Buying Life Insurance

How to Select The Right Amount of Life Insurance for You

Terry’s life insurance cost $9.95 a month. Sounds like a good deal, right? The cost of a couple cups of coffee a month can fit into most people’s budget. That may work for Terry, but it doesn’t really answer the question, “how much life insurance do I need?” or “How much is the right amount of life insurance?” A number of factors go into estimating your coverage needs. If you already know your financials fairly well, try our life insurance calculator. It will give you a quick sense of what you’ll need to consider for coverage. Plus, it offers three financial planning scenarios for what you could leave your beneficiaries. Otherwise, let’s review common considerations that go into deciding how much to purchase. Does Your Employer Offer Life Insurance Coverage? If your employer offers life insurance coverage, it can be a cost-effective way to supplement your needs. Large employers negotiate…

How to Choose a Life Insurance Beneficiary: Top 7 Tips

Whether you’re reconsidering the terms of your policy after decades of coverage or just now requesting a quote, life insurance can feel overwhelming. Once you have figured out how much coverage you need and whether term life insurance or whole life insurance is more appropriate for your situation, you still have to choose your life insurance beneficiary. In some circumstances, the decision might be pretty straightforward. But in many others, choosing a life insurance beneficiary comes with more caveats than you might have considered. Here is a quick primer on how to choose your life insurance beneficiary: Choose a Life Insurance Beneficiary (or Beneficiaries) Based on Your Situation Essentially, your beneficiaries should be chosen based on the people who are financially dependent on you in any significant way. These dependents – not always the same “dependents” you would claim on your tax return, are likely different for everyone. If you’re…

Rest Easy with Sleep Apnea: How to Find Affordable Life Insurance

If you suffer from sleep apnea, you’re far from alone in middle of the night. An estimated 18 million Americans are diagnosed with this common medical condition. Sleep apnea is when normal breathing is interrupted during sleep.   The vast number of people affected by sleep apnea means that many apply for life insurance and get coverage. Some people even are accepted at preferred rates. Life insurance companies do view sleep apnea as a health risk, however. Your life insurance rate might be affected if your condition is left untreated. Your key to getting the best rate possible is to take steps recommended by your doctor and to work with an insurance company that’s experienced with finding affordable insurance for people with sleep apnea. Sleep Apnea Basics The Greek term apnea means without breath. Sleep apnea is an involuntary stoppage of breathing while asleep, often for a minute or longer,…

Overweight? Here’s the Lowdown on Life Insurance

If you struggle with your weight, you already know you have plenty of company. The Center for Disease Control (CDC) says nearly 40 percent of U.S. adults – 93 million people – are classified as obese. This is in addition to the vast numbers of others who are overweight, but not actually obese. The statistics add up to about 68 percent of Americans, according to some surveys. Do You Know Your BMI? The CDC defines overweight and obesity by using weight and height to calculate a number known as the body mass index, or BMI. An adult who has a BMI between 25 and 29.9 is considered overweight. To calculate your BMI, see the CDC’s Adult BMI Calculator. Or find your height and weight in this BMI Index Chart from the National Heart, Lung and Blood Institute. BMI is used as a screening tool. It’s not an absolute measure of the body…

Tips for Getting the Best Life Insurance Quote for You

When scoping out life insurance options online, you’ll likely find no shortage of options. It’s important to understand the process so you come away with the best, most accurate, quote for your situation. Selecting a Credible Life Insurance Resource Finding an agent that can shop multiple life insurance companies remains key to the buying process. This agent can find the best prices and policies to fit your needs. As with many purchases, this process often begins online. Look for a provider that puts you in contact with an agent for an interactive conversation before providing a quote. While it may be tempting to simply fill out an online form for a digitally generated quote, the chances of inaccuracies are high. It’s important to talk to someone who knows the right questions to ask. Since the accuracy of your quote depends on a variety of health and lifestyle factors with many…

What is Dependent Life Insurance

No one likes to think about the death of a loved one. Especially a spouse or child. But just as life insurance for yourself protects your family, dependent life insurance alleviates the financial burden of a dependent’s untimely death. Dependent life insurance is often offered as an add-on to your life insurance through an employee benefits plan. You can typically purchase varying amounts of coverage depending on your needs and budget. Who Qualifies as a Dependent for Life Insurance? Dependent life insurance plans typically cover your spouse and dependent children. Spouse. Depending on your plan, a spouse is usually defined as the person to whom you are legally married. This can also include common-law marriages. A domestic-partner may not be considered a spouse. If applicable, check your plan. Children. Dependent life insurance extends to biological and adopted children, as well as children under your legal guardianship. Your child’s age also…

The Differences Between Term and Whole Life Insurance

Maybe you’ve heard the adage, “life insurance isn’t for you, it’s for your loved ones.” In the event something does happen to you, you want to take care of your family’s needs. Simple enough. And smart. But deciding how best to provide for your family will likely lead you to the term life insurance or whole life insurance fork in the road. At first glance, the paths will look quite different: Term life insurance is the more straight-forward of the two solutions and less expensive. Whole life insurance (the most common form of cash value or permanent life insurance), on the other hand, offers additional benefits but costs more than term life insurance. So, the key to deciding your direction in life insurance requires anticipating future financial outcomes most beneficial to your dependents. You will want to cover key expenses and plan as if they wouldn’t have your income. To…

High Blood Pressure No Barrier to Life Insurance

If you’re among the 75 million Americans – that’s one in every three adults – with high blood pressure, there’s a lot you can do to control it and reduce your risks of heart disease and stroke. Living well with high blood pressure (hypertension) also means you can qualify for life insurance even if you’ve never applied, are middle age or older, or have been turned down previously. Underwriters – the people who review your life insurance application and assess if you’re a good candidate for insurance coverage – look at your overall health and your lifestyle, along with your blood pressure history. Here are some common questions about how insurance companies assess individuals with a chronic health condition such as high blood pressure: Is High Blood Pressure a Major Concern for Getting Life Insurance? If you’re getting proper medical care for your hypertension and it’s well under control, quality…

Retaining Life Insurance for Peace of Mind

As a driver and homeowner, you are required to carry home and auto insurance. If all goes well, you’ll never experience a car accident, home invasion or natural disaster that makes that insurance worthwhile. The peace of mind it brings is worth it. And although life insurance isn’t mandatory, it provides an immeasurable benefit to loved ones when we pass away. When we think about family, the real value of life insurance becomes evident. Family Values Every single one of us will face the end of life. When that time comes, what will your life insurance be worth? Not in dollar value, of course – that’s a question for your SelectQuote licensed agent. But what will the value be to your loved ones? Will it mean a stay-at-home spouse can continue caring for the family instead of scrambling to find work and affordable childcare? Will it mean the relief of not worrying…

Diabetes Dilemma: How to Get the Best Life Insurance

A diabetes diagnosis does not mean it’s impossible to get approved for a life insurance policy. Top insurance companies understand which health factors matter when you have a chronic condition such as diabetes. Here are answers to common questions about life insurance coverage for diabetics: How do Insurance Companies Decide Eligibility for Life Insurance for Diabetics? Your overall current health, your age and your gender all considered in the approval process. You must prove your diabetes has been under control for at least 6 to 12 months, as measured through blood tests. Insurers will also look at your overall health, including your lifestyle, diet, whether you smoke, your exercise habits, what medications you take and how you manage your blood sugar level. Does it Matter Whether I Have Type 1 or Type 2 Diabetes? Most diabetics – 95 percent of the 30 million Americans with diabetes – have Type 2 diabetes.…

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