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4 Misconceptions About Life Insurance

There are many misconceptions about life insurance, and these misconceptions can turn people off from even looking into purchasing a policy. In fact, a lot of people are just plain confused about life insurance! To help clear things up, we want to talk here about what life insurance is not, in order to help give you a better understanding of this subject, and address some of the misconceptions you might have about it.

1. Life insurance is not a luxury item

Although it might seem like life insurance is only for people who are well-off, it isn’t. Life insurance is not a luxury item, even though many people think it’s too expensive to fit into their family’s budget. In fact, nothing could be further from the truth: life insurance can often cost the same as a monthly subscription to a music streaming service, or a meal at a restaurant.

2. Life insurance is not just for covering funeral expenses

Yes, many people purchase life insurance specifically to cover funeral expenses, but life insurance can cover so much more. Funerals can cost around $10,000, but even some of the most affordable policies can offer much more coverage than this, meaning they can help with replacing lost income, making mortgage payments, and raising children.

3. Life insurance through your employer is not enough

A lot of people don’t purchase life insurance because they have a policy through their job, and they think they are fully covered with this employer-based life insurance. And don’t get us wrong: employer-based policies are great because they are often very affordable, but they’re usually limited to providing coverage equal to only one or two times your salary, or a fixed amount like $100,000. Research, though, shows that you should have coverage that is five to ten times your income. Not only that, but you will lose your coverage if you leave the job or are terminated. You can consider keeping your life insurance policy through your employer, as well as purchasing a private policy to make up the difference.

4. Life insurance is not just for healthy people

Life insurance is indeed cheaper when you are healthier and younger, but that doesn’t mean you can’t find an affordable policy if you aren’t young and healthy. Even if you have certain health conditions, like diabetes or high blood pressure, it’s still possible to qualify for a great policy, as long as your medical conditions are under control. And if you are worried about qualifying for a policy, know that there are policies available to you that do not require a medical exam or medical questions.

Hopefully, all of this has cleared things up for you, and has shown that life insurance is for everyone, and is affordable. Because remember, your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price.

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.

What is Direct Term Life Insurance?

We are living in a time when convenience is king, and you can shop and purchase anything with the click of a mouse or the touch of your finger. Many consumers now prefer to do their shopping online, even for things that traditionally needed to be done in person, like purchasing life insurance. This is especially easy to do these days, because there are now ways to do health assessments online for basic types of life insurance, like term life insurance.

Policies known as direct term life insurance policies, or direct-to-consumer policies, can be purchased directly through an insurance company, typically through their website, and offer an easy and convenient way to get life insurance coverage.

Direct Term Life Insurance Explained

hand coming out of a laptop with a life saver giving another hand it — *Term life is one of the most popular types of life insurance policies among families because of its affordability*

Before we go over what direct term life insurance is, we will first review what term life insurance in general is. Term life insurance policies are policies that you can purchase to cover you for a set period of time, typically between 10 and 30 years. If you die during that time, your loved ones will receive your death benefit; if you don’t pass away during this time, you will need to either renew your policy or purchase a new one.

Term life is one of the most popular types of life insurance policies among families because of its affordability. But if you choose direct term life insurance, you can get both affordability and convenience. With this type of policy, you can compare policies online and buy your policy directly from the insurer through their website, making the whole process more straightforward.

Is Direct Term Life Right For You?

There are some advantages to direct term life insurance, including:

Quick and easy coverage– If you shop online, you can purchase life insurance quickly, instead of having to make an appointment with a professional.
Convenience- Shopping for life insurance online allows you to fit the process into your schedule, and compare quotes on your time.
More options– You’ll find a huge amount of options to choose from, both in terms of life insurance companies and the policies they offer. You can find a variety of policies that are a better fit for you and your budget, depending on your age and health. And if you are not in the best of health, you can opt for policies that do not require a medical exam or medical questions.
Cheaper coverage– When you buy a life insurance policy directly from an insurer, your policy might be less expensive.

Need Help?

Direct term life insurance can save you time and money because you can find the right policy for you online, and can purchase a policy without having to make an appointment, or even talk to anyone over the phone. But, if you do want to speak to someone or have questions that need to be answered, you have the option of requesting to speak to an agent from one of the insurance companies.

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 It Too Late to Get Life Insurance in Your 80s?

Is it ever too late to get life insurance? For example, what if you’re already in your 80s – would it be pointless to purchase a policy, and would you even be able to? Well, actually studies show that the typical limit set by most insurers for purchasing life insurance is around 90 years old. Buying a policy when you’re at an advanced age will probably cost more than it would if you were younger, but with that being said, it is completely possible to find simple, affordable life insurance that gives you the coverage you need, even if you’re between the ages of 80 and 85.

