How to Prepare for a Term Life Insurance Medical Exam

Congratulations! You've made the responsible decision to purchase a term life insurance policy. Now what? If you have applied for a medically underwritten policy, the next step is to complete a medical exam so your insurance carrier can assess your health status. Remember that a term life policy is for a specific period of time going into the future? Your insurance carrier will base their quote on the likelihood of something happening to you in that period of time. While they can't predict things like tornadoes, or life-threatening accidents, they can evaluate how likely you are to acquire certain life threatening diseases, such as heart disease or Type II Diabetes, based on your health history and the results of your medical exam. They will establish a premium price that's in alignment with your current health status. Can I Prepare For a Term Life Insurance Medical Exam Yes! There are things you can do to prepare for the medical exam in order to get the best results possible. If you are reading this before you have decided to purchase a life insurance policy - now is the time to take an overall health assessment and start living your best life. Throw out those fast food wrappers, grab that sweat band, and head for the trails. It's time to start eating healthier and exercising so you are in the best physical shape when you're ready for your term life insurance medical exam. What Is Involved In a Term Life Insurance Medical Exam? You can put down your car keys because a professional medical technician will come to you at your location of choice. And while you're at it, put away your wallet because this is a completely free medical exam. It is 100% paid for by your term life insurance carrier. The medical exam generally includes: A full description of your medical history The traditional pulse count blood pressure measurement Urinalysis (urine sample) Blood test Height and weight measurements An ECG/EKG (if necessary) All of that is usually completed in just about 30 minutes. How Can I Prepare For a Term Life Insurance Medical Exam? You want to start planning at least a day ahead of your exam. Our bodies are complex and very efficient machines, for the most part. However, certain chemicals and food products can take longer to filter through the system than others. Here are some things you can do to get the best and healthiest results during your exam: The Days Before:Avoid consuming alcohol. The only chemicals you want to show up in your blood or urine samples are the ones that you've listed on your health forms, or will verbally acknowledge during your medical exam. Eat Well. Deep fried foods, anything high in fats, cholesterol, salts, or sugars can alter results - and not in your favor. Eat lots of fruits and vegetables and low-fat foods. Drink Water. As much as possible, drink water and avoid other types of beverages. Water hydrates you, energizes you, and you detoxify. Any chemicals that may be lingering in your system will be flushed out. Take a break and avoid strenuous exercise. Or, take it down a notch and enjoy a moderate version of your normal workout. If you are one of those people who lives to work out, then you will have to restrain yourself and run five miles instead of ten today in order to avoid unnecessary strain on your heart and body. You don't want to pull a muscle or throw your back out the day before you're supposed to be presenting the healthiest version of you. Get a good night's sleep so you are well rested and energetic. These tips can help you get the best results you can from your term life insurance medical exam. The more positive the results, the less your premium will be. Good Luck!

Posted on: 18 April 2014 | 6:00 am

Find the Right Life Insurance Policy

Picking the Right Life Insurance Policy You’ve probably already determined that life insurance is an important part of any financial plan and that while everyone should have at least a small policy, for those with dependents it’s even more important. But how do you know which is the right type of policy? Today we’re sharing three notable tips on how to choose the right life insurance policy that fits your needs.   1. Why Do You Need It? Take the time to consider the reasons you need life insurance. Is it to act as income replacement for your dependents so they don’t struggle financially once you pass away? Or is it to cover a certain debt like a mortgage payment or credit card debt? Most people purchase life insurance as income replacement, to cover debts, everyday living expenses, future expenses like college education or death taxes. Knowing why you need life insurance can help answer many other questions about which type is the best for you.   2. How Long Do You Need it For?  The biggest difference between the three main types of life insurance, term and whole life insurance, is the amount of time the policy is in force for. Term life insurance is a type of life insurance policy that only lasts for a certain length of time, anywhere from one year to as many as thirty. Whole life insurance lasts for the entire lifetime of the policyholder, even if they live past 100. Whole life insurance, also known as permanent life insurance, also comes along with a savings component. The third major type of life insurance, Universal Life insurance, is similar to whole life because it is a permanent policy that lasts for the entire lifetime of the policyholder. However, there are some differences between Whole and Universal Life. In order to determine which type of policy is best for you, it’s important to consider how long you need coverage to be in force. If you’re purchasing life insurance to cover a large payment like a mortgage, you can buy term life insurance for the term length of the mortgage. How long you need the life insurance policy for is one of the biggest differentiators between term life and whole life insurance. Term life insurance lasts for a specific term length, anywhere from one year to twenty or thirty. Whole life insurance lasts for the entire lifetime of the policyholder.    3. Do You Want a Savings Component? If you have decided to go with Whole life insurance, you are then offered a savings component. A portion of the premiums goes into an account and grows tax-deferred over time. Once you’ve acquired a certain amount of cash value, you can borrow from the account. Term life insurance does not have a savings component. You simply pay your premiums for the term length and if you pass away while the policy is in force, your beneficiary receives the death benefit. Knowing the answers to these three questions, why you need life insurance, how long you need it for and if you want a savings component, can help you make the right life insurance choice for your needs. Work closely with your life insurance agent to determine which type of life insurance is the best for you. Compare life insurance quotes, ask questions and do your research.

