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Life Insurance Blog by IntelliQuote

Newly Divorced: 5 Reasons Why You Need Life Insurance

Posted by Philip Ranger

May 29, 2016 8:30:00 PM

In most cases, divorce is an undesirable outcome for a marriage. However, more than one out of every five American men and women have gone through a dissolution of a marital union. That said, a divorce can provide a catalyst for an individual to start fresh, find happiness, and achieve fiscal success.

But even though you no longer have a spouse who shares your financial burdens, you still need to obtain a life insurance policy. Here are five reasons why:

1. Alimony and child support. Many divorce decrees involve one spouse providing financial assistance to the other in the form of alimony and/or child support. Therefore, if you want to prevent your ex-spouse and children from suffering a major financial problem in the event of your death, you should acquire a life insurance policy which includes a death benefit that is sufficient to replace this income.

2. Your long-term care. Even if your children are grown, a dependency issue may still emerge in the future - only it might be you who will require care from your offspring. As you get older, your health may deteriorate to the point where you may need your children to help fund a part-time or full-time medical caregiver (or even an assisted living facility). If your savings, retirement funds, and Social Security benefits are inadequate to cover these costs, a whole life policy may provide additional money to address your long-term care needs.

3. The "boomerang" child. In 2014, almost one out of every eight women aged 25 to 34 years - and almost one out of every five men in this age group - were living with their parents. As a result, many divorcees are no longer "home alone" but are instead supporting an unemployed or underemployed son or daughter. To deal with the additional living expenses, you could take out a whole life policy and borrow against its value during times of need.

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Topics: Life Insurance for Single Parents, Life Insurance, Divorce Life Insurance Policy

Single Mothers and Life Insurance: Why it Should Be a Top Priority

Posted by Philip Ranger

May 26, 2016 7:00:00 AM

The role that women play in both society and the family dynamic has changed drastically in the past few decades. Not only are women making strides in once male-dominated professions, but they are also now increasingly taking on the role of sole provider in a household. Single parenting has become much more prevalent, with 26% of U.S. households with children under the age of 18 now run by a single a parent, most of these female.

According to the most recent data from the U.S. Census Bureau, of the 43.5 million mothers in this country between the age of 15 and 50, nearly 23% are single mothers. While modern society has provided single mothers with many progressive opportunities, taking care of a family single-handedly brings its own set of financial challenges as well.


Life Insurance for Single Mothers

The interesting thing about life insurance is that some people who don't need it have plenty and those who need it the most tend to forgo coverage altogether. Research shows that it is less common for single parents to carry life insurance, and these uninsured numbers actually went up when there were more children in the household. So, what's the verdict for those 10 million households being supported by single mothers? It means that there is no protection for a family if the sole source of support is no longer available. Benefits from a term life insurance policy can be used to pay burial expenses, pay off debts, and support dependents.

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Topics: Protecting your families financial future, Life Insurance for Single Parents, Life Insurance

Life Insurance Policy Question: What is an Accidental Death Benefit?

Posted by Philip Ranger

May 21, 2016 7:30:00 AM

While longevity rates have improved drastically in the last century, there's no doubt that living in the world today is still fraught with peril. In just the last year, over 32,000 people lost their lives on America's roadways according to the latest crash reports from the National Highway Traffic Safety Administration. Yet, this number accounts only for traffic deaths. People lose their lives in work-related accidents and other tragedies on a daily basis. That is the reason that you may wish to consider adding an Accidental Death Benefit rider to your life insurance policy.


Accidental Death Benefit

The Accidental Death Benefit Rider is a clause that can be added to a life insurance policy that pays if you die because of an accident. You will still retain the normal life insurance that pays in the event of your death, but if you lose your life from an accident, you'll receive an additional payout that equals the original death benefit. This is usually called a "double indemnity rider" because beneficiaries will receive double the death benefit. In the alternative, it is possible to purchase a standalone Accidental Death policy that will only pay a death benefit if the named insured dies in an accident.

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Topics: Compare Life Insurance Rates, Life Insurance Basics, Accidental Death Benefit

Are Life Insurance Quotes for Women Different Than Those for Men?

Posted by Philip Ranger

May 18, 2016 6:00:00 PM

Ladies know the truth: lots of things are just more expensive for the fairer sex.

For starters, women who often are not as auto-savvy may find themselves shelling out more money to purchase or repair their car. They also pay more for clothes and haircuts when compared to men. And let's not even talk about the cost of health care (perhaps because men "never go to the doctor").

However, there is one product for which women generally pay less than men: a life insurance policy.

