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Life Insurance

Apr 11, 2018 Life insurance is one of those things that just about everyone needs but far too few people actually have. It's easy to put off purchasing a policy when you're young and relatively healthy. But the longer you wait, the greater the chances of something happening before you get yourself coverage. Maybe  buying life insurance been on your to-do list for a while but you haven't gotten around to it yet. Check out these 10 reasons why you can't afford to wait any longer.

Feb 08, 2018 When you buy life insurance, you essentially provide your loved ones with a safety net. If something happens to you, your family members can use your insurance benefits to cover bills and meet other financial needs. Life insurance policies generally fall into two categories: whole life and term life policies. You also have the option of building something known as a life insurance ladder.

Mar 22, 2018 Young adults face unique financial challenges these days, from figuring out how to save for retirement to tackling crushing student loan debt. One of the things that millennials tend to put on the back-burner is having adequate insurance. In fact, the under 30 crowd is more likely to lack things like health and life insurance than older consumers. It's easy to think you don't need life insurance when you're starting your career and you're relatively healthy. However, you may want to check out these good reasons to buy it sooner rather than later.

Apr 11, 2018 Life insurance is designed to provide some financial security to your loved ones after you're gone. Depending on your situation, the money can help pay off debt, fund your spouse's retirement or help your children pay for their education. There are several different types of policies to choose from. If you don't know the facts, it could spell financial disaster for those you leave behind. When shopping for a policy, you'll want to watch out for and avoid these major missteps.

Feb 07, 2018 When you purchase a life insurance policy, you choose one or more beneficiaries who will get the policy pay-out when you die. If you designate someone as the "irrevocable beneficiary" of your policy, that person has the right to a pay-out no matter what. You can't remove that person's name from the policy, even if you have a falling out or get divorced, without his or her consent. And who would consent to be taken off a life insurance policy?

Aug 07, 2017 If you currently have a life insurance policy or you're the beneficiary of someone else's life insurance policy, you may be wondering what the tax implications of that policy will be. You may have heard that the proceeds of a life insurance policy aren't subject to income taxes. However, the reality involves a little more than that.

Jun 15, 2016 You've probably heard of a trust - the magical inheritance that only an elite few are entitled to. But the truth is, a trust is a financial tool that can benefit anyone who wants control over how they leave their estate to their heirs. It's a set of legal documents that give beneficiaries ownership of different assets, including cash investments and  life insurance policies. Read on to learn more about the different kinds of trusts that are available and the other ways that you can pass along your wealth.

Mar 29, 2016 Medical science has made enormous strides over the past century. Antibiotics, vaccinations and other treatments have all but eliminated many illnesses that once claimed thousands of lives each year. Likewise, advancements in surgical techniques and technologies have pushed the survival rates on many difficult procedures, including open-heart surgery, to over 95%.

Mar 25, 2016 Life insurance is one of those things that most people can't afford to skip out on. It's good to have a policy if you want to ensure that your loved ones are provided for financially. Along with your health history, insurers may also take a look at your credit history. While a low credit score won't necessarily keep you from getting life insurance, it might indirectly affect how much you pay for your premiums. Before you apply for a life insurance policy, it's a good idea to take a look at how bad credit can influence the final cost of insurance.

Mar 02, 2016 Have you ever wondered how much the average funeral costs? OK, we get it - the answer is probably "no." But here's the thing. A funeral is usually a major expense. That's why it's a good idea to have a plan for how your loved ones will pay for yours. Of course, there's final expense insurance, but is that the only option you have?

Dec 31, 2015 Once you've closed on a home and you've gotten a mortgage, there's one more important step to take. That’s right - even after you've completed a ton of paperwork and you've survived the stress of buying a home with someone, there's another move that it's a good idea to make. If you don't already have one, a life insurance policy could be a great thing to purchase.

Aug 03, 2017 Life insurance is a numbers game and for insurance companies, it's all about minimizing risk. When you're in good physical shape, getting approved for a policy might be a cakewalk. But that likely won't be the case if you have a pre-existing health condition like diabetes or high blood pressure. If you've got a serious medical problem, the insurance company will take a closer look at your application. Here's the rundown on what you can expect if you need coverage and your health is an issue.

Aug 08, 2017 Life insurance is a must-have for many people, but it's especially important to have if you're raising children on your own. Surprisingly, nearly 70% of single parents lack life insurance, according to a study from Genworth Financial. Maybe you don't have coverage or you're wondering if your existing policy is enough. These four questions can help you figure out  how much life insurance you need as a single parent.

