40 and 45-year terms for younger people. Term policies are much less expensive because they only offer a death benefit and there are no other features like loans or cash value. (Some term policies now offer "living benefits" which can help you if chronic or critical illnesses arise.)

Although term life insurance does not accrue cash value, it's affordable for working families during their working years. For instance, a healthy non-smoker in their mid-20's could expect to pay less than $25 each month for $500,000. (Rates are subject to underwriting and are not guaranteed)

On the other hand there are permanent policies, like universal life (UL), indexed universal life (IUL) and whole life (WL).  These policies are more expensive but they also cover for the rest of your life as long as you continue to pay the premiums.

Permanent policies also have various ways to build cash value internally. For example, the UL uses interest rates, but since rates are at historic lows (for now), it's not a great option. We have many younger clients who use IUL's in lieu of investing and are very happy. 

For those who are single with no dependents but own a home, a policy will allow you to keep that home in the family. Having parents or nieces or nephews who could use that home if you should pass can be beneficial and life insurance can pay off the balance of the mortgage. 

So how can you get a policy? You can usually get a policy through work if they offer one, however we always recommend you have additional coverage outside of work, in case you leave your job. Also, that coverage through work is rarely enough to cover all of your debt and replace lost income. If you have a family, you will definitely need much more.

A great way is to use a quoting tool (we have one on our website) which lets you enter your information and will give you several choices of coverages. If you like what you see, you can even begin the application.

A simple method to find out how much life insurance you need is to add up your expenses and liabilities, like the mortgage, car payments and other debts. That should be a minimum for your needs. You may also want to consider lost income if you are the sole breadwinner of the home, and future education costs if you have children. On our website, our life insurance quoting tool offers a calculator to help determine your needs.

You may or may not be required to have an exam. It really depends on several factors, like the carrier and the amount you are applying for. Many companies have decreased their usage of exams during the pandemic, but they still reserve the right to have your medical records transmitted to them. And if there is no exam, you could have to answer a lot of medical questions during the application process. The secret here is to be as truthful and honest as possible, especially when it comes to questions about smoking (tobacco or cannabis) and your family's medical history.

If you have questions about what type of insurance you need or how to apply, let us know. In the meantime, please stay healthy!

Want to know how much disability insurance you need? Drop us a note and we'll send you our free PDF!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog! 

Wednesday, June 9, 2021

Life Insurance Beneficiaries Made Easy

I received a phone call recently from a friend (I'll call her Molly) who lives in another town. She said she had some questions pertaining to life insurance beneficiaries, specifically for her mother and brother's policies. 

Without going into a lot of detail, she explained that her mother, who was in her early 90's, was starting to have some health issues. "Mom" had a couple of small life insurance policies she had purchased years earlier and Molly had questions about the beneficiaries and how the policies paid out the death benefits. 

The wrinkle in all of this was that Molly's brother (we'll call him Dan), was listed as a beneficiary and he is currently in hospice with his own health problems. Molly didn't seem to think that Dan was going to last much longer, thus confusing things further. And just to make things even more complicated, the mother had taken out a policy on Dan when he was a child, with the mother listed as the beneficiary. What a mess!


Molly wanted to know who would get the death benefits if either her mom or brother died first. I suggested we discuss one at a time. Since her mother owned the life insurance policy on Dan, the mother could call the insurance carrier at any time and change the beneficiaries. I suggested that Molly help her mom contact the company and request a form, either called a "change of beneficiary"  or "beneficiary update" form, and get it completed as to her wishes as soon as possible. 

Many times the company will be happy to email (or snail mail) the form to the owner of a policy, but most require a "wet" signature to make changes. Digital beneficiary changes are rarely accepted. The nice part is that an owner of a policy can do this is at any time.

Molly also had questions pertaining to the policy on her brother. Even though Dan was not expected to make it much longer, what would happen if the mother died first? There were no other beneficiaries listed, according to Molly. 

Even though her brother was the insured, he had no real rights to make changes since he was not the owner of the policy. Again, the mother was in control. My suggestion to Molly was to get additional changes forms to update the beneficiaries on the policy insuring her brother. Her mother could add Molly as a "contingent" or "secondary" beneficiary. 

All of this is why we emphasize checking your policies from time to time and making sure your beneficiaries are correct. Updating this information can avoid a lot of headaches for your loved ones. 

