Life Insurance
Finding the right life insurance products can be challenging in today’s insurance environment. Southeastern Insurance Services offers a complete line of individual life insurance products that are crafted to meet you and your family’s specific needs. We work with several different top-rated insurance companies, and will place your account with the company that will provide you with the coverage and benefits you want.
Southeastern Insurance Services can help you make sound, informed decisions about issues affecting your life, health, and insurance needs. Our philosophy is to fully understand your objectives and then translate them into solutions that provide assistance and peace-of-mind.
Our life insurance products insurance:
Final Expense Insurance — Final expense insurance helps families cope with the loss of a loved one by guaranteeing all funeral and burial expenses will be paid for. Final expense insurance is a perfect alternative to traditional life insurance because it is more affordable, no medical exam is required and premiums will not increase over time.
Fixed Annuities — A fixed annuity can help you accumulate tax-deferred earnings as part of your overall retirement plan. Annuities offer the opportunity for lifetime payments and tax-deferred earnings, and provide a guaranteed death benefit for your beneficiaries. All guarantees are backed by the continued claims-paying ability of the issuing insurance company.
Individual Disability Insurance — Individual disability income protection is a must for a business owner, and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible.
Individual Life Insurance — Life insurance can help you secure your family’s financial future by providing the funds they need to cover burial expenses, uninsured medical bills, pay off your mortgage, other outstanding debts, and maintain a comfortable standard of living. There are a variety of insurance policies available to insure you have the coverage you need to take care of your loved ones after your gone.
Individual Long-Term Care (LTC) Insurance — Long term care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age. Most long term care expenses are not covered by Social Security/Medicare, Medical Supplement, or private health insurance. LTC insurance policies can give you peace of mind in knowing your covered in the event long term care is needed.
Mortgage Protection — Like most life insurance, mortgage protection insurance eases the financial burden of your loved ones. It is an affordable way of ensuring you home is paid for no matter the circumstances. Cancer, stroke, heart attack, injury, death…your family will never be in jeopardy of losing their home after you’re gone.
Life Insurance FAQs
Q - How do I know if I need life insurance?
A - If you died tomorrow, how would your family pay for your funeral and burial costs, outstanding medical bills, and any other outstanding debts? How would they pay for their own ongoing living expenses such as food, utilities, and a mortgage?
Life insurance is a safe, simple way to guarantee the people who depend on you now will be taken care of after you’re gone. Beneficiaries receive a tax-free cash payment that ensures their standard of living and way of life does not suffer. Please, don’t make a tragic situation even worse by failing to plan now. If you are the primary earner in your household, life insurance is not an option. It is a responsibility.
Q - How do I know how much coverage I need?
A - There is no “one size fits all” policy that is right for everyone, because no two people have exactly the same needs. An elderly widow who only wished to pay for her own burial expenses would require a much different policy than a 40-year-old who is the primary earner in a family with children.
While experts disagree on the exact formula for income replacement, most estimate that, at a minimum, a person needs coverage equal to six time their annual income. Ultimately, the only “wrong” answer is no coverage at all.
Q - What’s the difference between term and permanent life insurance coverage?
A - Term life insurance is the most affordable type of life insurance because it only provides coverage for a limited period of time. Policies vary, though, and can range from five years up to thirty years. As long as the policyholder dies within the time period specified in his or her policy, the insurer is obligated to pay the benefits in full.
The risk with buying term life insurance is that the policyholder may “outlive” the coverage. When this happens, the policy terminates, and you are given the option to renew. However, the new premiums will most certainly be higher, because you have aged. Still, term life insurance is an attractive option for many people, because it allows them to buy coverage at a lower cost and when it’s needed most.
Permanent life insurance, on the other hand, offers lifetime protection as long as you continue to pay your premiums. All age groups can take advantage of the security and peace of mind that permanent life insurance offers. Retirees can guarantee that their loved ones will be provided for after they are gone, and young people looking to start a family can take advantage by buying early and locking in a great, low rate.
Q - Can I use life insurance while I’m living?
A - While the primary reason for purchasing life insurance is to provide financial security for your loved ones after your death, many policies offer benefits that can be used by the policyholder during their lifetime.
Accelerated Death Benefit — Terminally ill patients can forgo their death benefit in exchange for payment equal to the life insurance policy’s face value.
Cash Accumulation — By paying in excess of your regular premiums, some policies allow you to increase the amount of your death benefit. Likewise, cash accumulation can also be used to increase the loan amount available to policyholders while they are living.
Q - Can I borrow against my life insurance policy?
A - The ability to borrow money is one of the biggest differences between term life and permanent life insurance. Only permanent insurance allows the policy holder to take out a loan against the cash value built up in the policy. Policyholders are required to repay this loan, including interest, and any outstanding balances owed at the time of death will be deducted from the death benefit.
Term life insurance policies, on the other hand, do not have a loan option available, because the do not accrue cash value. This is why these types of policies are commonly referred to as “Death Benefit Only” policies.
Q - Can the same person have more than one life insurance policy?
A - Currently, there are no laws restricting the number of life insurance policies one person can hold. Individuals are also allowed to purchase policies from as many different companies as they want. Frequently, a person will purchase an individual life insurance policy to supplement the one they receive through their employer. No policy cancels another policy out, and all effective policies will be paid concurrently at the time of death.
Q - What should I consider in naming by beneficiaries?
A - Who you choose as your beneficiaries is one of the most important decisions a policyholder makes. You will have the option to designate one primary beneficiary or multiple ones. If multiple beneficiaries are designated, you will need to decide how the death benefit is allocated between them. Beneficiaries are not required to be actual people. Legal entities such as foundations, charities, or trusts are also eligible.
As a precautionary measure, you will also need to designate a “contingent” or secondary beneficiaries in the event you outlive your primary beneficiaries. You should take the time to review your beneficiaries annually as they can be changed through the life of the policy for any reason.
Q - Is a physical exam always required to obtain life insurance?
A - Not all life insurance policies require a physical examination. However, policies that pay a high death benefit usually do. This physical is typically performed in your home by a paramedic or licensed healthcare worker. Most exams consist of a height and weight check, blood and urine samples, and an EKG. You will also need to be prepared to answer questions relating to your medical history. In some instances, additional documentation such as a credit history or even your driving record is required.