London’s Amicable Society, founded in 1706, is recognized as the world’s first life insurance company. Their early endeavors were, however, more akin to investment schemes than modern insurance, as policies lacked actuarial principles and relied heavily on social connections. Knowing the evolution of life insurance brings a better understanding of how it works today for our area of Collierville, TN.  

Actuarial Science and Mathematical Foundations

Later, in the 19th century, we witnessed a transformative period for life insurance with the incorporation of actuarial science. Mathematical principles introduce the assessment of risk and calculation of premiums. This era laid the foundation for the actuarial tables integral to modern life insurance underwriting.

Evolution of Policies and Regulatory Frameworks

As the industry matured, various policy types emerged, such as whole life, term life, and endowment policies. Governments recognized the need for regulatory oversight, leading to the establishment of insurance commissions to safeguard policyholders. This regulatory framework provided a stable environment for the industry’s growth.

Globalization and Technological Advancements

In the 20th century, life insurance became a global phenomenon. Advancements in technology-facilitated more efficient underwriting processes and enhanced customer experiences. The industry embraced innovations like online applications and data analytics, streamlining operations and broadening access.

Today’s Life Insurance: A Dynamic Landscape

The historical evolution of life insurance showcases a dynamic journey from communal support systems to a sophisticated, global industry. Rooted in ancient practices, life insurance has adapted and thrived, becoming an indispensable aspect of modern financial planning. It remains the number one financial stability for those left behind after the death of a loved one. 

How Brock and Poole Insurance Agency Can Help You

At Brock and Poole Insurance Agency, we can help answer questions concerning life insurance. We serve the Collierville, TN area. Contact us today.   

Often, life insurance policies are overlooked by those who don’t have many assets or a family or are on the younger side of life. But life insurance is a must for anyone of any age or financial situation. At the Brock and Poole Insurance Agency, we understand how overwhelming the process of contemplating and purchasing a life insurance policy can be. We work with Collierville, TN residents to find the right policy for each situation. Below is a brief overview of why you need life insurance.

The Benefits of Having a Life Insurance Policy at Any Age

Chances are, you have bills to pay and a group of loved ones that will be left paying them upon your passing. Or maybe you’re your household’s primary or sole earner with dependents looking to you to provide the essentials. Whatever your situation may be, it’s unlikely that you want to leave those you care about with additional, unnecessary stress during an already difficult time. This is where life insurance steps in.

When you purchase a life insurance policy, whether a term-life or whole-life plan, you secure the future of those you’ll leave behind. A life insurance policy ensures that no matter your age or the expenses you’ve accrued, your loved ones will have the peace of mind that comes with financial stability.

Find the Right Policy for You at the Brock and Poole Insurance Agency

As you can see, life insurance is an invaluable resource for those we leave behind. If you live in Collierville, TN, and want to purchase a policy, contact us today! We can take the stress and leg work out of shopping for insurance by presenting you with the policies that best match your needs. Reach out to learn more!

Hybrid life insurance is a combination of whole and term policies. You subscribe for a certain period like the latter policy. Yet, you can also cash out accrued assets, similar to whole life insurance. 

Who Uses Hybrid Policies?

Generally, a hybrid policy is helpful to older adults in the Collierville, TN area. It contains a long-term care rider to help cover the costs of daily support or assisted living centers. Further, hybrid insurance offers shorter terms. 

Why do you Need Assisted Living Assistance?

According to the subject matter experts at the Brock and Poole Insurance Agency, the average annual cost of assisted living center residency is over $100,000. Term life insurance doesn’t cover these fees. For some, the only way to handle the costs is to convert their policies into long-term care benefit plans. 

You don’t have to do this with a hybrid life insurance policy. Long-term care is built into the program, along with preventive medical care. 

Payments and Death Benefits

Like a whole life policy, insured individuals can cash out accrued investments to handle long-term care issues. In doing so, they reduce its death benefits. In other words, adjustments are made to the amount of burial and debt payments. Thus, policyholders should carefully consider what assets they want to remove from the insurance program. 

For some Collierville, TN residents, hybrid life insurance might be a confusing concept. Therefore, they shouldn’t purchase a policy without a firm understanding of its benefits. Those with questions should reach out to insurance firms with extensive knowledge of life insurance programs—for example, contact the Brock and Poole Insurance Agency representatives for answers to your questions. 