Just so you know, beneficiaries can be prioritized, i.e. Primary, secondary (or contingent). In other words, if your primary beneficiary dies before you do, or at the same time, your secondary beneficiary would receive the funds. 

However, some people choose to split up their beneficiaries. A parent may want two people to share equally. When this happens, they can both be named as primary beneficiaries, but each receiving 50% of the death benefit. 

I try to convince my clients to keep things as easy as possible. Naming beneficiaries in order instead of dividing up things can be more helpful, especially when it comes to paying down debts, like mortgages and other bills. Also, as in the case of Molly's family, some beneficiaries may pass away before the insured. 

Another thing to consider is that children under 18 years of age should not be listed, as the insurance company will not send money to a minor. Many of our clients who are single parents tend to name other family members who will put the money aside for the child until they are responsible. 

Please keep your beneficiaries up to date and if you have questions, drop us a note.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog! 

Monday, June 7, 2021

My Discussion With Michael Seabolt

I recently met Michael Seabolt through a LinkedIn insurance professionals' group. As I am an agent who works directly with clients, I thought it would be interesting to give you some insights from the perspective of someone who works behind the scenes with agents and financial advisors. 

Michael Seabolt is currently the managing member of Flower Risk Advisors, LLC, a cannabis industry focused tax and risk mitigation consultancy. In this role, Michael consults with cannabis business owners and executives, and their tax and legal advisors, providing risk and tax management solutions for the legal cannabis and hemp industries.

Michael also is a contracted consultant with Bell & Associates Consulting, LLC is Phoenix, AZ which is an independent insurance brokerage firm representing over 70 of the largest life insurance and annuity carriers. In this capacity, Michael consults with financial intermediaries (financial advisors, insurance agents, tax and legal advisors) to provide tax mitigation and risk protection solutions for their business owner and high net worth clients.

Michael has over 25 years of professional experience in the financial services industry, primary in wholesale distribution of managed money, investment advisory and insurance space. His experience includes VP of sales and business development for an international asset and wealth management firm. In this role Michael developed relationships with financial advisors, family offices, insurance and trust companies and private banks to broaden product offerings for their institutional and high net worth clients.

Previously, Michael spent nine years with a London based hedge fund and wealth management firm. The position involved extensive international travel with offices in London, Hong Kong, Nassau and Switzerland. His responsibilities here included private client meetings, conference presentations, panel board advisory and executive level relationship management.

In his free time, Michael enjoys spending time with his three children. You can find them on the ski slopes in the wintertime and the golf course in the summer.

With an impressive resume like this, you can understand why I wanted to discuss with him how his part of the insurance industry works.

Thanks for taking the time to talk today. You have an very interesting background, but I'm curious as to how you got into the insurance industry.


I've been in the financial services industry for 25 years, the last 9 of which have been in the insurance industry. I spent 5 years with Allianz, one of the world's largest insurance companies, covering US broker-dealer distribution. I've had my private consulting practice for the last 4 years, focusing on utilizing life insurance for tax and risk mitigation.

How do you find your prospects?

My clients are insurance agents, financial advisors, CPA's and attorneys. I help them with their largest clients and most complex needs. 

How do you prepare for a client meeting?

I perform stringent due diligence on the financial professional with the goal of understanding their practice so I can be most effective in our meeting. 

We met through LinkedIn. Have you had much success with it?

LinkedIn is a good medium for connecting with colleagues in the industry.

I agree. I think too many people avoid networking within their own industry sometimes because some of those people are competitors, but I've gotten some great sales tips and advice.

Not counting my book, do you recommend any good books on sales?

"Tax Free Retirement" by Patrick Kelly and "The Power of Zero" by David McKnight. 

I also enjoy Patrick Kelly's books. He has some good videos on YouTube as well. That leads to my next question. Do you have a mentor? How have you become a mentor for others?

I have been fortunate enough to have had several mentors and sources of influence in my career. I enjoy "paying that forward" and train agents and advisors on how to optimize their practice and gain traction in the business owner and High Net Worth client channel.

Has Covid affected your practice?

I have been unaffected personally from the pandemic, however my practice has flourished. Mortality risk has become front and center in our daily lives and clients appreciate the benefits of life insurance and long term care protection. The massive Federal debt spending which injected capital into our financial systems will lead to significantly higher taxes in the future. We need to educate and empower our clients today to protect themselves for this coming tax risk.

