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Living life means different things to different people. But if you are living life to the fullest, you also need to consider the future of your loved ones after you are gone. One way to provide for your family if something happens to you is by purchasing a N.C. life insurance policy. While life insurance might be uncomfortable to think about, it’s important to ask yourself: if something happens to you, will your loved ones be able to continue their lives financially?

One Life to Live

You’ve probably heard a similar story: A father or husband suffers an unexpected heart attack without warning. He may be the sole provider for his family, or perhaps both parents work to support the household, but nobody could have predicted his life would end so abruptly. Now, he has left behind a grieving wife and four children under the age of 12.

When you think of someone having a heart attack, you might picture an older, overweight man who eats poorly, smokes, and is inactive. However, heart attacks and sudden deaths can happen to anyone, regardless of their body weight, health, or lifestyle. If your life were to end suddenly, would your family be able to maintain the same standard of living they have now?

Prepare for Your Loved Ones by Considering the Following:

Having a life insurance policy doesn’t have to be complicated or expensive. By discussing these considerations with your local N.C. independent insurance agent, you can create a life insurance plan that fits your budget and addresses your family’s financial needs. Consider the following:

• Education Costs (Present/Future): Even if your children aren’t currently attending private school, no education is truly “free.” Factor in the cost of public education, private school expenses, and future college costs for each child.
• Funeral Expenses: An average funeral can cost up to $10,000. The last thing you want your family to worry about is how to cover this expense while grieving your loss.
• Current Debt: Before contacting your local N.C. independent insurance agent, document all of your monthly expenses, including your mortgage payment, car payment, auto insurance, utilities, medical bills, and health insurance.
• Costs to Raise Children: Raising a child today is expensive. Consider extra costs for food, clothing, extracurricular activities, additional furniture, and possibly bigger living arrangements or vehicles to accommodate a growing family.

All of these factors play a significant role in determining how much life insurance you may need to care for your loved ones in the event of your untimely death.

Contemplate Your Life Insurance Policy Today

Death and tragedy don’t discriminate. You should consider a life insurance policy that will help your family continue their lives if yours comes to an end. Most people should secure a life insurance policy, and the team at Paramount Insurance Agency is here to help. Contact us with any questions about a life insurance policy that fits your family’s needs and budget. Call us TODAY at 336-869-3335 to secure the future of your loved ones.

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Typical Life Insurance Myths 

Discussing life insurance may not be high on your list of preferred topics, but perhaps it should be. Many people have numerous questions about how much coverage is necessary, if it is needed at all, and what type of life insurance to purchase. This type of insurance doesn’t have to be complicated if you are aware of some typical life insurance myths.

You might not realize that life insurance is designed to protect the people who love and depend on you. Imagining what life might look like for your family if something unexpected happens to you is difficult. However, if you have loved ones counting on you financially, it is recommended that you invest in this protection. Before purchasing any type of life insurance, be aware of some common misconceptions that can be put to rest.

Below Are Some Common Myths Concerning Life Insurance, but Not Limited to:  

“My employer provides life insurance and that is enough” 

Many employers DO offer life insurance protection; however, you need to consider whether the existing amount is adequate to meet your family’s needs should something happen to you. Many factors need to be considered when determining the amount of protection that would be sufficient, such as your annual income, monthly expenses, car loans, home mortgage, education costs, and funeral expenses. To ensure your family/loved ones can maintain their lifestyle, the common rule of thumb is to purchase ten to twelve times your annual income. However, it is always recommended that you contact your local N.C. independent insurance agent for assistance.  

“Life insurance is for elderly people” 

This is a common myth; however, life insurance is typically more affordable for younger individuals. A healthy young person is eligible for a lower premium rate, so it’s never too early to consider this protection. After all, tragedy can strike at any time, regardless of age.

“I can’t afford life insurance” 

While many people consider life insurance to be expensive, you may be surprised at how affordable this protection actually is. Your local N.C. independent insurance agent can provide a quote for insurance that will meet your family’s financial needs so that if the unexpected happens, your family has a financial plan in place for a nominal fee.

“I only need short term insurance” 

Yes, short-term insurance is less expensive than a full-term plan; however, planning ahead could save more in the long run. Considering your loved ones, their future, and estimated future expenses, you may wish to consider a 20- or 30-year plan instead of saving a few dollars by only focusing on short-term coverage. Your independent insurance agent can discuss the benefits of both options and guide you based on your unique needs and budget.

“Once I buy a life insurance policy, I never need to review it again” 

Life happens and things change. When they do, so might your life insurance plan. It is recommended that you review your policy regularly and stay in communication with your local N.C. independent insurance agent to reevaluate and amend it as necessary.

