Thinking About Purchasing Life Insurance?
If your answer is yes, you are on the right track. We are an independent agent representing many major life insurance carriers with decades of experience. Our goal as always is to provide you with high quality coverage at the lowest cost possible. We encourage you to read about our various plans available and look over a sample of some of the lowest term rates available in the industry. Life Insurance doesn’t have to cost a fortune! We provide a Buy Online Option for many of our carriers.
You may contact our Life & Health Specialist directly at (504) 441-RATE (7283) for assistance in finding the right policy to purchase at no obligation and free of charge. Life Insurance may be sold over the phone and on the internet, no office visit required!
Plan For The Unknown
Every day you make decisions, some that bear more impact than others. Maybe you’ve become a homeowner. Perhaps you are married or have a child. Now may be the time for you to decide how to protect your family and assets for the future.
Additional Factors To Consider As Life Changes
- Do you have a spouse or are you getting married?
- Do you have dependent children or are you going to have children or grandchildren?
- Did you recently purchase a home?
- Do you have mortgages or investment or commercial property?
- Do you have education funds?
- Do you have a sizable estate to cause estate taxes?
- Do you own a business?
- Do you have aging parents or relatives that depend on you for support?
- Do you have a retirement plan?
- Are your retirement savings enough to insure your spouse’s future against inflation?
Determining Your Coverage Needs
Most financial analysts recommend a life insurance benefit based on your total financial situation. According to the Life and Health Insurance Foundation for Education (Life, 2006), the amount should be based on at least two important numbers:
- The amount of money needed to pay your family’s immediate expenses (your funeral, estate settlement, inheritance taxes and others); and,
- The amount of monthly or annual income needed by your family to continue their present lifestyle.
To assist you with determining how much coverage you need, use our Online Life Insurance Coverage Calculator, or call a Dan Burghardt Life Insurance Specialist at (504) 441-7283 for personal advice on your indivudal situation and circumstances.
Quickly calculate how much life insurance you need. Use our New Online Life Insurance Coverage Calculator to determine how much you should carry. Just enter 6 simple numbers and click the "Calculate" button to obtain a detailed explanation of how much insurance your family may need to maintain their present lifestyle if you are no longer there to support them.
Types of Life Insurance
Term Life Insurance
Term Life Insurance is the least expensive kind of life insurance because it provides protection for only a limited amount of time. Terms are generally available for 1, 5, 10, 15, 20, 25, or 30 years. It pays only if you die during this time.
Depending on your age, most policies will allow you to continue your coverage for another term, at higher rates based on your age at renewal. Many policies can also be converted to some type of permanent life insurance, often without a medical exam, when the policy expires. Like a renewal, however, rates will be based on your age at the time you convert the policy.
Whole Life Insurance
A Whole Life Policy is commonly called "permanent insurance" because the coverage continues until you attain a set age at the same monthly or yearly cost for the life of the policy. Most whole life insurance builds cash value at a guaranteed rate. Depending on the company and policy purchased, this cash value may be refunded to you at retirement, you may be able to borrow against it if you have an unexpected need, or you might even be able to use this cash reserve to pay the premium on the policy because you are unemployed or some other reason.
Universal Life Insurance
Universal Life Insurance is also considered to be "permanent insurance" and also builds a cash value over time, just like Whole Life Insurance. The two policy types differ in two important ways.
The first difference is that Universal Life Insurance allows you to increase or decrease your premium and death benefit at various stages in your life, while a Whole Life policy does not. How can they do this?
The second main difference between the two is that the cash buid-up in Universal Life policies is not based on a fixed interest rate like Whole Life, though most Universal Life policies do pay a minimum guaranteed rate of return. Instead, the interest rate paid is adjusted at pre-set times to a new rate based on the interest rates being paid on certain financial transactions at the time of the adjustment. Because of the uncertainty of future interest rates these policies tend to pay a much lower guarateed rate than Whole Life Insurance, but if the interest paid is greater than a certain rate the added return can be used to pay up future premiums or increase your amount of insurance!
This flexibility in the death benefit and premium can be used to fit anyone's budget. But, without the right formula and careful planning, the policy could lapse if interest rates do not increase, or if they decrease over time. If this happens, additional premium may be required to avoid policy cancelation.
Variable Life Insurance
Variable Life Insurance has a death benefit and cash value that varies with the performance of a set of investments that you select. Neither the death benefit nor the cash value are guaranteed. They can go down as well as up. Many policies do have a guaranteed minimum death benefit. Generally, this type of insurance is right for those who have a better than average understanding of investments and financial planning.
Variable Universal Life Insurance
Variable Universal Life Insurance combines the premium and death benefit flexibility of a Universal Life Policy with the investment flexibility and greater risk of Variable Life Insurance. This type of policy is only for those with a highly sophisticated understanding of both life insurance and investments, or those who have trusted professional personal financial advisors.
How Do I Choose A Plan?
1. The first thing you should do is decide how much coverage you need, because the amount of insurance is one of the biggest factors in the cost, and just as important, getting this right will guarantee the financial success of your loved ones if the unthinkable should occur.
2. Next, based on your age, overall financial situation, stage of life (newly married, parent of young children or teenagers, empty nester, etc.), and the exact needs you expect your policy to handle, you must choose the type of life insurance policy you want to purchase. We strongly recommend that you consult a licensed Life Insurance Agent to discuss this decision. Dan Burghardt Insurance has Professional Life Insurance Specialists eager to assist you with this and any other aspect of this process. Just call (504) 441-RATE (7283) for immediate assistance with evaluating the various plans available.
