Franklin Life and Annuity

06/02/2023

Joint Life Insurance – A Complete Guide
A life insurance policy usually only covers one person. On the other hand, a joint policy will protect both policyholders. The primary goal of a joint life insurance policy is the same as that of an individual policy: to provide for your dependents if you or your spouse pass away unexpectedly. The policy’s payout can be treated as an inheritance, used to settle debts, or put toward any other purpose the beneficiaries see fit.

Most people who purchase a combined life insurance policy are married partners, but marriage is not a requirement. Any two people with an insurable interest—such as a mortgage or other joint asset—can apply for and be covered by a joint life insurance policy.

https://franklinlifeandannuity.com/

05/29/2023

How To Find Senior Life Insurance For Your Elderly Loved Ones

Do your elderly loved ones need life insurance?
Assess their insurance requirements
Find a plan that meets their specific requirements
Determine who will own the policy and pay premiums
Compare and contrast different policies
Find out how much it will cost
Need help comparing senior life insurance quotes?
Finding the right life insurance policy for your parent or elderly family member might be challenging, but there are viable coverage alternatives available, whether you’re looking to pay for final expenses or give a lump amount to loved ones.

Life insurance premiums do rise with age, but many companies still write policies for people aged 60 and more, even if they aren’t in great health. Consider the following guidelines as you begin your search for senior life insurance.

Do your elderly loved ones need life insurance?
It’s a good idea to see if you actually need life insurance and then move on with exploring your options. You may not require insurance if you have no outstanding debt and a sizable emergency fund or a predetermined amount saved for final arrangements.

05/22/2023

How Does Renewable Term Life Insurance Work?

How Does a Renewable Term Life Policy Work?
It’s simple. When you’re signing up for a term life policy, you can accept a renewable term clause that will let you renew your policy once it is expired.

Here are a few other things you need to know:

It’s an agreement
Consider this policy an agreement between an insurer and the insured person. You will be required to pay a premium for a specified period of time. In return, the insurer will pay your beneficiaries a death benefit during that period in the event of your death.

You have to go through an application process.
Before you can buy a term policy, the insurance company has to assess how much of a risk you are. All of this will be considered in the underwriting process, where you’ll be asked for a medical exam and history, including occupation, lifestyle, hobbies, and more.

You’ll have to choose a term duration
A renewable term insurance policy needs a term. You’ll have to choose a long enough duration to suit your needs. For example, if you have children, you should choose a time that considers when they’ll be out of college and independent. Until then, you’ll have to pay a specific amount each month.

You’ll need to decide on a death benefit
Get coverage that will easily care for your family’s needs. The death benefit you get is mostly more than the amount your beneficiaries will need.

05/19/2023

7 Times You Need to Re-evaluate Your Life Insurance Needs

Getting Married
Having Children
Mortgage Protection
Business Protection
After Divorce
For Estate Planning
Retirement Planning
Work with Us
In the same way, you change your will over the years to reflect your desires and wishes as they change, it’s necessary that you re-evaluate your life insurance needs over the years. Many things can happen over time that needs your attention, and your current life insurance might not be enough to deal with the financial problems that could occur. The best life insurance would be one that can help deal with the following:

Getting Married
Financial obligations can become complicated when you’re getting married unless you discuss them thoroughly with your spouse. It can become increasingly difficult for one spouse to maintain the same standard of living if their better half passes away and they don’t have a life insurance policy.

With a life insurance policy, you can ensure that the death benefits will be helpful for your spouse to take care of many of the financial obligations in your absence.

https://franklinlifeandannuity.com/7-times-you-need-to-re-evaluate-your-life-insurance-needs/

05/11/2023

Can You Get Life Insurance If You Are Unemployed?

Getting life insurance if you are unemployed depends heavily on why you are unemployed, and you might get a different policy than traditional offerings.

05/04/2023

5 Ways Life Insurance Protects Your Loved Ones

Introduction
How Does Life Insurance Protect Your Loved Ones?
1. Offers Financial Security
2. It Can Help Pay For College Funds
3. Helps People Run Family Businesses
4. Helps Pay Unexpected Bills
5. It Can Cover Medical Expenses
Call Us Today
Introduction
What role does insurance play in safeguarding your future finances? For those who are thinking ahead and trying to figure out how to provide for their families financially, this may have crossed their minds.

As such, it may be wise to invest in a family security plan that includes life insurance, which will, at the very least, ensure that your nearest and dearest can continue to meet their basic needs in the event of your untimely demise. On that note, let’s look at how a life insurance policy protects your loved ones.