Sep 02, 2015 Life insurance provides peace of mind to your family members, but it can also mean a big tax bill for your children or other heirs. If you already know that you're going to be subject to federal estate tax after you die, transferring your life insurance policy over to someone else can allow your beneficiaries to sidestep some of the cost. Here's what you need to know about life insurance transfers.

Aug 08, 2017 Life insurance is one of those things almost everyone needs, especially if you're married or have children. Many people choose to go without it due to the high cost of coverage. The reality is that if you're young and in good health, a term life policy may only cost you $12 or $13 dollars a month. Not having life insurance, on the other hand, can potentially come with a much higher price tag.

Nov 06, 2017 Having adequate life insurance coverage is crucial in ensuring that your family can be financially secure after you pass away. This is especially true when you have kids. But do you also need a separate policy for your child? Even if you do, how much coverage would they need? Before you make a choice, it's important to do your homework. 

Jan 12, 2016 Life insurance can provide a financial safety net for your loved ones when the worst happens, but getting approved can sometimes be an uphill battle. Aside from health considerations, there are a number of other things that insurers take into account. If you're worried about getting turned down for life insurance, here are five factors that can affect your application.

Jan 12, 2016 Life insurance is a financial tool that just about everyone needs, but getting coverage isn't guaranteed. If you've got a serious medical condition or you're employed in a high-risk career, the insurance company may deny your application outright. Fortunately, there are still some options for getting the coverage you need if you've been rejected for life insurance in the past.

Jan 20, 2017 Student loan debt continues to grow by leaps and bounds. While federal loans account for the largest share, it's estimated that borrowers owe more than $6 billion in private loans collectively. In addition to carrying higher interest rates, private loans typically require students to have a co-signer if they don't have great credit. Co-signing on a loan for your child or another student can have serious financial implications, but a life insurance policy can be a hedge against the worst case scenario. 

Aug 08, 2017 Life insurance is something almost everyone needs, but cost can often prevent people from getting the right coverage. True, buying life insurance generally becomes more expensive as you get older. But that doesn't mean you can't find ways to make your policy more affordable. If you're living without life insurance because you're worried about cost, take a look at these money-saving tips.

Aug 08, 2017 Term life insurance is an affordable way to give your loved ones financial security should something happen to you. These  policies last for a specific period of time, usually from five to 30 years, depending on your needs. Whole life insurance, on the other hand, stays in effect for as long as you pay the premiums. This option is more expensive than term life insurance. However, take a look at a few scenarios where it may make sense to switch to whole life insurance.

Aug 03, 2017 Life insurance is one of those things that just about everyone needs, even if you're still in your 20s. Millennials are the most under-insured generation. Just over a third of those under 30 have life insurance compared to 60% of those aged 30 to 49. Recognizing that you need coverage is the first step but making sure you get the right policy is equally important. If you're in your 20s or early 30s, here are the most important questions to ask when buying life insurance.

Apr 01, 2015 Life insurance can be very expensive—but it doesn’t have to be. If you take advantage of all of the resources available to you, consider a variety of life insurance companies and settle on a policy that’s right for you, finding cheap life insurance should be no sweat. Below, we’ll walk you through the six things you need to be thinking about when shopping for life insurance, in order to end up with an affordable policy.

Jun 26, 2017 The "AD&D" in AD&D Insurance stands for "Accidental Death and Dismemberment Insurance." Nice, right? AD&D insurance is like a combination of  life insurance and disability insurance...except that it combines more limited versions of both forms of insurance. Not all forms of death are covered, and not all forms of disability are covered either. 

Jun 28, 2017 The idea of guaranteed life insurance is an appealing one. Who doesn't like the sound of a guarantee? Plus, guaranteed life insurance doesn't require a medical exam during the underwriting process, making it an enticing option for the elderly and people in poor health. But before you go seeking out life insurance quotes, let's review the details of guaranteed life insurance.

Aug 07, 2017 Credit life insurance pays a policyholder's debts when the policyholder dies. Unlike term or universal life insurance, it doesn't pay out to the policyholder's chosen beneficiaries. Instead, the policyholder's creditors receive the value of a credit life insurance policy. If you're wondering how this works, you've come to the right place. 

