Showing posts with label Life insurance. Show all posts
Showing posts with label Life insurance. Show all posts

Friday, January 12, 2024

Insurance Policies You Shouldn't Be Without

Protecting yourself and your loved ones is important; one way to do that is by having the right insurance policies in place. From unexpected accidents to costly medical bills, insurance can cover you in various scenarios, giving you peace of mind and financial security.

Below are some of the essential insurance policies you shouldn't be without if you can help it.

Health Insurance

Health insurance is arguably the most important insurance policy you can have. It covers the cost of medical expenses in the event of an illness or injury, including doctor visits, hospital stays, prescription medication, and more. 

Without health insurance, you could be left with expensive medical bills that may result in financial hardship. It's important to have health insurance and understand the coverage options available to you.

Auto Insurance

Auto insurance is another essential policy for protecting yourself and your vehicle. It can cover the cost of repairs or replacement of your car if it's damaged in an accident, as well as liability coverage in case you cause injury or damage to another person or their property. 

It's mandatory in most states to have auto insurance, but even if it's not required where you live, it's still important to have it to protect yourself financially.

Homeowner or Renters Insurance

If you own a home, something like home insurance is a must-have. It can cover the cost of repairs or replacement if your home is damaged due to a fire, theft, or other covered event. 

It can also cover liability in case someone is injured on your property. If you rent your home, renters insurance can provide similar coverage for your personal belongings and liability.

Life Insurance

While no one likes to think about death, it's important to plan for the unexpected. Life insurance can provide financial security for your loved ones in the event of your passing. 

It can cover expenses like funeral costs, outstanding debts, and living expenses for your beneficiaries. There are different types of life insurance policies available, so it's important to research and find the right one for your needs.

Disability Insurance

Disability insurance can provide protection in case you're unable to work due to an injury or illness. It can provide a portion of your income while you're unable to work, helping to cover expenses and maintain your financial security. 

Disability insurance policies can vary widely, so it's important to understand what's covered and how much you'll receive in benefits.

Final Thoughts

Having the right insurance policies in place can provide financial security and peace of mind for you and your loved ones. 

Maintaining essential policies like health, auto, homeowners/renters, life, and disability insurance can help protect you from unexpected events and expenses. 

While insurance can be an additional expense, it's worth investing in for the potential payout and protection it can provide. Take the time to research and find the right policies for your needs, and don't get caught without the coverage you need.

Wednesday, March 23, 2022

How Your Post-Retirement Lifestyle Affects Your Insurance Needs

Once you retire and begin living a vastly different lifestyle than you had while going to work day after day, many changes will come along concerning your financial picture.

Specifically, you need to take a closer look at your insurance needs. Since no two individuals have the exact same circumstances upon retirement, it is vital your insurance needs are tailored to help you and your family as much as possible. 

To formulate the best plan, keep these tips in mind.

Keep Your Life Insurance

Though it may be tempting to toss aside that life insurance policy you had for years, keeping it and making some changes may be a better option. 

For many retirees, life insurance policies are popular options for wealth transfer. Therefore, if you want to transfer wealth to your children or perhaps a favorite charity, you can now do so.

Maintain Your Health Insurance

Even if you are age 65 or older and eligible for Medicare, seek advice from US Health Advisors and take a close look at your medical insurance once you retire. 

If you are like some retirees and decide to take on a new job, you may be eligible for health benefits through an employer plan. Since Medicare does not cover 100% of medical costs, it may benefit you to use your employer insurance in some cases. 

If you stay job-free, purchasing a Medicare supplemental plan may be necessary. Everyone’s situation is unique after retiring, so it’s important to consult an experienced professional for advice.

Changes to Your Home Insurance

First of all, always choose to maintain your homeowner's insurance once you retire. If you don't and then suffer a large loss, the money to overcome this will likely need to come from your savings. 

Also, think about increasing your liability limits, especially if you want to add a swimming pool or do more entertainment at home.

Will You Need Travel Insurance?

If like many retirees, you plan on traveling around the world, you may want to purchase travel insurance for added protection and peace of mind. 

If you purchase this specialized insurance, make sure it includes coverage for medical emergencies and evacuations, and also covers trip delays or cancellations.

Now that you are retired and ready to start enjoying life to its fullest, make it as easy as possible to do so by having the absolute best insurance coverage in place. 

