Browsing Tag

life insurance

General

Making Insurance Work With Your Finances

I think all of us know about the temptation to skip on insurance. So many of us are trying to save as much money as we can. Insurance sometimes just seems like an annoying extra expense, one that doesn’t really do anything for you. It can also be quite a complex business. There’s not just one kind of car insurance or life insurance. There’s different price tiers, different considerations and conditions to select, etc.

But if you don’t have insurance, then you could be putting yourself and your finances at severe risk. What’s more is that there are several forms of insurance that are forced upon you. How can you make insurance needs comply with your budgeting?

Continue Reading

General

How Are Life Insurance Rates Determined?

life insurance ratesIf you’ve gotten insurance policies in the past, you are no doubt aware that a number of factors are taken into consideration when determining your rates. Homeowners insurance, for example, may be based on the value of your home, the crime rates in your area, and the deductible you select. Auto insurance could be calculated by looking at the car you own, your driving history, and even the number of miles you put on your vehicle in a year. So it should come as no surprise that the rates attached to your life insurance policy will be determined based on a variety of input. But you may not be aware of exactly what insurance providers are interested in and how they come up with a number for your particular policy. Here are just a few of the factors they consider and how they could affect your life insurance rates.

Age
Your age will play a major role in the cost of your life insurance policy, and unfortunately, there’s not much you can do about it. Just like taxes, death is inevitable, and the longer you live, the greater the odds you will die. Luckily, you can lock in low rates for life insurance by selecting a whole life policy when you’re young and sticking with it. The younger you are when you secure your policy, the lower your cost will be. Just make sure to pick a policy that has rates locked in.

Continue Reading

General

5 Term Life Insurance Money-Saving Tips

term life insurance money saving tipsOne topic that a lot of us don’t particular like to discuss is death. And yet, being that it is a reality that all of us will have to face at one time or another, for the sake of the ones that we leave behind, it’s important that we make wise financial decisions. This would include taking out a life insurance policy.

If after doing a bit of research, you’ve decided that you want to take out term life insurance policy, you’ve already chosen an option that is pretty affordable. But if you’d like a few tips on how you can get this kind of insurance at an even cheaper rate, we have provided you with some money-saving tips below:

Get term life insurance while you’re young. Age, when it comes to getting insurance, is interesting. On one hand, when it comes to car insurance, the younger you are, the more expensive it tends to be. At the same time, when it comes to term life insurance, there’s a greater chance that you can get it at a good price if you’re a younger age and in good health. So, if you’re looking for some great rates on term life insurance, don’t wait. Get it as soon as possible.

Continue Reading

General

How Much Is Your Life Insurance Policy Really Worth?

life insurance tipsYet, after years of paying premiums into the plan, many policy holders are highly reluctant to just drop their coverage altogether – especially given the miniscule amount of cash surrender value they are likely to receive in return.

There Could Be a Better Way

Over the past few years, however, many seniors – primarily those who are age 70 and over – have discovered a much better alternative for finding out how much their unwanted life insurance coverage is really worth out in the market place through selling by way of a life settlement transaction. And, it might surprise you to find that their value is likely much higher than your insurance company wants you to think.

Continue Reading

General

Comparing Term To Whole Life Insurance: Which Is Right For You?

which type of life insurance is best for youMost people don’t spend undue time worrying about an early demise when they’re still young, healthy, and seemingly invincible. But all it takes is one serious illness or injury or the death of a loved one to remind us that we’re only human, we’re fairly fragile, and that life is fleeting. In short, many adults, at some point, start to consider what kind of mess they’ll leave behind when they pass away. This can prompt them to explore the prospect of writing a will, letting a loved one know where important legal documents are kept, and of course, purchasing life insurance. But you’ll find that there are many different options when it comes to life insurance policies. The two most common categories, however, are term and whole life. The only question is, how can you decide which is right for you?

Although both term and whole life insurance will pay out in the event of your death during coverage, this is about the only way in which the two types of policies are the same – from there they diverge considerably. As you might have guessed from the names, term life insurance covers you only for a specific length of time, determined when you start coverage, whereas whole life insurance is good for life (although in both cases coverage is dependent on your ability to continue paying for the policy you have selected). So far, whole life sounds better, but don’t get ahead of yourself.

Continue Reading