As people live longer and longer, it’s not uncommon for someone to outlive their life insurance policy. So what happens if this happens to you? 

First, it’s essential to understand that certain life insurance policies have a finite period. So, if you purchase a policy at Brock and Poole Insurance Agency in Collierville, TN when you’re 30, the policy will most likely expire when you reach age 95 or 100. Of course, this also depends on the type of policy you have. 

If you outlive your life insurance policy, the insurer Brock and Poole Insurance Agency will no longer have to pay out a death benefit to your beneficiaries. However, you will still be responsible for paying the premiums. So, if you can’t afford to pay the premiums, you may have to cancel the policy. 

Some life insurance policies have a "cash value" component. This means that a portion of your premiums goes into a savings account you can access while alive. So, if you outlive your policy, you can still access the cash value at Brock and Poole Insurance Agency.

You can also consider purchasing a whole life policy. Whole life policies don’t expire but have much higher premiums. 

Finally, you can purchase a larger policy. This will obviously increase your premiums but will also give you a larger death benefit. 

If you have any questions about your life insurance policy at Brock and Poole Insurance Agency or are concerned about outliving it, be sure to contact your insurance agent. They can help you understand your policy and ensure you have the coverage you need.

With so many different options to choose from, the world of insurance can be tricky to navigate. Brock and Poole Insurance Agency, which serves Collierville, TN, understand that you might not know if you should buy a life insurance policy.

Who exactly is life insurance for? While buying a policy is a personal decision and not a requirement in Tennessee, you will find many reasons to consider life insurance.

Understanding Life Insurance

If you have no experience with life insurance, you first need to know what benefit it can offer. When you pay for life insurance, you pay a premium in exchange for the insurer to pay a death benefit to the individuals you specify in your contract if you pass away. Often, the beneficiary is a spouse, child, or parent.

When Is Buying Life Insurance a Good Idea?

In some instances, buying life insurance is a good idea. For example, you might have a lot of debt you could potentially pass on to your loved ones because they are joint account holders or loan co-signers. You should also consider buying a policy if there are people in your family, like a spouse, disabled relative, or minor child, who rely on your income. Finally, you might consider life insurance if you are a business owner and know that you have employees or partners who rely on you.

When Should You Get Life Insurance?

Every type of policy is different, so it is always smart to consult with an insurance agent before you buy a policy. Younger people may not think they need life insurance, but policies are often more flexible for younger people, so now may be the right time to begin your search.

Are you looking for a life insurance policy? If you live in Collierville, TN, check out Brock and Poole Insurance Agency for more information.

Death and taxes are commonly considered the only definite aspects of life. It is best to be prepared for both. Taxes in Collierville, TN are sometimes unpredictable. You can, however, ensure that your family is ready for the inevitable by purchasing a life insurance plan from Brock and Poole Insurance Agency. 

What is life insurance?

Life insurance is an indemnity plan that financially secures your final expenses and, depending on your policy, other costs related to the continued stability of your family unit. Many individuals who serve as the breadwinners of their homes purchase enough life insurance to fully support those they leave behind in the event of death. 

How are premiums calculated?

Most insurance companies in Collierville, TN calculate life insurance premiums by considering the applicant’s age and health. Some companies also use annual salary to determine the risks associated with insuring a candidate and adjust monthly payments accordingly. 

Those in good health who apply for coverage before the age of 45 may enjoy the benefits of lower premiums. Even those with good health, though, may find themselves paying more for coverage if there are chronic illnesses present in the family’s history. 

What are the different types of life insurance?

There are essentially three types of life insurance policies available for consumers:

• Term Life Insurance
• Whole Life Insurance
• Universal Life Insurance

Term life insurance is often the cheapest option because of its limited benefits. Policyholders cannot borrow against the equity of their policy with a term life insurance plan. You are, however, guaranteed coverage if you pass away within the term of your plan. 

Whole and universal life insurance policies offer fringe benefits that policyholders can enjoy while living. In fact, whole coverage is often valued above its term and universal alternatives because of its ability to accrue interest with every monthly payment. Policyholders can borrow against this interest for vacations or emergency expenses while maintaining the benefit of whole life insurance that pays for final expenses upon their passing. 

Life insurance is anything but an option. You need an indemnity plan that helps your family maintain financial stability when you are gone. Call the agents at Brock and Poole Insurance Agency today to find the right life insurance policy.

