Category: Life Insurance

By definition, life insurance is a legally binding contract between an insurer and a policyholder that pays out a set amount of money generally after the insured person’s death or sometimes after a set period. It may sound a bit morbid, but it’s really necessary if you have people you want to take care of after you’re gone. 

All You Need to Know

While life insurance guarantees a death benefit to the policy owner upon the death of the insured person, in order for the policy to remain in force, a single premium must be paid by the policyholder either upfront or in regular premiums over time. Upon the policyholder’s death, the named beneficiaries of the policy will receive said policy’s face value. This is known as a death benefit. In the event that the issuer can’t pay the claim, state guaranty funds may pay it off.

Term Life Insurance and Permanent Life Insurance Policies

Term life insurance policies are expected to expire after a set number of years. Permanent life insurance policies, as the name suggests, remain active until the insured person either ceases to pay the premiums, dies, or surrenders the policy.

Contact Bajorek Agency Inc. Serving Rochester, NY

Purchasing a life insurance policy may seem difficult, but it shouldn’t be with the wrong company. If you live in the Rochester, NY area and are looking to purchase life insurance, don’t hesitate to contact Bajorek Agency Inc. Our proficient and helpful agents will do all they can to help you get the right policy. 

Life insurance is not the type of insurance that remains the same for your entire lifetime. As your needs and life change, your life insurance needs to change with them. At Bajorek Agency Inc. in Rochester, NY, we make it our business to get to know our customers so that we can make suggestions to them when changes happen in their lives that should affect how much coverage they have. 

When to review your life insurance coverage

When you change jobs

Part of many benefit packages from an employer is life insurance coverage. But if you change employers, is that policy worth paying on your own to keep? Probably not. Your new employer may also offer you life insurance, but at this point, in addition to that coverage, you should purchase your own coverage so that you have control of the amount and the type of coverage. 

When your income changes

Since the amount of life insurance that is enough is dependent on the amount of income you have, if your income goes up, you may need to add another policy. 

When you add dependents

When you add dependents, you also increase the amount of coverage that you require. Depending on the number of dependents you add, you may be reviewing your coverage every few years while you are having children.

When you retire

When you retire from work, your need for life insurance may decrease significantly or if your life insurance was provided by your employer, and now you have none, you need to add a policy. When you retire, you should have a discussion with your insurance agent to talk about what your needs are now. 

Schedule A Consultation Today

Call Bajorek Agency Inc. in Rochester, NY, and let us help you to make sure you have the right amount of life insurance coverage for yourself and your family. 

When it comes to life insurance, there are many different types of policies available to choose from, and all provide a unique set of benefits. Whether you live in Rochester, NY or the surrounding areas, at Bajorek Agency Inc., we understand that navigating the various options can be confusing and overwhelming, which is why we want to help you demystify the types of life insurance policies so you can make an informed decision that’s best for you and your loved ones.

Types of Life Insurance

Term Life Insurance: Coverage for a Specific Period of Time

The first option available is term life insurance, which provides coverage for a certain period of time — usually between 10 and 30 years — and also includes the option to renew once it expires. During this time, if the policyholder passes away, the beneficiary will receive the predetermined amount of money. Plus, term life insurance typically has lower premiums than other types of policies, making it an excellent option for those on a budget.

Whole Life Insurance: Lifelong Coverage with Added Benefits

The second type is whole life insurance, which provides coverage for your entire life as long as premiums are kept up. This policy also accumulates cash value over time, so you can use it for financial planning or to access money in an emergency. Additionally, whole life insurance comes with the added benefit of a death benefit for your beneficiary, allowing them to receive the predetermined amount of money if you pass away.

Universal Life Insurance: Flexible Coverage and Investment Options

Finally, universal life insurance is an excellent option for those who are looking for a more flexible life insurance policy. This type of policy allows you to adjust the premium payments and death benefit amounts, so you can customize the policy to fit your exact needs. Additionally, you can also invest a portion of the premiums in an interest-bearing account, so you can save money and grow your savings over time.

Factors to Consider When Choosing a Policy: Age, Health, and Financial Needs

When deciding on a life insurance policy, there are several factors to consider. Age and health will play an essential role in determining the premium costs and coverage amounts, so it’s important to consider these when selecting a policy. Additionally, you also need to factor in any future financial needs that the policy needs to cover, such as college costs or retirement income. When residents of the Rochester, NY area work with Bajorke Agency Inc., we will help you evaluate all of these factors and narrow down the options to find an excellent policy for you and your family.

Life insurance is the most personal of all insurance, and it is a very individual thing. It is how you protect your loved ones even when you are no longer living. At Bajorek Agency Inc in Rochester, NY, we understand life insurance, and we can help you to make the right choices about the amount and type of coverage you need. As independent agents, we can offer our customers the choices they require. 

Life insurance FAQs

Do I need to buy my own insurance if I get some at work?

If it is something that you can afford, it is the best thing to do. There is no guarantee that you will stay at the same job forever. Even if you do stay forever, will you be able to continue to keep it when you retire?  Many employees change jobs quite often in their professional careers. Most importantly of all, do you want your employer in charge of your family’s future? 

Can my life insurance policy be canceled?

Yes, it can. The most common reason is nonpayment. If you are struggling with the payments, you should contact your carrier and see if you can come up with a plan. Another reason why your life insurance may be canceled is if it is discovered that you lied on your original policy application. 

How do I file a claim?

