Life Insurance

The Risks of Not Having Enough Life Insurance

With all of life’s everyday expenses, it can be easy to let life insurance slip to the back burner. And it’s safe to say that most of the time, we’re focused on our day-to-day crises—which makes us less prepared for when something unexpected happens. Life insurance is a powerful and cost-effective means to protect you and your family’s future financial health, but many Americans will admit that they’re either underinsured or have no life insurance plan at all. According to a 2018 study, almost 40 percent of Americans claimed they don’t have any form of life insurance. Of those with no plan, nearly 64 percent cite finances as the reason they’re not life-insured. While it may seem like you’re saving money in the moment, it can cost you much more in the long run if you avoid paying for life insurance. It’s actually far less pricey than most people think.…

Been Denied Life Insurance? What to Do Now

No matter what situation you’re currently facing, the potential of rejection is something no one wants to foresee, especially when it comes to attaining life insurance. Rejection and denial are always disappointing but can even be scary when you’ve applied for life insurance only to learn that the company has declined your coverage. You figured coverage would be a guaranteed “yes.” If you’ve been denied life insurance from a provider, you could find yourself in the “impaired risk market.” That means there was a risk factor found in your background exam that stood out to the underwriter. Those can include: A pre-existing health concern like cancer or a chronic illness Lab tests showing a new disease or potential problems such as obesity or diabetes Lifestyle choices that can impact your future health, e.g. smoking Financial justification Notes of previous life insurance denials Past criminal record including items such as a…

How Often Should I Compare Life Insurance Rates?

If you’ve purchased life insurance, whether recently or some time ago, you might be unaware that procuring a life insurance policy is not a finite process. After all, your mortality isn’t a fun topic to consider. And once you’re done with the “hassle” of getting a policy, you’re probably ready to move on. Many who own life insurance policies likely aren’t comparing rates on a regular basis—especially given that almost 40 percent of Americans don’t have life insurance, Still, there are viable reasons to look into changing your policy, finding lower rates sitting atop the list. Staying up to date on rates for life insurance policies is a beneficial habit because insurance companies usually change their rates every year. With these fluctuating rates, you may be overpaying if you fail to regularly compare your rates with those of other insurers. So, staying current on rates could save you a considerable…

Is Life Insurance Really Worth the Time and Cost?

Let’s face it: Life insurance can look pricey on paper. A lot of people shy away from procuring a life insurance policy for this very reason. Is life insurance really worth the time and cost? For those skeptical or curious about investing in life insurance, we may need to do some myth-busting to get to the central question. We’ll break down what life insurance is and whether the cost and commitment make sense. Types of Life Insurance Explained To answer this question, it’s important to understand the two basic types of life insurance: term and permanent. Term life insurance offers a predetermined “death benefit” (a payout to the beneficiary of the life insurance policy). It covers the policyholder for a certain number of years, usually somewhere between five and 30. The annual premiums of this plan are set on a fixed rate. Like health insurance premiums, they are based primarily…

Who Needs Life Insurance? See Why You Do.

No matter your age or stage of life, you may have asked yourself at some point: “Do I need life insurance?” The topic of life insurance can be confusing, with several different types available. And sometimes it’s difficult to know how much coverage you need. It might help to understand the two main types of life insurance. Term life insurance provides coverage for a specified period of time — usually between 5 and 30 years. Permanent life insurance lasts as long as you’re living, as long as you continue paying the premiums. You can learn more here about the differences between term and permanent life insurance. While it’s generally a good idea for everyone to have life insurance, there are some situations in life where it’s even more important. Explore the profiles below, and find where you fit in. Even a Single With No Dependents Needs Life Insurance? If you’re…

Why the Best Time to Buy Life Insurance is Now

By making the decision to purchase a life insurance policy, you are taking an important step to protect your loved ones’ financial futures. But it’s easy to fall into a trap: thinking that you don’t have enough time right now to complete the purchase process, that you can’t afford it, or that you can put it off for a later date.   “The best time to plant a tree was 20 years ago. The second best time is today.”  This popular Chinese proverb can be applied to many situations. It illustrates a similar point in regard to purchasing life insurance. While we can’t go back in time, you can take action today that positively affects your family’s financial future for many years.  So even if you didn’t buy life insurance 20 years ago, or last year, or yesterday — don’t worry. You can buy it today. And you’re in luck because right now is a great time…

The Real Cost of Waiting to Purchase Life Insurance

If you’re like most people, the thought of purchasing life insurance sounds daunting. And you may have been putting off the purchase for a few common reasons:   You might believe life insurance is too expensive, and you don’t need another massive bill to pay at the first of each month  You assume the coverage provided by your job will suffice   You’re young and in great shape, so there is no need for life insurance coverage now  And to be fair, if you’re not familiar with life insurance, and you don’t have any health concerns at the top of your mind, it can be really easy to assume these statements.   Purchasing life insurance might seem like a scary, expensive task to do today, yet there is a greater cost of waiting to buy life insurance than you might expect. We’ll explain why.   The Longer You Wait to Purchase, The More Expensive It Gets …

Top 3 Mistakes People Make When Buying Life Insurance

Buying life insurance is an important step to protect your loved ones’ financial future. But the process can seem overwhelming. There are ample opportunities to make a life insurance mistake when researching life insurance policy options. With so many options, different types of coverage and the prospect of gathering multiple life insurance quotes, it’s easy to end up with a policy that doesn’t fully meet all your needs. SelectQuote Licensed Agent and Conversion Supervisor John Schmidt shares some common mistakes and solutions for how to overcome those mistakes when buying life insurance. He also offers solutions to help you avoid them. Life Insurance Mistake #1: Buying Life Insurance From Your Home and Auto Insurance Provider According to John, this is the most common mistake that life insurance buyers make. Many people will automatically buy life insurance from the same insurance agency that provides their home and auto insurance. While this…

Comparing Leading Life Insurance Companies

You insure your car, your health, where you live and it’s important to include life insurance in that list. After all, life insurance is about taking care of the ones you love after you’re gone. It’s important to review the leading life insurance companies to be sure you’re choosing the right life insurance policy for you and your situation. Reviewing Life Insurance Companies Take a quick look online and there are dozens of carriers offering what appears to be the same life insurance coverage. But while the products offered may be similar, it’s always smart to review quotes from more than one and compare both the policies and the providers side-by-side before making a choice. The table below lists the leading life insurance companies we represent and gives you the information you need to start your comparison. Each link takes you to the provider’s website where you can get a…

How to Make a Life Insurance Payout Go Smoothly

Having a life insurance policy is an important step in protecting your loved ones’ financial future. Of course, no one ever looks forward to the day they need to make a claim on their policy. And when that time comes, it can be difficult to navigate the stress of losing a loved one while filing a life insurance claim and receiving the life insurance payout. Fortunately, the actual filing of the life insurance policy claim itself is not very complicated.  Steps to Take When Making a Life Insurance Claim Contact SelectQuote  What’s the first thing you should do after the death of the insured? According to SelectQuote Licensed Agent and Conversion Supervisor John Schmidt, SelectQuote customers should call SelectQuote’s special PolicyHolder Services department. “We keep copies of all the required claims forms that the carriers need to have completed to process a claim,” Schmidt said.  By calling SelectQuote directly, the…

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