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Why You Should Consider Joint Life Insurance

Getting married and setting up a life with your partner is a joyful time, and life insurance might not be at the top of your minds. But it’s an important subject to discuss: after all, you both want to support each other for as long as possible. There are multiple options to consider when looking into life insurance policies, but did you know that you can get coverage for you and your spouse on one life insurance policy? With a joint life insurance policy, you can cover two people, often for less than the price of separate policies!

What Is Joint Life Insurance?

african american hand holding a caucasian hand with rings on the ring fingers — *Joint life insurance will cover you and your spouse under one policy, which can be cheaper than two policies.*

Joint life insurance is a type of universal life insurance, meaning that it is permanent life insurance and will remain in effect for your whole life. Depending on how your policy is structured, it might build cash value that grows, tax-deferred, over the life of the policy. The unique thing about joint life insurance is that these policies cover two individuals on one plan. It is perfect for couples, because it allows you to provide for your spouse after death. But it is also a great policy for business partners! A joint life insurance policy will give you the financial security to keep your business going in the event that one of you passes.

The best way to find the right plan for your needs is to shop around and compare plans and prices. As you begin your research, be aware that you will come across two types of policies, first-to-die and second-to-die life insurance.

First-To-Die Policies

First-to-die life insurance will pay out after the first-named insured of the spouses or partners dies. For example, if you and your spouse are covered under a first-to-die policy, and your spouse passes, you would collect the entirety of the death benefit. After you collect the money, the insurance policy is exhausted, meaning you will no longer have life insurance coverage and must apply for a new policy. You have the option to use the money however you see fit, whether for mortgage payments, expenses that were supported by your spouse, for your growing family, etc.

Second-To-Die Policies

Also called survivorship policies, second-to-die insurance policies will pay the death benefit after both policyholders die. For example, if you and your spouse have a policy and your spouse dies first, the insurance will not pay out until after you pass as well. Unlike with first-to-die policies, once the first person dies, the second person has to keep paying premiums to keep the policy active. This kind of policy is best for estate planning purposes, as it allows you to leave money behind for dependents. It is also well-suited for business partnerships, if you want to keep the business going after both partners pass.

money tree in a plant pot being watered — *Your cash value grows over time with a joint life insurance policy.*

Joint Life Insurance Advantages

Joint life insurance is an excellent way to provide coverage for two people at a great price. These plans:

Are flexible– They allow you to increase or decrease the amount of your premium payments.
Grow over time– Your cash value will continue to grow over time.
Are accessible– You have access to cash value in case of an emergency or whenever you need it.
Are affordable– These plans are generally cheaper than buying two separate policies.
Offer savings– The company will underwrite both of you, and will typically focus on the healthier applicant. This reduces the risk, which means lower premiums.

Joint life insurance is the simplest and most affordable way to provide coverage for you and your spouse or business partner. You will be able to provide for your spouse after your death, or for your dependents or business after both policyholders pass. It is the cheapest yet most effective way to get coverage for two people.

There are many different life insurance policies to choose from, which is why you have to compare plans to find the best one for your needs. Consider using online tools, or speaking with an agent. We have provided the top insurance companies that offer joint life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to ensure that you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check joint life insurance rates today.

Tips To Get The Most Out Of Your Life Insurance Policy

Life insurance as a concept is pretty simple: you pay a premium each month so that your family will receive a lump sum, or death benefit, when you are gone. But in practice, it’s not always that easy; there are many different twists and turns to navigate, and a lot of different kinds of life insurance policies to choose from. With so many options, insurance companies, rates, rules, and more, finding the right policy – and getting the most out of it once you have it – can seem confusing. Fortunately, there are some simple steps you can take to make sure your policy is right for you, and that you’re getting the most out of it.

Make Sure You Have Enough Coverage

person holding a magnifying glass over some papers — *Go over your plan and coverage and make sure it suits your needs, because situations may change.*

Review Your Current Life Insurance

If you already have life insurance, take the time to review your policy and make sure it truly suits your needs. If anything in your life has changed, your life insurance policy should reflect those changes. The whole point of your policy is to make sure your family is taken care of after your passing, and if you aren’t periodically reviewing your coverage, they might not benefit as much as they should. You’re paying for life insurance, so make sure your family will receive at least as much as they need!

Do You Need More Coverage?

After reviewing your current life insurance policy, does it suit your needs? If not, it’s time to begin shopping around to find a plan that offers more coverage at a better price. The best way to do this is by comparing plans from different companies, as each company offers different coverage options.

Consider Converting Your Term Into Permanent

If you have a term life insurance policy, it will eventually expire. Term life policies are great for protecting your family for major expenses, like paying off a 30 year mortgage. But what about future expenses that will occur after that term has expired? To protect your family in the long run, and save more money, consider converting your term life insurance policy into a permanent life insurance policy. There are different permanent life policies to choose from, including whole life, universal life, and more. Speak to different insurance companies to see which ones they offer and to determine which works best for you and your family.

