Even for those who feel like they’re at the peak of life, the future is never certain, so thinking through the financial implications of a sudden illness or accident can be a wise move. Does that mean you need life insurance? If there are people in your life who depend on your earnings, and you don’t have an enormous bank account to leave behind, the answer is likely “yes.” For parents, entrepreneurs—even young people with outstanding student loans—the promise of a death benefit can provide peace of mind that your family or business associates will be protected. Who Really Needs It? The key question when it comes to buying life insurance is whether there are people in your life,...
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Your need for life insurance changes as your life changes. When you're young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities once again begin to diminish, your need for life insurance may decrease. Let's look at how your life insurance needs change throughout your lifetime. Footloose and fancy-free As a young adult, you become more independent and self-sufficient. You no longer depend on others for your financial well-being. But in most cases, your death would still not create a financial hardship for others. For most young singles, life insurance is not a priority. Some would argue...
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In the United States, most, if not all, of Americans consider their life and death. To be more specific, they spend some time thinking about what will happen to their family, their belongings, and their assets once they pass on. Many individuals purchase a life insurance policy. By definition, a life insurance policy is a contract between your insurance company and yourself; this contract is more-so an exchange. Essentially, you make payments, and then once you pass away, your insurance company will provide your family members with a monetary element. Most of the time, this is a lump sum of cash. Although this sounds ideal in theory, people have been questioning if a life insurance policy...
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When you retire you’ll have to make some decisions about your Federal Employees’ Group Life Insurance coverage. Specifically, which benefits you want to keep and what you are willing to pay for them. Your Basic coverage is equal to your base pay – the amount from which retirement deductions are taken – rounded up to the next $1,000 plus $2,000. When you retire, you’ll be offered these choices: a 75 percent reduction in your Basic insurance, a 50 percent reduction, or no reduction. If you choose the 75 percent reduction, you’ll continue to pay the same premiums for this coverage that you did while an employee, and you’ll do that until you reach age 65. At that point, you won’t have to pay...
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A term life insurance policy provides financial protection in the form of insurance coverage amount to the family members of the insured in case something happens to the policyholder. However, nowadays several insurance providers offer various customised solutions based on the needs and different situations of the customers. This implies that there are other forms of term life insurance plans available in the market and you should opt for the best term insurance for the better future of your loved ones. But it has been seen that due to the availability variety of term plans, people often get confused in terms which one to choose from insurance company amongst others. So, when you choose the...
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NEWARK, N.J.--( BUSINESS WIRE )--Nearly half of Americans (45%) surveyed during the COVID-19 pandemic said they do not own an individual life insurance policy and a similar amount (48%) said they are concerned about their financial future, according to Prudential’s latest Financial Wellness Census. The pandemic environment has put mortality and financial wellness into sharp focus, and accelerated the need for simple, digital options for buying financial products, including life insurance. “As we continue social distancing, it’s more important than ever to find ways for people to buy life insurance the way they want, whether online, over the phone talking to an advisor, or a hybrid of both...
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Stay-at-Home Parents Need Life Insurance Now More Than Ever, Says Life Ant A New Article on the Life Ant Website Explains Why Life Insurance is So Important for Stay-at-Home Parents, as Well as How Much Coverage May Be Needed NEW YORK, NY / ACCESSWIRE / September 15, 2020 / The founders of Life Ant, a life insurance quote comparison website based in Manhattan, are pleased to announce that they have just posted a new article to the site that discuses a very important topic: life insurance for stay-at-home parents. As the article noted, although it is typically assumed that the breadwinning parent has life insurance, stay-at-home parents should also have a life insurance plan in place. While...
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Term life insurance offers coverage for a specific amount of time, while whole life insurance provides lifelong coverage and the potential for a cash value accumulation. When you pass away, your family can use the proceeds from both types of policies to pay for your funeral costs, handle mortgage payments or cover other financial obligations. Although both are designed to provide a financial safety net for your loved ones, there are a few key differences that set them apart. So, to see how they each stack up, here’s what you need to know about term vs whole life insurance. And if you need extra guidance determining how life insurance fits into your overall financial plan, consider enlisting...
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katie oelker and husband Before I became a financial adviser, I thought having life insurance through my employer was enough coverage. But once I heard from families who were left with nothing when a loved one who was between jobs died unexpectedly, I knew I needed to protect my family. My husband and I decided to purchase 20-year, $1 million life insurance policies one for each of us to protect each other in the event of a tragedy. When I worked as a financial adviser and was licensed to sell life insurance, that was a question I got asked often. Indeed, I found that many individuals who had life insurance benefits through their employers didn't see the need to have any sort of outside...
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While it may seem counter-intuitive to say that clients who are debt-free and single need life insurance, you might be surprised to find out that many actually do. Here’s why they might want to consider adding coverage. Pay funeral costs 1. They don't want someone else to have to pay their end-of-life and funeral expenses. Without some kind of insurance – even a small term life insurance policy – or other assets, parents or other relatives will end up paying the funeral costs if your client dies unexpectedly. There can be other end-of-life expenses too, such as hospital bills or other costs associated with their home, work, or personal life. Get the best rates...
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