Life insurance - Spencer Insurance Agency, Inc

Rachel’s Story

life-single-mom

 

My name is Rachel and I would really love to share my story with you in hopes that you will see the importance of Life Insurance, even at a time when you still think you are invincible.

I was 28 years old and got married in September of 1999. While on our honeymoon n St. Thomas my wisdom teeth became abscessed and I had just switched jobs so I was in between health insurance. You know I was 28, who cares about the 3 month waiting period. I didn’t need COBRA. So I bought some time with over the counter aids and then in October I woke up and my neck felt stiff, so I rubbed it and found a lump on the right side just below the ear. I went to my family doctor who said that it was a swollen lymph node to fight the inflamed wisdom teeth, but he sent me for a CAT scan just to be safe.

The CAT scan came back negative and as soon as January hit I had my teeth pulled and my doctor said it would take about 30 days for the lymph node to go back to normal. After 30 days it was still swollen. My doctor sent me to an Ears, nose and throat specialist who treated me for two months on antibiotics and when it had still not gone away and another lump showed up on the left side, he decided it was time to remove the “dead lymph node.”

So into surgery I went. The next day the doctor called and told me I had Stage 3 cancer. Long and short, I survived, but in the mean time my husband and I had bought a house and then after I got better decided to start a family. After 3 years we decided to adopt and that is when I found out at the age of 33 that I was going to have difficulty getting life insurance because of my past medical condition.

I filled out the paper work and told the truth when the questions about cancer came up and thank God the paper work I presented when we applied was all that was needed to proceed with the adoption because my daughter was born the next month. About a month after she was born I was denied life insurance after the company had received my medical history from my primary doctor. Thankfully for us, all the papers were filed with the courts so it did not affect our adoption of my daughter, Faith.

I tell you this story as detailed as I felt necessary because you can see that the time in between getting married and the time of my diagnoses, I could have applied and gotten life insurance. Then I would have had the life insurance I needed for an actual event, other than death, the adoption of my daughter. The adoption required that I have life insurance to be a Mother. I too was young and invincible, but now I am a 38 year old cancer survivor, waiting out the time limit of 10 years so I can get life insurance at an affordable rate, and at the amount that would actually benefit my family and not be turned down because I was High Risk.

So please, don’t view Life Insurance as morbid conversation at a young age. Realize that you have no idea what life has in store for you. Hopefully you will survive all that is thrown at you and come out with such a great reward as I did, my Life and my Daughter (my Angel). But for whatever the outcome may be: BE PREPARED!!!!!!

Thank you for listening to my story, God Bless you in your new life, and may you have nothing but happiness and health, and a piece of paper in your filing cabinet to take care of all you acquire and create!

Thank you Rachel for sharing your story with me.  For more information about Life insurance go to our website!  Call us at 215-885-2200 for a review of your life insurance needs.  Don’t wait until it is too late and you do not qualify for life insurance or cannot get life insurance.  Spread the word to your friends.

I invite you to tell me your story!  Share it here, thank you.

FAQ: Should I purchase the supplemental Life Insurance offered by my employer?

Life insurance awareness  month

Life insurance awareness month

September is Life Insurance Awareness Month. 

Soon many employers will have Open Enrollment for their benefit plans.  Most employees wait until it is too late to review choices.

If you are currently purchasing life insurance in a Employer Group Plan then pay attention.  You may be paying too much! Here is an answer to the question we frequently here from our clients.  Plan now as it takes about 4 to 6 weeks for a life insurance policy to be approved.  You may not time if you wait until Open Enrollment!

A: Most companies will hold their open enrollment period where an employee can change their group coverage. Many employers offer Group Life Insurance coverage and some of this coverage may be provided free as an employee benefit.  Many times you can purchase supplemental coverage and the cost will be deducted from your paycheck. Should I buy this additional coverage? There are pros and cons… 

Here are the pros:

  • Very convenient as the premium is deducted from your paycheck
  • Few medical questions are asked so it is easier to apply
  • No blood tests or other lab work is required
  • Many times the rates are blended with non-smoker rates making them lower for smokers
  • Many times the rates are unisex which will make male rates less expensive 

Here are the cons:

  • Group life rates are banded, based on rates that typically increase every 5 years
  • Group life rates are blended so if you are a healthy non-smoker you could get the same rate as a chain-smoking unhealthy person
  • The amount of life insurance you can purchase is limited and may not be sufficient for your needs
  • You may lose the coverage if you leave the employer
  • Rates can increase immediately if the employer chooses a new life insurance company

What should I do?

Contact us today at 215-885-2200 to review your life insurance needs and the cost of your employer’s life insurance coverage before your next open enrollment.  Most open enrollments happen in the fall so this is a great time to review that coverage.