How Does Life Insurance Protect Your Loved Ones?
1. Offers Financial Security
Having life insurance can assist in substituting your earnings if your household relies on it to pay for basic living needs such as rent, utilities, and food. In addition to covering final expenses, life insurance can be used to settle outstanding bills like mortgages, auto loans, and credit card balances. A family with children allows for greater time and opportunity for both parents to be at home.

2. It Can Help Pay For College Funds
The proceeds from your life insurance policy can be utilized for various purposes, including sending a child to university. As an additional perk, the financial value you build up in a permanent life insurance coverage can often be withdrawn or borrowed against while you’re still alive using a policy loan.

3. Helps People Run Family Businesses
Succession planning is an important part of long-term business and estate planning for any enterprise, such as a farm, to guarantee that the firm is carried on successfully by the next generation.

The transfer of a family business from one generation to the next can sometimes be subjected to certain taxes. Having life insurance to pay these costs can reduce the burden of taxes on the next generation of business or farm owners and their families.

a kid playing outside
4. Helps Pay Unexpected Bills
In the wake of your passing, your family members may be forced to deal with unforeseen expenses. If a parent who normally stays at home passes away, the family may have to shoulder more of the burden of child care, cooking, and other chores.

The death benefit from life insurance coverage can be allocated toward these expenses. This allows your loved ones to continue to live comfortably and receive the same level of care from you that they do now, even in your absence.

Estate taxes can be so high that they can wipe out a person’s retirement fund if they aren’t properly prepared. The death benefit from a life insurance policy can be set up so that it isn’t taxable either in the hands of the beneficiary or the estate. In addition, life insurance can be set up in several ways that provide access to tax-free money in the event of a terminal or chronic disease.

Interested to learn how a life insurance protects your dear ones? Read on and learn all about it in this post.

04/28/2023

04/20/2023

How To Calculate Your Life Insurance

One of the most important financial decisions you’ll ever make is choosing how much life insurance to buy. The amount you buy is based on your specific needs and risk profile. It will help your family and loved ones cope financially if you die unexpectedly, so you must make the right purchase decision.

Depending on the life insurance coverage plan you take out, it will provide immediate cash payments or a cash lump sum when you die. Make sure you consider all your debts, loans, mortgage, and other monthly expenses when calculating your life insurance and selecting your coverage amount. Here’s what you need to know!

Determine Your Needs
Make a list of your debts and expenses, such as your mortgage, car loan, credit card bills, alimony and child support payments, utility bills, medical expenses, and more. Then determine how much each of these costs per month to calculate the total amount you need to be covered each month should you die. This will give you a good estimate of how much life insurance you need.

Coverage Plan
Different life insurance companies have different policies and coverage plans, so it’s important to do your research and find the one that’s right for you. You can choose between term life and whole life insurance, and each has its advantages and disadvantages depending on your needs.

Term life is usually cheaper since you only need coverage for a set period of time. On the other hand, whole life insurance has cash value and can build over time, so you can access that money later on.

Your Annual Income
It’s a good idea to consider how long you’re likely to continue working after taking out a life insurance plan. If you don’t expect your income to change over time or you’re the sole breadwinner for your family, you may want to opt for a larger policy to cover a longer time. If you’re expecting to retire within the next few years, you may consider scaling back on your coverage to maintain a lower premium.

Check Your Assets
If you have assets you need to take into account when deciding how much coverage to take out, you’ll need to estimate the value of your savings, property, vehicles, jewelry, and other valuables. An accurate estimate of your assets will help determine how much life insurance you need should anything happen to you.

Getting The Best Insurance Rates
Here are some factors that will determine how much life insurance coverage will cost:

Your Age
Life insurance companies tend to charge more for people over a certain age because the risk of them dying is higher. As a result, life insurance premiums tend to be higher for older people.

If you’re thinking of purchasing life insurance, it’s important to calculate your life insurance to ensure it provides sufficient coverage to your family.

04/13/2023

Life Insurance vs. Final Expense Insurance – What’s The Difference?

Introduction
What Are The Differences?
How Do You Know Which One Is Right For You?
1. Your Age
2. Your Financial Obligations
3. Your Health
Choose The Right Life Insurance Agency!
Introduction
A person’s obligations change dramatically as they age. They no longer have to worry about supporting a young family or making mortgage payments. Nevertheless, you always have financial obligations that must be safeguarded, and the best part is that you have the means to do so.

Over the previous two decades, the amount of debt held by those over 70 has climbed by 543%, reaching $1.1 trillion, as reported by the Federal Reserve Bank of New York. Likewise, the debt of individuals in their 60s (including mortgages and car loans) increased by 471% and reached $2.4 trillion during the same timeframe.

