Wednesday, June 15, 2022

Where To Go For Life Insurance

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Why I Went With Term Life Insurance

My goal is to become self-insured where I have enough money to take care of my family without needing life insurance. However, that will not happen overnight.

We have a mortgage that we plan to pay off in the next five years and we do not have much in terms of investments at this time, so we need a short term solution. And by short, I mean twenty years.

There are many companies that provide term life insurance and I found the best way to get a quote is through using a tool called Policy Genius.

They dont sell life insurance themselves, however, they will get you real-time competitive quotes from several life insurance companies, some you already know and some you probably never heard of.  

Literally, within 2 minutes you can get a quote like I just got below:

This is for A $500,000 life insurance policy for twenty years for less than $25 per month. Most people spend that eating out just one time per week!

Why do we pay to insure things like our homes, cars, heck even airline tickets or shipping things in the mail? But we dont put a priority on protecting the things that matter most.

When I think about the importance of protecting my family, this is a small price to pay to have peace of mind that they will be covered if anything were to happen to me.

Is your family covered in case something were to happen to you? If not, dont put this on your to-do list for next week. to protect your family TODAY.

How Much Debt Do You Have

If you have a mortgage, credit card debt, or even a car loan, these things could change how much you need.

Consider this scenario:

    This comes out to $240,000 of debt. So you may want to consider adding your debt total to the 10x rule. So if you make $50,000 then you would want $740,000 in term life insurance . Make sense?

    Type Of Life Insurance Policy

    Depending on the type of life insurance policy you are looking to open, there may be a longer waiting time and processing time associated with it.

    A solid example of this are whole life insurance and indexed universal life. Both of these policies can take longer in the underwriting process because they are policies that cover someone for life. Inherently, this presents a whole new set of risks for an insurance company, and as a result, they do their due diligence in order to ensure they secure the best premiums for applicants while still protecting themselves based on your risk profile.

    Decide What Type Of Policy You Need

    After evaluating the amount of coverage you need, you can decide if you should buy a term or permanent life insurance policy.

    Term life insurance is the best option for most people â itâs easy to manage and offers the most coverage for the lowest dollar amount. But there may be circumstances where you need a permanent life insurance policy, like if you have a lifelong dependent.

    There are variations on both term and permanent life insurance, each with its own pros and cons. For example, if you want to minimize outside contacts during the pandemic, you might want a no-medical exam policy, which doesnât require a medical exam conducted by the insurer. Or maybe you donât want to risk waiting for your application to be approved. Then youâll want to consider instant life insurance, which can get you coverage after one quick call.

    A Policygenius adviser can help you decide on the best policy for your budget and coverage needs.

    Start calculator

    What Financial Help Can I Get If My Partner Dies

    Travel Insurance

    You may be eligible to claim bereavement support payment to care for you and your children if your partner or spouse dies. Bereavement benefits changed substantially from 6 April, 2017, so check what you can claim.

    • Family care services child and elder care
    • 24/7 healthline where you can speak with a nurse 

    The Company You Choose

    The insurance carrier you choose often has a big impact on the time it takes for the underwriting and application process to be completed. Some companies have done a better job than others in improving their underwriting processes and, as a result, they are much faster at approving applications. We would be happy to recommend companies based on underwriting speed.

    My Personal Experience With Insurance

    For the longest time, I hated paying for insurance. It seemed like a waste of money. You pay a company a monthly fee just in case something were to happen. And life insurance, do I really need it?

    I remember when I got in my first car accident. I was delivering pizzas in college and a car in front of me decided to make a left turn immediately after passing through a green light.

    It wouldnt have been as big of a deal, but the guy did not pull all the way into the center lane. This left the right rear of his bumper still in my lane.

    I thought about moving over one lane, but there was a car on the other side of me so I couldnt. I ended up clipping his bumper and doing everything I could to not hit another car.

    At that moment, I was flooded with emotions of fear and anxiety.

    I was just a college student, how I was I going to pay for the repairs?

    I had never had $1,000 in a bank account and even paying for things in college was a struggle; that is why I was delivering pizzas in the first place.

    Between the two cars, the cost was thousands of dollars.

    Well, thankfully I had car insurance, so they paid the guy directly for his damages. I decided not to get my car fixed because I still had a thousand dollar deductible.

    Why do I tell you this?

    Because if I did not have insurance, I would have had to pay everything out of pocket with money I did not have. This is why insurance is so important.

    Tip No 3: Know The Difference Between Term Life And Permanent Life Insurance

    Life insurance buyers often think about term life vs. whole life insurance. A term life policy will provide coverage for a certain period of timetypically 10, 15, 20 or 30 years. It can be an affordable way to get coverage until you reach a certain financial milestone, such as paying off your mortgage or putting your kids through college.

