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Understanding Your Insurance Options: Life Insurance 101

Happy FamilyAn easy way to help ensure that final expenses are accounted for and your dependents are financially secure is to purchase life insurance, which will pay a set amount of money at the time of your death. This money can be used to settle debt and to help provide financial security for those dependent on you.

Choosing which type of life insurance is right for you will depend on what risk you are trying to protect against and how much you are willing to pay for the insurance.

Term Life Insurance: Perhaps the most basic and least expensive form of life insurance, term life provides protection for a specific period of time, such as to cover the same period of time as your mortgage, while children are in the home, or when children will be going off to college. Level term life offers premiums that are locked in during that time period, usually for 10, 15, 20 or 30 years, during
which premiums rates will remain level.

Permanent Life Insurance: Offers life-long protection but with higher premium rates than term life insurance. Permanent life insurance may have the option of earning dividends, although not guaranteed, that can be applied toward the premium.

Whole Life Insurance: Offers protection throughout your entire life as long as premiums are paid. This insurance includes death and living benefits by allowing loans or withdrawals against the value of the policy while still living. Any withdrawals or loans will be counted against the death benefit. Premiums remain level throughout the life of the policy, with rates usually higher than term insurance.

Universal Life Insurance: Provides permanent life insurance protection that pays the benefit amount if death occurs before the maturity date or pays the cash value (which accumulates through premiums paid over the life of the policy) if the insured is living at the maturity date. Premiums increase each year based on age.

ABE-sponsored Term Life Insurance*: ABE-sponsored 10- or 20-Year Level Term Life insurance plans offer a death benefit large enough to make a real difference to your family as well as competitive rates you can lock in for the next ten or twenty years.

Choosing the right life insurance plan is an important decision. Get the facts.ABE Personal Insurance Representatives are here to help you with your ABE-sponsored insurance needs. Call 800-621-8981 or click here for more information.

*ABE-Sponsored Term Life insurance is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Group Policy G-29104-0 (10-yr Term) and G-29168-0 (20-yr Term) on Policy Form GMR.


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Things to Know About Life Insurance

When you are young and “immortal”, you can never validate the need for a term life insurance plan. Besides the fact that your last hospital visit was likely the day you were born, or to get a cast after you bust your kneecap while riding a moped on your recent summer vacation, nothing drastic has happened to you for you to feel inclined to invest in a life insurance plan. Unfortunately, life happens… and with life comes the unexpected, so why not prepare for the unexpected?

Here are three things that you should know about life insurance:

  • The older you get, the more likely it is for your health to not be in the same shape as it was in your 20s or 30s. Therefore, you are encouraged to purchase when you are healthy, as older people and those not in the best health oft pay higher rates.
  • Younger people tend to rely on the life insurance provided by their employers to cover their insurance needs. However, this coverage is usually not enough to adequately meet your insurance needs. Further, group life insurance plans through your employer are not portable, which means you lose coverage in the event that you become unemployed.
  • It is okay for you to start out with a life insurance plan that is offered at a smaller amount, for example: the 5-Year Banded Term Life Plan. If you cannot afford all the insurance you need or would like to have right now, plans like this are always available.

If you were thinking of getting life insurance, but were unsure of its benefits and if there is a plan suitable enough to meet your current needs, give us a call at 1-800-621-8981 ext. 6419/6420 and we will be happy to discuss different life insurance plan options with you. Remember, life insurance is not the beginning of the end; rather, it is a start for a secured future.

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Children Need To Be Covered Too!

School is back in session! The new school year may mean several things for you as a parent depending on the age of your child. For parents with kids who started the first grade, this is likely an emotional time; for parents with pre-adolescent children, the new school year has likely brought great relief, as you no longer have to worry about babysitters and finding activities to keep your child occupied while you are at work.

Parents of college-bound students probably experienced something entirely different because their children, who were first graders one time ago and required babysitters at some point of their lives, are now adults; soon to be [financially] independent. However, that moment of complete financial independence has not arrived yet, which means, you still need to do whatever you can to make sure your child is taken care of and covered… and what better way to cover your child than to make sure he or she (and their property) is insured?

A common misconception among parents of college-age children is that their insurance policies will cover their children while at college; unfortunately, this is not always the case. Many homeowner policies will cover a student’s possessions in the event of theft, fire, and vandalism, but only if the student resides in a school-sponsored dorm.

For students residing in off-campus housing, coverage by existing homeowner policies is even more difficult. It is not too late for parents to obtain renters policies to cover their children’s belongings in the event that property is stolen or damaged due to fire, theft, or other unforeseen circumstances.

Although classes have resumed, you should still insure that your child is covered while in school and away from your watchful eyes. Be sure to visit our website to learn more about the various plans we offer that will provide you and your children coverage and peace of mind.

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Time is Money

Here at the American Bar Endowment, we understand that, as an attorney, every minute you spend not practicing law could have an impact on your practice – time is money! If you are are planning to apply for ABE-sponsored insurance and are unsure of which plan(s) would best meet your needs, use our Needs Assessment Tool, a six-question online feature that quickly determines the best insurance plan(s) for you based on the answers you provide. It is a simple, powerful resource if you are researching your ABE-sponsored insurance options that is available 24/7 for your convenience. If you need an in-depth explanation of the insurance plan(s) you select, or just have additional questions or concerns, feel free to  call one of our Personal Insurance Representatives who are available Monday through Friday from 8:15 AM to 4:30 PM CT. They always look forward to hearing from you!

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2010 is Almost Over; Where Did the Year Go?

Before you know it, 2010 will be a distant memory.  When it’s the holiday season, time seems to move more quickly than usual.  As the year winds down, it’s a good time to review your personal and financial goals, including your insurance coverage.  We’ll be sending out a personalized insurance plan summary to all ABE insureds in December.  Take a minute to review your ABE-sponsored insurance plans and the amount of coverage you have with each plan. Do you have the right plans and enough insurance to protect yourself and your family?  If you aren’t sure, just give me a call. I can help you review your current ABE-sponsored plans and provide information on adding to your current plans or updating the plans you have.

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Tax Planning Starts Today

‘Tis the season, and with it comes an opportunity to give to those in need.  Not only do charitable contributions warm the hearts of those to whom you give, but if you give before December 31, it’s also smart tax planning for 2010. Members participating in ABE-sponsored insurance plans who donate their share of available dividends to the ABE enjoy an easy way to give back to the good works of the legal profession.  These generous members don’t have to write any additional checks for their contribution and  are eligible for a charitable contribution deduction on their individual

income tax returns. Their contribution paperwork arrives in January at the same time as their other tax forms.  It is a win-win for ABE and you!!!

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Help Ensure That You’re Sufficiently Insured

It can be daunting trying to figure out which kinds of insurance you do and don’t need. So, last week (a site dedicated to providing unbiased financial education) published this chart that may help you decide when to consider insurance and what kind. Check it out and let us know what you think!

Need more information* on what types of insurance ABE sponsors that can meet your needs? Check out our online Needs Assessment.

*Information includes plan features, costs, eligibility, renewability,
limitations, exclusions and carrier identification.