From making sure your medical bills are covered to protecting yourself with extra liability limits in the event someone gets hurt while on your property, planning ahead will be a smart decision.

Friday, December 10, 2021

Limited Pay Life Insurance – The Basics

Today let’s take a look at limited pay life insurance policies. What are they, how do they differ from other standard life insurance policies? What are the pros and cons, and where can one seek out such policies.

What does limited pay life insurance mean?

One of the concerns a lot of people have when considering taking out a life insurance policy is a worry that failure to pay a premium in the unpredictable future will result in the laps of the policy, in which case all benefits of the policy automatically fall away.

The limited pay life insurance product is an effective way to deal with this concern.

A limited pay whole life insurance policy is what it appears to be. Under such a policy, you are required to pay premiums for a prescribed limited period or until you reach a certain age. Once the period or the age has been reached, you are no longer required to pay premiums.

However, unlike with term insurance, you will still get the benefit of both the death benefit and the cash value component until the time of your death. In essence, the risk due to non-payment of a premium is shortened to a specific period or event

The main takeaways for limited pay life insurance policies

Three main takeaways here.

Firstly, you pay premiums to a specific date or event, after which you no longer have to pay the premiums for the insurance benefits to continue.

Secondly, there is a high cash growth rate early on, which may interest you financially.

Thirdly, the policy remains active until you die, meaning you provide for the beneficiaries long after paying your last premium.

So what is the catch?

It stands to reason that, since you are paying premiums for a limited period, not for your whole life until the day you die, the insurance cost will be more. And indeed, it is.

However, you can reduce the additional expense by electing to lower the amount of your death benefit, which will result in a lower premium.

You could also consider extending the period, reducing the monthly premium.

Important things to know

Typical payment terms are ten years, 20 years, or payment until you reach the age of 65.

Remember that the shorter the period of payment, the higher the premium, but on the other side of the coin, the faster the cash value accrues.

It is vital to shop around for the best rates from companies that offer limited pay life insurance.

Death benefits to your beneficiaries pass to them tax-free.

Some limited pay policies include dividend payouts – speak to your broker.

There are different options for premium payments. These range from monthly to semi-annually to annually, so you can make the right choice for your circumstances and needs.

The growth of the cash component of these policies is tax-deferred, providing you with another excellent tax advantage.

If you decide to consider taking out insurance, do your homework. There is a wealth of information on the internet. Then do yourself a favor and see a broker. They will answer any questions and put together a customized insurance product for you.

Thursday, September 10, 2020

Ways to Make Sure Your Finances Are Organized As You Age

As you age, you need to ensure you are protecting yourself from financial errors. A great way to do this is to ensure you are taking care of your finances at a younger age. Many financial scams focus on reaching out to older people, which makes it extra important to keep your finances in check.

Follow these steps to remain organized financially:

Keep Your Estate Planning Documents Updated

It is important to make sure you have all of your estate documents organized and updated as you start getting older. You will want to ensure your will, power of attorney, health care directives, living trust, and even funeral home preferences are all up to date. This will ensure your business continues once you’ve passed on.

Organize Papers and Make Sure Someone Knows Where They Are

Make sure your important documents, passwords, and lists of assets are in a secure location. These important papers should be kept in a waterproof box or safe within the home. Make sure the children, spouse, or confidante know where these papers are located if you become incapacitated.

Keep Your Accounts Simple

When you consolidate your bank accounts and brokerage, you will have less to manage. Keeping fewer accounts makes it easier to stay organized and will give you less to manage.

Have an Emergency Fund

It is important to have an emergency fund because there are big expenses that can pop up without any warning. Expensive home repairs, emergency health issues, or other emergencies can cause a lot of stress if you do not have an emergency fund. Having an emergency fund is a top priority at any age, but it is especially important during your golden years. 

There is more you could lose if a big bill came along that you struggled to take care of. There should be enough to cover at least six months of living expenses, but having a financial cushion that can provide a year’s worth of living expenses is ideal.

Life Insurance

Most will already have health insurance for the family, but it is important to have life insurance as well. Life insurance creates a death benefit for the beneficiaries that can take care of education, household expenses, mortgage, and funeral expenses.

