Category: Life Insurance

If you’re a young, upwardly mobile, and single resident of Plainfield, IN, you might wonder: do I need a life insurance policy? The answer is yes. Even though you might not want to think about it, unexpected events can lead to premature death. Gill Insurance Agency can help you make informed decisions about life insurance, even if you are young and healthy.

Protecting Loved Ones From Financial Burdens

When someone passes away, survivors often face expensive funeral costs that they may not be able to afford. Your designated survivor benefit can help pay for those costs and any expenses associated with settling your estate. Having a life insurance policy is also beneficial if you have certain debts, such as a home mortgage or student loans. For example, term life insurance can cover home payments until they are paid off. If family members have co-signed college loans with you, they will become responsible for paying off your loan in the event of your death. Other reasons for single individuals to get life insurance include supporting another family member or running a business with one or more partners. Benefits from a life insurance policy can help support your family member or keep your business afloat.

Getting a Policy While Young

Purchasing a life insurance policy while you’re young and single has a significant benefit: your rates will be lower and more affordable. This is particularly important if you have a family history of serious diseases. In such cases, you may struggle to qualify for a life insurance policy later in life.

Getting life insurance doesn’t have to be challenging. Gill Insurance Agency, serving Plainfield, IN, can explain the different types of policies available and help you select a policy that meets your needs. Contact us today for an appointment.

It should first be established that the state you live in does not typically affect the cost of your policy. However, your location will indeed affect the rules and regulations that include it. Age, gender, and family history might, but not location. Remember that different states will have rules for things such as the free look period, life insurance insolvency, and late payments. Keep in mind that not every type of policy will be available in every state. Individual states might also have restrictive laws regarding who can be named as your policy’s beneficiary. Do your research to determine the laws in your state and the state where your beneficiary lives.

When Your Beneficiary is Living Abroad

It is quite feasible to name a beneficiary on your life insurance if they live in another country. You will need identifiers, though, if they need to be contacted. You must be able to provide their full legal name, birthday, Social Security number (if applicable), and relationship to you, as well as your address, phone number, and email address. Your beneficiary, likewise, needs the name and phone number of the company you are insured with, plus the policy number and coverage amount. If there are any other beneficiaries, they need to know that, too. It may be easier for them to deal with an agent than a corporate office. 

Contact Gill Insurance Agency Serving Plainfield, IN 

If you need life insurance and live in the Plainfield, IN, area, please get in touch with Gill Insurance Agency. Our courteous and skillful agents are dedicated to helping you find the policy that best suits your needs. 

At Gill Insurance Agency, we consider educating our policyholders to be insurance savvy important. We want to help Plainfield, IN residents make better insurance decisions to protect their beneficiaries. We are here to explain how to increase the value of a life insurance policy.

When You Apply for the Increase Changes the Process

In the US, the law protects consumers by providing a four-week “look-see” period for life insurance. If you buy a $1 million policy on the first day of the month, you have four weeks from that date to add to the policy, accept it as is, or cancel it without penalty. That means, if two weeks after purchase, your spouse becomes pregnant with twins, and you purchase a new home, you can phone or email your insurance agent to increase the coverage on the existing policy.

Any time after that initial month, you need to purchase a supplementary life insurance policy. If you decide to increase coverage within the first six months of the policy, you probably won’t need to take a new physical or undergo new medical tests. After that period, a supplemental policy requires a new medical exam.

How Time Affects the Premiums

As a person ages, the premium for purchasing a new life insurance policy increases. Purchasing a policy in your 20s gets a much lower premium than purchasing a policy in your 60s. If you buy your supplemental policy while also in your 20s, the premiums will probably be close in cost to one another. Purchasing a supplemental policy in your 60s means paying the initial policy’s lower premium and the new policy’s higher premium.

Contact Us Today

The younger you choose to increase your life insurance coverage, the lower your premiums remain. You will have more than one life insurance policy, and both will pay your beneficiaries in the event of your death. Contact Gill Insurance Agency today to better protect your beneficiaries in Plainfield, IN and other locations.