Posted on: 16 August 2013 | 9:30 am

Top Tips to Live Healthy This Summer

The days are longer, weather is nicer and the sun is shining. That’s right, summer is here! We all know that staying healthy can help reduce life insurance rates, so we’ve got some summer steps to healthy living.  Shake up Your Diet The summer months mean more vegetables and fruits are in season, so you can save money and introduce healthier food into your diet. Take a trip to your local farmer’s market and sample some locally-grown fruits and veggies.  Try planting your own garden. Keeping up with watering and weeding is a great way to be outdoors and stay active and as an added bonus, you get healthy food right in your own backyard. There’s nothing like a fresh cucumber or tomato!  Get Active Outdoors  For us here at Efinancial, warmer weather means one thing: getting outside! Skip the gym and take your workouts outdoors. Go for a walk around the neighborhood, play tag with your kids or go for a bike ride at a local park with friends.  Outdoor activities don’t have to be sports, either. Look for summer activities like festivals you can attend or cheer on your team at a baseball game. Just being outdoors in the sun is sure to brighten your mood.  Take Care of your Body While outside enjoying the warm weather, make sure you are staying protected from the sun and heat. Drink plenty of water to stay hydrated and wear sunscreen, a hat and sunglasses to protect your skin and eyes from the sun. Even though the sun still shining later in the night, try to keep the same sleeping schedule and get plenty of rest.  Vacation!  You’ve worked hard all year to earn those vacation days and time off work, so use them! The summer is a great time to take a family vacation or a trip with friends. Vacations have more health benefits than you realize, like reducing stress levels, and improving job performance upon your return.  Take a vacation this summer and watch the stress of everyday life melt away.  What are your plans for this summer? Share below!

Posted on: 30 July 2013 | 11:15 am

Is Life Insurance Necessary for College Students?

You may already know that life insurance is less expensive when you’re young and in good health, but does it make sense for your college student to have a life insurance policy? You may be surprised to learn that it may.  The most important factor in  deciding whether or not a college student needs life insurance is to determine how they are paying for college. If your child will graduate with a degree and a large amount of student loans, it may make sense to secure a term life insurance policy to cover those long-term debts.  Keep in mind, government-backed student loans are forgiven if a student dies, but only one in six private lenders automatically forgive a loan when a student dies. It’s important to read the fine print on student loan documents to determine who, if anyone, will be responsible for repaying the loan if your child were to pass away unexpectedly.  If you borrowed against your home to pay for your child’s college education, you should consider purchasing a life insurance policy to cover that loan. Be sure to also think about credit card debt. If you have co-signed for a credit card for your child, you could be on the hook to pay any debt they may incur on the card.  Funeral Expenses and Medical Bills  No matter what age someone passes away at, even if they are young college student, they will incur final expenses for a funeral service. A college student may even have a large amount of medical bills.  The bright side is that purchasing a life insurance policy for someone so young should make it fairly inexpensive.

Posted on: 25 July 2013 | 12:50 pm

Common Life Insurance Mistakes

Mistakes happen to everyone, so it’s no surprise that sometimes consumers make mistakes when purchasing life insurance. Some life insurance mistakes are more common than others, so today we’ll share some in hopes that you can avoid them!  Not Purchasing It  Okay, this one is pretty obvious, but the biggest mistake you can make when it comes to life insurance is not purchasing it at all. Life insurance is about protecting your loved ones and providing for them even after you’ve passed away, so not purchasing it can be a pretty big mistake.  You may be unsure on what you want or need when it comes to life insurance, but if you have people in your life who will struggle financially without you around, it’s imperative to purchase it. Don’t let the questions you have about life insurance hold you back from purchasing it. Meet with an agent to ask questions and find what life insurance policy is right for you. A great place to get the answers to your questions now is our FAQ section…  Don’t Wait  Life insurance rates are less expensive the younger you are and better health you are in, so don’t put off purchasing. Life insurance rates are based partly on age, because the older you are, the closer you are to death in theory. By purchasing life insurance when you’re young and in good health, you can secure  lower premiums.  Purchasing Too Little  Don’t rely on just the life insurance policy you are enrolled in through your employer or the coverage you purchased when you were in your 20s. Having too little life insurance is a common mistake and it can leave your loved ones with too little money to live off of after you pass away.  With every big life event like marriage, birth of children, buying and selling property,  or even promotions and raises, review your life insurance policy to make sure the death benefit still covers all of your living expenses.  Lying on your Application  It’s important to be honest on your life insurance application so you can get accurate premium rates. Be sure to disclose all medical conditions and drug or tobacco use. The life insurance medical exam or medical records could reveal any lies you told on your life insurance application and the life insurance company could deny you coverage or even deny your claim in the event of dishonesty.  

