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Self-Employed Individuals Need Life Insurance

Venturing into self-employment can be an exhilarating journey. However, it’s important to understand that life insurance plays a critical role in securing everyone’s future. If you’re uncertain about how to kickstart the process, Midwest Professional Insurance in Kansas is here to help you meet your insurance requirements.

Providing Your Family Financial Protection

The advent of an unforeseen death can be financially devastating, but immediate access to life insurance benefits can provide your family with a crucial financial safety net. This goes for self-employed individuals, too. Often, such individuals have numerous family members depending on their weekly income. In the event of sudden death, a life insurance policy can provide the necessary financial assistance to ensure the family remains financially stable. This coverage can help reduce the household’s debt and cover daily living expenses.

Life Insurance Keeps Self-Employed Business Alive

A common issue with self-employed partnerships is the failure to devise a contingency plan in the event of the sudden death of a partner. Often, the accumulated business debts become too great for one person to manage. However, establishing a life insurance policy that can meet the businesses’ financial obligations can help. Insurance experts argue it is a financial planning tool that continues the business’s operation. This policy provides the necessary financial support to buy out the deceased partner’s shares, ensuring a smooth transition for all parties involved.

Life Insurance and Income Replacement

Choosing to be self-employed often means sacrificing a consistent weekly paycheck. This change in cash flow may require a different approach to managing your monthly budget. In the event of your sudden demise, the income replacement feature attached to your life insurance can prove invaluable to your family. It can handle the home’s monthly expenses (mortgage or rent, bills, and living costs) without delay. Typically, income replacement constitutes the largest part of a person’s life insurance policy.

Life insurance is a valuable investment to protect your family’s future in the event of your unexpected demise. At Midwest Professional Insurance in Kansas, we can assist in creating a life insurance policy that aligns with your needs. Schedule an appointment today.

Read More

Venturing into self-employment can be an exhilarating journey. However, it’s important to understand that life insurance plays a critical role in securing everyone’s future. If you’re uncertain about how to kickstart the process, Midwest Professional Insurance in Kansas is here to help you meet your insurance requirements.

Providing Your Family Financial Protection

The advent of an unforeseen death can be financially devastating, but immediate access to life insurance benefits can provide your family with a crucial financial safety net. This goes for self-employed individuals, too. Often, such individuals have numerous family members depending on their weekly income. In the event of sudden death, a life insurance policy can provide the necessary financial assistance to ensure the family remains financially stable. This coverage can help reduce the household’s debt and cover daily living expenses.

Life Insurance Keeps Self-Employed Business Alive

A common issue with self-employed partnerships is the failure to devise a contingency plan in the event of the sudden death of a partner. Often, the accumulated business debts become too great for one person to manage. However, establishing a life insurance policy that can meet the businesses’ financial obligations can help. Insurance experts argue it is a financial planning tool that continues the business’s operation. This policy provides the necessary financial support to buy out the deceased partner’s shares, ensuring a smooth transition for all parties involved.

Life Insurance and Income Replacement

Choosing to be self-employed often means sacrificing a consistent weekly paycheck. This change in cash flow may require a different approach to managing your monthly budget. In the event of your sudden demise, the income replacement feature attached to your life insurance can prove invaluable to your family. It can handle the home’s monthly expenses (mortgage or rent, bills, and living costs) without delay. Typically, income replacement constitutes the largest part of a person’s life insurance policy.

Life insurance is a valuable investment to protect your family’s future in the event of your unexpected demise. At Midwest Professional Insurance in Kansas, we can assist in creating a life insurance policy that aligns with your needs. Schedule an appointment today.

4 Times to Update Your Life Insurance Policy

Life insurance is essential to any financial plan, providing security and peace of mind for you and your loved ones. However, as life changes, so do your insurance needs. At Midwest Professional Insurance, we know keeping your policy up-to-date is crucial to ensure you have the right coverage in Kansas.

When To Update Your Life Insurance 

1. Major Life Events

Significant life events, such as getting married, having a child, or buying a home, can significantly impact your financial responsibilities. When these milestones occur, it’s essential to reevaluate your life insurance policy to ensure that it provides adequate coverage for your growing family. For example, you may need to increase your death benefit to cover expenses like mortgage payments, childcare, and your spouse’s living expenses.