    There are other types of permanent life insurance in addition to whole life. A permanent life insurance provides lifelong coverage, which is why its more expensive than term life insurance. Its also more expensive because it builds cash value. That cash can be used for whatever you wantto cover emergencies, supplement retirement income, help pay for long-term care or even cover the policys premiums. Whether you choose a term or permanent policy depends on your needs and financial goals.

    Help Cover Emergency Medical Expenses While Visiting Canada

    If youre planning on visiting Canada, or if you have friends and family visiting, youll want to enjoy the visit without disruptions. If health emergencies come up, you can get help covering the expenses with travel medical coverage that’s simple, affordable and easy to use so you dont end up paying out-of-pocket. Get emergency medical care and more with CoverMe travel insurance for visitors to Canada.

    Get coverage for emergency medical care for the following expenses:

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    Learn Your Class: Preferred Super

    The insurance industry uses these broad groups to classify customers by risk. For example, if you are perfectly healthy, have a low body mass index , and do not have other risk factors , you may meet the super-preferred class. By contrast, somebody who is overweight and has high blood pressure may only classify for the standard class and will pay more for the same insurance.

    Although life insurance classes can provide broad guidelines of what you can expect to pay, every insurer works differently. For example, lets say you have a hobby that insurance companies consider high risk like flying a plane or rock climbing. Some insurance companies may place you in a lower class and charge you more for these high-risk activities. Another insurance company may insure you in a higher class, but place exclusions on your policy meaning you wont receive a benefit if you die as a result of those activities.

    Make Sure Youve Covered Everything You Need To

    It doesnt just have to be about your mortgage, you can factor in other debts and monthly outgoings too. Things like personal loans and credit cards. Consider future costs as well. If you have children, would they need help through university? And funeral costs can be a big expense at a difficult time.

    Common Life Insurance Questions

    Who needs life insurance? Generally speaking, if you have dependents or are married, your family can benefit from you having a life insurance policy. Life insurance offers peace of mind by ensuring that your loved ones will be taken care of in the event of your untimely death. Plus, payouts are tax-free.

    Why should I get coverage now? Rates tend to go up as you age. Buying a policy when youre younger lets you lock in a lower rate.

    How much life insurance do I need? This depends on what you want to leave when youre gone. There are two common methods for calculating the amount of life insurance you need: lump sum and income replacement. You can use this estimator tool to get an understanding of how much life insurance you may need.

    How much does life insurance cost? The cost of your life insurance policy is dependent on a variety of different factors, ranging from your age, gender, location, and health. You can use this term life insurance tool to get an idea of what life insurance may cost you.

    What is term life insurance? Term refers the length of coverage that you choose. If you pass away during the term , your beneficiaries receive a cash payout.

    Why is term life a good option? With term life insurance, youre only paying for the years where the need is greatest , and it is usually the most affordable type of insurance.

    Is Whole Life Insurance The Right Choice For You

    There comes a time to let go of things. Are you ready to ...

    Here are questions and alternatives to help you decide if whole life insurance is right for you.

    • Do you need life insurance for more than 30 years?
    • Do you need cash value life?
    • Do you want flexibility with payments or the payout amount?
    • Do you need a payout when you pass away, or only after both you and a spouse pass away?

    Is Life Insurance Considered Part Of A Deceased Persons Estate Does Life Insurance Go Through Probate

    The answer to these questions: it depends.

    Life insurance proceeds are generally not part of your estate if you have named a beneficiary to your life insurance policy. Therefore, life insurance with a named beneficiary does not pass through probate.

    For instance, if you have named your daughter as the person to receive your death benefit after you die, then the named beneficiary is your daughter. She is the rightful recipient of your life insurance proceeds. The proceeds will belong to your daughter as her property, and she will be able to use the money any which way she sees fit.

    But, lets say you did not name a beneficiary to your life insurance application or policy, or the beneficiary is no longer alive; what would then happen to the life insurance proceeds upon your death?

    In these circumstances, your life insurance proceeds would go to your estate and then have to go through probate. The probate process is typically time-consuming and worse yet is not free. More on that below.

    Can You Switch To A Better Deal

    If youre young and/or healthy, it might be worth seeing if you can a better deal elsewhere.

    But as you get older or develop medical problems, you might find its cheaper to stick with a policy you bought when you were younger.

    If you decide to switch, make sure you dont cancel your existing policy until the replacement policy is fully set up and you have made the first monthly payment.

