Life Insurance Dallas Tx

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Insurance4Dallas specializes in business benefits such as group health, life, dental and disability insurance.  We match benefits and prices to reduce your overall cost of ownership.


What Kind of Life Insurance to Buy

Now that we know when to buy, what type of policy should we purchase. Using the previous example, the family above is burdened with debt in their early years. As time goes by, this debt is paid off as salaries increase and saving is accumulated. Once their debt is paid off with a sizable savings, there is no further need for life insurance. This time frame is usually over a 20 to 30 year period. As a result, this family may have bought a “Term Life Insurance Policy” in the early years of the family. A Term Life Insurance Policy is issued for a period of time called a “Term” and cost less than a permanent policy. A Term Life Insurance Policy is usually issued as annual renewable term, five, ten, fifteen, twenty, twenty-five or thirty year term. After the term is over, one has the option to purchase this policy at a much higher price as permanent insurance or just let it expire. Assuming their debts are paid off, at the end of the term, this family can rely on their savings and investments for burial expenses. On the other hand, this family may want a permanent life insurance policy that will outlast the owner and be able to accumulate value while paying premiums. Unlike Term Life Insurance, Whole Life or Universal Life Insurance is permanent. These policies are typically more expensive but give a guaranteed rate of return and expire well beyond the average life expectancy of the owner. In many cases, these policies last until 125 years of age. This family will not have to worry about the expiration of their policy and will likely have an accumulated savings after owning the policy over a long period of time.

The Health Insurance Blogger

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Disability Insurance

“Joe and Fred are partners and Joe becomes permanently disabled.  Joe says to Fred, “Hey Fred, it’s been a great 20 years we spent together but I’m not coming back so I want you to buy me out.  Our business has grown to be worth $1,000,000 so my 50% share is $500,000.  When can I get a check?” Fred is going to have to be thinking fast for an answer to that one!  Unless, of course, their smart advisor told them to buy not only life insurance as a funding mechanism but Disability Income Buy-Sell as well.  It’s part of a comprehensive plan. With this coverage in place, Joe gets his money and Fred still has an intact business to run.”

Disability Coverage vs. Death

Fact:  At no age is the risk of death greater than the risk of becoming disabled.

Likelihood of disability over death before age 65:

Age Likelihood 
30 4 to 1
35 3.5 to 1
40 2.7 to 1
45 2.1 to 1
50 1.8 to 1
55 1.5 to 1

In the last 20 years, deaths due to the “big three” (cancer, heart attack and stroke) hove gone down significantly. But disabilities to those same three are up dramatically!  Illnesses that used to kill the sick now disable the sick.

As the following chart illustrates, deaths have decreased while disabilities are up dramatically. For example, the numbers of deaths due to hypertension have decreased by 73%, yet disabilities due to hypertension have increased 70%.

Cause Death  Disability
Hypertension down 73% up 70%
Heart Disease down 28% up 44%
Cardiovascular down 48% up 36%
Diabetes down 27% up 36%
All Four down 32% up 55%

Nobody wants to think about it, but you must take steps to protect your family and your future from what might happen if you become disabled and could not work.

The Health Insurance Blogger

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When to Buy Life Insurance?

When determining when to purchase a life insurance policy, here are some things to consider.   The older you are, the more expensive the policy.  Therefore, a person purchasing life insurance in their twenties will pay less than a person in their forties with all health issues the same.  The idea here is to mitigate risk, often to borrowed money, to a healthy young family by giving them small affordable premiums while insuring large amounts of capital.  Usually, a young family getting started is in debt for such things as cars, furniture and mortgage payments, along with school loans and baby expenses.  If one of the bread winners dies, the house hold has just lost an income.  This makes it almost impossible to keep the same standard of living in the household.  By purchasing a Life Insurance policy equal to the family debt, this will insure peace of mind and financial security to surviving members of the family.  Always purchase as much life insurance needed to cover family expenses as early in life as possible.

The Health Insuraance Blogger

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Life Insurance

Life Insurance

Life Insurance is a way to mitigate financial risk to loved ones or someone that has an interest in your well being should you die.  The life insurance payout, commonly known as the “Face Value”, could be used for such things as burial expenses, loan payments, daily living expenses, college funds, or in some cases payoff of a mortgage.

Key Man Insurance is the purchase of a life Insurance policy on a partner or fiduciary of a company to financially secure that business in case of the partner’s death.  In some cases, the proceeds from this policy may be used as a buyout of a partner’s loved ones to obtain full control of the business.  This is usually agreed upon in advance by the partners to avoid relatives unrelated to the business, from making managerial decisions upon inheritance.   This policy could also be used to purchase time to find a qualified substitute to fill in the shoes of the deceased. The money could be used to hire a management recruitment agency and pay the first years salary of the new hire.

There are several types of life insurance policies that could be right for you.  These policies would include a final expense or burial policy for the elderly, a guarantee issue policy for the sick or a term and/or whole life policy for the young.  To determine how much life insurance to purchase, you may want to make an assessment of when to buy, what to buy and how much to purchase.

The Health Insurance Blogger

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