I agree. Sooner or later we're going to have to pay the bill. On a related note, what did you do with your first commission check?

1999 Chateau Haut Brion and aged petit filet.

That is great! That must have been one nice commission check. Last question, have you ever had a strange or unusual encounter with a client?

I am fortunate to have engaging conversations on a daily basis. I will share a story of a client whom passed away last year from Covid after recently purchasing a life policy from us. I felt blessed to be able to deliver a ix-figure death benefit claim check to his surviving spouse. There are fewer more fulfilling moments in our industry.

When it comes down to our business, that is what we do. Thanks for your time! I am sure our readers appreciate this information as well. 

Michael can be reached through is website at www.consultbell.com

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Friday, June 4, 2021

Wouldn't You Rather Spend Your Savings On Something Fun?

I recently had a conversation with a very nice couple from Greensboro, NC. They both worked as realtors, had three children and seemed like they were doing a good job executing their financial game plan. 

As the housing market has been doing well, they have managed to sell more in the last year. They both know that things won't stay this way forever, so they put aside a good amount of money each month for their "rainy day fund". Having the discipline to this and stick to it is rare to find these days, so I told them they were doing an awesome job. 

We continued to discuss their other financial issues. They had a decent amount of life insurance on themselves (they probably could have used a bit more) and had started a retirement account  as well. This was especially encouraging because it can be a difficult task when one, or in this case both, of the spouses are self-employed. Nobody is deducting money from their paycheck for them. 


I was starting to think they didn't need me at all. However, it didn't take long to discover there was one potential landmine that needed to be addressed. I asked them a basic question. "Do you have enough money put aside to help pay bills if you are sick or hurt and can't work?" 

They thought about it for a minute and said, "Well, we could dip into our savings." 

"You're right. You can do that. But is that what you are saving for? To cover bills?"

They hadn't considered this so I offered a better alternative. "If you couldn't work, you wouldn't have that income. Sure, one of you could pick up some of the slack, but do you want to go through that? Your savings should be for things you want down the road, like a vacation or to buy a nice car. No one saves to pay bills."

"Let's do this," I suggested. "Let's take a look at disability insurance. The premiums won't break your budget but it could keep you from having to go through your savings." 

They agreed to look at a few options. As we move through the process I'm sure they will both complete applications. And since they are both fairly young and healthy, they should both have policies to protect their paychecks soon. 

Are you setting money aside each month for a rainy day or something fun like a vacation or a boat? Do you really want to have to dip into that money to cover your bills? What if you could shift that risk to an insurance company and let them cover your bills? 

If you are a business owner, a contract employee or otherwise self-employed, ask an agent to help you find a disability policy that fits your needs. 

Special Offer: If you aren't sure how much disability you need, we have a one-page PDF that can help. To get a FREE copy drop a note to chris@surffinancialbrokers.com and we'll send it to you ASAP. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Monday, May 17, 2021

The Good, The Bad And The Ugly Of Insurance Sales

A few months back I ran into a great lady who had purchased a life insurance policy from me many years ago. We had stayed in touch for a few years but I lost touch with her. Needless to say I was a bit surprised when she responded to one of my posts on Facebook regarding some new policies Surf Financial Brokers was offering. 

After speaking to her for a while I realized that a lot of things in her life had changed since we had last spoken. She had made several career changes and was currently working for a non-profit organization. Her personal situation had changed as well, as she had a new beau who seemed to be a good guy. During our conversation she mentioned that the life insurance policy she had purchased from me years ago had lapsed and now she was in the market for a new policy.

Her concerns had also changed a bit over the years. Her parents were now deceased, but before they died she had been one of the principle caregivers in their later years. With that experience she had come to realize how expensive care in a facility was. Now she was in the market for some sort of life insurance, but she also wanted something to help offset the costs of long term care. The problem was that she had a limited budget to do all of the things she wanted to accomplish. 

One of her main concerns at the time was that Covid was sweeping through nursing homes and assisted living facilities. With this in mind, she really wanted to know that if she needed care, she could stay in her own home. Luckily we had a great way of handling this part of the issue in a way that would be affordable for her. 


Our Short Term Home Healthcare plan (STHHC) offers clients a way to offset the extremely high costs of having caregivers in the home. The policy helps with costs for up to 365 days, which do not all have to be consecutively, since many people have caregivers come to their homes only 3 or 4 times a week, usually when family is unavailable. This means that the policy can conceivably be stretched out over several years. 