    When youve cancelled a policy, you cant change your mind.

    Consider The Following Before Buying A Life Insurance Policy

    Buying a life insurance policy is not really a big deal. But no one wants to unnecessarily pay a bomb for the type of policy they want to buy or purchase a policy that is actually not as per their requirement. Therefore, you should know what you are investing in to be able to make a conscious decision about the life insurance you should opt for.

    Can I Get Life Insurance If Im A Smoker

    Yes, you can. Most life insurance companies offer life insurance to smokers, but rates are typically much higher. Some companies offer better rates for smokers than others, while some even offer an incentive to quit smoking, offering lower rates for a period of time while the insured works on kicking the habit. 

    Life insurance policies also may have contingencies for those that are considered high risk, including individuals with a family history of heart disease or cancer, or with an existing medical condition. Many policies require a medical exam as well to determine your insurability. If you qualify for coverage, rates could be significantly higher.

    Overall, smokers and those with high-risk health factors will pay higher premiums, but coverage is available at most major life insurance companies.

    How Can I Get An Insurance Policy With No Waiting Period

    Most insurance companies do offer policies with no waiting period, so the benefits will take effect immediately. The downside to these policies is that their monthly premiums are more expensive. However, if you are getting older, you wont have to pay this rate for nearly as long as a younger person. In this case, the higher price is often justifiable. Youll find term, whole, and universal life insurance policies that dont have waiting periods, although you will likely have to shop around to find them. Working with an insurance agent can be very helpful in this scenario, as theyll already be familiar with the providers that offer these types of policies.

    Who Needs A Life Insurance Quote

    If youâre a single, multi-millionaire with no dependents and no debt, well, then you may not need life insurance. If you are, congratulations! You can stop reading now. However, if youâre like most of us, you have some debts and people who depend on you. They are why you need a life insurance policy. It ensures your loved ones wonât suffer financial hardships following your passing. Even a small life insurance policy can help offset the cost of a funeral, making a stressful and emotional time a bit easier for your family.

    Youll Complete A Brief Form About You

    Gender, age, weight, and whether you smoke are all questions you should be prepared to answer. Smoking is the biggest factor in pricing life insurance. Prepare to pay double if you smoke.

    If you want to compare life insurance quotes, the broker will ask a lot of personal medical questions, which is unfortunately necessary to provide accurate estimates. Be honest, as much of this information will be verified with your medical record or during a medical exam when you apply for insurance.

    Tip No 2: Know How Much Coverage You Need

    Go Fund Me Vs Life Insurance Meme

    Typically, people underestimate how much life insurance they need, says Adam Winslow, CEO of Life Insurance at AIG Life & Retirement. They tend to think only about how much would be needed to pay off their major debt, such as a mortgage. However, they should consider how much more would be needed to help a spouse or partner pay bills, support children, pay for college tuition or cover any other long-term needs, he says.

    One rule of thumb is to have a policy with a death benefit equal to 10 times your annual salary. But your own situation and financial goals might require that you have moreor lessthan that amount. A financial planner can help you come up with a more-precise figure.

    If You Die Before The Medical Exam Results Are In

    This is determined on a case by case basis, but as a general rule if you would have been accepted and the policy term starts at the time of application, then there is a good chance the beneficiary would receive the payment. However, if you would have been declined due to any reason, then the policy would not have been considered issued and so your beneficiary would not be paid.

    If there is a clause in place like the provision, for example, or any clause that excludes coverage for the cause of death, then the policy would not pay. This is one of the topics to discuss with your life insurance representative. You’ll want to be sure you understand the specific terms of the policy you have applied for. Every life insurance company has their own terms and conditions, as well as policy effective date.

    You May Not Need Senior Life Insurance

    After considering your circumstances, you may decide you do not have to carry life insurance. Premiums are very high for life insurance for seniors over 70 and, if there is nothing to pay for after the person is longer around, then the life insurance policy is not needed. Be careful when renewing or upping your policies as you get older: evaluate if you really need the life insurance. If you do still have outstanding debts, you can purchase a smaller term life insurance policy that will end when your payments are due to end. This will keep you from being over-insured.

    There are many things life insurance agencies will not tell you regarding your ability to obtain life insurance after the age of 70 simply because they do not want to take a risk on you. However, you have the right to obtain life insurance even if youre over 70, so it is important to know your options so that you can get the coverage you need.

    If youre a loved one of a senior over 70, you can help them by pointing them in the right direction towards the policies that are right for them. There are many terms and policies out there that can be quite confusing for many people.

