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Term and Whole Life Insurance: Explained

Posted on by titan-langlois

Unless you are a life insurance specialist, like me, life insurance is nobody’s favorite subject of conversation. Most people associate life insurance with expensive monthly premiums and, more importantly, their own mortality. For that reason, many people aren’t sure how life insurance works, or what their options are. However, thinking about your life insurance policy is very important! It is intended to lessen the impact of death on your loved ones, and it doesn’t even have to be expensive. Below, we discuss the major differences between term life insurance and whole life insurance to help you determine which one may be best for you.

Term Life Insurance

Term life insurance is a simpler, cheaper type of life insurance that’s a great way to institute a policy without having to cut too deep into monthly expenses. Term life is purchased for a specific time period, anywhere from 5 to 30 years. Death benefits will only be paid if the death occurs during the term of the policy. More often than not, term life will become much more expensive as you age. After the age of 50, the cost of term life quickly creeps up to the cost of permanent life insurance, so you should look into getting it sooner rather than later. Also, these policies can also be converted into whole life insurance in some cases, which is another option if you feel like it may be the time to consider whole life.

Whole Life

Term life insurance covers you for a set period of time, while whole life does exactly what you’d expect: it covers you for your whole life. Not only does it provide death benefits when the time comes, but it also provides a cash value accumulation that builds during the life of the policy. This means that you can actually see payoffs of your premium at a certain time, sort of similar to a retirement policy with your employer. It usually takes anywhere from 12 to 15 years to build up a considerable cash value. This cash value is based on how much the return on investment is worth.

Acquiring a whole life policy does usually mean a medical examination, but this is not always the case. Sometimes, with a higher premium, whole life insurance can be purchased without a health examination. This type of insurance works great for estate planning, and although it is initially more expensive, you can potentially save money through whole life insurance in the long run. Be sure to see what works best for your finances by speaking with a risk advisor today.

Choosing What’s Right

There are many different factors to take into account when deciding what kind of life insurance is right for you. When you come into Langlois Insurance Agency to discuss the best life insurance “fit” for your needs, we will consider several factors:

  • Your current age
  • State of health
  • Financial needs (for yourself and family)
  • Plans for funeral and death expenses
  • Children’s ages
  • Long-term health expenses
  • Mortgage and current debts
  • Retirement plan
  • Future monetary needs of your children
  • Your estate
  • Your thoughts on paying a full term policy and never receiving the value of it

Although that may be a long list, factoring in as much as possible is important because life insurance is a big investment. Give our agency a call today at #815-485-2106 so we can help find you the best policy for you and your family. We always love to hear from our customers!

Warmest Regards,

Matt Langlois

Why Would A College Student Need Life Insurance?

Posted on by langloisinsurance

As any college student, and their parents can tell you, the cost of a college education in 2019 is skyrocketing. So, it is definitely not a surprise that student loans now make up the largest portion of U.S. non-housing debt. This means that college students owe more in student debt than they do for their credit cards and/or auto loans.

In fact, Millennials face record levels of student debt, and the culprit seems to be the explosive increase in the cost of a college education, coupled with a lack of wage growth. Due to this, one of the life insurance policies that we have been offering a lot lately at Langlois Insurance Agency is designed to protect the cosigners of a student loan.

Why Would A College Student Need Life Insurance?

The reality is that most college students need to get private loans for their education. Due to this, chances are they had someone co-sign their student loan, which is usually a parent or guardian. But, what many students – and their parents/guardians – don’t know is that when a loan is co-signed and something happens to the student, the co-signer would still be liable for the debt.

Sadly, this happens all the time, every year, across the United States. A college aged student dies, and the parent/guardian is not only left without their child, but also stuck with the student loan debt, which needs to be paid off.

So, if you are a parent/guardian that has cosigned for student loans, let us help you protect yourself. We will calculate how much life insurance is needed to pay off these student loans in case something happens to your loved one. This type of policy would give you great peace of mind, and can be very affordable. For approximately $10 a month, we can provide life insurance protection for $100,000 in benefits.