Disability Insurance

Disability insurance will give you a little wiggle room if there is an event that causes injury or illness. Most companies have a policy that will provide disability, but it is important to increase your coverage or get your own disability insurance if you’re self employed.

With age, your finances may become more complicated. Make sure you are always organized and prepared by following the above tips.

Thursday, August 15, 2019

How to Tell Which Life Insurance You Need and Which You Don't

Life insurance is more complicated than you might realize. Though it's absolutely a necessity, it can be hard to figure out what kind of coverage you really need. Instead of just going with the first ad you see, it might be a good idea to figure out how to tell what type of life insurance you need and which types you don't. 

Below are a few questions you should ask yourself to get the right answer.

How Old Are You?

The first factor which you are going to contend is your age. Stop and think about the life goals that you want to accomplish and what impact your death might have on your family or loved ones. 

It's relatively easy to get insurance in your 20s, but you're looking at an investment that isn't likely to pay off in the near term. Getting coverage in your fifties or later is much more expensive, but it's often seen as a more realistic near-term expense.

How Healthy Are You?

Your health is also something to be concerned about, at least insofar as life insurance policies are concerned. The better your overall health, the less of a risk you pose to the insurer and thus the lower your payments. 

If you are in poor health, on the other hand, you might have to pay more because the insurance company assumes it will have to pay out soon. As a consumer, you need to look for insurance that's likely to pay out in the situations that you're more likely to encounter.

What is Covered?

It's also a good idea to look at what's covered. If you buy term life insurance, you're getting a benefit only if your coverage vests (i.e., you die) during the stated term. This isn't usually a reliable choice for younger people, but it can cover emergencies. 

Whole life, on the other hand, tends to be more expensive but it will cover you no matter when you die. You'll also want to look at the overall value of your coverage, mainly if 'sell my life insurance' is part of your long-term financial planning.

Can I Afford It?

Finally, look at affordability. Both term and whole life insurance are relatively inexpensive, but the coverage you need still needs to fit in your budget. If you are young, single, and have no family, your money might be better spent elsewhere. If you have a family or those who rely upon you, you may not be able to afford to skip this type of coverage.

Don't be afraid to ask the tough questions about life insurance. Think about where you are in life, then think about the coverage you need. Once you figure out the type of coverage that makes sense for you, you'll be able to choose the product that suits your lifestyle.

Friday, February 15, 2019

Selling Your Life Insurance Policy Does It Make Sense?

You might have bought life insurance to safeguard your family or business and supply monetary security when it was needed most, like lots of Americans have done. However, as situations change, your insurance coverage priorities might have changed with them, which is why selling your life insurance policy can make sense.

There are countless reasons you may wish to sell you life insurance policy. Which one is yours?

There are numerous reasons you may consider selling a life policy:

  • The premiums are no longer affordable.
  • The need to replace lost income in case of death of the insured no longer exists.
  • A term policy may be reaching the end of the coverage period.
  • Funds are wanted to improve a retirement lifestyle.
  • The need for funds to pay estate taxes no longer applies.
  • The need to eliminate future premiums payments but keep some life insurance. 
  • There is a need for resources to pay for health expenses and long-term care. 
  • A business no longer needs key-man insurance. 
  • Premiums of policies owned by trusts continue to rise. 

Maybe selling your Insurance policy isn't the right thing to do:

Selling your life insurance can be the answer but sometimes it is not. In the panic of a financial crisis we sometimes jump to a conclusion without getting all the facts. The following is a list of alternatives to selling your policy, one may be right for you.

The sale of a life policy is not for everyone. There are alternatives other than selling a policy that may be appropriate for a policy owner’s circumstances:

  • Keep the policy enforce through a loan or use of the cash surrender value.
  • Seek an accelerated death benefit, if available.
  • Assign the policy as a gift or charitable contribution.
  • Covert a term policy to permanent insurance.
  • Reduce the death benefit with a lower face value and lesser premiums.
  • Lapse or surrender the policy.

Life insurance is an important asset, but with time you may find that your policy no longer matches your requirements-- your children are grown, you have medical expenses to cover, retirement costs are increasing, or premium payments are just too expensive.

Policy owners often grow out of the usefulness of their life insurance policies. And, traditionally, their only option was to lapse the policy or surrender it to the insurance provider.

But you have a much better choice.

