Universal Life Insurance

Universal Life is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments - i.e., the more you pay, the less time you will need to pay. Your premiums cover the insurance part also the savings or investment element and the expense part. The stated interest on the investment portion changes along with movement in interest rates; moves in 1/4 % interest steps are typical as banks and other financial institutions make similar moves.

Universal life insurance is a type of permanent life insurance, primarily in the United States of America. Under the terms of the policy, the excess of premium payments above the current cost of insurance are credited to the cash value of the policy. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance charge, as well as any other policy charges and fees which are drawn from the cash value, even if no premium payment is made that month. Interest credited to the account is determined by the insurer, but has a contractual minimum rate of between 2% and 4%. When an earnings rate is pegged to a financial index such as a stock, bond or other interest rate index, the policy is a "Equity Indexed Universal Life" contract.

Universal life is similar in some ways to, and was developed from, whole life insurance, although the actual cost of insurance inside the UL policy is based on annually renewable term life insurance. The advantage of the universal life policy is its premium flexibility and adjustable death benefits. The death benefit can be increased (subject to insurability), or decreased at the policy owner's request.

The premiums are flexible, from a minimum amount specified in the policy, to the maximum amount allowed by the contract. The primary difference is that the universal life policy shifts some of the risk for maintaining the death benefit to the policy owner. In a whole life policy, as long as every premium payment is made, the death benefit is guaranteed to the maturity date in the policy, usually age 95, or to age 121. A UL policy will lapse when the cash values are no longer sufficient to cover the cost of insurance and policy administrative expense.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Bennett Insurance Group Presents: Arizona Doll & Toy Museum

This small museum is located in the historic Stevens House on Heritage Square in downtown Phoenix. The miniature classroom peopled by doll students is a favorite exhibit. With dolls dating from the 19th century, this is a definite must for doll collectors.

The Stevens House was built in 1901 by Constance Stevens, a widow and clerk in the local retail business known as the “New York Store.” This one-story red brick house was typical of the Midwestern influence and replaced the sun-dried adobe brick that had been used earlier. Of architectural interest is its unique roof system, an irregular belled hipped roof and double pyramidal roof over a projecting bay that raised the entire roof above the attic level 16 inches to allow space for air circulation.

The Arizona Doll & Toy Museum occupies the Stevens Bungalow. It is filled with a wide variety of dolls and toys from yesterday as well as contemporary playthings and furnished doll houses. One room has been refurbished to reflect a turn of the century one room school house complete with antique dolls as “students.” The museum has a gift shop stocked with unusual items for children and adults.

Location:  602 East Adams Street, Phoenix, AZ 85004 (602) 253-9337
Hours: Tuesday-Saturday: 10:00am-4:00pm. Sunday: Noon-4:00 pm.
Admission:  Adults $5.00 Children 12 and under $2.00

When considering your need for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Term Life Insurance

Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including 1 year annual renewable term.

Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.

Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.

Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries. Such responsibilities may include, but are not limited to, consumer debt, dependent care, university education for dependents, funeral costs, and mortgages. Term life insurance is generally[how often?] chosen in favor of permanent life insurance because term insurance is usually much less expensive (depending on the length of the term)[citation needed]. For example, an individual might choose to obtain a policy whose term expires near his or her retirement age based on the premise that, by the time the individual retires, he or she would have amassed sufficient funds in retirement savings to provide financial security for the dependents.

Term life insurance is the original form of life insurance and can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual. Term insurance is not generally used for estate planning needs or charitable giving strategies but is used for pure income replacement needs for an individual. Term insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired, and does not provide for a return of premium dollars if no claims are filed. As an example, auto insurance will satisfy claims against the insured in the event of an accident and a home owner policy will satisfy claims against the home if it is damaged or destroyed by, for example, a fire. Whether or not these events will occur is uncertain. If the policy holder discontinues coverage because he has sold the insured car or home, the insurance company will not refund the premium. This is purely risk protection.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Whole Life Insurance

Whole Life Insurance provides permanent protection for the whole of life - from the date of policy issue to the date of the insured's death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy's life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child's education, or cash surrender value if the policy is ever cancelled.

These products are continually changing and we can provide you with the latest information and policies available!

All life insurance was originally temporary (term) insurance. However, because term life insurance only pays a claim upon early premature death within the stated term, a number of term insurance policy holders became upset over the idea that they would most likely be paying premiums for 20 or 30 years and then wind up with nothing to show for it.

This has become known as the "Lost Opportunity Cost" called term insurance.  In response to market pressures, actuaries produced an insurance policy with level contributions that would last a lifetime. These contracts would offer a "cash value" which was designed to be a cash reserve that would build up against the known claim the death benefit. These policies would also credit guaranteed interest to the cash value account. Upon maturity of the contract (usually at age 95 or 100), the cash value would equal the death benefit. 

By guaranteeing the death benefit, the policy owner was assured that insurance coverage would be in force when the insured died, allowing them to unlock and exploit other assets. Upon the death of the insured, the cash value would be surrendered to the insurance company and the beneficiary would receive the death benefit. If, before the death of the insured, the policy owner wished to borrow the cash value and forfeit the death benefit, the cash value would be paid back with interest minus dividends paid.

