Do I Have The Right Life Insurance?

Each February the life insurance industry deems the month "Life Insurance Awareness Month" (DIAM). The Valentine's Day theme, "Insure Your Love", is used to get their message out: Life insurance really is not for the person who is insured, but instead, their loved ones.

Making sure that your are doing the best job possible in that respect means ensuring that you have the right coverage. As I stated in a previous post, after an insured dies, especially unexpectedly, their beneficiary and I will have a conversation. Usually this person is a grieving spouse and nearly all of the time they ask a simple question. "Will I be okay?"* How do want your agent to answer that?

Knowing how important life insurance is to making sure that your loved ones can stay in their home and maintain their lifestyle, you definitely want to make sure you have the right coverage. Here are a few items that you may need to consider. 

1. You only have insurance through your employer.  For the most part, life insurance through work can be incredibly cheap, especially if you work for a large company. I encourage people to get plenty of coverage. However, relying solely on group life insurance can be a huge mistake. This coverage is generally just term life and you may not be able to take it with you when you leave your job. If you develop any health conditions while you are working there you may not be able to get coverage later. Instead of thinking of your group life insurance plan as your only coverage, think of it as a supplemental policy. 
2. You don't have enough coverage. More often than you would think, people will have a specific amount of coverage in mind when I talk to them about their life insurance. "I only need $100,000 because that will pay off the house," for instance. By doing a quick analysis and asking some questions, I discover that they need much more coverage. Life insurance, when formulated correctly, should be able to pay off the mortgage and other debt, replace income for a few years, pay for funeral costs and other expenses related to death. Also, if there are small children in the picture, the proceeds can pay for future educational needs. Talk to your agent or use a handy life insurance calculator** to find the actual amount of coverage you need.
3. Your term life insurance policy is not covering your long enough. One of the crazy things about our lives is how much a situation can change in just a few years. In the span of a decade one can go from being single and renting an apartment to married with kids and a mortgage. In that time, financial needs vary drastically, meaning that your life insurance needs will too. This is why a life insurance "check up" may be a good idea every year or so. If you realize you need more coverage you can purchase more coverage, or you can convert some or all of your current term plan to something permanent. 

A few years back I worked with a rep who had a great way of helping people who already had coverage through another agent. "It won't hurt to have a second set of eyeballs look at your coverage," he would say, reinforcing the idea that having the most adequate plan was a priority. If you would like a second set of eyeballs, drop us a note. We'll be happy to help.  

*I will dig deeper into that topic in the next post.

**We have a calculator available on our life insurance quoting tool on the upper right side of this blog.

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! 

Are You Going To Insure Your Love?

Valentine's Day is this month. You may be in the group of people who think that it is a holiday created by greeting card companies or you may be in the group that loves the holiday. Either way, it is not a bad time to remind the people you love how much you care. And you can do that by insuring your love. 

And yes, using the month of Valentine's Day for promotion may sound cheesy but doesn't this get to the matter of what life insurance is all about?

In the insurance world February has been deemed "Insure Your Love" month. It is a good time to explain to people that life insurance is not just another financial product, but instead it is love insurance. Life insurance is purchased to protect your loved ones from financial struggles if you died. 

For those people who have lost a loved one too soon, you know that along with the emotional and physical pain, there is financial loss as well. There is a funeral to pay for, time taken off from work and bills that need to be paid, including medical bills that somehow need to be taken care of. If there are children in the mix, this financial loss can quickly become a financial disaster. Making sure that your family can stay in the home that they know, that their standard of living will not change and that their college funds are still safe is essential. 

When you really get down to it, life insurance isn't for the person who is covered, but to pay a benefit to those loved ones. And if you love your family, you will make sure that after you are gone they can keep moving forward with their lives.

We know that people want to do the right thing by their family, but sometimes we put off things that are important. No one wants to add add another monthly bill, but when life insurance should be a priority. 

And it isn't just about buying a policy, but making sure you have enough coverage. When an insured person dies, his or her spouse, who is typically the beneficiary, will ask a very important question: Will we be okay? What do you want your agent to say? 

Remember that life insurance is customizable, meaning that it can be tailored to your needs and budget. Whether you are purchasing whole life, term life or universal life insurance, you are making sure that your family is taken care of. And it can be much cheaper than you think.

With all of that in mind we have made it as easy as possible. We have added a quoting tool to our website (which is conveniently located in the upper right corner of this blog). There you can find coverage that fits your budget and your family's needs. If you like what you see or have a question, drop us a note and we will assist you.