Get The Most Savings From Your Life Insurance Policy

Pay Your Insurance Annually

person with a blue credit card in their hand — *If you pay quarterly or annually, then your payments will be cheaper.*

If you can afford to pay your life insurance premium as an annual lump sum, do so: this is one of the best ways to save money. Insurance companies charge fees on each of your monthly payments, so the fewer payments you have to make each year, the more money you will save. If it is not possible for you to pay annually, consider paying quarterly, or ask your insurance company if they will charge you less if you pay via direct debit.

Improve Your Health

The better your health, the lower your premiums. Most companies require you to undergo a medical exam and have blood work done so they know how healthy you are, or how risky it would be to cover you. If you have health conditions such as diabetes or heart disease, your insurance company might charge you higher rates for life insurance. However, if you manage your health conditions, exercise, and eat healthier, your insurance company will take note of your good health. In addition, smokers pay 2-5 times higher premiums for life insurance than do non-smokers, so you could lower your rates by quitting smoking.

Low-Load Policies

Have you ever heard of low-load policies? These policies, also called no-load policies, have fewer expenses like fees or commissions. This means that a larger percentage of your premium dollars go towards your death benefit.

Get It Before You Need It

3 exclamation marks on a yellow post it note — *Don’t wait because the younger and healthier you are, then the cheaper your premiums will be.*

As we mentioned earlier, the healthier you are, the cheaper your life insurance policy will be. It’s best to try and get life insurance when you are healthy, so you can enjoy lower premiums, which will save you more throughout the life of your policy. Consider life insurance when you are young and healthy so you can get more coverage at a lower rate.

More than 40% of Americans do not have life insurance, which could end up leaving their family in a bind. The majority who don’t have it think they don’t need it or that it’s expensive, when in fact, the average cost of premiums is only about $30 a month. Life insurance is necessary: we all have debts, and we all want to protect our family in case the unexpected happens. Life insurance can help with your family’s expenses for many years and will prevent them from struggling in your absence. The right policy for you is out there! Consider using online tools, or speaking with an agent. We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Why Having Life Insurance In Your 50s Is Important

Your 50s can be a time of big changes in your life. You might have a newly empty nest or a new love in your life; you might be getting remarried, paying off your mortgage, or looking forward to retirement. One thing you should definitely be thinking about at this point in your life is life insurance. While you might feel like there is no point in getting life insurance now because it will be too expensive or you don’t need it yet, nothing could be further from the truth! The reality is that people are living longer, and studies show that people are heading into their retirement years with more debts and dependents than ever before. There are multiple reasons why now is the perfect time to get life insurance, and protect the ones you love.

You Have Dependents

Did you know that 33% of Americans say their family would be left financially unstable or even bankrupt in the event of their passing? If you have children or grandchildren who rely on you, it is important to ensure that they will be financially taken care of when you are gone. Having a good life insurance policy is the best way to put their minds at ease. If you want a lower cost option, you can opt for a term life insurance policy that would cover things like your children’s college tuition in the event that you were no longer with your family.

You Have Debts

If you are still paying off a mortgage, or have other debts that could fall on your loved ones if you passed, you need life insurance. A life insurance policy is the best way to make sure that they would be able to pay off these debts without having to deplete their savings.

It’s Still Affordable

Many older adults are under the impression that life insurance would be too expensive for them because of their age, and that they missed their chance to get it in their 20s and 30s. But as long as you are in good health and are not living with any serious illnesses, you can still get life insurance at a great rate! The best way to find a policy with great coverage and a great rate is to compare multiple policies from multiple insurance companies.

Retirement Is Coming

If you get life insurance through your job, the moment you retire, you will lose that life insurance policy. In addition, that policy might no longer suit your needs. You can stay ahead of the game by finding the right life insurance policy for you now, before you get any older or develop any unexpected health conditions.

Final Expenses Can Be a Major Burden

Life is unpredictable. If you passed unexpectedly, would your family be able to pay for your funeral? Funerals on average cost around $10,000, which is an amount that not everyone can easily come up with. A final expense life insurance policy or a permanent life insurance policy will help you plan for the unexpected and make sure your family can pay for your funeral and cover any other expenses.

The Best Type Of Life insurance Policy For You

two arrow signs pointing in different directions with the word right on both. — *Both term and permanent life insurance policies are great options to choose from!*

If you are considering life insurance, you have multiple options. Two excellent, inexpensive choices are term life and permanent life insurance. Term life insurance offers life insurance for a set period of time. For example, would you like to have college tuition or or the remainder of your mortgage covered in the event of your death? A term life insurance policy is a great option in this case: one of these policies allows you to choose a term, or amount of time, that you will be covered for, so you know that your family would be able to continue to pay these bills.

Permanent life insurance is a great option if you want to help with final expenses and then some. It offers lifelong coverage as long as you pay your premiums. It can also be useful when you retire because these policies have cash value, which you can withdraw to use whenever you need it. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Is Life Insurance With No Medical Exam The Way To Go?