You can sell your life insurance coverage policy. It's called a life settlement. And it supplies you with the chance to sell your policy for money you can utilize any method you desire, and even to keep a portion of your policy's survivor benefit without needing to make any extra premium payments. On average, policy owners can expect to get more than four times the policy's cash surrender value.

 Learn More - What is a Life Settlement? 

Tuesday, February 12, 2019

How Selling Your Life Insurance Policy Works

You can receive more money from selling your policy than you would if you cancelled or surrendered your policy to the life insurance company. Life settlement proceeds can be used for anything you want, including supplementing retirement income, paying down debt or funding long term care. You can even keep a portion of your life insurance coverage while eliminating premium payments.

The process of selling your life insurance policy is not difficult. It is a 9 step process that is mostly handled by the life insurance settlement broker. Besides an application and some of your medical records there is not much for the applicant to do. The following is a simple list of the process.

This process can cause some anxiety and fear in doing it right. Also what if you are not near a local insurance agent that handles this type of service. What do you do? Many firms like Mason Finance can do this online. There is no excuse anymore to solving your financial needs.

Process For Selling Your Life Insurance policy

1. Realization:

Policy owner realizes that his/her life insurance policy is an asset that may be offered for sale.

2. Contacting a Representative of the Life Insurance Settlement Association:

If a life settlement is determined to be the best option, the policy owner or the advisor get in touches with a member of the Life Insurance Settlement Association who is either a life settlement broker or provider to start the procedure. It's possible to engage in a life settlement through either.

3. Application:

After selecting proper representation to settle a policy, the policy owner should complete an application and provide policy, ownership and insured information providing a list of doctors and/or medical records for underwriting. It is essential that you review all your personal privacy and security rights.

4. Underwriting:

The settlement company submits the medical records for review by an independent life expectancy company. Life expectancy business calculate the probable life span using actuarial and physician experts.

5. Analysis:

Each life settlement provider/buyer calculates the marketplace value for the policy offered for sale. Companies may consider different aspects when valuing a policy, including contract specifics such as premium expense, death benefit and provider ratings, as well as insured details like age and life span underwriting.

6. Preparing an Offer:

The provider/buyer will either decline or prolong an offer to the policy owner or agent. An agent will seek competing offers from other providers/buyers. The policy owner can accept or decline any offer.

7. Purchase and Sale Agreement:

If the policy owner approves a deal, the provider that made the deal will prepare a purchase and purchase contract and other documents formalizing the transaction. The policy owner, insured and beneficiaries then sign this package. The provider will evaluate, complete due diligence and countersign the plan. The money for the settlement sale are then placed in an escrow account.

8. Notification:

The insurance provider is informed of the modification of policy ownership and named beneficiary to the different owner, the provider.

9. Money Transfer:

Upon written confirmation of the change of ownership and beneficiary, the escrow agent releases the settlement payment to the seller of the policy.

The process is simple and painless. It's easily handled by your Settlement specialist. In a very short time you will be in possession of your money.

- Click Here: Selling Your Life Insurance Policy, Does It Make Sense? -

Tuesday, November 13, 2018

Should You Still Have Life Insurance After Retirement?

We tend to hear most about life insurance when you’re a young adult up until before retirement. What about after retirement though, do you still need life insurance then?

The importance of life insurance as a young adult is quite apparent. You want the protection for your loved ones in case you unexpectedly passed away. Your policy would then quick in to cover your funeral expenses, and additional costs your family would have, as well as the loss of income if you had any dependents. 

Your life insurance coverage provides that peace of mind for those you would leave behind.

Tina Thompson of mentions" many people's final expenses and funeral costs could cost anywhere from $10,000 to $20,000. Having a burial insurance policy in place to address these concerns is usually the most efficient way to cover the costs. 

 Seniors would have lots of highly rating insurance companies to choose from including Lincoln Heritage, Mutual of Omaha, and Gerber Life Insurance company. These policies would pay out to your named beneficiary at the time of your passing, and could then be used to cover any types of expenses and debt."

When it comes to after retirement, it’s no longer a question of do you have life insurance. Instead, it changes to should you have life insurance? Depending on your financial situation and where you are at in life upon retirement, that will help determine if you should continue with your life insurance coverage. 