With the Covid pandemic going on, people are concerned more than ever about their future. And along with that means getting coverage in a safe and efficient manner. You can set a phone appointment with us and we offer non-medical policies. Let us help you "insure your love" safely and be sure to look us up on Facebook.

In the meantime, please stay healthy!

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! 

4 Things To Consider When Choosing A Term Life Policy

Over the years I have noticed that many of my prospective clients don't really know about the different types of insurance, such as term insurance or whole life. As a matter of fact, I just met with a young couple who said they needed whole life because "that's what my mother said to buy". When they saw the price of the whole life policy compared to a term and a universal life they were surprised at the cost. "Maybe Mom didn't know what she was talking about after all," the young man said with a chuckle.

Don't get me wrong. There is nothing wrong with whole life or any other kind of life insurance, as long as it fits your needs and your budget. As I always say, each insurance product is good for something, but not all insurance products are good for everyone. In the case of this couple, the best fit for their needs and their budget was a term life policy.

Term life insurance is exactly as it sounds. It provides coverage and a guaranteed rate for a specific term, say 15 or 20 years. It does not build cash value and you can't borrow against it. Think of it as renting a home compared to buying a home. If you are buying a home you can build equity and borrow against the value. Renters can't do either of those. 

The advantage of term life insurance is that, because it only provides a death benefit, it can be much less expensive and one can purchase a lot of coverage. For example, a 40 year old man who does not use tobacco and is fairly good health can get a $100,000 20-year term policy for under $25/month. That same person applying for a whole life policy for the same face amount would pay at least $100/month. That's a big difference in price. 

So what do you need to look for when shopping for a term policy? Here are a few suggestions.

1. Term length. How long of a term do you need? Be aware that the longer the term, the more the premium will go up, but it is better to be safe than sorry. If you have a 30 year mortgage maybe a 30 year term is a good fit. Also, you can consider how long it will take to pay off the house and to get the kids out of the house. For younger people, we offer term policies to age 65. 
2. Riders. Many term policies will offer optional riders you can add on to the policy. Most of my clients like the Waiver of Premium option because if they are disabled and unable to work, the insurance company will pay the premium for them. 
3. Other features. Some policies have riders that are built into the policy at no additional charge. We have one carrier that includes benefits for chronic illness and and critical illnesses in their term life policies. 
4. Convertibility. This is important for those people who may want a permanent policy at some point because they can "convert" part or all of the policy without any health questions. There may be limitations on when one can convert their policy so check with your agent.

If you are considering an affordable way to protect your family's finances in case something should happen to you, term life insurance coverage may be a good fit. Please feel free to leave questions or comments and let us know if we can help you. In the meantime, please stay healthy.

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!

3 Frequently Asked Questions Life Insurance

Occasionally someone will ask me a question about insurance. More specifically, they ask about types of insurance and which is the "best" for them. After thinking about it, I have noticed that a lot of the same questions are asked, so I thought I would take the opportunity to help everyone with some broad stroke answers. Keep in mind that these are fairly generic answers and if you need a more specific answer to your situation, let me know. 

1. What is final expense insurance?

Final expense life insurance is exactly what is sounds like. It is designed to pay for expenses associated with dying, specifically funeral costs. A funeral can cost around $10,000, but that is just an average. Be aware that there are other costs associated with death, such as a hospital stay. I recommend to our clients that they insure themselves for maybe $15,000 instead, just to make sure their loved ones are not having to come up with those unexpected expenses out of their own pockets. 

Most final expense plans are comprised of whole life insurance, which can be expensive. Since whole life insurance typically builds cash value which is unnecessary for what the need is, you may be able to find another alternative. If you are healthy and can make it through a medical exam, you may want to consider a guaranteed universal life (GUL) policy. These policies don't build any cash value, but can be a lot less expensive. GUL's are guaranteed to be there for you as long as the premiums are paid.

2. Should I buy life insurance to cover my children? 

Yes! For some reason people think that putting life insurance on a child is a horrible thing. "I just don't want to think about my child dying" is the common refrain. Neither do we, but it does happen. As I mentioned in a recent post, it is sad enough watching parents suffer through the loss of a child, but it's just as bad attending a fund raiser to pay for the funeral.

A permanent policy that builds cash value is appropriate in this case. And it can be very affordable since the child is young and healthy (I assume most kids are "non smokers"). And when your child is older you can transfer the ownership of the policy to your now adult child, who can continue to pay the low premiums, or cash it out if they need to. 

A side note: Most insurance companies frown on large face amounts for children's life insurance. Generally speaking, $25,000 or $50,000 is more than enough and the underwriters will ask a LOT of questions if the policy is for more than that amount.

