life insurance plans Archives - Page 4 of 9

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.

What Happens to Unclaimed Life Insurance Benefits?

Life insurance is the best way to ensure that your family will have financial security after you’re gone: the benefits that they will be able to claim will help them to pay the bills and stay afloat. But did you know that a small percentage of life insurance benefits go unclaimed by beneficiaries every year? That means that your family could miss out on money that is intended to help them after you’re gone. Find out what happens to unclaimed life insurance money and how you can avoid your beneficiaries losing out.

cartoon of a person with hands up shrugging — *Benefits go unclaimed when your loved ones are not notified of a life insurance policy you took out, or the company cannot reach the beneficiary.*

Why Life Insurance Benefits Go Unclaimed

You might be wondering how this could even happen. Well, the number one reason that life insurance benefits go unclaimed is that people will purchase a life insurance policy but forget to tell their family members that they have done so. After all, if you don’t tell your beneficiaries that you have taken out a policy on yourself, they won’t know that there will be benefits they can claim when you’re gone, meaning they’ll miss out on the money meant for them.

The number two reason life insurance benefits go unclaimed? Family members can also forget that their loved ones have a life insurance policy after they’ve passed, which means it’s important that you keep all of your information regarding your policy easily accessible to your beneficiaries.

What Happens if Your Benefits Go Unclaimed?

The good news is that your life insurance company will typically try to contact your beneficiary if they have not claimed their benefits within a certain amount of time after your passing. But if they can’t reach them, they will follow the legal requirements and turn over the unclaimed insurance money to the state.

Making Sure Your Family Gets Their Benefits

illustration of documents folder with paper in it — *Make sure your family has your life insurance documents so they are aware and can claim benefits when the time comes.*

Insurers will usually try to get your benefits into the right hands, so the best thing you can do to help them do so is to make sure you name a beneficiary, remember to change your beneficiary if necessary, and keep information on how to reach your beneficiary current at all times. In addition, don’t forget to give your beneficiary a copy of your policy, so they will know exactly how to access their benefits when you are gone.

Finding A Great Life Insurance Policy

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.

How Using E-Cigarettes Affects Life Insurance Rates

If you have health issues or engage in certain behaviors, like smoking, trying to find a great life insurance policy can seem daunting. Most insurance companies require a medical exam to qualify for a policy, and most will ask you questions about your lifestyle and medical history, so they will know how healthy you are, and if you are a smoker. But what if you use e-cigarettes? Whether you smoke traditional cigarettes or e-cigarettes, you can expect to pay slightly higher rates than non-smokers. But don’t let that scare you off, you can find an affordable life insurance policy even if you are an e-cigarette user.

What Are E-cigarettes?

Electronic cigarettes, or e-cigarettes, have become popular with a lot of smokers, especially those looking for a way to smoke fewer traditional cigarettes. While many people believe that smoking e-cigarettes, or “vaping,” is less of a health hazard than smoking traditional tobacco cigarettes, the jury is still out on the health effects of this type of smoking. Most e-cigarettes still contain nicotine, an addictive drug, and they can affect your cardiovascular system, your lungs, and your respiratory health over time. This means that e-cigarettes are still considered to be a form of “tobacco use” in the eyes of health insurance companies.

How E-Cigarettes Affect Life Insurance Rates

Life insurance companies consider anything harmful to your health as a risk when it comes to insuring you, so using e-cigarettes will affect your life insurance rates. But, because using e-cigarettes is not considered the same as smoking traditional cigarettes and using tobacco, life insurance companies are starting to offer better ratings and lower premiums for people who use e-cigarettes compared to people who smoke traditional cigarettes. Some insurers, but not all, will even place people under a non-smoking category if they only use electronic cigarettes.

illustration of a hand holding a line with one end a clock and the other end money — *Some life insurance companies will lower your rate after you have quit smoking for some time.*

In fact, all life insurance companies have different ways of rating smokers. For example, some life insurance companies will allow you to begin your policy at a non-smoker rate for three years, and if you have quit smoking after the 3 years are up, you can continue to pay the same rate. If you continue to smoke, though, you will most likely have to pay a slightly higher rate. Not all insurers allow you to do this, but most will allow you to retake your medical exam and reclassify into a better health class if you have quit smoking for at least a year.

