LIFE INSURANCE

Stethoscope with clipboard and Laptop on desk,Doctor working in

Types of Life Insurance:

Term Life: Affordable coverage for a specific period, suitable for temporary needs like mortgage protection.
Whole Life: Permanent coverage that builds cash value over time, offering additional financial flexibility.
Universal Life: Flexible coverage with adjustable premiums and cash value accumulation.

Remember: While life insurance might seem unnecessary when you’re healthy, unexpected events can happen. Taking the step to secure your loved ones’ financial future can provide invaluable protection and peace of mind.

It’s crucial to weigh your options and choose a policy that best aligns with your needs and budget. Schedule your free consultation today so that we can help you navigate the different types and find the optimal coverage for your situation.

What is Life Insurance?

Life insurance is essentially a financial safety net for your loved ones after you pass away. Imagine it as a promise from an insurance company: you pay regular premiums (like a subscription fee), and in return, if you die during the coverage period, they pay out a lump sum of money (the death benefit) to your chosen beneficiaries.

Here’s why people need life insurance:

FINANCIAL PROTECTION: The death benefit can act as a buffer, helping your loved ones cover various expenses:

Living expenses: Mortgage payments, groceries, bills, etc., ensuring they maintain their standard of living.
Education: Funding college tuition for children or grandchildren.
Debts: Paying off loans, credit cards, and other outstanding debts.
Final expenses: Funeral costs, medical bills, etc., alleviating financial stress during a difficult time.

PEACE OF MIND: Knowing your family is financially secure even after you’re gone can bring immense peace of mind. It allows you to focus on enjoying life without worrying about leaving them burdened.

LEGACY BUILDING: You can use life insurance to leave a lasting impact. Some policies allow you to donate a portion of the death benefit to charitable causes you care about, making a difference even after you’re gone.

Term Life Insurance

Term life insurance is like a temporary financial parachute for your loved ones. It provides coverage for a specific period, often 10, 20, or 30 years, at a relatively low and fixed cost.

Term Life Policy Key Points

Pros:

Affordable: Premiums are usually the most budget-friendly compared to other life insurance options.
Flexibility: Choose a term length that aligns with your temporary needs, like paying off a mortgage or covering child-rearing expenses.
Simplicity: No cash value component, making it straightforward and easier to understand.
Renewability: You can often renew your policy at the end of the term, although premiums will likely increase due to your older age.

Cons:

Temporary coverage: Once the term ends, the policy expires and there’s no payout unless you convert it to another type of life insurance (which typically comes with higher premiums).
No cash value: You don’t accumulate any financial benefit besides the death benefit.
Premiums increase with age: Renewing after the initial term often means significantly higher premiums due to your increased age and risk profile.

Is Term Life right for you?

Consider term life if:

You have temporary financial needs like protecting your family while raising children or paying off debts.
You’re on a budget and prioritize affordability.
You simply want basic life insurance coverage without unnecessary bells and whistles.

Remember: Term life provides valuable protection during specific periods, but it’s important to understand its limitations and consider whether you might need permanent life insurance for long-term coverage or cash value accumulation.

Whole Life Insurance

Whole life insurance offers permanent coverage throughout your life, unlike term life which expires after a set period. This lifelong protection comes with an additional perk: building cash value over time. Think of it as a combination of life insurance and a savings account rolled into one.

Whole Life Policy Key Points

Premiums: You pay regular premiums, similar to term life, but a portion of that amount goes towards building cash value each year.
Death Benefit: If you pass away during the policy term, your beneficiaries receive the guaranteed death benefit, providing financial security.
Cash Value: This grows steadily over time, typically at a fixed interest rate. You can access this cash through withdrawals or loans (with interest) during your lifetime, offering financial flexibility.

Pros:

Permanent coverage: Provides lifelong protection, ensuring your loved ones are cared for no matter when you pass away.
Cash value growth: Builds a tax-advantaged savings account you can tap into for various needs like emergencies, education, or retirement.
Guaranteed death benefit: Offers peace of mind knowing your beneficiaries will receive a specific amount regardless of when you die.
Level premiums: Unlike term life, premiums typically remain the same throughout the policy, making budgeting easier.

