How Long Should My Life Insurance Coverage Last?

How long should your life insurance last? This is a common question but not one that is easy to answer. That's because there are a myriad of reasons to buy life insurance. The actual question should be, "How long do I need my policy to last?"

Think of term life insurance as fulfilling a specific need for a specific time. In other words, if you do some math and calculate how much you need (see the previous post) you can also determine how long you need it. If you have a 30-year mortgage, then a 30-year term policy will cover that loan. 

A good example would be a young couple with some small children and a new mortgage. They will need to purchase a policy that will pay out until the house is paid off and the kids are out of the house. Of course, no one knows how long the kids will be around or if you'll be refinancing down the road, but a good estimate is better than nothing.

If you know how long you'll need the policy, then you determine the length of time. You can even "ladder" several policies if you really want to be specific. 

Then there's the inevitable fact that we're all going to die eventually, even if we have done the math and outlived our term policy. That's when permanent life insurance (whole life and universal life) come into play. Unless you are able to prepay for all of your funeral/burial expenses, you may have to purchase "final expense" insurance. 

Like it sounds, permanent insurance will cover you until your death, however, you can pay up premiums early. Many carriers will offer "paid up in 10 or 20 years" or "paid up at 65" options. I recommend the "mix and match" method of purchasing a permanent policy (enough for your funeral and any medical expenses associated with your demise) at the same time you purchase your term life. It's much less expensive in the long run.

If you have questions feel free to contact us.

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. Please subscribe to this blog!

3 Reasons Why Self-Employed People Should Consider Critical Illness Insurance

Being your own boss has plenty of perks — freedom, flexibility, and control over your career. But it also comes with unique financial risks, especially when it comes to health. Without the safety net of employer-provided benefits, a major illness could threaten not only your wellbeing but also your livelihood. That’s why critical illness insurance is a smart move for self-employed professionals. Here are three reasons it deserves a spot in your financial plan.

1. Protect Your Income When You Can’t Work

As a self-employed individual, your ability to earn depends on your ability to work. A serious diagnosis like cancer or heart disease can suddenly put your business — and your income — on hold. Critical illness insurance provides a lump-sum payment if you’re diagnosed with a covered condition, giving you the financial breathing room to pay bills, maintain your business, and recover without draining your savings.

2. Keep Your Business Running During Recovery

Even short-term illness can stall self-employed work. The lump-sum benefit from critical illness insurance can help you keep operations afloat — whether that means paying a contractor to fulfill client work, covering rent for office space, or maintaining marketing efforts while you’re focused on recovery. It helps ensure your business survives even while you step back to heal.

3. Cover the Costs Health Insurance Doesn’t

Traditional health plans rarely cover all expenses. High deductibles, treatment-related travel, or home care costs can take a real toll, especially when income has stopped. Critical illness insurance fills the gaps by providing cash you can use for anything — medical bills, mortgage payments, or even personal expenses while you recover.

A Critical Illness policy can cover a list of "specified illnesses"* like cancer, heart attack, stroke, major organ transplants and other health events. We offer an online quotes system that lets you find a rate for you (or your family). You can even apply online if you like!

Critical Illness insurance can be an affordable way to cover deductibles and other expenses. If you have any questions about the coverage, reach out to us. 

*Policies differ in coverage. Please read the Outline of Coverage before applying.

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. Please subscribe to this blog!

The 11th Hour: Can You Still Get Insured Before 2026? (And Why You Must Try)

The clock is ticking. As December rushes to a close, you might be wondering if it's too late to secure a vital piece of your financial puzzle: life or disability insurance. The reality is that the new year often brings higher rates, especially if your birthday is just around the corner, and the complicated underwriting process requires time—time you are rapidly running out of. While the window isn't completely shut, but you must act as soon as you can, especially if you want to lock in your current age and health rating before the calendar flips to 2026.

Insurance isn't an instant purchase like a streaming subscription. When you apply for a comprehensive life or disability policy, you enter a process called underwriting. This involves reviewing your medical history, ordering third-party reports, and potentially scheduling a medical exam. Even in the best of times, this can take a few weeks. If you wait until the middle of December, your application will get stuck in the holiday backlog, virtually guaranteeing it won't be approved and in force until well into the new year. By starting now, you give our team the time needed to push your application through the final stages before year-end cutoffs.

Insurance rates are heavily influenced by your age. If your birthday falls early in the new year, waiting just a few weeks means you'll be rated at the older age, resulting in a permanent, higher premium for the life of the policy—a cost that can add up to thousands of dollars over 20 or 30 years. Furthermore, insurers frequently review and adjust their rates at the start of a new quarter or year. Locking in a policy today secures the current, potentially lower rates, safeguarding your family's protection against inevitable 2026 increases. 

