life insurance

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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…

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…

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…

Paying too Much for Life Insurance? You Can Reshop Your Rates

It’s common knowledge life insurance is to care and protect your family. It’s easy when you contact us at SelectQuote to shop life insurance rates and policies from multiple carriers. Sometimes life gets busy and despite good intentions, we don’t get to the finish line with buying life insurance. And while we don’t recommend putting off getting life insurance, we know it happens now and again. Sometimes life insurance carriers may decide to change rates – sometimes lower and sometimes life insurance rates go up. Learning the how and why behind these life insurance rate changes can help you use rate adjustments to your advantage. Do Life Insurance Rates Change? There are many factors that go into calculating life insurance rates. Some of the most commonly used factors include: Age. The older you are, the sooner your insurance carrier will pay out on your policy. If you’re younger, you’re statistically less…

Cost Comparison – Term Life and Whole Life Insurance

When deciding whether term life insurance or a whole life policy, also known as guaranteed universal life (GUL) is the right choice for you, one of the first places to look is to do a cost comparison of life insurance policies. Cost Comparison Term life insurance provides life insurance coverage for a defined period of time – the term. It is less expensive and has no cash value. If you live to the end of your term, your family won’t receive a payout. Term life insurance is the most affordable kind of life insurance coverage but it does not build any cash value.  Whole life insurance premiums are more expensive. Your coverage lasts a lifetime. It combines a savings portion with the death benefit so you are guaranteed a payout as long as you keep paying the premiums. Whole life insurance may generate a cash value that grows over the…

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…

Top 6 Questions to Ask When Buying Life Insurance

A number of factors go into buying life insurance and estimating your coverage needs. If you already know your financials, try our life insurance calculator. It will give you a sense of what you’ll need to consider for coverage. Plus, it offers three financial planning scenarios for what you could leave your beneficiaries. Here are a few more common considerations that go into buying life insurance. 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 group rates, helping with premiums. And those premiums often come straight out of your paycheck, so you hardly miss it. Life insurance through work is usually a supplement to buying life insurance on your own. It often benefits people to also purchase private insurance outside of their employer. Why? The average person will switch jobs 12 times…

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