Uncategorized

The Peril of Flood

The impacts of a flood can be devastating and far-reaching. Regardless of where a property resides, property owners are still susceptible to significant losses and damage. Some areas are at a higher risk than others, but ultimately, a flood can happen anywhere. The National Flood Insurance Program (NFIP) was established to provide much needed relief for flooding events. After FEMA introduced a new flood insurance pricing methodology–Risk Rating 2.0–quoting and writing flood insurance became much easier. Producers are now in a vital position to help consumers be prepared and covered in the event of a flood. 

The purpose of federal disaster relief is NOT to return consumers to their pre-loss conditions; it is to provide financial assistance with critical expenses that cannot be obtained in any other fashion.

Federal disaster assistance is not insurance.

Before an individual or business may apply for disaster relief because of property damage caused by flood, the property loss must have occurred within a geographic area covered by a disaster declaration issued by the president. Federal disaster assistance cannot duplicate payments made by other sources, including insurance policies.

In reality, property policies do not contain flood exclusions; instead, they contain water exclusions, as can be found in the Insurance Services Office (ISO) policies and forms. Called Water Damage exclusions in some policies, current policies exclude flood, surface water, tidal waves, tsunami, overflow of any body of water, spray from any of these, and storm surges, among others.

What You Should Know

Prior to applying for a flood insurance policy, you will have to know your property’s (House Dwellings, Apartments, Commercial Buildings and Location) eligibility based on NFIP’s flood requirements:

1. The Causes of Floods
2. Flood Maps and Zone Determination
3. Building and Property Eligibility
4. Flood Policies and Products
5. Deductibles
6. Loss Settlement Procedures
7. Claims Handling Process.

A flood insurance policy is the only method of purchasing insurance protection for loss or damage to a home, condominium unit, or commercial building (and their contents) when land is inundated by water.

Learn more by calling us. We are here to help acquire your best fit c0verage.

Contact Us…

Your Reliable Insurance and Investments Advisors

Life insurance is an essential business-planning tool. It provides businesses with unique flexibility and adaptability by protecting against loss, and assuring continuity. In this post, we will explore the business marketplace, including basic types of business entities, key employee plans, and the roles of life insurance in business succession and employee retention. This is an important aspect of Life Insurance thus acquiring the necessary knowledge and confidence to prospect, sell, and service life insurance in the ever-expanding business marketplace – Sole Proprietorship, Partnership, Corporation and Limited Liability Company (LLC).

Considerations of Business Insurance

1. What will happen to the business if the owner or key person suddenly becomes disabled or dies?
2. What will happen to the owner’s family and the families whose livelihoods are dependent upon the continued success of the business?

All types of insurance fall under the general heading of risk-transference. Specifically, business insurance is a management tool that enables businesses to transfer the risk of a loss to an insurance company. By paying a relatively low premium, a business can protect itself against the possibility of sustaining much higher financial losses. Transferring risk to an insurer is the definition of buying an insurance policy. As an added incentive for businesses, premiums paid for many types of insurance are considered tax-deductible business expenses.

Nearly all businesses recognize the need to insure against certain risks, such as fire, theft, natural disaster, legal liability, accidental injury, and even general health insurance. The death or disability of owners and key employees should also be on that mandatory list, especially for small businesses. Oftentimes, the small-business owner’s entire savings are tied up in the company, so the owner must take steps to protect his or her family from the financial consequences of events that could disrupt operations, reduce profits, or even force the business into bankruptcy.

Insurable Interest and Key Employees

Companies at all levels are considered to have an insurable interest in the life of an employee who is considered key to the success of the business. A key employee is one whose continued business activities can be reasonably expected to have a positive effect on the company’s bottom line. A regional sales manager for a clothing manufacturer who has opened accounts at several major retailers in each of the past four years may be expected to secure and maintain more accounts in the foreseeable future. Replacing that manager in the event of his or her death would put a financial strain on the company. Purchasing insurance on the manager’s life for an amount calculated to relieve that strain would fall under the category of Key Employee coverage.

Learn more by calling us. We are here to help acquire your best fit c0verage.

Contact Us…

Your Reliable Insurance and Investments Advisors

Certain types of permanent life insurance are designed to be flexible to meet your needs as they evolve over time. While its primary purpose is to provide a death benefit, it can be used for many different purposes: tax-advantaged supplemental income through loans and withdrawals; federal income tax-free death benefit; and estate planning. The benefits don’t stop there and vary by the type of policy you have. We’ll focus on benefits associated with term life and universal life insurance.

