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Wednesday, August 1, 2018
Life Insurance
A generation ago, unexpected loss of a loved one could be seen as an
isolated situation. But today, a quick search of GoFundMe delivers a
difficult reality check. Simply type “funerals” into the search field,
and behold—799,182 results (on this particular day). Almost 800,000
tales of the sudden loss of a loved one, compounded by an acute
financial crisis.
Scrolling through the many names and faces of tragedy can be tough. And
yet it allows us to see the cost of putting off buying life insurance in
a whole new way. The truth is, life can be breathtakingly uncertain,
but the financial impact of a sudden, unexpected loss doesn’t have to
be. With life insurance, you can know—without the shadow of a doubt—that
if you or your spouse or partner died unexpectedly, your family would
be financially secure. And you can know that for less than a $1 a day.
The Pros and Cons of Crowdsourcing
GoFundMe and other crowdfunding sites are fabulous for stretch goals,
for helping people get back on their feet after a setback, and for
inspirational charity projects. These modern tools let regular people
pool needed capital easily and safely by collecting small donations from
large numbers of people and sharing your story far and wide on social
media.
An uncertain amount of money, reduced by service fees and taxes, or a
predetermined tax-free payment?
But assuming you’ll rely on a crowdfunding site if tragedy befalls?
Which would you prefer during a time of intense stress—a new technology
that enables panicked fundraising by your grieving family, or a
time-tested financial tool that delivers funds immediately to your
beneficiaries in a cash lump sum to pay immediate expenses, such as the
funeral and burial, and in addition, all the day-to-day bills and debts
that will have to be paid as life continues on.
An uncertain amount of money, reduced by service fees and taxes, or a
predetermined tax-free payment?
An online fundraising obligation for your grieving family to organize,
or complete certainty that all costs are covered, allowing your loved
ones to focus on other things?
Choose the Best Scenario for Your Family, Today
Which model would you choose for your family during a time of intense
stress? As it turns out, the time to choose is actually now, when
tragedy is the furthest thing from everyone’s minds.
You can choose to put a financial buffer in place today, so that your
loved ones will never have to fend for themselves after an unexpected
loss. And you can make this choice for less than the price of a daily
coffee.
As a point of reference, if you’re a healthy 30-year-old who doesn’t
smoke, you can get a 20-year, $250,000 level term life insurance policy
for about $16 a month. As you age and your health changes, the premium
to get a life insurance policy increases, so it makes sense to buy
coverage—and lock in the low price—when you are young and healthy.
The truth is, crowdfunding only goes so far. Instead of hoping a
crowdfunding site will be there if tragedy strikes someday, you can
research coverage options for you and your family, right now.
A minimum of hassle today can ensure your loved ones will never have to
shoulder the terrible double burden of both personal and financial
loss—and that they’ll never have to set up the crowdfunding
Key Findings for the 2018 Insurance Barometer Study
Each
year Life Happens and LIMRA join forces to get the latest and greatest
information about what consumers are thinking when it comes to their
financial concerns as well as what insurance coverages they do or don’t
have—and why! And that’s just the start.
pics,” which this year includes getting life insurance without a medical exam and how consumers use social media and websites to vet insurance professionals.
Here are some of the key findings:
[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]
[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]
pics,” which this year includes getting life insurance without a medical exam and how consumers use social media and websites to vet insurance professionals.
Here are some of the key findings:
[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]
[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]
799,182 Reasons to Buy Life Insurance
A generation ago, unexpected loss of a loved one could be seen as an isolated situation. But today, a quick search of GoFundMe delivers
a difficult reality check. Simply type “funerals” into the search
field, and behold—799,182 results (on this particular day). Almost
800,000 tales of the sudden loss of a loved one, compounded by an acute
financial crisis.
Scrolling through the many names and faces of tragedy can be tough. And yet it allows us to see the cost of putting off buying life insurance in a whole new way. The truth is, life can be breathtakingly uncertain, but the financial impact of a sudden, unexpected loss doesn’t have to be. With life insurance, you can know—without the shadow of a doubt—that if you or your spouse or partner died unexpectedly, your family would be financially secure. And you can know that for less than a $1 a day.
The Pros and Cons of Crowdsourcing
GoFundMe and other crowdfunding sites are fabulous for stretch goals, for helping people get back on their feet after a setback, and for inspirational charity projects. These modern tools let regular people pool needed capital easily and safely by collecting small donations from large numbers of people and sharing your story far and wide on social media.
An uncertain amount of money, reduced by service fees and taxes, or a predetermined tax-free payment?
