Do I need life insurance?
In Life Insurance
Tagged , , , , ,

It’s a simple question most people ask of themselves at least once; do I need life insurance? The answer is simple, if you have any financial obligations to yourself or to others that can be disrupted or endangered by your falling victim to a heart attack, stroke or any critical or chronic illness as well as premature death, the answer is yes.

Wait a minute. Did you read that right? What do living through critical or chronic illness have to do with life insurance? I’ll answer that in a moment. First, let’s talk about the biggest problem of all; fear and misconceptions. I warn you though, this article is straight forward and does not pull punches. If you want a feel good story, don’t read further. If you want a dose of reality, read on.Read More →

life insurance quote
In Life Insurance, Mortgage Protection Insurance, Retirement Income
Tagged , , , , , , ,

This article explores the five most harmful life insurance myths that still prevail. Even educated professional often find they have to debunk persistent insurance myths that have been the root of many poor and even harmful consumer decisions. Listed below is an examination of some of these myths and misconceptions we face every day.Read More →

Universal Life Insurance
In Life Insurance, Retirement Income
Tagged , , , , , , ,

Each Universal Life insurance policy has two parts; the first part is the cost of insurance. This is the cost of term insurance for the current year of the policy. The second part is the cash value. When you make a payment to your Universal Life policy, the amount you pay that is in excess to the term insurance cost is credited to your cash value. That cash value grows tax free and can be accessed at any time for any reason you choose.

There is one particular type of fixed Universal Life policy that has become the life insurance product most in demand in the United States; the Indexed Universal Life insurance policy.

With the indexed Universal Life policy, the cash value has two growth components; a minimum growth rate and a growth rate pegged to the positive years of an index. The most common index used is the S&P 500. There are other indexes available, but for the sake of brevity we will only use the S&P 500 equity index as an example. The Indexed Universal Life policy is in such demand that it accounts for 38% of the entire life insurance market in 2013.Read More →

life insurance with living benefits
In Life Insurance, Mortgage Protection Insurance
Tagged , , , , , , , , , , , , ,

Just a few years ago there were only a couple insurance companies that added true living benefit life insurance within both their term and permanent life insurance products. Now, nearly ten different major insurers offer living benefit life insurance as a standard feature on select life insurance products. Recently another insurance company, one that is 140 years old, joined the growing list of insurers offering living benefit life insurance. This is great news! Even more, this particular insurer has additional benefits for all policy owners that are above and beyond what other insurers offer.Read More →

life insurance for diabetics
In Life Insurance
Tagged , , , , ,

Many diabetics fear that affordable life insurance is out of reach. But, there is Life insurance for diabetics and it is affordable. It simply takes an agent skilled in insuring people with preexisting conditions to get you the best policy at the best price.

It happens every day; a person walks into a doctor’s office expecting to need a new prescription to cure what ail them and instead hear a diagnosis that is life changing. It’s scary uncertain time and even if their illness is not immediately life threatening the full consequences of the diagnosis slowly come to light. Oddly enough, we get telephone calls almost every month from a person who just had such an experience and then asks; is their life insurance for diabetics?Read More →

Term Insurance vs. Whole Life Insurance
In Life Insurance, Mortgage Protection Insurance
Tagged , , , , ,

Term insurance is a great tool to insure against the financial consequences of a premature death for a limited amount of time. Examples of needs that may be ideal for term insurance include a mortgage or other major loan payment and dependent children. Your financial obligation toward your children ends once they are out of college and live on their own. While the exact time period is different for every family, unless there is an underlying disability issue few people expect to be supporting their children well into adulthood. Similarly, mortgages and other major debts will typically have a finite period. Eventually the debt is paid off and the need to insure that expense against a premature death expires. Mortgage protection insurance can be either term or permanent depending on the consumer need and budget. Term insurance vs. cash value insurance should both be considered.Read More →

Insurance for retirement income
In Life Insurance, Retirement Income
Tagged , , , , ,

While term (or temporary) life insurance offers insurance coverage with the lowest monthly outlay when we are young, permanent (or cash value) life insurance is usually the lowest cost over our lifetime. In addition, cash value life insurance can be an important part of your retirement plan as you can use that insurance for retirement income.

Cash value life insurance comes in several forms, but they all have common features; the insurance will not expire as long as you pay your premiums and they build up a cash value on a tax deferred basis that can be accessed during your life time. In fact, you can access that cash value tax free, for any reason, by “borrowing” the cash from your policy. In this case, you become the banker. You must charge yourself a reasonable interest for borrowing the funds. If you choose not to pay back the borrowed funds, then the amount borrowed plus the interest is deducted from your death benefit when you die. Either way, you can use the cash value in your insurance for retirement income.Read More →

how to shop for life insurance
In Life Insurance
Tagged , , ,

Why should we purchase life insurance for our young children? It seems inevitable that young families at some point in our consultation will ask if life insurance for children is a good idea. Some consider the question too macabre and distressing to think about. As a father I would agree that there is nothing more disturbing than the thought of outliving our children. It is a difficult subject to think or write about. Unfortunately, the possibility of premature death is the very subject that brought about the life insurance industry in the early 1700s, and leads us to the first reason that every parent should at least consider life insurance for children and for every member of their family.Read More →