Schmitt Group Insurance

What is whole life insurance? - Membership Matters Understanding permanent life insurance and what it can offer you and your family.

Meal prep tips for diabetes management - Membership Matters Simple steps to healthier meals

Asset Classes for Portfolio Diversification | John Hancock Asset classes are groupings of investments that display similar characteristics, this is important to understand for better portfolio diversification.

Planning for a Non-Traditional Family:
Families come in all shapes and sizes. Here’s how to make sure yours is financially protected regardless of who’s part of it.
https://www.kiplinger.com/retirement/estate-planning/602062/planning-for-a-non-traditional-family-which-is-probably-yours?fbclid=IwAR3LxCTsq8HhOtDraHWR5PDOA-6zU7WYKX1ViJLXqybkphFwba5Zc8ndseY

Do you already have a Whole life or Term life insurance policy and want to add more coverage? Consider adding a Accidental Death Policy as a way to add additional low cost coverage.
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As much as we hate to think about it, adults aren't the only ones who need life insurance. If you are interested in getting a quote for your child, I would love to help.
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Mortgage Protection Coverage
One of an individual or a couple’s biggest expenses in life is their home mortgage.
Therefore, if an income earner passes away unexpectedly, this could mean that his or her survivors would no longer be able to pay the mortgage – and in turn, be forced to move from their home. This occurrence can be made even more difficult, as the family is already facing pain.
With mortgage protection coverage, should the unthinkable occur, this policy will pay out an amount that can pay off the survivors’ mortgage balance. Americo Life Insurance Company offers mortgage protection policies with face amounts of between $25,000 and $400,000.
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Term Life Insurance vs. Permanent (Whole) Life Insurance:

Whole life insurance is the most common type of permanent life insurance. Like other types of permanent life insurance (universal life insurance and variable life insurance, for example), whole life insurance provides coverage for as long as you live, as long as you remain up to date on paying your policy premiums.
Whole life insurance policies feature fixed premiums for the life of the policy. With plan premiums that won’t increase, you can experience improved transparency and predictability with your long-term life insurance costs.
Whole life insurance policies can also accrue cash value over time. Once your policy has built up enough cash value, you can typically withdraw it or borrow against it like a loan.*
Loans or withdrawals may affect your policy’s cash value and the death benefits tied to the policy, so make sure you understand the terms associated with your whole life insurance policy.
Unlike variable life insurance, the cash value of a whole life insurance policy is not dependent upon the market. In fact, most whole life insurance policies grow a cash value at a guaranteed minimum rate.
Because of the cash value component and the fact that the policy could be in effect for the rest of your life, Whole Life Insurance premiums are typically more expensive than term life insurance premiums.
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The four benefits of having Term Life Insurance are:
1. Cost - Term policies are typically more affordable than Permanent Life policies because it only provides protection for a set amount of time.
2. Versatility - Although the death benefit of a Term Life policy can be used any way the beneficiary chooses, the funds are most commonly used for funeral and burial expenses to college loans.
3. Flexibility - Term Life policies enable you to choose how long you want your policy to last. As financial needs disappear, so might your need for a Term Life policy.
4. Simplicity - As long as you pay the premium in full and on time, you're covered for the duration of the policy, You simply decide the coverage amount and the length of the term.
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Why do children need life insurance? There are many possible answers to that question, but here are a few.
First, your children will always have life insurance regardless of future health.
Second, you get peace of mind. A life insurance policy valued at $10,000-$15,000 would more than cover funeral costs should the unthinkable happen.
Third, the policy can build cash value. By the time your children turn 18 they could have a nice nest egg they could use to buy a car, or borrow off of the policy to help pay for college.
And fourth, the premium rate is locked in for the life of the policy.
If you would like to see what a children's whole life insurance policy would cost, message us for a quote today.
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Life is full of uncertainties. I can help take one of those uncertainties out of the picture.

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