As always, if you have any questions about life insurance, or your insurance in general, please don’t hesitate to give any of us at Langlois Insurance Agency a call. We always love to hear from our customers!

Warmest Regards,

Matt Langlois

 

Langlois Insurance Recieves Pekin Insurance Gold Key Award

Posted on by langloisinsurance

Honored to have received the Pekin Insurance Gold Key award for 2019, which was awarded to the top 2% of agents nationwide. This award is for dedication, excellence and commitment in the sale of Life Insurance.
I am often asked why I feel so passionate about life insurance. Simply put, life insurance gives you options. The more life insurance you purchase, the more options you have.

So, you can rest easy with financial security. And, really, there is nothing more precious than your family’s security.
That is why having the right amount of life insurance – for both you and your children – is so important. A good life insurance policy can offer you peace of mind and be the cornerstone of your individual financial plan for the future.

As always, please don’t hesitate to reach out to me with any insurance questions. I always love to hear from my customers!

Warmest Regards,

Matt Langlois

Why you should purchase Life Insurance for your Children

Posted on by langloisinsurance

This photo was taken of my son Andrew when he was two years old. We had a family friend, who is also a talented photographer, come to our house to take these photos of our family.

Why?

Because this was the day before my son was going to start chemotherapy for a cancer that he developed at 18 months of age. And my wife and I wanted photos of our son “before” chemo.

Six years later, our son is doing amazingly well. He is thriving and we are beyond grateful.

But, because of his illness, he will (most likely) never be able to have a Life Insurance policy as an adult to help protect his loved ones. As an insurance agent, I wish I had of properly protected him with the gift of a Life Insurance policy when he first came into this world. But, you know, hindsight is 20/20…

Because of this life altering experience, I am now a strong advocate that parents should purchase life insurance policies for their children at a very early age.

Reason #1 – A life insurance policy provides money for the funeral and other expenses that would occur in the tragic event of a child’s death. In addition, there would be funds for family counseling and medical bills, as well as money that is necessary for the family to get by if the parents decide to take a leave from work.

Reason #2 – It allows a child to be able to qualify for life insurance later in as an adult. Many people don’t know this, but a child who develops a medical problem early in life can have issues qualifying for coverage as an adult. If you purchase life insurance for your child now, you are guaranteeing the child has some coverage and can purchase more life insurance when they reach adulthood, regardless of their health status.

Reason #3 – There is also a savings component of a permanent life insurance policy, called cash value, which grows tax-deferred. The policy owner can borrow against the cash value or surrender the policy for the money (less a possible surrender fee). The cash could be used for anything, including college expenses. A whole life insurance policy guarantees a certain percentage return on the cash value and compares well with other conservative savings vehicles like CDs.

The policy that I normally recommend is a permanent life insurance policy, such as whole life. These policies are generally for smaller face amounts ($50,000 or less). This type of permanent life insurance policy provides coverage for your child’s entire life and includes a savings account that gradually builds value over time. As a result, the premiums are usually more affordable that a term life insurance policy.

I always tell my customers, friends — really anyone that will listen — that life insurance gives you options. The more life insurance you purchase, the more options you have.

So, you can rest easy with financial security. And, really, there is nothing more precious than your family’s security. That is why having the right amount of life insurance – for both you and your children – is so important. A good life insurance policy can offer you peace of mind and be the cornerstone of your individual financial plan for the future.

Let me help you.

Langlois Insurance Agency specializes in life insurance, mainly because I strongly believe that it is so important. I can help you select the right amount of life insurance benefits to ensure your family is properly protected…and will do it at a premium that you can afford and are comfortable with.

Please don’t hesitate to contact me at #815-485-2107 with any questions about Life Insurance. I always love to hear from my customers!