Your loved ones depend on you!  Having something happen to you would be devastating enough without having your family suffer financially.  Contact us TODAY at Paramount Insurance Agency to discuss your life insurance needs.  After all, your family depends on it. 

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If you have people or loved ones who depend on you financially, it is recommended that you have a life insurance policy in place in an effort to maintain the same financial backing for your loved ones should something happen to you. Below are some common mistakes. 

1.  Not Buying Enough

Many people have a life insurance policy provided through their employer, but that amount may be inadequate to provide for your family should something unexpected happen to you. You must factor in yearly income, investments, cost of living expenses, medical bills, annual bills, monthly expenses, education costs, and funeral expenses when determining how much is enough.

Making sure you have adequate life insurance to allow your family/loved ones to maintain their current lifestyle if you die unexpectedly is priceless. The rule of thumb is to purchase ten to twelve times your income to arrive at an amount of relevant life insurance coverage; however, it is always recommended you contact your local N.C. independent insurance agent to discuss your particular financial portfolio.

2.  Waiting Too Long

Many people think life insurance is for “older” people, but the unexpected can happen at any age, so having a life insurance policy in place as early as possible is most beneficial. Term life insurance premiums are actually higher the older one gets so despite the belief that it’s better to wait until you are older is not true.

Furthermore, insurance premiums for older adults may be higher when health starts to decline, so buying at a younger age may also mean a lower premium due to good health. Waiting too long to purchase life insurance may leave your family susceptible to financial disaster if something unexpected happens to you.

3.  Falling for Policy Riders

Be careful when falling for policy riders that may provide little benefit to you, but will provide extra commission to the agent selling it. Some of the riders you may have thrown at you may include accidental death or income replacement, but before you fall for policy riders, you may wish to contact your local N.C. independent insurance agent to inquire whether it will only increase your premium versus additional insurance coverage.

4.  Failing to Routinely Assess Your Life Insurance Policy

Life changes and when it does, so might your need for a life insurance policy adjustment. Looking at your life insurance coverage on a routine basis will keep your coverage in tact to validate your current life and financial situation, so what worked for you 10 years ago, may not be sufficient today.

  5.  Failing to Buy Longer Term Coverage

Many people may consider shorter-term insurance coverage, but that is a common mistake. Yes, you may save a few more dollars by investing in a shorter-term coverage policy; however, you need to focus on the life ahead of you to save money in the long run. If you are planning to have children or already do, consider buying term insurance long enough for when your children will be finishing college or starting their own lives. Depending on your children(s) age(s), that may be a 20-year plan or it may be a 30-year plan.

Keep in mind that life insurance is a significant part of a healthy financial plan for you and your family so that your family won’t be vulnerable to financial ruin should something happen to you. Contact us at Paramount Insurance Agency at 866-869-3335 with any questions you may have regarding life insurance, the amount you may need, or making adjustments to your current life insurance coverage.

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Some Considerations Relative to Life Insurance 

Imagine this happening to your family…You are the sole breadwinner in your family that consists of your wife of 10 years and 2 small children, ages 6 and 8, and work hard to provide for them financially. You bought a new home a few years ago, own 2 cars, and have been setting aside money for the children’s college even though money has been tight.

Without warning, you suffer a severe heart attack and pass away, leaving your family in devastation and although you thought about securing a life insurance policy, you never finalized anything.

Below are some considerations to factor in when thinking about life insurance options and how it can assist your loved ones should something happen to you. After all, don’t you want what is best for your loved ones?

• Cost of Existing Debt- These expenses add up quickly when you document all of your monthly/yearly bills, such as mortgage, medical expenses, car loans, and utilities.
• Cost of Education for Children- College expenses are at an all time high so financially planning for your children to attend college takes years of saving and allotting funds for when that time comes. Life insurance is a way to guarantee that if something happens to you, you can rest assured that your child/children could still get their education.
• Expenses for Funeral/Burial- Funeral, burial, or cremation costs add up quickly, with the average cost running anywhere from $7,000-$10,000. Emotionally coping with the death of a loved one is traumatic enough without having to worry about the financial aspect of it. By having a life insurance policy in place, you won’t have to worry about how it will get paid.
• Cost of Raising a Child- Once your child is born, daily costs skyrocket, whether it is for food, education (excluding college), clothing, additional utility costs, furniture, and more. A life insurance policy alleviates this issue by ensuring your child/children will be provided for throughout their young lives by maintaining their established way of life.

