Celebrity follies get our attention when flashed in the breaking news headlines.. but we can get much more out of this news then just the entertainment value. As Eleanor Roosevelt said... “Learn from the mistakes of others. You can't live long enough to make them all yourself.”

I recently read the article “The lessons of famously bad Estate Planning” in the May issue of Insurance news net magazine. Where many celebs are named that did not have their will and estate in order before their death. Therefore creating a disaster of problems for the loved ones left to deal with the mess.

Some Examples:

Jimi Hendrix – died September 18, 1970 at the age of 27 years old, without a will. Over 30 years later his estate was still in court, ultimately his $80 million estate went to his father's adopted daughter.

source: http://www.legalzoom.com/legal-headlines/celebrity-lawsuits/battle-over-jimi

James Brown – His 2006 Christmas day death, brought out much bickering over where the proper burial place should be. A year later the estate continued to be in limbo as some surviving children put fourth a challenge on the estate.

source: http://www.legalzoom.com/legal-headlines/celebrity-lawsuits/james-browns-estate-still

Sonny Bono – Following his January 5, 1998 skiing accident that resulted in his death, Sonny's widow, Mary had to schedule her grieving time for later. She was thrown into having to take action right away by going to court to be appointed the estate's executor, and file a court petition to manage royalties. There was a line of people to make claims on the estate. That is never a good thing for those left to deal with it all.

source: http://www.insurancenewsnetmagazine.com/may10/ “The lessons of famously bad Estate Planning”

When we do not have our wishes communicated legally before our passing, our failure of action puts a burden on family members who must spend weeks, months or even years trying to straighten everything out. Which is not a stress free task to tackle. I'm sure most of us do not wish to create such a burden for our loved ones. In order to prevent such burdens on family members, it is necessary to do some simple pre-planning.

I know we don't want to discuss things that involve our death, but it is essential in order for family members and loved ones to maintain their stability. So what are you waiting for? Contact a qualified representative today!

Other Helpful Topics:

Some is better than none

Sad fact of Life Insurance

Employer Sponsored Life Insurance

How to get the best Insurance Rate

Life Insurance is designed to take care of one's dependents after death... but you can't always buy life insurance when you need it. Why? You have to be in reasonably good health to purchase most types of life insurance products.  

It may seem logical to ask: Why can't I get life insurance if I'm dying? Let us look at an example to understand the answer to this question.
 

Say you make $50,000 a year, and have $3,000 in your savings account. You have a $200,000 term life insurance policy that costs you $38.00 per month. [Now if something were to happen to you – your family has $200,000 to live on instead of only the $3,000 in your savings account.] The life insurance company has this $200,000 to give to your family because they have collected $38.00 per month from similar people who did not die, therefore the insurance company can afford to pay the $200,000 to your heirs.
 

Now let us assume a life insurance company sells $200,000 life insurance polices to high risk – terminally ill people. The company realizes the high probability of paying out the $200,000 on many policies. In order for the insurance company to be able to pay out on several $200,000 policies they would need to collect some crazy amount like $50,000 per month from a lot of similar people, knowing that only a few will survive.
 

This example shows: that the more unhealthy the group is … the more the insurance company will need to charge each person in the group.
 

Most life insurance companies do not offer high risk life insurance policies. This is why you need to be reasonably healthy to get a life insurance policy. 
 

This is also why we are so passionate about Life Insurance. It makes my heart ache when someone calls to ask about life insurance for their husband because just received 4 stints in his heart and has diabetes -or- My Aunt needs life insurance because she was just diagnosed with a tumor. Usually (not always) by then it is too late to be accepted by the life insurance company.

Other Helpful Topics:

Sad Fact of Life Insurance

Some is Better Than None

Why do I need Life Insurance?

Guidelines – Why Life Insurance

How to get the Best Insurance Rate

7 things you should know about your employer sponsored life insurance...

1. Coverage Amounts are Minimal.

Although coverage amounts will very from employer to employer, more than likely you will only be offered a minimal coverage amount. Reason being... because employers try to keep their premium costs low while still being able to offer this as a benefit to their employees. This in turn can leave your family and loved ones vulnerable since the coverage amount is usually just enough to cover final expenses and nothing more ... ie: Mortgage, car loan, credit card and medical bills etc. 

2. Not Customized to Your Needs.

When it comes to Life Insurance, every persons needs are as unique as the person themselves. Group plans are geared to the group as a whole and not customized to the individual. Leaving many areas that are uncovered by life insurance. 