Warmest Regards,

Matt Langlois

Honor Flight Network Sponsorship

Posted on by langloisinsurance

Langlois Insurance Agency is excited to partner with Pekin Insurance to raise money for the Honor Flight Network. We will honor those who served in the military by supporting the Honor Flight Network, which was created solely to honor American veterans for all their sacrifices. Our hero veterans are transported to Washington, DC to visit and reflect at their memorials. It is a small tribute to those who gave so much – a memorable, safe, and rewarding Tour of Honor.

All of us at Langlois Insurance Agency feel that this is an incredible opportunity to express our gratitude and admiration for our troops who so valiantly served our country. Over the past year, Pekin Insurance has donated more than $100,000 to the Honor Flight Network.

So, how can you help us raise this money? It’s simple.

For every life insurance application that is submitted by Langlois Insurance Agency through mid-December, monetary funds will be donated to the Honor Flight program.

The Honor Flight Network has established an aggressive goal. Through the end of 2017, they transported more than 200,000 veterans to Washington, DC to see their memorials.  Due to the senior age of our heroes, and the prediction that we are losing approximately 800 of these heroes daily, the Honor Flight Network is committed to doing all within its power to make a veteran’s dream a reality.

So, if you have been thinking of purchase life insurance for you or a loved one, now is the perfect time to submit an application.  As always, please don’t hesitate to call me with any questions or comments.  I always love to hear from my customers.

Warmest Regards,

Matt Langlois

Langlois Insurance Agency

Debunking Some of the Most Common Myths About Life Insurance

Posted on by titan-langlois

Most of us don’t like to think about what happens when we die, it’s important to prepare ourselves and our loved ones whether we like it or not. Having life insurance on your side can only help for when the time comes, but there are some myths and fears about the plan that may deter people away from it. To clear up any confusion, we have debunked some of the most common myths about life insurance. The truth might surprise you!

 

Myth 1: It Costs Too Much

It is very understandable that when looking into investing in insurance, you don’t want it to cost you an arm and leg. While the coverage is important to have, you want it to fit comfortably into your budget. One of the main reasons people turn down life insurance is this belief that it’s too expensive, but that is not necessarily the case. According to a study performed by Life Happens, approximately 80% of people misjudge how costly life insurance truly is. In fact, plans such as term life insurance are more affordable than you might think. Plus, you can always change or add coverages to your plan over time. If you’re on a budget, please give anyone at Langlois Insurance Agency a call to see what plan works best for you.

 

Myth 2: It’s Unnecessary If You Are Young and Healthy

There are many factors that go into how much your life insurance will cost, including your age and health. While many think that being young and healthy means you don’t need life insurance, it’s actually not true. Chances are you will need life insurance down the road when you are older and your health has changed. If you wait until then, your life insurance premium will be higher than when you were young and healthy. It’s best to go ahead and purchase life insurance so you don’t have to worry about major expenses later on. Take advantage of this part of your life so if you are not in good condition later, you don’t have to pay for it.

 

Myth 3: It’s Not Available to Those Who Have Health Problems

As stated before, your health does influence the cost of life insurance. While you may be paying more on life insurance for serious health problems, this does not mean it’s not available at all. However, it is true that if you have a terminal illness, some coverages may not be available. In any case, it would be wise to speak with us about your options when your health changes so you receive the best coverage for the right price.

 

Myth 4: It’s Not Available for Older People Either

While it’s true that health typically declines as you get older, this still does not mean life insurance isn’t available for the elderly. In fact, there are important coverages available such as final expense which can help with funeral and burial costs. While we may not like to think about this stage of life, it cannot be ignored. Therefore, the elderly are able to have life insurance available even in their final moments to help after they are gone.