Consider purchasing life insurance on your own for the following reasons:

  • You can lock into a rate for up to 30 years.  The cost of your employer group coverage changes based on age bands every 5 years. Your coverage may look inexpensive now but what will you be paying in 10 years?
  • You won’t lose your life insurance coverage if you get laid-off or change jobs
  • If you are a healthy non-smoker you may find less expensive rates
  • You will be able to purchase the amount you need

Go to our website http://spencerinsurance.com/insurance-quotes/life/  for more information and a free report “What you need to know about Life Insurance and How to Make sure the People You Intended to get your Life Insurance Benefits Actually Get the Benefits!”

Check it out before it is too late!

 

 

 

 

September is Life Insurance Awareness month!

We live for life’s wondrous moments whether it’s a baby’s first step, graduation, or retirement.  Life Insurance helps to ensure the life you’ve built for your loved ones won’t come to a halt if something were to happen to you.  It’s never too early or too late to consider all the things life insurance can do for your family.

Spencer Insurance Agency has many resources to help educate you on solutions to your life insurance needs.  Our agency wants to make sure you coordinate your life insurance planning with a financial planner, estate attorney, and us.

Part of our review of your life insurance needs is to make sure you have a will and that the will has been updated recently.  We want to make sure the people you want to receive your life insurance proceeds when you die actually get them.  I wrote a report on this subject called “What you need to know about Life Insurance. . . How to make sure the People You Intended to get your Life Insurance Benefits Actually Get the Benefits.

Many people ask “How Much Life Insurance do I need?  I will help have a discussion with you that includes four factors that will give you an answer to that question.

Another frequent question I hear is “Should I purchase supplemental Life Insurance offered by my employer?  There are pros and cons to purchasing your life insurance in a group plan.  Check out this article for the pros and cons.

Lastly, DO NOT PROCRASTINATE!  A friend of mine, Rachel, told me her story.  Read Rachel Story to see how waiting for the right time to buy life insurance can be devastating.  If you wait too long you may not be able to buy life insurance.

Call us today for a review of your life insurance needs.  Even if you have some life insurance call us at 215-885-2200 to make sure it is still performing the way it was set up to perform.

Confused about Long Term Care Insurance?

btn-sm-ltc

I am not surprised when I hear people say that Long Term Care Insurance is so confusing that they do nothing.

One of the problems is that too many agents make it confusing.  It is very simple.  Ask yourself “How much of my retirement assets do I want to protect form long term care expenses?”

We all buy homeowner’s insurance to protect our home from a fire.  Did you know the chance of a house fire is 1 in 300?  We all buy car insurance to protect us if we have an accident.  Did you know the chance of you having an auto accident is 1 in 30?

How many of us protect our retirement assets from long term care expenses?  Did you know the chance that you will need Long Term Care is 4 in 10! Yet most of us ignore the subject.

According to Genworth’s Compare the Cost Report, the state median cost of services in Pennsylvania for 2012 were:

  • Home maker services $44,616.
  • Home Health Aide $45,760.
  • Adult Day Care $14,300
  • Assisted Living Facility ( private, one bedroom) $39,015
  • Nursing home (semi private room) $91,652

For most of us the question we should be asking is “How am I going to pay for long term care expenses when I need them?”

There are many new options today.  Check out our website for more information on options available to you.

You should also check out our article “Can you be forced to pay Mom and Dad’s Nursing Home Bill?”

Check out our website for more valuable information on Long Term Care Insurance.  Then, give us a call at 215-885-2200 or email us at info@spencerinsurance.com for a review.  We will be glad to simplify Long Term Care Insurance.

Don’t forget to protect your family while you enjoy your summer activities!

life-family

One of our responsibilities at Spencer Insurance Agency is to make sure you have the proper protection so you can go out and enjoy what you like to do.

For example, many of our clients like to waterski, snorkel, scuba dive, Jet Ski, rock climb and ride motorcycles and ATV. You work hard so you should go out and enjoy yourself.

Some of these activities have special risks associated with them.  Make sure you protect your families so you can enjoy these activities.  These activities present a higher risk when purchasing life and disability insurance.  Let us help you make sure you are properly protected with life and disability insurance.

You should be thinking about reviewing your life insurance when you have a life changing event such as buying a home, getting married, having a baby, separating, downsizing, and retiring.  Our website has a section that gives you some tips on what you need to do when you have these life changing events.  Check it out!

Unfortunately, many of us wait until it is too late to purchase life and disability insurance.  A friend, Rachel was kind enough to share her story with us.  Check out Rachel’s Story.

Call us today at 215-885-2200 to review your life and disability insurance.  It could be critical to your family’s financial future.

 

Tax Deadline – Did you get a “Wake up Call?”