Feb 28, 2018 A life expectancy table offers a rough guide to the number of years a person has left to live. It sounds morbid, but it can be a useful tool for retirement planning and estate planning. When we think ahead to retirement, most of us focus on the year we'll stop working, not on the number of years we'll live off of our retirement savings. That can lead to a dangerous retirement savings shortfall. Another reason life expectancy tables are important? Life insurance companies rely on them when deciding whose application to accept - and how much to charge. 

Jul 05, 2017 Just because you have diabetes doesn't mean you can't get the life insurance coverage you need. With diabetes rates on the rise in the US, insurance companies have grown far more open to serving this section of their customer base. Here are some tips on navigating the life insurance market as a diabetic. 

Jul 05, 2017 Group life insurance lets you join forces with others rather than shopping for individual life insurance on the open market. Many of us get group life insurance through work. It's an automatic box-check, and not something we give much thought. Now is the time to consider the pros and cons of group life insurance, and how much is enough.

Apr 20, 2015 Ever wondered how a life insurance company decides which applicants are high-risk and which applicants get preferential low premiums? It's part of the insurance underwriting process, and behind that process is someone called an actuary.

Feb 28, 2017 In recognition of the special risks and contributions involved with military service, the Veterans Administration (VA) offers veterans' life insurance at reasonable rates. According to the Administration's own figures, the VA has paid out over 100 billion dollars in life insurance claims since the program began in 1914. Not bad!

Aug 01, 2017 Having group life insurance, or life insurance through your employer, certainly has its benefits. It's easily accessible and often cheap or free. However, sometimes your group insurance isn't enough for you. Supplemental life insurance helps you top up the insurance you get through your employer. That's when you will want to consider supplemental life insurance.

Jun 22, 2017 Critical illness insurance does what the name suggests. It provides a payout in the event that a policyholder falls seriously ill or experiences a medical emergency such as a heart attack or stroke. That payout can be used to cover medical bills, or to pay living expenses while the policyholder receives treatment for the illness. Even if you have health insurance that covers your medical bills, you can still use critical illness insurance to cover all your other bills. 

Aug 08, 2017 Married? In need of life insurance? You might want to consider joint life insurance. With a joint life insurance policy, you'll pay a single premium while getting coverage for two people. In most cases, this is a viable option for married couples. Sounds too good to be true? Let's break it down.

Jun 20, 2017 Think all life insurance applications involve comprehensive medical exams? They don't. If you're worried that your health or lifestyle could bar you from life insurance coverage, read on to learn more about exam-free options. We'll break down what it means, as well as how it impacts what you'll pay and who might want to consider these no-medical exam life insurance plans.

Aug 02, 2017 Saving for college tuition is no easy feat. Save too little and you saddle your child with loans. Save too much and you might not get as much financial aid as you need. Unless you're planning to pay cash for the full sticker price of a college education, you're a good candidate for specialized college savings vehicles. One of those is the endowment life insurance policy. Let us explain.

Aug 02, 2017 So you took the plunge and bought a house, with a mortgage to match. You may be wondering if you need life insurance to cover the mortgage in case something happens to you before it's paid off. Without life insurance, your estate will be liable for any outstanding home debt you leave behind. Unless your spouse is loaded, your family would face a sizable financial burden. One way of preventing that outcome is with dedicated Mortgage Protection Life Insurance. Here's how it works: 

Aug 08, 2017 Final expense insurance is designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance. Unfortunately, even bare-bones funerals can cost thousands of dollars. The ins and outs of insurance policies can get tricky. Here's what you need to know about final expense insurance.

Jul 05, 2017 The world is gearing up for the biggest wealth transfer ever. Over the next few decades, trillions of dollars will pass from the older generation to the younger. This helps your loved ones better live a financially comfortable life in the future. Here are our top 4 tips on transferring wealth.

Aug 03, 2017 Moving on from your job? You've probably heard that you can roll over your 401(k). But did you know you can hold on to your employer-sponsored life insurance plan as well? While this approach sounds simple, it's not for everyone. Let us explain.

Jun 26, 2017 The good news is that you decided to buy life insurance to protect your family. The not-so-good news is that you may have to undergo a medical exam with someone you've never met before. The results of that exam will help determine your life insurance premiums. But no pressure.

Mar 14, 2017 Just because you're not earning a paycheck doesn't mean life insurance isn't for you. Let us explain, with three reasons stay-at-home parents need life insurance too. 

