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.
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?
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.
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.
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.
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
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.
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.
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.
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.
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.
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 is incredibly important: having a policy will provide your family with a financial safety net when you are no longer around. And you know what? Life insurance is one of the easiest types of insurance to buy: not only is it inexpensive, but there are so many different types of plans to choose from. Didn’t know that it was cheap and that you had so many options? Well, there are quite a few things that might surprise you about life insurance.
1. Over Half of Americans Have Life Insurance, Most Through Their Employers
More than half of adults in the country have some type of life insurance policy, and the majority of this number is based on people who have it through their employer. But did you know that you can purchase a private life insurance policy in addition to your employer’s life insurance policy? You’ll probably find that employer-based life insurance is simply not enough for your family and their needs; not only that, but you will no longer have the policy once you leave your job.
2. Women Are Less Likely To Have Life Insurance
Sad, but true. According to the Insurance Information Institute, around 43% of women have no life insurance, and those who are insured have only a quarter of the coverage they need. It is just as important, if not more so, for women to have their own life insurance policy, whether they are single parents, working mothers, or stay-at-home moms. They contribute just as much, if not more, to the household and need to make sure their family is protected.
3. The Price of a Funeral Is One of the Most Common Reasons People Buy Life Insurance
Funeral costs are not cheap, which is why many people get life insurance.
For many people, when they think of life insurance, they think of the high price of funerals. A recent LIMRA study revealed an overwhelming 91% of people turn to life insurance as a way to cover final expenses. This makes sense since a funeral can cost on average $10,000-$15,000 – fortunately, though, many life insurance policies will cover these costs and then some. If you are looking for a life insurance policy mainly for funeral costs, consider a final expense life insurance policy, but if you need more coverage, there are other policies out there that provide more coverage.
4. Your Current Policy Might Not be Enough
If you have a life insurance policy, when was the last time you took a look at it? Updated it? What if your living expenses have gone up, and your family will need more money to live on? This is something that needs to be taken into consideration, which is why you should review your life insurance policy annually. While doing so, make sure you calculate your expenses and needs and decide if your current plan will meet those needs, or if you might need a policy with more coverage.
If you’re worried about high premiums or being denied coverage because of health conditions, have no fear! Many types of life insurance policies don’t require you to take a medical exam or answer medical questions. These policies will typically offer less coverage than traditional life insurance policies, but you will be approved no matter what.
There are so many great life insurance plans that can fit into your budget and needs.
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.
The lifetime risk of developing colorectal cancer is higher than many people might think. In fact, approximately 1 in 23 men and 1 in 25 women will be diagnosed with this type of cancer in their lifetime. The good news, though, is that while a colorectal cancer diagnosis would have been considered a death sentence in the past, after decades of research, studies, and technological advances, the prospects are now much brighter for people who are diagnosed with this disease. Many of them will go on to live long and normal lives, and that means that this type of cancer is also no longer a barrier to getting life insurance. Underwriting guidelines now take into consideration the innovative cancer treatments available, so things have changed a lot for the better.
Colon Cancer
Colon cancer develops when there is uncontrolled cell growth among the cells of the large intestine, or colon, where water and salt are extracted from solid waste before the waste continues through the rectum and is expelled. The growths that occur when the cells of the colon grow out of control are known as polyps; some types of polyps can turn into cancer over time.
Risk Factors & Causes
Research points to several risk factors that appear to increase the likelihood of a colon cancer diagnosis, including:
Family history
Age (around 90% of all cases of colon cancer are diagnosed in people between the ages of 50 and 75)
Obesity
Inactivity
Poor diet
Smoking
Alcohol consumption
Other underlying health conditions, including diabetes and inflammatory bowel diseases, like Crohn’s disease and ulcerative colitis
Qualifying for Life Insurance
As we mentioned earlier, a diagnosis of colon cancer does not disqualify you for a life insurance policy. If you are applying for traditional life insurance, the best thing you can do is compare all of your different options so you can find companies that offer coverage for high-risk applicants.
Even if you do not qualify for traditional life insurance, you have the option of a no medical exam life insurance policy that is guaranteed.
And even if you fail to qualify for a traditional life insurance policy because of your cancer diagnosis, that doesn’t mean you can’t find a great policy. There are other types of life insurance policies that don’t require a medical exam, and even some that don’t ask any questions at all regarding your health or your family’s health history. 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.
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.
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
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.