3. Not Portable

Employer sponsored Life Insurance can not go with you should you change your place of employment. If you cease working for an employer and do not have a backup policy in place this could be detrimental to you and your family.

4. Benefit Funds are Not Immediate.

In most cases, with employer sponsored life insurance, beneficiaries will not receive the funds for 30 days or more following the insureds death. Private policies typically payout benefits quickly, before the 30 day mark has be reached.

5. No Guarantee.

You are provided with the options that the company you are working for, decides will work for the group as a a whole. Maybe you have an affordable life insurance plan this year but the rate could go up in the following year or canceled altogether. Having a back up policy will ensure you are covered as long as you choose to be, not when your employer chooses. 

6. You may Need More Than Just Term Life Insurance.

Maybe a whole life policy is something that would work best in your situation. Usually Whole Life insurance plans are not offered to you as an option in the group plans.

7. Employee Coverage Only.

With most group life insurance plans you do not have the option to have additional family members covered within the same insurance plan.

Employer sponsored Life Insurance can be a very good thing to have. Especially if your able to receive these benefits at a good premium price or if you are not able to obtain life insurance on your own because of a health problem. See “Some is better than none” post.

Do any of the above statements apply to you? If so... North Coast Life Insurance Company offers a variety of plans that can supplement the coverage your employer provides but does not cover everything that you need it to.

• North Coast – Term Life and Whole Life products feature premiums and death benefits that are guaranteed - (Provided timely premium payments are made per the policy contract).

• The policy is yours and follows you if you change employment or living situation.

• You will be protected whether you are starting a company of your own or between jobs.

• Spouse and additional family member options are available to you.

• Option for premiums to be deducted from your checking account.

Have questions? See more posts under the Life Insurance category on this blog or Try live chat:

How often should you have a Life Insurance policy checkup?

Frequent Life insurance policy checkups are crucial!

Okay.. so most us know... few things are as important as guaranteeing our loved ones will be financially taken care of should death come unexpectedly. It is understandable that we avoid this responsibility because of the instant undesired emotions brought about when reviewing such plans. - Well think of it this way... You can take care of this now and endure the small discomfort on your part -OR- your loved ones can go through an emotional roller coaster for weeks, months or possibly years trying to figure it all out. From the funeral arrangements to how is the mortgage going to be paid? 

A better way of looking at this responsibility is: You are giving the Greatest Gift you possibly can give. With a guarantee that you will be remembered more for this gift then any other material gift out there. 

So keep in mind – Review of your Life Insurance policies are recommended to do at least once a year, possibly more often if there is a significant life event - ie: marriage, birth of a child, purchase of a home or business, an inheritance, etc. 

Contact your financial advisor or Life Insurance Agent today! Don't hesitate on something that is so very important!
 

Other Helpful Topics:

Love Letter

Average tax refund & Life Insurance

Sad Fact of Life Insurance

Some is Better Than None

The Gift of Life Insurance

Did you know that the average tax refund an American receives is around $3036

per USA Today Article

This had me thinking that one of the most common excuses I hear why someone does not have Life Insurance is the expense. When hearing the amount of the average American tax refund and knowing that you can save a bundle when you pay your Life Insurance premium on a year basis instead of monthly, made me wonder... Why more people are not taking advantage of this money saving opportunity and providing the protection for the ones they love the most?

To explain further - Term Life Insurance is the cheapest type of life insurance out there... and taking the average tax refund ($3036)... you would only be using a portion of that refund to pay for the premium on Term Life Insurance annually. So there you have it. Pay for term life insurance annually with your tax refund, means you have no premium payment due for the rest of the year and you feel no sting for having to make the yearly payment from your refund money. Plan for this every year and there will be no surprises for you in the future. Besides your family will be most grateful that you thought of there needs.

Other Helpful Topics:

Sad fact of life insurance

Some is better than none

How does life insurance protect?

What term life insurance gives you.

Guidelines – why life insurance?

Why do I need life insurance?

A sad and unfortunate fact: Benefits of insurance are often recognized after disaster strikes. Many people, myself included, complain about paying for insurance. When money is tight it is very easy to look at your insurance premium payment as something of little importance. Sometimes it takes devastation and disaster to bring us back to reality and realize insurance is of great importance.

