Side view of a senior Caucasian couple sitting on the roof of their car at the beach in the sun, admiring the view and smiling
Life can be full of surprises, and you want to be ready for whatever lies ahead. Through life insurance, you can prepare for the unexpected by providing financial security for your loved ones in the event of your death. An important caveat, however, is that navigating life insurance policies can be a daunting task. Here are some tips to help you get the most value and protection out of your life insurance coverage:
- Determine how long you’ll need coverage. There are two major types of life insurance–permanent (whole) and term. As the name suggests, permanent life insurance provides you with lifelong protection. In comparison, term life insurance covers you for a specific time period, whether it be 10, 15, 20, or 30 years.
- Understand the cost of your coverage. Each type of life insurance policy carries a different cost based on the coverage and the influence of personal factors such as health status, family health history, age, gender, occupation, and lifestyle.
- Get a health checkup. Health plays a significant role in your coverage. Get the best coverage possible by improving and maintaining your health and uncovering health issues in their early stages. If your health improves after setting up a policy, you may have the opportunity to submit reevaluations for a reduction in your premiums.
- Consider paying for your policy annually. While spreading the cost over the year can make it more manageable, you’re likely to pay more if choosing to pay monthly. Therefore, you can save money if you’re able to afford annual payments.
- Get coverage before you need it. Putting off the purchase of life insurance can cost you more in the long run. The ideal time to purchase a policy is as early as possible. The best practice is to purchase while you’re young and healthy because changes in circumstances are inevitable. And as time passes, you may develop health conditions that’ll result in higher premiums.
Life insurance is designed to protect your loved ones when you’re not able to. As your dedicated team, reach out to us at (540) 720-5656, and we’ll help you get the information you need to make better-informed insurance decisions.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.