3. Do I have to keep my beneficiaries the same?

Absolutely not! As a matter of fact I recommend you review your life insurance every few years. Part of that review should be updating your beneficiaries. Changes in circumstances may lead you to decide to change your beneficiaries. Perhaps your current beneficiary has pre-deceased you, or your child isn't as responsible as you had hoped for. 

I had one client who was widowed and her only child was incarcerated. She felt as if she was paying for insurance that would benefit no one. I asked her if there was a charitable cause that she was interested in and she said her church was always in need. We managed to change the beneficiary to the church with enough put aside to cover her final expenses. 

Keep in mind that beneficiary changes can be made at any time, but some companies do require a "wet" signature, which means you may not be able to do it over the phone or online. 

If you have questions about life insurance, drop me a note in the comments section. And if you would like a quote you can click here and run your own. In the meantime, please stay healthy!

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!

4 Advantages of Using Our Quoting Tool

People have asked me when I was going to get the quoting buttons for cancer insurance, accident insurance and hospital indemnity plan* on the Surf Financial Brokers website. Well, after some technical glitches they are finally there. And the best part is that they work! 

One of the running myths in the insurance business is that people want personalized service. That is true for some of the public, but let's face it, a vast number of people have been purchasing homeowners and car insurance online for years. They are comfortable with the DIY approach and not having an agent, but rather filing claims and handling other service issues through a call center. That's perfectly acceptable for these folks, while others do want someone nearby to answer their questions. 

Running your own quote on our site is awesome for several reasons. 

1. You can cover whomever you want. Whether you need coverage for yourself, you and a spouse, you and your kids or the whole family, you decide who is covered. 
2. You can customize it to fit your needs. There are plenty of riders that you may or may not be interested in. 
3. You can fit it in your budget. While deciding who to cover and what optional riders you like you can see the premium as you go. 
4. You don't need an appointment. We know you are busy so you can use our quoting tools when it is convenient to you. And if you have questions, drop us a note or book an appointment using our online calendar. 

And it is extremely easy to run a quote. When visiting our Products and Quotes page you will see buttons for Hospital Insurance, Accident Insurance and Cancer Insurance. Simply click on the one you are interested in. A page will appear with some information on the product along with a "Get Quote" button. From there it is just a matter of entering your information and getting an insurance quote.

Along with these products, there is also a "Get A Quote" button for life insurance and disability insurance**. The life insurance button let's you choose from term or whole life with options such as Return of Premium term life. There is even a tool to help you determine how much coverage you need.

For disability insurance, you let the calculator know what kind of work you do and your annual income. Disability insurance helps you to insure your paycheck in case you become sick or hurt and are unable to work, you can still pay the bills. 

We ask that you give it a try. If you have questions or concerns, let us know. And if you like it, we would appreciate referrals. Referring us helps us to grow our agency by spending more time with our clients and less time prospecting.  

We have attempted to create a virtual agency that can take care of people either way. If someone prefers to run a quote and apply for coverage without the help of one of our agents, that is absolutely fine. But there are those times when one wants a real person to answer their questions, and we can do that for them as well. 

Run a quote and give us some feedback. And in the meantime, please stay healthy!

*Not all insurance products are available in all states. 

**Rates are estimates based on your information and 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!

How To Make Life Insurance Work

Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children’s education, pay off your mortgage, and simplify the transfer of assets. Life insurance can also be used to replace wealth lost due to the expenses and taxes that may follow your death, and to make gifts to charity at relatively little cost to you.

To illustrate how life insurance can help you plan your estate wisely, let’s compare what happened upon the death of two friends: Neil, who bought life insurance, and Bob, who did not. (Please note that these illustrations are hypothetical.)

Life insurance can protect your survivors financially by replacing your lost income

Neil bought life insurance to help ensure that his survivors wouldn’t suffer financially when he died. When Neil died and his paycheck stopped coming in, his family had enough money to maintain their lifestyle and live comfortably for years to come.

And since Neil’s life insurance proceeds were available very quickly, his family had cash to meet their short-term financial needs. Life insurance proceeds left to a named beneficiary don’t pass through the process of probate, so Neil’s family didn’t have to wait until his estate was settled to get the money they needed to pay bills.

But Bob didn’t buy life insurance, so his family wasn’t so lucky. Even though Bob left his assets to his family in his will, those assets couldn’t be distributed until after the probate of his estate was complete. Since probate typically takes six months or longer, Bob’s survivors had none of the financial flexibility that a life insurance policy would have provided in the difficult time following his death.

