Welcome To

The Ascension Group

At the Ascension Group, we understand how hard you work for your money. That's why dedicate ourselves to helping you attain the rewards you have earned. There is no reason you can't live the good life. Contact us today, and start building your dreams.

  • Wealth Protection

    The Ascension Group offers affordable insurance coverage for financial protection. We are committed to helping all of our clients navigate life\'s challenges. Contact us today to learn more.

    Read More

  • Insurance Policies

    Our objective is to grow your capital through regular or single premium insurance policies. This is easier to do than most people think. Contact us today for more information.

    Read More

  • Family Nest Eggs

    Thank you for taking the time to find us. Your visit today says that you share our commitment to a better financial future. Perhaps a free consultation or quote is exactly what you need. If so, we are here to help.

    Read More

  • 1
  • 2
  • 3
Affordable & Easy Qualification Get Your Free Insurance Quote Today

7 Myths About Life Insurance

Life insurance is kind of like the Rodney Dangerfield of financial planning. As one of most people’s least favorite financial topics, it gets no respect. When people think of a life insurance agent, they think of someone like this guy. Yet, it’s something that almost everyone needs and not having it when you need it can be devastating to your family’s well being. Here are some of the most common and dangerous myths about this often misunderstood product:

1) Your employer-provided life insurance is all you need.

Your employer may provide you with life insurance equal to 1-2 times your annual salary and you may even be able to purchase up to 4-6 times your salary. But there are several problems with that. First, your “salary” doesn’t typically include commissions, bonuses, and second incomes. Second, to replace your income for dependents, you generally need at least 5-8 times your income and some experts even recommend 10-12 times. (You may want to use a calculator like this to determine your specific needs.)

Even if you do have enough insurance through your job, you may lose it when you leave. You may be able to convert your optional insurance to an individual policy or purchase one on your own but either way, it may be much more expensive than purchasing a policy today, especially if your health deteriorates.

Finally, you may actually be able to get a better deal on your own, especially if you’re young and/or in above average health. Even if your employer’s policy is initially cheaper, the cost may go up each year and you may not be able to take it with you when you leave, You can purchase an individual policy that locks in your rate for a period of time or allows you to build cash value if you want to keep the policy your whole life. Only include your employer’s coverage in covering your needs if you can take it with you at affordable rates. Otherwise, consider it a  bonus.

2) Only the breadwinner needs life insurance.

“Imagine if something were to happen to the stay-at-home spouse in your family. The breadwinner may need to hire someone to clean and take care of the kids and that can cost a lot of money. Unless your family would have that extra income to spare, you may need life insurance on both spouses,” advises Marvin Feldman, President and CEO of life insurance non-profit organization, Life Happens. Insurance on the stay-at-home spouse also gives the working parent the opportunity to take time off work and help the family adjust to their loss.

3) Life insurance is really expensive.

A recent study conducted by Life Happens and LIMRA, found that 25% of Americans said they need more life insurance but only 10% planned to purchase it within the next year. The main reason given was cost, with 63% saying that it’s too expensive. However, 80% of them overestimated the cost. 25% thought that a $250k 20-year level term policy for a healthy 30-yr old would cost $1k a year or more when it actually would cost about $150.

4) My health disqualifies me from life insurance.

There are a lot of companies that cover a range of health conditions and some even specialize in high-risk cases. You can also purchase a policy that is not medically underwritten at all. Just be aware that they tend to be more expensive and have lower coverage limits.

5) Everyone should buy term and invest the difference.

While this generally makes sense for most people, a permanent policy can be a better deal if you need life insurance for your entire life. Some examples would be to provide for a special needs child or to cover estate taxes. For a small percentage of the population, the cash value can also be a good investment if you need life insurance, are in a high tax bracket and have maxed out all your other tax-advantaged options.

6) You get a better deal purchasing life insurance online.

“The Internet can be a great place to research life insurance and find an agent but you actually pay the same price whether you purchase a policy online or through a human being,” says Feldman. “What you don’t get online is the personal service that can help you figure out how much you need, which company is likely to give you the best price based on your health situation, and what the terms on the application mean. A web site may not realize that you need coverage for your whole life due to a child with special needs or that your health won’t qualify you for the rates offered by the lowest price company. Most importantly, a commission-motivated agent can help motivate you to actually get the policy as it’s something very easy to procrastinate.”

7)  You’re too young to worry about life insurance.

Life insurance actually makes the most sense when you’re young since the premiums are less expensive and you have fewer assets to pass on to heirs. The longer you wait, the more expensive it will tend to be and the more likely you are to develop a medical condition that makes it much more expensive. Of course, the biggest problem with procrastinating life insurance is that by the time you need it, it’s too late to get it.

Every person’s situation is unique. Some people don’t even need insurance at all. Whatever decision you make when it comes to life insurance, just be sure it’s an informed one. After all, if something does happen to you, you don’t get to come back and relive the day like Bill Murray did in Groundhog Day.

Choosing the right life insurance

1. All policies fall into one of two camps. There are term policies, or pure insurance coverage, and the many variants of whole life, which combine an investment product with pure term insurance and build cash value. 2. Insurance is sold, not bought. Agents sell the vast majority of life policies written in the U.S. because the life insurance industry has a vested interest in pushing high-commission (and high-profit) whole-life policies. 3. Whole life is expensive. Policies with an investment component cost many times more than term policies. As a result, many people who buy whole life often can’t afford an adequate face value, leaving themselves underinsured. 4. Whole-life policies are built on assumptions. The returns quoted by the agent are simply guesses – not reality. And some companies keep these guesses of future returns on the high side to attract more buyers. 5. Keep your investing and insurance strictly separate. There are better places to invest – and without the high commissions of whole-life policies. 6. Buy enough term coverage to fill your needs. Life insurance is no place to skimp, especially with generally low rates. 7. Match the term of the policy to your needs. You want the policy to last as long as it takes for your dependents to leave the nest – or for your retirement income to kick in. 8. Buy when you’re healthy. Older people and those not in the best of health pay steeply higher rates for life insurance – so buy as early as you can, but don’t buy until you have dependents. 9. Tell the truth. There’s no sense in shading the facts on your application to get a lower rate. Be assured that if a large claim is made, the insurance company will investigate before paying. 10. Use the Web to shop. Buying life insurance has never been easier, thanks to the Internet. You can get tons of quotes – and avoid the pushy salespeople.