There is a mistaken idea that goes something like “nobody likes to think about life insurance because you have to die for it to be worth anything.” That is fundamentally untrue. Many types of life insurance have investment characteristics and build up value over time, which may benefit the policyholder.

Here is a brief overview of some life insurance investment characteristics to consider. Talk to your agent at Brock and Poole Insurance Agency, serving Collierville, TN and the surrounding area, to learn more about the details that are the best solutions for your particular financial circumstances.

Cash Value

Whole life insurance has level premiums for a person’s life and is meant to be owned as permanent life insurance. Over time, as a person gets older, whole life insurance builds up cash value.

Borrowing against cash value gives policyholders access to tax-free money because this is a loan, not income. Since the funds are secured by the policy value, the cost of borrowing is usually very low. This can be helpful when someone goes through a financial challenge.

If a person lives long enough and pays premiums for whole life insurance for a long time, the policy may reach a paid-up status and not require any further premium payments.

Alternatively, the cash value might be used in a tax-free exchange to create a monthly annuity payment that the policyholder gets themselves for the rest of their life. No death is required for this benefit!

Dividends and Interest

Some policies pay an annual dividend that can either be received as income each year or used to pay premiums or build up more value in the insurance. Other policies may have a built-in interest payment amount that increases the value over time.

Market Indexed

Some universal life policies use an investment strategy based on a stock market index or other investments. These policies may create extra value if the underlying investment becomes worth more and some offer protection from any risk of losing value.

Summary

There are many choices of life insurance products to consider. Contact your agent at Brock and Poole Insurance Agency in Collierville, TN to find out more about how life insurance is an important part of long-term financial planning.

Collierville, TN residents who are looking to ensure continued protection for their loved ones will often meet with Brock and Poole Insurance Agency to find out more about their life insurance policies. One of the most common questions that are asked in these instances will have to do with the beneficiaries of the life insurance policy.

How Many Beneficiaries Can We Have?

There are two types of beneficiaries that the policyholder must choose. A primary beneficiary and contingent beneficiary are both included in the policy but there are some key differences to discuss. The primary beneficiary receives the life insurance policy’s proceeds when the person who is insured passes away.

As for the contingent beneficiary, they are also known as a secondary beneficiary. If the primary beneficiary is still alive when the policyholder passes away, the contingent beneficiary does not receive any of the proceeds.

What If I Want To Change My Beneficiaries?

There are certain situations that will arise that cause us to change beneficiaries and these situations tend to arise rather quickly. If one of the aforementioned beneficiaries passes away before they have a chance to receive the proceeds, the policyholder must make changes. Fortunately, this is a relatively simple process that will not take too much of your time and effort.

All you will need to do is contact the company that you purchased your life insurance policy from and request the proper forms. Once you have completed this simple step, you are able to choose the new beneficiaries and the process is handled as rapidly as possible…with minimal stress. 

To learn more about your life insurance policy and any potential alterations that need to be made, Brock and Poole Insurance Agency is here to help all Collierville, TN residents who are in need of further assistance. 

Despite the challenge of planning for life after death, many clients come to us at Brock and Poole Insurance Agency in Collierville, TN, in hopes of doing exactly that. Caring for dependents and other loved ones requires careful planning and conversations that are difficult for most. One of the most common insurance-related questions we receive is, “How much life insurance do I need?”

Because the answer is highly individual, we meet with each client face to face to discuss their current situation, their goals in purchasing life insurance, and their questions and concerns. Some of the most important things to take into consideration when planning for life insurance include:

• What are your goals? What are you hoping to achieve in purchasing life insurance?
• Whether you really need life insurance. If you don’t have dependents or debt, you may not need a life insurance policy.
• Which debts might be outstanding upon your death if you were to pass away today, in five years, or in 20 years.
• Which assets your family would have access to upon your passing, not including those they would need to keep in order to live comfortably, such as your home.
• How much income is required monthly to run your current household.
• How many dependents you have and how old they are.
• Whether your spouse works and how much he or she earns.

By exploring your personal goals and current financial standing, we can assist you in selecting a policy that provides the comfort and security you want for your family long after you pass away. Because insurance regulations vary significantly from state to state, choosing an agent in Tennessee is important in protecting your future.

To learn more, contact Brock and Poole Insurance Agency in Collierville, TN, today!