 

Myth 5: Single People Don’t Need It

While it is true that life insurance is beneficial to those who have others depending on them, such as children or their spouse, that doesn’t mean single people don’t need life insurance at all. In the event that you are single and pass away, you can still be left with debt from loans that were previously drawn out. The expenses will be transferred to co-signers or immediate family to take care of which is the last thing that needs to happen after losing a loved one. However with life insurance, you don’t have to worry about anyone taking on your debt after you are gone. Life insurance will also handle any burial and funeral expenses so the family can properly grieve. Also, keep in mind that plans change throughout time. So while you may be single now, that doesn’t mean it is a permanent deal. In the event that you may have children in the future or get married, having life insurance now can benefit you later.

 

Myth 6: All You Need is Your Work’s Life Insurance Plan

While it is great to accept life insurance through your work, keep in mind that it is not transferable when or if you leave for another job. If you have your own life insurance account not through your work, you don’t have to worry about the possibility of not being insured when something changes.

 

If you have any questions about how life insurance works or what plan works best for you, please don’t hesitate to give me a call at #815-485-2106.  I always love to hear from my customers!

Warmest Regards,

Matt Langlois

Is Employer-Sponsored Life Insurance Enough?

Posted on by langloisinsurance

Is Employer-Sponsored Life Insurance Enough?

“Yeah, I’ve got life insurance where I work. I don’t need any more!” This is the #1 reason given to me by customers on why they don’t need to purchase life insurance. This is a real head-scratcher for me.

The trouble is, most people grossly underestimate the amount of money their family will need to survive should the unexpected happen to the household’s primary breadwinner.

Most individuals who work for companies that provide employee benefits have some amount of group term life insurance from the company. Generally, it’s either a flat dollar amount, like $25,000 or $50,000, or a multiple (one times, two times, etc.) of your salary. It’s also important to remember that the group term coverage only exists as long as you continue to work for that company. If you ever leave your job, or get sick and wind up in the hospital and are terminated from your job, then your group policy is no longer active.

In the months leading up to the September celebration of Life Insurance Awareness Month, the Life Insurance Marketing and Research Association conducted a study of how much life insurance Americans have today. The study found that a majority of Americans are underinsured and have far less coverage than what most experts recommend to ensure a secure financial future for their families.

Think about all the expenses you have on a monthly basis: mortgage or rent, food, utilities, cell phone, cable, gas for your cars, entertainment. Add them together and it can amount to a fairly significant amount of money each month.

While the $25,000-$50,000 in coverage that your group life insurance plan offers would certainly help your loved ones when you die, it’s not nearly enough to pay those monthly expenses for very long. Not surprisingly, many families in the study said they would not be able to last even one month without the breadwinner’s salary.

Buying life insurance won’t guarantee that you and your family will never face a tragic situation, but it will provide your family with financial protection so that whatever hopes and dreams you have can still be realized, even if the worst happens. Adding a term life insurance policy separate from what you may have through your employment makes good financial sense, especially if you have a family. There is no better time to update your coverage.

Talk to a professional insurance agent today to see how little it actually costs to protect your family.

Do it for the ones who will be left behind.

*Shout out to Pekin Insurance Blog for the great content for this blog.

Sincerely,

Matt Langlois

Langlois Insurance Agency

matt@langloisinsurance.com

Why I feel so strongly about Life Insurance

Posted on by langloisinsurance

I am often asked why I feel so strongly about life insurance. For me, that’s an easy answer to a seemingly complication question.

This is my “why”.

I want to provide for these three in the event that something happens to me prematurely. If my children determine that college is the path that they want to take, I want it to be a feasible option for them even if I’m not around. If a medical emergency arises, I want to make certain that our health insurance is paid in full. If my son wants to play on the travel team for baseball, I want to ensure that there is enough money in the bank to cover this expense.

This is my “why”.

Although my wife works, if something did happen to me, I want to make certain that any and all expenses are covered. I don’t want her to struggle with funeral costs, bills, and the thousand-and-one expenses that seem to pop up on a monthly basis. I know that I can address these concerns by buying enough life insurance.
These are my “whys”.

What are your “whys”?