    Life insurance for seniors over 70 can be difficult to obtain, but it is definitely not impossible. And, it doesnt have to cost you a fortune to maintain, either. Make sure that you know what you are looking for, what youre willing to pay, and what your options are regarding policies.


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    How Do I Find Cheap Whole Life Insurance

    First, determine how much life insurance you need. Most life insurance company websites have free life insurance calculators to help you figure how much coverage you need. Generally, the calculators look at the financial obligations you want to cover if you died and the financial resources you currently have available.

    Once you have determined the life insurance amount you need, the next step is to compare life insurance quotes from multiple life insurance companies. Life insurance quotes will vary widely among companies. You can get free quotes online or work with an independent insurance agent who can gather quotes from multiple companies.

    Boating Safety Tips That Could Save Your Life

    Summer is here and along with barbecues, family time and bugs, lots of homeowners enjoy time on the water in canoes, kayaks or boats.

    Here are some basic safety tips to keep you safe on the water this summer:

    -check the weather forecast before you go and keep an eye on the sky while you are out

    -be sure that you have the proper safety equipment on board. Be sure you have enough fuel for your trip and life jackets for all passengers. Be sure that life jackets are being worn and not just on the boat. Knowing how to swim gives boaters and passengers a false sense of security. Life jackets save lives!

    -dont overload your boat. Be aware of the crafts maximum capacity for people and weight and dont carry more.

    -Use common sense when it comes to alcohol. It impairs your judgement and ability to act quickly and efficiently. Dont drink alcohol while out on the water operating a watercraft.

    -watch for swimmers and keep a safe distance from anyone who is in the water

    Handling Life Insurance Proceeds

    Advisors often recommend life insurance based on the fact that its easy for heirs to collect policy benefits. But executors, known as estate trustees in Ontario, still need to know how the process works, and potential pitfalls that can happen along the way.

    • September 5, 2014August 21, 2018
    • 00:04

    Advisors often recommend life insurance based on the fact that its easy for heirs to collect policy benefits. But executors, known as estate trustees in Ontario, still need to know how the process works, and potential pitfalls that can happen along the way.

    Can I Obtain Health Insurance If Im 70+ Years Old

    There is a myth that surrounds the life insurance world that says seniors of the age 70 or older cannot obtain new life insurance coverage from any insurance company due to their age and/or decreasing health with pre-existing conditions. This is not the truth whatsoever. Life insurance for any senior over the age of 70 is obtainable and affordable, as long as they know how and what to look for.

    Working on your own to find the right life insurance for seniors over 70 can be quite difficult . If youre thinking of looking into life insurance and youre over the age of 70, find an independent agent who can help you find the right policy for you!


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    While term life insurance is the most common life insurance on the market today, it is not the best option for seniors over the age of 70.

    What Kind Of Life Insurance To Buy

    Term life insurance is the only kind you should consider.

    Term life insurance is cheaper and for 99% of people term life is the best financial decision when buying life insurance.

    The insurance industry earns big profits and their agents big commissions from products known as whole life insurance, universal life insurance, or cash-value life insurance. But for most people, anything other than term life insurance is a bad deal.

    Term life insurance is easy to understand because it works just like your car or homeowners insurance. For every year you pay your term life premium, youre covered. If you die within the covered period, the policy pays a death benefit. When the policy expires or you stop paying your premium, the coverage ends.

    Term life insurance is also relatively cheap. For example, a healthy 20-something might be able to buy a $1 million 20-year term life insurance policy for $500 a year. A smaller policy say $250,000 might cost just $15 or $20 a month.

    What To Keep In Mind When Buying Life Insurance

    Foreign Travel with Life Insurance

    “There is a big difference between buying life insurance and being sold life insurance,” Ginty says. “I recommend people educate themselves and then go shop for what they need.”

    Once you settle on what type of policy to get, decide how much life insurance you need to buy. Most standard policies range from $250,000 to $1 million. How much you need depends on how the money will be spent. Do you need the policy to help pay off any funeral costs? Your mortgage? If you’re not sure, non-profit insurance information organization Life Happens offers several calculators that can help you figure out how much coverage you may need.

    Some employers offer group life insurance as part of a benefits package. But those policies usually end when your job ends, so if you quit or are let go, you’ll be left with zero coverage. That may be OK if you don’t really need life insurance, but if you do, you may want to consider buying your own additional coverage. 

    Keep in mind that the buying process may take some time, especially since some policies require you to get a physical or medical exam before you’re approved. Typically, it takes about four to six weeks to get a traditional application approved, Adam Winslow, chief executive officer of life insurance at AIG Life & Retirement, tells CNBC Make It. For policies that don’t require an exam, you can be approved in as little as five days. 

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