Life insurance is a way to financially provide for your loved ones and cover final expenses if you die unexpectedly. But nearly a quarter (23%) of U.S. adults don't have life insurance coverage, according to a new survey from ConsumerAffairs. And, consequentially, 22% of breadwinners are worried their dependents would not be able to meet their financial obligations if they died. A healthy female who purchases a $500,000, 20-year term life insurance policy at age 35 will save about $22 on her monthly premiums than if she took out the policy at 45 years old. That may not seem like much, but it adds up to $5,300 over the length of the policy. A male with the same policy would save a...
Continue reading...
Becoming an adult is a journey with many stops along the way. In the United States, you’re technically an adult when you turn 18. But as any young adult over the age of 18 knows, this grown-up milestone is a technicality. You mark your legal entrance into adulthood with a bashful trip to the 7-Eleven, where you hurriedly buy a pack of cigarettes and a lottery ticket for the first time and call it a day. It’s “ adulting “, lite. But where does that leave you now? Sure, you’re registered to vote, you pay off your credit card bill every month, and you’re finally off your parents’ phone plan. But what’s next? Here are seven action items you should consider if you’re looking to...
Continue reading...
Another study examines how COVID affected life insurance market The life insurance industry has been worried for some time now about adoption rates for coverage among the youngest group of adults. Millennials have generally proven to be quite reticent when it comes to buying such policies, but there may be more reasons why this is the case than many in the industry suspect. Put simply, many in the industry would likely attribute the lack of life insurance policies among those in Generation Y to the fact that those people often just don't feel as though they need such coverage, according to a report from the financial news site Main Street. There's a reason that many in the insurance...
Continue reading...
Having ‘The Talk’ With Your Adult Child: Life Insurance, That Is To get the conversation rolling, bring up a story where financial reassurance helped a family to cope. “Do you have life insurance?” Asking this simple, straightforward question is often the best way to begin a discussion with your adult child about an important decision: obtaining life insurance for a more secure financial future. “Because the majority of people aren’t educated about life insurance, you have to start the conversation somewhere,” says Brenda Coggins, an Amica Life senior national life sales representative. When you have the talk, you’ll want to share your experiences and provide basic information in your role...
Continue reading...
Can I Buy a Life Insurance Policy on My Adult Child? Are you wondering, Can I buy a life insurance policy on my adult child? Yes, you can buy life insurance on your adult children. As a parent of your child you have an insurable interest in your son or daughter and can purchase a life insurance policy on your children. What is Required to Buy Life Insurance on My Adult Child? 2. Your child’s Signature on the life insurance application, and A term life insurance policy or permanent life insurance policy may require your child to take a medical exam. However, you may buy instant approval life insurance online today with no health exam required, just some medical...
Continue reading...
September is an extra-special month for us here at Combined Insurance because it’s both Hispanic Heritage month and Life Insurance Awareness Month. We have a diverse group of employees working every day to ensure our customers receive the best products to fit their needs along with excellent customer service, both in English and Spanish. To help us celebrate, learn more about life insurance, whether or not it’s right for you, and if you have enough. · Contact our agents for a personalized consultation for yourself or your workforce Life insurance is a way for your family to ensure that in the event of the death of a loved one, you are guaranteed a sum of money to be given to your...
Continue reading...
It can be easy to shun the idea of getting life insurance on a child. That’s understandable: No parent wants to imagine a scenario in which they might collect a death benefit on their child’s life. But permanent life insurance can be an important financial planning tool. And because of that, getting life insurance for your child can offer a range of long-term benefits that may surprise you. Here are six reasons to buy life insurance for your children. IT’S PERMANENT One of the greatest benefits of whole life insurance is that as long as you continue to pay your monthly premiums on time, the policy covers you for life. This means that when your children become adults (and will likely...
Continue reading...
When you think of who would be likely to purchase life insurance, you might think of a parent taking out a policy to benefit their child, or a spouse doing so for his or her partner. But can you get life insurance on anyone, regardless of your relationship to them? HOW LIFE INSURANCE WORKS Before we get too far, since we’re talking about “getting insurance” it’s probably a good idea to define what that means by explaining a bit more about how life insurance works. With any life insurance policy there are three key stakeholders (often two of the three are the same person): The owner/payer: For all intents and purposes, think of this as the person who is “getting the policy” and who will pay...
Continue reading...
I am a 65-year-old woman married to a great guy for decades. We have no children. He earns all the money and handles all our finances. During my entire life I have not been a good money manager. I love to spend money and have a head-in-the-sand approach to money problems. Before our marriage, I bounced checks often. My fear is that I will outlive my husband, and then have no one to check my spending impulses. We owe less than $200,000 on our home, which is valued at over $2.5 million. We have another $1.2 million in retirement funds. He has a $1 million life-insurance policy. We intend to retire within three years, sell this home, and relocate within California to a smaller home costing...
Continue reading...
Six months into an historically-lethal pandemic that potentially threatens everybody on the planet is probably a pretty good time to update or begin your personal financial checklist —In case you unexpectedly check out. Many people, and especially long-time career federal civil servants are almost certainly worth more dead than alive, and by a lot more than they think. Especially true if you can leave a lifetime indexed-to-inflation survivor annuity, subsidized lifetime health insurance coverage, life insurance and more. But how much more? Do you have a clue? Can you think of a better time for a personal tune-up? Benefits expert Tammy Flanagan has spent most of her adult life, in addition...
Continue reading...