I always tell my customers, friends — really anyone that will listen — that life insurance gives your survivors options. The more life insurance you purchase, the more options your survivors have.

So, you can rest easy with financial security. And, really, there is nothing more precious than your family’s security. That is why having the right amount of life insurance is so important. A good life insurance policy can offer you peace of mind and be the cornerstone of your individual financial plan for the future.

But, if you’re like most people, you don’t know what life insurance plan is right for you. Do you need a whole life insurance plan? What about a universal life policy? Or maybe term life insurance fits your needs best?

Let me help you.

Langlois Insurance Agency specializes in life insurance, mainly because I strongly believe that it is so important. I can help you select the right amount of life insurance benefits to ensure your family is properly protected…and will do it at a premium that you can afford and are comfortable with.

What is your “why”?

Sincerely,

Matt Langlois

Langlois Insurance Agency

What are my Life Insurance Options?

Posted on by langloisinsurance

I recently checked an item off my bucket list while vacationing with my family.

While I was soaring above the ocean with my lovely daughter, I felt so grateful for this beautiful life God has granted to me.

And, as we ascended higher into the sky, my thoughts turned to how I can always have my family protected. What other items can I add to my bucket list that will keep them safe and secure in the event that something happens to me prematurely?

Having sufficient Life Insurance coverage was the answer.

If my children determine that college is the path that they want to take, I want it to be a feasible option for them even if I’m not around. If a medical emergency arises, I want to make certain that our Health Insurance is paid in full. If my son wants to play on the travel team for baseball, I want to ensure that there is enough money in the bank to cover this expense.

Life Insurance. This is my ultimate “bucket list” item.

So, what Life Insurance options are available?

Whatever your situation – buying Life Insurance for the first time, nearing retirement, or looking to insure your children – Langlois Insurance Agency can provide protection for those you love. Just look at the many options we can help you explore:

Universal Life Insurance – Highly competitive and flexible with guaranteed death benefits and strong cash accumulation. Protection for your family, business, and everything else that is important to you. You can customize this coverage with valuable riders like Long Term Care, and more.

Term Life Insurance to 95+ – Guaranteed level Term Life Insurance features your choice of level death benefit term periods with guaranteed level premiums for 10, 15, 20 or 30 years and coverage expiring at age 95.

Preferred Whole Life Insurance – Fully guaranteed traditional Whole Life Insurance plan with five premium options. A Long Term Care Rider can be added to your policy so you won’t be dependent on your family to take care of you should you need Long Term Care in your later years.

Simplified Issue Whole Life Insurance – Traditional Whole Life Insurance plan with five premium options. Guaranteed cash values and premiums. As long as you are not confined to hospice or a hospital and are not terminally ill, you can be accepted into this plan.

Graded Death Benefit Whole Life Insurance – Traditional Whole Life Insurance plan with four premium options.

Transitional Life Insurance – A brand new concept in Life Insurance. Providing a high-level Life Insurance benefit during the years you need it the most, and ending with a guaranteed, paid-up policy that will be there for the rest of your life.

Single Premium Whole Life Insurance – What to increase the legacy you leave to your children or grandchildren? The death benefit is tax-free too.

Funeral Preplanning – Preplanning a funeral can offer family members peace of mind.

Credit Insurance & Debt Protection – This coverage can eliminate the worry associated with making your loan payments when those unexpected events occur that could cause a financial hardship to your family.

If you’re like most of us, you don’t know which of the above Life Insurance plan(s) is right for you.

Let me help you.

Langlois Insurance Agency specializes in Life Insurance, mainly because we strongly believe that it is so important. I can help you select the right amount of Life Insurance benefits to ensure your family is properly protected…and will do it at a premium that you can afford and are comfortable with.

As always, please don’t hesitate to contact any of us at Langlois Insurance Agency with any questions or comments.

We always love to hear from our customers!

Sincerely,
Matt Langlois

matt@langloisinsurance.com

 

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