Adjusting Your Life Insurance Policy Based on Life Events

No one wants to think about planning for the time where they won’t be here for their families, but that’s just what you have to deal with if you really want to find quality life insurance for your family, it can be hard to reconcile this, because there’s so many other things on your mind. Still, if you really want to make sure that your family is protected from every angle, you will need to think about life insurance. Now, you might not want to really consider life insurance, but would you rather consider the alternative of what your family will have to go through if they don’t have any income coming in?

Of course not and we don’t blame you one bit. Now, if you’ve already gotten a life insurance policy, then we definitely salute you. However, you will need to make sure that your policy can be adjusted in case your life changes. We all have thing sin our lives that change. For example, you might have remarried and you and your new spouse have more children to think about. If that’s the case, then you will need to make sure that your coverage is adjusted to cover those other children. You may also need to add beneficiaries as well. It just depends on how you want to plan things out.

So, what do you need to do if you’re thinking about adding more people to your life insurance policy? Well, the first thing that you might want to do is talk to the original insurance agent that sold you the policy. If you’ve already maintained contact for a while, then this is the easy part. If you really wan tot make sure that you won’t have any problem getting to where you want to go, you will just need to have all of the new information up front. For example, if you’ve had another baby, you will want to have their Social Security number and other information handy. You don’t want to end up just skipping over this information, because you can’t add beneficiaries without certain details being disclosed. [Read more…]

Using Your Life Insurance Policy as a Retirement Vehicle

Life insurance has been classically seen as something just for your heirs, but that doesn’t mean that you can’t make sure that you pick up life insurance that actually works for you. The biggest thing that you will need to do is make sure that you’re selecting the right life insurance in general. The reality of the matter is that when we go to pick out life insurance, we usually try to reach for the cheapest option. However, that doesn’t mean that the cheapest option is actually going to make sure that we’re taken care of properly, or that our families will have enough coverage to handle the affairs of life after something has happened to you. The cheapest option is usually term life insurance, which basically gives your family a death benefit is you pass away within the term of the policy. However, most people generally outlive the term of their policy, which doesn’t do the family a lot of good.

There are lifetime policies, such as what you’ll find with whole and universal life insurance policies. There’s no reason to feel like you can’t get a cash value life insurance policy that will actually handle a savings portion for your needs while still giving your family peace of mind.

It’s a given that universal life insurance costs a bit more, but you’ll actually be building up the cash value of your life insurance policy. If you end up needing to tap the money, you will be able to do so and borrow against the policy. This is money that can really help in an emergency and still give you the ability to look after your family even after you’re no longer alive. [Read more…]

3 Tips for Women Trying to Buy Their Own Life Insurance Policy

It’s a great day for women trying to buy their own life insurance policies. In the past, it was a given that only men really carried insurance for themselves. Women were expected to either carry a small policy just to cover the cost of their own funeral expenses, and not much else. However, women are becoming heads of household faster and faster now, with many men choosing to stay home with the children. There’s nothing wrong with either family portrait, and as long as women make sure that they cover themselves no matter what they’ll be just fine. At first, you might feel a little guilty going out to get life insurance, as if you’re trying to make off with someone else’s money. However, you should take rest in the knowledge that you aren’t going to be doing anything like that — you’re actually building the future safety of your family.

The sad part that needs to be said is that far too many people skip out on life insurance entirely. However, when it comes to women the numbers are even more tragic — very few women as a group purchase life insurance, leaving that to the men that they are with. However, single women and even widows would do well to make sure that they have enough coverage to keep them afloat for their families sakes. The cost of funerals and expenses is only going to increase in the future, so why not just make sure that you’re as prepared as possible?

There are essentially three things that women need to keep in mind when they’re trying to buy their own life insurance.

First, you will want to make sure that you actually know how much coverage you actually want. The last thing that you want to do is end up not having enough coverage. The best way to determine how much coverage you need is to really take stock of what you owe all of your creditors, including your mortgage company. You might be surprised to find that this number is a lot larger than you might expect. However, it can’t be helped — you would rather have too high of a number than a low number that is misleading.

Next, you will need to think about what type of life insurance that you actually want. Even though the life insurance agent might steer you towards something else, one of the best deals for women is definitely term life insurance. It’s a fixed rate, which means that it doesn’t increase as long as you’re within the limits of your term. For example, if you get a 50 year term life insurance policy, you will pay the same rate month after month during that 50 year period. This is something that can save you a lot of money, since you know that you will always be paying the same rate.

The final tip that you will need to keep in mind is definitely to check out any life insurance company that you can. You really don’t want to just go with the first life insurance company that you see — you will only end up paying far more in life insurance premiums than you ultimately should. It really does pay to look around — check the Internet first before you go offline, as there are better deals found there.

Preparing for Your Life Insurance Medical Exam

Whether you’re getting a new life insurance policy or if you plan on trying to renew an existing policy, there may come a time where you will need to undergo a life insurance medical exam. Indeed, this is the best way for insurance companies to make sure that you are still eligible to receive insurance in the first place. Contrary to popular belief, not everyone is always entitled to insurance benefits, as they are based on how risky it is on the company’s part to protect you and your family in the first place. If you have an illness, this means that it’s most risky for the insurance company to insure you, which can in turn mean that you may have your policy cancelled for this reason. It’s not a guaranteed thing, but it is something that can definitely happen.

Preparing for your life insurance medical exam isn’t difficult, but there are a few things you will need to make sure that you keep in mind. First and foremost, you want to make sure that you are already seeing a doctor. It’s better to avoid surprises when you deal with an insurance company, and you don’t want to be startled with the news that you’ve actually contracted an illness and didn’t know it. That’s a stressful piece of news that you don’t want to be surprised with, and knowledge is power.

The next thing that you will want to do is make sure that you set up a time in the future for your medical exam that’s agreeable with your schedule. Generally speaking, the insurance company will make sure that they are working with you to the best of their ability. Having a set date that you know that you will be free is always the best idea. You may need to drive to a specific medical facility, and you may even need to make a separate appointment at that lab in order to get your medical exam done fully done.

Sometimes, if you are in good health, your life insurance medical exam can be very short. You will be required to answer a few questions. From there, the company can determine whether or not they need to go through with a urine sample and a blood test to make sure they catch other types of diseases.

Overall, getting ready for this type of exam isn’t difficult at all, but you will want to give yourself plenty of time in advance to get started!