2. Changes in Income

Your financial obligations will likely grow as your career progresses and your income increases. You may find that your current life insurance policy no longer covers your family’s needs in the event of your passing. If your income has changed, it is important to update your policy.

3. Health Improvements

If you’ve made significant strides in improving your health since purchasing your life insurance policy, you may be eligible for lower premiums. For example, if you’ve quit smoking, lost weight, or successfully managed a chronic health condition, you could qualify for more affordable rates.

4. Retirement Planning

As you approach retirement, your financial needs and priorities may shift. Updating your life insurance policy can help you prepare for this new stage of life. For instance, you might convert a term life policy to a permanent one or use your policy’s cash value to supplement your retirement income.

Looking For Insurance In Kansas?

Contact us today at Midwest Professional Insurance to review your policy and ensure you have the right coverage for your changing life needs.

Read More

Life insurance is essential to any financial plan, providing security and peace of mind for you and your loved ones. However, as life changes, so do your insurance needs. At Midwest Professional Insurance, we know keeping your policy up-to-date is crucial to ensure you have the right coverage in Kansas.

When To Update Your Life Insurance 

1. Major Life Events

Significant life events, such as getting married, having a child, or buying a home, can significantly impact your financial responsibilities. When these milestones occur, it’s essential to reevaluate your life insurance policy to ensure that it provides adequate coverage for your growing family. For example, you may need to increase your death benefit to cover expenses like mortgage payments, childcare, and your spouse’s living expenses.

2. Changes in Income

Your financial obligations will likely grow as your career progresses and your income increases. You may find that your current life insurance policy no longer covers your family’s needs in the event of your passing. If your income has changed, it is important to update your policy.

3. Health Improvements

If you’ve made significant strides in improving your health since purchasing your life insurance policy, you may be eligible for lower premiums. For example, if you’ve quit smoking, lost weight, or successfully managed a chronic health condition, you could qualify for more affordable rates.

4. Retirement Planning

As you approach retirement, your financial needs and priorities may shift. Updating your life insurance policy can help you prepare for this new stage of life. For instance, you might convert a term life policy to a permanent one or use your policy’s cash value to supplement your retirement income.

Looking For Insurance In Kansas?

Contact us today at Midwest Professional Insurance to review your policy and ensure you have the right coverage for your changing life needs.

Choosing Your Life Insurance Policy

Most people have loved ones who depend on them, and it’s important to have life insurance for that reason. When you have life insurance, you have something to leave behind to those who depend on you and give them assistance after you’re gone. When you need a life insurance policy, there are two main types to choose from. These each has their own benefits as well as drawbacks. If you need help choosing your life insurance policy, you can call us at Midwest Professional Insurance in Kansas. 

Choosing Your Life Insurance Policy

Term Life Insurance Policies

This type of life insurance is one that has a specific, set term of time that it’s good for, and then it expires. This term may be any number of years but is often about 20 years long. When you have this type of insurance, it comes at a relatively low price. Many people in need of life insurance find this to be the most affordable option for them. However, it does expire, and when it does, policyholders have to apply for a new insurance policy all over again. 

Whole Life Insurance Policies

This type of policy works very differently from term life policies. It has no expiration date and is good for as long as you want to keep it. As long as you keep on making your premium payments, your policy can’t be canceled. The major disadvantage is that these policies are more expensive than term life, but there is also another advantage. They create a cash value that policyholders can borrow if they have a financial emergency. Many people like knowing that they have this amount to borrow against if the need should arise. 

Get Covered by Life Insurance

When you are in need of a life insurance policy, contact us to get started. You can call us at Midwest Professional Insurance in Kansas.

Read More

Most people have loved ones who depend on them, and it’s important to have life insurance for that reason. When you have life insurance, you have something to leave behind to those who depend on you and give them assistance after you’re gone. When you need a life insurance policy, there are two main types to choose from. These each has their own benefits as well as drawbacks. If you need help choosing your life insurance policy, you can call us at Midwest Professional Insurance in Kansas. 

Choosing Your Life Insurance Policy

Term Life Insurance Policies

This type of life insurance is one that has a specific, set term of time that it’s good for, and then it expires. This term may be any number of years but is often about 20 years long. When you have this type of insurance, it comes at a relatively low price. Many people in need of life insurance find this to be the most affordable option for them. However, it does expire, and when it does, policyholders have to apply for a new insurance policy all over again. 