Posted on: 19 July 2013 | 12:10 pm

Personal Finance Rules to Live By

Here at Efinancial, we stress that life insurance should be an important part of any financial plan. But that’s not the only personal finance rule we live by. Today, we’ll share a few more.  Save, Save, Save  Saving for the future is one of the most important things you can do with your money. Financial experts say you should be saving at least 10% of each paycheck, but if you can save more, do it. It’s especially important to save as much as possible when you are young. The sooner you save, the more that money can grow over time.  You should aim to have at least three to six months’ worth of living expenses set aside in an “emergency account.” This account can help with unexpected expenses like home repair or car trouble. It can also help and act as a financial security blanket if you were to unexpectedly lose your job.  Purchase Life Insurance  A good personal financial plan is all about saving and preparing for the future, so it’s natural that the plan should include life insurance. Take the time to calculate how much coverage you need by factoring in:  Your income Major debt like a mortgage payment Credit card debt Everyday living expenses Future expenses like college education A good rule of thumb is to have ten times your income and enough to cover outstanding debts.  Don’t Borrow Too Much  When it comes to big purchases like a home or student loans, don’t borrow more than you can afford. For a student loan, try not to take out more than you will make in your first year’s salary. A general rule for a home loan is that it should not be more than two times your take home household income.  Credit card debt can be hard to avoid, but if you have more than one credit card to make payments to, you should pay off the highest interest rate card first.  What are the personal finance rules you live by? Post below and share! 

Posted on: 15 July 2013 | 1:53 pm

Young Professionals: Do You Need Life Insurance?

You’re just starting out in your career and have finally secured a job, the first step in your career path. As a young professional, purchasing life insurance is probably not on your list of to-dos. But it should be, and here are reasons why.  To determine whether or not it’s wise to purchase life insurance, ask yourself if anyone in your life will be affected financially by your death. If the answer is yes, you should absolutely have a life insurance policy. Life insurance provides a financial safety net for your loved ones after you pass away.  Typically, the biggest reason to purchase life insurance is to provide financial assistance for dependents like a spouse, children or elderly parents. As a young professional, you may not have dependents just yet, but you may have a large amount of student loans, other debt or even a mortgage payment. You may leave behind a large amount of medical bills and everyone has funeral expenses. The death benefit of a life insurance policy can cover all of those expenses so your loved ones don’t have large stacks of bills to deal with during an already stressful time.  Buy Young Purchasing life insurance while you are young has other benefits besides being a financial safety net for your loved ones. The younger you purchase a life insurance policy, the cheaper it will be. If you don’t need alot of coverage, it will be even less expensive because the death benefit doesn’t pay out as much.  Employer Coverage Isn’t Enough   Benefits from your employer are a great perk, but a group life insurance policy offered through your employer typically isn’t enough if you need significant coverage amounts. Consider purchasing a supplemental life insurance policy, especially if you have dependents to ensure that all your necessary expenses will not become a burden on your family.   

Posted on: 12 July 2013 | 4:57 pm

Life Insurance and Divorce

Are you wondering how your life insurance policy will be affected by a divorce? Life insurance is typically overlooked during the divorce settlement process, but it’s an important financial tool that both ex-spouses should have.  Reconsider your Beneficiary Life and insurance and divorce should prompt reconsideration of your beneficiary. If your life insurance policy has your ex-spouse as the beneficiary, you may want to change that after getting divorced. Each situation is different, so evaluate it as you see fit, and remember, the beneficiary will receive the death benefit of your life insurance policy after you pass away. Your life insurance policy provides a safety net for your dependents should you pass away, so you want to make sure your beneficiary has the same goals and plans to use the money how you see fit. Other beneficiaries to consider may be your parents, family members or close friends.  Does Your Policy Have Cash Value? If you or your ex-spouse have a term life policy, there isn’t much to worry about since it doesn’t have cash value. A permanent life insurance policy, however, could have cash value and may need to be divided according to the terms of your divorce settlement. If you remain the sole policyholder after the divorce proceedings, examine your insurance policy and be sure to specify who you want to receive the cash death benefit. The Future Life insurance is designed to provide a safety net for your loved ones should you pass away, so if a divorce leaves you with no policy, you should reevaluate your situation. If your ex-spouse is still the major provider for you and children, you may want to discuss being the beneficiary of a life insurance policy in their name.  A divorce is a good time to also reevaluate your coverage amounts. If you are now receiving child support or alimony payments, make sure your life insurance policy covers them.   Divorce can cause a lot of changes in your life, but it’s important to make sure that you still keep the future in mind and protect your loved ones with life insurance. 

