Life Insurance

Life insurance is a means to financially protect your family in the event of sickness or unexpected death. In other words, if the worst happens to you, your family won’t have to worry about your financial situation. Here at Stepping Stone Financial, our goal is to guide you through making great decisions for your future. We work with reputable companies like Mutual of Omaha and Fidelity & Guarantee to get you the protection that you are looking for.

Types of Life Insurance:

As mentioned above, Life Insurance protects you if you were diagnosed with a terminal illness, chronic or critical sickness, or pass away. Your family is covered in the event of the unexpected to take care of any remaining debt or medical expenses. Here are the different types of life insurances policies:

• Term Life Insurance
• Whole Life Insurance
• Universal Life Insurance
• Variable Life Insurance

Who can benefit from life insurance?

Everyone can benefit from Life Insurance. Whether you are 1 day old or 80 years old you are protecting what you have built over the years or plan to build. At Stepping Stone Financial, we want to ensure you that your tomorrows are protected from the unexpected. We believe God has blessed each of us with the means to provide for ourselves and our families, but He also requires us to be good stewards to provide for the next generation.

Life Insurance can be hard to physically see however we know in our minds we know it’s there. Here are are some other benefits of Life Insurance that you can see:

Income Replacement: which allows you to continue of with life when your income stops.

Debt repayment: no matter if you get sick or pass away, the debts still remain.

Estate Planning: if you are planning on keeping your home or sell it, you are able to protect the equity that you’ve worked hard to build.

Retirement: we all want to retire someday, why not prepare for it now when you have still have time? Life Insurance is a great way to create tax free money for you and your family that you have worked hard for. And last, a Legacy. Leave behind a means to continue the legacy you have started.

The Importance of Life Insurance:

Life Insurance provides time, peace of mind, stability, flexibility, and much more. Stepping Stone Financial looks at life insurance as “It’s not what it is but what it does”. You want time to heal and/or grieve with family and friends. Peace of mind, knowing that you are prepared for the unexpected. Stability, you don’t have to work overtime or get another job to make ends meet. And flexibility, which provides opportunity to asses new life changes and new financial resources. It enhances financial security and peace of mind. We all have specific needs completely different from someone else.

How to get started?

Step-by-Step:
Once an appointment with Stepping Stone Financial is schedule, we walk you through the process together to see what you feel comfortable with, by solving some or all your needs. The next part of the process is to get as much detailed information as possible, such as medical information and if your job puts you at risk(ex: pilots, skydivers, race car drivers, etc.),from the client for the insurance company to make the underwriting process as smooth as possible. With the final steps, is addressing common concerns and questions about the application process. The application is approved when the first premium payment is paid.

Factors that may affect the coverage decisions.

Insurance companies will do a medical investigation on their part to see if there is any risk for them to approve your application for coverage. Depending on the company and what they find, they may approve you without any medical exams. Here are some of the most common factors that may affect the influence coverage decisions:

• Age
• Gender
• Health
• Income
• Family Health History

For some people, this list can be a bit scary, but don’t worry, Stepping Stone Financial will be right by your side to walk you through this process.

Reviewing and Updating Your Policy:

It’s very important to make sure your insurance policy is up to date. Too many people have been caught off guard when it came to claim their policy; it had either expired; days, weeks, to years ago. Here are some adjustments you will need to be make:

• Marriage
• Childbirth
• Divorce
• Change in finances
• Change of beneficiary

Whether you are a client at Stepping Stone Financial or not, we are able to make these adjustments for you, have your policy with when you make an appointment with us.

Customizing Your Coverage:

Stepping Stone Financial takes pride making sure the policy you are wanting is right for you without breaking the bank. That’s why we ask; “What are you specific needs/wants?” It may not be a hard question to answer however it does give Tim, our advisor, an idea of you are looking for in a policy.

Let’s look at is from a different angle. You are looking at a new car. You have specific needs/wants for your new car. How many kiddos need to fit in the car for the family trip you take throughout the summertime? Are you needing a business vehicle while you travel for work with good gas mileage? These questions narrow down what kind of vehicle you need to have for you and your family. Stepping Stone Financial is able to explore the diverse avenues of different insurance companies to fit your individual needs and goals. We discuss factors that influence coverage decisions, like what we discussed above, such as your age, health, income, and family dynamics. Last, we show you how to calculate the appropriate coverage amount based on your personal circumstances.

Life Insurance Riders and Additional Options:

Yep, you read that line correctly, you are able to add riders to one’s policy or create more value to your policy. Here is how:

• Accelerated Death Benefit– is an add-on that pays out if someone passes away due to an accidental death, car, plane, train crash, etc.
• Chronic, Critical or Terminal Illness– Most companies include this in the policy, if you experience heart attack, stroke, or diagnosed with cancer, this policy will be released for you to take care of the medical bills for you.
• Disability Income: Short Term or Long Term- Short term or Long term disability that would keep them out of work.
• Spousal Rider- Joint or Survivor policies. A couple could be on the same policy, the insurance company would release the money to your beneficiary.
• Waiver of Premium- Waiver of Premium is an option if you are unable to continue paying the monthly premium and prevent the policy from lapsing. For example, if the policy owner is unable to pay, the policy would able to pay for itself(from the cash value) to keep the policy active.