3. Of course, another very important factor in your choice is your budget. Life insurance, by its very nature, is a long term committment, so affordability now and in the future is a critical part of your decision if you expect to have the necessary coverage when your loved ones need it most. As you obtain prices, budget concerns may cause you to alter your choices of coverage amount, policy type, and preferred company.
4. Which brings us to the last major factor to consider when shopping for life insurance. As we said above, life insurance is a long term decision. The last thing you want is to get all of the above right, only to have your family find out too late that the company they have depended on to be there in their time of need is unable to pay their claim, or that the company has gone out of business AFTER you have become sick or injured, and uninsurable. Checking the current and, just as important, past and expected future financial stability of the company you choose could be the most important factor in your decision.
Dan Burghardt Insurance represents over 10 A+ Rated life insurance companies. This gives us the unparalleled ability to shop for the best policies at the lowest rates with some of the biggest and most stable companies in the market, including ING, Genworth, MetLife, Prudential, Jackson National, Equitable, North American, West Coast Life, and many more. You can be sure that we and our companies will be there when you need us most!
What If I Have A Health Condition?
We focus on considering your overall health management so we can offer you the best rate you deserve. Regardless of your current health, weight or age, or whether you are taking prescription medication for conditions such as blood pressure, diabetes, thyroid, stomach disorders, depression, heart condition, and many others, we can find you the best price available that will fit your budget.
Plus, with our skilled underwriting approach, we are able to determine underwriting classifications on a case-by-case situation, which is important because the classification you receive will determine your premium.
- What Other Features Are Available?
- Accidental Death Benefit – Pays an additional face amount if death results from an accident.
- Accelerated Death Benefit – This benefit allows you under certain circumstances to receive the proceeds of your life insurance policy before you die, such as terminal or catastrophic illness or the need for long-term care or confinement to a nursing home.
- Child Rider – Certain policies will allow children to be added from birth to age 24 if still single and dependent.
- Critical Illness Rider – See Accelerated Death Benefit.
- Conversion Privilege – The guaranteed ability to convert a term policy to a permanent policy at any time during the duration of the term. No evidence of insurability is required. This option is included automatically on some policies, but not all. Check with your agent.
- Guarantee Issue Rider – Guarantees the future issue of additional life insurance with no evidence of insurability. You are insuring your future insurability.
- Spouse Rider – Certain policies will allow your spouse to be added as a term rider for 10, 15, 20, 25, or 30 years.
- Waiver Premium – If you become totally disabled for a specific period of time (usually 6 months or more) you do not have to pay premiums for the duration of the disability.
When Is It Too Late To Buy Life Insurance?
We can offer three options, Guaranteed Express Issue, Premier Issue, and Five (5) Year Term available until age 80. It’s never too late to buy life insurance, however, as we grow older rates increase with every birthday, because it becomes not a question of “If you die, but When you die”.
We are currently able to offer a minimum of $10,000 and a maximum of $250,000 face value to age 80.
What Are The Business Uses Of Life Insurance?
- To fund a Buy/Sell Agreement - This agreement is used when there are partners in a business, who in an event of the death of a partner, use the proceeds of a life insurance policy to buy out the surviving heirs of the deceased partner, whether it be one, two, or more partners involved in the ownership.
- Key Person Insurance - When a key person whose contribution to the success of a business in the form of his skills, abilities, leadership qualities and other attributes would be devastating in the event of his death. A Key Person policy would be payable to the business to replace the revenue interruption until another person could be found, if possible, to replace him or her.
- Deferred Compensation - An arrangement in which a portion of an employee’s income is paid out at a date after which that income is actually earned. Examples of Deferred Compensation include pensions, retirement plans, and stock options. The primary benefit of most Deferred Compensation is the deferral of tax.
The Top 10 Reasons To Purchase $100,000 Immediately!
- Today you are insurable, tomorrow is always uncertain;
- If you had a goose that laid golden eggs, what would you insure, the goose or the golden eggs?…We insure our cars, homes, boats, motorcycles, and appliances, etc. but do we properly insure ourselves?
- You are seconds from eternity many times a day, so act now;
- Today’s lifestyle induces spending not saving, so use life insurance to create a nest egg for the future and emergencies;
- Act now…your premium is based on age and good health, so the sooner you start, the lower the premium;
- You are your family’s money making machine, without you they have no income;
- At retirement, you will need this insurance; You can use this insurance to offset inflation and to increase your monthly income over social security;
- You will be providing immediate security for those you love and for whom you provide, especially paying off mortgages and debts;
- This purchase reflects character, a mark of success and borrowing power from a bank;
- With this purchase you will stand taller showing great self-respect and admiration.
Low Cost Term Life Insurance
Universal Life Insurance
Whole Life Insurance
Final Expense/Burial Insurance
Mortgage Life Insurance
Head Start for Children
Guaranteed/Simplified Issue Life Insurance
Cash Value Policies
Single Premium Universal Life Insurance
Education/College Fund Accounts
Why Buy Life Insurance From Dan Burghardt Insurance?
Where can you get instant insurance quotes, both online and over the phone, from many leading A+ rated companies at very competitive rates? Dan Burghardt shops dozens of insurance companies to satisfy your needs and budget and we can usually make your insurance protection effective in just a few days.
Why have multiple agents handling your insurance needs, when you can have one agent handle it all? For professionalism, commitment, integrity, and stability: Think Dan Burghardt.
Want More Information On Life Insurance?
The Louisiana Consumer Guide to Life Insurance is a very informative resource on all types and issues about life insurance for Louisiana residents.
To obtain more information about any of our products, please call us at (504) 441-RATE (7283) or get a quote online!