Most importantly, consider the peace of mind you secure by purchasing insurance. The holiday season is a time for family, reflection, and planning for the future. Leaving your loved ones' financial security exposed is a risk no one should take, especially when protection is within reach. Life insurance is the tax-free safety net that replaces your income, ensuring the mortgage is paid and future dreams (like college) remain intact if you pass away. Disability insurance protects your income stream while you are living, covering monthly bills if an illness or injury prevents you from working. Don't let indecision leave your family vulnerable to a financial crisis in the new year.

The simple truth is this: if you want a policy in force before 2026 to lock in your age and avoid potential rate hikes, you need to start the application process right now. Even if the final policy isn't issued until January, initiating the paperwork in December secures your current eligibility and locks in your effective date. Don't gamble with your family's security or wait until the next birthday makes coverage more expensive. Take control of your financial future today.

Are you ready to beat the clock? Click here to start your free, no-obligation life insurance quote and application process before our year-end underwriting deadline! (For Disability Insurance, click here to schedule a short phone call).

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. Please subscribe to this blog!

3 Little Known Advantages Of A Cancer Insurance Plan

When most people think of cancer insurance, they think about paying for medical bills. But cancer insurance can offer much more than just coverage for hospital stays and treatments. Here are three lesser-known benefits that could make a significant difference for you and your loved ones:

1. Coverage for Non-Medical Expenses

Cancer treatment doesn’t just affect your health— it can disrupt your entire life. Many cancer insurance plans provide cash payouts that you can use for non-medical costs such as:

• Travel to treatment centers, sometimes far from home

• Lodging for both patients and accompanying family members during treatment away from home

• Everyday living expenses like rent, groceries, and childcare when your income is affected by your diagnosis

This flexibility allows you to focus on recovery, knowing that your policy can help with much more than doctor’s bills.

2. Lump-Sum Payouts with No Hospitalization Required

A little-known advantage is that many cancer insurance policies pay out a lump sum upon diagnosis—no hospitalization or long claim processes necessary. This cash benefit is often available immediately after your diagnosis and isn't restricted to medical spending. You could use it for travel, experimental treatments, or simply as a financial cushion while you’re unable to work. 

3. Income Replacement and “Waiver of Premium” Benefits

Facing cancer often means missing work and losing income. Some cancer insurance plans offer income replacement benefits—regular payments to help you manage monthly expenses if you’re unable to work. Additionally, certain policies provide a “waiver of premium” option, so you don’t have to continue paying your policy premiums after a diagnosis, keeping your coverage active without extra financial strain.

While often overlooked, these advantages can provide critical support during a challenging time, making cancer insurance a valuable supplement to traditional health coverage—especially for expenses that standard policies don’t touch.

Feel free to visit our site and run a rate for you or your family. You can even start an application online. And if you have questions, please drop a note. 

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. Please subscribe to this blog!

Are You Missing This Part Of Your Retirement Plan?

One of the top reasons people give when purchasing an individual Disability Insurance (DI) policy is that it's part of their retirement planning. You see, when people save during their working years, most likely that money is being saved for their retirement. However, one illness or accident could not only keep that person from working, but the loss of income would mean dipping into those savings.

Granted, most of our clients who buy DI are self-employed, such as business owners, salespeople or contract employees who don't have access to "group plans". Also, these people have to create their own benefits "package", which includes some sort of retirement plan. Linking their retirement planning with a DI plan makes sense.

When people think of disability insurance, they usually think of someone in a cast or wheelchair who suffered some sort of accident. In reality, around 85% of all claims are from illnesses, such as cancer, heart attack or a stroke. These claims can go on for months while the bills continue to come in the mail. A DI policy can keep those bills paid and your retirement savings intact.

If you are a business owner or otherwise self-employed, let us help you find a DI policy that covers your bills and stay in your budget. 

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. Please subscribe to this blog!

We Know Your Time Is Valuable

At Surf Financial Brokers, we know you are busy. Between work, family and other activities, it can be difficult to meet with an insurance agent to discuss the different types of life insurance, or to get a quote for a cancer plan. With that in mind, we have upgraded our scheduling calendar and made it accessible for you to set a time to meet that is convenient for you.

So if you have a question about an existing policy with us or just want to compare premiums on a dental plan, use our scheduler to find a time that fits into your busy schedule.

Don't put off securing your family's finances. Schedule a short phone call or Zoom meeting and let us help you.

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. Please subscribe to this blog!

Who Needs An Accident Insurance Plan?