 

Tax return

Now that the tax deadline is here, all of us have either paid or extended our tax deadline.  Even if we extended the deadline we still paid what we estimated will be our tax.  So, I ask you, was doing your tax return a “Wake up Call?”

What do I mean by Wakeup call?  As you did your tax return you had an opportunity to review:

  • How much money you earned
  • How much money you spent
  • How much money you invested last year
  • How much money you have invested

So what does all this tell you?  Here are a couple questions to ask NOW:

  • What would happen to my family if I died and they did not have the income I earned this year?
  • What would happen to my family if I was disabled and could not work and I did not have my current income?
  • Am I on target to retire when I want to retire?
  • Would I bankrupt my retirement assets if I had long term care expenses?

So have I added to your stress?  I hope not.  A solution to financial stress is to take action:

  • Meet with a financial planner and discuss your retirement goals and evaluate where you are in reference to those goals
  • Meet with your insurance agent and review your life, disability, long term care, auto and home insurance
  • Meet with an attorney and draw up a will, power of attorney and medical directives
  • Review your budget to see where you can save money
  • Start tracking what you spend so you know where your money is going
  • Now that your accountant has some time to breathe, discuss your tax situation and see if any tax planning for this year would help you save on taxes

We are here to help you!  Take some action today.  Email us at info@spencerinsurance.com or call us at 215-885-2200 to get some answers to the questions above.  Taking some action now will help reduce your stress and put you back on the path to reach your goals.

Do you know how to get your annual Social Security Statement?

retirement crossroads

 

Many clients have asked me this question:  “In the past I received my Social Security statement by mail near my birthday. I have not received one recently, what happened?”

The U.S. Social Security Administration no longer mails the statements.  You can still get your statement annually by creating an online account on “My Social Security.” Visit www.socialsecurity.gov/myaccount and click where it says “Create an Account.”

To set up an account you need to be 18 years old and have a valid email address, social security number and U.S. mailing address.  When you set it up you will be asked for some personal information to verify your identity.

After you set up your account you will be able to get your Social Security Statement and can print or save the statement.  This statement is very valuable when planning your financial and life insurance needs.  It also tells you your options for your benefits at retirement, disability benefits, and your family survivor benefit.

If you have any questions call our office at 215-885-2200.  This statement is a valuable tool when reviewing your estate and retirement plans.  Let us know by commenting if you were successful in setting up your account.

 

Have you put off buying life insurance? Check out Rachel’s Story.

 

life-family

Life Insurance Awareness Month is coming to a close.

Before it does I wanted to share again with you a powerful story. If you have been procrastinating when it comes to the purchase of life insurance then you need to read “Rachel’s Story”.

This is not fiction, it is real!  I met Rachel through a networking group and she shared her story while we were discussing our businesses.  I asked her if she would put it in writing for me so I could share it.  I could never tell the story as well as her.  She shares the story so you won’t make the same mistake.

Please pass this story to someone you love who needs to purchase life insurance. With term life insurance rates being so low there is no excuse to not own life insurance.  Contact us now before you can’t buy it.  Remember, insurance is something you need to have before something happens!  Thank you Rachel for sharing your story.

Rachel’s Story:

My name is Rachel and I would really love to share my story with you in hopes that you will see the

importance of Life Insurance, even at a time when you still think you are invincible.

I was 28 years old and got married in September of 1999. While on our honeymoon n St. Thomas my

wisdom teeth became abscessed and I had just switched jobs so I was in between health insurance. You

know I was 28, who cares about the 3 month waiting period. I didn’t need COBRA. So I bought some

time with over the counter aids and then in October I woke up and my neck felt stiff, so I rubbed it and

found a lump on the right side just below the ear. I went to my family doctor who said that it was a

swollen lymph node to fight the inflamed wisdom teeth, but he sent me for a CAT scan just to be safe.

The CAT scan came back negative and as soon as January hit I had my teeth pulled and my doctor said it

would take about 30 days for the lymph node to go back to normal. After 30 days it was still swollen.

My doctor sent me to an Ears, nose and throat specialist who treated me for two months on antibiotics and

when it had still not gone away and another lump showed up on the left side, he decided it was time to

remove the “dead lymph node.”

So into surgery I went. The next day the doctor called and told me I had Stage 3 cancer. Long and short,

I survived, but in the mean time my husband and I had bought a house and then after I got better decided

to start a family. After 3 years we decided to adopt and that is when I found out at the age of 33 that I was

going to have difficulty getting life insurance because of my past medical condition.

I filled out the paper work and told the truth when the questions about cancer came up and thank God the

paper work I presented when we applied was all that was needed to proceed with the adoption because my

daughter was born the next month. About a month after she was born I was denied life insurance after the

company had received my medical history from my primary doctor. Thankfully for us, all the papers

were filed with the courts so it did not affect our adoption of my daughter, Faith.