It is not a one-size-fits-all kind of answer. If your friends still have life insurance after retirement, that doesn’t mean you should have it too, and vice versa.

Do You Have Debt?

A common goal for retirement is to reach your golden years without any debt. Upon retirement, although you have different payouts still coming in through the government and your workplace pension plan, it still will not be as much as what your actual income was. So, the idea of being debt-free so that you can use your money how you want to during retirement, that sounds very appealing.

Unfortunately, that is not the case for everyone. In 2016, the average debt amount for a family who’s head of the household was 75 years or older was over $36,000, which is significantly higher than the last look in 2010. With that amount of debt, it can make retirement quite tricky.

If you have debt upon retirement, then life insurance may still be something to consider. If you were to pass away suddenly, someone would still have to pay your debt. That burden would fall onto your family. Your life insurance policy would help to cover the cost of any remaining debt.

Do You Still Have Dependents?

Just as your financial situation is significant in determining if you should still have life insurance, so too is it if you have any dependents. If your spouse or if you have children who still need help from you, then having life insurance after retirement is a good idea.

It’s important to remember that when you get life insurance, you are getting it more for your family, not yourself. So, if you have members that rely on you to support them, your insurance policy would benefit them greatly if you suddenly passed away. However, if you have no dependents whatsoever, you can consider terminating your policy.

We looked at two significant factors that help determine if you should still have life insurance after retirement. In the end, it comes down to what your personal situation is like and if you want to continue having the additional monthly expense. There are different options of coverage that could be more suitable for where you’re at in life. Learn more here about other life insurance policies and if it suits your family’s needs.

Saturday, June 2, 2018

Everything You Need to Know Before Buying General Insurance

The term general insurance refers to the different insurance contracts that do not fall under life insurance. They include; motor insurance, two-wheeler insurance, and fire insurance just to mention a few. It covers the tangible assets that are prone to damages and should be insured to protect their economic value.

Therefore, general insurance products are designed to offer protection against unprecedented contingencies like loss or damage of assets. However, just like life insurance covers, general insurance covers attract premium charges that are paid monthly or as agreed with your insurance provider.

Ways to Calculate Premium for a General Insurance

In order to determine the premium amount you are required to pay, your insurance provider must determine your insurance policy’s value. Hence, the lower the policy’s value and risk, the lower the premium rates. 

Insurance premium rates differ from one insurance company to another. That is why experts recommend shopping around before choosing to work with one general insurance provider.

The amount of insurance premium charged by insurance companies is determined by the industry statistics and mathematical calculations done by insurance underwriters. Therefore, the premium quotes you get from sites like may differ slightly from the actual premiums to be charged. 

A customer’s statistical data like age, health, and life history all determine the amount of premium to be charged. This is because all prospective insurance customers go through the insurance underwriting process to determine their risk level.

The insurance underwriting process entails investigating genetic family diseases, and analysis of motor vehicle and medical information records. Once all the statistics are gathered, the information is analysed by an actuary, who predicts the likelihood that you will make a claim on the general insurance policy you buy. 
The higher the probability that you will make a claim, the higher the premium to be charged.

Other factors that are used to determine the premium amount to be charged include; the general insurance cover you choose, additional policy benefits, previous incident or claim history, eligible discounts, how you prefer to pay your premiums (annually, monthly, or quarterly), applicable government taxes and levies, and how much cover you require.

Note that calculating the correct insurance premium is complex because insurance companies must balance between the capability of the customer to make regular payments, likelihood that the insured risk may arise, and their ability to cover the costs of the claim.

Find the Best Offers on General Insurance Online

The best general insurance offer is one that covers all your insurance needs and charges a reasonable premium amount that you can afford without straining. The cheapest insurance offer is not always the best. So, how do you find the best general insurance offers online?

1. Online insurance comparison sites

Online insurance comparison sites like offer detailed explanations about different insurance providers in the market. They explain the different general policies, their features, and pros and cons. 

Additionally, they offer reliable general insurance quotes for different companies as per your requirements to compare and pick the most suitable insurance coverage

With such information, you are able to access and determine the insurance provider who offers an all-inclusive cover that caters to your needs at a reasonable price.

2. Go through insurance company websites

Almost all general insurance providers have active online presence. Therefore, a search through their websites will not only give you information about their different policies, but you will also find previous customer reviews. 

