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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…

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:…

Top 12 Questions (and Answers) About Life Insurance

Even the most calm and collected person can become confused by the prospect of getting life insurance. So many of us know we need life insurance, but we also feel we don’t understand it enough to make the best decision. Good thing at SelectQuote we know when it comes to investing your money in ANY kind of purchase, the only stupid question, as the saying sort of goes, is the one you didn’t ask. There’s a funny thing about so-called dumb questions—a lot of people have them. And with that, here you can find answers to some of the questions you have about life insurance but don’t feel comfortable asking out loud. Do I Need Life Insurance? If anyone depends on you bringing in money in order to survive, you need life insurance. It’s a great comfort to know your loved ones will have much-needed money in the event of…

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…

4 Reasons to Choose Term Life Insurance

Term life insurance offers one of the simplest ways to protect your loved ones in the event of your passing. It can also provide peace of mind. Mortality cuts well beyond six feet and leaves a trail of expenses and heartache in its wake. Knowing life is short, and may be taken away at any moment, it reinforces the desire to care for loved ones. Term life insurance pays out a guaranteed benefit when you die during a specified period of time. Say, for example, you buy a 30-year term life insurance policy and die before the 30-year timeframe ends, your family will receive a death benefit to help with financial costs. This helps your beneficiaries pay for expenses previously covered by your income. Two general types of life insurance — term life insurance and permanent life insurance — exist. Term life policies provide an attractive life insurance option for several…

7 Personal Finance Milestones in Your 30s

We recently discussed 5 Personal Finance Milestones in Your 20s, and today are following up with the next decade. Today we dive into the most important personal finance milestones of your 30s. Buy a Home While there are many circumstances where renting makes sense, owning your own home is a major milestone in your personal finances. When you buy a home, you stop paying someone else to live in their property and instead build equity in your own. On the 20s milestones list, an important item to help help you with this goal was noted: saving a down payment. If you are able to save 20 percent of the purchase price of your target home, you should be in good position to qualify for a mortgage. Keep in mind mortgage interest is an expense, just like rent, so if you are able to make extra or additional payments on your…

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…

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