An online fundraising obligation for your grieving family to organize, or complete certainty that all costs are covered, allowing your loved ones to focus on other things?
Choose the Best Scenario for Your Family, Today
Which model would you choose for your family during a time of intense stress? As it turns out, the time to choose is actually now, when tragedy is the furthest thing from everyone’s minds.
You can choose to put a financial buffer in place today, so that your loved ones will never have to fend for themselves after an unexpected loss. And you can make this choice for less than the price of a daily coffee.
As a point of reference, if you’re a healthy 30-year-old who doesn’t smoke, you can get a 20-year, $250,000 level term life insurance policy for about $16 a month. As you age and your health changes, the premium to get a life insurance policy increases, so it makes sense to buy coverage—and lock in the low price—when you are young and healthy.
The truth is, crowdfunding only goes so far. Instead of hoping a crowdfunding site will be there if tragedy strikes someday, you can research coverage options for you and your family, right now.
A minimum of hassle today can ensure your loved ones will never have to shoulder the terrible double burden of both personal and financial loss—and that they’ll never have to set up the crowdfunding page no one ever wants to build.
Scrolling through the many names and faces of tragedy can be tough. And yet it allows us to see the cost of putting off buying life insurance in a whole new way. The truth is, life can be breathtakingly uncertain, but the financial impact of a sudden, unexpected loss doesn’t have to be. With life insurance, you can know—without the shadow of a doubt—that if you or your spouse or partner died unexpectedly, your family would be financially secure. And you can know that for less than a $1 a day.
The Pros and Cons of Crowdsourcing
GoFundMe and other crowdfunding sites are fabulous for stretch goals, for helping people get back on their feet after a setback, and for inspirational charity projects. These modern tools let regular people pool needed capital easily and safely by collecting small donations from large numbers of people and sharing your story far and wide on social media.
An uncertain amount of money, reduced by service fees and taxes, or a predetermined tax-free payment?But assuming you’ll rely on a crowdfunding site if tragedy befalls? Which would you prefer during a time of intense stress—a new technology that enables panicked fundraising by your grieving family, or a time-tested financial tool that delivers funds immediately to your beneficiaries in a cash lump sum to pay immediate expenses, such as the funeral and burial, and in addition, all the day-to-day bills and debts that will have to be paid as life continues on.
An uncertain amount of money, reduced by service fees and taxes, or a predetermined tax-free payment?
An online fundraising obligation for your grieving family to organize, or complete certainty that all costs are covered, allowing your loved ones to focus on other things?
Choose the Best Scenario for Your Family, Today
Which model would you choose for your family during a time of intense stress? As it turns out, the time to choose is actually now, when tragedy is the furthest thing from everyone’s minds.
You can choose to put a financial buffer in place today, so that your loved ones will never have to fend for themselves after an unexpected loss. And you can make this choice for less than the price of a daily coffee.
As a point of reference, if you’re a healthy 30-year-old who doesn’t smoke, you can get a 20-year, $250,000 level term life insurance policy for about $16 a month. As you age and your health changes, the premium to get a life insurance policy increases, so it makes sense to buy coverage—and lock in the low price—when you are young and healthy.
The truth is, crowdfunding only goes so far. Instead of hoping a crowdfunding site will be there if tragedy strikes someday, you can research coverage options for you and your family, right now.
A minimum of hassle today can ensure your loved ones will never have to shoulder the terrible double burden of both personal and financial loss—and that they’ll never have to set up the crowdfunding page no one ever wants to build.
Do I Still Need Life Insurance Once I Retire?
Do I need life insurance once I retire? Just because you’re retired doesn’t necessarily mean you’re financially sound.
Think of all the different scenarios that may still be applicable: You may have been required to retire early; you may have had investments that have gone sour and haven’t had time to rebuild your nest egg. Additionally, there may be a need to cover final expenses, you may have children still at home who depend on you, or you may have a family member like an aging parent or special-needs sibling that you provide financial support for.
The bottom line is this: If you owe someone, love someone, or someone depends on you financially, you need life insurance. And just because you’re retired or old doesn’t mean those three things go away.
Do I need the same amount of life insurance coverage as I did before? If you bought the life insurance to replace income and have built up your investments, maybe not.
Then again, if you have built up your investments over the years, there may be some state or federal inheritance tax that will have to be paid upon your death. And even if there is no federal tax, there may still be significant state inheritance tax. There are also things like probate costs, administration costs; there might be final debt or a mortgage on house, too. So as long as there is some type of financial exposure, you need life insurance to match up with that.
