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By Bialke Agency

Safeguard Your Family With a New Life Insurance Policy or Review

Protecting your assets and your family’s future is top of mind for many Minnesota families at the start of every new year.

As one year closed and another one lay in front of you, you face a calendar full of hopes and dreams, and new or renewed goals. You may also be facing the unknowns, questions, and even some concerns about your family’s financial security. So what better way to greet 2023 than with a life insurance policy? And if you already have one, it’s the perfect time to take stock of the past 12 months and review the terms of your plan to ensure you have appropriate coverage.

What is Life Insurance?

In simple terms, the policy serves as a contract between you and the insurance company. In the event of your death, the insurer will pay the appointed beneficiary the equivalent stated in your plan. The terms are typically from 10 to 30 years, depending on the agreement.

However, death is not the only thing that can activate your policy since some contracts allow a terminal illness to claim the benefit.

When Should You Buy Life Insurance?

As a rule of thumb, you need life insurance if you are the sole breadwinner or if you don’t want your family to carry the burden of the debt you leave behind after your passing. The best time to buy one is when you are still young and can pay the premiums until the cash benefit grows.

Of course, the older you get, the more expensive the plan will be. But, on the other hand, if you wait long enough, no insurer would even take your case because the risks outweigh the policy cost.

Benefits of Life Insurance

Here are some of the core benefits of a life insurance policy for your family:

  1. A permanent policy is tax-free. Your beneficiary does not have to report the amount since it’s not considered a taxable gross income. However, there are exemptions to this rule. For instance, they may pay the interest if they delay filing the claim.
  2. Grow Your Worth. If you buy life insurance while still young, you can build your credit. Think of it as a cash value you can use to borrow against during emergencies. You can also use a portion of the amount upon retirement or the insurance as collateral for a loan.
  3. Peace of Mind. If you have people depending on your income, you can live your life knowing they remain protected upon your death. For example, your kids won’t have to apply for student loans to pay for school.

Time to Revisit Your Life Insurance This 2023

You are about to enter 2023, but are you sure you have enough protection in your current life insurance policy?

Some people make the mistake of thinking they have sufficient coverage, only for their beneficiaries to suffer later when they claim the benefits.

There are multiple types of life insurance:

  1. Term Life. The coverage will last for a specific period, such as 30 years, for instance. Your protection ends once the term expires. However, you can convert it into whole life insurance for a bigger amount. The advantages are two-fold: you can always terminate the contract by discontinuing the premiums, and the plan is typically less expensive.
  2. Whole Life. As the name suggests, you will be covered for a lifetime so long as you pay the premiums. The plan also has a cash-value benefit, which means you can borrow against it if you accumulate enough.
  3. Universal Life. Similar to Whole Life but offers a little more elbow room to choose how much coverage or premiums you need.
  4. Variable Life. It’s a mixture of Whole Life and Term Life. But you can utilize the cash value to reinvest in bonds and stocks.


So, review your insurance plan if significant changes in your life may cause a tectonic shift in your circumstances. For instance, if you had just gotten married or had a kid, a new promotion, a new mortgage, and other significant events.

Talk to your agent regarding the benefits and how they build up in your current plan. For example, ask which part of the premiums is guaranteed and whether you can convert the plan into an annuity. You should also inquire about the “rider” options for your policy.

Lastly, if you just opened a business, a life insurance policy will be a great way to protect your personal assets in case of death or critical illness.

Reach Out to Us for More Questions

Our team at Bialke Insurance Agency is always ready to address all your nagging questions or concerns regarding life insurance products that will give maximum protection for you, your family, or your business.

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Licensed Sales Professional

Thomas Allen

Thomas graduated from Winona State University with the intention of pursuing a career in insurance.

That decision was based on a passion to be a part of an industry that helps people in their time of need. He wants to be able to provide peace of mind so the clients he serves can live their lives worry-free.

In his free time, Thomas likes to watch college football, play guitar, and golf, and attend concerts with friends. He also enjoys just hanging out with his two puppies — Mauser and Jojo.