Jul 25, 2017 We all know that a safe approach to personal finance falls somewhere between the two extremes of betting your paycheck on a card game and putting all your money under the mattress. Exactly where you place yourself on the spectrum of risk tolerance is a personal choice, but one that can have a big impact on your net worth. How to tell the difference between a healthy amount of financial caution and a risk-aversion that's holding you back? That's a tough one. Read on for our top 5 signs you're too risk-averse.

Aug 07, 2017 Variable life insurance is a form of insurance that builds cash value. Of all the types of life insurance, it's the only one that is regulated at the federal, not state, level. This is because variable life insurance is a hybrid insurance/investment product. Insurance agents and representatives who want to sell this product must obtain a license from their home state to sell insurance. In addition, they must also become registered brokers.

Aug 08, 2017 When it comes to life insurance, not all policies are created equal. Certain types like whole, universal and variable life, allow you to build cash value in the policy as you pay your premiums. In fact, a life insurance policy could provide a solid alternative stream of income. This could come in handy if you run into financial trouble down the road or you need to make a large purchase. Of course, you'll want to consider the pros and cons carefully.

Aug 07, 2017 Modern life insurance has been around for about 300 years. For the majority of that time, the field was dominated by just two types of policies, temporary and permanent. This is also known as term and whole life insurance, respectively. Term life insurance is considered pure life insurance. It only pays a benefit if you pass away within a specified period of time. Whole life, on the other hand, not only provides coverage for the entire length of your life, but it also accumulates a cash value.

Jun 27, 2017 Going into business with a partner is full of risks and unknowns (what happens if we don't get along?). If you think your partner is bad, their spouse may even be worse! This brings up the second problem: if you or your partner passes away unexpectedly, one of you may find yourself saddled with a partner you don't really like. To that end, life insurance is an important investment, as it may be the best way to protect the business, the surviving partner and the deceased partner's family.

May 02, 2017 We all make mistakes, but some have an impact not only on us, but on those we love. In the case of life insurance we may not be around to fix these mistakes when they are discovered. Life insurance mistakes occur mostly for the same two reasons as other kinds, we weren't paying attention or we didn't know something was wrong.  One of the best ways to avoid life insurance mishaps is to get informed.

Aug 02, 2017 Most people think of life insurance in terms of the financial benefits it provides to relatives when you die. But many don't realize that you can often use it to your advantage even sooner. Some people end up using certain types of life insurance policies to generate additional streams of income. This can come in handy especially as retirement looms nearer. Here's a look at how permanent insurance products can act as supplemental income.

Jan 15, 2016 Our own death is something many of us rarely like to contemplate. However, we all know that our time on this planet is short-lived and unfortunately can end unexpectedly at any point. While we may not know how long we will live, we can get our personal affairs in order so that those who love and depend on us are taken care of in the event of our untimely demise.

Jul 05, 2017 A very common misconception is that only married people or those with a family need life insurance. Not necessarily so. Although you may not need the same coverage as your married counterparts, especially those with children, there are many reasons single people may need life insurance too.

Aug 08, 2017 Life insurance is just that, insurance on your life. You pay your policy usually for 10 to 30 years. If you die during this period, your beneficiaries receive a payment from the insurance company. With a traditional term life policy, you do not receive any payout if you outlive your policy. For many, this can feel like a rip off after paying for so long. Fortunately you also have the option of return of premium (ROP) life insurance.

Jul 05, 2017 Not all contracts on your life are the same – there's the gangster movie variety which usually involves a guy named Vinny or Tony who sends you to sleep with the fishies and then there's the life insurance type. Only the second one, however, has fine print and exclusions that can cost your beneficiaries big time.

Jul 05, 2017 When it comes to life insurance, one of the main questions that consumers contend with is when is the right time to purchase? In order to answer this question, it is important to first understand what life insurance is.

Jan 15, 2016 Benjamin Franklin once wrote in a 1789 letter to the French historian Jean-Baptiste Leroy that, “In this world nothing can be said to be certain except death and taxes.”  The two lovers of history surely understood the certainty of both with the first, death, having always been inevitable, and the latter as old as money and possibly as old as civilization itself.

Aug 08, 2017 Benjamin Franklin famously said that nothing in life is certain except death and taxes. True, there's not much you can do to get around or avoid either one. However, you do have some control over how you prepare for these events. When it comes to end-of-life planning, you'll want to have the right kind of life insurance in place. That way you can your loved ones can have the protection you need.

Aug 08, 2017 Life insurance works like a financial safety net for your loved ones. It helps protect them from financial disaster should something happen to you. With so many types of life insurance, it can be hard to decide which one is best for you. Term life policies cover you for a set period of time. Whole life, universal and variable life insurance policies offer permanent coverage. The type of policy you need will depend on your financial situation.