Even better, the application only has 3 questions, which means getting approved is very easy.

But the best part for her was that the policy is very affordable compared to a full-blown Long Term Care (LTC) policy. Saving her money was a priority for her, but this was only one part of the issue. 

We still needed to resolve the life insurance part of the puzzle. This is where things got messy. She had gotten older (by about 15 years) since she had purchased the previous policy from me, so that made the rates go up of course. Even though the face amount of the policy she wanted was fairly low, we both agreed that a permanent policy would be a better fit than a term policy. 

I took her application and submitted it to the insurance carrier, and soon after a paramed nurse met the client at her home. Everything was going smoothly until I got a call from the insurance company. Apparently when the underwriter pulled her medical records there were some underlying health issues that had not been disclosed previously. 

The insurance carrier rated up the policy, meaning that her premium cost would go up. They gave me a new price, as well as different face amount for the premium she wanted. I knew in my gut that the client was not going to be pleased either way, but I picked up the phone and gave her a call. 

When I gave her the new numbers she said she needed a few days to think it over. The following week I called her and left a voice message, followed up with a few more over the next week or so, along with emails. I got no response. This wasn't good. 

After several weeks I got a letter in the mail from the insurance carrier. She had called in and requested that the company withdraw her application. Since she decided that she did not want to communicate this information through me I left her alone. I don't want to badger the lady and honestly I think she prefers I drop the matter. 

The moral of this story is that if she had been upfront with me on her health issues, we could have gotten her a more accurate quote from the beginning of the process. Remember that life insurance quotes are merely estimates based on the information given. A final rate is not determined until the full underwriting process is completed. It may be uncomfortable, even embarrassing, to discuss these kinds of personal matters with your agent, but full disclosure is always the best option.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Monday, May 10, 2021

Should I Buy Term and Invest the Difference? 2023

There is a school of thought that when it comes to life insurance, people should "buy term and invest the difference". What does this mean and why should it matter when you are trying to secure your family's finances?

First off, the people who like to preach this method of buying life insurance have some sort of issue with purchase permanent life insurance. Whether it is whole life or universal life, they think that the cost too high. These people also think that the growth inside the policy, building cash value, is not as good as putting your money in the market. 

One of my pet peeves in the financial services industry is the large number of financial gurus who give generic blanket advice. These gurus, who are prevalent on TV, radio and other media, including books, seem to feel that everyone is in the same boat. As someone who has been working in the insurance industry for over 20 years, I can attest that financial situations are like fingerprints - no two are alike.

Another issue that many of the agents out there who like the "buy term and invest the difference" mantra are captive agents who work for companies that do not offer good permanent products. Even worse, these agents have been given bad information as to how some permanent life insurance products work by their managers. I have worked for a few of these companies and have heard it myself. 

As I have said in the past, all insurance products have a need somewhere, but not all insurance products are for everyone. This applies to term life as well. Term life insurance is great if you can quantify your specific need. An easy example of this is a loan that needs to be secured. If you have a 30 year mortgage on your home, a 30 year term policy fits the bill, because if you were to die your family could pay off the note. The lender will be happy to know this too.

For many families, there are more things going on than just a mortgage though. There may be other debt, like credit cards and car payments. A young family may want to consider education costs of their kids as well. After doing the math, a 20 year term policy may do the job while the debt is there and the kids are still living at home.

Let's assume that our young family did the math (with their trusted life insurance agent, of course) and realized they needed $300,000 worth of life insurance. A term life policy may cost them around $50 each month (these are estimates). But a permanent policy would cost around $150 each month. According to the gurus, they should purchase the term policy and put $100 into an investment each month. What kind of investment? Mutual funds, hopefully tax deferred, like an IRA. 

Here's the main problem with this strategy. They almost always will buy the term life policy (if the agent has effectively communicated the need) but they rarely do the investing part. "Check back with me in a few months," is the refrain when it comes to putting that extra $100 somewhere. It may be a budget issue or the client just isn't sure about the markets. Either way the plan is not complete.

People have varying degrees of risk tolerance, which is fine. As mentioned, no two situations are the same. Not everyone wants to be in the market and the ones that do can do so through online trading platforms nowadays. 

So what is a suitable alternative that will help a client efficiently and in their budget? Drop us a note or book a short phone appointment to discuss. In the meantime, please stay healthy.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!