One of the questions that we at Gill Insurance Agency, serving the greater Plainfield, IN area, are often asked is how much life insurance a person needs. There are many factors to consider when determining how much life insurance to get.

Some of those factors include:

Financial Obligations

Consider your outstanding debts, such as mortgages, loans, or credit card balances. Life insurance helps cover these financial obligations and prevents your loved ones from being burdened with debt.

Income Replacement

Calculate the amount of income your family needs to maintain their standard of living if you are no longer around. Multiply your annual income by the number of years you would like to provide financial support to your dependents.

Education Expenses

If you have children, consider the cost of their education. Determine the funds necessary to cover their tuition fees, books, and other related expenses. Many people ensure their children can get through at least high school, but some people also plan for college.

Future Financial Goals

Think about your family’s long-term financial goals, such as retirement savings, starting a business, or paying for children’s weddings. Life insurance can help ensure that these plans can still be pursued even without your income.

Funeral and Final Expenses

The final thing to consider is the cost of your final expenses. Account for the costs associated with your funeral, burial, or cremation and any outstanding medical bills or legal fees. This ensures your family is not burdened with paying for those expenses.

We Can Help!

If you are looking to obtain life insurance in the greater Plainfield, IN area, Gill Insurance Agency can help you determine how much insurance you need and help you find the right policy. Call us today to learn more.

Choosing between whole life insurance and term life insurance in Plainfield, IN can be tricky for young families. There are many aspects to consider before making the right choice for your particular situation. Here at Gill Insurance Agency, we understand this challenge and strive to help our clients make the best decision for them. To support you in making an informed decision, here’s a brief summary of what whole and term life insurance entails.

What is Whole Life Insurance?

When it comes to life insurance, whole life is permanent coverage that runs your entire lifespan provided you continue paying premiums. An aspect of this policy is the cash value component, meaning a portion of payments goes into an account that grows with time. You can access this money while still alive although this often results in higher premiums or a decreased death benefit.

What is Term Life Insurance?

Term life insurance is temporary life insurance that provides coverage for a set period, typically 10-30 years. If you die during the term of your policy, your beneficiaries will receive a death benefit. If you don’t die during the term, the policy will expire, and you will not receive any death benefit. Term life insurance generally has lower premiums than whole life insurance but does not have a cash value component. 

Which One is Right for Me?

The answer to this question depends on many factors, including age, health, financial situation, etc. If you’re healthy and looking for affordable coverage, term life insurance may be the best option. However, whole-life insurance may be better if you’re older or have health concerns. 

Contact Gill Insurance Agency today to discuss your insurance options in Plainfield, IN!

People in the Plainfield, IN area need to make sure that they get the right insurance. For those that are in this part of the state, one form of coverage to obtain is life insurance. There are various reasons why the typical person here needs to carry a life insurance plan at all times. 

Why Life Insurance?

Provide Financial Support for Dependents

A great reason for people to have a life insurance plan is so they can provide financial support for their dependents. Those that are in the state of Indiana will want to ensure they always provide support and care for those that they care about. With a life insurance policy, you can help protect your dependent’s financial future. These plans can be curtailed to meet your needs in terms of length and the coverage amount. 

Alternative Investment Option

The use of life insurance as an investment is also a good idea. When you are looking for new life insurance, a whole life insurance policy can be a good option. With this form of life insurance, some of your payment will go into an account and build with interest over the years. This plan account can eventually be liquidated or used as collateral for a loan, which will make it a good addition to your personal investment plan. 

Give Us A Call

If you are in the Plainfield, IN area, it is important that you spend time assessing your insurance needs. A great form of coverage all people need to consider here is life insurance. When you are shopping for a new life insurance policy, the team with the Gill Insurance Agency is a good group to call. Gill Insurance Agency will take all necessary steps to ensure you build and choose a plan ideal for your situation. 

A change in your life circumstances doesn’t automatically mean you will lose your coverage. If your life circumstances change and you have an insurance policy in Plainfield, IN, Gill Insurance Agency provides the following guide on steps you can take.

