Looking For Life Insurance? Life Policies Starting at $10 per Month
An important part of your life is making sure your loved ones are cared for. If you want to ensure that your family is secure even when you are gone, then life insurance is a necessity. The advice offered in this article will help you along in the process of choosing life insurance that will provide for you and your loved ones’ needs.
Make sure your life insurance policy provides enough coverage. A good insurance should cover your debts, your mortgage, your loans, and even cover the education of your children.
Try getting your life insurance from an insurance broker. Life Insurance Brokers Like Insurance Brokers Group shop multiple life insurance carriers for the most affordable rates. Plus, because they work with many companies they’ll be more familiar with which companies are the easiest to get through underwriting.
Don’t for get to ask about NO medical term life insurance. If you’re between the ages of 18-64 years old you in good health you may qualify for fast and easy life insurance with no medical exam. Up to $500,000 with just a few question and in many cases you’ll have a policy in 24-48 hours.
TIP! Get just the right coverage for your family. It can be difficult to determine how much you should get, but in the end, it can save you and your loved ones grief.
Think about it. When was the last time you went to a cocktail party and had a fascinating conversation about how awesome your life insurance policy is?
“Never” would be the correct answer!
However, most adults understand or think that they might need life insurance "someday".
The problem is, "someday" remains an excuse for over 44% of the US population, according to statistics from LIMRA; a life insurance think tank.
Face it, life insurance is one of the many fixed costs that we must build into our monthly budgets.
Insurance of all kinds is a necessary evil. Insurance, and specifically life insurance, forms the bedrock of all financial planning. Without a solid foundation, most plans fail. So, here are some things to think about as you begin your research for on life insurance.
Remember, when it comes to your personal finances, there is no “right answer”.
Forget about the populist financial evangelists and go with your gut. If you WANT to provide extra money for your family above the traditional 10X salary, go for it!
You’ll see that term life insurance is so cheap, you’ll wonder why you haven’t taken care of your life insurance planning sooner!
As we grow up and start "adulting", we learn that there are many different responsibilities to protect what and who we love.
Life insurance is an essential part of a stable financial future.
As we expand our families, embark on entrepreneurial ventures, we begin to understand the critical and irreplaceable role that insurance plays.
There are many different policies and companies you can partnering with. For our purposes in this introduction to life insurance, let’s talk about the basics. We’ll come back to more specific flavors of life insurance another day.
Here are some of the main reasons we recommend life insurance, and how it protects you and the life you've built.
Use Life Insurance to Safeguard your family
Chances are, if you're reading this, you are responsible for providing for the livelihood of others.
Be it a spouse, children or other family members and possibly employees of a business. For those that rely on you, imagine what would happen to their quality of life if your income was gone. Due to an accident or illness.
How could your family maintain its lifestyle. If a stay at home spouse passes away, how with the working spouse cover the extra childcare need to pick up the slack at home?
Beyond the regular bills and extra medical costs, a time of grieving could also make for difficulty maintaining even the daily tasks. Things like household cleaning, cooking, childcare and more.
Life Insurance can be used to not only cover these expenses but also offer financial peace of mind and a cushion to help you settle family matters, and provide the all-important emotional support for your children.
Create an Inheritance with Life Insurance
Whether you have a large sum of money or assets to pass on or some small items that are heartfelt heirlooms. Having life insurance in place can create an instant estate for your family when you’re gone.
You can create a fund for a new home for your kids when they get older. Creating a legacy is one of the most common uses of life insurance.
Life Insurance to Pay Off Debt
Contrary to what many believe, when we pass on, our debts do not go to the grave with us. Rather, they can stay after to haunt our loved ones. The big debt that folks often forget about is private college loans. Federal college loans have built-in forbearance for death and disability of the borrower.
Private loans, which can be attractive due to favorable interest rates and payment terms, do not offer forbearance at death or disability.
For example, if you have college or grad school loans and you get married, your new spouse can “inherit” you school debt.
Parent co-signers of private loans will also be on the hook when you’re gone as well.
Fortunately, there’s life insurance. Parents can insure their kids to the extent of the loan amount so that if something bad happens, the debt can be repaid, easily and cheaply. The cost to insurance your child is dirt cheap compared to older parents in their 50’s.
Life Insurance Replaces Income for Survivors
As a parent or guardian, you'll likely want to know that your children are not suffering financially. Having access to quality education and opportunities. You also want to support their most significant lifetime milestones like marriage or childbirth.
