Life insurance is all about taking care of the ones you love. You need to know that if you are not there to provide your income, your family will be able to survive and thrive. You can do this by having the right amount of life insurance. At Irvington Insurance in Indianapolis, IN,  we have been putting the needs of our customers first since 2007 and as independent insurance agents, we have more options to offer. 

Determining how much life insurance is enough is a complex formula. It is very personal and your figure won’t be the same as anyone else’s. It is customized for you, your family, and your needs. 

The first consideration is who is dependent on you? If the answer is no one, the response will be much different from someone who says,  my wife and five children or my elderly parents. What you need to consider is how much money you need to continue to support the people who depend on you. 

Coming up with the amount your dependents need per year and for how many years they will need it is the next thing you need to do. Your income plays a part in determining how much life insurance you need to support your loved ones. Financial experts suggest that if you have young children, you should have between seven and 10 years of income in life insurance. This is just a suggestion and it doesn’t take into account the fact that you may not be able to afford to have that amount of life insurance. 

Life insurance won’t be of any help if you allow the policy to lapse because of non-payment. You need to balance your life today with the life you want for your family in the future if you are not there. 

Contact Irvington Insurance in Indianapolis, IN with your questions about life insurance. 

Supporting aging parents can be a financial burden. Unfortunately, most of us will experience this at some point in our lives.

A life insurance policy can potentially help you recoup some money you’ll spend on caregiving and final arrangements. Although consent is required to become insured, you can work with a parent to find a policy that meets both of your needs.

If you’re still debating whether this is right for you, Irvington Insurance can help. Serving Indianapolis, IN, their experts offer four ways that buying a life insurance policy for a parent could help.

Pay medical expenses

The remaining years of any person’s life can be expensive. Medical issues are a major factor. A policy will help cover any bills that may have been left behind.

Cover final arrangements

Funeral expenses can also be costly. While the burden may fall on a child, a plan may help ensure a parent has enough funds for their desired end-of-life wishes.

Support a surviving parent

When a parent passes, it can be difficult for the surviving parent to continue to live alone. Relocating to an assisted facility may be a necessity. Or, the parent may want to downsize or move closer to their child. With any of these options, a life insurance policy can help make the transition easier.

Protect against financial loss

Other expenses may have accumulated. Perhaps you’ve missed time from work to provide long-term care. Maybe a parent had a loan or mortgage that was still outstanding. Regardless of the scenario, a well-crafted policy can help provide financial relief.

Contact an agent in Indianapolis, IN

If your parent qualifies and consents to life insurance, there are several different policy options available. Irvington Insurance can work to find a policy that gives you and your parents peace of mind.

In the history of insurance policies, Whole life and term packages have been instrumental in life insurance. They are the most prevalent options for people looking to buy insurance in numerous regions, including Indianapolis, IN. Irvington Insurance institution has invested heavily to offer you decent life insurance deals. The process of looking for appropriate life insurance coverage is not as easy as it may sound. The complexity of the matter varies from one state to the other. Choosing between term and permanent coverage narrows down to your preferences and the available options. Here is an overview of both alternatives. 

A Background Check to Term Life Insurance

The policy features few complications, so learning it is much simple. It does not come with jargon, making it your ideal choice if you pictured a standard coverage. The process of acquiring it is straightforward and does not need extensive coaching from an expert. With the insurance, your beneficiaries get compensated when you die. One of its chief limitations is that it offers coverage for a short period, prompting regular contract renewal. The policy expires when the stated duration elapses.

The policy is cheaper compared to its counterpart. It is a viable option if you only want to secure the future of your loved ones when death comes. Assess your family setup and see whether term life insurance is the real deal for you.

 A Review of Permanent Life Insurance Cover

The coverage is different from term insurance in two distinct ways. The policy does not have an expiry date, but you must update your premium payments as stipulated in the agreement. Secondly, the option features cash value besides compensating your beneficiaries after death. The convenience of paying standardized monthly premium rates makes it a better alternative for many clients. A portion of your payment serves as your cash value, while the rest serves as insurance coverage after death.

Visit our website today to contact Irvington Insurance in Indianapolis, IN, for all your life insurance queries.

Life insurance can often feel like a confusing and awkward topic to discuss. At Irvington Insurance, serving Indianapolis, IN, we want to help in this area. Having important and challenging conversations is sometimes difficult, but these conversations are a necessary and vital part of your financial planning at the end of the day. We are here to help you navigate the difficult topic of life insurance. 

Why Is Life Insurance So Important?

Life insurance is an essential type of insurance product because it helps provide financial stability for your family when you are not personally there to contribute an income. If you contribute to your family’s income and wealth, you need to understand that you are a vital factor in their financial stability and security. When you die, that security is threatened. You can protect against this threat with a solid life insurance policy. 

How Does Life Insurance Work?

Once a life insurance policy has been established for you, you will invest in this policy each month. In the event of your death, the benefit, the value of the policy, will be paid to your beneficiaries. This benefit can be used to pay for your final expense and help contribute to your family’s income. 

How Much Life Insurance Do I Need?

One of the most difficult issues to navigate concerning life insurance is how much life insurance needs to be purchased. This is a difficult question because the amount will vary from family to family. The best way to determine this is by sitting down with a knowledgeable insurance representative. They will be able to help you evaluate your family’s unique situation to determine how much life insurance is appropriate. 