Nov 06, 2017 Getting a life insurance policy is a great way to protect you and your loved ones from the high costs of funerals and burials. When you look for a policy, you not only need to decide how much life insurance you need, but you also need to think about what kind of life insurance you want. There are two major types - term and perm. Both term and permanent life insurance have their their advantages but in this article, we'll outline the pros of permanent life insurance.

Nov 12, 2017 Six months after concluding its five season run, Breaking Bad is still one of the most talked about shows in television history. Walter White, the show’s anti-hero, managed to transform from terminally-ill chemistry teacher to nefarious drug kingpin when faced with insurmountable medical bills and family expenses.

Aug 07, 2017 When  shopping around for a life insurance policy, it's easy to get confused by all the different options that are available. Buying the wrong kind of insurance can easily spell financial disaster if it leaves your loved ones without the protection they need. One of the most important questions you'll need to consider is whether you should buy a permanent or term policy. There are benefits to both types of life insurance but there are some drawbacks too that you'll want to consider. Here's a breakdown of how the two stack up.

Jul 05, 2017 We've all heard the sanitized saying "life happens." Well so does death, but most of us dread even the thought of it, so we push talk of it aside. When it comes to life insurance, we often leave that up to signing up for it through our employer which is usually a great rate, or decide we'll do that when we're older. But waiting too long is one way to ensure you will pay more for coverage. We did some digging and to find factors that will increase how much you pay for life insurance.

Aug 01, 2017 Deciding whether you actually need to purchase life insurance is a very important step in building your financial nest egg. This is especially the case if you have dependents or other people who rely on you to meet their needs. Without life insurance, they may suffer to some degree if something were to happen to you. It's also critical to figure out what type of life insurance policy to purchase.

Jul 05, 2017 Life insurance is one of the most under-valued financial assets on the market.  Many people don't fully understand why they might need life insurance. And they often buy into misconceptions. Here are three of the biggest life insurance myths exposed:

Apr 07, 2015 Exciting news here at SmartAsset! We are happy to share with you that we are expanding our reach to help you with even more decisions. Starting today, SmartAsset will feature a new free life insurance decision-making solution.

Nov 30, 2015 Life insurance provides your beneficiaries with a financial cushion in the event of your death. The greater your financial responsibilities, the bigger that cushion needs to be. Here are five milestones that should prompt you to consider life insurance coverage - or boost your existing policy.

Dec 15, 2015 Estate planning involves making preparations in advance so your loved ones know what to do with your assets after you pass away. Thinking about your inevitable demise may not be exactly pleasant, but it’s important to plan ahead. And thanks to advances in technology, ensuring that your wishes are carried out after you’re gone is much easier than it was for your ancestors. Read on for five ways that the Internet has taken much of the guessing (and the stress) out of estate planning.

Mar 16, 2016 Forgetting to plan for your death can have major impacts on your loved ones. Yet many people, including superstars with multimillion dollar estates, fail to update or even write their wills before their deaths. Read on to learn about 15 celebrities who left their family members feuding over their millions.

Aug 14, 2017 The rich and famous don’t always hold onto their wealth. Things happen and celebrities who were once worth millions can go broke. Find out which stars either died in debt or left their families with practically nothing.

May 30, 2016 If elected, Donald Trump would become the wealthiest man to ever sit in the Oval Office. His net worth, which is estimated to be $4 billion, far outpaces everyone else’s. Bernie Sanders and Ted Cruz, on the other hand, would become one of the country’s poorest presidents, with net worths sitting around $528,000 and $3 million respectively. Meanwhile, Hillary Clinton’s net worth is estimated to be around $55 million and would tie her with her husband as the 9th richest president. Read on and find out which presidents were the richest and poorest leaders.

May 11, 2016 Donald Trump is the presumptive Republican nominee for the presidency. We know he’s wealthy, but until the candidate releases his tax returns we won’t know just how wealthy. To give you an idea of the billionaire’s assets and his heirs’ prospects, here are 15 products contributing to Trump’s net worth. Some boost his bottom line directly while others boost the value of his brand.

May 11, 2017 Vladimir Putin, the current president of Russia, is rumored to have assets worth somewhere from $40 billion to $200 billion. If we can believe the higher estimate, that would make Putin the richest person in the world, giving him a net worth more than twice as high as Bill Gates.