Life insurance can replace wealth that is lost due to expenses and taxes

Neil planned ahead and bought enough life insurance to cover the potential costs of settling his estate, including taxes, fees, and other debts that his estate would have to pay. By comparison, these expenses took a big bite out of Bob’s estate, which had to sell valuable assets to pay the taxes and expenses that arose as a result of his death.

Life insurance lets you give to charity, while your estate enjoys an estate tax deduction

Using life insurance, Neil was able to leave a substantial gift to his favorite charity. Since gifts to charity are estate tax deductible, this gift was not subject to estate taxes when he died. Bob always dreamed of leaving money to his alma mater, but his family couldn’t afford to give any money away when he died.

Life insurance won’t increase estate taxes — if you plan ahead

Before buying life insurance, Neil talked to his attorney about the potential tax consequences. Neil’s attorney told him that if his estate was large enough, it could be subject to federal and state estate taxes, depending on the applicable law at the time of his death. Neil and his attorney put a plan in place that would allow Neil’s survivors to use his life insurance policy to help pay for some of the potential estate taxes that might be owed at his death.

Be like Neil, not like Bob

Throughout his life, Bob worked hard to support his family. Neil did, too, but went one step further — he bought life insurance to protect his family after his death. Here’s how you can be like Neil:

• 
  
• 1. Use life insurance to ensure that your family has access to cash to help them meet both their short-term and long-term financial needs.
• 2. Plan ahead — buy enough life insurance to cover the potential costs of settling your estate and to ensure that the assets you leave to your survivors aren’t less than you intended.
• 3. Consider using life insurance to give to charity.

As you can see, these are just a few ways to make sure your life insurance policy is used efficiently. If you have any questions or comments, let us know. In the meantime, please stay healthy. 

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!

Can I Get A Term Life Insurance Quote?

We all know that life insurance is essential to every family's financial plan. Making sure your loved ones can stay in their home and continue to be financially stable gives one peace of mind. As a matter of fact, many of my clients have told me that they worry about what could happen to their family if the breadwinner of the family should die unexpectedly. Like many life insurance agents, I use this as the "what keeps you up at night?" conversation. 

Term life is affordable and is great to cover you during your "working years". That's usually the time when your family is growing, you are still paying off a mortgage and your kids will be going off to further their educations. A term life policy lets you determine the length of the term, whether it is 10, 20 or 30 years, or even longer depending on your age.

One of the problems we face in our everyday lives is that we just don't have the time to meet with an insurance agent to discuss our finances. There are too many other things going on in our lives that let us keep putting insurance off. There has to be a more convenient way to look for life insurance. 

What if you could look for an affordable term life policy when it is convenient for you? And what if you could just answer a few health questions and not have to bother with a nurse coming to your home or office to conduct an exam? With Covid still with us that is a concern! 

A few reasons you need to consider term life are:

• No exam needed* for most policies.
• You select the amount needed. 
• A Conversion Option that lets you change your policy to a permanent plan without health questions.
• A Return of Premium rider (optional) that offers the best of both worlds - life insurance protection if you need it and money back if you don't!

You can also cover a spouse or other additional insured, as well as cover your children.  The best part is that you can keep it within your budget!

To make it easy and convenient for you, we have made the link** available on our website, but in the meantime, you can click here to run your own quote. Have the quote emailed to you and one of our agents will be available for any questions you may have. 

Many of our clients in North Carolina, South Carolina, Virginia and Tennessee have taken advantage of how easy and simple it can be to run their own life insurance quote. No matter if you are in Knoxville, Nashville, Raleigh or Richmond, we can help you out. 

Being a virtual agency has also given our clients a peace of mind during the pandemic. By helping you right over the phone, you don't have to be concerned about your safety during these times. 

We know you money is tight these days and everyone is working on a slim budget. But we also know that if something were to happen to you or a family member, your families finances could be in turmoil. Take the financial burden off of your loved ones by looking into a term life insurance policy. The first step to financial security is getting a quote. 

We look forward to helping you and in the meantime, stay healthy!

*Up to $250,000

**The same link will help you run a quote for whole life and disability insurance. 

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!  

Can I Get A Quote For Cancer Insurance?

First off, I hope everyone had a great Christmas! It's definitely been a tough year for everyone and as we move toward 2021 my wish is for all to be healthy and happy.

And speaking of healthy, we are currently enduring one of the deadliest pandemics in recent history. The cacophony of news coverage regarding Covid-19 is nearly drowning out the other health issues we face, including cancer. Unfortunately, there were some celebrities we lost this year due to cancer, including Chadwick Boseman, Eddie Van Halen and Alex Trebek. It seems as if the only times we are made aware that cancer is still with us is when we hear that famous people die from it.

