Life

Should I Get Life Insurance for My Child?

Buying Life Insurance for Children Most of the time, life insurance is to replace the earning power of a family breadwinner. Life insurance allows dependents to continue living comfortably in the event of a death. In almost all cases, children are the dependents, not the depended-upon. So, what is the point of life insurance for children if it isn’t to replace money for the household?  Generally, people recommend life insurance for children for four primary reasons: As a savings account. To protect the child’s later insurability. To pay for potential funeral expenses. To provide financial stability for parents in the loss of a child. While life insurance policies for children are generally inexpensive, SelectQuote encourages parents to weigh the options. Life Insurance for Children: Pros and Cons Most child life insurance policies are permanent, whole life policies, which include a savings account component (called cash value) that grows slowly over…

Life Insurance Calculator: How Much Life Insurance Do You Need?

Do you know how much life insurance is the right amount for you? Take a few minutes walking through our Life Insurance Calculator for the answer. And even if you have life insurance today, is it enough? It may cover your family’s expenses so take time to make sure you have enough life insurance coverage. About 1 in 5 with life insurance admit they do not have enough. No matter your situation, when it comes to figuring out how much life insurance is the right amount, our Life Insurance Calculator can help you get organized around your life insurance needs and recommend a coverage amount. Understanding your needs goes a long way in helping one of our licensed SelectQuote agents assist you in finding the right policy and get you a quote for life insurance. We shop many highly rated life insurance companies to save you time and money. Life Insurance Calculator:…

What are Your Medicare Options at Retirement?

If you’re approaching retirement at age 65, now is the time to learn the basics of Medicare at retirement. To take full advantage of Medicare at retirement, take time to study your the different options. The more you know, the better you’ll manage health care costs in your retirement years. How to Enroll in Medicare at Retirement Most people are eligible for Medicare at retirement at age 65. Medicare enrollment steps depend on whether you currently collect Social Security or Railroad Retirement benefits. If you receive either, Medicare enrollment is automatic. If you don’t receive government benefits, you need to actively enroll in Medicare. For automatic enrollment, three months before your coverage begins, the government mails your Medicare card and a letter explaining benefits. If you’re turning 65 but do not receive Social Security or Railroad Retirement benefits, you need to actively enroll in Parts A and B. You have four options…

Understanding Medicare Enrollment Periods

Each year there are set times a person can enroll in Medicare or change existing Medicare plans. There are separate enrollment periods for Medicare Parts A and B (Original Medicare) and Medicare Part C (Medicare Advantage). Medicare Enrollment Periods Initial Enrollment Period (IEP) – the first time an eligible person can enroll in Medicare Parts A and B. This timeline begins three months before the month of a person’s 65th birthday and continues through the three months after a person’s 65th birthday. Initial Coverage Election Period (ICEP) – the first time a newly eligible person can enroll in a Medicare Advantage plan. This often coincides with the Initial Enrollment Period. General Enrollment Period (GEP) – runs January 1 – March 31 each year and provides an enrollment opportunity for individuals who didn’t sign up for Original Medicare (Part A and Part B) when they were first eligible. Individuals may have…

Umbrella Insurance: When You Need Extra Protection

Just like an umbrella protects you from rain, an umbrella insurance policy is extra coverage if you’re at risk for being sued for damages to other people’s property or injuries caused to others in an accident. An umbrella policy also protects against libel, vandalism, slander and invasion of property. This kind of coverage is beneficial if you’re sued and the settlement amount of your base auto or homeowner policy is exhausted. An umbrella policy can literally protect you from financial ruin in the worst case scenario. Although not for everyone, an umbrella policy, often called “excess liability insurance,” is recommended for people who own a lot of assets, or own some very expensive assets, and are at significant risk of being sued. People who can possibly benefit from an umbrella policy are those who own property, have significant savings, or own property that can cause injury – pool, motorcycle or…

How to Choose Burial Insurance Coverage

Many of us worry about passing the cost of final expenses to our spouse or other loved ones when we die. The National Funeral Directors Association reported the median price of a funeral is $7,360. Even more problematic, statistics show costs are trending up. Between 2004 and 2014, the median cost of an adult funeral rose nearly 29 percent, which sounds reasonable when compared to the 87 percent surge from 1980 to 1989. Topics related to final expenses represent difficult areas to address with family, even with adult children. But engaging them gives you a head start on managing expectations before they become an issue. Communication is key. Why Burial Insurance Burial insurance is a simple and specific form of insurance coverage. Benefits are available to use for funeral expenses and other bills left behind when a person dies. For people with high-risk health problems, or are older and otherwise…

Borrowing Money? What Loan is Best for You?

Most people need to borrow money at some point. Americans owe more than $13 trillion in total debt. Borrowing is clearly an expensive proposition for many American families. If you do find yourself borrowing to buy a home, a car, an education, or anything else, it is important to look at the pros and cons. It’s all about making the right long-term decisions and minimizing out-of-pocket costs. Let’s look at what you need to know to best evaluate loan options available to Americans today. Common Types of Loans Loans come in many names and forms. When looking at consumer loans (loans to people and not businesses) there are four main categories: mortgages, student loans, personal loans and auto loans. While these are the most common ways to borrow, there are some substitutes for traditional loans to use instead. Those include credit cards, lines of credit, home equity lines of credit…

How to Get a Better Price on Everything You Buy

Finding the perfect gift for someone is a wonderful feeling. But, for many of us, finding that gift at a great price adds a little extra fun to the experience. It has nothing to do with a lack of generosity, it’s just something we seem to have in our DNA—if we don’t get a bargain, there’s something unsatisfying about the whole thing. The holiday shopping season is a particularly stressful time for shoppers whose favorite sport is finding the best deal on absolutely everything. Of course, that kind of frustration isn’t unique to the holidays or gift-giving; there are plenty of times, all year long, when you have neither the time nor the inclination to wait for a sale. You need the best price on something NOW. While the ideal situation is having time to shop, there are ways of making sure you’re getting a great price, even if the…

How Your Life Insurance Quote is Determined

Life insurance plays an important role in protecting your loved ones from financial burden. Single or married, in your 20s and 30s or older, with kids or without, most people benefit from some level of life insurance. However, the perceived cost often holds people back from buying a life insurance policy. It’s assumed life insurance is expensive. A misconception that’s untrue for many people. How are Life Insurance Quotes Determined? The process of getting a life insurance quote is simple. You’ll start by filling out a questionnaire. This helps your SelectQuote agent provide a side-by-side comparison of prices from highly reputable insurance companies. Your SelectQuote agent will help you find a plan that works for you. Once you select plan, you’ll undergo a mini-medical exam. The life insurance company then conducts its underwriting process and delivers your final price. When completing the underwriting process, insurance companies look at a variety…

Disaster Strikes Your Second Home: Are You Prepared?

Once you decide you’re financially ready to buy a vacation home, one important step is insuring your new pad. It’s different than buying insurance for a primary residence. Factors such as where it’s located, who stays there and what amenities are available will help determine your home insurance needs. Your Vacation Home Versus Mother Nature For many people, the whole idea of a vacation home is to be closer to a sandy beach or among the crisp mountain air. That perfect location for rest and relaxation may come with some additional insurance costs. Hurricane season and intense rainstorms underscore the importance of knowing your coverage. The point applies to primary residences and vacation homes. When hurricane Florence hit in September 2018, more than 30 million people were under a flood watch and media outlets reported only about 3 percent of North Carolina and South Carolina homeowners held insurance policies.  And…

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