Tuesday, March 29, 2011
Christy Schulte interviewed Tom Newsad for the Insight section of the March 27th Middletown Journal:
Most people who have life insurance acquire it through an employer-sponsored plan instead of purchasing an independent policy. That can have uncertain consequences, according to Tom Newsad of Newsad Insurance, an independent life insurance agent based in Middletown, OH.
“When a person’s employment terminates, their life insurance may completely end, can decrease in value or can be converted to permanent insurance,” says Newsad. “It’s important to be aware of how an employer policy works so that an educated decision can be made on whether to purchase an independent life insurance policy.”
The sooner a person purchases an independent policy the better. “The optimum age to purchase life insurance is 29, before health starts to decline,” says Newsad.“ The closer a person is to retirement age the more expensive a policy will be.”
Newsad, who represents Grange Life Insurance, says there are three things to consider when purchasing a policy: future obligations like college and retirement, replacing a missing salary and mortgage debt and other special needs like funeral costs.
There are two basic types of life insurance: term and permanent. Term life insurance provides protection for a certain period of time, usually ranging from one to 30 years. Term is typically lower in cost and most policies can be renewed, even if health has changed. Premiums can change with each renewaland the right to renew may be declined at some age.
Permanent Life insurance provides lifelong protection. As long as you pay the premiums and no loans, withdrawals or surrenders are taken, the full face amount will be paid upon death. Permanent life insurance accumulates cash value and is priced to keep over a long period of time.
Newsad Insurance was founded in 1996 in Middletown, Ohio. Tom Newsad has won numerous industry awards including being a three-year member of the Million Dollar Round Table, which includes only the top one percent of the world’s most successful life insurance and financial services professionals.
He is also a member of the $50 Million Club, achieving special recognition for having more than $50 Million worth of life insurance with Grange Life Insurance Company. Newsad has been a Pacesetter Qualifier with Grange for the last nine years. Grange is an insurance provider based in Columbus, OH that offers auto, home, life and business protection.
Newsad Insurance is located at 3121 Central Avenue in Middletown and is accredited by the Better Business Bureau. For more information or to receive a quote call (513) 424-6871 or visit www.newsadinsurance.com.
- By Christy Schulte