Whole Life Insurance Policies

This type of policy works very differently from term life policies. It has no expiration date and is good for as long as you want to keep it. As long as you keep on making your premium payments, your policy can’t be canceled. The major disadvantage is that these policies are more expensive than term life, but there is also another advantage. They create a cash value that policyholders can borrow if they have a financial emergency. Many people like knowing that they have this amount to borrow against if the need should arise. 

Get Covered by Life Insurance

When you are in need of a life insurance policy, contact us to get started. You can call us at Midwest Professional Insurance in Kansas.

Types of Life Insurance

When you need to leave something behind for your loved ones after you’re gone, you need a life insurance policy. However, there are different types that you can choose from. The one that you choose will come down to a lot of factors such as the cost and the type of coverage you want. When you need life insurance in Kansas, give us a call at Midwest Professional Insurance to get started. 

Types of Life Insurance

Whole Life Insurance

This is one of the main types of life insurance that comes with its own pros and cons. The main disadvantage is that it will cost more than another type of policy. However, there are also a lot of advantages to this type of policy. It is a type that doesn’t expire, so you never have to worry about getting a new insurance policy. Instead, it stays in effect for as long as you pay the policy’s premiums. When you have this policy, even the issuing company can’t cancel it as long as you keep paying for it. This insurance also creates a cash value that builds up over time that you can borrow against should you ever need to. 

Term Life Insurance

When you have a term life insurance policy, it will be much easier to afford. These policies are known for being more affordable, and many people choose them for just this reason. However, they have the disadvantage of being in effect only for a set number of years. During that term, the policy is active, but at the end of it, it will expire. When that happens, you will have to apply for a new life insurance policy to stay insured. 

Get Life Insurance Today

When you need life insurance, there is no reason to wait. Give us a call today at Midwest Professional Insurance, serving all over Kansas.

Read More

When you need to leave something behind for your loved ones after you’re gone, you need a life insurance policy. However, there are different types that you can choose from. The one that you choose will come down to a lot of factors such as the cost and the type of coverage you want. When you need life insurance in Kansas, give us a call at Midwest Professional Insurance to get started. 

Types of Life Insurance

Whole Life Insurance

This is one of the main types of life insurance that comes with its own pros and cons. The main disadvantage is that it will cost more than another type of policy. However, there are also a lot of advantages to this type of policy. It is a type that doesn’t expire, so you never have to worry about getting a new insurance policy. Instead, it stays in effect for as long as you pay the policy’s premiums. When you have this policy, even the issuing company can’t cancel it as long as you keep paying for it. This insurance also creates a cash value that builds up over time that you can borrow against should you ever need to. 

Term Life Insurance

When you have a term life insurance policy, it will be much easier to afford. These policies are known for being more affordable, and many people choose them for just this reason. However, they have the disadvantage of being in effect only for a set number of years. During that term, the policy is active, but at the end of it, it will expire. When that happens, you will have to apply for a new life insurance policy to stay insured. 

Get Life Insurance Today

When you need life insurance, there is no reason to wait. Give us a call today at Midwest Professional Insurance, serving all over Kansas.

What to Do If Your Life Insurance Policy Lapses

At Midwest Professional Insurance, we can help you find high-quality life insurance and other policies that will help you manage various difficulties in life. But what happens if your policy lapses? Are you unable to reinstate it, or can you get your coverage back? Understanding your options here is essential to ensure you have great coverage. 

You Can Get a Policy Back When It Lapses 

Life insurance is a unique type of policy because it doesn’t have a pressing need. For instance, auto insurance must be valid every month and, if it lapses, you can experience issues getting another policy again. However, life insurance is a long-term policy and, if it expires, you can get it reinstated. The process varies on how long you wait, though.

If you try to reinstate your policy before 30 days have lapsed, you probably just need to fill out a new application, pay your premiums, and get your policy back in order. Between 30 days to six months, though, you typically have to answer health questions and sign documents stating that you’ve experienced no severe health changes. 

And after 90 days and up to five years, you likely have to get a new medical examination and take other steps to get your life insurance policy back. Most companies are willing to reinstate your policy as long as you provide them with information about your health that helps to verify that your old policy is still appropriate for you. 

