Many people will end up needing life insurance at some point over the course of their lives. Despite this, it’s common to put off purchasing a policy. This is especially true for young and healthy people with no one who is heavily dependent on their income or services yet. The reality, however, is that putting […]
Category: Life
What Is a Split-Dollar Life Insurance Plan and How Does It Work?
A split-dollar life insurance plan is a valuable arrangement that you might want to consider. The life insurance plan shares policy costs and proceeds. How does a split-dollar life insurance plan work? What types of split-dollar plans are available? A major concern for many people is plunging their households into financial hardship when they die. […]
Considerations When Purchasing Life Insurance
There are a number of different life insurance products and features to consider when evaluating plans. Discussing the importance of owning life insurance can be a sensitive topic — after all, few people like to talk about death. However, if others depend on your support, or if you have substantial assets that you wish to […]
3 Pros and 3 Cons of Guaranteed Issue Life Insurance
Guaranteed issue life insurance is often available even to people who wouldn’t qualify for most term or whole life insurance policies. While it may sound attractive to apply for a policy with guaranteed approval, there are some serious downsides to this type of life insurance as well. Before buying guaranteed issue life insurance, consider these […]
What Smokers Should Know About Buying Life Insurance
If you enjoy smoking, you probably know that it can impact your health. But did you know you will likely end up paying significantly more for life insurance if you smoke? Because life insurance is often an important part of a financial plan, it’s important to understand what to expect if you’re a smoker (or […]
A 3-Step Life Insurance Check-Up You Should Do Right Now
Open-enrollment season is here — and it’s not just about health insurance. You also need to think about what kind of life and disability benefits your employer offers. Unlike health coverage, these other insurance benefits are almost always provided free to the employee, which makes them practically a no-lose perk — and one you may […]
The Pandemic Is Reshaping Life Insurance for the Better
There aren’t a lot of ways the COVID-19 pandemic has made our lives more convenient. One small one: The way we shop for life insurance. Faced with increasing demand, insurance companies have labored to make buying life insurance quicker and easier. Many of these improvements, such as a more virtual approval process, which are likely […]
Applications for life insurance are on the rise—here’s what you should know before you buy
Life insurance applications have been on the rise during the coronavirus pandemic. During the first half of 2020, application activity for life insurance rose 1.5% from the previous year, according to the MIB Life Index. Application activity for Americans under 44 rose about 3.4% year-to-date, while activity for ages 45 to 59 was up 0.5%, […]
How Life Insurance Shopping Has Changed During The Pandemic
The pandemic got a lot of people thinking about how to increase the financial security of their families, now and in the future. And life insurance moved to the top of many to-do lists. A survey conducted in May and June 2020 by Life Happens, an industry-funded education group, found that 67% of Americans say […]
What to Consider When Planning for a Family
Starting a family is a decision that requires some careful considerations, including thinking about any career issues that might arise and assessing your emotional readiness. During the planning process, getting your finances in order is a good first step. Having a child can be costly. According to a U.S. Department of Agriculture report, parents spend nearly $14,000 a […]