The article: “Insurance makes economic recovery possible for Chile” posted on Insure.com, tells how Chile will rebound much faster and easier when compared to Haiti's recovery. Keeping insurance at the top of your priority list will help the “sting” of disaster and devastation to be bearable.

There truly is no amount of money to make up for the loss of life, but life insurance certainly makes it possible for survivors to rebuild their lives!

Related topics:

Some is better than none

How does life insurance protect?

What term life insurance gives you?

Most of us insure our homes, cars and businesses. Are those things more important than our loved ones? Pondering this question helps us understand that if something were to happen to you – Life Insurance provides protection from the family losing the ability to make the mortgage or car payment, it may ensure your children receive the education you intended them to have, or continue the lifestyle you built up for them.

The recommended Life Insurance coverage is 10 -15 times your annual salary. If you can not afford this, having some protection is better than nothing at all.

View your term life insurance options

Related topics:

Love Letter

Why do I need life insurance?

Guidelines – why life insurance?

The Gift of life insurance

What term life insurance gives you.

How does life insurance protect?

I came across this Love Letter on the LIFE Foundation blog, and thought it would be a perfect topic to share with everyone. This letter summarizes the very reasons that North Coast Life is so passionate about life insurance. As I have said many times before and here again... Life Insurance is the greatest and most selfless act of love you can give!

Read letter below...

Dear J.P.:

Today is November 21, 1989, and possibly you are wondering what the date has to do with writing you this letter.

While you are only four months old at the present time, I hope that this is a date you will remember, because today we purchased for you a life insurance policy. It is one like we have and it will be for your use for the rest of your life.

J.P., the difference between financial success and failure is often determined by whether or not a person can discipline themselves in a consistent and conservative financial strategy. Life insurance is ideal in this respect because it has withstood the test of time both for family security and savings … it's the greatest savings plan in the world because IT WORKS!

It may be that you will have to call upon the cash value of this policy many times during your lifetime and, at such time, we hope you will remember that we started this for your benefit.

This policy carries with it two features of particular significance. The first is an automatic purchase option, which will allow us to increase your coverage as you attain certain ages. The other feature is one that has been very meaningful to me in my financial life and it is called disability waiver of premium. This means that in the event you should ever become disabled, your financial plan will be self-completing for you and your family.

This policy is a special gift of love and affection from both your mother and me … and we suspect that it will be remembered long after all other gifts are forgotten.

May God's blessings be with you always.

Love always,

Dad and Mom

We express our love in many ways and Valentine's Day is one of those days that many of us may be trying to find the perfect gift to show our Love. Why not consider the gift of Life Insurance this Valentine's? It would be the BEST Gift you ever gave your Love! Find out how to give this unforgettable Gift NOW!

How do you feel about Life Insurance? Please share your thoughts ...

Ensuring the future of your Loved ones with life insurance is truly a selfless act. This devotion towards others is why we are so passionate about making sure everyone understands the benefits and importance of life insurance.

If you have a life insurance policy (even if not through us), I invite you to take a moment to tell us how life insurance is important to you. If you do not have a life insurance policy, I still would like to invite you to share your feelings and thoughts about life insurance.

Sharing your thoughts will help us understand what people like yourself, value most and in-turn help make a difference by educating others. We look forward to viewing what you have to say on this important subject.

Wills and trusts help us to protect ourselves. These documents indicate who will make important decisions for us in the future. For this reason, understanding how wills and trusts work is extremely important. When do you need a will? When do you need a trust? What is the difference between the two? Suze Orman explains the ins and outs of this very important topic on her website and gives some critical information on how a Life Insurance Policy works with-in these documents.

With most Life Insurance websites offering people to choose their policy on line with a few clicks... Is it still a good idea to work with an agent? Absolutely!

What does an Insurance Agent do for you?

Agents have a wealth of information about the products that are available to you and which product will work best for the protection you are seeking. Since the insurance agent understands how the different policies function, they agent will customize a plan just for you.

How does this action occur? Agents will look at getting to know your situation. They may start with wanting to understand the ongoing and future financial requirements of those who depend on you. Below is a list of the most common information your Insurance Agent will ask you about:

• Your name and spouses name

• Date of birth

• How many children and their ages?

• Do you have a Life Insurance plan in place?

• What type of plans have you made for final expenses?

• Basic personal financial information

• Family income

• Other financial resources

• Possible debts

• Monthly expenditures

• Savings investments - ie: 401k, CDs, Annuities or other

• Your main objective for the insurance plan

• How your health has been?