Getting a Great Life Insurance Policy 

As you can see, it is vital to avoid lapsing with your policy. While you can always work to get it reinstated after it expires, the extra work is sometimes frustrating and annoying for many people. So please don’t hesitate to contact us at Midwest Professional Insurance to learn more.

Read More

At Midwest Professional Insurance, we can help you find high-quality life insurance and other policies that will help you manage various difficulties in life. But what happens if your policy lapses? Are you unable to reinstate it, or can you get your coverage back? Understanding your options here is essential to ensure you have great coverage. 

You Can Get a Policy Back When It Lapses 

Life insurance is a unique type of policy because it doesn’t have a pressing need. For instance, auto insurance must be valid every month and, if it lapses, you can experience issues getting another policy again. However, life insurance is a long-term policy and, if it expires, you can get it reinstated. The process varies on how long you wait, though.

If you try to reinstate your policy before 30 days have lapsed, you probably just need to fill out a new application, pay your premiums, and get your policy back in order. Between 30 days to six months, though, you typically have to answer health questions and sign documents stating that you’ve experienced no severe health changes. 

And after 90 days and up to five years, you likely have to get a new medical examination and take other steps to get your life insurance policy back. Most companies are willing to reinstate your policy as long as you provide them with information about your health that helps to verify that your old policy is still appropriate for you. 

Getting a Great Life Insurance Policy 

As you can see, it is vital to avoid lapsing with your policy. While you can always work to get it reinstated after it expires, the extra work is sometimes frustrating and annoying for many people. So please don’t hesitate to contact us at Midwest Professional Insurance to learn more.

When is the right time to buy life insurance?

Although the right time to buy life insurance can vary from person to person, depending on their family and financial circumstances, the younger you are when a policy is open, the more likely that you’ll qualify for the lowest premium, and the sooner your family is supported should the worst happen. Given that tomorrow is not guaranteed, life insurance provides invaluable benefits for your loved ones and those you list as a beneficiary by providing financial security and peace of mind after your passing. If you have substantial debt or are the primary income earner in your household, life insurance becomes even more important. 

Before any life insurance policy is underwritten, you’ll have to undergo an extensive physical medical exam. The older you are, the more likely it is that you’ll develop health problems that could hinder the ability to get a life insurance policy or increase the premium substantially. There are two main types of life insurance – term and whole life. Term life insurance covers you for a specific period of time – usually 10, 15, or 20 years. When deciding the policy’s term, you’ll want to consider how long your dependents will rely on your income. For instance, if you have young children that you anticipate attending college, then you’ll want a policy that covers their school-age years. Conversely, whole or permanent life insurance lasts the entire duration of your life and can accumulate significant value over time. Additionally, although the policy is more expensive, it does include a tax-deferred cash component that can be borrowed against if needed. 

At Midwest Professional Insurance, we’ll walk you through your life insurance options so that you can make an educated decision that’s best for you and your family. Give us a call today to learn more. 

Read More

Although the right time to buy life insurance can vary from person to person, depending on their family and financial circumstances, the younger you are when a policy is open, the more likely that you’ll qualify for the lowest premium, and the sooner your family is supported should the worst happen. Given that tomorrow is not guaranteed, life insurance provides invaluable benefits for your loved ones and those you list as a beneficiary by providing financial security and peace of mind after your passing. If you have substantial debt or are the primary income earner in your household, life insurance becomes even more important. 

Before any life insurance policy is underwritten, you’ll have to undergo an extensive physical medical exam. The older you are, the more likely it is that you’ll develop health problems that could hinder the ability to get a life insurance policy or increase the premium substantially. There are two main types of life insurance – term and whole life. Term life insurance covers you for a specific period of time – usually 10, 15, or 20 years. When deciding the policy’s term, you’ll want to consider how long your dependents will rely on your income. For instance, if you have young children that you anticipate attending college, then you’ll want a policy that covers their school-age years. Conversely, whole or permanent life insurance lasts the entire duration of your life and can accumulate significant value over time. Additionally, although the policy is more expensive, it does include a tax-deferred cash component that can be borrowed against if needed. 

At Midwest Professional Insurance, we’ll walk you through your life insurance options so that you can make an educated decision that’s best for you and your family. Give us a call today to learn more. 

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