What is permanent life insurance?

Permanent life insurance policies offer a death benefit and can also offer cash value accumulation. The death benefit is what is paid to your beneficiaries when you pass away. Cash value accumulation is a separate component that allows you to access your policy value while you’re still alive through loans and withdrawals if there are sufficient funds available.  Permanent life insurance lasts from the time you purchase the policy to the time you pass away, as long as you pay the required premiums to keep the policy in force. Generally, permanent life insurance is more expensive when compared to term life insurance because of additional features and benefits that these policies have, although a permanent life insurance policy can be less expensive than successive term policies taken until the policy holder is no longer insurable. There are several different types of permanent life insurance, such as whole life, universal life, index universal life, and variable universal life. Because each of these types of permanent life insurance has unique features, it’s vital for you to discuss your life insurance needs with a financial professional to determine what type of permanent life insurance meets your unique needs.

What is term life?

Term life provides coverage for a specific “term” or period of time should you pass away. It’s similar to car insurance in the sense that once the specified period is over or you stop paying premiums, you’re no longer covered. Most policies are purchased for 10-, 20-, or 30-year terms. Some policies allow you to renew after your term runs out, but policies tend to get more expensive because you’re older.

When compared to whole life, term life typically offers larger amounts of coverage for relatively smaller premiums. It provides a cost-effective way of meeting a temporary insurance need, which makes it appealing to families with large expenses such as child care, bills, mortgage, etc. Often, by the time the term expires, the kids will have moved out, the mortgage will be paid off, and their insurance needs may be less.

While term life pays a set death benefit, it does not accumulate any cash value, nor can you borrow against it. If, at the end of the term, you haven’t used it, you get nothing. But, some companies offer “living benefits” on certain types of term life policies. Living benefits or “accelerated death benefits” allow the policyholder to access their death benefit early in the case of a qualified critical, chronic, or terminal illness. This means you don’t have to die to tap into those funds. You can use a portion of your anticipated death benefit to pay for medical bills and replace lost income.

Learn more by calling us. We are here to help acquire your best fit c0verage.

Contact Us…

Your Reliable Insurance and Investments Advisors

Why it matters

1. Final expense insurance can be an affordable way to purchase whole life insurance.
2. This type of life insurance is usually easy to qualify for and has a guaranteed death benefit, as long as the premiums are paid.
3. The beneficiary of a final expense policy can use the money on more than just end-of-life expenses, as long as the premiums were paid.

It’s only natural to want to help our loved ones whenever we can. Though when it comes to what happens shortly after our passing — the arrangements friends and family will have to make for our burial or cremation — most people would rather not go there. But unless you’ve figured out something the rest of us haven’t, we can’t ignore these financial decisions.

In 2021, the median cost of a funeral with a viewing and burial was $7,848.  Even if your estate has the funds to pay for the arrangements you’d like, that money likely won’t get to your beneficiaries for several months. That’s where final expense life insurance can step in. It’s an easily accessible way to make sure you and your family are covered for the expenses that arise after your passing.

What is final expense life insurance?

Essentially, it’s a type of whole life insurance with smaller face amounts that run between $1,000 and $25,000, though a few insurers can offer up to $50,000 in coverage. You might even hear these policies referred to as “burial insurance” or “funeral insurance,” since the idea is to use the death benefit to pay for end-of-life arrangements. In reality, there aren’t any restrictions on how the death benefit can be spent.

This type of life insurance tends to be easier to qualify for than others. In most cases, final expense life insurance policies don’t require medical exams, so they can be a good option for someone with a pre-existing condition who can’t qualify for other types of life insurance.  And since these are smaller face amounts, the monthly premiums are also less expensive relative to policies with larger death benefits.

What does final expense insurance cover?

While this type of insurance is designed to cover the costs associated with a person’s death — caskets, cremations, receptions, burial costs, etc. — the death benefit can truly be spent on anything. There aren’t any rules mandating what the money must cover, so the beneficiary is free to use it for mortgage payments, taxes, medical bills, savings, vacation expenses, or anything else.

What are the benefits of final expense insurance?

Final expense life insurance is easy to qualify for, ensures your loved ones have the money they need to cover the costs of your passing, and features relatively low premiums that won’t increase.

