Aug 1

How much do you know about options in life insurance? If you’re like most people, you may not even know the basics. All too frequently people who need coverage simply find a company that assesses their situation and tells them what they need. This can be very helpful if you find a reputable company that will really look at your financial present and financial future and make decisions based on what’s best for you, but all too often these companies actually make a commission from various life insurance companies. This means that they’ll recommend a certain type of coverage or a specific company not because it’s best for you – but because it’s best for them.

That’s why it’s so essential you know what your life insurance options are. The two basic types of are whole life, which means it covers you for the rest of your life, regardless of your health or age at the time of your death, and term life. Term life is good for a specific term, usually ranging from 5 years to 30 years. Lately more and more companies have been doing away with their 30 year coverage and have been capping their coverage options at 25 years.

Jul 27

Are you on the lookout for the right life insurance company for your needs? If so, one of the first things you may want to consider is how other customers have felt in the past, as well as how the industry experts view each company. That’s where life insurance company ratings can come in handy. Keep in mind that this information will only be one thing to consider. Just because one company offered the best rate to someone else doesn’t mean they can offer you the best rate. Likewise, the opinion of someone else only goes so far because they may not be looking for the same things you’re looking for.

Another important factor to consider is whether or not the company you’re considering offers all the types of coverage you’re looking for. For example, it used to be fairly easy to find 30 term life policies. These policies had the same rate per month for the length of the policy, and the policy covered the insured for 30 years from the time the policy was taken out – provided they continued to pay their premiums on time. In the last few years, fewer and fewer companies are offering this policy and instead have a 25 year term life as their longest.

Jul 22

Whether you’ve shopped for life insurance before or you’ve never done it, understanding the available products can be confusing and sometimes frustrating. However, we’ve compiled this simple explanation for the products you’ll find available from Colonial Penn. Keep in mind that these can vary by state, so we’re providing only information on the most frequently available coverages in all states. First up is the Guaranteed Acceptance Life Insurance that’s available for those from 50 – 85 years in age. Typically no physical or medical questions will be required. Another option is Medicare Supplement Insurance, which is available to those currently on Medicare.

Term Life Insurance is typically offered up to $50,000 for those from 18-75, though it’s usually renewable up to age 90. No medical exam is required but you will have to answer a few health questions. It’s offered through the Colonial Penn Patriot Program. Two Term Life Insurance options are available for those 18-77, 5 and 20 year, and with coverage of up to $25,000. Finally there is Whole Life Insurance up to $25,000 for those 45-75. Medical exams are not required for these policies either, though a few medical questions will determine whether or not you’re eligible for coverage.

Jul 21

When you’re expecting a new baby, the last thing you probably want to think about is getting life insurance. However, this can actually be exactly the time that it makes the most sense to invest in a life insurance policy. After all, now you’ve got even more financial responsibility that you want to know is taken care of in the event that something happens to you. Here are a few things to think about as you add life insurance to your list.

Consider Today as the Calm Before the Storm

It’s true that soon you’ll have an addition to the family, but it’s also true that right now you don’t. Right now you can be rational decisions – without the effects of sleep deprivation that are par for the course when a new baby is in the home. You’ll have a million things to do once the little one arrives. Investing in live insurance now is just one more thing you can do to prepare. Simply find the best policy, enroll, and add the expense to your budget. You won’t have to worry about it again, but you’ll know that if something happens your family is taken care of.

Consider How Well Suited Life Insurance is for Your Situation

Many parents believe that they can’t afford life insurance, or that it’s something they’ll get around to when their financial situation improves. The reality is that life insurance exists exactly for those who aren’t in the best financial situation. After all, once your financial situation improves and you own a home, have a retirement account, having money in savings, and have other investments, your need for life insurance will not be as strong as it is now. It’s exactly because you don’t have this safety net that you need life insurance coverage to ensure your family is safe no matter what.

Consider the Likely Surprisingly Low Cost of Coverage

Young parents often don’t realize just how inexpensive life insurance can be. The truth is that premiums are primarily based on two factors: your age and your health. In fact, for many young people, a physical won’t even be required. You’ll simply have to answer a few medical questions and can get coverage. Because young parents are typically healthy and they are young, their coverage can be much lower than they might think. The best option is to visit and learn more about the options available to you in your state. Getting a quote is easy and then you’ll know exactly what to expect.

Is life insurance for everyone? Essentially, yes. Everyone will pass on at some point and most of us have family who rely on us in some way. Even if they’re the sole bread-winner, there are many things each person does in a relationship. If the worst happens to a stay at home mom, there is a ton of income lost by the father – even if it wasn’t translating to dollars when she was working. The father now has to find a caregiver for the child, as well as someone to handle the multitude of chores and household things the mother takes care of.

Jul 16

Depending on which life insurance company you work with, and which type of coverage you’re looking for, you may or may not have to take a medical exam. Some companies will not even require you to answer any health related questions, but when a company does require no exam but answers to medical questions, sometimes people wonder why they can’t simply lie about them. For example, most people who compare life insurance know that a smoker is going to pay more for their coverage. So when asked the question, “Do you use tobacco products,” wouldn’t it make the most sense to say no?

There are several reasons that this isn’t a good strategy. First of all, if you are proven to have lied then your policy will not be paid. This is especially problematic when it is discovered after your death. You could have paid on your policy for 20 years, only to die from lung cancer and have your spouse be denied benefits because you were dishonest on your application. These companies do not require medical exams but they do require you to be honest on your health questionnaire and if you’re not the consequences could be quite serious indeed.