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Life Insurance 101

Jun 06, 2016

Shopping for life insurance can be confusing and complicated, it also requires people to think about death, which is enough to scare anyone away. But even though it may seem intimidating, life insurance isn’t as complex as it seems. With the help of the team at Wayne Anthony Insurance, you’ll be able to find the best policy to protect your family and your estate long after you’re gone. Here are some of the life insurance basics to make your search that much easier:

How Do I Buy Insurance?

When shopping for life insurance, you can either go to an insurance company or choose to use a broker that compares rates from multiple companies. Your employer, union, or trade association may also offer a group life-insurance policy. These type of policies typically offer less flexibility than most individual policies. Most policies will require a medical exam to so that the insurer can assess any health risks.

Do I Even Need Life Insurance?

If you’re single with no dependents and don’t expect to have a taxable or debt-ridden estate, you may be able to skip the life insurance. However, if you’re a business owner, have dependent children, or have a large income disparity among you and your spouse, you should most definitely invest in life insurance. In these cases, a policy will help those you leave behind with expenses after you’re gone.

Term or Permanent?

There are generally two type of life insurance: term and permanent. Term life is the simplest and cheapest type of life insurance and lasts for a set period. A term policy is a good option for those who only want life insurance for a set number of years, perhaps until your children have graduated college or until retirement. Permanent life insurance is the more costly option, but it lasts for your entire life. These policies are used for specific estate-planning purposes like funding future estate taxes or ensuring the life of the family business.

Choosing which type of insurance is best for you depends on your unique circumstances and financial goals. To best realize what type of insurance is best for you and your family, schedule an appointment to meet with one of our qualified and licensed life insurance professionals today.

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Updating Your Insurance Coverage After Major Life Changes

15 Jul, 2024

As we approach the mid-year mark (can you believe how quickly time flies?), we at Anthony Insurance Agency want to ensure your coverage is current and aligns with any recent life changes. It's essential to review your coverage periodically, especially after significant life events, as they can impact your coverage and premiums. Here are some common events that may affect your needs: Family Dynamics Changes in family size, marital status, or the unfortunate loss of a family member can significantly impact your insurance needs. For instance, adding a new family member might necessitate more extensive health or life insurance coverage, while a change in marital status might require updating beneficiary designations. Location Changes Relocating to a new address or a student moving away for college can also influence your insurance requirements. Moving to a new home might require adjustments in your homeowners or renters insurance, while a child going to college might need specific coverage for their belongings. Insurance Transitions Turning 26 and transitioning off a parent's insurance plan or experiencing a loss of job-related coverage are critical moments to reassess your insurance policies. These transitions can leave gaps in coverage that need to be addressed promptly to avoid lapses. Miscellaneous Milestones Becoming eligible for Medicare, fluctuations in income, achieving U.S. citizenship status, or transitioning post-incarceration are other significant milestones that can alter your insurance needs. Each of these events can affect the type and amount of coverage that is most appropriate for your situation. If any of these situations resonate with you, please schedule a consultation with us. By updating your coverage, we can ensure you're adequately protected in the most cost-effective manner possible. Let's work together to keep your coverage up-to-date and aligned with your current life stage.

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Summer Activities for Seniors

15 Apr, 2024

As we gracefully step into the golden years of retirement, the summer season unfolds as a wonderful time to rediscover the outdoors and indulge in activities that our busy schedules might have previously limited. At Anthony Insurance Agency, we understand the diverse health and comfort levels among us, especially during these vibrant years. With that in mind, we're thrilled to share a handful of accessible and enjoyable summer activities designed for active seniors. Whether for yourself or someone you care about, these ideas promise to enrich your summer days with health, happiness, and a touch of adventure. 1. Discover a New Path The simple act of walking outdoors not only nourishes the soul but also offers numerous health benefits, including reduced anxiety and improved sleep quality. Why not explore your neighborhood for walking trails or venture on a different route than usual? A change of scenery can do wonders for your mental and physical well-being. 2. Embark on a Local Adventure Summer is the perfect season for day trips. Consider planning a visit to local flea markets, malls, or restaurants with charming outdoor patios. To keep comfortable, alternate between indoor and outdoor activities. It's a delightful way to discover new places and create lasting memories. 3. Engage in Lawn Games With a significant portion of older adults living alone, staying socially connected is crucial. Lawn games offer a fantastic opportunity to engage in friendly competition. Gather friends and family for a game of cornhole, bocce ball, or simply enjoy a leisurely walk or day out. These activities not only keep you active but also strengthen social bonds. 4. Cultivate a Garden Gardening is a serene and fulfilling hobby that connects you with nature. Embrace the therapeutic benefits of tending to a garden. Whether you're growing flowers, vegetables, or herbs, gardening is a rewarding way to spend your time outdoors, soaking up the sunshine and caring for your mental and physical health. We hope this curated list inspires you to embrace the summer season with enthusiasm and activity. Remember, it's never too late to try something new or to revisit an old hobby with a fresh perspective. At Anthony Insurance Agency, we're here to support you in making the most of these golden years. Stay Connected! Follow and like our social media accounts for more tips, ideas, and updates tailored for active seniors like you. Let's make this summer unforgettable, together.

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