Do I need Life Insurance?

This is for your loved ones: your child to whom you wanted to give the whole world; your spouse with whom you have built a life; or whoever may be left behind in the wake of your passing. Life insurance ensures that your loved ones will be protected and provided for in the event of your death.


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Life Insurance

When it comes to life insurance, there are two main routes: term and whole policies.
Whole Life
, also referred to as permanent life insurance, offers policies that will last the rest of your life. In addition to offering a death benefit, some of the money paid into the policy via your premium builds a “cash value.” This cash value allows you to take out policy loans and use this money for emergencies.

Term Life Insurance, in comparison to whole life insurance, has a specific end date and tends to be the most affordable option. Typically, the term lasts from 10-30 years. If you pass away during the term, then your beneficiaries are granted the death benefit as indicated in your policy.

Selecting one over the other can depend on many factors-age, occupation, hobbies, health, income, number of dependents, as well as the general state of your finances– just to name a few.

Want more control over how to invest in your policy monthly, while also having lifetime coverage? Here are some plans for you:

Universal Life Insurance:

With this option, you have control over how much money you pay in premiums each month! If you choose to pay more than the minimum premiums, the cash value and death benefit can increase;

Indexed Universal Life Insurance:
This is the perfect option for the buyer seeking to grow their investment in a policy. The premiums are invested in indexed accounts, where the profit and losses of the account are contingent on a specific index, like the S&P 500.

Variable Life Insurance:
With this option, premiums are invested into a managed account full of a diverse range of investment portfolios composed of fixed accounts, money market funds, bonds, mutual funds, and/or stock options. The policy owner works with an expert to determine how risk-averse and aggressive they want to be with the invested money. The choices you make ultimately determine whether or not you lose or gain money on the policy.

Policies like People are Never One Size Fits All
If you need a policy for specific reasons, there are options for you to consider:

Mortgage Protection: These policies assure your mortgage is fully paid in the event of the passing of the individual or in the event the insured is disabled. Generally, these options are decreasing term policies, which means that the policy is set up to match the duration of your mortgage with the amount the policy is worth decreasing in line with your mortgage.

Final-Expense: Funeral expenses and final debts are often left to family members to incur. These policies are more affordable, generally no more than $50,000 in coverage with affordable monthly payments that ensure that all your final expenses are covered.

Did you know that there are options to customize your policy?
While the insurance companies often determine the terms of your policy, there is a way for you to make sure that your policy aligns with your needs. Riders are an overlooked yet essential part of choosing an insurance policy and obtaining the most effective coverage for your circumstances.

There are a wide variety of riders to choose from. Here are some of the most common and beneficial riders that many policyholders choose.

Guaranteed Insurability Rider:
This option allows you to purchase additional insurance coverage in the stated period without the need for further medical examination. If you are currently undergoing major life changes such as the birth of your child, marriage, or an increase in income– this is an option for you to consider.

Accidental Death Rider:
This option pays out an additional amount of death benefit if the insured dies in an accident.

Waiver of Premium Rider:

This option ensures that in the event that the insured becomes permanently disabled or loses their income as a result of injury or illness then all the future premiums are waived and the policy is maintained.

Family Income Benefit Rider:

Loss of income after the passing of a breadwinner can have crippling effects on a family. This helps protect the family by providing a steady flow of income to family members for a set period of time following the death.

Accelerated Death Benefit Rider:

This option allows an insured person to use the death benefits if diagnosed with a terminal illness that will shorten their lifespan.
If you are interested in any of these policy additions or exploring other possible riders, contact our team. We are here to support you and make sure you get your most ideal policy.

Medicare is a U.S. federal government health insurance program that provides coverage to people age 65 or older, as well as younger people that meet certain qualifications such as specific diseases.

For those seeking to enroll in Medicare you will have four main options to choose from: Medicare Part A, Part B, Part C (also called Medicare Advantage), and Medicare Part D for prescription drugs.
Only enrollment in Parts A and B are automatic for those who receive Social Security benefits. Medicare Part A premiums are free for those who made Medicare contributions for 10 or more years through their payroll taxes. However, other parts will require you to incur the cost of the premium. In order to minimize these costs, our agents will work with you to determine the best policies based on your individual needs.

Understanding the different parts of Medicare can be complicated, but we are here to make sure all your questions are answered.
Breakdown of Medicare:

  • Medicare Part A provides you coverage for costs billed by hospitals, inpatient services, nursing facilities, and some home based care.
  • Medicare Part B covers costs for outpatient care, such as doctor visits.
  • Medicare Part C also allows consumers to purchase Medicare Advantage plans through private insurers rather than through the government. These plans often provide benefits that standard Medicare patients would need to purchase through supplemental insurance policies, also known as Medigap. If you need help determining whether you should participate in Part C or are in need of supplemental insurance policies, contact Gadit today.
  • Medicare Part D provides policyholders with prescription drug coverage.
Insurance for Businesses

Here at Gadit, we offer both group life and health insurance.

Group members receive insurance—health or life— at a reduced cost, thus benefiting your employees! This is available only through group plans because the insurer’s risk is now spread across a group of policyholders. For employees who would not be able to afford individual health or life insurance, this is an attractive benefit.

Composite rates are used in insurance underwriting for group coverage policies. This means that the premium paid is based on the average risk profile of a group rather than that of an individual. The use of this rate results in lower premiums for group members. Participation is key. For these policies to be effective, a certain percentage of your employees must participate. Coverage can also be extended to family members and dependents of group members for an extra cost.

Health Insurance plans can include a variety of coverage including medical plans and specialty, as well as supplemental plans like dental, vision, and pharmacy.

