Life Insurance Life Insurance:Life insurance is a tool designed to protect. There are a variety of versions and hybrids, and it can all get very confusing. Life insurance is so important, and the cornerstone of many financial plans. We encourage you to seek a review of your current plans to ensure that your policy will provide the benefits your family will need. Using a licensed life insurance agent that understands not only the protection aspect, but how it can work in tangent with your retirement, taxes, estate planning, and even long term care is where Murphy Wealth Management distinguishes itself from other agents. We are an independent agency that represents most of the major carriers. Once we identify your needs and health, we will determine which contract and carrier will offer the coverage you need for the best price. We can assess your situation and determine if life insurance will benefit your situation. The next step is to determine what type of policy will accomplish your goals. Then we will compare pricing and go through your options. Finally, we will submit an application to the insurance company. Depending on the plan, medical underwriting may be a few health questions, or it could be a simple paramedical exam. We will handle the process from start to finish. Most of the carriers have evolved simplified underwriting to expedite your approval. Once we get an acceptance back from the company, they will mail out your contract. Upon receipt, we will review details and accept or reject the contract. To receive a no obligation quote, please fill out our contact form, or call the office. We encourage you to schedule an assessment either by phone or in person, but if you know what you want...let us shop for you. We will give you a realistic idea of premium cost based on a few brief health questions. We have no allegiance to any particular insurance company. Our allegiance is to our clients and we take that responsibility seriously. Support your local business and use a licensed professional that understands your situation and understands how it all works together!Types of Life Insurance: TERM LIFE INSURANCE:Term insurance is the least expensive way to purchase a level death benefit at a fixed rate, and for a specified period of time. Typically ranging from 10 to 30 years, term plans become affordable and versatile solutions for many of our clients. For example, matching a specific term policy to the amount and duration of your mortgage will protect your family by paying off your home in the event of your passing. These policies are also widely used as protection instruments for those in their primary earning years. Imagine if your family lost your income today and the ability to earn in the future…where would they be? Term life is a terrific solution to allow you to continue to provide for your family even when you are gone. As independent brokers, we offer our clients almost every major insurance carrier. We are not locked in to just one company. We match the product to suit your needs, and not the other way around. SINGLE PREMIUM LIFE:Single premium whole life is a very effective insurance contract that was primarily created to transfer wealth directly to named beneficiaries in order to avoid probate and taxation of the benefit. The insured pays a one-time, lump sum premium to purchase a death benefit, instead of recurring payments over the insured’s lifetime. The payment purchases a death benefit that is based on the insured’s age and health at time of application. And like other permanent life plans, the policy has immediate cash value which can be accessed tax-free in the form of a policy loan. These attributes make single premium contracts an attractive tool for generational wealth transfer, but they also have use for clients that have older permanent life policies that have cash value. The goal is to use the cash value of the existing policy(s) to purchase a fully paid single premium plan, thus eliminating all future premiums for our clients.UNIVERSAL LIFE INSURANCE:This flexible life insurance plan has evolved in the last few years. Some have accelerated death benefits that can be used for any purpose in the event of a qualifying critical, chronic or terminal illness. Many people are looking to this product as an alternative to a traditional LTC policy. Be sure to examine the costs and expenses of any policy that is recommended to you. Universal Life tends to "front load" expenses during the first few years and then level out, whereas a LTC plan usually can increase in the later years of the policy which can create a financial strain when you need the policy the most. This important feature can make a huge difference to your family if you are facing a long term care situation.FINAL EXPENSE INSURANCE:Final Expense or Burial Insurance is a whole life contract designed to cover funeral costs and final bills that your family will face after your death. With simplified medical underwriting, and manageable monthly payments, these plans are a fantastic alternative to the large upfront cost of prepaying a funeral, or buying plots in advance. Although many funeral homes are established business, if they go under, or you change your mind…you have a major headache! With Final Expense you can choose a tax free benefit of $2,500 to $30,000 and either name a specific funeral home or name a beneficiary to receive the benefit. Either designation can be changed any time by you for any reason. At MWM, we are skilled in matching A+ rated carriers that offer these products to fit our client’s needs. Please purchase these contracts from a reputable insurance broker. Unfortunately, we see a lot of these contracts in force during insurance reviews that either have a waiting period or are “accident only” insurance. Not a good surprise for your family and horrible timing, so know what type you purchased!For more information on the Accelerated Death Benefit Endorsement: Financial protection against critical, chronic, and terminal illnesses click hereThis endorsement is available in certain products (both term and permanent plans) through Midland National.The best defense is a good offense. Please call us today for more information on this valuable feature.