As a vaccine for Covid-19 becomes more widely available, our population will still need to stave off cancer and be prepared for treating it. Statistically, 1 out of every 2 men and 1 out of every 3 women will face some sort of cancer in their lifetime*. While the medical side of the treatment has made great gains, the financial strains it puts on families is still enormous. 

This is where a cancer insurance plan can be a great fit for you. First and foremost, these plans are affordable. A few dollars each month can cover an individual with or without a spouse, as well as children. For those people who are concerned that cancer runs in their family, that is important. 

Also important is what a cancer plan can cover. Out-of-pocket expenses related to cancer can be exorbitant. For example, medical insurance may not cover the cost of experimental treatments or some medications. It most certainly does not cover the cost of travel or lodging if someone is receiving treatments in a hospital not located in their own town. All of these items add up. Not being able to work and losing income only makes the situation worse. 

Of course the financial stress on a family as a result of a cancer diagnosis is not the priority at the time. The main goal is to be cancer free and survive. But alleviating the money problems as they happen can be fruitful after treatments end and relieve stress. 

So what can one do to make sure they (or their loved ones) don't have to face the harsh reality of financial insecurity of a cancer diagnosis? The first step is to find a cancer insurance plan that meets their needs and fits in a budget. 

When discussing needs, there are several questions to be answered. 

• Are you trying to cover yourself, you and a spouse, or the entire family?
• Would you like your policy to pay a lump sum of money all at once or would you like to receive your benefits as you are undergoing treatments?
• Does the plan offer optional riders which can increase or decrease my premium?

This is why we are in the process of adding a cancer insurance quoting tool to our website. It gives you an opportunity to see how a "treatment option" plan works, along with the benefits and optional riders. From there, you can click on the "Get Quote" button and enter the information needed. If you like what you see you can even proceed to beginning the process of applying. On the whole, the process can take about 10 minutes. 

Of course, if you have questions about any of this, we are available to help. In the meantime, please stay healthy!

*American Cancer Society

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! 

Getting Our Priorities Straight During the Holidays

With the holidays right around the corner I thought it would be appropriate to share a story from years ago when I was working for a very large insurance carrier. The agents were required to meet once a month and discuss our sales production numbers, and part of the process was that the veteran agents would give advice to the newer sales reps. 

As was usually the case in December, sales were down across the board. People generally don't buy much life or disability insurance before the holidays, with the exception of signing up for their benefits through work, so the agents were not too happy. I was one of them.

I shared how I would sit down with a couple to discuss life insurance, for instance, and would hear interesting excuses for not buying. "The holidays are coming and I need the money to buy a television," or "The new Iphone is coming out this week." 

That made no sense to me. "You have a wife and kids and a mortgage. If you were to die unexpectedly in the next few days, that cell phone isn't going to help your family stay in their home," I exclaimed to no avail.

Herein lies the problem for us insurance agents sometimes. We deal with people who mean well, and want to do right by their families, but their priorities are out of whack. The short term goals have overtaken the long term goals. Living in the moment is their mantra because "who knows what the future holds?" If they really want to know what is in store for them they should ask their elders. 

As I expressed these concerns to my colleagues at our sales meeting, a veteran agent laughed. "I know what you mean. Everyone is living in the moment, especially younger people. They think they are going to live forever and nothing will happen to them," he said. "But you have to help them understand that is wrong."

He continued to talk about the whole situation. "The holidays should be a time to emphasize the family. That should be their focus and if it isn't, then you need to make it their focus." It made sense. 

Of course we all want to have some nice gifts under the tree for the kids to open on Christmas morning. But trying to outdo ourselves (or anyone else for that matter) isn't what the holidays are all about. Wiping out our bank accounts at the end of the year over a phone or a television actually can make our festivities (and the new year) miserable. 

More importantly, all the gifts in the world can't make up for the loss of a loved one. So my message for you this year is this: It's fine to splurge a bit. This year has been tough on everyone, but remember that the holidays are about family, whether they are immediate, extended or otherwise. Make sure your priorities are in the right order. 

My job, as an insurance agent, is to make sure that your family will be able to continue to live comfortably if something should happen to you. Your priority should be making sure that your family is able to stay in their home and continue without you were to die unexpectedly. 

As I talk to my friends and clients I am learning that many have decided to cut back a bit on expenses this year. One less stocking stuffer or electronic gadget won't be missed. My wish for you and yours is to enjoy your family as much as you can. And please stay healthy! 

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!