If I don’t have one, is it still possible to buy a policy in retirement? Absolutely. Just because you’re old or older doesn’t mean you’re uninsurable.
I just got a call from someone doing planning for the family patriarch who’s 85 years old. They realized that right now, the estate is worth more than the combined amount of federal exemption and that there will be tax to pay. That’s where life insurance comes in, at less than a dollar for each dollar of tax.
Another reason to have the coverage is if someone has taken 100% pay-out on their pension, with no survivorship provision. If that person dies, no money gets paid out to the surviving spouse. This is more common than you think. Nor is it unusual to hear that someone remarries and forgets to change the pension beneficiary. Life insurance can ensure that the spouse is taken care of.
What else should I know about having life insurance in retirement? People don’t often talk about the living benefits of life insurance.
Let’s say you no longer need the death benefit, but are living with a lingering, terminal illness and may not have sufficient cash to pay medical expenses. The accelerated death benefit provision means you can go to the insurance company and pull down money from the policy to absorb the costs of that illness and avoid bankruptcy.
A permanent life insurance policy is also a place to put money aside that gives you a better rate of return than a low pay-out CD or putting money in a safely deposit box. It’s a way to have some safe money invested at no risk—it’s just there for when you need it.
SOURCE: https://www.lifehappens.org/blog/do-i-still-need-life-insurance-once-i-retire-your-questions-answered/
Think of all the different scenarios that may still be applicable: You may have been required to retire early; you may have had investments that have gone sour and haven’t had time to rebuild your nest egg. Additionally, there may be a need to cover final expenses, you may have children still at home who depend on you, or you may have a family member like an aging parent or special-needs sibling that you provide financial support for.
The bottom line is this: If you owe someone, love someone, or someone depends on you financially, you need life insurance. And just because you’re retired or old doesn’t mean those three things go away.
Do I need the same amount of life insurance coverage as I did before? If you bought the life insurance to replace income and have built up your investments, maybe not.
Then again, if you have built up your investments over the years, there may be some state or federal inheritance tax that will have to be paid upon your death. And even if there is no federal tax, there may still be significant state inheritance tax. There are also things like probate costs, administration costs; there might be final debt or a mortgage on house, too. So as long as there is some type of financial exposure, you need life insurance to match up with that.
If I don’t have one, is it still possible to buy a policy in retirement? Absolutely. Just because you’re old or older doesn’t mean you’re uninsurable.
I just got a call from someone doing planning for the family patriarch who’s 85 years old. They realized that right now, the estate is worth more than the combined amount of federal exemption and that there will be tax to pay. That’s where life insurance comes in, at less than a dollar for each dollar of tax.
Another reason to have the coverage is if someone has taken 100% pay-out on their pension, with no survivorship provision. If that person dies, no money gets paid out to the surviving spouse. This is more common than you think. Nor is it unusual to hear that someone remarries and forgets to change the pension beneficiary. Life insurance can ensure that the spouse is taken care of.
What else should I know about having life insurance in retirement? People don’t often talk about the living benefits of life insurance.
Let’s say you no longer need the death benefit, but are living with a lingering, terminal illness and may not have sufficient cash to pay medical expenses. The accelerated death benefit provision means you can go to the insurance company and pull down money from the policy to absorb the costs of that illness and avoid bankruptcy.
A permanent life insurance policy is also a place to put money aside that gives you a better rate of return than a low pay-out CD or putting money in a safely deposit box. It’s a way to have some safe money invested at no risk—it’s just there for when you need it.
SOURCE: https://www.lifehappens.org/blog/do-i-still-need-life-insurance-once-i-retire-your-questions-answered/
You Think You Won’t Qualify for Life Insurance, but You’re Wrong
Think you can’t qualify for life insurance? Think again.
You want to protect your loved ones for the future once you’re no longer around to provide for them. We all do. Life insurance gives you that peace of mind that your family will be taken care of after you’re gone.
However, you’re also worried that your health issues mean you won’t qualify for life insurance because it is meant for healthy people only. So what do you do?
Don’t despair—there is good life insurance out there for you! Whether you have diabetes, heart disease, mental health issues, kidney or liver problems, or almost any other health condition, you can qualify for life insurance!
Looking at the Big Picture
About 85% of consumers agree that most people need life insurance, but only 59% are actually insured, according to the 2017 Insurance Barometer Study by Life Happens and LIMRA. Why?