Customer reviews state whether the insurance provider pays claims on time as per the agreed terms. They also define how inclusive the insurance policies are, whether they have additional benefits, and at what cost.

Last Thoughts

General insurance is broad. Hence, there is a lot to learn about it and its premium calculation methods. The best way to understand if a general insurance cover works in your favour or not is by conducting a specific research. 

For instance, if you want a motor insurance cover, research about the best motor insurance providers, their average premium charges, and claims payment procedures.

Apart from getting premium quotes online, narrow down to three insurance providers and request for actual premium quotes. Though online resources are reliable, it is always advisable to seek clarification from insurance providers before making your decision.

Tuesday, December 19, 2017

I’m a Senior Over 60 with No Life Insurance - Where Do I Start?

Before starting your search for life insurance for seniors over 60 it’s best to figure out in advance an approximate amount of coverage that you’ll need for final expenses. Include things like funeral costs and any outstanding bills. Once you’ve arrived at an amount, that number will help you choose the type of coverage you should purchase.

Start Small

Starting with smaller amounts, say anything up to $25,000 in coverage, will limit you to simplified issue policies that do not require a paramedic exam. This is the easiest way to purchase life insurance for seniors over 60. 

There are about a dozen insurance companies that offer this type of life insurance. If you can answer all the medical questions asked with a no, then the carrier will issue the policy after examining various databases that will check your medications for the accuracy of your answers. 

If everything is in order, your coverage will start immediately upon payment of the first month’s premium. 

If you have certain health conditions that prevent immediate coverage, you may qualify for a “graded benefit.” 

Policies differ on this coverage with some paying for death for medical reasons after a two-year waiting period while others pay a percentage of the death benefit during the first two or three policy years. (These policies cover accidental death on day one.)

If you are healthy, your decision of which carrier to choose can be based on the cost and quality of the company. If you have health issues, you may qualify with one carrier and not another. 

From your standpoint as a consumer, the best advice as to which insurer to use should come from an experienced independent agent. They know how the questions differ and can help you to choose the right company for your situation.

Guaranteed Issue Coverage

If you are unable to qualify medically for life insurance, you still can purchase “guaranteed issue” coverage. This policy type is available to most people as long as they can sign the application. 

Applicants must be 85 years old or younger. In a few states, 80 is the maximum age. Unlike other coverage, this policy has a two-year wait before the death benefit takes effect. 

However, if the insured dies within that two-year timeframe, all premiums paid plus interest are returned to the beneficiary.

Seniors also have the ability to buy a fully underwritten policy that requires a paramedic exam and medical records. Depending on where you live, it is possible to purchase $25,000 or more of life insurance. (Some states require a minimum face amount of $50,000.) 

Because the insurance company will have more information with which to make a decision, the cost of coverage is less, in some cases significantly. Because of this, a potential applicant who wants or needs $15,000 of “final expense” coverage may wish to compare premiums to a $25,000 policy that is fully underwritten. 

Although many seniors are not comfortable with having blood drawn, often having another family member present will alleviate that concern.

Term Insurance for Seniors

A word about term insurance for seniors. Although term coverage is available for purchase well into the ’70s for many people, there are many differences between buying term vs. permanent coverage at older ages. 

 While term is less expensive than permanent coverage at younger ages, that is not as much the case when you’re older. Also, there is the real risk of having term coverage end while you are still living. 

What’s important here is the purpose of the coverage. While most seniors purchase coverage to protect their family having to pay final expenses including funeral and other obligations, some seniors only need insurance for a short time to cover a mortgage or some other temporary need. In this case, it is reasonable to consider term insurance.

While this article is intended to acquaint you with the various options available when buying seniors life insurance over age 60, each applicant may have unique health issues which can impact the choices available to you. 

Therefore, while the information in this article will help you to understand the various types of life insurance, there is no substitute for an experienced independent life insurance agent. 

Not only can an agent help you to finalize the appropriate coverage for you, but the agent can also give advice based on your current health and compare premium prices to ensure you get the best value for your money.

For additional information on senior life insurance, visit 
Life Insurance Guide to Policies & Companies.

Saturday, December 31, 2016

How To Choose Affordable Life Insurance After 50

Let’s be honest, talking about life insurance makes many of us uncomfortable. However, for many seniors, a life insurance policy can be a great way to make sure that their loved ones are taken care of financially if they pass away.