For this reason, extra coverage can be the difference between barely making it and ensuring they thrive. One other thing about income replacement… If you do the calculations, it’s often better for you to continue paying your mortgage vs. paying it off in a lump sum. The mortgage interest deduction is a nice savings on your tax bill.
Simple Peace of Mind with Life Insurance
While no amount of money could ever replace a person, having life insurance can help ease the burden of those remaining family members.
No other financial instrument will create a pool of money at death.
Consider this, when you set up a retirement or other savings fund. You usually have goals that go with the fund-retirement, home, college etc.
What happens to those savings plans if you’re only a year or two into the plan and you meet a premature demise?
If you have life insurance, you’ll have the peace of mind knowing that your financial goals will be met even if you can’t continue the savings plan yourself.
We Can Help with Life Insurance
We are committed to providing support and education around protecting your dreams and those you love. We are happy to answer questions you may have! Contact us today to discuss your unique needs, budget and available options for affordable coverage.
Chris Acker, CLU, ChFC is the owner of CB Acker Associates Insurance Service in Silicon Valley. He has been helping families with their life insurance needs since 1985. Specializes in high-risk life insurance, especially sleep apnea life insurance
If you enjoy thrill sports like parachuting, cliff diving or bungee jumping, your insurance costs can be much higher than other people’s costs. There are also certain occupations which could be the cause of these higher quotes. Race car driving or being a helicopter pilot are risky professions, and insurance companies will charge more because of this.
There is no need to purchase life insurance in extravagant amounts. The huge premiums that go along with these policies will simply drain your funds while you are living. It’s more important to buy just enough so that your loved ones can survive for a while if you die unexpectedly.
Get just the right coverage for your family. It might take you a while to figure out just how much money you will need to cover expenses and to provide for your family, but the extra time spent is well worth it. Think about the size of your mortgage, the cost of sending your kids to college, your tax liabilities and other aspects of your personal financial situation as you ponder the proper amount to purchase.
Tell your insurance company about any high-risk hobbies you participate in, such as skydiving or skiing. You should also disclose any job duties that may put your life at extra risk. It is going to cost you more money, but it is going to keep you from becoming ineligible for coverage if the insurance company finds out on its own. There are also big penalties for withholding information as it is considered fraud.
Personal Information Is General Not Needed For A Basic Life Quote
When you seek online information regarding life insurance, remember to safeguard your personal information. Often, scammers set up fake life-insurance sites to gain access to people’s personal information. The only information necessary to obtain an insurance quote would be your zip code, date of birth, gender, smoker and amount of coverage.
Inform your family and loved ones about the life insurance policy you choose and what it entails. They should know about the amount of insurance, documentation location, and who to contact at the insurance company when it’s time to file a claim.
Purchase additional life insurance for family members to save more money. Some insurance carriers charge less if you get more coverage, which means you can get better coverage at a lower rate for your loved ones.
TIP! Do not bother with policies that are termed as guaranteed issue unless there are no other viable options. Guaranteed life policies are targeted towards individuals with some sort of pre-existing health condition.
If you have people who are financially dependent on you, you should consider purchasing a life insurance policy. If you drop dead one day, the life insurance will pay any large expenses you leave behind, such as a mortgage or your kids’ college education.
Guaranteed issue insurance policies should be your last choice. This type of policy is designed for people with health conditions that prevent them from attaining a normal life insurance policy. This type of life insurance does not require a medical exam, but you will pay much higher premiums, and the coverage is only available in very limited face value amounts.
Research life insurance on your own as much as possible. Talk to life insurance professionals as well as doing your research. A professional will guide you towards the kind of coverage you need, answer your questions and assist you with the paperwork.
One of the questions you want to ask before you buy insurance is whether it is possible to cancel the policy if the need arises. Cancellation is an option you should consider if your life insurance company doesn’t live up to your expectations. Some companies will charge you a cancellation fee. Find out in advance how much it will cost you to cancel your insurance.
TIP! When you are looking into life insurance, it is good to do some research on your own, but it is always best to talk with a professional as well. This can help you make a better decision about the coverage you need since they can give you answers to your questions, or even help make some changes to your chosen policy.
One of the most common mistakes people make when purchasing life insurance is accidentally skewing the results of the required physical exam. Your impulse may be to go for a jog or spend time at the gym immediately before your appointment in an effort to appear more physically fit. However, this will probably make your blood pressure rise, giving the doctor a false reading.
By now you should realize how important it is to protect your family by having adequate life insurance. Following the advice in this article will give you the peace of mind, knowing that you have done what is best for them.