Basically anyone who has a family, has loved ones dependent on them (emotionally/physically), and has concerns for whomever would be responsible for any unpaid debt you may leave behind, should consider life insurance. In the situation referenced above, even the stay-at-home mom should contemplate securing a life insurance policy when you consider all the meaningful tasks that a mom does to raise her children. Just because the mom doesn’t receive a standard paycheck, her worth is valuable. In fact, salary.com states that the average salary for what a stay-at-home parent does is equated to over $160,000 per year.

If you have any questions regarding life insurance, feel free to contact Paramount Insurance Agency at 866-869-3335 so we can assist you. You may be surprised to find that a life insurance policy is typically affordable and the peace of mind knowing that your family will be financially cared for is priceless. After all, your loved ones deserve it!

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What is a Buy-Sell Agreement?

A Buy-Sell Agreement is a legally bound contract between the owners of a business that outlines how the business will continue when one of the partners dies or leaves the business. It simplifies the transfer of ownership, outlines who will “buy” the deceased person’s business interest, who is required to “sell” AND at what price. This type of agreement is sometimes referred to as a “business will” or “buyout” agreement and is often funded through life insurance.

Agree to Protect Your Business

Imagine that you and your lifetime friend decide to open a restaurant and you invest 40% while your friend invests 60%. As a result of hard work, dedication, loyal patrons, and a close-knit business relationship, your restaurant, together, is flourishing and financially successful; however, 10 years into the business, your business partner dies unexpectedly.

If you don’t have a Buy-Sell Agreement in place, you must consider the possibilities of what could happen to you and the restaurant.   Without a Buy-Sell Agreement, a family member of your business partner may inherit the restaurant investment (60%) even though that particular person has no interest in being part owner and lacks skill and expertise in the restaurant industry.

Some Benefits of a Buy-Sell Agreement Include, but Not Limited to: 

• The Buy-Sell Agreement is typically funded by life insurance so that money/assets are available to purchase the deceased owner’s interest in the business. 
• The price of the “buy-sell” is clearly outlined in the agreement.
• The agreement protects the business from the financial impact that may occur when you or a business partner dies or leaves.
• The Buy-Sell Agreement specifies “who” can purchase the shareholder’s or partner’s portion of the business, if death or something else occurs to you or your business partner.
• Some typical reasons for a Buy-Sell Agreement include death, retirement, disability, or a decision of you or your business partner deciding to leave the business.

Paramount Insurance Agency is here to assist you with any questions you may have regarding a Buy-Sell Agreement, funded by life insurance, and how it may relate to your business. We are here for all of your North Carolina insurance needs so call us TODAY at 866-869-3335.

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Some Common Excuses People Use 

Too Costly- Some people may think that life insurance is costly, but it isn’t! There are so many choices available for life insurance plans that range from short term to long term, so it is recommended you contact your local N.C. independent insurance agent to discuss the life insurance plan that may work best for you at a rate you can afford. For a nominal cost to you, you will have peace of mind that doesn’t come with a price tag, should something unfortunate happen to you.

Good Health- Many people think if they are young and healthy, then there is no need to worry about purchasing life insurance coverage. However, health can quickly change and the time when you are young and healthy is the best and most affordable time to purchase life insurance. Protecting future concerns before you need to be concerned is the key.

Poor Health- On the other hand, people argue that their health is poor so purchasing life insurance will be too costly or not even available with their pending health concerns/issues. What people don’t know is this. You are insurable, regardless of heath, age or past medical history. There are so many different available coverage options to fit your particular needs, so it is recommended you contact your N.C. independent insurance agent to discuss all of your concerns and establish a life insurance policy that is the right fit for you.

Single with No Children- Most people think that life insurance is only for people who are married with children; however, there are financial factors that need to be considered should you die unexpectedly, such as funeral/burial expenses and unpaid debts. If you are younger in age and have debts, then you should consider getting life insurance while the rates are lower, to protect the person who may be left handling your estate.

Other Life Insurance at Work- Many employers provide life insurance; however it is typically limited and may not be adequate coverage should something happen to you. Also, if you do change jobs, the life insurance policy won’t follow you.

Don’t Wait Until It’s Too Late

Life insurance doesn’t come with a handbook that gives direction as to WHEN to buy it, but you never meet anyone who has it that wishes they had not purchased it. It’s easy to make excuses of why you DON’T need life insurance, but it may be time to change your mind set to cite reasons why you DO need life insurance. Call us TODAY at 866-869-3335 to discuss a life insurance policy that fits your current or long-term needs within a budget you can afford.