Cons:

Higher premiums: Compared to term life, whole life premiums are generally more expensive due to the cash value component.
Slower cash value growth: The interest rate on cash value is usually lower than what you might earn in other investment options.
Less flexibility: Accessing cash through withdrawals or loans can reduce the death benefit available to your beneficiaries.

Is Whole Life right for you?

Consider whole life if:

You prioritize lifelong protection and want to leave a financial legacy for your loved ones.
You value the stability of level premiums and guaranteed cash value growth.
You’re looking for a versatile policy that provides both insurance and potential access to funds during your lifetime.

Remember: Whole life offers comprehensive coverage and financial flexibility, but the higher cost compared to term life requires careful consideration. Let us help you assess your needs and determine if whole life aligns with your financial goals.

Before purchasing any life insurance, be sure to contact us to discuss your individual needs and find the perfect policy for your situation. Give us a call today to schedule an appointment 316.687.0044 or contact us.

What our customers have to say.

     Excellent  
     Based on 30 reviews 
    
 
 
   
 
 
        
   Anne Ternes 
 2023-08-31
 
 
  I would give more stars if allowed. Randy Hoffman helped us with so many things when we needed advice on how to proceed with Medicare and supplements. We needed extra help as we were bearing down on deadlines. Randy was there for us even though he was planning a vacation out of country. He called us and made sure we knew he was available to answer our questions. In the end we were able to beat the deadline and we have Randy and his office to thank. We’ll be forever grateful. We even received a follow up message several months later and we appreciated the caring gesture. Randy helped us through a very difficult situation. My husband and I are happy with our experience.
  
 
       
   Kristin Giffin 
 2023-05-31
 
 
  Randy always does a fabulous job doing what's best for the client. He's always great with checking into what insurance they have and will be honest about if they should stay with their current plan or do something else. I will ALWAYS send referrals his way!
  
 
       
   Chance Eastlick 
 2023-05-31
 
 
  Randy is the expert in the healthcare game and will help you navigate the ins and outs of the policy that will fit you the best
  
 
       
   James McQueen 
 2023-05-25
 
 
  ARG makes navigating health insurance a breeze.  They follow a needs based approach and recommend what is best for you.
  
 
       
   Eric Petre 
 2023-05-25
 
 
  Jan with ARG was able to help my mother navigate the healthcare system.  He did a great job explaining everything and getting her insurance needs taken care of.  Thank you!
  
 
       
   Nicholas Engle 
 2023-05-23
 
 
  Making health insurance planning straight-forward, kudos to Randy and Jan at ARG!
  
 
       
   Rod Frederking 
 2023-05-16
 
 
  I have worked with ARG providing commercial health insurance for several of the companies I have been involved with over the years. As I approached the retirement phase of life for me. I discovered the government and healthcare industries have made this very difficult and confusing. Medicare, supplemental plans, prescription drug plans, etc. The staff a Advanced Retirement were not only diligent and thorough but very clean when it came to figuring out what would be best for my wife's circumstances as well as mine. While different, they needed to work together. This is a long term commitment, since situations and circumstances change from year to year, and that's where ARG excels and helps simplify the entire process. I can't stress the importance of getting the experts involved to assure you get what you need.The most important point I want to make is their service. It doesn't mater what your questions are from understanding the "plan", billing and claim errors, changes in prescriptions and the list goes on. I always recommend ARG for any insurance needs.
  
 
       
   Randy Baumgartner 
 2023-05-10
 
 
  My wife and I met Randy Hoffman at Advanced Retirement Group several years ago through our financial advisors suggestion.  Randy has guided us through what at times, can be a confusing maze of health insurance products. With his help, we were able to make sound health insurance decisions, and are truly grateful to him and Advanced Retirement Group. We have shared our positive experiences with several friends, and they as well are pleased with Advanced Retirement Group!
Do yourself a favor and contact Advanced Retirement Group for your health insurance needs.
  
 
       
   Dan Morris 
 2023-04-24
 
 
  After experiencing a repetitive and frustrating problem with my daughter's health insurance carrier, we called Randy and his team at ARG.  They removed our burden of having to deal with the issue yet again and it was resolved the next day.  Great service!