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Michael Vitale 104 Interchange Plaza, Suite 102 Monroe Township, NJ 08831 Cell: 201.306.5988 Office: 609.655.3066 x255 Fax: 609.655.4959 Email: michael@vitaleinsurance.com Website: www.vitaleinsurance. com In past articles, I have touched upon some various aspects of life insurance. Since September was “Life Insurance Awareness Month”, I tried to focus on a few of the important components involved in different types of policies. Ultimately, life insurance is built around health. Ironically, the best time to think about life insurance is most likely the time when you are NOT thinking about life insurance...in your younger, and generally healthier, years. At that time, you can lock in on a rating “tier” for the life of your policy, whether it is a term or a permanent policy. Although it seems to be
an absolutely pessimistic way of thinking, our reality is all the same - we do not know what the next day will bring for any of us. You may feel as if you are in great health now...that is the PERFECT time to handle your life insurance needs. Many employees receive a small life insurance policy as a part of their benefit package, sometimes two or three times the amount of their salary. Although this is usually a decent amount, it is often not enough to truly cover a family’s needs. Additionally, the majority of these group plans are non-portable, meaning when you leave that company for any reason, that policy ceases to exist for you any longer. You will then encounter the need to seek out your own life insurance coverage. Therefore, it is an excellent idea to take out your own policy
to supplement and “complete” your coverage need, should your group/ employer policy not be sufficient. This would provide you with the power to protect yourself and your family in the event of an unexpected departure from your employer. Term life insurance is a part of the solution, but it may not achieve the task of completely protecting your family’s entire needs. A term policy is the most economical way to protect your family’s financial needs in the event of an untimely passing. However, when that term period ends, the cost for your next policy will be exponentially higher, if even available at all. Your health can change in the blink of an eye, and when that happens, your insurability can disappear just as quickly. On the other hand, a permanent life insurance policy is just that - a permanent way to protect yourself and your loved ones. Therefore, it is beneficial for you to consider a combination of term and permanent insurance. With the assistance of a licensed insurance professional, you can create one comprehensive protection package for you and your family. M i c h a e l Vi t a l e , Licensed Insurance Professional for Auto, Home, Life, Medicare Supplement, and Disability Insurances.
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