 A client of mine called me this week and said she was looking for a policy that could help her husband who is in salesperson and periodically gets hurt, ending up in the emergency room or urgent care center. I suggested that she consider an accident insurance policy that could cover him when he's working and when he's off. 

These plans cover cuts, burns, broken bones, dislocations and even accidental death. And they are good way of paying those unexpected bills that come with be injured, like copays, deductibles and loss of wages.

They are super affordable and you can even cover your family, which is great if they are active or play sports. 

As a self-employed person myself, I don't have access to workers' comp.  If I get hurt while working, or even when I'm enjoying my weekends, I know that I don't have to worry about forking over a few hundred dollars out of the blue.

Let us help you remove this kind of financial landmine.

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. Please subscribe to this blog!

The High Cost of Not Having Long-Term Care Insurance

 

Long-term care insurance is a crucial financial tool that can protect you and your loved ones from the significant costs associated with long-term care services. Unfortunately, many people overlook the importance of this coverage, leading to potentially devastating financial consequences.

Understanding the Risks

• Rising Costs: The cost of long-term care services has been steadily increasing over the years. Without insurance, you may be forced to deplete your savings or rely on family members to cover these expenses.
• Medicaid Dependence: If you're unable to afford long-term care out-of-pocket, you may need to qualify for Medicaid. This can involve a significant asset depletion process, potentially jeopardizing your retirement savings.
• Emotional Burden: The emotional stress of facing a long-term care need can be overwhelming. Having insurance can provide peace of mind and allow you to focus on your health and well-being.

Potential Consequences of Not Having Long-Term Care Insurance

• Financial Ruin: The cost of long-term care can quickly drain your savings and retirement funds, leaving you financially vulnerable.
• Family Strain: The burden of caring for a loved one can be physically, emotionally, and financially taxing on family members.
• Loss of Independence: Without adequate care, you may be forced to give up your independence and move into a nursing home.

Why Long-Term Care Insurance is Important

• Financial Protection: Long-term care insurance can help cover the costs of care, protecting your savings and assets.
• Peace of Mind: Knowing that you have insurance can alleviate stress and anxiety about your future.
• Flexibility: Many policies offer a variety of benefits, including coverage for in-home care, assisted living, and nursing home care.
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If you're considering long-term care insurance, it's important to:

• Start Early: The earlier you purchase a policy, the lower your premiums are likely to be. Be aware that some carriers have higher minimum ages than others.
• Evaluate Your Needs: Consider your family history, health conditions, and desired level of coverage when choosing a policy.
• Shop Around: Compare policies from different insurers to find the best deal for your needs. This includes "stand alone" polices as well as life insurance with living benefits, which can also help solve the problem of paying for these services.

By understanding the risks and benefits of long-term care insurance, you can make informed decisions about your financial future.

If you have questions about long term care, please drop us a note or schedule a short phone or Zoom appointment.

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. Please subscribe to this blog!

The Benefits Of An Accident Insurance Plan

Accidents happen every day, and they can have a significant financial impact on those who are injured. Medical expenses, lost wages, and other costs can add up quickly, leaving many people struggling to make ends meet.

This is where accident insurance can help. Accident insurance is a type of supplemental insurance that provides financial assistance to people who are injured in accidents. The benefits of an accident insurance plan can vary depending on the specific policy, but they typically include:

• Cash payments to help cover medical expenses: Accident insurance can provide cash payments to help cover the cost of medical care, such as hospital bills, doctor's visits, and prescription drugs.
• Lost wages benefits: If you are unable to work due to an accident, accident insurance can provide lost wages benefits to help replace your income.
• Paid time off: Some accident insurance plans also include paid time off, which can allow you to take time off from work to recover from your injuries.
• Death benefits: In the event of your death due to an accident, accident insurance can provide death benefits to your beneficiaries.

Accident insurance can be a valuable financial safety net for anyone who is concerned about the cost of medical care or lost wages in the event of an accident. If you are considering purchasing an accident insurance plan, it is important to compare different policies to find one that meets your needs and budget.

Here are some of the specific benefits of having an accident insurance plan:

• Peace of mind: Knowing that you have financial protection in the event of an accident can give you peace of mind and allow you to focus on your recovery.
• Financial security: Accident insurance can help you to pay for medical expenses, lost wages, and other costs that may arise from an accident. This can help to protect your financial security and prevent you from going into debt.
• Complementary coverage: Accident insurance can be a good way to complement your existing health insurance coverage. For example, if your health insurance has a high deductible, accident insurance can help you to pay for out-of-pocket expenses.

