8748 Brecksville Road
Brecksville, OH 44141
At Ganley Family Insurance, we’ve helped clients keep their promises for generations—and they don’t have to break the bank to do it. In fact, most people overestimate the cost of life insurance by as much as 300%.1 By working with an independent agent, you’ll gain peace of mind that, if the worst were to happen, your loved ones’ financial futures are secure.
Talk to an independent agent today to learn all the reasons protection for the ones you love means peace of mind for you. Here are just a few:
Income replacement. Half of all U.S. workers would struggle financially one month after losing an income.2 Would you like your family to receive money to replace your income?
Education costs. How important is it to make sure your children could afford to go to college if something happens to you?
Mortgage protection. Loss of a breadwinner can mean the loss of the family home. If they had to, would your loved ones be financially prepared to pay off the mortgage?
Wealth transfer. Do you want to leave behind a legacy for charity or loved ones? Since benefits are generally federal income tax-free and can pay out more than the premiums paid in, life insurance can be an effective way to do it.
Final expenses. The average cost of a funeral, health care bills and other final expenses average about $15,000.3 Can your loved ones cover those costs quickly if the worst happens?
It's not really about how much life insurance you need. It's how much money your family will need after you're gone. We’re here to help you make important decisions about protecting your loved ones
When you're buying a life insurance policy, it's important to choose the right amount of coverage. You don't want to have too much − and pay for protection you don't need. Neither do you want to have too little − and leave your loved ones under protected.
There are two commonly accepted methods for calculating the amount of life insurance coverage you should carry.
The lump sum need method calculates the amount needed to pay:
The income replacement method calculates the amount needed to replace a percentage of your income for a specific number of years, usually until your youngest child is out of college or until your mortgage is paid off.
In addition to these two methods, you may also want to consider other needs. For example, would you want to provide the financial means so your spouse wouldn't have to work for the first year after your death?
When you're determining your family's future financial needs, remember that you don't have to provide 100% of the income that will be needed. For instance, if you're planning to provide $100,000 for your child's college tuition in 15 years, you don't need $100,000 now – you need an amount that will potentially grow to $100,000 by the time college starts.
The potential to have your policy's cash value grow over the years to cover future expenses is one of the advantages of permanent life insurance.
Determining the right insurance coverage for your needs is an important decision. For help with your life insurance needs, call us at 440.526.2700
In today's economy, it's important to have insurance that's not tied to your employer. Losing your job is hard, especially since you aren't only losing your paycheck – you're also losing the benefits your employer offers. This can include your 401k, pension and insurance coverage.
If you buy a policy directly through a life insurance agency or company, it is considered "portable" and is yours regardless of who you work for. Buying your own life insurance coverage is the best way to ensure that you will be protected, no matter what happens to your job.
Talk to the insurance professionals at Ganley Family Insurance about what type of coverage is right for your situation.
Term insurance covers you for a term of one or more years. It pays a death benefit only if you die in that term. Term insurance generally offers the largest insurance protection for your premium dollar
Cash value insurance is a type of insurance where the premiums charged are higher at the beginning than they would be for the same amount of term insurance.
Whole life insurance covers you for as long as you live if your premiums are paid. You generally pay the same amount in premiums for as long as you live.
Universal Life Insurance is a kind of flexible policy that lets you vary your premium payments. You can also adjust the face amount of your coverage.
Variable Life Insurance is a kind of insurance where the death benefits and cash values depend on the investment performance of one or more separate accounts, which may be invested in mutual funds or other investments allowed under the policy.