Category: Life Insurance

Discussing life insurance can sometimes feel awkward and melancholy. People naturally avoid contemplating mortality, but preparing for inevitable life challenges requires honest discussions. At Pethel Insurance Group, serving Kannapolis, NC, and the surrounding areas, we aim to assist families in navigating these challenging topics. The following are several tips for facilitating these difficult discussions.

Properly Prepare Family Members For the Conversation

Most people are uncomfortable when unwittingly thrust into intense discussions, particularly concerning subjects that they already find disconcerting. It’s important to notify your family members ahead of time about the significance of this topic to you and schedule a time for a collective discussion.

Be Gentle

If you have a family member who is particularly sensitive to discussions about death or dying, you should approach this conversation with extra care. Explain the necessity of these tough topics, emphasizing that avoiding further pain following a loss is important.

Explain How Insurance Helps

It’s also crucial to elucidate how insurance can provide relief during the distressing time of losing a loved one. It helps cover final expenses, ensuring the deceased obtains their preferred final arrangements. Furthermore, insurance ensures that the remaining family members are financially cared for without the deceased’s income.

If you’d like to learn more about life insurance, contact Pethel Insurance Group, serving Kannapolis, NC, and the surrounding regions. We’re here and ready to answer your questions.

We believe life insurance is appropriate for every child at the Pethel Insurance Group, serving Kannapolis, NC, and all of Cabarrus and Rowan counties. There is no more horrible experience for any parent than losing a child. Making sure you have enough life insurance can cover final expenses and give you the resources for taking some time off to mourn the loss of your child. And even if you raise your child to a happy and healthy adulthood, as most of our customers do, insuring your kids has some other advantages.

Buying Life Insurance Now Locks In Rates

When a child turns 21, the ownership of their life insurance policy transfers from the parents to the child. Coverage that starts when the insured is a child generally continues at the same monthly, quarterly, or annual rates when they are adults. These rates are locked in even if they develop medical conditions that make them hard to insure.

Whole Life Insurance Grows in Value

Buying a whole life policy for your child gives them a source of ready cash they can access through loans later on. Your child’s credit rating doesn’t limit these loans. 

Depending on the policy you choose, whole life can insure your child’s life until they turn 65 or even 100. There are whole-life policies that are paid in full after a stated number of years, available to be cashed out or paid on death, as needed.

High-Income Parents Can Use Whole Life to Transfer Money to Their Children Tax-Free

At Pethel Insurance Group, we can advise high-income parents on how to use whole life insurance to transfer wealth to their children while legally avoiding North Carolina and federal gift and income taxes. For wealthy families, this is a powerful incentive to maximize their investments in life insurance for their children.

Pethel Insurance Group is convenient to families in and around Kannapolis, NC. Call us to make an appointment to discuss all of your life insurance needs.

Life insurance is more than just a safety net for your loved ones. It can be a valuable tool to help you achieve your financial aspirations. At Pethel Insurance Group, serving the greater Kannapolis, NC region, we want to help you learn more about the products we offer.

Here are some of the ways life insurance goes beyond income replacement:

Building Cash Value

Certain types of life insurance, like whole life or universal life, accumulate cash value over time. This cash value grows tax-deferred and can be accessed through loans or withdrawals. This could provide you with a source of funds for major expenses, such as buying a home or funding education, while still ensuring your family’s financial security.

Estate Planning Advantage

Life insurance can play a pivotal role in estate planning. It can help cover estate taxes, ensuring that your heirs aren’t burdened with a hefty tax bill. By designating beneficiaries and setting up a trust, you can ensure a smooth transfer of assets to the next generation, safeguarding your legacy.

Supplementing Retirement Income

As you approach retirement, life insurance can serve as a supplementary income stream. Some policies offer annuity options, providing a steady income during your retirement years. This can be especially beneficial if you’ve maxed out contributions to other retirement accounts.

Schedule A Consultation Today!