Finding An Affordable Life Insurance Plan

If you’re looking for term or permanent life insurance, the best way to find an affordable policy is to compare all of your options. But if it turns out that you can’t find affordable permanent or term life because of your history of using e-cigarettes, you can also look into guaranteed issue life insurance. You can get guaranteed issue life insurance regardless of your health, because you won’t be required to take a medical exam or answer any medical questions. Just be aware that these plans typically offer lower coverage amounts.

4 Surprising Things That Cost the Same as Life Insurance

A lot of people think life insurance is a big expense, which is probably one of the main reasons that they choose not to buy a policy, or even to look into getting one. If that’s what you’re thinking, you might be surprised to know that life insurance is not nearly as expensive as you think. In fact, in some cases, the price of monthly premium payment is the same as the cost of a meal at a restaurant! So, while it might be tempting to forgo life insurance to try and save some money in the short-term, you could end up costing your family their financial security in the long-term.

In order to help convince you, we’ve given you a list of some things that cost the same as life insurance, or even more, so you can see how easily a policy can fit into your budget.

Before we get into the list, we wanted to make it clear that we’re looking at the price of a life insurance policy for a healthy 30-year-old, so the rate for your policy can vary. But for our hypothetical customer, they could get a $250,000 policy for around $13 a month. Yes, $13! So what else costs around the same as the average policy?

A bottle of wine– Do you enjoy a glass of wine with dinner now and again? Understandable, but this can cost the same as a whole month’s premium for a life insurance policy!
Online fitness classes– Staying fit is important, and can even help lower your monthly life insurance premiums- but either way, a monthly subscription plan might cost just as much or more than your premium payments.
Fast food meals– We all enjoy our little guilty pleasure of a fast-food burger or meal once in a while, so why not treat your family to a life insurance policy?
Music streaming plans– Jamming out when having a get-together, in the car, or while working out can help bring a little more joy into your life, but the cost of a subscription to a music streaming service can be the same as the price to protect your family in the future.

These four everyday things can all cost around $13, and bring you a little bit of pleasure, guilty or otherwise. And we get it, you’ve wanted these things, especially during the pandemic. But do you ever stop and think about these little expenses? Probably not, so now think about what you could give your family in the long run by paying the same amount for a life insurance policy!

Budget For Both

illustration of a calculator and money — *There is a way to incorporate life insurance into your budget because it is inexpensive.*

The little pleasures in life are important, and there’s no shame in that at all. But we know that your family’s welfare is always on your mind, and now you know that protecting them for a low price is possible! You can budget for both: your little pleasures, and life insurance for your family. There are so many different life insurance policies to choose from that there is definitely one to fit your budget. For example, do you want life insurance to only cover a major expense like your mortgage? Then go with a term life insurance policy. Looking for something that will last for your whole lifetime? Then a permanent or whole life insurance policy will be best.

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.

Life Insurance For People With Epilepsy

Did you know that 1 in 26 Americans will develop epilepsy during their lifetime? This condition can have a big effect on your life – it can even affect your life insurance policy. Like any medical condition, epilepsy can make getting a life insurance policy a little more complicated, because life insurance companies will flag the condition as a possible problem. With that being said, it’s still possible to get a great policy if you’re living with epilepsy; life insurance companies rate conditions differently, meaning you just need to do some shopping around. Find out how you can qualify for an affordable policy, and how much coverage you can get.

Epilepsy Explained

brain silhouette with a red lightning bolt through it — *Epilepsy often develops during childhood, but seizures can happen at any stage of life.*

Epilepsy is a condition that affects the brain, causing seizures, which are the result of excessive electrical discharges in a group of brain cells. Seizures can last up to several minutes and can vary from the briefest lapses of attention to mild muscle jerks to severe and prolonged convulsions. Seizures can also vary in frequency, from less than one per year to several per day.

Epilepsy often develops during childhood, but seizures can happen at any stage of life. It can be caused by strokes, brain tumors, genetic disorders, or injuries, but for two-thirds of patients, the cause is not known.

People with epilepsy can live long and normal lives with a few seizures that are not harmful, especially since there is a medication that can control seizures. It is estimated that up to 70% of people living with epilepsy could live seizure-free if properly diagnosed and treated. But some people can struggle with daily activities, like driving a car, and can have a higher risk of death.