I tell you this story as detailed as I felt necessary because you can see that the time in between getting

married and the time of my diagnoses, I could have applied and gotten life insurance. Then I would have

had the life insurance I needed for an actual event, other than death, the adoption of my daughter. The

adoption required that I have life insurance to be a Mother. I too was young and invincible, but now I am

a 38 year old cancer survivor, waiting out the time limit of 10 years so I can get life insurance at an

affordable rate, and at the amount that would actually benefit my family and not be turned down because I

was High Risk.

So please, don’t view Life Insurance as morbid conversation at a young age. Realize that you have no

idea what life has in store for you. Hopefully you will survive all that is thrown at you and come out with

such a great reward as I did, my Life and my Daughter (my Angel). But for whatever the outcome may

be:

BE PREPARED!!!!!!

Thank you for listening to my story, God Bless you in your new life, and may you have nothing but

happiness and health, and a piece of paper in your filing cabinet to take care of all you acquire and create!

Rachel

 

For more informaiton go to our website or call us at 215-885-2200.

The 7 Wonders of Life Insurance

life-family

We live for life’s wondrous moments whether it’s a baby’s first step, graduation or retirement.  Life Insurance helps to ensure the life you’ve built for your loved ones won’t come to a halt if something were to happen to you.

It’s never too early or too late to consider all the things life insurance and do for your family.

Life Insurance:

  1.  Buys Time – Loved ones can focus on their grief instead of worrying about how to pay for the funeral and other final expenses.
  2. Provides a fresh start – By helping to pay off credit card bills, outstanding loans and even the mortgage, life insurance starts your family members off with a clean slate.
  3. Generate Income – Surviving family members can continue to pay for life’s necessities for years to come
  4. Offers flexibility – Family members may take time off from work or transition to a more adaptable work schedule.
  5. Creates opportunities – Funds may be used to start a business or pay for schooling to train for a new career
  6. Funds for the Future – Loner-range goals, college education for the children or a comfortable retirement for a surviving spouse may be obtained with the insurance proceeds.
  7. Helps leave a legacy – Parents have the chance to leave future generations a legacy of long-term financial security.

Life insurance can be life changing.

Call us today at 215-885-2200 for a life review

Or check out our website

Share with us how life insurance has helped your family or someone you know. . .

Did you ever check what you are paying for your Group Supplemental Life Insurance?

life-familyIt may be too late. . .

Summertime is a great time to review your employer’s group benefits.

In October I get a lot of calls from my clients asking me to review their group supplemental life insurance.  They have received the packet of employee benefits for the following year and they need to make choices.  Typicaly you can add or remove benefits at this time. However, it may be too late.  Applying for life insurance may take up to 6 to 8 weeks.  By the time you apply for and are approved for life insurance your deadline for your open enrollment may have passed you by.  You are stuck for another year.  So get a review today.

Here is a summary of the pros and cons of purchasing Supplemental Life Insurance through your employer:

Here are the pros:

  • Very convenient as the premium is deducted from your paycheck
  • Few medical questions are asked so it is easier to apply
  • No blood tests or other lab work is required
  • Many times the rates are blended with non-smoker rates making them lower for smokers.
  • Many times the rates are unisex which will make male rates less expensive

Here are the cons:

  • Group life rates are banded based on rates and typically increase every 5 years.
  • Group life rates are blended so if you are a healthy non-smoker you could get the same rate as a chain smoking unhealthy person.
  • The amount of life insurance you can purchase is limited and may not be sufficient for your needs.
  • You may lose the coverage if you leave the employer
  • Rates can increase immediately if the employer chooses a new life insurance company.

What should I do?

Contact us today at 215-885-2200 to review your life insurance needs and the cost of your employer’s life insurance coverage before your next open enrollment.  Most open enrollments happen in the fall so this is a great time to review that coverage.

Consider purchasing life insurance on your own for the following reasons:

  • You can lock into a rate for up to 30 years.  The cost of your employer group coverage changes based on age bands every 5      years. Your coverage may look inexpensive now but what will you be paying in 10 years?
  • You won’t lose your life insurance coverage if you get laid off or change jobs.
  • If you are a healthy non-smoker you may find less expensive rates.
  • You will be able to purchase the amount you need.

Go to our website and click on the Life Insurance Tab for more information and a free report“What you need to know about Life Insurance and How to Make sure the People You Intended to get your Life Insurance Benefits Actually Get the Benefits!”

We have been very successful helping our clients save a lot of money on their life insurance coverage.  Contact us today so we have plenty of time to review your choices and see which way is the best for you.

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