Many retirees still have significant financial obligations, such as car loans, credit card payments, or even student loans, so preparing for the future is important. You can protect your loved ones from the burden of paying for your funeral, other final expenses, and other debts with final expense insurance.

The person or organization you designate to receive the funds can use them however they see fit. This brings us to the question, what are the differences between final expense insurance and more conventional life insurance? Let’s take a look.

a family of three
What Are The Differences?
If something were to happen to you and your loved ones, traditional life insurance would help. There are two primary kinds: temporary and permanent. Term insurance policies are a cost-effective way to get coverage for a while that you choose, usually between 10 and 30 years.

The cash value component of permanent plans is guaranteed to be available to you at any moment throughout your lifetime, and the coverage period is likewise permanent. Many individuals in their youth purchase life insurance to help their loved ones replace lost income, meet ongoing living costs, and save for the upcoming years in the event of their untimely death.

Funeral and other end-of-life expenses are covered by last expense insurance, often called burial insurance. These days, it’s not uncommon for funerals to cost upwards of $10,000. Having a final expense policy in place relieves your loved ones of the burden of coming up with the money for these costs at a difficult time in their lives.

A final expense compensation can be used for your family’s needs, including paying off debts or leaving a bequest to your children or grandchildren. Final expense plans are a form of permanent insurance that will continue to exist even after you pass away, giving your loved one peace of mind that they will have the resources they need to deal with the financial fallout of your passing.

https://franklinlifeandannuity.com/life-insurance-vs-final-expense-insurance-whats-the-difference/

04/05/2023

5 Ways Life Insurance Protects Your Loved Ones

Introduction
How Does Life Insurance Protect Your Loved Ones?
1. Offers Financial Security
2. It Can Help Pay For College Funds
3. Helps People Run Family Businesses
4. Helps Pay Unexpected Bills
5. It Can Cover Medical Expenses
Call Us Today
Introduction
What role does insurance play in safeguarding your future finances? For those who are thinking ahead and trying to figure out how to provide for their families financially, this may have crossed their minds.

As such, it may be wise to invest in a family security plan that includes life insurance, which will, at the very least, ensure that your nearest and dearest can continue to meet their basic needs in the event of your untimely demise. On that note, let’s look at how a life insurance policy protects your loved ones.

How Does Life Insurance Protect Your Loved Ones?
1. Offers Financial Security
Having life insurance can assist in substituting your earnings if your household relies on it to pay for basic living needs such as rent, utilities, and food. In addition to covering final expenses, life insurance can be used to settle outstanding bills like mortgages, auto loans, and credit card balances. A family with children allows for greater time and opportunity for both parents to be at home.

2. It Can Help Pay For College Funds
The proceeds from your life insurance policy can be utilized for various purposes, including sending a child to university. As an additional perk, the financial value you build up in a permanent life insurance coverage can often be withdrawn or borrowed against while you’re still alive using a policy loan.

https://franklinlifeandannuity.com/5-ways-life-insurance-protects-your-loved-ones/

03/27/2023

7 Times You Need to Re-evaluate Your Life Insurance Needs



Getting Married
Having Children
Mortgage Protection
Business Protection
After Divorce
For Estate Planning
Retirement Planning
Work with Us

In the same way, you change your will over the years to reflect your desires and wishes as they change, it’s necessary that you re-evaluate your life insurance needs over the years. Many things can happen over time that needs your attention, and your current life insurance might not be enough to deal with the financial problems that could occur. The best life insurance would be one that can help deal with the following:
Getting Married

Financial obligations can become complicated when you’re getting married unless you discuss them thoroughly with your spouse. It can become increasingly difficult for one spouse to maintain the same standard of living if their better half passes away and they don’t have a life insurance policy.

With a life insurance policy, you can ensure that the death benefits will be helpful for your spouse to take care of many of the financial obligations in your absence.
Having Children

When you’re expecting a child or have young kids, it’s recommended that you go over your family life insurance needs. Raising a child is financially straining and can be fairly taxing for one parent to handle on their own. With a reliable life insurance company payout, many aspects of a child’s education and day-to-day expenses can be taken care of.
Two kids hugging each other
Mortgage Protection

Many people acquire life insurance to carefully deal with mortgage costs. If you pass away, your next of kin will be able to deal with the financial strain that may pass on to them. Experts recommend that you opt for whole-life insurance instead of a term life insurance plan, as your policy might not last long enough to pay off your home. You also need to factor out decisions like remortgaging and moving into a better property, as it can raise the amount you owe.

https://franklinlifeandannuity.com/7-times-you-need-to-re-evaluate-your-life-insurance-needs/

03/13/2023

We have been protecting families for over 20 years. Do you have life insurance and if so do you have enough?