How Insurance Works

Paid Content by The Reese Agency – Who Needs Life Insurance?


THIS SEGMENT OF DELMARVA LIFE IS BROUGHT TO YOU BY THE RECEIPT NZ IT’S NOT SOMETHING THAT MANY PEOPLE REALLY THINK ABOUT BUT TODAY WE’RE GOING TO TRY TO EXPLAIN TO YOU WHY PREPARATION FOR YOUR PASSING IS SO IMPORTANT PARTICULARLY WHEN IT COMES TO THOSE YOU LOVE THE MOST. THIS AFTERNOON AS BILLY RAISE THE STATE FARM INSURANCE AGENT BASED OUT ADORABLE THANK YOU SO MUCH FOR DOING THANK YOU NOW JUST TO MAKE IT CRYSTAL CLEAR IN CASE PEOPLE HAVE A REALLY WRAP THEIR HEADS AROUND WHAT LIFE INSURANCE IS TELL ME WHAT IS LIFE INSURANCE CHARGING ME SO AND MOST LAYMAN’S TERMS POSSIBLE LIFE INSURANCE IS ACTUALLY A FINANCIAL PRODUCT MORE FINANCIAL TOOL THAT WENT IN AND SHORED PASSES AWAY PROVIDES A INCOME TAX FREE CASH BENEFIT TO A BENEFICIARY NAMED ON THE POLICY OK USUALLY WITHIN FIVE TO SEVEN DAYS OF THE INSURED PASSING SO WHO NEEDS LIFE INSURANCE YEAH SO TYPICALLY ANYONE WHO HAS THE FINANCIAL RESPONSIBILITY OF PROVIDING AN INCOME FOR A FAMILY OR FOR ANYONE WHO IS RELYING ON THEM USUALLY NEEDS INCOMES ARE TYPICALLY YOU KNOW IT’S THE FATHER OR OR OR OR OR OR OR OR OR OR MOTHER WHOSE BRINGING HOME IN INCOME FROM THEIR PLACE OF EMPLOYMENT AND THEIR FAMILIES ARE RELYING ON THAT FURTHER FOR THEIR WELL-BEING BASICALLY SO ANYONE WHO’S BRINGING HOME INCOME DEFINITELY NEEDS LIFE INSURANCE AND THEN ALSO FOR BUSINESS IS BUSINESS AS IF YOU’RE IN PARTNERSHIP IF YOU AND I WERE IN PARTNERSHIP AND SOMETHING WERE TO HAPPEN TO YOU JIMMY I WOULD BE FINANCIALLY RESPONSIBLE TO BUY YOUR PORTION OF THE BUSINESS BACK SO A LOT OF BUSINESS SENATORS ALSO NEED TO CONSIDER ARE OK WITH THAT DOING WHAT YOU DO I GUESS YOU HAVE SEEN FIRSTHAND HOW LIFE CHURCH CAN BENEFIT OF FAMILY THE DIFFERENCE THAT IT MAKES ANYTHING YOU CAN SHARE ABOUT WHAT YOU’VE SEEN YEAH ABSOLUTELY GENERALLY SO I’M ACTUALLY WE JUST HAD A CLIENT THIS WEEK THEY CAME ENDED UP THE SPOUSE WAS ABOUT GIVE OR TAKE ABOUT FIVE YEARS FROM RETIREMENT AND PASSED AWAY AND HE WAS THE SOLE BREADWINNER FOR THE FAMILY AND WIFE WAS ACTUALLY ABLE TO STILL RETIRE STILL BE OKAY BECAUSE HE HAD TAKEN THE STEP THE NECESSARY STEPS TO PURCHASE A LIFE INSURANCE EARLY ON IN HIS AND HIS CAREER AND SO WHEN HE DID PASS AWAY THE RETIREMENT WAS STILL IN PLACE EVERYTHING WAS STILL THERE AND THOSE LAST YEAR AT FIVE YEARS OF INCOME WERE STILL ABLE TO BE PROVIDED FOR THIS MAN WAS ALSO THAT HE PREPARED YEAH I GUESS FLIP SIDE YOU’VE SEEN WHERE IT COULD HAVE DONE SOME GOOD OH ABSOLUTELY HAD THEY