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Whole Life Insurance

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Top 3 Mistakes People Make When Buying Life Insurance

Buying life insurance is an important step to protect your loved ones’ financial future. But the process can seem overwhelming. There are ample opportunities to make a life insurance mistake when researching life insurance policy options. With so many options, different types of coverage and the prospect of gathering multiple life insurance quotes, it’s easy to end up with a policy that doesn’t fully meet all your needs. SelectQuote Licensed Agent and Conversion Supervisor John Schmidt shares some common mistakes and solutions for how to overcome those mistakes when buying life insurance. He also offers solutions to help you avoid them. Life Insurance Mistake #1: Buying Life Insurance From Your Home and Auto Insurance Provider According to John, this is the most common mistake that life insurance buyers make. Many people will automatically buy life insurance from the same insurance agency that provides their home and auto insurance. While this…

Comparing Leading Life Insurance Companies

You insure your car, your health, where you live and it’s important to include life insurance in that list. After all, life insurance is about taking care of the ones you love after you’re gone. It’s important to review the leading life insurance companies to be sure you’re choosing the right life insurance policy for you and your situation. Reviewing Life Insurance Companies Take a quick look online and there are dozens of carriers offering what appears to be the same life insurance coverage. But while the products offered may be similar, it’s always smart to review quotes from more than one and compare both the policies and the providers side-by-side before making a choice. The table below lists the leading life insurance companies we represent and gives you the information you need to start your comparison. Each link takes you to the provider’s website where you can get a…

The Differences Between Term and Whole Life Insurance

Maybe you’ve heard the adage, “life insurance isn’t for you, it’s for your loved ones.” In the event something does happen to you, you want to take care of your family’s needs. Simple enough. And smart. But deciding how best to provide for your family will likely lead you to the term life insurance or whole life insurance fork in the road. At first glance, the paths will look quite different: Term life insurance is the more straight-forward of the two solutions and less expensive. Whole life insurance (the most common form of cash value or permanent life insurance), on the other hand, offers additional benefits but costs more than term life insurance. So, the key to deciding your direction in life insurance requires anticipating future financial outcomes most beneficial to your dependents. You will want to cover key expenses and plan as if they wouldn’t have your income. To…

Questions to Ask When Considering Life Insurance

People often get nervous about shopping for life insurance because it seems complicated. That’s understandable. Sometimes it seems filing taxes may be easier than figuring insurance costs and policy plans. The good news is that there are a lot of sources for helpful tips out there to get you through the process, so do your research. Here are some essential questions you’ll need to consider: Do I Need a Life Insurance Policy? To start, ask yourself a couple questions. 1) Any chance that you’re going to die someday? 2) If you answered yes, are you single with no debts and no dependents? If there’s anyone whose day-to-day survival depends on your ability to earn a living, a life insurance policy should probably be on your to-do list. Even if you don’t have a pressing immediate need for it, the younger you are when you buy it, the lower your life insurance…

Happy 100th Birthday – Outliving Your Life Insurance

You don’t expect to be in your 90s and worried about your life insurance policy. When you chose to take out a permanent policy, you expected it to be … permanent. Term Life Insurance and Whole Life Insurance  Term life insurance provides coverage for a certain time period (usually 10, 20 or 30 years) and is designed to protect your dependents financially in case you die while they’re still reliant on your income – to pay the mortgage, childcare or other essential bills. And permanent (or ‘whole’) insurance is designed to outlast all that. When you take out a term policy, you choose a payout amount (otherwise known as a death benefit) and pay a monthly premium. In most cases, both the premium and the benefit remain unchanged during the “term” of the policy. It’s usually fairly inexpensive because most people don’t ever use it. They live longer than their…

September Is Life Insurance Awareness Month, Celebrate.

We are excited to announce that September is Life Insurance Awareness Month. Each September, SelectQuote, along with insurance companies across the country, partners with non-profit organization Life Happens in an industry-wide campaign to educate Americans about the critical importance of life insurance. Over 70 insurance organizations are celebrating Life Insurance Awareness Month this year. To celebrate, SelectQuote will answer the most commonly-asked questions about life insurance throughout September. What is term life insurance? When to consider term life insurance and what are the benefits to you and your family? How much term life insurance coverage do you need and how long should your coverage last? Knowing the answers to these questions will help you understand the value and need for life insurance sooner, rather than later. First off, the value of term life insurance. Term life insurance provides coverage for a specific period of time and is the most flexible…

5 Questions About Buying Whole Life Insurance

Whole life insurance may be a pricier option than term life insurance, but that doesn’t necessarily mean you shouldn’t buy it. Unlike a term policy, a whole life insurance policy provides a lifetime of coverage at a level premium – meaning you’ll pay the same monthly or annual rate for the life of the policy. Whole life coverage also accumulates a cash value, which can grow over the life of the policy and receive favorable tax treatment. This means you can borrow against or even cancel your policy for all or part of its cash value while you’re still alive. And because you can’t outlive a whole life policy, this type of coverage is often considered preferable to term life insurance when it comes to retirement and estate planning. Given the high cost of whole life insurance, however, it pays to carefully consider these five questions before you purchase a policy:…