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Why Life Insurance Is so Important

We’re excited to announce that September is Life Insurance Awareness Month. Each September, SelectQuote, along with insurance companies across the country, partners with nonprofit organization Life Happens in an industry-wide campaign to educate Americans about the critical importance of life insurance. Over 70 insurance organizations are participating this year. So let’s get right down to it and why life insurance is so important? There are six common reasons people choose to purchase life insurance. We’ll dive into each of them shortly. As you’re reading, think about how many of these reasons apply to you. Understand that purchasing life insurance is a personal decision and everyone’s needs are different. Even if you don’t need life insurance right now, it’s helpful to understand when and why you may benefit from it in the future. Dependents If you’re a parent, you worry about your kids because you love them so much. Not only do…

Just for Seniors: Tax Tips for Retirees

Retirement may have its benefits, but exemption from the IRS isn’t one of them. Still, seniors actually have more options than most when it comes to making tax time less taxing. If you’re 65 or older, these six tips will help minimize your stress and maximize your deductions come April 15. Determine How Much of Your Social Security Benefits May Be Taxable The more income you have, the more likely it is that a portion of your Social Security benefits will be taxed. To find out how much, you first need to calculate your base amount. Your base amount is equal to half your Social Security benefits plus your other income (including tax-exempt interest). If that amount exceeds the limits for your filing status, some portion of your benefits will be taxable. Calculating your base amount now means you’ll be less surprised – and less stressed – in the spring.…