Services
Mortgage Protection Insurance
What is Mortgage Protection Insurance?
As a homeowner, you want to protect your home with affordable, comprehensive coverage.
Mortgage protection insurance is a type of term life insurance that is designed to pay off your mortgage in the event of your death. It functions like a standard term life policy: You purchase a policy for a set period, make monthly payments, and if you pass away while the policy is in force, your chosen beneficiary receives funds to pay off your mortgage. This coverage ensures that your family could stay in their home if you were no longer able to contribute to mortgage payments.
How Mortgage Protection Insurance Works
Mortgage protection insurance functions much like other life insurance policies: You pay premiums to the insurance company to purchase a specific amount of mortgage protection coverage. Those premiums are based on your attained age and your health, as well as the value of your home and the payoff amount. If you die while the policy is in force, the insurance company provides funds to pay off your mortgage.
Advantages of Mortgage Protection Insurance
- Provides a death benefit to pay off your mortgage in the event of your death
- Pays your mortgage payments if you become disabled
- Protects your mortgage payments in the event of critical illness
- Provides benefits from a life insurance policy with generally affordable premiums
- Achieves peace of mind for your home and family
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Life Insurance
At Crocker Financial, we want to make sure you have all the information you need to confidently make the best decisions for your family. We partner with over 30 insurance carriers so we can provide you with a completely customized plan, providing the coverage you need. Whether you’re deciding between life insurance options, looking for mortgage protection, or considering final expense coverage, our agents are here to help you decide which insurance plan best fits your needs, and is well within your budget.
Mortgage Protection Insurance
Final Expense Insurance
Term Life Insurance
Universal Life Insurance
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Debt Free Life®
Eliminate your debt in nine years or less without spending any additional money.
Debt Free Life is an insurance solution that builds a cash value over time. As your cash value grows, you can eliminate all your debt incrementally and save the balance for retirement – without spending any additional money. With Debt Free Life, you can create a long-lasting legacy for your family by achieving financial freedom and retiring with tax-favored income.
The Debt Free Life® Solution
How to Get Started
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Disability Insurance
When you think of your assets, you probably think of tangible things like your home, car and retirement account. But, what about your ability to earn a living? At Symmetry Financial Group, we believe one of your biggest assets isn't anything you can touch or feel; it's your ability to work. If you're like a majority of Americans, it would be difficult, if not impossible, to continue meeting your monthly obligations if you were to become injured or ill and could no longer work.
Disability income insurance is a type of insurance product designed to help replace a major portion of your income if you were unable to work because of an illness or injury. For this reason, many people think of it as “paycheck protection.” Along with life insurance, disability insurance can offer the protection you need to ensure your family doesn’t lose their home or other valuable assets if the unthinkable happens.
Why Do I Need Disability Insurance?
Most people don't think they're at risk of becoming disabled, but according to the U.S. Social Security Administration, one in five Americans (56 million) are currently living with a physical or mental disability. Additionally, it's estimated that one in four of today's 20-year-olds will become disabled before reaching their retirement age.
Without a solid disability insurance plan, your family could be at a significant risk if something unexpected happened, especially if you contribute to monthly household bills or a mortgage (most American households rely on two incomes to pay the mortgage). Relying on Social Security Disability to protect you may not be enough: it's very difficult to qualify for Social Security Disability benefits. The Social Security Administration uses a strict definition of "disability" and requires that you be unable to work in any occupation you would otherwise be qualified for based on your education, job experience and training.
Disability insurance purchased through an insurance professional generally uses an "own occupation" definition of disability rather than the "any occupation" definition used by the Social Security Administration, so proving you have a disability is less burdensome.
How Does Disability Insurance Work?
Like any insurance policy, you will need to apply for coverage and make regular premium payments to keep your policy in force. Disability income insurance can be purchased as a stand-alone policy, or as an added endorsement on your life insurance policy.
In the event you were to become disabled, your policy would specify how long the "elimination period" would be before benefits begin. After that elimination period, if you were still disabled and unable to work, the policy would pay you the benefit amount specified in the policy, for the length of time specified in the policy.
Your monthly disability income insurance payments during periods of disability are designed to provide you with some supplemental income during the period you are unable to work. This can help you continue paying your mortgage and other bills.
Choose Us For Disability Insurance
The primary benefit of disability insurance is that it can provide paycheck protection or replace a significant portion of your income if you become disabled. This means your family could continue their current standard of living, knowing that the mortgage payment or rent payment would continue to be paid, whether you were able to work or not.
While you may have some disability insurance offered through your employer, purchasing your own separate disability coverage gives you peace of mind knowing you'll have coverage even if you change jobs and lose those current employee benefits. Also, disability insurance can help you avoid the frustration and delays that can come with relying on Social Security Disability.
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Critical Illness Insurance
A cancer diagnosis, heart attack or other unforeseen health crisis could leave you unable to earn an income, adding financial stress to an already emotionally stressful situation. Unfortunately, your mortgage or rent payment and other monthly expenses will still need to be paid. On top of those obligations, medical bills can quickly pile up. If you aren't able to work, you may not have the means to pay those bills.