According to GoodFinancialCents.com, the potential for lower monthly premiums between the average male and the typical female is:

  • $20 for a 10-year, $500,000 term life insurance policy at age 30
  • $56 for a 30-year, $250,000 term life insurance policy at age 40
  • $132 for a 20-year, $250,000 term life insurance policy at age 50
  • $820 for a 20-year, $500,000 term life insurance policy at age 60

Women Live Longer Than Men

The main reason for this price disparity is the difference in life expectancies between men and women. According to data from the Organisation for Economic Co-operation and Development, the average life expectancy for an American woman is 81.2 years, which is about 6% longer than the figure of 76.4 years for men.

Because of this inequality in life expectancy, a woman is less likely to pass away at any particular point during the time period of her life insurance policy than her male counterpart. As a result, the premiums charged by her life insurer will be lower because of the reduced risk of the company having to pay out a hefty death benefit.

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Topics: Life Insurance Quotes, Term Life Insurance Rates, Age, Life Insurance for Women

Intelligent decisions for Life

Posted by IntelliQuote Marketing Team

May 17, 2016 2:36:03 PM

 

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Topics: Life Insurance Quotes, Term Life Insurance, The IntelliQuote Process

10 Things to Consider When Looking for the Best Life Insurance to Cover Someone Else

Posted by Philip Ranger

May 15, 2016 8:49:00 AM

It's an awkward issue on multiple levels, and there never seems to be a good time to address it. But if you care about someone, then you may find it necessary to somehow muster up the courage to ask, "Do I need to take out a life insurance policy on you?"

The fact is, the death of certain people in your life could leave you in a financial bind along with your emotional crisis. So it's wise to plan ahead and have protections in place now in case the unthinkable unexpectedly occurs. Here are ten questions to answer when considering the purchase of a life insurance policy for another person:


1. Does the person want it?

In almost every case, you will not be able to obtain a life insurance policy for someone unless he or she provides consent. A major exception is if you are buying a policy for a child under the age of 15.


2. Does the person need it?

If your loved one doesn't have any debt and no one else is financially dependent upon him or her, then life insurance may not be necessary as long as the individual has enough money in savings to cover any funeral costs.

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Topics: Life Insurance, Best Life Insurance, Family Protection

What Happens at the End of My Term Life Insurance?

Posted by Philip Ranger

May 10, 2016 5:30:00 PM

Believe it or not, you've achieved something pretty great if you've come to the end of your term life insurance policy. The best type of life insurance is the kind that you never have to use but that you know is available in case your family needs it. As you know, term life insurance isn't meant to last forever and usually has a policy term set for a period of 10, 20, or 30 years. If you are nearing the expiration date of your policy, here are your options.


Pay the Renewal Premium

There is a common misconception about term life insurance that the policy is no longer "good" after the set period, say 10, 20, or 30 years. In fact, most policies are not written this way. The end of your term is simply the end of the period in which you were given a guaranteed premium, or rate, for the policy. In most cases, you can continue to pay for the policy, but at an increased rate. If you are in poor health and at the end of your term, this could be your only viable option.

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Topics: Life Insurance Policy, Term Life Insurance, Life Insurance, Life Insurance Basics

The Cold, Hard, Ugly Truth About Choosing Life Insurance Policy Beneficiaries

Posted by Philip Ranger

May 7, 2016 8:16:00 AM

Obtaining the right insurance policy is difficult enough without thinking about all of the scary and horrific things that can go wrong - none of which have to do with the act of death itself.

After all, if you fail to exercise care in naming the beneficiaries of your policy, all of your hard-earned money and other assets may not be bequeathed to the people or entities that you desire. This could very well leave your loved ones to cope with financial hardships in addition to mourning your passing.


Primary vs. Secondary Beneficiaries

There are two types of beneficiaries in a life insurance policy. A primary beneficiary receives money in the event of your death, while a secondary beneficiary only has a claim to a payout if the primary beneficiary is deceased at the time of the policyholder's death. So if you name a spouse as a primary beneficiary and a nephew as a secondary beneficiary, the nephew isn't legally entitled to a dime if your spouse is alive at the time of your passing.

That's why it's often wise to designate multiple primary and secondary beneficiaries so that you are sure that your death benefits are distributed in accordance with your wishes. The policy should contain not only the beneficiaries' names but also, their social security numbers. Simply listing "my spouse/children/relatives" often necessitates a lengthy investigation by the insurer before any funds are paid out.

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Topics: Life Insurance, Life Insurance Benefits, Beneficiaries, Family Protection

ABOUT INTELLIQUOTE

A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes. IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents. This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education. For information on how to estimate how much coverage an individual might need, contact www.intelliquote.com, or 888.883.6855.

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