Here’s when to buy life insurance

The benefits of life insurance are clear. What's less obvious, however, is the timing around purchasing a policy.  / Credit: Getty Images

The benefits of life insurance are clear. What’s less obvious, however, is the timing around purchasing a policy. / Credit: Getty Images

Life insurance provides critical financial support for your loved ones in the event of your death. In exchange for a minimal payment to a provider each month (or annually if you’re looking for a cheaper rate) you can rest assured knowing that your beneficiaries will be financially prepared in your absence.

life insurance” class=”link “The benefits of life insurance are clear. What’s less obvious, though, is the timing around purchasing a policy. Since qualifications and types of insurance vary significantly it can be difficult to know when to buy coverage.

If you’re in the market for a life insurance policy now then reach out to a life insurance expert today. They can help you get started with a free quote so you know exactly what to expect.

Here’s when you should buy life insurance

Life insurance, like most other types of insurance, is specific to your personal circumstances and long-term goals. Here are three times when you should buy life insurance.

After you’ve gotten married

If you’re single and living alone you may be able to get away without having life insurance. But once you’re married and interdependent it makes sense to get covered. This is especially true if you’re the sole breadwinner (although it also helps if you’re splitting the bills with your partner).

And even if you have life insurance through your current employer it may not be enough. Do the math to see if the employer-provided plan will meet your long-term goals. If not, you may need to get a supplemental plan, too.

A life insurance agent can help determine exactly how much you need.

After you’ve bought a home

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Life insurance for seniors: 4 things to understand

Life insurance can benefit both seniors and their loved ones but the pricing structure can be higher.  / Credit: Getty Images

Life insurance can benefit both seniors and their loved ones but the pricing structure can be higher. / Credit: Getty Images

Life insurance can be helpful at any age, ensuring your loved ones are cared for when you pass and, in many cases, giving you a much-needed source of funds while still living.

For seniors, though, life insurance options can be limited. Many companies have age restrictions on certain plans, and those that do offer senior-eligible policies tend to charge higher prices. Are these worth the investment?

If you’re a senior looking for life insurance – or want to boost the coverage you already have – then reach out to a life insurance expert now who can help you get started with a free quote.

Here’s what seniors need to know about their life insurance options.

How senior life insurance works

Senior life insurance comes in several forms: Term life, whole life, simplified issue, guaranteed issue and universal life.

Here’s how those each work:

Term life covers you for a set number of years, possibly five, 10, or 20, depending on your age. If you pass within that time frame, your insurer will pay a death benefit to your beneficiaries.Whole life insurance covers you for the entirety of your remaining life. Like term life policies, they offer a guaranteed death benefit for your beneficiaries and a fixed premium. They also have a cash value that grows over time, which you can withdraw from, borrow against or use to reduce or eliminate your premium payments altogether.Simplified-issue insurance is a type of whole life insurance for seniors who are in generally good health but may have a few chronic health issues or medical conditions. They only require a health questionnaire—not a full medical exam—though they

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3 signs you need to buy life insurance now

Portrait of young couple with toddler girl standing indoors in kitchen at home.
Whether you have two times your annual salary from your job – or no life insurance at all – here are three signs that you need to buy life insurance now.

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Many American adults have some form of life insurance through their employer. This can come in varying amounts with one to two times the employee’s annual salary being common.

This baseline level of protection, however, is often not enough, particularly for younger people who still have years – if not decades – of earning potential (and the bills that come with aging).

So, unless you have a robust coverage plan through your job, you probably need more life insurance. And if you don’t have any life insurance from your employer then you need to act swiftly.

Consider speaking with a life insurance expert today who can start you with a free quote so you know exactly what to expect.

3 signs you need to buy life insurance now

Whether you have two times your annual salary from your job – or no life insurance at all – here are three signs that you need to buy life insurance now.

You have a family

You may be able to skimp on life insurance if you’re single and have no one relying on you. But if you’re married and have kids (or single and have kids) then most financial advisers agree that you should have a substantial life insurance policy in place.

This is doubly true if you’re the sole breadwinner in the home. You don’t want to leave your family with bills to pay and no way to pay them. A significant life insurance payout to your beneficiaries can avoid this outcome. And if you act quickly you could wind up paying a cheaper rate than if

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How to pick the right life insurance beneficiaries

It's critical to correctly choose your life <a href=insurance beneficiaries.  / Credit: Getty Images” src=”https://s.yimg.com/ny/api/res/1.2/vOqat35BjNoH8LmyQW09Fg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTQ3MA–/https://s.yimg.com/uu/api/res/1.2/Ler2XH.OGptLtGsAEIMlhQ–~B/aD0xNDE0O3c9MjEyMTthcHBpZD15dGFjaHlvbg–/https://media.zenfs.com/en/cbs_news_897/a4516b0649164c42e02758b9c76c9476″/

It’s critical to correctly choose your life insurance beneficiaries. / Credit: Getty Images

The benefits of having a life insurance policy are multiple.

In exchange for a monthly or annual payment to a life insurance provider, your beneficiaries receive a pre-determined sum of money after you die. The amount of money can range from tens of thousands of dollars to millions.

So it’s important to have the right amount of coverage. But it’s equally as important to make sure your beneficiaries are properly chosen and added to your policy. There’s no real point in setting up a comprehensive policy if you don’t have any beneficiaries – or have listed the wrong ones.

If you don’t have life insurance – or want to boost the coverage you have – now is a good time to act. Don’t hesitate and get a quote today.

3 tips for choosing life insurance beneficiaries

Here are three smart moves to make when picking (or adjusting) your life insurance beneficiaries.

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When you get insured for a significant sum it can be tempting to list a variety of people as beneficiaries – but pause before doing so. Go back to the basics and remember the main reason for initially getting a plan.

Is this policy primarily to support your children after you have died? Then they should be on top. If you want to leave it to your spouse to make up for lost income in your absence then they should be listed first. Or, if you want the policy to be used to keep a family business going, then adjust the beneficiaries accordingly.

In short: don’t lose

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