universal life insurance - Spencer Insurance Agency, Inc

Are you prepared?

          LIfe Insurance and Disability Insurance. Get protected

We meet with many clients and prospective clients to discuss their life insurance needs. One common thread is the lack of any estate planning.  Most people equate estate planning with the wealthy.

Yes, the wealthy need estate planning but don’t be fooled, so do the rest of us.  What is Estate planning?  It can be very simply having an updated will, advanced medical directive and power of attorney.

Why do you need estate planning?

  • Your children are getting older and moving out on their own. You are downsizing and preparing for retirement. Your estate planning documents are probably outdated. You need to meet with an estate attorney and update your documents
  • You have young children and life insurance. You don’t have a will or the will was done before you had any children. You need to update the will so you can update the guardian of your children, decide who will be the trustee of the life insurance proceeds, and make plans for a special needs child among other things. Without an updated will the courts will need to get involved to protect the children.  You need an updated will to make sure your wishes are followed in the event of you premature death.
  • You are separated, divorced or remarried. You need to make sure your will is updated to match your current situation. When a couple divorces there are many issues with their children that need to be addressed.  Life insurance beneficiaries need to be discussed to protect your children.

We am not an attorney or do I give legal advice.  We do work with many estate attorneys so if you need a referral to one I can help you out.  But, reviewing life insurance policies we see many things that make me cringe like naming minor children beneficiaries, naming a brother or friend who will be your children’s guardian the beneficiary of your life insurance proceeds and trusting caregivers to manage the large insurance proceeds.  Caregivers may be great with helping to raise your children but they may not be the best managing money.  You need to have these discussions with an estate attorney and you need to meet with us to review your life insurance.

Why you need a life insurance review:

  • Your life insurance agent may not have met with you in a long time and may not even be in the business now.
  • Do you have the proper type and amount of life insurance for your needs now?
  • Are your beneficiaries listed now proper for your situation today? You may still have an outdated beneficiary.
  • Did you update all your life insurance policies including your employer paid life insurance and retirement plan beneficiaries?


Contact us today for a life insurance review even if we are not your current life insurance agent.

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


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.


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



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



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!



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

I am preparing for retirement and downsizing. How does that affect my insurance?


This is the time of year we start looking ahead and planning for the future.  We make resolutions and set goals.

There are many items you need to evaluate as your prepare for retirement.  You need to review your auto and homeowner’s insurance to make sure you are taking advantage of all discounts and carry the proper coverage.

You need to review your life insurance, will, and Long Term Care needs.  For more detailed information on Downsizing and Preparing for Retirement

There you will find our report on Downsizing/Preparing for Retirement.  Call us to arrange for a review of your insurance.

Your home is insured for its replacement cost, are you?

When we are discussing homeowner’s insurance we talk about the replacement cost of your home.  The replacement cost of your home is the amount of money you will need to rebuild your home if it was totally destroyed.  You insure it for that amount because you don’t want to lose one of your largest assets, your home.

Can you answer this question?  What is your Replacement Cost?  No, not your home’s replacement cost but YOUR replacement cost.  What will it take to replace your income if you die or become disabled?

The chance of a house fire is 2 in 100.  The chance that you will become disabled is 12 in 200.  The chance of you needing assisted living is one in two and the chance that you will die is 100%.

 Think about that: We all insure our homes for replacement value, but do you insure yourself for your replacement value?  You buy medical insurance so your doctor and hospital get paid if you are sick or injured.  Do you buy insurance so your family will continue to receive your income if you are sick, injured, or deceased?

Your future income is your family’s largest asset.  But most often people insure it for just a fraction of its true value or not at all.  We can sit down with you and do a simple review of your replacement value.  Make sure your family is properly protected.

Don’t wait! Don’t ask yourself “How much Life Insurance do I need now?  Remember the death rate is still 100 %.  It is not a matter of “If” I will die, but “When” I will die!  Ask yourself “When I die how will my family survive without my income?”  Then call us so we can sit down and see how much life insurance your family needs you to have when you die.

Even if you have some life insurance, let us review it with you.  We may find out that the beneficiary is not the person you intended or that you can purchase more protection for the price you are paying now.

Make this commitment to your family, “I will review my life insurance needs NOW!”  Nobody wants to buy life insurance, but most of us want our families to continue to receive our income if we die. Call us today so we can make that happen. Or contact us through our website.

What is keeping you from getting Life Insurance?

Facts from LIMRA:

  • Three in ten American households are uninsured and half say they need more insurance.
  • More than half of Gen X and Y households need more life insurance.
  • One-third of wives own no life insurance at all – despite the fact that 7 in 10 households are dual-income households and nearly 30 percent of wives earn more than their husbands.


Why should I review my life insurance policies?

  • You quit smoking.
  • You heath has improved.
  • You recently married, had a child, bought a house, divorced, downsized or are considering retirement.
  • You have a partner or a key employee in your business.
  • You have coverage through your employer


Are you relying on the life insurance that your employer provides?

Note: Open enrollment for most employers is happening soon.  Contact us now as it can take 6 to 8 weeks for your life insurance to be approved.  Compare and apply now before you need to commit to your employer’s plan for another year!

  • If you are having premiums deducted from your paycheck for life insurance provided by an employer give us a call to review the cost of that policy
    • You will find the rates change, usually every 5 years, and can become very expensive as you age.
    • Many times we can provide you the same coverage for less than you are spending now or provide more coverage for the same amount you are spending now.
    • Major problems with employer coverage
      • Price increases as you age
      • Not portable, meaning if you change jobs you may lose your life insurance.  What happens if your health has changed and  can’t get life insurance or purchasing life insurance on your own is now very expensive?


Solution: Call us for a review of your life insurance needs. Today’s economy has demonstrated how precarious a family’s finances can be.  Think how tough it will be for your family if they lose your income!  Don’t procrastinate; we all think we are invincible.  Go to our website and read Rachel’s story.  Her story which she was so kind to share with me will demonstrate why you can’t wait.  Check out our website for more information about Life Insurance.

When was the last time you reviewed your life insurance?

Sadly, many times the response I receive to this question is never.  Most people think or inquire about life insurance when they get married, have a baby or get a mortgage, but few people ever review their life insurance to make sure it is still the proper protection.

My daughter Patty and her husband Josh purchased life insurance after they bought their first home about two years ago.  This May, Patty and Josh will make Tammy and I grandparents for the first time.  We are very excited!  Of course, being her father and an insurance agent, I wanted to make sure they had the proper protection so I suggested we do a review of their life insurance (Okay, maybe it was more than a suggestion).  They need to think about the cost of child care, education, and other expenses related to raising a child.

So I ask. . . When was the last time you reviewed your life insurance?

Here are reasons you need to review your life insurance:

  • You refinanced your mortgage, possibly for another 30 years
  •  You had a second or third child
  • You are recently divorced
  • You have children from two marriages
  • You have a special needs child
  • You purchased or started a business
  • You have a Key Person in your business whose death would financially impact your business
  • You will need to buy out a partner if he or she dies
  • You have downsized and don’t need as much term life insurance but still need some coverage
  • Your health has improved
  • You no longer smoke or use tobacco products

These are just a few reasons to review your life insurance.  For our Special Report on Life Insurance, go to our website at www.spencerinsurance.com and click on the resources tab. Give us a call today at 215-885-2200 for a life insurance review.  At Spencer Insurance “Your Protection and Peace of Mind is our only Business.”


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