About Us
Protecting Futures
Building Relationships
Protecting Futures
We have years of life insurance and annuity insurance experience helping clients prepare for the financial unknown. Ask us about many carriers! We can access any insurance product so you can get the right one for you.
Assessing Need
Building Relationships
Protecting Futures
Many financial experts will tell you some unforeseen events and a lack of the right kind of life insurance can spell trouble quickly. Call us today, and we'll analyze your Annuity needs and get you covered quickly at the right price.
Building Relationships
Building Relationships
Building Relationships
Everyone has different life insurance, annuity needs. Call us today for a personalized business or individual assessment and find out how we can help protect your hard-won assets.
Our Team
Alex W.
Starting his career in insurance back in 2014 as a life agent, Alex has since grown to become the President of our company. He brings a wealth of knowledge and experience to the table, and is dedicated to serving his clients with the best solutions for their life insurance, annuity needs. As an expert in life insurance, annuities, long-term care and retirement planning, Alex has the skills and expertise to help you plan for your future. He understands the importance of having the right coverage in place and is committed to finding the best options for you and your family.
Whether you're looking to protect your loved ones with life insurance, plan for your retirement with annuities, or ensure that you have long-term care coverage in place, Alex and the team at Silver Bay Insurance have you covered.
Frequently Asked Questions
Please contact us if you cannot find an answer to your question.
According to the National Funeral Directors Association, the median cost of a funeral in 2019 was $7,640. So if you're on a tight budget and can't afford a standard life insurance policy, funeral insurance can provide you with the coverage you need to handle major end-of-life expenses. However, if you already have savings set aside for your end-of-life expenses and you want an affordable policy designed to support your loved ones if you die unexpectedly.
Burial insurance is often considered one of the more affordable types of life insurance available, even for older applicants, due in part to its lower coverage amounts. In terms of burial insurance cost, final expense life insurance rates start at just $53 a month with coverage amounts from $5,000 to $35,000 with financial and premiums can be paid monthly or annually.
Final Expense insurance is designed to cover the costs your loved ones will face in the event of your death, but there are no restrictions on how the payout can be used. Your beneficiaries might choose to use your burial insurance payout for:
- Funeral arrangements, including viewing and service
- Burial costs, including interment
- Cremation costs
- Medical bills
- Outstanding debt
- Legal costs
Given the lower coverage amount, there may not be much, or any, of your death benefit left after your beneficiaries have used it to pay your end-of-life expenses. If you wish to leave behind a more substantial sum, consider a policy that can hold more significant value, like a traditional whole life policy. Planning ahead can make your end-of-life arrangements less stressful for you and your loved ones.
A life insurance premium is the amount of money that a policyholder pays to the insurance company on a regular basis (usually monthly, quarterly, or annually) in order to maintain the coverage provided by a life insurance policy. The premium is based on a number of factors, including the policyholder's age, health, and coverage amount. The higher the coverage amount, the higher the premium will be. Premiums can be level and fixed or increasing over time.
Life insurance policies come in many forms, like term life insurance, which provides coverage for a specified period of time, and whole life insurance, which provides coverage for the policyholder's entire lifetime. Premiums for term life insurance policies are typically lower than those for whole life insurance policies, because term life policies do not build cash value and are typically less complex than whole life policies.
Premiums can also vary based on the type of coverage that you choose, such as universal life or variable life. Premiums can also be affected by additional riders or endorsements that you add to your policy, such as long-term care or accidental death and dismemberment coverage. It's important to consider your budget and the coverage that you need when choosing a life insurance policy and premium.
The amount of life insurance coverage you should get depends on a number of factors, including your income, debt, and dependents.
A general rule of thumb is to have coverage that is equal to 10-12 times your annual income. This is to ensure that your loved ones will have enough financial support to cover expenses and maintain their standard of living in the event of your death. Additionally, you should consider the amount of debt you have (such as a mortgage, car loans, credit card debt, etc.) and factor in the cost of any future expenses, such as your children's education.
Another thing to consider is how long your dependents would need financial support. For example, if you have young children, you may want to consider a longer-term policy to cover their needs until they are financially independent.
It's also worth noting that most people need more life insurance coverage than they think. So, it's important to work with a financial advisor or insurance agent to determine the appropriate amount of coverage for your needs. It's also important to review your coverage regularly and update it as your needs change.
Life insurance policies typically do not expire as long as the policyholder continues to pay the premium. However, some types of life insurance policies may have expiration dates.
For example, term life insurance policies provide coverage for a specified period of time (such as 10, 20, or 30 years) and the coverage will expire at the end of the term if the policyholder does not renew or convert the policy to a permanent life insurance policy. However, Term life policies can be renew every year but the premiums will increase as the policyholder ages.
Permanent life insurance policies, such as whole life, universal life and variable life, do not expire as long as the policyholder continues to pay the premiums. These policies generally build cash value over time and provide coverage for the policyholder's entire lifetime.
In some cases, if a policyholder stops paying the premium, the policy will lapse and the coverage will expire. The policyholder will have a grace period to pay their premium, but if the premium is not paid within that period, the policy will lapse and the coverage will be lost.
It's important to review your life insurance policy regularly and ensure that your coverage is sufficient for your needs, and that your policy is up to date and in force.
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Silver Bay Insurance
Phone:614-859-2110 Fax: 614-779-0420
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