DONE IT ABSOLUTELY SO USUALLY WERE THE SECOND OR THIRD TELEPHONE CALL FOR MOST OF OUR POLICYHOLDERS WHERE THEY CALL US BECAUSE THEY KNOW THEY’VE MET WITH US OR THEY KNOW MAYBE THEY HAVE A CAR INSURANCE OR HOME INSURANCE BUT OUR OFFICE AND THEY’LL COST AND JUST SAY NO YOU HAD A CONVERSATION WITH MY SPOUSE OR WITH MY SIGNIFICANT OTHER DID THEY HAPPEN TO PURCHASE ANY LIFE INSURANCE THOSE ARE TOUGH CONVERSATIONS USUALLY IF SOMEONE HAS NOT PURCHASE MARXIST APOLLO THERE ARE TAKING THE NECESSARY STEPS TO GET ONE SO HOW DO YOU FIGURE OUT HOW MUCH YOU SHOULD GET YEAH YEAH SO LIFE INSURANCE IS VERY SIMILAR TO RETIREMENT PLANNING BELIEVE IT OR NOT WHAT YOU WANT TO DO IS YOU WANT TO CREATE A LUMP SUM OF MONEY THAT ACTUALLY IF SOMETHING WERE TO HAPPEN TO YOU OR REGENERATE YOUR INCOME FOR YOUR FAMILY SO JUST LIKE WHEN PEOPLE WOULD SET TO RETIRE THERE’S A SCHOOL THAT THEY WANT TO SAVE TO SAY 2 3 MILLION DOLLARS. ASSETS IT’S GOING TO PROVIDE THEM INCOME WHEN THEY STOP WORKING YOU NEED TO CONSIDER OUR LIFE INSURANCE BASICALLY THE SAME WAY THAT YOU NEED A LUMP SUM OF MONEY IF SOMETHING WERE TO HAPPEN YOU ESSENTIALLY YOU STOP WORKING RIGHT YOU STOP EARNING AN INCOME FOR YOUR FAMILY BECAUSE YOU’RE NO LONGER AROUND THROUGH THAT THAT LUMP SUM OF MONEY WOULD ACTUALLY REGENERATE YOUR INCOME EVERY YEAR FOR YOUR FAMILY. TAP INTO YOU CAN TAP INTO ONE OF THEIR DIFFERENT TYPES OF POLICIES YEAH THERE’S A LOT OF DIFFERENT TYPES OF POLICIES I MEAN THIS IS SOMETHING THAT OUR INDUSTRY HAS DONE A REALLY GOOD JOB OF CONFUSING BUT WHEN I TALKED DECLINES I USUALLY TELL THEM THERE’S REALLY ONLY TWO TYPES TOO BROAD AND I KIND OF LABEL THEM IF INSURANCE AND ONE INSURANCE OK SO IF INSURANCE ON ONE HAND DESIGNED TO COVER IF SOMETHING HAPPENS YOU ARE DOING A SET PERIOD OF TIME SO TYPICALLY THESE POLICIES ARE 5 10 15 20 30 YEARS LONG. PAY A SET AMOUNT OF PREMIUM FOR THAT TIME PERIOD SO FOR 10 YEARS YOU PAY A SET MONTHLY PREMIUM AND IF SOMETHING HAPPENS YOU JIMMY DURING THOSE 10 YEARS WE’RE GOING TO PAY THE DEATH BENEFIT THAT THE COMPANY WAS AGREED ON SO SOME HAPPENS YOU JIMMY IN THE NEXT 10 YEARS WE’RE GOING TO PAY A MILLION DOLLARS TO YOUR FAMILY THE FIRST YEAR OF THE 10TH YEAR FIRST YEAR TENURE. KINGDOM DOESN’T CHANGE DURING THAT TIME PERIOD OK BUT FOR ALL INTENSIVE PURPOSES AFTER THAT 10 20 30 YEARS THAT POLICY IS OVER OK THE OTHER BROADCAST BROAD CLASS IS ACTUALLY WENT INSURANCE SO WE TALK LIKE THIS IS ACTUALLY A POLICY THAT YOU WOULD BUY TODAY JIMMY AND IT’S GOING TO COVER YOU FOR THE ENTIRETY OF YOUR LIFE