Posted on: 10 July 2013 | 9:03 am

Life Insurance Myths

Life insurance is one of the most important financial tools you can have, but not everyone makes the wise decision to purchase it. Common misconceptions can prevent consumers from obtaining the life insurance coverage they need to protect their loved ones. We’ve made it our mission to debunk life insurance myths so read on and learn!    I’m Single So I don’t Need Life Insurance  Sure, you may be single and have no dependents, but you probably have many other reasons for needing life insurance. Other motives to have life insurance include debt you may leave behind like mortgage payments, credit card debt or student loans. The death benefit from life insurance can also pay for funeral expenses or medical bills that can pile up after you pass away.  My Coverage Should Be Twice My Salary  There is no set rule for how much coverage you should have, coverage amounts are unique to each life insurance policy and financial situation. When determining how much life insurance coverage to purchase, it’s important to consider:  Your income Major debt like a mortgage payment Credit card debt Everyday living expenses Future expenses like college education A good rule of thumb is to add these amounts together for the yearly amount of coverage needed. Consider how long you want life insurance coverage for and factor that in for a final amount of coverage needed. If you’re unsure, consult a life insurance broker or try an online life insurance calculator.  Life Insurance Through My Employer Is Enough  In most cases, life insurance through your employer is simply just not enough coverage, especially if you have dependents. Take the time to calculate how much coverage you need and compare it to the amount available through your workplace coverage. It’s probably likely that it will fall short, so consider purchasing supplemental coverage.  The typical employer coverage amount is either a flat amount or a percentage of your earnings, which isn’t nearly enough to cover mortgage, college tuition, and everyday living expenses.  Only The Primary Breadwinner Needs Coverage  If you and your spouse or partner have dependents, it’s important for both of you to have life insurance policies. Covering the costs of what a homemaker provides for your family can be more expensive than you would think. When considering insurance for stay at home partners, think about the cost of childcare as well as other household tasks they provide as a job. Consider how how much it would cost to replace that with a service provider and be sure to factor all those costs into your life insurance coverage amount.…  Before you let myths and misconceptions convince you not to purchase life insurance, do some research and get the right answers.  

Posted on: 3 July 2013 | 8:56 am

Leave Behind a Legacy

You have already continued your legacy for your loved ones and dependents through life insurance, but there is a new way to allow your loved ones to remember you and share in your legacy. LifeStory.com, a new website, provides you the opportunity to remember someone special not just by looking at pictures and videos, but through sharing their advice and wisdom with others that loved them.   LifeStory.com is a free website that allows you to share the stories and insights your loved ones passed along when they were alive. You can share LifeStories with other family and friends and together use the website as a centralized place to remember those who have passed. The website allows you to post stories, memories, videos and pictures.  You may have never met your grandfather’s best friend from school, but you both feel the same loss when your grandfather passes away. You may not even live in the same part of the country as some of his friends and family, but you can connect on LifeStory.com and share memories and stories. LifeStory.com is the first tool of its kind that offers a social platform for users to interact with one another.  Let your loved ones leave behind a legacy that will last for years to come by visiting LifeStory.com. Start celebrating their life today. 

Posted on: 30 June 2013 | 10:51 am

Steps to Purchasing Life Insurance

Whether it’s the first time you’re purchasing life insurance or you’re a life insurance pro, there are generally similar steps to take when it comes time to purchase a policy.   Know Why You Need It Everyone needs life insurance at some point in their life, but it’s important to understand exactly why you need it before purchasing. A firm understanding of why life insurance is important can help you purchase the correct type of coverage.  Know How Much You Need It’s more common to not have enough life insurance than to have enough. When purchasing life insurance, it’s important to take the time to accurately determine how much coverage you need. Consider the amount of your income as well as any debts, mortgage payments or future expenses like college education. Using a life insurance calculator can also help you accurately gauge the coverage amount.  Know What Type You Need There are two basic types, term life insurance and whole life insurance. Term is a type of policy that is only good for a specific term length, anywhere from 1 year to as many as 30. Whole life insurance remains in place for the entire lifetime of the policyholder, even if they live to over 100. Knowing what type of life insurance is best for your needs will help you to get an accurate price quote.  Get a Life Insurance Quote Visit a life insurance company online and get a free online life insurance quote. Be honest when filling out the form so you can get an accurate picture of what your life insurance rates will be like. If possible, use a life insurance company that provides quotes from multiple providers, to ensure you’re getting the best rate and have multiple options.  Ask Questions  If you still have questions after doing research and getting a life insurance quote, contact a financial advisor or life insurance agent. Make sure you are comfortable with the life insurance policy and coverage amounts before you purchase.  Visit us today to learn more and get a free life insurance quote.

Posted on: 28 June 2013 | 3:31 pm

3 Tips for Buying Life Insurance Online

It’s becoming more and more convenient to purchase items and pay bills online. You can purchase clothes, household items and even groceries online, so why not life insurance too? Many companies are making it fast and easy to complete the life insurance process online, but not all are created equal. We have three tips for buying life insurance online.  What is the Website Like?  If you spent a lot of time online, you probably know the difference between a professional, updated website and one that is not as appealing or professional. If the look or feel of the website makes you feel uneasy, move on. There are many options out there, and the most reputable companies invest time and money into their website, creating a modern, professional look with current information.  Contact Information  Does the website make it easy to get in touch with them in a variety of ways? You may develop questions during the life insurance process and you want to be sure you’re working with a company that makes themselves available to answer them. If there is no contact info at all, you may want re-consider getting a quote from this website. A reputable website should make all contact info available including a phone number and email address.  Personal Information  Be mindful of the information you’re giving out over the Internet. A life insurance company probably doesn’t need bank account information or your social security number for a free quote. Also, when filling out a quote form, make sure it has some reference to being a secure process. The security of your personal information is of the utmost importance.  When inputting personal information, be as honest as possible. Life insurance companies will typically ask for height and weight as well as any pre-existing medical conditions. Being honest will help ensure you receive an accurate quote for life insurance rates.  Buying life insurance online or even just getting a quick quote can help save you time and money, but it can also lead to doing business with less reputable companies. Take the time to research the company and make sure you’re comfortable with them before hitting send.  Efinancial offers a quick, secure process with access to a variety of life insurance quotes. Visit us today to learn more and get a free life insurance quote.

