Category: final needs planning

Why do I need life insurance?

Life Insurance documentation
One of the most important policies you’ll ever own!

 

 

 

 

 

 

Life insurance is important for several reasons:

Life insurance provides financial protection for your loved ones. When you die unexpectedly, life insurance provides financial support for your loved ones. It helps cover expenses such as funeral costs, outstanding debts, and living expenses.

Debt Relief

Pays off debts and expenses: Properly designed life insurance programs pay off outstanding debts, such as a mortgage or car loan, preventing your family from being burdened with those debts. Your family will inherit assets, not debts.

Standard of Living Maintained

Protects your family’s future: Life insurance helps ensure that your family is able to maintain their standard of living and pursue their goals and dreams, even if you are no longer able to provide for them.

Educational Opportunities 

Your children and spouse can take advantage of opportunities to attend a trade school or college. Cash values in life insurance do not affect financial aid amounts in today’s aid formulas.

Cash for other opportunities

Provide cash value and investment opportunities: Some types of life insurance, such as whole life insurance, can provide a cash value component. Your cash value can be used as an investment or for other purposes.

Many retirees who held on to their whole life policies take loans against their accumulated cash values to supplement their retirement incomes. (Note: I strongly urge my clients to take loans from their policies, and not cash them in. This way, they are able to keep the policy in force simply by paying the annual interest on the policy loan. And, if they want, the opportunity remains to repay any loan amounts to rebuild the policy cash value. Cashing in a policy can create a taxable situation, and you’ll lose the benefit of a policy purchased at a younger age.)

A self-completing policy

Your policy can be self-completing during a short or long-term disability.  The Waiver of Premium endorsement pays your premium until you are either able to resume normal work or reach the age of 65,  after a period of disability. You must add this endorsement when first applying for your policy.

Overall, life insurance provides important financial protection and peace of mind for you and your loved ones. Nobody wants to think about the worst-case scenario. But, owning life insurance helps ensure your loved ones are taken care of when the unexpected happens.

About the author

Eustace L. Greaves, Jr., LUTCF, is an NYS-licensed Independent Insurance Agent and Broker. He has 41 years of experience, 27 of those years as the owner of Bridge Insurance Agency and Greaves Financial Services.

 

Like to speak with Eustace?

Eustace wants to assist you with your home, life, flood, disability, renters, auto, cooperative, condominium, and wedding insurance needs. You can reach him at his mobile number,  718-489-2218, his office number, 718-783-2722, or by email at [email protected]. Or, go to his website, https://greavesinsurance.com, and complete any of the available “Contact Us” forms.

 

How to subscribe to the “Never Knew News” newsletter

If you’d like to receive a free subscription to Eustace’s monthly newsletter, “Never Knew News,” go to his website, https://greavesinsurance.com, and click on any of the Subscribe buttons.

Funny T-Shirt | BrooklynCovered

You will find a funny t-shirt in the weirdest places.

So, out of the blue, for the first time ever, I received a catalog from a firm named “The Best of Collections, Etc.”
 
At first, I thought someone was coming after me for the money I owed them.
 
Well, turns out it is one of those sales catalogs which resembles the old Fingerhut catalogs. Folksy, cute, and once directed to a different demographic.
Well, being a marketer always on the lookout for new ideas, I took a few minutes to skim through the magazine.

Everything seemed normal until page 81

All of the offerings seemed rather normal, especially the “As seen on TV” offerings. Then, I turned to page 81 for some first-class belly laughs.

The first (and best) T-Shirt read,
“Roll roll roll your joint, twist it at the end, light it up and take a puff, then pass it to a friend.”
Now, I don’t condone the use of drugs, but come on, even Katt Williams may use that little ditty in one of his comedy concerts.
Called the lady who is going to produce my upcoming podcast and the first thing she said was, “That’s hilarious!”
Second thing? “You are not going to say that on the air!”
Hah. Wait’ll she reads this.
Some of my other favorites were:
“Don’t rush me! I’m waiting for the last minute!” and,
“I told my wife to embrace her mistakes. She hugged me.”
“Once in a while someone AMAZING comes along … and HERE I AM!”

Another good one would close with a bang

And one which should become another favorite of funeral directors everywhere, “Just before I die, I’m going to swallow a bag of popcorn kernels. MY CREMATION IS GOING TO BE EPIC!”
That one should be a warning to spouses everywhere – make sure there is enough life insurance for a regular burial.

Our last time?

The really funny thing about me receiving this catalog? In big, bold letters are the words, “Is This Goodbye? Unfortunately, postage and printing costs have increased, so shop today to continue receiving our great values. Place an order soon, or this could be your LAST CATALOG!”
Wow.
Last catalog.

Funny thing is, this was the first time I ever received this catalog.

If it is to be the last one, at least I got a humorous blog post out of it.
Happy New Year everyone! May the year 2021 be filled with prosperity, joy, excellent health, and all the success you and those you love can handle!

About the author

Eustace L. Greaves, Jr., LUTCF is an NYS-licensed Independent Insurance Agent and Broker with over 38 years of experience. He is celebrating 25 years as an Independent Insurance Agency Owner.

Like to speak with Eustace?

Eustace is ready to assist you with your life, disability, home, flood, renters, auto, cooperative and condominium, and wedding insurance needs. He can be reached at 718-783-2722, or by email at [email protected]. You can also contact him by going to his website, https://greavesinsurance.com, and completing any of the available “Contact Us” forms.

How to subscribe to his newsletter

If you’d like to subscribe to his monthly newsletter, “Health, Safety, and Good News You Can Use,” go to his website, https://greavesinsurance.com, and click on any of the “Subscribe” buttons.

Have insurance, income tax, real estate, mortgage, or home inspection questions for Eustace? He’ll be happy to provide the insurance and income tax answers and will continue to call on his expert contacts for help in the other areas. Just email him at [email protected] with the subject line, “Ask Eustace.”

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