There are so many seniors today who are barely getting by financially. For many of them, a life insurance policy wasn’t affordable when they were younger. Many of them are now thinking about purchasing a life insurance plan but are worried it may be too expensive to fit within their monthly budget. 

However, with the rising cost of burial expenses, purchasing even a small term life insurance policy can go a long way to bringing you peace of mind.

Compare Insurance Rates

According to most life insurance agents, you can still find an affordable life insurance policy after 50 if you do some digging. 

With many life insurance companies now offering life insurance quotes online you can usually compare multiple life insurance rates from some of the best life insurance companies in your state if you’re compare multiple plans. 

Life insurance companies are competing for your dollars and this means savings for you in the long run.

When you want to start comparing life insurance rates it’s usually smart to start close to home. The reason is, many local insurance companies prefer to sell their products to residents within their state first. 

This means that if you live in New York and you’re looking for affordable life insurance, you may want to start with a company like New York Life. AARP also sells life insurance in New York State, so that might be a good place to look as well. 

Again, it’s recommended that you shop around to find the best life insurance rate to fit your needs.

It's Never Too Late

Although buying a life insurance policy is smart when you are young and healthy, it’s still worth looking into a no exam life insurance policy later in life. 

According to a recent study, seniors who are in relatively good health and are non-smoker or tobacco users can get an affordable burial plan for around a hundred dollars or month or so. 

Some of these plans are known as no medical exam policies as well. This can be a very nice option if you’re not close to a clinic or doctor who would typically administer the physical exam.

There are many great reasons to think about purchasing a life insurance policy. For starters, you may want to get a life insurance policy if you have a spouse or children depending on your salary or retirement income. 

This is especially true if you are the only breadwinner in the house. Another great reason to get a life insurance policy is if you have a family member with ongoing health expenses. 

Finally, if you are currently paying a mortgage, purchasing a life insurance policy can help ensure that debt is paid off should you pass away. 

Shop Online for the Best Deal

It used to be that if you wanted to shop for a life insurance plan or even apply for life insurance, you’d have to meet with a local agent. 

However, with the rise of online life insurance quotes from search engines like Bing and Google, it’s easy to compare rates and even enroll in a life insurance policy online from the comfort of your own home.

It’s important to note that prices for life insurance policies will vary by age, state and health. 

Some websites, like Colonial Penn, allow you to compare rates by age, gender and location without giving any personal information.

Please consult with a licensed life insurance agent for other questions that you may have about life insurance in your 50’s.

Friday, November 25, 2016

Life Insurance for Seniors

A lot of people dread shopping for life insurance. After all, it can be confusing to choose between the various types of coverage that are out there, and most people don't really like the idea of thinking about their own death. 

However, this can cause a lot of people to put off buying the coverage that they need, which leads to seniors getting older without life insurance. 

If you have found yourself in this situation, or if you are an adult child who is concerned about your senior parent's lack of coverage, you might be wondering what to do next. 

Luckily, though, there are plenty of options for life insurance for senior citizens.

It's Never Too Late to Buy Life Insurance

Since some insurance companies do not offer coverage for seniors over a certain age, some senior citizens fear that it's too late to buy life insurance. 

Even though there might be fewer options for seniors, especially older ones, it is definitely still possible to secure coverage. 

In fact, you might be surprised by how many options are out there for senior citizens.

Life Insurance Options for seniors

There are multiple types of life insurance to choose from, and each option has its benefits. 
Looking at your different options can help you choose the right coverage for yourself or your senior parent.

Term Life Insurance

Term life insurance is a very popular choice for younger adults, and it is an option for some seniors. 

However, it generally is not the most popular choice for older adults. This is because term life policies often come with higher levels of coverage, which means that insurance companies can be a whole lot stricter about approving applications.

For younger seniors who do not have any health issues, a term life policy might be a good option. 

However, it is important to remember that if you outlive your policy, it can be tough to secure another policy at a reasonable rate. For older seniors or those who have health issues, however, it can be tough to get accepted for one of these policies. 

Plus, many seniors do not need that much coverage anyway, so it might be a more expensive coverage option than what is required.

