Category: Life Insurance

Venturing into self-employment can be an exhilarating journey. However, it’s important to understand that life insurance plays a critical role in securing everyone’s future. If you’re uncertain about how to kickstart the process, Midwest Professional Insurance in Kansas is here to help you meet your insurance requirements.

Providing Your Family Financial Protection

The advent of an unforeseen death can be financially devastating, but immediate access to life insurance benefits can provide your family with a crucial financial safety net. This goes for self-employed individuals, too. Often, such individuals have numerous family members depending on their weekly income. In the event of sudden death, a life insurance policy can provide the necessary financial assistance to ensure the family remains financially stable. This coverage can help reduce the household’s debt and cover daily living expenses.

Life Insurance Keeps Self-Employed Business Alive

A common issue with self-employed partnerships is the failure to devise a contingency plan in the event of the sudden death of a partner. Often, the accumulated business debts become too great for one person to manage. However, establishing a life insurance policy that can meet the businesses’ financial obligations can help. Insurance experts argue it is a financial planning tool that continues the business’s operation. This policy provides the necessary financial support to buy out the deceased partner’s shares, ensuring a smooth transition for all parties involved.

Life Insurance and Income Replacement

Choosing to be self-employed often means sacrificing a consistent weekly paycheck. This change in cash flow may require a different approach to managing your monthly budget. In the event of your sudden demise, the income replacement feature attached to your life insurance can prove invaluable to your family. It can handle the home’s monthly expenses (mortgage or rent, bills, and living costs) without delay. Typically, income replacement constitutes the largest part of a person’s life insurance policy.

Life insurance is a valuable investment to protect your family’s future in the event of your unexpected demise. At Midwest Professional Insurance in Kansas, we can assist in creating a life insurance policy that aligns with your needs. Schedule an appointment today.

Life insurance is essential to any financial plan, providing security and peace of mind for you and your loved ones. However, as life changes, so do your insurance needs. At Midwest Professional Insurance, we know keeping your policy up-to-date is crucial to ensure you have the right coverage in Kansas.

When To Update Your Life Insurance 

1. Major Life Events

Significant life events, such as getting married, having a child, or buying a home, can significantly impact your financial responsibilities. When these milestones occur, it’s essential to reevaluate your life insurance policy to ensure that it provides adequate coverage for your growing family. For example, you may need to increase your death benefit to cover expenses like mortgage payments, childcare, and your spouse’s living expenses.

2. Changes in Income

Your financial obligations will likely grow as your career progresses and your income increases. You may find that your current life insurance policy no longer covers your family’s needs in the event of your passing. If your income has changed, it is important to update your policy.

3. Health Improvements

If you’ve made significant strides in improving your health since purchasing your life insurance policy, you may be eligible for lower premiums. For example, if you’ve quit smoking, lost weight, or successfully managed a chronic health condition, you could qualify for more affordable rates.

4. Retirement Planning

As you approach retirement, your financial needs and priorities may shift. Updating your life insurance policy can help you prepare for this new stage of life. For instance, you might convert a term life policy to a permanent one or use your policy’s cash value to supplement your retirement income.

Looking For Insurance In Kansas?

Contact us today at Midwest Professional Insurance to review your policy and ensure you have the right coverage for your changing life needs.

When you need to leave something behind for your loved ones after you’re gone, you need a life insurance policy. However, there are different types that you can choose from. The one that you choose will come down to a lot of factors such as the cost and the type of coverage you want. When you need life insurance in Kansas, give us a call at Midwest Professional Insurance to get started. 

Types of Life Insurance

Whole Life Insurance

This is one of the main types of life insurance that comes with its own pros and cons. The main disadvantage is that it will cost more than another type of policy. However, there are also a lot of advantages to this type of policy. It is a type that doesn’t expire, so you never have to worry about getting a new insurance policy. Instead, it stays in effect for as long as you pay the policy’s premiums. When you have this policy, even the issuing company can’t cancel it as long as you keep paying for it. This insurance also creates a cash value that builds up over time that you can borrow against should you ever need to. 

Term Life Insurance

When you have a term life insurance policy, it will be much easier to afford. These policies are known for being more affordable, and many people choose them for just this reason. However, they have the disadvantage of being in effect only for a set number of years. During that term, the policy is active, but at the end of it, it will expire. When that happens, you will have to apply for a new life insurance policy to stay insured. 

Get Life Insurance Today

When you need life insurance, there is no reason to wait. Give us a call today at Midwest Professional Insurance, serving all over Kansas.