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Plan Today for Tomorrow’s Unexpected

You work hard every day to provide for your family financially and without your income, your family’s lives may change immensely. The first aspect to consider when planning for life insurance is simply this. Would your family be able to financially survive if something detrimental happens to you? If your answer is NO, then continue reading.

There is no magic formula for factoring the amount of life insurance you need for your family, although in the past you may have heard some “rule of thumbs” by which to figure. Every family situation is different; therefore the amount of life insurance you decide upon will vary family-to-family and budget-to-budget. There are some basic features that every family can take into consideration and discuss with their local N.C. independent insurance agent to come up with a life insurance plan that will provide the needed protection for your family, within a budget you can afford.

Below Are Just Some Considerations to Contemplate When Planning Your Life Insurance, but Not Limited to: 

Funeral Costs- When you factor in the costs of a funeral, estate handling, burial or cremation, you may be shocked. These expenses can be very costly.

Monthly Bills/Fees- These fees include monthly mortgage payments, car payments, utilities, education, and other fees paid on a monthly basis.

Future Anticipated Bills- You must also consider any future anticipated expenses for your family such as college/education costs, travel, and potential relocation.

Current Salary/Future Anticipated Salary- Consider not only your current income, but also what you would anticipate down the road in your profession, such as raises, likely promotions, etc.

Hidden Income Costs- This type of income is above and beyond your salary and may be in the form of a retirement plan or investment(s).

Below is a chart to help give you an idea of life insurance amounts and what may be used as a “guideline” for you. However, it is always best to do your research and make a list of questions to discuss with your N.C. independent insurance agent to get the best life insurance for your specific needs.

Protect Your Family Today!

Nobody likes to think about the unexpected nature of “life”, but at any given moment, life can end and with that, so does the financial support. The time to prepare for life insurance is BEFORE that happens. Your family depends on it! For further information, call our office TODAY at 866-869-3335 to discuss your life insurance options.

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Key Man Insurance Holds the Key to the Future of Your Business

Every business has either one key person, or maybe several key people, that contribute the greatest to the success of the business, either by generating most of the profits or having a specialized skill that would be hard to replace should something happen to that person(s). If there is no key man insurance on that person(s) and a death or disability ensues, your business could suffer greatly by losing substantial revenue, client base, and ultimately the potential of having to close your doors.

Key man life insurance is purchased from the business owner on a significant employee as a non-taxable expense and thus would be the beneficiary should the insurance kick in upon the death or incapacitation of the key man. There are different kinds of key man insurance that your N.C. independent insurance agent can discuss with you.

Call Your N.C. Independent Insurance Agent TODAY

Your independent insurance agent can help you decide whether to purchase a key man life insurance policy or key person disability insurance. Both kinds of insurance are extremely valuable, can be custom built to your business needs, and can help ensure continuity of your business should death, partial disability or permanent disabilities occur. As you can imagine, death and/or disabilities can be costly and devastating to your business while purchasing this type of insurance can provide peace of mind for a nominal amount of money.

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Life Can Be Short So Think Long Term

The thought of being invincible can be comforting, but in actuality, it is not realistic and within a blink of an eye, your life can end. Imagine that you have a wife and 2 children who depend on you financially and suddenly your life ends. Have you thought about the consequences of this and are you prepared? Although there are many reasons why life insurance is important, the most collective reasons include:

• Replacement of Income- This is probably the most important of the 3 reasons people need life insurance when you have dependents that count on your salary for day-to-day expenses. Whether it is for car payments, utilities, current/future education, or daily needs for food, your family depends on your income. Without your salary, what will happen if you DON’T have life insurance? Having your family maintain their standard of living is vital, should your life end.

Your N.C. independent insurance agent can help determine what type of life insurance policy you need depending on several factors such as your current salary, estimated future salary, current savings, or any applicable Social Security benefits.

• Costs of Final Expenditures- Final expenses include any of the costs that are incurred due to your death such as funeral expenditures, arrangements, burial or cremation costs. Never underestimate the excessive cost of funeral expenses!

• Payments for Mortgage- Your home may be the biggest investment that you have so protecting the home for your family, should something bad happen to you, is significant when purchasing life insurance. If you don’t have life insurance or the right amount of life insurance, your family may be faced with having to move out of the home they love. On top of losing you, this could be detrimental. If your family depends on your income to pay the mortgage, what will they do if something happens to you?

Protect the Ones You Love

While there are only three reasons outlined for purchasing life insurance, there are many other reasons. Contact us TODAY at 866-869-3335 to protect the future of your family.

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