Why Seniors in Their 80s Purchase Life Insurance

Did you intend to buy insurance earlier in your life and never got around to it? Has something happened now that is spurring you to buy a policy? You’re not alone: there are other seniors in their 80s out there looking for policies, possibly because:

They are being encouraged to do so by family– A child or grandchild might find out that their family member is not insured, and encourage them to purchase a policy or look into buying a policy for them.
Someone close to them has passed away- The passing of a loved one or friend, especially if they have left nothing behind, might make them reconsider life insurance.
They procrastinated– We’ve all been there: everyone puts things off until the last minute at some time in their life. Not only that, but retirement might have come upon them quickly, and they might not have even realized that they were going to lose their employer-based life insurance, and they simply put off looking for a new policy.

What Options Do You Have?

If you find yourself in one of the situations above, and are looking for a life insurance policy in your eighties, you have several options:

Term life insurance is a great option because most healthy seniors over 80 can buy a $50,000 10-year term policy for around $30 a month. One thing to note, though, is that because of your age, you might not be able to renew your policy.
Guaranteed universal life is an option that is similar to traditional universal life, but this type of policy is more focused on the death benefit and length of coverage than on cash accumulation. Most companies that offer guaranteed universal life will require you to purchase a minimum death benefit of $50,000, but some will go as low as $25,000, which is why it is important to compare plans from different companies, so you can review all of your options.
Final expense insurance is very popular because it is generally available to seniors up to age 85, and can provide coverage amounts from $3,000 to $30,000, depending on the age you are when you apply. Final expense is popular because it is easy to purchase and no medical exam is required. It is usually purchased to cover final expenses like funeral and burial costs.

Need Help?

Just because you are older than most people who are looking for life insurance, doesn’t mean that you won’t be able to find an affordable policy. There are many options available that will allow you to leave some money behind for your children and grandchildren, or simply allow you to cover your funeral expenses and medical debts.

There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. 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.

Return of Premium Life Insurance

Are you looking into a term life insurance policy, but worried that you might end up paying a lot of money in premiums over the years, without your family getting any benefits in return? You might want to look into what’s known as a return of premium life insurance policy. These policies allow you to get the money that you paid during the life of your policy back, which means more money in your pocket. But before deciding if this type of policy is right for you, you need to weigh the costs and benefits.

Term Life Insurance Vs Return of Premium Life Insurance

Term life insurance policies are policies that you purchase for a set number of years, or a “term,” like 10, 15, or 20 years. If you die during the policy’s term, your family will receive the death benefit. But if you outlive your policy, and you don’t renew it or purchase a new policy, your beneficiaries will receive nothing when you pass.

This might seem like a gamble to some people, and that’s why they choose a return of premium life insurance policy. You can still get coverage for a certain amount of time, but you will get your money back if you do not pass away during the policy’s term. If you outlive the term, 100% of the premiums paid throughout the life of the policy are refunded tax-free to you at the end of the term.

In some cases, you can add a return of premium option as a rider onto your policy, but it depends on if your insurance company offers this option.

How Much Is Return of Premium Life Insurance?

Return of premium life insurance can cost hundreds of dollars more per year than a traditional term life insurance policy. You will end up paying more in monthly premiums, but you will get all of that money back when the policy expires.

black question mark — *While trying to determine which life insurance policy is best, the best thing to do is compare plans from different companies.*

Is This Policy Right For You?

Return of premium life insurance is perfect for someone who would like coverage for a set amount of time, like with traditional term life insurance, but would like to receive all of their money back if they do not pass away during the time frame that the policy is active. It can cost a lot more than traditional term life insurance, but there is a chance you will receive that money back at the end of the policy, and it won’t be taxed.

So if you can afford to pay a little extra each month, this policy would be a great fit for you. In addition, if you are younger and purchase a policy that is set to expire around the time that you plan to retire, you could benefit from receiving that chunk of money tax-free.

If you decide that this type of policy is not for you, and you’d like something more affordable, you have options! 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.

Inflation and Life Insurance

It’s no secret that the price of everything has been steadily rising, making it harder and harder to afford even simple things like gas and groceries. And inflation doesn’t seem like it’s going to ease up anytime soon, leaving many Americans worried and afraid – and rightfully so, since it’s not easy to deal with these rising costs.

And here’s another problem: what if you want to financially protect your family in these challenging times with a life insurance policy? As the price of everything rises, will premium rates also go up? The answer depends on whether you already have a policy or not, and what kind of policy you have or want to purchase.

graph going upwards with an arrow above the graph and money around it — *The only time you will have to worry about rate increases is when your term policy expires.*

Will Inflation Increase Your Life Insurance Rates?

If you already have a life insurance policy, have no fear, your rates will not go up despite the inflation. Once your life insurance policy is issued, your rates are locked in for life, whether you have a term policy or a permanent policy. The only time you will have to worry about rate increases is when your term policy expires, and you choose to purchase a new one or renew your current policy.

Will Life Insurance Companies Experience Financial Difficulties Due to Inflation?