Filing a claim on life insurance is quite easy. First, you notify the insurer that the person who was insured has passed away. You then need to mail them an original copy of the death certificate along with the claim form. You can print the claim form on the insurance website.  As long as you are the beneficiary, it is quick and easy. 

Get Life Insurance Today

Contact us at Bajorek Agency Inc in Rochester, NY for all your insurance needs, including life insurance. 

There’s no one-size-fits-all answer to this question, as the best time to buy life insurance depends on your unique circumstances. However, there are a few things to keep in mind when deciding when to purchase a policy.

1. Deciding to Have a Child

If you plan on starting a family, one of the best times to purchase life insurance is before the baby arrives. Because children are so reliant on their parents, it’s important to buy enough coverage so that your loved ones can maintain their quality of life if something happens to you.

2. After Paying Off Debt

Another way to think about when you should buy life insurance is in terms of your financial situation. For example, if you’ve recently paid off a lot of debt, such as student loans or credit cards, it might be worth considering buying a policy before you rack up more bills. The less debt you have, the better your chances of qualifying for a policy and receiving a lower rate.

3. As Soon as You Get Married

As soon as you get married, it’s a good idea to consider buying life insurance. With a spouse and family to support, your loved ones would be in trouble if something were to happen to you suddenly. So even though the thought of having life insurance might not be very romantic, taking out a policy after getting married is one of the most responsible things you can do.

4. When You Have Dependents Relying on Your Income

If you have a spouse or children who rely on your income, it’s never too early to consider buying life insurance. If you pass away unexpectedly, your dependents would be left without the means to live comfortably and sustain their lifestyle.

Looking For Life Insurance in Rochester, NY?

The best time to buy life insurance depends on your situation. However, you can make a more informed decision about purchasing coverage by thinking about your family and financial situation. At Bajorek Agency Inc., we can help you find the best life insurance for your unique situation. Call us today to learn more.

Are you interested in life insurance but don’t know the difference between term life and whole life? You aren’t alone. Thankfully, we at Bajorek Agency Inc can help Rochester, NY residents understand their term life insurance policies and how they help them.

The Nature of Term life Insurance 

Term life insurance refers to a set policy for a specific number of years or a term. For example, you may get a policy for 15-20 years that helps to cover your expenses if you pass away. However, if you did not upgrade your insurance before it lapses, and you pass away after the term is over, you do not get paid. This limitation may make term policies seem unappealing in many ways. 

However, term policies do have benefits worth considering. First, they are often easier to get than many whole life insurance policies. And they often have lower premiums as well. Most importantly, people who may have health issues or other complications may find that a term policy is a good choice because they may only have a limited number of years left before they may pass. 

Typically, there are many levels of term life insurance, including level premium, annual renewable policies, guaranteed or simplified, and convertible policies. The options available to you will vary based on your health, the money you can spend on a policy, and more. In this way, it is critical to stay in touch with your provider to learn more. 

Don’t Neglect Your Coverage 

Please reach out to us at Bajorek Agency Inc if you live in the Rochester, NY, area and need insurance. We’ll do what we can to help you and provide you with a coverage option that makes sense for your needs as a person.

Those that live in the Rochester, NY area need to spend time assessing their personal insurance needs. Life insurance is a type of insurance protection that people here should consider. Those that obtain a quality life insurance plan can offer protection to those that they care about. There are several situations when someone may need this protection. 

When Trying to Provide Financial Protection

A primary reason people will want to get life insurance is to provide financial protection for those they care about. If you have people in your life that you care about, it is a good idea to make sure they will be cared for if you were to pass away unexpectedly. You can build a life insurance plan that will include a death benefit that is sufficient to cover their future expenses, including costs of higher education or even fund retirement.

When Looking to New Investment Alternative

You should also consider getting a life insurance plan if you want an investment alternative. A good life insurance option for some people is to get whole life insurance. With this coverage, some of your monthly payments will go into an account that could grow in value with interest. Eventually, this will add up to a significant amount of money that you can liquidate.

If you are going to get a life insurance plan in the Rochester, NY area, it is important to speak with someone that understands this complex form of insurance. As you are looking for a new plan, it would be a good idea to call Bajorek Agency Inc. The team with Bajorek Agency Inc understands how important and valuable this coverage is. They can take a personalized approach to help you build a plan that is ideal for you. 

Life insurance is essential for anyone with loved ones in their lives who depend on them financially. At Bajorek Agency Inc., we can help you find the right life insurance solution in Rochester, NY.

One thing you need to do to find the right life insurance product is to understand the various types of life insurance. The following are three of the most common types of life insurance.

Term life insurance

Term life insurance is a highly popular and practical type of life insurance. If you have a young family, term life insurance may be the best option for your needs.

With term life insurance, you enjoy coverage for a certain length of time. This is a temporary type of life insurance coverage. Your beneficiaries will receive a death benefit if you pass away within the insurance policy term.

Term life insurance is generally the most affordable option when it comes to life insurance. However, it’s important to note that a term life insurance policy won’t build up cash value over time. 

Whole life insurance

Whole life insurance is a type of permanent life insurance. In theory, a whole life insurance policy will last the rest of your life. Your policy will not only provide a death benefit if you pass away but will also accumulate cash value over time. Therefore, the money you put toward your policy builds up your savings. 

Universal life insurance

Like whole life insurance, universal life insurance is another type of permanent life insurance. However, a universal life insurance policy may not accumulate cash value like a whole life insurance policy. 

Are you ready to purchase a life insurance policy? We can help at Bajorek Agency Inc. Get in touch with us for assistance when it comes to your life insurance needs in Rochester, NY.