Life Insurance: What You Need To Do

Inform Your Insurer and Review Your Policy

Whatever the change in your life is, if it affects the insurance policy you have, the first thing you should do is inform your insurer about it. They will likely give you directions on the way forward. This usually involves reviewing your policy, whether it’s homeowners, renters, auto, or life insurance coverage, to accommodate the change in your life. Here are some life changes that Gill Insurance Agency advises you to review your insurance policies.

Changes in Your Life That Require You to Review Your Homeowners Policy Are:

• If you are doing home renovations or remodeling
• When you are adding a new structure to your home
• If you make a major purchase for stuff like art, electronics, furniture, and jewelry
• When you start a home business

Life Changes That Mandate You Review Your Auto Insurance Are:

• If you have some new/inexperienced driver in your house
• When you buy or sell a car
• When you move to a new location

Changes in Your Life That Require You to Review Your Life Insurance

• If your family grows
• When you move to a new location or remortgage your home
• When you finish paying your mortgage faster than expected

What if You Lose Your Job and Can No Longer Afford Your Premiums?

If you lose your job and you can no longer afford your premiums, let your insurer know. Review your insurance policies to remove the coverages that you can live without. Although this would mean you have minimal coverage, your premiums will reduce significantly, and you will still have some insurance coverage. Keep in mind that most insurers don’t offer premium refunds if you cancel your policy, so it’s best to review it.

Contact Us Today

Contact Gill Insurance Agency for insurance info and deals in Plainfield, IN.

Gill Insurance Agency understands that life insurance isn’t only for you. It protects your entire family too.

For this reason, every member of your family needs their own policy. If a parent doesn’t already have life insurance, consider purchasing a plan. With their consent, life insurance can alleviate some of the stress, worry, and financial burden that comes with caring for an aging parent.

If you are still on the fence, Gill Insurance Agency can help. Their experts list three benefits of buying a life insurance policy for a parent.

Cover expenses and debts

Sadly, the last several years of a person’s life are typically expensive. And this is often unavoidable. Bills pile up quickly. Medical bills are the main concern. But existing mortgages, loans, and credit card debt also require attention. After a parent passes away, a life insurance policy can help pay any lingering debts that are left behind.

Pay for final arrangements

Funeral expenses are costly too. This burden often falls on the child of the deceased. A plan to provide a parent’s end-of-life directives is imperative. Life insurance plans can allocate enough money to execute these wishes. Burial or funeral insurance is created specifically for this reason.

Support a surviving parent

A parent passing away is tough. Caring for a surviving loved one can be even more difficult, especially if they need to relocate. Downsizing and moving requires added expenses, but a parent may also need an assisted living facility or in-home nursing care. Life insurance can help, ensuring an easier transition.

Ask an agent serving Plainfield, IN

You’ll likely have questions about what life insurance policy is right for your parents. Fortunately, Gill Insurance Agency has answers. Serving Plainfield, IN, they can create an individualized plan that protects both you and your family.

At Gill Insurance Agency, our many Plainfield, IN customers regularly asks many questions about life insurance. That’s why we’ve compiled a list of the most common of these questions and provided meaningful answers.

Is Life Insurance Necessary?

Many people feel this kind of insurance is excessive or unnecessary. But ask yourself this question. Will your loved ones be okay financially if you pass away without a policy? If not, you need to buy life insurance right away to ensure that they can handle life financially after you. 

How Do I Choose a Beneficiary?

Pick someone who you can trust to use your life insurance money wisely. A spouse, a family member, children, or even friends can help to make this process easier. In essence, you need to pick someone you know will have your back and minimize any complications. 

Do I Have to Share My Health With Them?

Some companies may not ask you to share your health status with them before providing a policy. However, you may find that your payments are much higher than you wanted. Make sure that you fully understand this potential risk before you work with one of these teams. 

Should I Get Whole Life Insurance? 

Term life insurance is suitable for people who are likely to pass away before the term ends but must be renewed if you want continual coverage. Whole life is more expensive but will cover you until you pass without the need for renewal. The choice ultimately depends on your needs.

We Can Answer Your Questions

If you have more questions about high-quality life insurance, please make sure to contact us at Gill Insurance Agency right away. Our team works with Plainfield, IN residents to help understand their coverage needs and ensure that they are covered.