What Do You Know About the History of Life Insurance?

Life insurance is an essential part of caring for your loved ones after you’ve passed away. If you live in the Baraboo, WI, area and have questions about life insurance, the team at Johnsen Insurance is ready to help answer them. Many people get life insurance to provide a legacy for their families. Other people get life insurance because they own a business and want to help keep it open and running. 

The History of Life Insurance 

If you want to discover more about life insurance, you may like to learn more about the story of its history. According to Ethos Life, the first uses of life insurance can be traced to a Roman general named Gaius Marcus, who began a burial club for his fellow generals. In Ancient Greece and Rome, during the periods of 600 to 100 BCE, there is evidence of health and life insurance being available to some citizens. Although these policies were first available only to soldiers, the idea soon spread throughout the area. 

One of the most well-known International instance companies is Lloyd’s of London, which opened in a small English coffeehouse in 1688. The Presbyterian church administered the first life insurance companies in the U.S. Many Catholic priests campaigned against life insurance, which they saw as gambling. According to the Insurance Information Institute, the life insurance industry is currently valued at over $1 trillion in the U.S. 

Call Us today for a Life Insurance Quote. 

Life insurance is an excellent way to pass your legacy on to those who outlive you. At Johnsen Insurance Company, we’d like to help you care for your family’s future. Our agency was opened in 1965 by our founder, Wilbur Johnsen. If you live in the Baraboo, WI area, call us today for a quote and get the right life insurance policy to fit your needs.

Three problems you can avoid when you buy life insurance

Your family could face numerous problems down the road if you do not invest in life insurance coverage. At Johnsen Insurance, we can help protect the finances of your family in Baraboo, WI. 

The following are three problems you and your family can avoid when you buy life insurance:

Financial burdens for your dependents

Your dependents could find themselves in a difficult financial situation if your income is lost. If you are the breadwinner for your family and you pass away unexpectedly, your dependents will have no financial support. 

Life insurance coverage helps ensure that your dependents will be provided for regardless of what happens to you. The death benefit of your life insurance policy will provide support and prevent financial problems after you pass away. 

Tax debts

If you owe taxes when you pass away, the taxes that you owe will come out of any money you leave to your dependents. This can be a big problem for those whose dependents are relying on their inheritance for financial support. 

Purchasing life insurance is a way to leave money for your dependents even if you owe a large amount of money in taxes. The death benefit on a life insurance policy is not taxed. This means that the beneficiaries on your life insurance policy receive the full death benefit amount regardless of how large your tax debt is. 

Stress about the future

Neglecting to purchase life insurance might leave you worrying about your family’s future. You’ll be less stressed about the future with life insurance because you know your family is financially secure. 

Looking For Life Insurance?

You need to carefully evaluate your options before you purchase a life insurance policy in Baraboo, WI. Let us answer any questions you have about life insurance policy options. Get in touch with us at Johnsen Insurance to learn more. 

Life Insurance for the Protection of Your Family’s Future

Do you wonder about the financial security of your family after you pass? Make sure they can continue to live as they always have. A life insurance policy from Johnsen Insurance, serving the Baraboo, WI area, will provide the security you desire for your family.

Unless you have enough wealth for them to maintain their current standard of living, life insurance is a necessity. It protects them from disastrous financial losses if something happens to you. Not only does it provide financial stability, but it also pays off debts, and helps with day-to-day living expenses, medical bills, and final expenses.

There are three common types of life insurance:

Term life insurance is the simplest form of life insurance. You pay a premium for a designated period of time, usually 10 to 30 years. If you pass during that time, a cash benefit is paid to your family or your designated beneficiary.

Whole life insurance is sometimes called “straight life”, or “ordinary life” and it remains in force for the insured’s entire life as long as the premiums are paid, or to the maturity date of the policy.

Universal life insurance is a type of permanent insurance. With a universal policy, the insured is covered for the duration of their life as long as any requirements of the policy are maintained, and the premiums paid. The policyholder can only use the cash value of the policy while they are alive. Unlike term insurance, it can accumulate interest-bearing funds like a savings account. Premiums and death benefits can be adjusted, and policyholders can pay additional toward their premiums and receive interest payments on the excess.

Contact Us Today

Make sure your loved ones are financially secure in the event of your passing. Contact the professionals at Johnsen Insurance in Baraboo, WI today for a quote. You will be glad you did.

Life insurance FAQs

Life insurance is something that you do for the ones you love. You don’t usually benefit from it, but there is a certain satisfaction and peace of mind in knowing that the ones you love won’t be poverty-stricken if something happens to you. At Johnsen Insurance in Baraboo WI, we know that life insurance is essential coverage most people don’t know a whole lot about. We are here to answer the questions you may have today and every day. 

Is it possible to be too old to buy life insurance?

