Americans aren’t buying life insurance, but why?

http://www.benefitspro.com/2017/06/26/americans-arent-buying-life-insurance-but-why

Life Insurance Safeguards Your Family.

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Why Life Insurance Is Important for Everyone.

 

 

http://frankwest.myhomehq.biz/why-life-insurance-is-important-for-everyone

The True Cost of Life Insurance.

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The True Cost of Life Insurance – Latte

A Life Lived Fully but Wisely.

A Life Lived Fully but Wisely

Keeping a Family and a Business Afloat.

Keeping a Family and a Business Afloat

Life Happens: Life happens in a heartbeat.

Life happens in a heartbeat. (30 second)

Life Happens: Never Miss A Moment.

Never Miss a Moment

4 Financial Tips to Keep Your Family Safe.

It’s tough to get our financial house in order, not because it’s especially hard, but because it’s … boring? Tedious? The last thing we want to spend time on? To remedy that, here are four tips that you can take on and accomplish:

1. Make sure you have life insurance—or enough of it. Do you really need life insurance? Well, answer this question to find out: Would your loved ones suffer financial if something happened to you? If the answer is yes, you need life insurance. Then comes the question, how much? There are a number of factors that go into calculating how much life insurance you might need. But it doesn’t have to be difficult. Instead, use this online Life Insurance Needs Calculator, and in just a couple of minutes you can have a working idea of the amount you need. If you already have life insurance, why not use this calculator to make sure you have enough!

And don’t let cost—or actually perceived cost—stop you from getting coverage. Did you know that 80% of people overestimate how much life insurance costs? And those under 25 think it’s four times more expensive than it actually is. Let’s frame it this way, say you’re 30 and in good health, a 20-year level term life insurance policy with $250,000 of coverage may cost around $13 a month. That’s the equivalent of a few Starbucks drive-through lattes. Here are a number of ways you can get coverage or search for an agent if you don’t have one.

Would you like to your ex-spouse to get your life insurance if something were to happen to you because you forgot to change the beneficiary on your policy?

2. Review your life insurance beneficiaries. Would you like your ex-spouse to get your life insurance if something were to happen to you because you forgot to change the beneficiary on your policy? Would you like the money to get tied up in court because you named your minor children as the beneficiaries? These are missteps that happen more than you think. Add to that the fact that people may have more than one policy—for example one through the workplace (a group policy) and one that they bought individually.

This is exactly the type of thing that a life insurance agent or advisor can help you with. And it won’t cost you anything to talk to them about it. Plus, if you’ve gone through tip #1, they can double check that the amount of coverage you came up with meets you needs. Also, it’s honestly a lot less hassle to have someone who knows what they’re doing help you out, and isn’t that what we’re trying to achieve here—get it done?

3. Don’t skip disability insurance. Many people aren’t really familiar with what disability insurance is and what it does. Basically, it replaces a portion of your income if you’re unable to work due to a disabling illness or injury. Why is that important? Think about how long you could make ends meet—pay rent or the mortgage and all your monthly bills if your paycheck suddenly disappeared. A Life Happens survey found that a majority of those who work wouldn’t make it more than a month before they’d have to make some serious financial sacrifices. Again, an online calculator can help; get started with this Disability Insurance Needs Calculator.

So, how do you get it? Your employer may offer disability insurance coverage through a group plan. If you’re not sure, contact your HR department or benefits manager to find out what kind of coverage you have (if any). If you don’t have coverage or need more than is offered through work, buying your own disability insurance policy is worth considering. Unlike group coverage, privately owned insurance stays with you even when you change jobs.

Also keep in mind that most people overestimate what the government will pay or cover if something were to happen. According to the National Safety Council, 73% of long-term disabilities are a result of an injury or illness that is not work-related and therefore wouldn’t qualify for Workers’ Compensation. And if you were hoping for Social Security disability benefits, know that about 45% of those who apply are initially denied, and those who are approved receive an average monthly benefit of around $1,100, which would leave you living at about the poverty level.

4. Automate your emergency fund. While not as fundamentally critical as the above tips, this will probably have the most impact on your day-to-day life. Everyone one of us runs into unexpected events that are costly—a major car repair, a leak in the roof, a job loss … the list, as you know, can seem endless. To give yourself peace of mind and bit of cushion, set aside a certain amount each month—it could be $50 or $500, depending on your financial situation—and have it automatically deposited into your savings account. If it’s easier to track, you could even keep it in a separate account. Then it becomes a no-brainer, because that money isn’t there for you to spend. In a year, if you chose one of the above amounts, you could have $600 or $6,000 stashed away!

These tips will set you on the path of ensuring that if the unforeseen happens, you and your family will be OK financially. And what’s worth more than your peace of mind?

7 Reasons Why You Need Life Insurance

There are very few instances why someone could not benefit from a life insurance policy. We’ve put together seven reasons why almost anyone would need a life insurance policy for themselves or for the main wage earner in their home.

  1. Instant Estate for your Family
    It takes a lifetime to build up a large estate for your family. With life insurance you can instantly provide security for your family if you die unexpectedly.
  2. Pay Off Debt
    The mortgage is the first debt that likely comes to mind, but most Americans have many other forms of debt that can drain a family’s finances very quickly when the main income earner dies. Car payments, college loans, credit cards, and other smaller debts can put a lot of strain on the surviving family members.
  3. College Funding
    Your young daughter or son may only be learning their ABCs right now, but in the event of your untimely death or debilitating injury the funds for their college tuition could be lost in a matter of months. Life insurance can provide a blanket coverage for such an instance.
  4. Lost Income
    A common standard for many families considering life insurance is to estimate that a non-working spouse or homemaker should be insured to have an income of at least $35,000 replaced.
  5. Final Expenses
    Even if you have no dependents and no debt or outstanding bills someone will have to pay for your funeral costs. With a burial policy your loved ones will not be stretched to cover the final expense of your burial.
  6. Long Term Investment
    Cash value over time is a great way to make your life insurance policy go even further. This “nest egg” could be used for college tuition, starting a business, or a down payment on a house. Whole life policies do not always require a death to receive benefits.
  7. Peace of Mind
    When a time of grief overwhelms a household there is nothing that can make things any “better,” but having the peace of mind of a secure estate will certainly make the time of grieving much easier. Life insurance doesn’t take away the pain of losing a loved one, but it certainly helps deal with the reality of living security without your recently deceased
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