• What medications you are taking?

• Family health history

• Personal habits or addictions

• Recreational activities

• Do you have concerns with outliving your retirement income?

To make sure that a future claim on your policy is paid out fully and immediately to your beneficiary, you should not keep anything from your agent. The insurance company uses this information to access your risk and adjust the premium for your coverage. As an example, you will pay a lower premium if you are a non-smoker. A higher premium may be charged if you have chronic illness. If information is found out at a later date, that had not been disclosed when obtaining the policy could mean your beneficiary may have a delay in receiving any of the money. So lying in order to have a policy defeats the entire propose of putting the policy in place.

Another advantage to use an insurance agent is many have professional relationships with the insurance underwriters (the people who approve your application and set the rates). This in turn means if there is any question about something on your application, the agent can shop around for you to make sure you qualify for an insurance plan before you apply.

To get matched with a local agent for yourself, fill out the request form for a FREE quote and you will be on your way to getting this expert guidance about your insurance options.

 Nobody likes to think about their death, let alone plan for it. But when you think of it as caring for your family at an extremely difficult time. What is the best thing you can do when you are not there? ...Well have the immediate expenses (and possibly more) covered for them with Life Insurance.  

What do you get when you buy a term insurance policy?

• Term Life Insurance gives you...Life Insurance protection for a specific number of years.

• Term Life Insurance is...Temporary Life Insurance Plan.

• If you were to have an untimely death during your coverage period, your beneficiary receives the proceeds... Usually free from federal income tax.

• Term Life Insurance Policies... can be obtained for protection coverage periods as 5, 10, 15, 20 or 30 years.

• Term Life Insurance premiums are usually 2-3 times less than the permanent “Whole Life” Insurance, because it is temporary and does not build cash value in the policy as whole life policies do.

• Term Life Insurance covers you for the specified amount of years that you choose – If you outlive the Term Insurance coverage time, the Term Insurance ends. One advantage to having term insurance and not letting it lapse is you are usually able to get a new policy easily. Be sure to get the new policy ready to be placed before the old policy ends.

Life Insurance is an important asset in todays life.

See Instant FREE Quote Now! 
 

See related articles below:

Why do I need Life Insurance?

Guidelines – Why Life Insurance?

Most of us are aware that Life insurance policies provide protection for your children, spouse or business. But have you ever thought of it as the Best Gift you could ever give your loved ones?

Life Insurance Gifts empower you to make a generous financial contribution to your loved ones when you may not have many assets. Your gift will help ensure the future of your family, children and loved ones to have a strong personal financial situation, especially if they depend on your income.

I believe that obtaining Life Insurance is one of the most selfless planned gifts that you could ever give to another person. Have you ever heard of anyone complaining about receiving a Life Insurance benefit? Well I know that I have not. In fact I have read many stories about how thankful someone is when they were on the receiving end (beneficiary) of the Life Insurance policy. How they could not have survived, kept the house, gone to college, paid for the medical bills or even in some cases put food on the table. 

Now as we are gearing up for the largest shopping day of the year. And everyone seems to be watching what they spend more closely in these hard times. Would you say that we have learned how to do “Wise Spending”? Well if you have learned how to effectively yield the most benefit as possible in your spending, then you may have it figured out. 

Gaining the most benefit possible for the money it will cost. I believe that everyone would agree with wanting this for themselves. We just have not learned this behavior. Well let me give you a heads up, and tell you that you would have just that, with a Life Insurance policy.

Term Life Insurance is very affordable and the most popular type of Life Insurance available. Want to check out rates for yourself easily, fast and without talking with an agent? This is the site for you to check out www.insureyourfamily.com

As we hit this gift giving season with wanting to get the most for our money, consider the gift of Life Insurance for the ones you love.

Wishing you many special moments with your family and friends this Holiday Season.

 ZHV7DA53FS4C

While at work, I handle a number of Live Chat inquiries that come across a Life Insurance website. As a result of this job, I get some unusual questions presented on my screen. Recently I was asked if someone could purchase life insurance for a parent without their (the parent's) consent?

At first I get a big chuckle from the question, then I begin to think why would you want to do such a thing? Are you up to no good? I do not know of any insurance company that would issue such a policy without the proposed insureds signature. The only situation that I can think of that would require no signature from the proposed insured is when a parent obtains a policy on a minor child to cover the funeral expenses that may be a hardship if the unfortunate happened to the child.

