Top Reasons People Buy Life Insurance

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Posted on 16th June 2014 by Rita in How To's of Life Insurance |Life Insurance

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memorial planning guideIncome Replacement
Protecting loved ones with replacement of income. Financial Hardship is one of the main motivations for most, to buy life insurance. Life insurance can provide finances for a growing family, living expenses, college tuition and retirement to name a few.

Safeguard Home and Business
For many, the monthly mortgage payment and housing costs are the largest debts in their budget. Life insurance policies can be tailored to cover these expenses in the event of a tragedy.

For business owners, a life insurance policy can be customized for your family to buy out a surviving business partner. Or on the other side of this you may want to provide an efficient means for a business transfer.

Funeral and Burial Costs
Final arrangement expenses can be devastating. Including coverage in your life insurance policy to cover expenses related to final arrangements will give loved ones the funds needed to carry out your final wishes.

(click photo in this post for your FREE Personal Planning Guide)

Inheritance or Savings
Providing a monetary gift along with loving memories. Life insurance is a safe and sure way to leave a monetary gift to your children, grandchildren and loved ones. As a side note, benefits become the property of its beneficiary therefore benefits paid to the beneficiary cannot be seized by the IRS or private creditors.

Source: The Law Dictionary
Can the IRS Seize Money from a Life Insurance Policy After It’s Paid to the Beneficiary?
Are You Taxed on Inherited Life Insurance Money?

Charitable Gift
You may have an organization you love and support. Therefore you may want to allocate a portion of your life insurance benefit to use as a charitable donation. Planning is key – you can buy life insurance now and designate your favorite organization as beneficiary in your policy.

 

ABOUT NORTH COAST LIFE INSURANCE
Established in 1965 in Spokane, WA. North Coast Life Insurance Company (NCL) is focused on providing solutions for you and those you love. Receive genuine personal service and guidance on all your insurance needs.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). Providing solutions for your financial needs. INSTANT Term-Life Quote: www.insureyourfamily.com
Prefer to speak with a local financial representative? Call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

Captive vs. Independent… What is the difference?

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Posted on 25th March 2014 by Rita in Life Insurance |Retirement and Estate Planning

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captive agent vs independent agent

Many of us consult with an insurance representative for our insurance needs, and for good reason. Insurance representatives (agents) help us understand the complex world of insurance and help us get the best deal and/or the correct insurance coverage for our needs.

Which one should you speak with about your insurance and financial needs? There are big differences between these two types insurance representatives. Choosing the right agent for yourself is an important decision. Lets look at the differences between these two types of agents.

Captive Agent: Is an insurance representative who works exclusively for one insurance company (carrier). They offer only that one companies products, services, and coverages. Captive agents have an in-depth knowledge of insurance products for the insurance company they are employed by and are may be able to offer optimized product packages that save you time and money. Unfortunately, this also means the agent is limited to one company’s insurance products, guidelines and pricing structure. Therefore, they may not be able to assist a client who does not need or qualify for that company’s products.

More often than not a captive agent is paid by the insurance company either by salary or a combination of salary and commissions. The Insurance Company may provide the captive agent with office space and offer employee benefits. The employing insurance company may require their captive agents to meet sales quotas on a lousy product or be told what products they can sell to meet a product quota.

There are many well known and respected insurance carriers who employ captive agents. A few examples are: Allstate, State Farm, Nation Wide and Farmers.

Independent Agent/Broker: This type of insurance representative offers a wide variety of products from many different companies. Which in turn may give you more choices and savings because multiple options can be reviewed to find the right coverage and rates to fit your needs. An independent insurance representative is not employed by the insurance provider(s) (carriers). In most cases they are paid a commission on the policy/product sold to their clients.

Independent agents/brokers are generally viewed as representing you, the client, not an individual insurance carrier. Independent agents are free to look for what is the best product for their client, without restrictions from a captive company telling them what they can or cannot sell.

On the flip side of this – not all independent agents will be your “One Stop Shopping” for insurance needs. In some cases a captive agent will have better pricing and coverage depending on the risk involved in your situation and insurance needs. They may NOT be able to bundle your life, auto, home, boat and business insurance into one. Note: this is not always the case and some independent agents can do all this for you.

Some Independent insurance representatives specialize and cater to only one type of risk or line of business. For example Final Expense insurance is their specialty but they may shy away from other lines of insurance such as health, auto or commercial.

What should you do? As you can see there are pro’s and con’s to both types of insurance representatives. Not all Independent insurance representatives will offer all lines of insurance to their clients. Everyone’s insurance needs are unique. There is no right or wrong answer to who is the best insurance representative to go with simply because everyone’s needs are not the same.

When shopping for your insurance needs, you should get quotes and information from both captive and independent agents to see what kind of pricing, terms and service you will be receiving.

Generally speaking a well rounded independent agent will have more choices for you to choose from. But that may not work for your insurance needs if you are looking for one specific type of coverage. You may need to seek out the insurance agent who specializes in the coverage you are looking for. Do your homework before you make a decision.

Have a question? Feel free to contact me. (contact info. below)


ABOUT NORTH COAST LIFE INSURANCE
Established in 1965 in Spokane, WA. North Coast Life Insurance Company (NCL) is focused on providing solutions for you and those you love most. Receive genuine personal service and guidance on all your insurance needs.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). Providing solutions for your financial needs. INSTANT Term-Life Quote: www.insureyourfamily.com
Prefer to speak with a local financial representative? Call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858   Email: rita.sollie@nclife.com or Live Chat below.

P.S. I LOVE YOU

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Posted on 7th February 2014 by Rita in Life Insurance |TERM Life Insurance |WHOLE LIFE Insurance

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Awe Valentines Day! A wonderful opportunity to celebrate those you love. And not just your significant other. Include the whole family in this fun and celebrate those you love. There are so many ways to make small or big gestures of heartfelt fun on this occasion. Valentines gifts bring smiles and joy to those who mean the most to you.

Traditional Gifts are in abundance: Cards, Love Letters, Sweet Treats and Games. Or how about Romantic Dinners, Jewelery and Trips to celebration your love. There are even some fun (more…)

How Life Insurance works for children

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Posted on 20th January 2014 by Rita in Life Insurance |TERM Life Insurance |WHOLE LIFE Insurance

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kids life insurance

Wondering what could possibly be the benefit of Life Insurance on Children?

Granted this is a uncomfortable topic to talk about, but reviewing your options before you need to can benefit you during a very emotional time. Here are a couple examples how life insurance on children is a good thing.

Covering funeral expenses is one the biggest reasons life insurance on children is a benefit. If the cost of a (more…)

Free Christmas Trivia Printable

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Posted on 20th December 2013 by Rita in NCL News & Events

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christmas trivia

Are you going to a Christmas Party or Hosting one yourself? Spice up the fun at your Christmas gathering, dinner party or even keep the kids occupied in car, with this fun Christmas Trivia game.

Merry Christmas from all of us at North Coast Life Insurance Company. We wish you a wonderful and safe holiday and we hope you enjoy this game. It’s simple, and fun and perfect for many of your Christmas gatherings. 

Click image for you FREE Christmas Trivia printable or HERE.

For the answer key go HERE.