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Gill Insurance Advisors Blog

Life Insurance When Your Beneficiary Lives in Another State or Country

It should first be established that the state you live in does not typically affect the cost of your policy. However, your location will indeed affect the rules and regulations that include it. Age, gender, and family history might, but not location. Remember that different states will have rules for things such as the free look period, life insurance insolvency, and late payments. Keep in mind that not every type of policy will be available in every state. Individual states might also have restrictive laws regarding who can be named as your policy’s beneficiary. Do your research to determine the laws in your state and the state where your beneficiary lives.

When Your Beneficiary is Living Abroad

It is quite feasible to name a beneficiary on your life insurance if they live in another country. You will need identifiers, though, if they need to be contacted. You must be able to provide their full legal name, birthday, Social Security number (if applicable), and relationship to you, as well as your address, phone number, and email address. Your beneficiary, likewise, needs the name and phone number of the company you are insured with, plus the policy number and coverage amount. If there are any other beneficiaries, they need to know that, too. It may be easier for them to deal with an agent than a corporate office. 

Contact Gill Insurance Agency Serving Plainfield, IN 

If you need life insurance and live in the Plainfield, IN, area, please get in touch with Gill Insurance Agency. Our courteous and skillful agents are dedicated to helping you find the policy that best suits your needs. 

Do I Need to Take Out a New Life Insurance Policy to Increase Coverage?

At Gill Insurance Agency, we consider educating our policyholders to be insurance savvy important. We want to help Plainfield, IN residents make better insurance decisions to protect their beneficiaries. We are here to explain how to increase the value of a life insurance policy.

When You Apply for the Increase Changes the Process

In the US, the law protects consumers by providing a four-week “look-see” period for life insurance. If you buy a $1 million policy on the first day of the month, you have four weeks from that date to add to the policy, accept it as is, or cancel it without penalty. That means, if two weeks after purchase, your spouse becomes pregnant with twins, and you purchase a new home, you can phone or email your insurance agent to increase the coverage on the existing policy.

Any time after that initial month, you need to purchase a supplementary life insurance policy. If you decide to increase coverage within the first six months of the policy, you probably won’t need to take a new physical or undergo new medical tests. After that period, a supplemental policy requires a new medical exam.

How Time Affects the Premiums

As a person ages, the premium for purchasing a new life insurance policy increases. Purchasing a policy in your 20s gets a much lower premium than purchasing a policy in your 60s. If you buy your supplemental policy while also in your 20s, the premiums will probably be close in cost to one another. Purchasing a supplemental policy in your 60s means paying the initial policy’s lower premium and the new policy’s higher premium.

Contact Us Today

The younger you choose to increase your life insurance coverage, the lower your premiums remain. You will have more than one life insurance policy, and both will pay your beneficiaries in the event of your death. Contact Gill Insurance Agency today to better protect your beneficiaries in Plainfield, IN and other locations.

Factors to Consider When Determining How Much Life Insurance You May Need

One of the questions that we at Gill Insurance Agency, serving the greater Plainfield, IN area, are often asked is how much life insurance a person needs. There are many factors to consider when determining how much life insurance to get.

Some of those factors include:

Financial Obligations

Consider your outstanding debts, such as mortgages, loans, or credit card balances. Life insurance helps cover these financial obligations and prevents your loved ones from being burdened with debt.

Income Replacement

Calculate the amount of income your family needs to maintain their standard of living if you are no longer around. Multiply your annual income by the number of years you would like to provide financial support to your dependents.

Education Expenses

If you have children, consider the cost of their education. Determine the funds necessary to cover their tuition fees, books, and other related expenses. Many people ensure their children can get through at least high school, but some people also plan for college.

Future Financial Goals

Think about your family’s long-term financial goals, such as retirement savings, starting a business, or paying for children’s weddings. Life insurance can help ensure that these plans can still be pursued even without your income.

Funeral and Final Expenses

The final thing to consider is the cost of your final expenses. Account for the costs associated with your funeral, burial, or cremation and any outstanding medical bills or legal fees. This ensures your family is not burdened with paying for those expenses.

We Can Help!

If you are looking to obtain life insurance in the greater Plainfield, IN area, Gill Insurance Agency can help you determine how much insurance you need and help you find the right policy. Call us today to learn more.

Whole or Term Life Insurance for Young Families?

Choosing between whole life insurance and term life insurance in Plainfield, IN can be tricky for young families. There are many aspects to consider before making the right choice for your particular situation. Here at Gill Insurance Agency, we understand this challenge and strive to help our clients make the best decision for them. To support you in making an informed decision, here’s a brief summary of what whole and term life insurance entails.

What is Whole Life Insurance?