Not if you have someone dependent on you or want to leave a legacy to your grandchildren or great-grandchildren. It may not be the best investment, but having said that, it is risk-free, so it may be something you feel comfortable buying. Some people buy life insurance to make sure their final expenses are paid for, which is another good reason. 

Do you need to buy life insurance if you get some as an employment benefit?

Yes, you do. Your life insurance from your employer is a great benefit, but consider the possibility that you leave that employer or get sick and cannot work. What then? It is always best to have personal control over your protection. You know better than your employer how much life insurance you need. 

How much life insurance do I need?

How much you need depends on what your income is and who depends on that income. You need to figure out how many years of your income you need to provide and that will give you a basic figure to build your insurance portfolio on. You want to balance that with what you can afford. 

To discuss your life insurance needs, call Johnsen Insurance in Baraboo WI. We are here for you. 


Top 5 Reasons Why You Need Life Insurance

Most people associate life insurance with death. While it’s true, life insurance is more than death. We have many financial milestones to prepare in advance in this life, like buying a home, paying for college, and retirement savings. On top of these planned expenses, unexpected events also happen, which can drain you financially if not well-prepared.

Life insurance is one way of building up your financial security to protect your loved ones. That said, there are many reasons why you should purchase life insurance from Johnsen Insurance in Baraboo, WI.

It’s a sound financial plan

Lack of enough coverage results in harsh consequences for many families, especially if the primary breadwinner dies. But with life insurance and such occurrence, the policy will help the family pay important financial needs like college fees, living expenses, or even death expenses.  

It pays off debts

Most people accumulate some debt in their lifetimes, such as student loans or mortgages. When one dies, this debt can burden the family or their heirs. Life insurance clears these debts in such cases. 

Gives extra support in retirement 

There are several ways to prepare for retirement. Life insurance is one way. It can provide one with supplementary income through withdraws, policy loans, or long-term care benefits.

It protects your business

Running a business does not come easy. You do not want your legacy to go down after your death. That’s why life insurance is there to protect your legacy.

It gives peace of mind

While no one wants to think about their death, it’s inevitable. Life insurance gives you peace of mind knowing that your loved ones are taken care of in the event of your death.

Life insurance in Baraboo, WI 

Life can veer from the finest plans to the worst unplanned events. And that’s why having a sound life insurance plan is crucial for everyone with a dependent. If you are looking for life insurance in Baraboo, WI, and its environs, look no further than Johnsen Insurance. Contact us today for an affordable quote.

Do I need life insurance after I retire?

If you haven’t thought about life insurance, what are you waiting for? If you have someone who counts on you, life insurance isn’t optional. It is a necessity. Many factors go into the amount and type of life insurance that is right for you. Having an insurance agent that you can go to with your question makes the process so much easier.

Life insurance is something that has a place at every time of your life. As retirement starts to approach, you may be looking at ways to reduce your expenses, especially if you live on a decreased income. Deciding whether you should keep life insurance or if you need to purchase life insurance after you retire may be on your mind. Life insurance after your retirement is very much like life insurance at any other time in your life. To determine if you need it or not, you need to ask yourself a few questions. 

Who depends on you to support them?  If you have a dependent spouse or child who will need your retirement income to maintain their lifestyle, this is something to consider. Do you still have a mortgage or any serious debt?  You don’t want to leave your family to take care of these. How much savings do you have?  Is there enough to cover your final expenses? 

If you have planned well for your retirement, you may not need life insurance after you retire. You may no longer need the protection it provides. Talking to your independent insurance agent before you actually retire is probably a good idea. 

When you are ready to discuss your life insurance needs, contact Johnsen Insurance in Baraboo, WI. Johnsen Insurance in Baraboo, WI was founded in 1965, and our goal is to build a lasting relationship with all of our customers.

How much life insurance is enough

Some people might say that there is no such thing as too much life insurance. While the beneficiaries might think that was the right answer, those that have to pay the premiums on the life insurance may have a different viewpoint. Life insurance should be balanced. It must provide for those who are left behind being affordable. Life insurance is different for everyone, and finding the perfect balance takes a lot of time and effort. With an insurance agent like those at Johnsen Insurance in Baraboo, WI, it is much less stressful. 

Trying to figure out how much life insurance is enough requires a lot of thought. When you are young, you only need enough life insurance to pay for your final expenses and for any debt that you may have. Unless you have family members who count on your income to survive, it is pretty simple. It gets a little more complicated when you are responsible for someone, whether it is a spouse, a partner, or a child. You need to figure out how many years you need to supply support and how much that support is per year. That is the figure you need to shoot for. 

Suppose you want to provide a mortgage-free home or a college education, that requires additional insurance. Those in the know suggest between 7 and 10 years’ worth of salary. You will need to weigh this figure with the premiums for the coverage today to see if you can maintain this level of life insurance. 

Don’t stress about what you don’t know about life insurance. Give the office of Johnsen Insurance in Baraboo, WI a call or stop in to talk to one of our experienced insurance professionals about how much life insurance is enough.