Hot Pro tips- Arizona Whole Life Insurance

tips for seniors

Looking for hot pro tips for Arizona whole life insurance?

Life insurance for Arizona residents is the simplest and (most people agree) arguably the best type of life insurance you can get.

Qualifing for life insurance

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The first things you need to know about Arizona whole life insurance is that you need to be under the age of 86. If you are 86 or above, please reach out to us, as you may still have options.

At Protect With Insurance, we specialize in burial insurance for seniors. But for the sake of this article, we’re going to focus on Arizona whole life insurance.

Most people that are getting whole life insurance, are wanting a policy that’s never going to expire. They want a policy that’s going to build up cash value as all whole life policies do.

However, we do not like to focus on cash value, as pulling cash value out of a policy negatively impacts your beneficiaries. It’s best to simply leave the money in the policy, and leave it for what it’s designed for- to protect your loved ones when you pass away.

Qualifying for life insurance

Qualifying for life insuranceIf we were talking about term life insurance, we would warn you that it is difficult to get approved for term. There are a lot of declined term policies, due to health conflicts.

Whole life insurance, however, is easier to qualify for. The health underwriting requirements are MUCH more flexible. Whole life insurance death benefits are lower than with term policies.

Therefore, whole life insurance approval rates are strong. Within the state of Arizona, we have an excellent track record of matching people up with the right whole life policy to quickly get approved at the lowest price, possible.

The “Pros” and “Cons” of Whole Life Insurance

pros & cons of whole lie

Arizona whole life insurance offers tons of “pros” as well as a few “cons” that you should be aware of. Our clients always wonder, “What’s bad about it?”

Whole life is NOT typically going to have death benefits of $100,000, $200,000 and $500,000 or more. These larger amounts are usually reserved for full coverage terms and accidental only policies.

However, you CAN certainly get whole life policies in large amounts, if you are extremely healthy and have a large life insurance budget. We have access to whole life insurance companies that can go up to over $5,000,000 but whole life costs a lot more than terms.

For most people past the age of 60, whole life is the best way to insure.

For example, if you’re considering a $20,000 whole life policy, which for most people, is plenty of life insurance. It’s going to be a lot more affordable, than a $200,000 10 year term. And again, that whole life is never going to expire. The whole life insurance is never going to change in price. It locks in your health, until death, whenever that occurs. Whether death is, the day after approval and payment, or whether death is in 50 years, there’s no end point.

Whole life policies do “mature” after years of payment. Maturing means that you’ve paid in full. When your policy has matured, either the life insurance company can just send you the money or they’ll just hang on to everything and they’ll send it to your loved ones upon your death.

Sending the death benefit to your loved ones safeguards that money and makes sure that it comes to them when you pass. Term life insurance policies don’t offer that option, as they never mature.

Do I have to Get Re-insured???

Great news! With whole life insurance you do NOT ever have to get re-insured. It never expires, so you are covered for the rest of your life.

Regarding term life insurance,  you DO have to get re-insured. So another big advantage of these whole life policies is that they go until death. They never run out. They never change on you.  It’s a wonderful policy.

How much life insurance coverage can I expect?

How much life insurance coverage can I expect?

Most Arizona whole life policies go up to $40,000.

As long as that is sufficient, then great, then that’s exactly the kind of policy you need. If you need a little bit more coverage than that, there are some options. There are some tweaks, things that can be done.

Definitely ask your agent and share that you need more coverage. One option, which can be added to *most* whole life policies, is an accidental rider. This rider doubles the death benefit, if the death is not due to a medical problem.

A great example, roughly 1/3 of accidental deaths in North America are car accidents. Accidental deaths are the third leading cause of death in the United States. If you die in a car accident, and you have an accidental rider, the payout to your loved ones is double. So if the whole life insurance is for $20,000, your beneficiaries would receive $40,000 if you have that accidental rider. It’s a great way to squeeze more juice out of that policy, and it’s a very inexpensive addition.

If you need more than $40,000 and you’re in exquisite health, (Generally, 1 prescription medicine or less) we have access to whole life insurance programs that provide amazingly reduced prices and offer larger coverage. But you truly have to be in better than the top 1%, in terms of health.

There are a lot more pro tips and we would be happy to share them with you. Just give us a call, or feel free to schedule an appointment with us. We’ll be happy to help you with whatever you need.

 

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Protect With Insurance

989 S Main St Ste A-293

Cottonwood, AZ 86326

Chad McMahan

Chad McMahan

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