Posted on: 27 June 2013 | 10:27 am

Lost Insurance Policies

It’s a common problem, but one you don’t want to encounter: a lost life insurance policy. It happens more often than not, a loved one passes away and you aren’t aware of the details pertaining to their life insurance policy.  If the steps aren’t taken to find a lost life insurance policy it could stay lost forever, meaning the premiums you spent years paying were for nothing and the death benefit meant for your loved ones is left unclaimed.  This is why it’s so important to discuss life insurance policies with loved ones, especially the beneficiary of the policy before it is too late. Today we’re sharing some tips on how to find a lost insurance policy.   Check for Premium Payment Evidence  If a loved one passes away and you can’t quickly locate the details of their policy, start your search by hunting for evidence of premium payments. If possible, look at their cancelled checks or credit card statements. Your loved one has probably made premium payments to the insurance company for their life insurance policy and the company name is likely on the check or credit card statement.   Contact Employers It’s common to have a life insurance policy through an employer, so contact their previous and current employers to see if they were part of a group policy. Another good person to contact to inquire about possible life insurance policies is current or prior financial advisors. They may know details about the policy and if you are the beneficiary, they may be able to help you cash in the death benefit.   Check for Documents Start by doing  a thorough search where your loved one may have kept important documents such as file cabinets or their office when looking for their life insurance policy. If you can’t locate it within their files or office, check any safety deposit boxes or other storage areas in their home. Checking address books or email contacts may lead you to the names and contact information of insurance agents or financial advisors.  Save your family the stress of searching for life insurance documents during an already stressful time by ensuring they know the details of your policy. A short conversation can save your loved ones a lot of time and ensure they benefit from your policy sooner.  Unsure how your life insurance policy works after you pass away? Visit us today to learn more and get a free life insurance quote.  

Posted on: 25 June 2013 | 9:18 am

Have a Life Insurance Conversation

Having a conversation about life insurance may be difficult, especially since it’s discussing the fact that you won’t always be around.  It’s important to keep your loved ones in the loop about your life insurance policy, especially the beneficiary. . If they don’t know about a life insurance policy or cannot find the information and paperwork, your beneficiary may not be able to claim the death benefit.  If you are married, you should discuss options with your spouse or partner before purchasing a life insurance policy. Find out if your spouse has a life insurance policy already, how much it is for and who the beneficiary is. Ideally, both of you should have a life insurance policy with each other or another trusted loved one as the beneficiary.  Work with your spouse or partner to determine how much life insurance coverage you need. Factor in your income, debt and any future expenses like college education. If your spouse is a stay-at-home parent, consider how much child care would cost if they were no longer there. A life insurance calculator can also help determine an accurate coverage amount.   Be Up Front About the Details  Discussing the possibility of death can be a sad conversation, but it’s a necessary one. By having it now, you can rest assured knowing your loved ones are prepared in the event you pass away. Make sure your beneficiary knows what to expect after your death by giving them the details of your life insurance policy. Keep all of the important paperwork in one place and let them know where it’s located or consider giving them a copy of the paperwork for their records. At the very least, be sure to inform your beneficiary how much of a death benefit they should expect to receive, and what company the life insurance policy is through.  Being prepared for death isn’t limited to life insurance policies either. Make sure your loved ones have access to all important accounts, like checking and savings accounts too. Death is not an easy subject to discuss with loved ones, but having the conversation and being prepared can help make a difficult time a little easier.  Visit us today to learn more and get a free life insurance quote.

Posted on: 21 June 2013 | 3:13 pm

Understanding Life Insurance

LIMRA recently reported that a high percentage of Americans don’t understand life insurance, and a top reason they don’t purchase it is because it’s “too confusing.” We’re dedicated to helping consumers understand life insurance and why it’s necessary.  The LIMRA study showed that those who know the most about life insurance received the information from multiple sources, typically through work, a seminar or financial planner. Consider us your online financial planner and read below for life insurance basics.  Life Insurance 101 Life insurance is a safety net for your family and loved ones. A life insurance policy will provide your beneficiary with money if you pass away during the terms of the policy. Life insurance can help your loved ones maintain the same standard of living they had when you were alive, allowing them to pay bills and funeral expenses.  There are three basic types of life insurance: term life insurance, Universal Life (define below) and whole life insurance. Term life insurance is a policy that is only in place for a specific term length, anywhere from one year to as many as thirty. Whole life insurance is a policy that remains in place for the entire lifetime of the policyholder, even if they live past 100.  Life Insurances Rates and Cost  No two life insurance policies are the same so neither are the rates. As a general rule, life insurance is cheaper the younger you are, and the better health you are in. Term life insurance is a less expensive policy, because it only lasts for a specific amount of time.  Whole life insurance can be more expensive because it is generally in place for longer than term. It also has a savings component that will allow you to save money and let it grow over time.  How Much To Buy If you think that life insurance through your employer is enough, you’re probably wrong. To get an accurate idea of how much life insurance you need, try a life insurance calculator. Typically, a life insurance policy should cover the amount of money your loved ones need for:  Income replacement Funeral Expenses Credit card and other debt Mortgage and other monthly payments Future expenses like college education  Once you determine how much coverage you need, get a life insurance quote to determine how much your life insurance rates will be monthly. You can customize your policy and ask your life insurance representative questions to ensure you’re getting exactly what you want and need.  We’ve covered the basics about life insurance, but what questions do you still need answered? Post below and you may see your question answered in a future blog post!

