Life Insurance - Jeff Johnson Insurance Agency

What is Life Insurance?

Life insurance protects those who matter most to you by providing funds to replace income, pay off debts, pay for a funeral, or provide time to mourn. Life insurance can be one of the most important investment decisions a person can make for their family. Delaying the conversation to purchase life insurance can put a person’s loved ones at unnecessary risk. There are many reasons to choose a life insurance plan sooner than later and we can help you to determine the best option for your situation.

Term Insurance and Permanent Insurance

Term insurance is designed to be a cost-effective way to meet a specific and temporary need. First, it provides protection for the duration, or term, of the policy. Second, it is usually only paying out a benefit if the insured person dies during the term of the policy. Term insurance makes sense if you anticipate needing coverage to protect you for a certain time frame, such as 5, 10, 15, 20, or 30 years. Term insurance is an excellent plan if you desire coverage that will provide peace of mind for a set amount of time. For example, you want protection to cover your home mortgage until it is paid off, which has 15 years left to pay off, a 15-year term policy may make sense.

Permanent insurance provides lifelong protection. This type of insurance is desirable because once the policy is in effect, it is guaranteed for life as long as premiums are paid. With a permanent policy, you do not have to worry about re-qualifying for coverage if your health condition changes as long as the policy stays in force. There are several types of permanent insurance including whole life insurance, variable life insurance, universal life insurance, and variable universal life insurance. Permanent life insurance products cost more than term insurance but have the primary benefit of accumulating cash value.

Do you have to take a medical exam?JJI-Admin2020-05-05T14:05:32-05:00

Do you have to take a medical exam?

Most life insurance policies require you to take a medical exam to verify your health condition, but there are some options available that do not require an exam. If an exam is required, the exams can usually be completed at your home or place of work by a qualified medical professional like a nurse.

What happens at the end of a term life insurance policy?JJI-Admin2020-05-05T14:04:51-05:00

What happens at the end of a term life insurance policy?

When you reach the end of your term life insurance policy, you have the option to either let it expire or continue the policy on a year-to-year basis until a certain age. It’s important to note that the premiums will be significantly more expensive after the term ends. If you want a term life policy initially, but may want a permanent policy at some point, you should make sure your term policy includes a conversion option.

Is life insurance expensive?JJI-Admin2020-05-05T14:04:11-05:00

Is life insurance expensive?

Life insurance costs vary tremendously depending on the type of insurance policy that is purchased (term versus permanent). In addition, age, health, medical history of the insured all have a significant impact on the cost of a policy.

How much life insurance do I need?JJI-Admin2020-05-05T14:03:24-05:00

How much life insurance do I need?

Each individual should conduct their own needs analysis to determine how much life insurance they should have. This is a very personalized process that is unique to each person, but we have tools and are here to help you determine your individual needs and the type of life insurance product that is the best option for you.

Why should I buy life insurance?JJI-Admin2020-05-05T14:02:41-05:00

Why should I buy life insurance?

There are many reasons to buy life insurance, and while the need doesn’t exist for everyone, many individuals and families decide it’s well worth the cost. Here are some common reasons why you may want to get life insurance:

Replace lost income: Many families depend on dual incomes to afford their standard of living. To protect that standard of living, many families choose to insure all or a portion of their future income stream through life insurance.
Pay final expenses: Funeral, probate, uncovered medical expenses, and estate administration costs can add up significantly.
Pay off debt: Many people utilize life insurance to ensure that debt burden doesn’t get transferred to loved ones should they die prematurely. Debts can include student debt, mortgage debt, credit card debt, and any type of personal debt.
Leave a legacy: Some people want to make a positive impact on the world and choose life insurance as a means to accomplish this. Charitable organizations can often be named as the beneficiary on life insurance policies, so upon death, the life insurance proceeds are donated.

What are the advantages of an independent insurance agency?JJI-Admin2020-04-28T11:47:01-05:00

What are the advantages of an independent insurance agency?

Jeff Johnson Insurance Agency is an independent insurance agency, which allows us to quote a number of different companies to find you the best fit and the best price for your insurance needs. Benefits of working with us as independent agents include:

Save time – we do the leg work for you to quote numerous options
Offer choices – we aren’t a captive agency and limited to representing one company
Offer Expert, Unbiased advice – we can quote numerous companies to find you the best fit and are not biased to steer you to a single company
Save money – with so many options to quote, we can find you the best value for your money
Forge a long term relationship – if your company loses its competitiveness over the years, we can requote you with all of our other options and keep you as a customer as your agent

Who is Atlas Insurance Brokers?JJI-Admin2020-04-28T11:46:51-05:00

Who is Atlas Insurance Brokers?

Jeff Johnson Insurance Agency is affiliated with Atlas Insurance Brokers, LLC, which is based out of Rochester, Minnesota. Atlas provides services for over 100 agencies throughout Minnesota and Iowa. The affiliation gives our Agency greater flexibility and a number of options to provide you the most cost-effective and comprehensive insurance packages and provide you with the best fit for your needs.

Who do I contact if I have an accident or claim?JJI-Admin2020-05-08T16:05:08-05:00

Who do I contact if I have an accident or claim?

If you have an accident or claim you can contact Jeff or Dan at Jeff Johnson Insurance Agency and they can assist you through the process or you can contact the company you are insured with using their 800 contact information on our Customer Service page.