Life insurance isn’t just a precautionary measure; it’s a versatile tool that can align with your financial goals. From building cash value to enhancing estate planning and even supplementing retirement income, life insurance offers a range of benefits beyond income replacement. If you’re ready to begin the search for the best life insurance for your needs in Kannapolis, NC, let Pethel Insurance Group assist you. Call us today to obtain a free estimate.

When you know that you need life insurance to help your loved ones after you’re gone, it’s a good idea to know about the two main types so that you can choose the right type of policy for you. Each type has its own pros and cons, and both work very differently from each other. When you need life insurance, you can call us at Pethel Insurance Group in Kannapolis, NC to find out more.

The Two Main Types of Life Insurance

Whole Life Insurance Policies

Whole life is named the way it is because it offers protection for your whole life. The coverage never expires, and it covers you even in your older years. This type of policy pays a death benefit upon the death of the policyholder, but it also has another benefit.

During the policyholder’s lifetime, the whole life policy will build up a value over time which is its cash value. This is an amount that the policyholder can borrow just in case they should ever need to. This is paid back as any other loan. It can help families that have a financial emergency and need that help to get out of it. 

Term Life Insurance Policies

These life insurance policies have an expiration date that allows the policy to stay in place for a certain number of years. After that term has ended, the policy expires, and you will need to get a brand new policy to cover you.

There is also no cash value that builds up on these policies. However, they cost much less than whole life policies. This low price allows a lot of people to fit life insurance into their budgets that wouldn’t be able to otherwise.

Get Life Insurance Coverage

When you need to get a life insurance policy, call us at Pethel Insurance Group in Kannapolis, NC. 

Families who live in the greater Kannapolis, NC area rely on the team at Pethel Insurance Group for all of their life insurance needs. If you are unsure about what type of life insurance, and what amount, is right for your family, we can help. Our team is here to answer any questions that you may have about life insurance. Give us a call or stop by our office today.

Do you need help finding the right life insurance for your family?

Choosing the right type of life insurance for your family may feel like a difficult decision. And, because everyone’s situation and needs are different, you may not know where to turn for advice.

One of the best ways to determine the right type and amount of life insurance that is right for your family is to sit down with a local agent. This allows them to form a clearer picture of your family’s future needs. Life insurance is especially important for families with young children, but the need for life insurance doesn’t end when those children turn 18.

Take the time to calculate your life insurance needs and take one step closer to providing your family with the protection it needs. There are many different life insurance options available. One is sure to be right for you!

Get in touch with us today!

Pethel Insurance Group is here to serve the insurance needs of the greater Kannapolis, NC area community. We can help you determine which type of policy is right for your family, and also provide information on what the appropriate level of protection may be. We are here to help! Call or stop by our office today to learn more about the life insurance options that are available in our area. 

At Pethel Insurance Group in Kannapolis, NC, we are independent insurance agents who have been helping our customers to find the right coverage for more than 15 years. We are family-owned, and we will work hard for you to get the right policy at a price you can live with. Life insurance is not a type of insurance where everyone’s needs are the same. Your needs are personal and getting to know you is part of the process. 

Is term life insurance right for me?

Term life insurance offers coverage for a certain number of years. What you are paying for is a death benefit. If you are alive at the end of the term, the insurance ends and there is no longer a benefit. It is the perfect type of insurance when you require a large amount of coverage for a certain number of years. It is affordable and provides peace of mind that your dependents will be taken care of in the event you die. 

Do I need life insurance if I get some from work? 

Do you know exactly how much life insurance your employer provides? Is it enough to provide for your dependents in the event you pass away? Can you keep the policy if your employment is terminated either by you or your employer? Having your own life insurance is always a good idea. Consider employer-provided insurance a nice supplement to the coverage you already have. 

When should I review my life insurance coverage? 

Life is not static, it changes over the years and, like so many things, you need to take a good look at your coverage when any of these events happen:

• When you change jobs
• When you buy a home
• When you get married
• When you have children
• When you retire

Contact Pethel Insurance Group in Kannapolis, NC to discuss your life insurance coverage.