To the best of my knowledge there is no such product available from any reputable insurance company. If you know of such a thing from personal experienced or know of someone who has, I would be wondering if the proposed insured had their signature forged on the insurance application. If there is an insurance company out there that says they offer such a product, I would also be wondering how legit that particular company is?

The basic requirement for life insurance is the person who buys a policy must have an insurable interest of the person being insured. Insurable interest is having an interest in the survival of the person who is being insured. For example, a wife has an insurable interest in her husband's life, because she would be financially harmed if he were to die. Another example, a company owner has an insurable interest in a key employee's life. The talents and experience of key individual(s) account for much of the business success. Therefore the company would suffer financially if the key employee were to die.

Learn more about the different Protection Types of Life Insurance

Common Guidelines to Life Insurance:

Young Families: Are you considering starting a family? Life Insurance should be obtained if this is the case. At this point in your life it would be to your advantage to obtain life insurance since rates are lower at younger ages and can be locked in for, a predetermined amount of time.

Established Families: If you have family and/or others who depend on you, then there is no question that you have a definite need for Life Insurance. This is not limited to the person who works outside the home. Life Insurance needs to be considered for the person working in the home. Think of the costs involved to hire someone to do the domestic chores, home budgeting, child care, etc. This would cause significant financial burdens for the surviving family and/or loved ones.

Children: The main purpose to obtain Life Insurance on a child is if the unexpected death of a child would become a financial burden, such as paying for the medical costs or funeral and burial expenses. The advantage to obtaining a policy on a child is the rates are very low. Some adults still have the policies that their parents obtained on them when they were young; although the policy may not be large it can be very beneficial.

Young Single Adults: A few of reasons for a single adult to need Life Insurance would be to pay for their own funeral costs, outstanding debts or if you financially support an elderly parent or other person. Term Life Insurance works well for young adults as the rates are very affordable. At this point in your life you should carefully consider permanent Whole Life Insurance. This is one of the best times in your life to obtain a Whole Life policy since the rates are usually better at a younger age and you can use the cash value that builds in these policies to help fund your retirement years.

Working couples without children: Having life insurance in this situation is beneficial in covering the funeral costs with an unexpected death of your significant other. Perhaps one spouse contributes more to the household income or would want to leave their loved one in a better financial position such as paying off the home mortgage.

Retired and Elderly. For those of you in this age group, Life Insurance is beneficial in paying for funeral costs, medical bills and estate taxes. Maybe you have thought about leaving a legacy gift, charitable gift or funding a grandchild's education. All of these scenarios and many more can be obtained through a Life Insurance policy.

Whatever your situation, once you know that you have put the safeguards in place for your family and loved ones, you will be able to spend more time enjoying your life, and not worrying about it. Provide the Gift of financial stability to your family - Apply Today!

Simply put... You need Life Insurance if people depend on you for financial support. This could be your spouse, children, or dependent parents.

Common Needs for Life Insurance:

Replace your income. If people depend on your income, your death causes a financial shortfall. Life Insurance can replace that income for them. (Especially those with minor children as dependents.)

Replacement care for others. If you provide the daily care of a household, your contributions have financial value and your death would cause need for replacement care. Again, this is true with small children, and also extends to those responsible for the care of an elderly relative or an older child with special needs. Life Insurance may be needed to provide continued care.

Pay for expenses as a result of death. Some examples of these expenses include cost of burial (funeral service, cemetery plot, casket, hearse, minister, cosmetology, grave marker), legal fees / estate taxes, credit cards, mortgage loan, etc.

To cover your business or key employee of your business. If you or someone in your business provides a critical contribution to the business there may be serious consequences if this key person would suddenly die. Life insurance may be needed to enable the business to survive this transition, or there may be a need for cash to enable remaining business partners to buy out the heirs of a deceased partner.

Fund a charitable interest or create an inheritance. Even if you have no other assets to pass on, you may have a desire to support a charity or create an inheritance. Life Insurance can significantly help fund these interests.

Provide supplemental income later in life. Most people know about "Term" Life Insurance, but there is also Permanent Life Insurance (Whole Life). Permanent Life Insurance builds cash value which can be used in various ways. In some instances it may make sense to fund a policy so that it contains cash value which can be withdrawn or borrowed during retirement.

Obtaining life insurance on yourself so that others will be taken care of is one of most selfless and loving acts that you can do. Ensure the future of your family – See my FREE term quote NOW!

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