If you’re worried that your life insurance company will experience financial trouble during this period of inflation, which will either raise your rates or diminish your policy, you can rest easy. Inflation is generally only temporary, so it’s not likely to create hardship for insurers.

That said, it’s crucial to purchase a policy from a company with an A or higher rating from the national rating services. Avoid choosing a lesser-rated life insurance company, because although you might save some money, choosing a less stable company could end up being a problem for you down the road.

Budgeting For Life Insurance

We get it: the price of everything is astronomical these days, but that doesn’t mean you have to consider getting rid of your life insurance policy or going without one. There are things you can do to fit a policy into your budget, allowing you to still be able to provide for your family when you are gone. Things you can do to cut down on costs include:

Cutting back on gasoline usage
Shopping for your car insurance every 6 months
Paying down or paying off high-interest loans and credit cards
Cutting your spending on groceries wherever possible
Making your coffee at home rather than paying $5 – $7 at your local coffee shop
Cutting back on eating out

Times are tough, and that’s all the more reason for you to make sure you have a life insurance policy to protect your family’s financial future. After all, your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price.

Should You Buy Life Insurance for Your College-Age Child?

Your child is off to college, and while this is generally a very joyous time, it can also be very nerve-wracking: after all, the cost of college has been increasing over the last decade and it doesn’t look like it will be slowing down anytime soon. In fact, we have $1.4 trillion in outstanding student debt in this country! About 93% of student loans have a cosigner – and if your family is like many families, you are that cosigner. If something were to happen to your child and they were to pass, you would be responsible for your child’s student loan. You can protect yourself by buying life insurance for your college-age child, to ensure that these loans will not financially cripple your family in the future.

Types of Student Loans

Before we look at the best types of life insurance for your family, let’s take a look at the types of student loans that your child might need to take out to fund their education. There are generally two kinds of loans that you can take out: federal student loans and private student loans. Federal student loans will most likely not require a cosigner, and if the borrower passes away, they will not be passed on to family members. On the other hand, if your child takes out a private student loan, they will most likely need a cosigner who will be responsible for the debt if the borrower passes away.

Do You Need Life Insurance?

If you are a cosigner of your child’s student loans, you will be responsible for the loan in the event of their passing. We know that no one wants to think about losing their child, but if they are going off to college and are taking out a private student loan, you should think about purchasing life insurance for them, since their debt would fall on you if they were to pass away.

Which Policy Is Best?

There are many different kinds of life insurance policies that you can choose from, but if you are considering a plan for a college student there are two main types of policies you should think about: whole life insurance and term life insurance. Term life insurance will cover your child for a set period of time (like 5, 10, 15, or 20 years) before expiring, while whole life insurance will last for the rest of the policyholder’s life.

If you’re looking to cover your child during their student loan payback period, a term life policy is a good way to go, since you can choose the amount of time you want the policy to cover them for. If you are looking for something your child can one day take over the payments for and have for the rest of their life, consider a whole life insurance policy.

How Much Coverage Should You Get?

green question mark next to a red money sign — *When trying to figure out how much coverage you need, you will need to take into consideration the amount of the loan and interests.*

If you have decided to get a life insurance policy for your child the next thing you need to consider is how much coverage you will need. The amount of coverage that you need will be determined by how large a student loan your child has. The best way to calculate the amount you will need is to take into consideration the loan amount, how long you expect the repayment period to be, and the amount of expected interest. Generally, private student loan repayment periods range in length from 5 to 15 years, with an annual interest rate that ranges between 3 and 15%.

Need Help?

It is not easy to think about losing your child, especially as they embark on this new journey in life. But if you are a cosigner to their student loans, you will be responsible for paying off their debt, which can be crippling, especially since the average student loan is almost $55,000. There are many great affordable life insurance options to choose from that will provide enough coverage for this type of debt for a low monthly price. The best way to find the right life insurance policy that will work for you 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.

Tag: life insurance help

4 Misconceptions About Life Insurance

1. Life insurance is not a luxury item

2. Life insurance is not just for covering funeral expenses

3. Life insurance through your employer is not enough

4. Life insurance is not just for healthy people

What is Direct Term Life Insurance?

Direct Term Life Insurance Explained

Is Direct Term Life Right For You?

Need Help?

Is It Too Late to Get Life Insurance in Your 80s?

Why Seniors in Their 80s Purchase Life Insurance

What Options Do You Have?

Need Help?

Return of Premium Life Insurance

Term Life Insurance Vs Return of Premium Life Insurance

How Much Is Return of Premium Life Insurance?

Is This Policy Right For You?

Inflation and Life Insurance

Will Inflation Increase Your Life Insurance Rates?

Will Life Insurance Companies Experience Financial Difficulties Due to Inflation?

Budgeting For Life Insurance

Should You Buy Life Insurance for Your College-Age Child?

Types of Student Loans

Do You Need Life Insurance?

Which Policy Is Best?

How Much Coverage Should You Get?

Need Help?

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