No medical exam

In most cases, there’s no medical exam required for a final expense insurance policy, nor will the insurer need to go through your medical records.³ That means it’s usually quick and easy to be approved for these policies. At most, you may need to fill out a health questionnaire, depending on the provider and type of policy.

Guaranteed death benefit

Final expense life insurance is a type of whole life insurance, so as long as the premiums are paid on the policy, the death benefit is guaranteed. And its value can’t decrease, unless the policy’s cash value has been borrowed against.⁴ Your beneficiary also won’t have to pay taxes on the death benefit once they receive it.

Low premiums that won’t increase

The premiums for these policies stay the same throughout the life of the policy. And because its death benefit is relatively low relative to other types of life insurance, the monthly premiums are low, as well.

To wrap up, speak with your financial professional if you’re concerned about how your friends and family will pay for things after your passing. With a final expense life insurance policy, you can be assured they’ll have what they need. And they’ll likely appreciate the thoughtful way you planned ahead on their behalf.

Things to consider

1. Final expense life insurance can be a good choice if you’re worried about costs after your passing.
2. Final expense policies don’t require medical exams in most cases, so think twice if you assumed life insurance wasn’t an option for you.
3. Speak with your financial professional to understand how final expense insurance could benefit you and your loved ones.

The purpose of an annuity is to provide a steady stream of income at a future date. Although all annuity contracts share this basic structure, they range from simple to complex. Some annuities are designed to supply retirement income, while others offer tax advantages, employee benefit plan options, and excellent accumulation benefits. This will briefly reviews annuity basics, features, benefits, riders, and hybrid models with an emphasis on product suitability, client best interest standards, and adviser fiduciary responsibilities.

Originally, annuities were simple products designed to pay an income stream to an annuitant based on a lump sum of money deposited with the insurance company. Eventually, annuities designed to help accumulate retirement savings over time where introduced. Annuities are now used as tax-deferred accumulation products, as well as income-paying products, creating a future retirement income stream.

Annuity products contain unique features and lifetime income benefits designed to help individuals achieve their financial goals. Professionals licensed to sell, solicit, or negotiate annuity contracts are responsible for guiding their clients in selecting the contract benefits that suit their needs. They must also evaluate the costs against their clients’ financial risk tolerance and the desired outcome.

General Types of Annuities

1. Variable annuities have the greatest potential for growth but have a high risk of loss to the contract value.
2. Registered indexed-linked annuities (RILAs) have reduced risk and growth compared to traditional variable annuities and greater growth potential and risk compared to fixed annuities.
3. Traditional fixed annuities are the most conservative. They may not grow the accumulated value as rapidly. However, the fixed annuity could still end with a greater cash value than a variable annuity that is started at the same time with the same amount of premium, based on how the securities markets performed.
4. Fixed indexed-annuities share characteristics of both fixed and variable annuities. Their guarantee against the loss of principal value and accumulated earnings due to negative market performance is tempered by a small minimum interest guarantee as well as other performance-limiting contractual terms. A fixed annuity could still outperform the fixed-indexed annuity in the long run, depending on interest rates, market performance, and volatility.

Learn more by calling us. We are here to help acquire your best fit c0verage.

Contact Us…

Your Reliable Insurance and Investments Advisors

Introduction

Disabilities, injuries, and illnesses can strike when least expected. With disability income insurance, consumers are protected from the financial losses that could arise if an accident or illness prevents them from working and receiving regular income. Producers have an important role in helping consumers and businesses plan for the unexpected, and there is a wide variety of disability income products being offered.

Common Provisions and Requirements

When disability policies are issued, they contain terms and provisions common to most disability policies. Other terms and provisions are specific to the insurer or the profession/occupation of the insured. It is crucial for consumers to understand the terms commonly used by the majority of disability policies.