If you are considering purchasing an accident insurance plan, there are a few things you should keep in mind:

• The cost of coverage: The cost of accident insurance varies depending on the specific policy and your individual circumstances. It is important to compare different policies to find one that fits your budget.
• The benefits of coverage: Make sure you understand the benefits that are included in the accident insurance policy you are considering. Some policies may only cover certain types of accidents, while others may have more comprehensive coverage.
• The waiting period: Some accident insurance policies have a waiting period, which is the amount of time you must be covered before you can file a claim. Make sure you understand the waiting period before you purchase a policy.

Accident insurance can be a valuable financial protection for anyone who is concerned about the cost of medical care or lost wages in the event of an accident. If you are considering purchasing an accident insurance plan, be sure to compare different policies to find one that meets your needs and budget.

If you would like a free "no obligation" quote, click here. Or schedule an appointment with one of our agents to discuss your insurance 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!

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!

A New Addition To Our Insurance Line-Up - Dental!

For the last few years we at Surf Financial Brokers have offered a dental/vision/hearing combo plan. And to be honest, we weren't too crazy about it because the dental portion of the plan had a network that just didn't work for most of our clients. 

We listened to your feedback and have taken on another dental and vision insurance carrier. However, instead of a "combo" product, the new plans are separate. We still offer the combo plan and if you need hearing coverage, it will be available.

One of the issues I have heard over the years is that dentists tend to go from one network to another, and rarely notify their patients ahead of time. There's nothing more frustrating than finding out after a cleaning or other service has been completed that your dentist no longer is in the network. With that in mind, we offer "out of network" plans that can work as well. 

We haven't done away with the old plans, and like our many of our other products, we will continue to offer a variety of carriers. That's the nice part about being a truly independent insurance agency. We don't work for a company, but instead the companies work for us.

The really good news is that you can get a quote directly from our site. And if you find the plan that you like and fits your budget, you can apply online. It's that easy!

Have a question? Book a short phone call from our site or drop us a note below in the comments. 

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!

Merry Christmas, Happy Hannukah and Happy New Year!

First, I'd like to thank all of our clients throughout the southeast for allowing Surf Financial Brokers to help with their life insurance needs, as well as their disability, cancer, accident and long term care insurance. We greatly appreciate the trust people have put in us. With that in mind, I also want to thank everyone for all the referrals you sent our way. When we get a referral, that typically means our agency can spend more time on our clients and less time prospecting. 

Last week I was having a cup of coffee with one of my awesome clients and she mentioned how important this time of year is when it comes to family and loved ones. As I was telling her that most people don't give life insurance (or other lines, for that matter) a serious look during the holidays, my client comments said, "You would think that people who love their families would use the message of Christmas to make sure they have enough insurance." I love that. 

My client was correct. When people who need more coverage say they can't buy insurance because they have to buy gifts, I cringe. I remind them what Christmas could be like without them in the picture and that those gifts won't help keep their family in their home or help pay the bills due to the loss of income. Most of my points fall on deaf ears.

I invite you to visit our calendar and schedule a short phone call to discuss your insurance game plan. If you decide that you still don't want to purchase until "after the New Year", that is fine. However, we can start the process from now without a payment until the New Year. 

You may not have any life insurance, or just a little through work. We can help you determine your need, which truthfully is the amount your family would need. Consider it your New Years resolution. 

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!

"Group Benefits" For The Self-Employed

I spend a portion of my time working in the "voluntary benefits" arena as an enroller, or "benefits counselor". In a nutshell, I enroll benefits for large groups, like schools, hospitals and municipalities, for example. Typically I sit with an employee in a one-on-one meeting and review their current benefits and check to see if they need any other insurance poducts. It's great to meet these folks and help them with insurance products like dental, vision, disability, accident and life insurance. 

The majority of my working time is spent working with individuals, however, many of which are self-employed. Realtors, sales professionals, small business owners and other "contract employees" or 1099's for instance, make up a lot of my clients. These great people are just as deserving of having decent insurance products, regardless of the size of their company. 

With this in mind, we invite all to visit our site and take a look at some of our voluntary products that can be purchased on an individual basis. There, one can get quotes for products such as life, cancer, hospital indemnity and accident insurance right from our site. And if you see coverage you like you can even start an application!

For some of our other products, like disability insurance and long term care insurance, one can book a short phone call to get a quote as accurate as possible.* We are independent agents and have access to many of the best policies. 

As independent insurance agents, we are also independent contractors, which means that we use our own products. Having a disability or cancer plan come out of our bank account instead of a paycheck doesn't change the fact that we need these important insurance plans. 

Please take the time to get a quote for yourself or your family. It probably won't cost as much as you think. 

*Quotes are not guarantees or offers of coverage and all policies are subject to underwriting. 