UNTIL YOU SHOULD PASS AWAY RIGHT SO IT’S A LITTLE BIT MORE EXPENSIVE THAN IF INSURANCE IS ONLY COVERING YOUR DURING A TIME PERIOD BUT ONE INSURANCE GUARANTEES THAT IT’S ENFORCED TODAY AND AS LONG AS THE PREMIUMS ARE PAID OVER THE COURSE OF YOUR LIFE IT’S ALSO ENFORCE WHEN YOU PASS AWAY SO WHAT DO I NEED TO DO. TO GET LIFE INSURANCE YEAH THE BEST THING TO DO FOR OUR SAYS THE SAT DOWN WITH A PROFESSIONAL SIT DOWN WITH SOMEONE WHO CAN ACTUALLY TAKE A LOOK AT YOUR NEEDS OF WHAT YOUR DESIRE FOR YOUR FAMILY IF ANYTHING WERE TO HAPPEN TO YOU WHAT YOU BELIEVE ABOUT KIDS EDUCATION OF IS THERE ANY CHARITIES THAT YOU WANT TO DONATE TO AND THEN ALSO YOU KNOW REALLY TRULY WOULD YOUR FAMILY NEED TO SUSTAIN THEMSELVES IN YOUR PASSING SO WHAT TYPE OF INCOME WOULD THEY ACTUALLY NEED SO THAT’S A FIRST STEP IS SITTING DOWN THE FINANCIAL PROFESSIONAL ACTUALLY COMING UP WITH WHAT IS THE SUM OF MONEY AND SOMEONE’S GOING TO NEED THAT YOU ARE PASSING RIGHT THE SECOND PART I ALWAYS TELL CLIENTS OF LIFE INSURANCE IS BALL WITH TWO THINGS. IT’S WITH THE PREMIUM OR THE MONEY THAT YOU PAID TO THE INSURANCE COMPANY BUT IT’S ALSO VAULT WITH YOUR HEALTH SO THE NEXT STEP IS ACTUALLY GOING THROUGH A PHYSICAL UNDERWRITING APPOINTMENT WHERE THEY YOU KNOW UNTIL CLIENTELE TIME YOU GET A FREE PHYSICAL ON US WE SEND A NURSE OUT TO SEE YOU THEY DO HEIGHT WEIGHT BLOOD PRESSURE THOSE TYPES OF THE TEST TO SEE HOW GOOD A SHAPE OUR AND JIMMY HOW HOW MUCH LONGER THAN WE ANTICIPATED JIMMY IS GOING TO LIVE AND SO HOW MUCH ARE WE CHARGE FOR THE PREMIUM SO ONCE THAT’S FINISH WE HAVE ANOTHER POINT ABOUT WHERE WE USUALLY BEARING CLIENTS BACK INTO THE OFFICE AND WE SHOWED THEM PAY FOR THE AMOUNT THAT YOU SELECTED JIMMY HEARS ABOUT WHAT IS GOING TO CALL SEE THEIR ON AN ANNUAL BASIS ON A MONTHLY BASIS AND THEN AND THAT’S USUALLY WHEN HOW DID THEY WANT TO KNOW WHAT TYPE OF POLICY DO THEY WANT IN ACCORDANCE WITH WHAT TYPE OF FRAMING OF THE INSURANCE COMPANY WANTS TO CHARGE YOU OBVIOUSLY KNOW WHICH TALKING ABOUT SO I NEED YOU TO WALK ME THROUGH IT I NEVER FORGET MY OLD THAT WE WERE TALKING EARLIER YOU SAID YOU GOT TWO LOCATIONS WE DO HAVE TWO LOCATIONS SO YEAH WE HAVE ONE LOCATION SERVING KENT COUNTY. IT’S ACTUALLY RIGHT IN THE HEART OF DOVER AND THEN WE HAVE ANOTHER ONE THAT KIND OF SERVES SUSSEX COUNTY AND THE BEACH COMMUNITY AND THAT ONCE LOCATED RIGHT AND SELL THE WHOLE DELAWARE HERE YOU GO HILLARY STATE FARM INSURANCE AGENT THANK YOU SO MUCH FOR TALKING TO US AS


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