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How Much Life Insurance Do You Need?

If you’re considering buying life insurance, whether for the first time or to supplement policies you already have in place, you’ve made a good decision. Term life insurance is the most affordable way to protect your family’s financial security for the long haul. It replaces your income in the event of your death. And life insurance ensures your dependents can support themselves financially in your absence. Term life insurance is surprisingly affordable. If you’re in your early or mid-career (20s, 30s or 40s) you can buy coverage for under a dollar a day. Even if you’re older, you can most likely find a policy that’s right for you and your dependents at a price you can afford. Your biggest questions may be: How much term life insurance do I need and for how many years? Many tools and tips from experts can help you decide. Making an important decision that…

The Buzz on Marijuana and Life Insurance

It’s no surprise that lifestyle matters when it comes to life insurance. Diet, mental and physical health, family medical history, age, gender, and occupation—these are all common factors that impact life insurance rates. What happens when you add marijuana use to the mix? The purpose, the frequency and several other factors related to marijuana use matter more than marijuana itself when it comes to the cost of getting life insurance coverage. To Tell the Truth As far as life insurance applications go, honesty is truly the best policy. Life insurance policies are legal contracts between insurers and the insured. As a result, when you complete a life insurance application, it is necessary for it to be not only accurate, but full and complete. Non-disclosure of medical conditions and aspects of your lifestyle can result in rejected claims during the contestable period, which essentially means that someone could pay their policy…

Insurance Protection for College Students

Term life insurance likely isn’t on the radar for college students. They are focused on hanging out with friends, finding an internship and keeping up with social media. After all, they’re young and healthy and any vague thought about an untimely death is scary business and best avoided. Financial experts, on the other hand, advise that term life insurance for college students is extremely important to at least these categories: Students whose parents have co-signed a student loan. Students with a family or financial obligations like a mortgage or other debt. Students with dependent families. The High Cost of Education Consider, first, that college education is a huge investment that may require a student loan. Check out these average costs of tuition and fees for the 2017-18 school year: private colleges – $34,740; state residents at public colleges – $9,970; out-of-state residents attending public universities – $25,620. Multiply those dollars by…

How Life Insurance Companies Choose Your Term Life Insurance Rate

Life insurance is a cornerstone of any solid personal financial plan, but to most people, there are many mysteries behind the scenes of life insurance. One of those mysteries is how insurance rates are determined. Understanding life insurance rates can help you navigate the many life insurance options and find a company that works with you to get the best rate possible. Understanding the different life insurance rates can help you quickly and easily navigate the many life insurance options available to you and to find a company that works closely with you to get the best rate possible. Insurance Policy Size When signing up for term life insurance, insurers offer a range of policy sizes. This is an important decision, but also has a direct impact on what you pay each month. As logic would have it, you pay more for a bigger policy than a smaller one. However,…

6 Ideas on How to Invest Your First $1000

Saving up $1,000 on your first investment is a huge milestone! Rather than blow the $1,000 on a frivolous purchase, you have decided to invest the money for your future. That’s a big achievement, and one you should be proud of. If you are new to investing, you might not know what to do with that $1,000. One of the very best options to invest $1,000 is through a tax-advantaged retirement account, like an IRA or Roth IRA. Here are six additional investment option ideas for both new and seasoned investors. Invest for Retirement As stated earlier, probably one of the very best options to invest your $1,000 is through a tax-advantaged retirement account, such as an IRA or Roth IRA. A traditional IRA works similarly to an employer-sponsored 401(k) plan, where your contributions are made with pre-tax dollars. That means if you put $1,000 into your IRA, you will…

Top 10 Traits and Habits of Rich People

Have you ever found yourself daydreaming about what it must feel like to be rich? Believe it or not, most of the wealthy weren’t actually born that way; their fortune was largely self-made. A recent study by U.S. Trust found that 77 percent of people with $3 million or more in investable assets came from lower or middle-class backgrounds.[1] So even if you’re not swimming in money today, you too have a shot at achieving greater wealth in the future. What do the wealthy have in common? Let’s examine some prevalent traits and habits of rich people that you may want to incorporate into your lifestyle. Here are 10 of the most notable. Investment Savvy Hoarding cash may feel safe in a bear market, but it won’t help you fight inflation or preserve capital over the long-term. Smart investing is an important activity for the wealthy. You don’t have to…

Why Life Insurance Is so Important

We’re excited to announce that September is Life Insurance Awareness Month. Each September, SelectQuote, along with insurance companies across the country, partners with nonprofit organization Life Happens in an industry-wide campaign to educate Americans about the critical importance of life insurance. Over 70 insurance organizations are participating this year. So let’s get right down to it and why life insurance is so important? There are six common reasons people choose to purchase life insurance. We’ll dive into each of them shortly. As you’re reading, think about how many of these reasons apply to you. Understand that purchasing life insurance is a personal decision and everyone’s needs are different. Even if you don’t need life insurance right now, it’s helpful to understand when and why you may benefit from it in the future. Dependents If you’re a parent, you worry about your kids because you love them so much. Not only do…

A Quick Guide to Purchasing Term Life Insurance

shutterstock_165733118Protecting your financial future is just a few steps away.
If you’ve been avoiding getting a life insurance policy because you think the process is too complicated, think again! All you need is a little bit of time and some follow through to put a policy in place. Term life insurance is one of the simplest and easiest ways to make sure your loved ones have the money they need to survive comfortably if something happens to you—and if you are young and healthy, it’s probably the cheapest protection around, too. Don’t leave your finances in the hands of fate: instead, follow these simple steps to a secure future.
1. Choose an insurance amount
It makes sense to get sufficient insurance right out of the gate. The bare-bones rule of thumb: 10x your current salary. For a more accurate amount, use SelectQuote’s easy-to-use calculator, and in moments you’ll know exactly how much you should be insured for.

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