Christopher Boyd, Life Insurance Agent
Christopher Boyd
Bankers Life
Life Insurance Agent Licensed in IN, KY, MI, OH, PA and TN
14+ Years of Experience
Contact Details
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Location
Evansville, IN
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Website
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LinkedIn
About Me
Hello, I am Retired Navy Officer Chris Boyd. As an insurance agent since 2012 and Financial Advisor since 2017: (Retirement Income Certified Professional) and (Certified Long Term Care Planning specialist), I am available to provide the most up to date life and estate planning guidelines for you and your family for generations to come. I am available to secure your family now as well as tax implications later in life.
Directions to My Office
Q&A with Christopher Boyd
Is the life insurance I get through work enough to protect my family?
Answer: In nearly every work related insurance situation, it is insufficient to cover premature death expenses. These include mortgage, student loans, car loans, sending children to college, income replacement, medical expenses, etc. The adage of 8 to 10 times your annual income in life insurance is pretty close in many circumstances.
What is the most common mistake people make when buying life insurance?
Answer: 1. Significantly under insuring themselves, their spouse and children (a.k.a. not getting enough life insurance)
2. Not understanding the type of life insurance they are buying and how long it last (covers their death).
Can I change my life insurance policy after I buy it?
Answer: 1. All states should allow a "free look" period to cancel the policy, no questions asked.
2. Most term life insurance policies offer a short term conversion period. This gives the policy holder a limited number of years to switch to Whole Life Insurance.
3. Some Universal Life insurance policies offer an "adjustable" or flexible payment option, this could potentially increase or decrease the death benefits of the policy.
4. The very best option is to call the insurance company home office and get clarification, don't rely on local agents or brokers who may not fully understand all limitations and provisions of the policy.
How do I calculate the death benefit I should choose?
Answer: 1. Add up. All current AND future debt and planned major purchases.
2. Calculate current and future salary of each spouse.
3. Allow for future funeral costs to double, or more.
4. Allow for college funding if planning a family, especially if children are already born.
Ask yourself, if I die at the age of 35, 45, 55, 65, 75, 85, etc. How much tax-free life insurance will my spouse and family need to survive, overcome tax implications of drawing my IRA, 401(K), 403(b), pay off all debt, replace my current and future income, pay for my funeral, maintain their lifestyle, etc.
Is life insurance worth the cost?
Answer: Purchasing life insurance today allows the insured person the ability to leave behind tax-free money to their family members directly (if naming a spouse, child, etc as a beneficiary) not an estate.
This is one of the Biggest Problems when dealing with death and taxation of Traditional IRA/401k to inheritance.
How do I choose a life insurance beneficiary if I have a blended family?
Answer: While every family and situation is different. These questions must be answered: what is the purpose of my life insurance, what is my preference of my funeral, how much life insurance am I leaving behind, what other legal and estate situations exist. How much money will be required for the taxation of my estate, who can I trust to handle my will after I pass, etc.
Do I need life insurance if I'm retired and my mortgage is paid off?
Answer: In most cases, retirees greatly Under Estimate the funds required for their surviving spouse or dependent children. Ask yourself these questions: if I die today or in 20 years,
how will my spouse survive by losing either my or their Social Security
how much Taxes will my spouse pay when drawing from my or their traditional IRA/401k/403b to fill in the gaps
how much will my funeral cost
will my spouse be required to move, down size, sell cars, to survive.
If I or my spouse require Long Term Care (very likely) how will this impact our finances before I die
A lot of tough questions must be asked.
How do I find out if a deceased loved one had a life insurance policy?
Answer: Here are a few ideas:
First, look at their current bank statements to check for automatic bank drafts. If you find any, simply call those companies and report her death. Secondly, look at their file cabinet/drawer, safe, safety deposit box, etc for an existing policy. Third, call their auto and homeowners, mortgage or bank policies to see if there is a combo life policy on file. Lastly, many companies offered paid up pay options in the past, so if you remember them mentioning companies in the past such as Met Life, Prudential, Mutual of Omaha, etc, reach out to those companies and ask if they have any polices with them which are paid in full.
Companies will require Full name(s), SSN, & DOB before releasing any information. This information should be listed on the death certificate.