• Physician’s Care
  • For disability benefits to be paid, the insured must be under the care of a physician who provided a diagnosis of disability and ordered a plan of treatment. Most disability contracts specify that medical treatment must be appropriate and in accordance with current medical standards for the illness or injury being treated.
  • Most contracts will waive the requirement for the insured to be under a physician’s care during a claim period if it can be proven that continued care or treatment is not beneficial or is no longer needed.
• Earnings and Prior Earnings of the Consumer
  • While earned income is used to determine how much coverage is available to an individual, how earnings is defined and calculated is a major component of determining benefit amounts at the time a claim is filed. The definition is especially important if a policy provides full benefits, partial benefits, residual benefits, or benefits based on a loss of earnings.
• Pre-Existing Conditions
  • The purpose of defining and disclosing a pre-existing condition is to limit the carrier’s risk. It gives the insurer underwriting options based on the condition, treatment history, and how long ago the condition first manifested. In some cases, the insurer may issue coverage without premium or coverage modifications. In other cases, the insurer might not cover disabilities caused by, or related to, the condition for the first 1 or 2 years after the policy effective date.
• Pregnancy
  • While many individual disability policies do not consider normal pregnancy an illness, and do not cover normal pregnancy or related maternity leave, some short-term group disability policies do cover normal pregnancies. If a disability is caused by complications of pregnancy or childbirth, most policies will provide coverage as they would for any other illness after the elimination period is satisfied.
• Total Disability Benefit
  • If the insured becomes totally disabled (as defined in the policy) and the elimination period is satisfied, the policy pays a total disability benefit, usually on a monthly basis beginning within 31 days after the end of the elimination period. Payments continue until the end of the benefit period unless the insured is no longer totally disabled.
  • A recurrent total disability will be considered a new disability only after a period of time stated in the policy transpires (such as 1 year). During that period, the insured must be working continuously and not collecting any type of disability benefits. Any new total disability will be subject to a new elimination period and a new benefit period.

Learn more by calling us. We are here to help acquire your best fit c0verage.

Contact Us…

Your Reliable Insurance and Investments Advisors

Introduction

In the United States, seven out of ten seniors over age 65 will need some type of long-term care services during their lifetime, and approximately one-third of Americans will require care in a skilled nursing facility at some point in their lives due to changes in mobility, cognitive function, or both.

When an individual’s level of mobility or cognitive function begins to change, they usually require assistance in order to perform normal activities of daily living (ADLs), such as bathing, eating, and getting dressed. Aging may gradually reduce one’s ability to comfortably do certain activities, but an individual may require assistance with daily activities due to a serious illness, while recovering from an injury, or after being discharged from the hospital following surgery. Often, those healing from medical conditions or procedures require short-term assistance for a few months; in other cases, care may be required for a lifetime.

When help with ADLS is provided over an extended period of time, it is known as long-term care. The types of long-term care available range from regular home visits from a family member who helps with housekeeping and shopping to specialized and continuous medical care from licensed professionals in a skilled nursing facility.

No matter the recipient’s condition or the type or level of care they require, the need for long-term care brings with it a host of physical, emotional, and financial challenges, requiring care recipients and their loved ones to make difficult decisions. By planning ahead for potential long-term care needs, financial planning clients remove much of the stress for themselves and their families. Long-term care insurance (LTCi) provides many with that peace of mind.

The Need for Long-Term Care

1. Strokes – Interruptions of the blood supply to a portion of the brain
2. Recovery – From major surgeries
3. Bone Fractures – Such as those resulting from falls
4. Multiple Sclerosis (MS) – A chronic disease of the central nervous system which damages the insulating covers of nerve cells, altering the brain’s ability to send and receive nerve signals. MS affects each patient differently; the disease may result in vision problems, weakness, fatigue, and difficulties with speaking, writing, or mobility.
5. Parkinson’s Disease – A progressive, degenerative disorder of the central nervous system that causes unintended or uncontrollable movements, balance issues, and eventually difficulty speaking and walking.
6. Spinal Cord Injuries – Which often cause changes in sensation, mobility, and bodily function below the site of the injury
7. Head Injuries – Which may result in mobility issues or cognitive impairments
8. Dementia – The deterioration of mental faculties due to nerve cell damage in the brain, affects thinking and social capabilities to the point an individual cannot function on a daily basis without assistance. Dementia gradually erodes an individual’s ability to live independently; sufferers may frequently become lost or disoriented, forget to turn appliances off or on, or become unable to recognize and deal with hunger or other important body cues. Anxiety and depression are common in dementia patients. Alzheimer’s disease is considered a form of progressive dementia, but not all dementia is necessarily caused by Alzheimer’s disease.
9. Alzheimer’s Disease – A progressive, degenerative disease causing brain cell connections and the cells themselves to degenerate and die, resulting in irreversible intellectual deterioration. Alzheimer’s disease often begins with impaired memory, followed by impaired thought and speech. Alzheimer’s disease is still considered a cognitive impairment, although it is a medical diagnosis that can be treated with medications and therapies.