Posted on: 18 June 2013 | 10:45 am

Don’t Let Your Life Insurance Policy Lapse

It happens to the best of us: bills get lost or misplaced and next thing you know, you have missed a payment. When it comes to life insurance it’s extra important not to miss payments, because if you do your policy could lapse.  A lapsed life insurance policy means that your beneficiaries are no longer entitled to the death benefits outlined in the policy. Without a life insurance policy, you may be leaving your loved ones open to financial struggles once you pass away.  If you are a little late on one payment, don’t stress too much, as most life insurance companies have a 30 to 31 day grace period. This allows you to be late on your premium payment without disruption to your policy. However, if your payment is later than 31 days or doesn’t come at all, you could lose the policy entirely.  If you’d like to keep the same policy but it has lapsed, you typically have to contact the life insurance company and apply for reinstatement. If your health has changed in any way since you purchased the life insurance policy, you must indicate this information and your premium rates could go up or you could be denied coverage completely. If you have a high-risk condition or disease, it’s extremely important to not let your policy lapse, because you are not guaranteed coverage once it’s gone.  How to Avoid Lapsed Policies First, it’s important to make sure you are purchasing a policy you can afford. Don’t let the life insurance rates be a bill that you struggle to pay each month or year. Use a life insurance calculator to determine exactly how much coverage you need, and purchase only that amount.  Once your life insurance policy is purchased and it’s time to start making premium payments, select a payment schedule you are comfortable with. You can typically make payments annually or monthly. Many life insurance companies also offer auto-pay options, so that the payment comes out of your account automatically. If you often miss payment deadlines, an auto-pay schedule may be the right choice for you.  Do your best to stay organized and keep all your life insurance information in one place or folder. Being aware of what is expected of you and when payments are due will help you avoid a lapsed policy in the long run. How do you keep your bills organized? Share your best tips below.  More questions on life insurance rates and premiums? Visit us  online today. 

Posted on: 11 June 2013 | 11:53 am

Term vs. Whole Life Insurance [INFOGRAPHIC]

Life insurance is a valuable financial tool everyone should consider. It’s a safety net for your family if the worst were to happen and you were no longer around. But how do you choose the type that’s best for you?  Whole and term life insurance are the two most common types of life insurance and each has its own set of benefits and drawbacks. We’re dedicated to helping consumers determine what the best type of life insurance is for their needs and we know it’s not always an easy decision. That’s why we’ve created this infographic, a visual way to break down and really view the differences between whole and term life insurance. If you’re unsure which type is the best for you, check it out and share with friends and family. You may help someone make an important financial decision! 

Posted on: 6 June 2013 | 4:30 pm

Health and Fitness Tips for Good Health

It’s a well-known fact that good health can help lead to lower life insurance rates. Whether you already have a life insurance policy or are looking for a brand new term life insurance policy, staying healthy is key to keeping your premiums down. We’re sharing our best tips for good overall health.   Be Active   Being active can not only help your physical health, but mental health as well. Being active doesn’t always mean long runs or heavy weight lifting either; it can be anything from walking, swimming, and yoga to playing with children and cleaning...  On the days you do more rigorous activities, try to incorporate both cardio and weight lifting as best you can. Lifting weights can help with weight management and can also increase your energy levels. They don’t have to be heavy weights either, you can use light dumbbells.  Cardiovascular activities like walking, running or swimming have similar health benefits to lifting weights. Also, taking a few minutes a day to stretch can help you prevent future joint pain and stiffness.  Healthy Diet   Limiting junk food and maintaining a healthy, balanced diet can help with both your overall health and weight loss goals. A nutrient-rich diet full of fruits and vegetables will also help combat a wide variety of health conditions and diseases. Make sure you’re getting nutrients from a wide variety of sources. For example, protein doesn’t always have to come from meat; you can eat eggs or yogurt for a protein-rich diet. Drinking plenty of water, at least eight glasses a day, can also help improve your overall health.  Get Plenty of Sleep   Adults should aim to get at least 7 hours of sleep a night and as much as 9 hours. A lack of sleep can create anything from moodinessto reduced muscle mass so make sure you are giving your body the rest it needs.  What is your best healthy living tip? Share it below.  Have you been living a healthier lifestyle and want your life insurance rates to reflect it? Visit us today to get a free life insurance quote.

Posted on: 4 June 2013 | 4:23 pm

How Long Should I Buy Term Life Insurance For?