Critical illness insurance is a policy that will pay out a benefit as a lump sum if you are diagnosed with a critical illness or condition specified in the policy. This can relieve or lessen the financial strain that can come with critical illnesses, so you can focus on getting better.
Why Do I Need Critical Illness Insurance?
None of us knows if or when we will contract cancer, have a heart attack or stroke, or be diagnosed with another critical illness. These diseases and conditions can have devastating effects on our health, requiring dedicated treatment and recovery periods. When a critical illness strikes, the financial consequences can be just as catastrophic as the health ramifications in their own way. Consider this: an estimated 56 million Americans under age 65 have trouble paying medical bills, and medical bills are the number one reason for bankruptcies.
Even with a good health insurance policy, you may still be required to pay a sizable deductible before your health insurance kicks in, and then you may need to continue paying co-insurance to cover a portion of your own health care costs.
Critical illness insurance is designed to help alleviate the financial strain that comes with critical illnesses. The lump sum benefit paid out under a critical illness insurance policy can be used to pay your medical bills, mortgage and other expenses. Policy benefits can also be used to pay for experimental treatments not covered by your health insurance policy, or for travel to obtain treatments somewhere other than your current location.
How Does Critical Illness Insurance Work?
Critical illness insurance requires you to make periodic premium payments to keep the policy in force. Every policy is a little different, but critical illness policies may offer payouts ranging from $10,000 all the way to $1 million. The policy itself specifies what conditions are covered. Typically, these include cancer, heart attacks and strokes. Some policies may also cover heart disease, kidney failure, organ transplant, paralysis and other conditions.
If you contract a covered condition while the policy is in force, the insurance company will pay you the face amount of the policy, typically in one lump sum payment which is generally tax-free (talk to your tax professional to confirm tax treatment for your specific situation).
Choose Us For Critical Illness Insurance
At Crocker Financial Group, we pride ourselves on providing an independent, unbiased approach to helping our clients meet their insurance needs.
Rather than simply trying to sell you a specific product, we will take the time to help understand your situation including your goals, objectives and your budget. Armed with that information, we can then shop more than 30 insurance carriers to find the coverage that truly works for you.
Buying critical illness insurance now, while you're healthy, is a gift you're giving your future self and your loved ones. To learn more and to get a quote for coverage, contact us today.
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Retirement Protection
Planning for retirement, whether that's five years away or 25 years down the road, is something each of us needs to consider. Making smart choices about how much money you save, and what retirement planning savings vehicles you use, can mean the difference between having the income you need in retirement to live the lifestyle you want, or struggling financially. There is no one-size-fits-all solution when it comes to saving for retirement, but if you prefer a product that offers safety and guarantees, you may want to consider the retirement protection benefits offered by annuity products and indexed universal life (IUL) insurance policies.
What Are Annuities?
An annuity is essentially an insurance product. With deferred annuities, the contract holder can accumulate money over a period of years (the "accumulation phase") by either making an initial deposit and watching it grow, or by making periodic deposits over time.
Funds invested in retirement annuities grow tax-deferred. When you're ready to start drawing on your annuity, you "annuitize" the contract and turn it into an income stream so you receive a series of regular payments each month, quarter, or year.
What is Indexed Universal Life Insurance?
An Indexed Universal Life (IUL) policy is permanent life insurance coverage with both an insurance component and a cash value savings component. The cash value can be indexed to a financial market index, offering policyholders the upside potential that comes with investing in the markets while still retaining the protection of life insurance coverage.
How Can You Use Annuities and IUL for Retirement Protection?
There are many reasons for choosing retirement protection annuities and IUL products. The most common reason many people use annuities is for channeling their savings into a regular income stream during retirement.
Funds from Social Security and pensions may not be enough to allow you to live the lifestyle you want when you retire. Choosing a retirement protection annuity can give you an additional paycheck every month to supplement those other income sources - giving you the funds necessary to travel, pay your expenses each month, buy gifts for loved ones and more.
Similarly, IUL policies offer you the option of accumulating cash inside your life insurance policy - cash that you can use for any purpose.
How Does Retirement Protection Work?
When you purchase a deferred annuity as part of your retirement plan, you enter into a contract with the issuing insurance company. During the accumulation phase, when you're able to add funds, your funds will grow on a tax-deferred basis. When you're ready to turn your annuity into a stream of cash, you'll have various payout options to choose from.
An Indexed Universal Life (IUL) policy includes both a death benefit amount and a cash value component. Your cash value account, to which you can make additional payments at any time, can be tied to a market index so you have the upside of investing in the stock market without the financial risk. The first step toward ensuring you have the income you need during your retirement years is to contact Symmetry Financial Group. We can help you understand the various products available that will best meet your needs.
Choose Us For Retirement Protection
At Crocker Financial Group,we understand insurance and retirement products. Rather than trying to sell you proprietary products, we work with more than 30 insurance agencies to create custom insurance policies and annuity contracts for our clients.
We understand that everybody has a different financial picture, and different goals, so we never take a cookie-cutter approach. We will take the time to fully understand your family's needs, budget, and concerns so that we can find the perfect fit for you. At Crocker Financial Group, we are fully committed to protecting your life's journey.