When it comes to life insurance, whole life is permanent coverage that runs your entire lifespan provided you continue paying premiums. An aspect of this policy is the cash value component, meaning a portion of payments goes into an account that grows with time. You can access this money while still alive although this often results in higher premiums or a decreased death benefit.

What is Term Life Insurance?

Term life insurance is temporary life insurance that provides coverage for a set period, typically 10-30 years. If you die during the term of your policy, your beneficiaries will receive a death benefit. If you don’t die during the term, the policy will expire, and you will not receive any death benefit. Term life insurance generally has lower premiums than whole life insurance but does not have a cash value component. 

Which One is Right for Me?

The answer to this question depends on many factors, including age, health, financial situation, etc. If you’re healthy and looking for affordable coverage, term life insurance may be the best option. However, whole-life insurance may be better if you’re older or have health concerns. 

Contact Gill Insurance Agency today to discuss your insurance options in Plainfield, IN!

Why do you need to have a life insurance plan in Indiana?

People in the Plainfield, IN area need to make sure that they get the right insurance. For those that are in this part of the state, one form of coverage to obtain is life insurance. There are various reasons why the typical person here needs to carry a life insurance plan at all times. 

Why Life Insurance?

Provide Financial Support for Dependents

A great reason for people to have a life insurance plan is so they can provide financial support for their dependents. Those that are in the state of Indiana will want to ensure they always provide support and care for those that they care about. With a life insurance policy, you can help protect your dependent’s financial future. These plans can be curtailed to meet your needs in terms of length and the coverage amount. 

Alternative Investment Option

The use of life insurance as an investment is also a good idea. When you are looking for new life insurance, a whole life insurance policy can be a good option. With this form of life insurance, some of your payment will go into an account and build with interest over the years. This plan account can eventually be liquidated or used as collateral for a loan, which will make it a good addition to your personal investment plan. 

Give Us A Call

If you are in the Plainfield, IN area, it is important that you spend time assessing your insurance needs. A great form of coverage all people need to consider here is life insurance. When you are shopping for a new life insurance policy, the team with the Gill Insurance Agency is a good group to call. Gill Insurance Agency will take all necessary steps to ensure you build and choose a plan ideal for your situation. 

What If I Have Change In My Life Circumstances?

A change in your life circumstances doesn’t automatically mean you will lose your coverage. If your life circumstances change and you have an insurance policy in Plainfield, IN, Gill Insurance Agency provides the following guide on steps you can take.

Life Insurance: What You Need To Do

Inform Your Insurer and Review Your Policy

Whatever the change in your life is, if it affects the insurance policy you have, the first thing you should do is inform your insurer about it. They will likely give you directions on the way forward. This usually involves reviewing your policy, whether it’s homeowners, renters, auto, or life insurance coverage, to accommodate the change in your life. Here are some life changes that Gill Insurance Agency advises you to review your insurance policies.

Changes in Your Life That Require You to Review Your Homeowners Policy Are:

  • If you are doing home renovations or remodeling
  • When you are adding a new structure to your home
  • If you make a major purchase for stuff like art, electronics, furniture, and jewelry
  • When you start a home business

Life Changes That Mandate You Review Your Auto Insurance Are:

  • If you have some new/inexperienced driver in your house
  • When you buy or sell a car
  • When you move to a new location

Changes in Your Life That Require You to Review Your Life Insurance

  • If your family grows
  • When you move to a new location or remortgage your home
  • When you finish paying your mortgage faster than expected

What if You Lose Your Job and Can No Longer Afford Your Premiums?

If you lose your job and you can no longer afford your premiums, let your insurer know. Review your insurance policies to remove the coverages that you can live without. Although this would mean you have minimal coverage, your premiums will reduce significantly, and you will still have some insurance coverage. Keep in mind that most insurers don’t offer premium refunds if you cancel your policy, so it’s best to review it.

Contact Us Today

Contact Gill Insurance Agency for insurance info and deals in Plainfield, IN.

Life insurance for parents: 3 Reasons to buy a policy in Plainfield, IN

Gill Insurance Agency understands that life insurance isn’t only for you. It protects your entire family too.

For this reason, every member of your family needs their own policy. If a parent doesn’t already have life insurance, consider purchasing a plan. With their consent, life insurance can alleviate some of the stress, worry, and financial burden that comes with caring for an aging parent.

If you are still on the fence, Gill Insurance Agency can help. Their experts list three benefits of buying a life insurance policy for a parent.

Cover expenses and debts

Sadly, the last several years of a person’s life are typically expensive. And this is often unavoidable. Bills pile up quickly. Medical bills are the main concern. But existing mortgages, loans, and credit card debt also require attention. After a parent passes away, a life insurance policy can help pay any lingering debts that are left behind.

