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Arizona Life and Financial Services Coverage

Life and Financial Services

Life and Financial Services

Life insurance isn’t a topic that many people want to discuss because policies only pay out when there is a death. However, you want to make sure that your family is covered in the event that the unthinkable happens. At Magelan Group PLLC, we can help you to find an affordable policy that meets your needs in Arizona.

Different Types of Insurance

It’s important to understand that there are different types of life insurance available to you. Term life insurance is for a specific term, ranging from 5 to 30 years. Whole life insurance is available for your entire life and may offer annuities as well. Annuities can help you to build up your retirement savings while providing you with income that you can pull from later on in life.

Choosing the Coverage Level

In the event of your death, a specific amount would be awarded to your dependents. Determining the coverage level can be difficult. Although you may want to go with a small amount in order to keep the payments affordable, you want to be realistic with how much your dependents need. There are a few things to consider when determining the coverage level:

  • Your age
  • The amount of debt that you have
  • Children
  • Tuition expenses
  • Loss of wages

All of these should be factored in to ensure that you are creating a life insurance policy that will truly protect your family after your passing. While it can be difficult to determine how much your policy should be worth, independent insurance agents can help you every step of the way. It takes off some of the pressure and ensures that you have thought of everything.

Contact us at Magelan Group PLLC today to discuss your life insurance needs in Arizona. One of our independent insurance agents can help you to find the right policy so that you can have greater peace of mind year after year.

Workplace Disability Insurance

We also provide short-term and long-term disability insurance. The former replaces a portion of your income during the initial days should you be suffering from a disability accident or illness. The latter kicks in to replace some of your income should you be disabled for an extended period due to such an accident or illness.

Some of the expenses you might be able to tackle due to such an insurance may include car payments, rent, food cost and child care. To estimate if you would benefit amount from this insurance, calculate how much of your monthly income goes into your living expenses.

Annuities

You can also ask us about the different categories of annuities we offer, - which are the types of policies we issue that are designed to accept and grow funds to help you generate regular income, with the potential to help you replace a paycheck once you retire.

A variable annuity offers deferred taxes on earnings until withdrawn and gives you the option to pass assets to your heirs.

An income annuity, on the other hand, provides guaranteed income in retirement. Some income annuities will offer you the option of receiving payments for your lifetime, and/or the lifespan of yourself and another person, or for a fixed period.

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