Learn more by calling us. We are here to help acquire your best fit c0verage.

Contact Us…

Your Reliable Insurance and Investments Advisors

As Medicare evolves and adapts to meet the needs of seniors and individuals with disabilities, it grows in complexity and significance. Licensed insurance professionals have an integral role in understanding the basics of Medicare and its more detailed innerworkings. Medicare Plans and Benefits presents a comprehensive view of Medicare Basics, Parts A, B, C, and D, and how to choose a Medicare Supplement Policy.

Our Health Insurance License with the Texas Department of Insurance is supplemented with the Texas AHIP 2025 Medicare Advantage and Part D Plan Training (Certificate Number 139548) . We are more equipped to serve vulnerable populations and provide extensive knowledge on Medicare’s various plans and offerings.

What is Medicare?

Medicare is a federally funded system of health and hospital insurance for U.S. citizens who:

1. Are age 65 and older;
2. Are younger than 65 receiving Social Security benefits for specific disabilities;
3. Need dialysis or kidney transplants for treatment of end-stage renal disease (ESRD);
4. Are diagnosed with Amyotrophic Lateral Sclerosis (ALS), commonly referred to as Lou Gehrig’s disease.

Parts A, B, C, and D Overview

Medicare consists of different parts that cover specific services. Medicare Part A is Hospital Insurance and helps cover inpatient care. It also covers hospice care, home health care services, and inpatient care in a skilled nursing facility—subject to limitations. Part A covers very limited custodial or long-term care.

Medicare Part B is Medical Insurance that primarily covers the costs of:

1. Medically necessary services such as doctor’s services, outpatient care, durable medical equipment, and other medical services;
2. Preventive or maintenance services intended to diagnose potential health problems before they become acute.

Medicare Parts A & B together are often referred to as Original Medicare.

Medicare Part C, or Medicare Advantage, offers plans through private insurance companies approved by Medicare. Part C plans must cover all Parts A and B services that Original Medicare covers, except hospice care, which is still covered under Original Medicare. In addition, Medicare Advantage Plans may offer extra coverage, such as vision or dental, and most include prescription drug coverage.

Medicare Part D is Prescription Drug Coverage. Prescription drug plans are offered through private insurance companies approved by Medicare. Part D covers much of the cost of prescription drugs within limits and places certain restrictions on prices.

The full retirement age for Social Security retirement benefits has been increased to age 67. Medicare eligibility begins at age 65.

Coordinating with Other Coverage

When duplicate coverage exists, the primary payer would first be responsible for medical bills up to the limit of the coverage the plan provides. The secondary payer might or might not cover any charges not covered by the primary plan, depending on that secondary’s contract provisions.

Learn more by calling us. We are here to help acquire your best fit c0verages.

Contact Us…

Your Reliable Insurance and Investments Advisors

Protecting your loved ones’ futures with life insurance can be the cornerstone to a sound financial strategy. Determining what type of life insurance is right for you, however, isn’t always easy: should you select term insurance or a permanent policy that has the potential to grow in value over time?

What is IUL Insurance?

Indexed Universal Life (IUL) insurance is a type of permanent life insurance that includes a cash value component and allows policy owners to direct net premiums to a choice of a fixed interest account and/or index accounts. Following is an overview of IUL insurance to see if it may be the right option for you.

IUL is a life insurance policy that provides a death benefit. It is not a short-term savings vehicle nor is it ideal for short-term insurance needs. IUL insurance should only be purchased if you have the financial means to keep the policy in force for a substantial period of time.

An IUL policy offers:

1. A tax-free death benefit;
2. Tax-deferred growth potential, although cash value growth is not guaranteed;
3. Tax-advantaged withdrawals and loans;
4. A guaranteed minimum interest rate based on the claims-paying ability of the issuing insurance company.

Interest is credited to index accounts based, in part, on changes in a specified market index or indexes between certain time periods. Depending on the product and the insurance company, there may be other elements that determine index interest. Generally, interest may be credited up to a certain maximum rate, usually referred to as a cap, or the company may specify a participation rate.

Caps, participation rates and other nonguaranteed components of the index interest formula are set by and at the discretion of the insurance company and are subject to change. IUL insurance policies do not invest in the stock market or indexes, but offer a choice of fixed accounts and indexed accounts based on market indexes such as the S&P 500®, the Dow Jones Industrial Average, EURO STOXX 50®, Hang Seng or one of several other indexes.

