Upstate Special Risk Services, Inc.

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Life Insurance Awareness Month
Why is life insurance worth it?
There are many answers to the question of why is life insurance important. But by and large, the most important one is ensuring your family’s financial security and peace of mind.

If anyone depends on your income, they would most likely struggle if you were to pass away. That’s why life insurance is so important to have. There are different types of life insurance policies, but essentially they all pay cash to your loved ones when you die. Money from life insurance can be used to cover daily living expenses, a mortgage or rent payments, outstanding loans, college tuition and other essential expenses. Life insurance is the best way to ensure that your loved ones would be in a good financial place if you and your income were no longer in the picture.

What is the average life insurance cost?

The price of life insurance depends on three main factors: your age, your health and the type of policy you buy. In general, you’ll pay less the younger and healthier you are. You also typically pay less for a term life policy than a permanent life policy.

That said, don’t let your age or health status discourage you from considering life insurance. There are policies available for people of any age as well as those with high blood pressure, diabetes and a smoking habit. (Just know that you’ll generally pay more for your policy if you’re in poor health and/or smoke.)

Still wondering the answer to the question of how much does life insurance cost? If so, here’s a working idea:

A healthy 30-year-old can get a $250,000 20-year level term policy for just $13 a month.

That means that if you purchase that policy and pay the $13 a month without fail, your loved ones would get $250,000 if you were to die at any point during those 20 years.

How does life insurance pay out?
In most cases, the life insurance pay out is a lump sum paid to beneficiaries when the policyholder dies. To receive the life insurance pay out, you will have to file a claim with the insurer. They will need a certified copy of the death certificate in order to process the claim.

It can vary on how long it takes to get a life insurance check. Most insurers take between 30 and 60 days after receiving the claim. However, there can be delays. This is especially true if the policyholder dies within two years of taking out the policy or if there are unusual circumstances. Most life insurance policies do not cover death from homicide or suicide. Other insurers deny coverage if the policyholder died doing something illegal or lied on the life insurance application.

A life insurance pay out works differently if there’s an installment-payout option or an annuity option.

Latest News

Life Insurance is for the Living, too

Important Reminder to NY Agents

You can no longer write life insurance in NY without first completing Reg 187 training. Most carriers require that you obtain this through Reg Ed. If you haven’t completed this yet, click the button below.

In addition, each carrier has their own specific product training. For instructions on a carrier that you are interested in writing, please contact us at info@e-upstate.net and we will provide the information to you.

Long Term Care News

Photo by Andrea Piacquadio from Pexels

October LTC News and Views

The fall to winter season has begun, especially from a weather standpoint! At least we don’t have hurricanes. Hopefully the mass migration from NY to FL didn’t catch too many former NY’ers off guard, eh? Halloween decorations are already out, before the leaves have changed, and next thing you know, it will be time to baste the turkey. In the meantime, Joe Namath and other celebrities will rule the airwaves until early December, making sure your clients get every benefit they deserve by switching Medicare supplement/Advantage plans – buyer beware, the Zip Codes don’t include most suburbs.🙂

–Andrea

The Right Choice

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Our Satisfied Customers

“Upstate Special Risk has been a vital part of my marketing plan for almost a decade. With imagination, insight and an appreciation for the importance of detail, the risk management experts at Upstate have been instrumental in my firm’s growth. Embracing a model of holistic planning has greatly benefited my clients, and has led to my company’s growth through an increase in referrals and introductions. While I can’t be an expert in every aspect of wealth management and planning, my partnership with Upstate Special Risk can bridge that gap and move my clients forward in their pursuit of financial security!”

Linda J. Black CHFC, GFS, RICP

Producer

“Upstate Special Risk Services offers prompt, friendly, professional services for my life insurance clients. I especially appreciate the regular follow ups to let me know how the applications are progressing. I have done business with USRS for years and am very happy with the services they offer to my agency and my clients.”

Scott Greene

Producer

“I have worked with Upstate Special Risk Services for almost 5 years. The support has been amazing since our first meeting. The help and guidance of the folks at home office is second to none! They continuously help me grow my business and my knowledge through phone conversations and email. Their approach as fiduciaries and trusted advisors is refreshing and nothing short of exemplary. I am looking forward to our growth together over the next several years.”

Ronald J. Drake

Registered Representative

“Ever since I have made the move to Upstate our Life and Disability production has quadrupled. We aren’t doing anything different but they are. Instant on line term quotes. Rock solid advice and markets for the harder to place risk. Superior support and knowledge. All of this allows me and my staff to feel 100% confident asking our clients for the business knowing that we will get great rates, fast turn around and phenomenal support. Thank you to everyone at Upstate.”

Steven Desino

President, Pinnacle Insurance Co.

Liz Casper recently helped me with a life case and her efforts were outstanding. I’d met with a new client and together we completed a review of his family’s investment and insurance accounts. Together we decided on doing a 1035 exchange on his life contract to more closely align with his short and long term needs. I won’t get into all the messy details, but suffice it to say we ended up in quite a pickle. After a drawn out application and issue period it appeared that the old policy was irrevocably canceled and the new policy was about to be issued without the design and features we had initially intended. NO ONE was happy! There was a lot of discussion and Liz ended up expertly pleading our case to the new company. The outcome ended up better than our original plan design as the client was able to omit his 1st year premium. This helped tackle a near term cash flow emergency which had cropped up during the underwriting process. A lot of FMO’s might very well have thrown in the towel, and I would have ended up with egg on my face, but Liz didn’t quit. Three cheers for Upstate Special Risk for both their knowledge and determination!”

Scott A Curtis

NEA Retirement Benefits Specialist