The coronavirus pandemic has put a lot of things into perspective, including how fragile life can be. The pandemic has made many people realize how important life insurance is to providing for their family once they can no longer do so. So, if you’re one of them, why are you still hesitating? Is it the medical exam that is holding you back? If you have pre-existing conditions or are just worried about being required to undergo an exam, know that you can get a life insurance policy without a medical exam. These exams can mean higher rates, or an outright denial – but is life insurance with no medical exam the way to go?

No Medical Exam Required

Many life insurance companies base their rates on your age and health status, which they will usually determine with a medical exam. One of the reasons many people avoid even looking into life insurance is that they think they will be denied if they undergo an exam, or simply because they do not want to go through the exam at all. If you are worried that you will not pass a medical exam or that you will end up paying a lot for life insurance, guaranteed issue, simplified issue, or instant-approval term life insurance policies are great options for you. With these plans you will not have to undergo a medical exam, and will not be required to provide blood work or any other tests. You cannot be turned down for these policies for any health-related reasons.

No Waiting Period

When you sign up for a life insurance policy that requires a medical exam, you will have to wait anywhere from 4-6 weeks after your application to find out if you are approved or denied. With a no medical exam life insurance plan, not only will you not be turned down for any health-related reasons, but you will also get instant approval.

stacks of hundred dollar bills in stacks laying on top of each other — *Your beneficiary will receive 110% of paid premiums if you pass within 2 years of the policy’s effective date.*

In addition, with many types of life insurance policies, the first 2 years following the activation of the policy is considered a waiting period. What this means is that if you were to pass away during these 2 years, your beneficiary would only receive the amount that you had paid in premiums. But this is not the case with no medical exam life insurance policies, such as guaranteed issue life insurance. With these policies, your beneficiary would receive 110% of paid premiums if you pass within 2 years of the policy’s effective date.

If you were to pass away without life insurance, your loved ones could be left to deal with a large financial burden. They would have to pay for your funeral expenses, which are on average $10,000, as well as any other bills they have relied on you to help with, such as a mortgage or college tuition. Life insurance can be expensive, and there is a chance some companies could deny you based on your health, but a no medical exam life insurance policy can help you get the coverage you need to protect your loved ones.

The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance policies that do not require medical exams. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check no medical exam life insurance rates today.

Is Employer-Provided Life Insurance Enough? Most Likely Not

Life insurance is something everyone should have. Fortunately, most employers offer life insurance as part of their employee benefits package. It is a valuable benefit because it is convenient, and costs little to nothing to have. But while employer-provided life insurance is a nice perk, does it provide enough coverage for you and your family? The answer to this question may vary depending on your situation, but most of the time the life insurance your employer offers is simply not enough.

Benefits Of Employer-Provided Life Insurance

red prohibition sign — *One of the major benefits of employer life insurance is not needing to undergo a medical exam.*

There are some benefits to having employer-provided life insurance. For one thing, it’s usually free, or only a few dollars a month at most. Another major benefit is that you do not have to undergo a medical exam in order to get coverage. If you are looking to get private life insurance, many companies will require a medical exam, and if you have any health conditions, your policy might be expensive, or you could be denied coverage.

Disadvantages Of Employer-Provided Life Insurance

Although employer-provided life insurance is convenient and costs little to nothing, there are major downsides:

Limited Options-The life insurance plan offered by your employer is not tailored to your specific financial needs. You will not have the ability to choose the best policy for you, as you would if you worked with an agent and purchased private life insurance.
Not Enough Coverage– If you have dependents who rely on your income, then you need coverage that is at least 6 times your annual salary. Some experts even recommend getting coverage worth 10 to 15 times your salary. Employer-provided life insurance generally does not offer this much coverage.
When you leave your job, you will lose your life insurance policy.
You Can Get Dropped– Unfortunately, if your employer decides to drop this benefit (which they can do because the contract is between the employer and the insurance company), you will lose your policy. You can also lose your insurance coverage if you work past a specified age or when you retire.
You Lose It When You Leave– You cannot take your life insurance policy with you when you leave your job or if you lose your job. The moment you are no longer employed, you will have to buy your own coverage, which can be difficult as you age or if you develop a health condition.
Supplemental Coverage Can Be Expensive- You have the option to buy additional coverage through your employer-based policy; however, supplemental policies can cost more than buying your own individual life insurance policy. Not to mention, you cannot convert your supplemental policy when you leave the company; even if you can, expect to pay even more.

Finding An Affordable Individual Life Insurance Plan

The disadvantages of employer-provided life insurance outweigh the benefits, especially if you have a family who depends on you. An employer-provided plan might not offer enough coverage, but you can tailor an individual life insurance plan to meet your specific needs and finances. You can do all of this at a reasonable price, you simply need to speak to an experienced agent who can compare different plans available in your area. We have provided the top life insurance companies in the nation – all of which offer hassle-free assistance and the most competitive rates – below. Make sure your family is properly prepared for the unexpected by checking rates today!

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