A Cash Value Life Insurance Policy

What you need to know about IUL

Additionally, if a policy is surrendered during the first several years (generally the first 10 to 20 years), charges may apply.

Learn more by calling us. We are here to help acquire your best fit c0verages.

Contact Us…

Your Reliable Insurance and Investments Advisors

1. Protect your loved ones

At a very basic level, life insurance can function as a form of income replacement. Whether or not you’re the main source of income for your family, it’s likely that you help cover the cost of rent, mortgage, groceries, utilities, child care, and other household necessities. For this reason, many insurance experts recommend that people take out a life insurance policy that’s equal to 10-15 times their current income. This may help your loved ones maintain their current lifestyle after you’re gone, reducing their financial burden following your death.

2. Help provide financial reassurance

One of the top benefits of life insurance is the life assurance that comes with it. There’s an inherent comfort in knowing that your finances are handled. According to insurance expert Laura Adams, “The purpose of life insurance is to make sure that people who depend on you, such as a spouse, partner, children, and aging parents, wouldn’t be hurt financially after your death.

3. Help pay off debt

Unfortunately, debt lives on even after we pass away, except for some federal student loan debt. The average American has $90,460, while people from ages 40 to 55 carry even more, with an average of $135,841 in debt.³ Life insurance can be used to help pay off student loans, mortgages, credit card debt, auto loans, and more.

4. Help protect your business

When your business is your lifeblood, you need to have safeguards in place to protect it. Business owners and entrepreneurs can look to life insurance to fund business succession plans. Using life insurance and buy-sell agreements upfront can help ensure continuity of the business. Whether you have two partners or multiple partners, you want to make sure that the business is passed to those who have an interest in it.  In addition, life insurance can potentially reduce business taxes, protect against the loss of key staff, and help attract and retain valuable employees.

5. Help pay for college tuition

The costs of college keep rising and it’s inherent on you to find ways to keep up. The average cost of college varies from around $9,500 per year for a public four-year in-state college to $32,000 per year for a private four-year college.³ In addition to providing a death benefit that could be used for education, the cash value in permanent life insurance policies provides access to funds for educational expenses while alive. Families could withdraw some cash value or possibly take a policy loan.¹ Withdrawals are generally tax-free, and life insurance policies are not currently counted on the FAFSA as an asset. 

6. Help you save for retirement

Since permanent life insurance has a cash value component, you can think of it as a potential source of supplemental retirement income. Life insurance can be a portion of your overall financial plan that allows you to put in net premiums on a tax-deferred basis, and unlike other vehicles, you get to control the flexibility. If properly put together and funded, you can take out a tax-free income over a period to supplement your retirement.4 It is important to consider all options for retirement income such as qualified plans, IRAs, the tax treatment of contributions and distributions, and the fees charged for various financial products.

7. Help cover end-of-life expenses

Final expenses can come as a shock to even the most well-prepared family. They can cost anywhere from $8,000-$10,000 — not including other end-of-life expenses such as medical bills. Your funeral costs may be covered entirely by taking out a final expense insurance policy.5

8. Aid in estate planning

Many people view estate planning as something to be addressed later in life or only after they have accumulated substantial wealth. The reality is that anyone who owns a home, has children, or contributes to a retirement account may benefit from an estate plan. Estate planning is quite different from end-of-life expenses in that it involves securing an attorney to close out any remaining accounts in the decedent’s name and officially report the death to the county and IRS. “A life policy can be used as an estate planning tool to make sure your heirs could cover legal fees and taxes,” says insurance expert Lauren Adams. Many people fail to realize that some descendants may still owe taxes to the IRS, and a life insurance policy can help them cover these costs, so they are not incurring unnecessary financial burden.

9. Help with charitable planning

By designating a charitable organization as the beneficiary of a life insurance policy, people can leave an “amplified” gift for the causes they believe in. The premiums paid are only a small portion of the total death benefit paid, which allows individuals to leave a larger and more meaningful gift for the organizations they support. “If you want to leave a financial legacy with particular organizations or charities, you can include them as a life insurance beneficiary,” says Adams. This is a great way for policyholders to not only ensure their loved ones are taken care of, but to also make sure they can still contribute to the causes they care about following their death.