Life Insurance Carriers
- Aetna
- Aflac
- Allianz Life
- American Home Life
- Assurity
- Bankers Fidelity
- Cigna
- Corebridge Financial
- Gerber Life Insurance
- Guarantee Trust Life (GTL)
- Liberty Bankers
- Manhattan Life
- MassMutual Ascend Annuities
- Mutual of Omaha
- New Era
- Pekin Life
- Physicians Mutual
- Protective Life
- SBLI
- Transamerica
- United American
- United Home Life
Life Insurance at a Glance
Term Life Insurance
Term Life Insurance is an affordable option and covers a specific term at a level premium. This is usually the most affordable type of coverage for young families.
Whole Life
Whole Life insurance is Permanent insurance that continues, offers lifelong benefits, and usually has a cash value that can grow with age.
Final Expense
Purchased primarily to pay for “final expenses” in smaller face amounts so as not to burden the family in the event of a death.
Life Insurance - Some Advice From NCC
As an insurance FMO dedicated to supporting agents in selling life insurance, we understand the importance of determining the right amount of coverage for your clients. Here’s how to approach the question:
Calculating Life Insurance Needs
- Assess Financial Obligations: Start by totaling your client’s current and future financial responsibilities, such as outstanding debts, ongoing household expenses, children’s education costs, and childcare expenses.
- Factor in Liquid Assets: Deduct your liquid assets, including savings and retirement funds.
- Determine Coverage: The resulting amount will guide you toward the appropriate coverage level.
Who Needs Life Insurance and Why?
Life insurance is essential if your client has shared financial obligations or dependents who rely on their income. It serves as a crucial safety net to ensure financial stability in the event of unexpected passing.
Various Individuals Benefit From Life Insurance:
- Spouses, parents, caregivers, and business owners are among those who should consider coverage.
- Co-signers of loans should also prioritize obtaining life insurance to protect themselves and their co-signers.
Future Planning
Even if no one currently relies on your client’s income, securing life insurance now can be a prudent financial decision for them. Locking in coverage early can lead to more affordable rates and ensure protection when future financial responsibilities arise.
Considering Whole Life Insurance
Whole life insurance is particularly suitable for:
- High-net-worth individuals seeking an additional investment avenue.
- Individuals with long-term financial obligations, such as lifelong dependents or anticipated care for aging parents.
Final Expense Life Insurance
For those focusing on end-of-life planning, final expense life insurance offers coverage for funeral expenses, medical bills, and outstanding debts. While it provides guaranteed acceptance for most applicants without a medical exam, it typically involves higher premiums and lower payouts compared to term life insurance, which is better suited for income replacement and debt protection.
NCC - Helping You Make a Difference
At NCC, we’re committed to equipping agents with the resources and expertise to guide clients toward informed decisions about life insurance coverage. Contact us today to learn more about how we can support your efforts in this critical aspect of financial planning.