Pay for final arrangements

Funeral expenses are costly too. This burden often falls on the child of the deceased. A plan to provide a parent’s end-of-life directives is imperative. Life insurance plans can allocate enough money to execute these wishes. Burial or funeral insurance is created specifically for this reason.

Support a surviving parent

A parent passing away is tough. Caring for a surviving loved one can be even more difficult, especially if they need to relocate. Downsizing and moving requires added expenses, but a parent may also need an assisted living facility or in-home nursing care. Life insurance can help, ensuring an easier transition.

Ask an agent serving Plainfield, IN

You’ll likely have questions about what life insurance policy is right for your parents. Fortunately, Gill Insurance Agency has answers. Serving Plainfield, IN, they can create an individualized plan that protects both you and your family.

Common Life Insurance Questions Answered

At Gill Insurance Agency, our many Plainfield, IN customers regularly asks many questions about life insurance. That’s why we’ve compiled a list of the most common of these questions and provided meaningful answers.

Is Life Insurance Necessary?

Many people feel this kind of insurance is excessive or unnecessary. But ask yourself this question. Will your loved ones be okay financially if you pass away without a policy? If not, you need to buy life insurance right away to ensure that they can handle life financially after you. 

How Do I Choose a Beneficiary?

Pick someone who you can trust to use your life insurance money wisely. A spouse, a family member, children, or even friends can help to make this process easier. In essence, you need to pick someone you know will have your back and minimize any complications. 

Do I Have to Share My Health With Them?

Some companies may not ask you to share your health status with them before providing a policy. However, you may find that your payments are much higher than you wanted. Make sure that you fully understand this potential risk before you work with one of these teams. 

Should I Get Whole Life Insurance? 

Term life insurance is suitable for people who are likely to pass away before the term ends but must be renewed if you want continual coverage. Whole life is more expensive but will cover you until you pass without the need for renewal. The choice ultimately depends on your needs.

We Can Answer Your Questions

If you have more questions about high-quality life insurance, please make sure to contact us at Gill Insurance Agency right away. Our team works with Plainfield, IN residents to help understand their coverage needs and ensure that they are covered.

Who Needs Life Insurance in Plainfield, IN?

While the reality is that not everyone needs life insurance, it will be costly if you fail to invest in life insurance, yet you need it. If you are in Plainfield, IN, and wondering whether life insurance is an investment worth considering, here is a brief guide from Gill Insurance Agency to help you decide whether you need life insurance.

If you are young

Most people assume that if I am in my twenty-something, why do I need life insurance, yet I am single, and the chances of dying are low? It will be a mistake to think that you don’t need life insurance because you are young. In fact, it’s advisable to start life insurance while young because it’s cheaper. 

If you are in your 20s or early 30s, buying home insurance now will pay off in the long term. 

You have dependents

Do you have dependents that rely on your income? While you may not have children or a spouse, you could be having aging parents or siblings that depend on your income while alive. If you would like to safeguard the financial stability of your dependents even when you die, you need life insurance. This investment supplements your income when you are long gone, helping your dependents meet their financial obligations. 

You have debts

Assume you have a 30-year home mortgage? What would happen if you die in 15 years? Your loved ones will have to face the financial burden of the debt you leave behind. However, when you invest in life insurance, the proceeds can be used to pay off your debts.

You are in business

If you name your business partner as a death beneficiary, life insurance will help them navigate in your absence. 

Now that you have an idea about who needs life insurance, it’s time to purchase coverage from Gill Insurance Agency serving Plainfield, IN, and its environs. Please contact us today for a personalized quote.

When is the right time to buy life insurance

If you ask ten different people the right time to buy life insurance, you will get ten different answers. The perfect answer would be that the right time to buy life insurance is before you need it. Another good answer would be when the time is right for you. At Gill Insurance Agency in Plainfield, IN, we don’t believe in a one-size-fits-all approach to life insurance. We get to know our customers so that we can tailor their insurance to their particular needs. As independent agents, we can offer insurance products at better prices from some top carriers in the business.

When you can afford it

One of the best times to buy life insurance is when it is most affordable. That is when you are young and have good health. You can choose whole life, which provides protection for your entire life while earning dividends that increase its value and allow you to borrow against the value if you ever need to. 

When you need it most

When you have a family, you need life insurance to protect them if something happens to you. Having to live without your income would be a hardship for most families. If you have young children, your need increases even more. When you think about how much life insurance you might need at this point in your life, it may seem pretty overwhelming. Term life insurance has a set term of years it covers you, and it provides protection at the most reasonable price. If you have to replace 10 or more years of your income, it can be a considerable amount of life insurance. 

If you live in or near Plainfield, IN, Gill Insurance Agency is here to help you with all your life insurance needs. 

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