Life insurance plans purchased for a group tend to be term policies, which are often renewable each year via the company’s open enrollment process. Unlike individual policies, group life insurance doesn’t require a medical exam.

Can a small business benefit from group insurance? Definitely. There are plans specifically designed for small businesses with employees ranging from 1 to 99.

Like all insurance policies, one size never fits all! Prices vary depending on a range of factors including but not limited to the insurer, plan types, and number of group members. Contact Gadit today to speak with a broker who can help you find the highest quality, cost effective policy for your group.

Key Person Insurance

Key Person, also referred to as “business life insurance,” helps protect the business in the face of the passing of an individual considered critical to the business. With these plans, the business is the beneficiary and also pays the premiums. The death benefit will allow the company time to find a replacement, to implement other measures to continue operations, or to pay off debts and close the business down in order to avoid immediate bankruptcy.

Does my business need this policy?

We advise our clients to consider whether or not the passing of an individual severely hurts the profitability and longevity of the business. If this is the case, these are plans you need to consider.

Can these policies apply to small businesses?

Most definitely. In fact, 71% of small businesses are dependent on one or two people to ensure daily operation of the business, making these policies all the more crucial. In these cases, the key person tends to be the founder or owner of the business.

How much do these policies cost? There is no set price, but rather is dependent on a wide variety of factors including but not limited to:

  • Business Size
  • Income Level of the Person Insured
  • Debt Level of the Business
  • Costs of Hiring and Replacing the Person Insured
  • Costs to Continuing an Operation should a key person pass

What are some of the other benefits to these insurance policies?

These policies can serve as collateral towards a Small Business Administration Loan. The policies may also be necessary when engaging in buy and sell agreements that would transfer ownership of the company should one person die.

Are these policies whole or term life insurance policies?

They can be either. Contact an agent today to determine which type of policy is a best fit for your company.

International Insurance
This one is for our jet setters! Are you traveling abroad for business or vacation? Or is your child studying abroad this semester? Make sure that you or your loved ones are covered in the case of an emergency abroad. Not all general health insurance plans cover the costs of medical expenses internationally. Additionally, navigating different healthcare systems abroad can be stressful, time consuming and not to mention expensive. In addition to ensuring that you have access to care, obtaining these policies may also satisfy requirements on certain visa types as determined by the host country.

Here at Gadit our agents make sure that you are 100 percent ready for take-off. Contact us today with any questions and a free quote on different policies.

For those on Medicare: If you have been living outside the country for more than 6 months, Medicare does not typically provide medical coverage unless you have a supplemental that provides it. Speak with an agent today to ensure that you have adequate coverage before moving abroad.


Always better to be safe than sorry. Annuities are insurance plans that provide a fixed income for a period of time, typically for the purpose of retirement or as part of a long term investment strategy. For those who can possibly outlive their savings or fear that their investments may be affected by poor market performance, this may be a policy you want to invest in. Annuities transfer these risks from you to the insurance company, allowing you to retire worry free! For more information about annuities, please contact one of our agents.

How are annuities funded?
These plans can be purchased in lump sum or through a series of payments. Our agents can work with you to make sure you have the most cost-effective plans at your disposal.

How do annuities work?
All annuities involve two phases. The accumulation stage—or the period during which you pay the insurance company—and the annuitization stage—which is when the insurance company begins making routine payments to you or the beneficiary of the policy. Annuities can be an option for you independent of your age!

There are plans that allow you to start receiving payments immediately after paying the insurer a lump sum. This can be ideal for those who are seeking to retire as soon as possible. For those who have a bit more time to spare, you can also choose to receive deferred payments. Talk to a Gadit agent today for help determining which option would be best for your retirement plans and goals.

Can I grow my money in an annuity?
If ensuring that your money continues to grow is a priority for you, there are options. You can opt for a fixed annuity in which your money grows based on an interest rate that remains constant. The alternative would be to invest your money into a variable annuity, which allows you to invest your contributions into the market.

Our priority at Gadit is to find the best policy for you and your family. Our specialty here is customization. Below is more information on riders and additional benefits that can allow you to customize your annuity to your specific needs.

Guaranteed Withdrawal Benefit:
Normally, annuities only allow policyholders to withdraw money under two circumstances. First you can “annuitize” the funds, which means you initiate the process of receiving regular distributions, typically only available for those who have paid the policy in full. The second option is to take a potential loss and pay surrender charges for withdrawing the funds early. If you cannot pay your policy in full or do not want to incur a loss on your investment, adding a guaranteed withdrawal benefit can protect you.

Lifetime Income Benefit Rider:
The name says it all! With this rider, the insurance company guarantees that you will receive regular income payments from the annuity for the rest of your life, even if the actual balance that you paid into the annuity is depleted.

Death Benefit Rider:
One of the common disadvantages of annuities is that they are established as living benefit contracts. That is, they provide you with income benefits for the rest of your life, but once you die there is no insurance benefit for your heirs. This rider converts the annuity into both a living benefit and a death benefit contract, ensuring that your beneficiaries receive money even after your passing.

Cost of Living Adjustment (COLA) Rider:
Worried about inflation and rising costs of living? A COLA rider provides increases in the monthly payments based on a measure of inflation.

Terminal Illness Rider:
This rider allows you access to your annuity early in the event that you are diagnosed with a health condition that significantly limits your life expectancy. All surrender charges are waived.

Here at Gadit we are committed to ensuring that you find the policy that best fits your personal needs, financial requirements, comfort with risk, and medical condition.

Contact an agent today to discuss other possible riders that can ensure your policy best accommodates you!



Get Covered!

Take the first step towards protecting your family and apply for life insurance with Gadit—with no obligation. It’s free, won’t affect your credit score, and no credit is required. Contact one of our brokers today!

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