If you’ve decided that term life insurance is the right life insurance policy for you, you’ll have two more decisions to make: the coverage amount and how long of a term to purchase. Typically term lengths range from 1 year up to 30 years. So how do you decide how long you need the policy for? We share our thoughts below. 1 Year  One year is a very short time to have a policy, but it can be useful in some cases. A one year policy can be beneficial if you only have life insurance through your employer, but it is no longer in effect due to leaving the company or other reasons. A very short time policy like a one year term life insurance policy can help ensure you are covered in between jobs. 5 Years  A 5 year term life insurance policy can be useful to cover the cost of a short term loan or the college education of your children. The shorter the life insurance policy, the more affordable the premiums can be, so a 5 year policy can be a good option to cover any short term needs. 10 Years  While 10 years can seem like a long time, a 10 year term life insurance policy is still meant for someone with short term life insurance needs. Many of the reasons people take out a 5 year policy hold true for a 10 year policy, like loans and college education. If you have a mortgage, depending on how long it is for, you may consider a 10 year term to cover mortgage payments. 20-30 Years One of the most common reasons for purchasing a 20 or 30 year term life insurance policy is when your family expands with children or other dependents. A long term life insurance policy can provide for children for all of their childhood as well as cover more short term costs like mortgage payments, credit card debt and college education. Make sure you accurately determine your financial situation when selecting a term length as well as coverage amount. A life insurance calculator can help you determine how much coverage you need.  What was the deciding factor on the term length you decided on? Share below, and visit us today to get a free life insurance quote.  

Posted on: 30 May 2013 | 1:48 pm

Five Life Changes That Should Prompt a Life Insurance Review

Life can change at the drop of a hat. Whether it’s meeting that special someone and getting married or finally getting that big promotion at work, it’s important to adjust your financial plan accordingly. That includes life insurance. If you don’t have it already, you should, and you should be reviewing it with every big life change. Today we will share the five life changes that should make you review your life insurance policy. Marriage Once you get married, your financial situation will undoubtedly change. A dual income means more money, and you may even change your standard of living. Make sure your life insurance policy reflects your dual income amount. You may also want to consider changing your beneficiary to your new spouse. Buying a Home Purchasing a home is likely one of the most expensive purchases you will ever make. It’s also where you hang your hat at night and spend time with loved ones, making it that much more important to protect. Make sure you have a life insurance policy that will cover the amount of your home loan, so that if you pass away unexpectedly, your family doesn’t have to move.  Having Children Expanding your family is an exciting time in life, but a new bundle of joy brings on many responsibilities. Many of those responsibilities are financial. A review of your life insurance policy is especially important once you have children. If you pass away while they are young, you want to make sure they are set financially and don’t have to worry.  Divorce  Unfortunately, divorce can happen, and it’s a big life change that requires a good look at your life insurance policy. You may want to increase or decrease the death benefit amount or possibly change the beneficiary. New Career or Business  A new career, business or big promotion can mean a higher salary. Many take out a life insurance policy to act as income replacement if you pass away unexpectedly, so make sure the death benefit covers all of your new salary. Even if you haven’t yet experienced these big life changes, life insurance is still an important financial tool. A big life change doesn’t have to be the only reason to review your policy, either. An annual review is always helpful to make sure you understand exactly what you have in the policy. Don’t have life insurance? Contact us today or get a free life insurance quote.

Posted on: 28 May 2013 | 12:06 pm

Unclaimed Life Insurance Death Benefits

Consumer Reports recently reported that there are at least $1 billion in benefits from misplaced or forgotten life insurance policies waiting to be claimed by their rightful owners. The odds that you are one of those beneficiaries who missed out on life insurance death benefits owed to you? 1 in 600. We’re sharing the ways you can claim lost life insurance death benefits and how you can ensure this doesn’t happen to your loved ones. If you suspect you may have been the beneficiary of a life insurance policy, start by searching on www.missingmoney.com. This website, run by the National Association of Unclaimed Property Administrators, can help you search by your name and discover if you should have received a life insurance death benefit. The website can help you to print the proper forms and place your claim, but make sure you have the proper documentation to prove you are the beneficiary, including a death certificate for the policyholder. You can also contact the insurer that the policy was from, but typically, for legal reasons, they can’t give answers unless you are the deceased’s executor or immediate family. Prevent Unclaimed Death Benefits It’s a common problem, but unclaimed death benefits don’t have to happen to your dependents once you pass away. Be sure to communicate with loved ones about your life insurance policy and what it entails. Inform your beneficiary of your policy and make sure they know what to expect once you pass away. It’s also important to let them know which insurance company the policy is through and who to contact in the case of your death. It’s also important to keep all documents in an easy-to-find place and tell a loved one where the location of important paperwork is. If your beneficiary can’t find the paperwork or doesn’t know about the policy at all, they won’t be able to collect the funds. Talking about death can be an uncomfortable subject, but if you communicate with your loved ones your plans, it can save them some stress during an already stressful time. Interested in learning more about term life insurance? Contact us today or get a free life insurance quote.  