Cash values are considered liquid enough to be used for investment capital, but only if the owner is financially healthy enough to continue making premium payments. Single premium whole life policies avoid the risk of the insured failing to make premium payments and are liquid enough to be used as collateral. Single premium policies require that the insured pay a one time premium that tends to be lower than the split payments. Because these policies are fully paid at inception, they have no financial risk and are liquid and secure enough to be used as collateral under the insurance clause of collateral assignment. Cash value access is tax free up to the point of total premiums paid, and the rest may be accessed tax free in the form of policy loans. If the policy lapses, taxes would be due on outstanding loans. If the insured dies, death benefit is reduced by the amount of any outstanding loan balance.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Why Bennett Insurance Group

Do you have a contingency plan to take care of unplanned events or emergencies? Is your business risk-proof?

No matter how big or small your business is, it faces risks that could lower profit margins and eventually force you to close your doors - often without much notice.

Being true business professionals, we understand how serious these risks can be. We also realize that every dollar spent counts in business. That's why we have created customized business insurance plans to protect your business from unforeseen and unexpected events.

As your Insurance agent, I believe there’s more to insurance than the policy itself. It’s about providing dependable protection and service. That’s why earning your trust is my policy.

Bennett Insurance Group, Inc. has been in the insurance industry for over 20 years and takes tremendous pride in serving you to the very best of his abilities.

Ask our sales team and you will get to know why it's pure fun to work with us.

We are a diversified group of people, past pioneers, and present day visionaries,  all moving towards our goal of providing peace of mind through insurance solutions. With a relaxed workplace culture, flexible benefit programs tailored to individual employees, ongoing training and professional development and a keen focus on internal communications, we expect to grow together with our trusted partner - you.

Our Corporate Culture

• Be accessible, professional and friendly as we strive for service excellence.

• Promote a culture with a broad range of products to meet member needs.

• Offer innovative products and be responsive to the marketplace with superior product delivery.

• Offer technology to meet member needs.

• Build member loyalty, advocacy and insistence.

• Be community-involved and recognized as a good corporate citizen.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Is the Current Estate Tax Law is Permanent?

After years of shifting rates and exemptions, the estate tax is now permanent. Not only does it ensure stability, the new law also preserves opportunities for estate-planning using whole life insurance.

One of the big surprises from the last-moment deal that pulled the nation back from the fiscal cliff was the permanent estate tax law, which should make estate-planning go much more smoothly for advisors and their wealthy customers.

The American Taxpayer Relief Act of 2012 sets the top estate tax rate at 40 percent -- permanently, after years of shifting rates and exemptions, and annual surprises. That rate is up from the previous 35 percent, but much lower than the 55 percent maximum that would have occurred had the new law not been enacted.

In addition, the lifetime estate and gift tax exemption amounts — of $5 million for individuals and $10 million for couples, indexed for inflation — remain unified. These amounts are extended permanently, for estates and gifts made after Dec. 31, 2012, according to an analysis from the Association for Advanced Life Underwriting.

Absent the new law, the exemption amounts would have dropped to $1 million and $2 million, respectively, as of January 1st, 2013.

The new legislation also keeps portability provisions in place. These govern unused credits for surviving spouses.

The fact that Congress made the changes permanent is key. It means people no longer have to do estate planning in an environment that is up and down and where the exemption amounts and tax rates can snap back to previous levels or change frequently. You can do long-term planning, knowing that these levels are fixed, permanently, and that the estate and gift tax exemption is unified.

The unified credits will help with the transfer of assets while clients are alive. Unification will also help with business succession planning.

Congress can always revisit the law in the future and make changes then, but the permanent nature of the change suggests that this is unlikely to occur in the near future.

Let Bennett Insurance Group help when you are considering your needs for financial planning or insurance products for your home or business. Contact us at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com

Bennett Insurance Group Presents: ASU Art Museum Ceramics Research Center

The ASU Art Museum was one of a few fine art museums to consciously undertake the building of a contemporary studio ceramics collection at a time when craft-based media was relegated as a decorative or minor art form. From its inception, the collection was displayed in open storage. This concept allows year-round access to a majority of our permanent collection, providing students, scholars and the general public an opportunity to view important works.

Every year, the Ceramics Research Center features three to five exhibitions on important movements and artists who have made significant contributions in the ceramics field. The holdings demonstrate the full range of technique, aesthetic approaches and possibilities within the medium.

Major artists represented in the collection include Rudy Autio, Hans Coper, Ruth Duckworth, Shoji Hamada, Karen Karnes, Bernard Leach, Maria Martinez, Otto and Gertrud Natzler, Lucie Rie, Edwin and Mary Scheier, Angus Suttie, Akio Takamori, Peter Voulkos, Kurt Weiser and Betty Woodman, to name a few.

With more than 3,500 objects and more than 5,000 square feet of open storage area, the Ceramics Research Center is an important resource for artists, students and art enthusiasts to explore and enhance their understanding of the craft.

The combination of gallery space and open storage at the Ceramics Research Center enables visitors to enjoy more than half of our collection of 3,500 ceramic pieces at any one time. They are also building an online database of ceramics information to provide extensive ceramics research capabilities for scholars, teachers, artists and collectors worldwide.

When considering your need for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:

Jim Bennett

Bennett Insurance Group

623-979-4140

http://jimbennettinsurance.com

jim@jimbennettinsurance.com