Whole Life Insurance

Just as for younger adults, whole life insurance can be a good option because the policy can build up a cash value over time. 

However, again, like for younger adults, whole life policies can be quite expensive. Seniors may also be required to undergo a health exam and may have to provide answers to health-related questions, and those who have health issues might not get accepted or might have to pay a higher premium. 

For seniors who are looking for more coverage, such as those who want to ensure that they leave behind a nice cash sum for their beneficiary, this can be a good option. 

However, it is important for seniors who are thinking about buying a whole life insurance policy to be prepared to pay higher premium amounts.

Burial Insurance

Many senior citizens find that burial insurance is the best option. This is true for a few reasons. First of all, there are various types of burial policies. 

Some will pay out the full coverage amount as soon as the insured passes away, without any waiting periods. These policies often require seniors to answer health-related questions. 

The insurance companies often aren't as strict on these policies and are not too concerned about minor health conditions.

For those with more serious health issues, there are guaranteed acceptance policies. This means that anyone can be approved. However, these policies often come with a waiting period. 

For example, if the insured passes away within the first year of the policy, only the amount that was paid in will be paid to the beneficiary. Then, the next year, a percentage of the coverage amount might be paid. 

After a certain time period, such as three years, the full coverage amount will be paid.

Burial policies generally only come with smaller coverage amounts, but they can be a more affordable option that is easier to qualify for than many other life insurance policies. 

Because of this, burial insurance -- which is also known as funeral insurance -- is a very popular choice for senior citizens.

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Tuesday, February 24, 2015

Tips for Making Safe Retirement Investments

Many who are creating a retirement plan or re-positioning their portfolio have heard stories about people who have made risky investment decisions and who have been forced to work many years after they reached retirement age. Some may have been hit hard by a market downturn and may have not been properly diversified, and others may have made truly risky investment decisions. If you are preparing for retirement, you understandably want to find the perfect balance between a great return on your investments and minimizing risk. There are a few options to consider as you prepare for retirement.

Bonds and CDs

The safest investments are those that have minimal or no risk, and these include CDs and bonds. Provided you can keep your money in these investment vehicles for the designed term, you can expect a moderate and known return. However, it is important to note that these have a very low yield in comparison with other investment vehicles. If you are trying to maximize your yield to protect the value of your portfolio against the effects of inflation, you may need to mix bonds and CDs with other types of investments. A stocks and bonds mix, as described below, is the most common investment hybrid retirees turn to when bonds are involved. 

Life Insurance Annuities

There are several different types of annuities available for you to consider, and these generally provide you with a guaranteed stream of income for the term of the annuity. Some annuities can be purchased with guaranteed payments until your death, and this can give you the peace of mind that you may be looking for in your retirement years. While the benefit with an annuity is a steady stream of income, you do lose control over your lump sum investment of capital. This investment strategy may ensure your continued returns, in the form of a fixed lifetime income, but it does come with some steep fees. Insurance contracts are notoriously complex and difficult to understand, and in combination with the high investment management fees, are certainly not right for every investor. 

A Mix of Stocks and Bonds

If you want to take a more hands-on approach with your retirement efforts, you can consider creating a portfolio that has a balanced combination of stocks and bonds. The stocks can provide a hedge against inflation as well as growth from dividends. The bonds can decrease the overall risk of your portfolio for stabilization. If you’re worried about market panic or suddenly running out of money during retirement, this option may be the best way to ensure your own peace of mind in the years to come. The exact allocation will be dependent on your general tolerance for risk. Make sure your financial advisor can be trusted to make the right decisions for you and your investments if you decide to invest in both stocks and bonds. 

A Completely Diversified Portfolio

Another option to consider is a completely diversified portfolio. For example, rather than invest all of your money into a life insurance annuity, you may purchase a smaller annuity coupled with an allocation of stocks, bonds and growth stocks. While there is some risk associated with including stocks in a portfolio in retirement, it can provide you with a hedge against inflation and a potentially higher yield.

You may consider the amount of capital you have available for investments, your need for growth and your tolerance for risk when preparing your retirement plan. A Sunshine Retirement senior lifestyle activities advisor recommends taking into consideration any lifestyle changes you expect to experience upon retirement when deciding how to invest. Because these factors can vary for each investor, there is not a catch-all solution that is suitable for all needs.

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