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Economic Evaluation Group, Inc.

A Concierge Employee Benefits Consulting & Brokerage Firm 
(516) 338-2800


Recent Work

Business Life Insurance

Are you the owner of a family business? Have you ever wondered how you are going to be compensated when you hand the business over to your heirs? A business continuation plan funded by life insurance can make all the difference when that day comes.

Are you a partner in a business? Have you ever wondered what would happen to your years of hard work if one of your partners was to suddenly pass away? Who would take their place? How would their heirs be compensated for their rightful stake in the business? A cross purchase plan funded by life insurance is the best solution.

Situations like these effect people and their businesses everyday. Is your business protected by the right plan? We have the knowledge to help your business stay one step ahead. Preparation and planning can make all the difference. Call us today and let us show you how we can help.

Individual Life Insurance

 

Life insurance can be used for much more than the commonly understood purpose, but the most common reason for buying life insurance is to provide protection in the event of an untimely death. For example, in order to make sure that a major liability, such as a mortgage is not left behind, a person buys life insurance. An experienced broker from Economic can explain how, in addition to family protection, life insurance can be used with estate planning, cash accumulation, wealth transfer, and estate tax liquidity.

With most life insurance companies a medical exam is required as part of the underwriting process. Because life insurance premiums are age and health sensitive, an  insurance company has the right to investigate your medical background in order to determine the cost of the insurance. The younger you are and the better your health, the less expensive your life insurance will be.

Simply Put

In it's most basic form life insurance is a contract between an insurance company and an insured individual designed to pay money to a beneficiary upon the death of the insured. The contract states that upon the death of the insured, a beneficiary will receive a predetermined amount of money. Life insurance is purchased for many reasons. The following should be considered when determining the amount of insurance necessary. 

Common Uses for Life Insurance

- Funeral Expenses - Life insurance can be used to provide enough money for funeral expenses.

  • - Unpaid Debts - Bills, credit card debt and loans can be covered by life insurance.
  • - Mortgage Protection - Life insurance can pay off the remaining balance of a mortgage or provide a guaranteed amount of income to cover a mortgage payment.
  • - Income Replacement - Life insurance can ensure that surviving family members are able to maintain the same standard of living as they were prior to the death of the insured.
  • - Education Expenses - Education costs of the insured's children are covered by life insurance.
  • - Taxes - Federal estate and state inheritance taxes can be pre-funded using life insurance to preserve the value of an estate.
  • - Donations/Gifts - People can use life insurance to leave money to a charity or as a gift to a family member.

 

 

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Economic Evaluation Group, Inc.

© 2018 Economic Evaluation Group, Inc.

Copyright© 2018 Economic Evaluation Group Inc. Revised: 08/04/2018 Content subject to change at any notice. Not responsible for typographical errors. 

Economic Evaluation Group, Inc. Specializes in Group Health Insurance (Group Medical Insurance). EE Group is located in Melville, Long Island, New York and service all over the United States and Canada.

Economic Evaluation Group is currently Licensed in Arizona (AZ), Arkansas (AK) California (CA), Connecticut (CT), District of Columbia, (DC), Florida (FL), Georgia (GA), Illinois (IL), Kentucky (KY), Maryland (MD), Massachusetts (MA), Maine (ME), Michigan (MI), Minnesota (MN), Missouri (MO), New Hampshire (NH), Nebraska (NE), New Jersey (NJ) , New York (NY) , North Carolina (NC), Oklahoma (OK), Pennsylvania (PA), Texas (TX), Vermont (VT), Virginia (VA). NOTE: If your state is not listed we can easily add the state license.