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How to Choose Burial Insurance Coverage

Many of us worry about passing the cost of final expenses to our spouse or other loved ones when we die. The National Funeral Directors Association reported the median price of a funeral is $7,360. Even more problematic, statistics show costs are trending up. Between 2004 and 2014, the median cost of an adult funeral rose nearly 29 percent, which sounds reasonable when compared to the 87 percent surge from 1980 to 1989. Topics related to final expenses represent difficult areas to address with family, even with adult children. But engaging them gives you a head start on managing expectations before they become an issue. Communication is key. Why Burial Insurance Burial insurance is a simple and specific form of insurance coverage. Benefits are available to use for funeral expenses and other bills left behind when a person dies. For people with high-risk health problems, or are older and otherwise…

What is Dependent Life Insurance

No one likes to think about the death of a loved one. Especially a spouse or child. But just as life insurance for yourself protects your family, dependent life insurance alleviates the financial burden of a dependent’s untimely death. Dependent life insurance is often offered as an add-on to your life insurance through an employee benefits plan. You can typically purchase varying amounts of coverage depending on your needs and budget. Who Qualifies as a Dependent for Life Insurance? Dependent life insurance plans typically cover your spouse and dependent children. Spouse. Depending on your plan, a spouse is usually defined as the person to whom you are legally married. This can also include common-law marriages. A domestic-partner may not be considered a spouse. If applicable, check your plan. Children. Dependent life insurance extends to biological and adopted children, as well as children under your legal guardianship. Your child’s age also…

Retaining Life Insurance for Peace of Mind

As a driver and homeowner, you are required to carry home and auto insurance. If all goes well, you’ll never experience a car accident, home invasion or natural disaster that makes that insurance worthwhile. The peace of mind it brings is worth it. And although life insurance isn’t mandatory, it provides an immeasurable benefit to loved ones when we pass away. When we think about family, the real value of life insurance becomes evident. Family Values Every single one of us will face the end of life. When that time comes, what will your life insurance be worth? Not in dollar value, of course – that’s a question for your SelectQuote licensed agent. But what will the value be to your loved ones? Will it mean a stay-at-home spouse can continue caring for the family instead of scrambling to find work and affordable childcare? Will it mean the relief of not worrying…

Think Singles Don’t Need Life Insurance? Think Again

A lot of people assume life insurance is something you don’t need to think about until you’re married or have kids. However, this outdated view doesn’t reflect the responsibilities and relationships experienced by many of today’s single adults. Consider Friends – the iconic sitcom about a group of single twenty-somethings. Each character has good reasons to have life insurance, which we saw as their stories unfolded over 10 seasons. Whether you’re a Monica or a Phoebe, a Chandler or Joey, a Rachel or a Ross, if you’re single, you, too, probably have good reasons to have life insurance. So Many Singles America has more single adults than ever before. According to the U.S. Census, 45.2 percent of U.S. residents age 18 and older are single, compared to 28 percent in 1960. This means America has more than 110 million single adults. Furthermore, those who do get married are waiting longer…

4 Reasons to Choose Term Life Insurance

Term life insurance offers one of the simplest ways to protect your loved ones in the event of your passing. It can also provide peace of mind. Mortality cuts well beyond six feet and leaves a trail of expenses and heartache in its wake. Knowing life is short, and may be taken away at any moment, it reinforces the desire to care for loved ones. Term life insurance pays out a guaranteed benefit when you die during a specified period of time. Say, for example, you buy a 30-year term life insurance policy and die before the 30-year timeframe ends, your family will receive a death benefit to help with financial costs. This helps your beneficiaries pay for expenses previously covered by your income. Two general types of life insurance — term life insurance and permanent life insurance — exist. Term life policies provide an attractive life insurance option for several…

Buying Life Insurance in Your 20s and 30s

If you’re part of the Millennial Generation, buying life insurance may be the furthest thing from your mind. You may feel you don’t need it because you’re young, healthy and have other financial priorities. But this is the best time of your life to think about life insurance. Here’s the bottom line: If someone depends on your income or would be stuck paying for your debts if you die, you need a life insurance policy. If you’re single and don’t have financial dependents or debt, you may not need life insurance right now. Prime reasons to buy life insurance are getting married, starting or adding to your family or buying a house. But those aren’t the only reasons to act now. Buying life insurance will never be easier and more affordable than when you’re young and healthy. Common Misconceptions About Life Insurance A survey by the insurance industry proves that…

Life Insurance: A Long History of Helping in Times of Need

Life insurance. It is a concept that virtually everyone is familiar with, and more and more people are selecting either whole or term life insurance. But how did life insurance come to be? The roots of life insurance stretch back in time. Here is a look at the history of life insurance, as well as some other facts that might surprise you. Ancient Roots of Insurance Life insurance got its start in the 17th and 18th centuries. However, the roots of life insurance run much deeper. So deep, in fact, they can be traced to Ancient Rome. Romans created burial societies, which were essentially clubs that ensured members would be able to have a proper burial. Geared toward the less affluent members of society, these burial clubs collected weekly dues from each member. The dues were pooled to cover the burial costs of the deceased. Some societies went so far…

Is Life Insurance Through Work Enough?

Beyond salary or wage, your benefits package stands as one of the great perks of employment. Included in that benefits package, you may find group life insurance. For the first time since 1960, more people are enrolled in group life insurance plans than those with individual coverage. Group life insurance is a great low-cost or free benefit for employees. But does life insurance through work offer enough coverage for your circumstances? For many, life insurance through work would not adequately protect their families. According to Life Happens, many group life insurance plans cover one to two times your salary. In some cases, it covers a set amount such as $25,000 or $50,000. That sounds like a large dollar figure, right? However, when you start to break down how you would want those funds used, you may find the amount lacking. How Much Life Insurance Do You Need? People commonly use…

Take the Pledge During Life Insurance Awareness Month

Thinking about financial fitness, the basics probably come to mind. It’s all about budgeting, saving, spending, income, retirement and how to maximize all those components. But we cannot forget the importance of insurance, specifically life insurance, when building your financial portfolio. Peace of Mind According to the 2018 Insurance Barometer Study, by Life Happens and LIMRA, 84 percent of people say most people need life insurance. Yet only 68 percent say they personally need it and only 59 percent own some form of life insurance. It’s human nature. People put off getting the insurance they know they need. Other financial priorities may seem more pressing. In the same study, 61 percent of people cite other financial priorities. And 40 percent say they haven’t bought life insurance because they don’t know what kind or how much to buy. It’s important to us at SelectQuote for you to get financially fit in…

How Much Life Insurance Do You Need?

If you’re considering buying life insurance, whether for the first time or to supplement policies you already have in place, you’ve made a good decision. Term life insurance is the most affordable way to protect your family’s financial security for the long haul. It replaces your income in the event of your death. And life insurance ensures your dependents can support themselves financially in your absence. Term life insurance is surprisingly affordable. If you’re in your early or mid-career (20s, 30s or 40s) you can buy coverage for under a dollar a day. Even if you’re older, you can most likely find a policy that’s right for you and your dependents at a price you can afford. Your biggest questions may be: How much term life insurance do I need and for how many years? Many tools and tips from experts can help you decide. Making an important decision that…