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!

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!

Do You Have A Rainy Day Fund?

We often hear about people who need funds in an emergency. Someone who has a medical emergency, for example, may need some quick cash for hospital bills, deductibles, co-pays. Along with that could be a shortage of money to pay bills while out of work. 

A general rule of thumb has been to make sure you have six months of money saved to pay bills, but many rarely do this. The solution has been to wait until an emergency occurs, then start a GoFundMe page and ask friends or family (or even strangers) to contribute. People who know I sell insurance will ask me "Why didn't you sell that person some insurance?"  My answer is "I tried but they didn't find it important enough at the time."

However, if one owns a permanent life insurance policy that builds cash value, asking friends and strangers to kick in doesn't have to happen. And by overfunding a policy*, building that cash value can happen faster. 

I knew of a gentleman who had quickly built a small fortune in a life insurance policy and would "warehouse" his money until he needed it. If he saw a piece of property he wanted to purchase he would call the insurance carrier and "borrow" against his policy, and within 6-8 months he would have the loan paid off. By using this method he avoided having to fill out loads of paperwork at a bank and, in most cases, he would have the money within a few business days.

The point of this is that life insurance that builds cash value can be used for emergencies, like a critical illness, or many other things. If you have questions about how this works, visit our site and book a short phone appointment to discuss. In the meantime, please stay healthy. 

*There are limits as to how much one can contribute to a policy which are set by the IRS. Tax penalties can apply if the policy isn't structured correctly.

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!

What Happens When You Can't Work?

We can presume that most of us enjoy earning a living, getting a paycheck (nowadays direct deposit is the norm) and having some discretionary, or "leftover" money to use after paying our bills. Those funds are what we use for the fun stuff, like eating a meal at a restaurant or seeing a movie or treating a friend to lunch. 

But what happens when those funds are no longer available? What if you aren't able to work due to sickness or injury? 

For many people (like me) who are small business owners, independent contractors or otherwise self-employed, a serious disability could not only be devastating to a family's finances, but could also damage the business providing the income. But there's a solution!

A Disability Income (DI) insurance policy can help you protect your paycheck, which in turn helps you pay your bills and maybe even have a little leftover for a movie. DI can help you and your business stay afloat when you are unable to work. 

There are a few things to consider when looking at DI. 

• Underwriting looks at your health, your income and the type of work you do. An office worker may have lower rates than a welder because welding is more dangerous. Some insurance companies will require to see your taxes for the last 2 years.
• Policies can also be purchased that are solely for keeping the business open. 
• Individual DI policies may not have all the benefits found in group plans, like maternity coverage. However, there are many more options that can be structured to work for your needs.

Premiums may not be as high as you think, and your coverage can be customized to fit your budget. Given that over 85% of claims are actually for illnesses, like cancer or strokes, that doesn't mean accidents can't happen. Either way, if you can't work, a DI plan will be a great way to avoid guilting your friends and family into contributing to your GoFundMe plan. 

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!

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!

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!

6 Things To Consider When Buying Life Insurance

It's not unusual for someone to tell me something like, "I need $100,000 20-year term policy." For some reason that seems to be the default amount of insurance people ask for, so when I ask how they arrived at that amount of coverage the answers are vague and varied.

"That's what my cousin has so I figured that's what I need."

As we all know, financial situations are like finger prints in that no two are the same. That cousin may be older, have less debt and a winning lottery ticket for all we know. 

The purpose of buying life insurance is to make sure that your loved ones are in a good position if you were to die. The last thing we anyone wants is for your spouse and children to be left with a lot of debt and no way to keep the roof over their heads. 

With that in mind, there are a few things you should consider when determining how much coverage you need.

1. Mortgage debt. This is a big one because it is probably your household's largest expense each month. 
2. Other debt. Figure in car payments, credit cards and other debt.
3. Final expenses. Have you considered how much it will cost when you die? The average funeral can cost between $10,000 and $12,000. Consider inflation as well. 
4. Costs associated with death and dying. Many people will have a hospital stay, which can involve deductibles and co-pays. 
5. Income replacement. If you are the main breadwinner in the house, your family will desperately need your lost income if you die. The car will need repairs and the refrigerator will have to be replaced eventually. Consider adding five years of your income to your coverage total.
6. Education costs. There are those people who don't want their kids to take on student debt and want their life insurance to help pay for tuition. Using a college calculator can help determine this amount. 

Of course, all of this means nothing if you can't find a policy that you can afford. Our life insurance quoting tool makes it very easy to find the coverage you need and fits in your budget. Run a quote from our site and find a policy that can fits your needs and if you have questions, drop us a note. 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!