Let’s look at the facts. There are plenty of reasons why someone may not have life insurance or may not qualify for it, including:
• Recent heart disease
• Heart disease prior to the age of 50
• Any recent major disease (cancer, liver, kidney issues)
• Major mental health issues (such as suicide attempts)
• Kidney and/or liver disease
• Wrongly assuming they won’t qualify
Surprised by that last point? You’re not alone. Many Americans wrongly assume they won’t qualify for life insurance, and thus, never attempt to get insured. We are here to put an end to the myth that only healthy people can get life insurance.
Actually, almost any health history can be insured. The right company can get you insured at an affordable rate, even if you are dealing with any of the issues I listed above.
Take a man in his late 40s, who had suffered a severe heart attack in his early 40s, and while he had been declined elsewhere, we were able to find a company that would insure him.
Another great example is mental health issues, many times consumers with mood disorder and or depression with multiple medications are not insurable. But every company’s underwriting department has unique needs to fill, so recently an individual who had been declined multiple times for mood disorder was able to secure permanent insurance because he has a steady job, and the mental health issues didn’t impact his daily living.
If you are dealing with health conditions, life insurance companies love seeing that you’re working to improve or properly maintain your health.
So if you are over 50, have had heart disease, and it has been resolved for a few years, you can qualify for life insurance.
If you control your diabetes through diet and medication, you can qualify.
If you maintain your mental health with medication and lead a normal life, you can qualify.
Basically, follow your doctor’s orders and you are much more likely to qualify. And that means being able to get financial protection with life insurance that your loved ones need and deserve.
SOURCE: https://www.lifehappens.org/blog/you-think-you-wont-qualify-for-life-insurance-but-youre-wrong/
You want to protect your loved ones for the future once you’re no longer around to provide for them. We all do. Life insurance gives you that peace of mind that your family will be taken care of after you’re gone.
However, you’re also worried that your health issues mean you won’t qualify for life insurance because it is meant for healthy people only. So what do you do?
Don’t despair—there is good life insurance out there for you! Whether you have diabetes, heart disease, mental health issues, kidney or liver problems, or almost any other health condition, you can qualify for life insurance!
Looking at the Big Picture
About 85% of consumers agree that most people need life insurance, but only 59% are actually insured, according to the 2017 Insurance Barometer Study by Life Happens and LIMRA. Why?
Let’s look at the facts. There are plenty of reasons why someone may not have life insurance or may not qualify for it, including:
• Recent heart disease
• Heart disease prior to the age of 50
• Any recent major disease (cancer, liver, kidney issues)
• Major mental health issues (such as suicide attempts)
• Kidney and/or liver disease
• Wrongly assuming they won’t qualify
Surprised by that last point? You’re not alone. Many Americans wrongly assume they won’t qualify for life insurance, and thus, never attempt to get insured. We are here to put an end to the myth that only healthy people can get life insurance.
We are here to put an end to the myth that only healthy people can get life insurance.Overcoming Roadblocks
Actually, almost any health history can be insured. The right company can get you insured at an affordable rate, even if you are dealing with any of the issues I listed above.
Take a man in his late 40s, who had suffered a severe heart attack in his early 40s, and while he had been declined elsewhere, we were able to find a company that would insure him.
Another great example is mental health issues, many times consumers with mood disorder and or depression with multiple medications are not insurable. But every company’s underwriting department has unique needs to fill, so recently an individual who had been declined multiple times for mood disorder was able to secure permanent insurance because he has a steady job, and the mental health issues didn’t impact his daily living.
If you are dealing with health conditions, life insurance companies love seeing that you’re working to improve or properly maintain your health.
So if you are over 50, have had heart disease, and it has been resolved for a few years, you can qualify for life insurance.
If you control your diabetes through diet and medication, you can qualify.
If you maintain your mental health with medication and lead a normal life, you can qualify.
Basically, follow your doctor’s orders and you are much more likely to qualify. And that means being able to get financial protection with life insurance that your loved ones need and deserve.
SOURCE: https://www.lifehappens.org/blog/you-think-you-wont-qualify-for-life-insurance-but-youre-wrong/
Here’s Why Millennials Aren’t Buying Life Insurance
Only
52% of Millennials have life insurance, but a whole lot more than that
have loved ones—spouse, partner, kids, aging parents—that need financial
protection if something were to happen to them. Here’s what the 2017
Insurance Barometer Study by Life Happens and LIMRA found:
SOURCE: https://www.lifehappens.org/blog/heres-why-millennials-arent-buying-life-insurance-and-why-they-are-wrong/
SOURCE: https://www.lifehappens.org/blog/heres-why-millennials-arent-buying-life-insurance-and-why-they-are-wrong/
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