Life Insurance & Epilepsy

Unfortunately, epilepsy is a condition that can impact your life insurance eligibility and rates. This is because, for some people who have more serious cases of epilepsy, the condition can affect life expectancy. It is still possible, though, to find a great life insurance policy, as long as you provide accurate and honest information about your condition to your life insurance company.

Your insurer will have some questions during your medical exam that you should answer truthfully, with information such as:

Your epilepsy diagnosis, including type and cause, if known
When you were diagnosed with epilepsy (more recent diagnoses can sometimes earn you a better rating)
How often you have seizures, and their severity
Any medications you take, or other treatments you’ve received for epilepsy, such as surgery
Epilepsy complications or other health issues

What Kind Of Policy Will Work Best For You?

If you have seizures less than once a year, a permanent term life insurance policy will probably be the most beneficial to you and your family. On the other hand, if you experience seizures quite often, typically two or more times a year, you can opt for a life insurance policy that does not require a medical exam. You have options!

Benefits of Whole Life Insurance

Life insurance is one of those things that you might think about from time to time, but put off purchasing, which could mean higher rates when you do decide to purchase a policy. Or maybe you have a policy through work, which will be terminated once you’re no longer working, or minimal, temporary coverage with a term life insurance policy. If you do have term life insurance, and you outlive your policy, you’ll need to buy another term policy, or to convert it into a more permanent policy, which can be expensive. So if you don’t have life insurance, or have a temporary policy, you might want to consider purchasing whole life or permanent life insurance now, while you can still get affordable rates.

How Does Whole Life Insurance Work?

Whole life insurance is a type of permanent life insurance policy that provides lifelong coverage, as long as you continue to pay your monthly or annual premiums. With this type of policy, your premiums will remain the same throughout the life of the policy and cannot be raised for any reason. One of the best things about this type of policy is that it has a cash value component, meaning your policy will build tax-deferred cash overtime at a guaranteed rate of interest.

Whole life insurance is best for people who want a longer-lasting policy with a cash value that they can borrow from. It is also more suited to healthy people who are willing to spend a little more on premiums: you will have to undergo a medical exam to qualify for a whole life policy, and these policies are more expensive than term life policies.

Benefits of Whole Life Insurance

One of the great things about whole life insurance is that there are multiple types of policies that you can choose from. There are also many other benefits, including:

Peace of Mind- Your life insurance policy will last your entire life, so you will never have to worry about converting it as you would have to do with a term life insurance plan. And you will never have to worry about buying a new plan when your current one ends. You will have peace of mind, and so will your family.
Lifelong Protection– As long as you pay your premiums, you will have protection for your entire life, even if your health begins to decline or you develop new health conditions. Your life insurance company will not use your health against you.
Cash Value– Part of your monthly premium payments will go into a cash-value account, which will accumulate interest over time. Think of it as a tax-deferred savings account, which you can borrow against any time you need it.
Earn Dividends– Some companies offer whole life insurance policies that allow you to earn yearly dividends based on the company’s performance. You can receive your dividends as cash, they can be added to your account, or they can be used to pay your premiums.
Level Premiums– Your premiums will stay the same for as long as you have the policy.
Tax-Free Death Benefit– Whole life insurance policies are usually tax-free, which means your beneficiaries will not have to pay any taxes on the money they receive.

Looking for an Affordable Plan?

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.

Tag: life insurance plans

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?

What Happens to Unclaimed Life Insurance Benefits?

Why Life Insurance Benefits Go Unclaimed

What Happens if Your Benefits Go Unclaimed?

Making Sure Your Family Gets Their Benefits

Finding A Great Life Insurance Policy

How Using E-Cigarettes Affects Life Insurance Rates

What Are E-cigarettes?

How E-Cigarettes Affect Life Insurance Rates

Finding An Affordable Life Insurance Plan

4 Surprising Things That Cost the Same as Life Insurance

Budget For Both

Life Insurance For People With Epilepsy

Epilepsy Explained

Life Insurance & Epilepsy

What Kind Of Policy Will Work Best For You?

Benefits of Whole Life Insurance

How Does Whole Life Insurance Work?

Benefits of Whole Life Insurance

Looking for an Affordable Plan?

Business

About Us

Individual

Insurance News