Posted on: 26 May 2013 | 12:14 pm

Why Buy Term Life Insurance

There are many choices when it comes to picking out which life insurance policy to purchase. There’s term life insurance, whole life insurance, universal life and more. Plus, each policy has its own set of unique features. Term life insurance is a policy that many purchase, and we’re sharing some reasons why it might be the right choice for you. Cost For many consumers, it comes down to the cost. Is it affordable? Can you make the monthly premium payments without worry? Term life insurance can be very affordable, especially when you compare the premium amounts to whole life insurance. Because term life is only for a specific amount of time and has no investment component, it can be a less expensive option than whole life insurance. Term life can be especially inexpensive the younger you are and the better health you are in.  Flexibility Term life insurance can provide a lot of flexibility, because you can choose the length of the term, anywhere from as little as one year to as much as thirty years. You can also choose the amount of coverage you need. A term policy can be purchased during years when you might need additional coverage, like when you have dependents at home, children in college or even to simply cover a long term payment like a mortgage. No matter which type of policy you choose to purchase, each will have the benefit of providing peace of mind for you and your family. A life insurance policy can provide income replacement, cover funeral expenses, medical bills and so much more.  Interested in learning more about term life insurance? Contact us today or get a free life insurance quote.

Posted on: 24 May 2013 | 2:00 pm

Seven Tips to Save on Life Insurance [INFOGRAPHIC]

Life insurance can be expensive. We get it, and we know that it’s a reason many people avoid making the purchase. But the right life insurance policy can be very inexpensive and in every case, worth the cost. It’s a very important financial tool everyone, especially those with dependents, should consider. We’re dedicated to helping consumers find the right policy at the right price to protect their family and loved ones.  We’re so committed to helping you save money we’ve even put together seven tips to help you save on life insurance rates. If you’re interested in saving money (and who isn’t!), view our infographic below. And don’t forget to share with your friends and family. You’ll be the recipient of many thank you’s for helping them save!

Posted on: 22 May 2013 | 5:47 pm

Five Common Life Insurance Questions

When obtaining life insurance quotes, lots of questions can arise. We’ve heard them all, but there are some that we hear more often than others. We’re sharing the top five life insurance questions and the answers below.  1. Why Do I Need Life Insurance? Life insurance is the safety net to protect your family should the worst happen. Everyone should have life insurance, for reasons that range from income replacement to paying for funeral expenses or mortgage payments.  2. How Do I know How Much I Need? A life insurance calculator can help you determine how much you need, but a general rule is to factor in the following: Your income Any debts, including mortgage payments, loans and credit card debt Funeral expenses Future college education for children  3. What are the Different Types of Life Insurance? There are two basic types of life insurance, term life insurance and permanent life insurance. Term life insurance is a policy that lasts for the length of a specific term, typically for 5, 10, 20 or 30 years. A permanent life insurance policy lasts for the entire lifetime of the policyholder, even if they live to 100. Term life insurance is typically a less expensive option, but a permanent life insurance policy can have a cash value option, which helps you save money over time. 4. Can I Have More than One Policy?  Yes, you can have several life insurance policies. In fact, if you are relying only on a life insurance policy through work, it’s recommended to get another policy. It’s common to have a permanent life insurance policy for long-term needs and a term life insurance policy for more immediate needs, like mortgage payments or college education. 5. How Much Does Life Insurance Cost? The cost of a life insurance policy can vary, depending on your age, health situation and other factors. A life insurance policy will be cheaper when you are young, because you are typically in better health and not nearing death. As you grow older, the premium rates usually increase. To get an accurate picture of how much of an investment life insurance will be for you, take the time to get a life insurance quote. Do you have more life insurance questions? Contact us today.

Posted on: 22 May 2013 | 12:15 pm

Four Reasons to Review Your Life Insurance

It’s easy to forget the details of an insurance policy you purchased years ago. Many simply receive their premium bill each month, pay it and go on their way. But it’s important to review your life insurance policy from time to time for many reasons, four of which we share below. 1. Know What You Have You can’t know if you have enough life insurance if you don’t know what you have. Make sure you understand all of the death benefits, and are comfortable with the amount your dependents will receive if you pass away. 2. You May Need More  If you purchased a policy many years ago, life has probably changed for you. You may now have children or other dependents who rely on your income. If you’ve gotten promotions or new jobs over the years, your salary may have changed, as well as your standard of living. Make sure the policy still has enough of a death benefit to cover all of your expenses. To ensure you know exactly how much you need, use a life insurance calculator. 3. You May Have Accumulated Cash If it’s been a long time since you purchased a cash value whole life insurance policy, you may have a lot of accumulated cash in the bank that you weren’t aware of. Accumulated cash can increase your death benefit payout or even lower your premium payments down to zero. You could also use the cash to take out a loan. 4. You May NOT Have Accumulated Cash A policy with a cash value component is especially important to review annually, if possible. It may not have performed as projected and could run out at an earlier age than you expected. An annual policy review can help you determine how the policy is performing and if you need to take out another one. Staying informed and on top of your life insurance policy can prevent headaches later. Review your policy as often as you’d like, but at least try for an annual review. Do you have questions about what you should look for in a policy review? Contact us today.

Posted on: 20 May 2013 | 1:08 pm