If you would like to learn more, please contact us at Irvington Insurance serving Indianapolis, IN. 

Your financial advisor may not have mentioned a valuable method for saving for your future that also protects the fiscal health of your family in the event of your death. They typically suggest an individual retirement account (IRA), investment accounts, and money market accounts. Irvington Insurance wants to suggest a life insurance policy with a cash value account.

Purchasing a life insurance policy with a cash value account component lets you save for the future while providing a death benefit to your family. This type of whole life policy costs a little more than term life insurance. Still, your premium covers both the life insurance policy with a death benefit for your beneficiaries and a cash value savings account. The savings account may be parlayed into an investment account that links to a stock index, typically the S&P 500.

Many advantages exist to a policy with a cash-value account. First, you can borrow against the account if needed to obtain a mortgage for your Indianapolis, IN home. 

Another huge benefit is that you typically avoid paying taxes on the money as the account builds. Like an IRA, you can deposit your premium pre-tax as a paycheck deduction. This lets you save without paying taxes on the deposits. You only pay taxes on the money when you withdraw it or when you take out a loan using it for collateral. You can withdraw from the account once it reaches a specific level, but you cannot do so without incurring a penalty.

Contact Irvington Insurance serving the Indianapolis IN area for more information on this life insurance that also lets you save money for your future. Call us today.

Life insurance is a crucial investment to make to support your family in the future. As such, you need to research carefully to know that you’re choosing the right life insurance option in Indianapolis, IN. At Irvington Insurance, we’re here to help you meet your life insurance needs.

The following are three key resources you can use when you’re purchasing a life insurance policy. 

Your accountant

If you have an accountant, it’s a good idea to consult your accountant about your life insurance options. Your accountant helps you to manage your finances. Life insurance is an essential financial product. 

Make sure you ask for your accountant’s opinion on life insurance matters. Your accountant understands your financial situation thoroughly. This means that your accountant might be able to provide you with valuable insights regarding your life insurance needs and resources. 

Representatives from insurance providers

Don’t hesitate to ask questions of insurance providers from whom you are considering buying life insurance. It’s vital that you feel comfortable asking questions to representatives from your insurance company.

Asking insurance provider representatives questions to help you understand life insurance options doesn’t just make you more informed. It also gives you a significant opportunity to evaluate the customer service of individual providers before deciding which one to purchase from. 

The Internet

The Internet provides plenty of information on life insurance. You can use the Internet to conduct research to learn about how life insurance works and what types of life insurance are available. You can also use the Internet to get quotes on policies. 

We’re here to answer any questions you have about life insurance in Indianapolis, IN. Contact us at Irvington Insurance to inquire about our life insurance policy options. 

Anyone that lives in the Indianapolis, IN area will have a variety of different personal insurance needs. One form of insurance that a lot of people in this area should consider getting is life insurance. When you have a quality life insurance policy in place, it will ensure that you are able to provide financial protection for your family’s future if you were to pass away. There are two primary types of life insurance to consider.

Whole Life Insurance

One popular form of life insurance to consider getting is whole life insurance. With a whole life insurance policy, you are going to receive the coverage for the rest of your life as long as you continue to stay current with payments. With this form of coverage, your premium payments will be higher than with other options, but they will also accumulate in an account that you can liquidate. This helps whole life insurance to be a good investment alternative as well. 

Term Life Insurance

When you are looking for the most amount of coverage for a more affordable monthly price, a term life insurance policy is a great option. When you get a term life insurance policy, you are going to receive coverage for a predetermined period that can range to 25 years or more. While there are not investment benefits with this form of coverage, it does tend to provide more affordable monthly payments.

It is crucial to consider the benefits of both life insurance options. To help with this, those that are in the Indianapolis, IN area should call Irvington Insurance to discuss. The team at Irvington Insurance can help someone in this area to better understand the benefits of life insurance and the options that they have to ensure you find the right policy. 

Many of those that are in the Indianapolis, IN area are going to need to have a good life insurance policy. When you are shopping for life insurance, it can be overwhelming to choose the type and level of coverage that you need. If you are in the market for a life insurance policy, there are several tips to consider that could help you to pick the best policy for your situation. 

Considering Options

One factor that you need to consider when picking a life insurance policy is the type of policy that would be right for your situation. The two most common forms available today are term and whole life insurance. A term life policy will give you coverage for a specific term and, typically, has more affordable premiums. With a whole life policy, your premiums will be higher, but you can also consider it a conservative investment alternative. 

Determining Coverage Needs

Another factor to consider is your future coverage needs. This can be a tricky challenge to come up with. When you are trying to figure out your coverage needs, you will need to consider all of the future expenses that your dependants could incur. This could include the costs of housing, raising kids, retirement, or even future higher education costs. You can then offset this by using assets that you currently own to determine your needs. 

Ultimately, picking a life insurance policy is a big decision. When you are shopping for life insurance, you should contact the team at Irvington Insurance. Our insurance professionals are experienced in helping people choose the perfect life insurance policies. Irvington Insurance in Indianapolis, IN will work with you to determine what coverage is appropriate for your needs and can help you get a quote.