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Life Insurance Blog by IntelliQuote

Over 50 And Looking at Life Insurance? Why It Is Still A Good Idea

Posted by Philip Ranger

Sep 24, 2016 8:39:00 AM

Hitting retirement age is a huge milestone and a significant accomplishment. Many families plan and save for half their lives to be able to relax and enjoy their retirement years. Often the attitude towards a life insurance policy is that if you've made it this far, you're safe and don't need the coverage anymore. While an understandable sentiment, going without life insurance at this stage in the game could be a mistake. If you're over 50 and retired, or thinking about retirement, here is why a life insurance policy is still a good idea.

Life Insurance Policy for the New Retiree

Life insurance is a safeguard against future financial losses due to unforeseen events. If you think about it, when you're in the beginning stages of your retirement years, you actually have a lot to lose. You've built up a hefty savings and investment portfolio, possibly have some property, and are looking forward to spending time enjoying life.

Many retirees aren't just resting on their laurels, though. Some in their 50's and beyond are starting new families, taking grandchildren into the home, and starting post-retirement careers. These factors mean that there is still some need to have life insurance in place for income replacement to take care of beneficiaries.
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Topics: Life Insurance, Life Insurance Review, Age

Busting the Myths About Life Insurance

Posted by Philip Ranger

Sep 20, 2016 7:58:00 PM

There are many reasons that people avoid shopping for life insurance. Sure, thinking about your death isn't a pleasant way to spend your time. Beyond that, there are many misconceptions about life insurance policies that hold people back. In fact, according to the 2016 LIMRA Insurance Barometer Study, only 17 percent of those surveyed indicated that they were planning to purchase a life insurance policy in the next year. Here are just five busted myths about life insurance and the facts on this important coverage.

Myth 1: Life Insurance is Expensive One of the biggest misconceptions about life insurance is its cost. In a previous Life Happens surveys, 80 percent of the participants overestimated the cost of a life insurance policy. This is especially the case for Millennials, who overestimate the cost by an average of 213 percent. Life insurance is surprisingly affordable. For example, a 20-year, $250,000 term policy for a healthy 30-year-old male could be as low as $13/month.

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Topics: Life Insurance, Life Insurance Basics, Right time to buy life insurance

Should Your Financial Plan Include a Life Insurance Policy for Your Kids?

Posted by Philip Ranger

Sep 16, 2016 5:00:00 PM

No parent likes to think of outliving their child, but it's a tragedy that happens, leaving families in shock and often ill-prepared. The question of whether or not to purchase a life insurance policy for your children has been debated for years. Provided that your own life insurance needs have been met, there are some sound arguments for why this might make sense. Here are just four reasons that you may want to consider a life insurance policy for your kids.

Money for Funeral Expenses

When a minor child dies, it's emotionally devastating but not always financially so. Most children aren't bringing monthly income into the home that needs to be replaced. If you're worried about covering funeral costs, the best life insurance choice may be a rider on your current policy that allows you to add $10,000 or $20,000 for a family member, including children.

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Topics: Whole Life Insurance, Life Insurance, Family Protection, Children

Are Life Insurance Rates Lower for People with a Healthy Lifestyle?

Posted by Philip Ranger

Sep 13, 2016 6:00:00 PM

You probably (hopefully) grew up learning that it was a good idea to eat more fruits and vegetables, exercise on a daily basis, and get plenty of rest at night. What you likely weren't told was that not only will these activities make you a healthier person who may live longer, but they will also save you money and even make you richer. In fact, according to a new research series from Money, there is a positive correlation between good health and good finances. One of the ways that a healthy lifestyle puts more money in your pocket is by giving you access to lower life insurance rates.

Health Matters With Life Insurance Rates

Life insurance companies investigate your health and habits before agreeing to issue you a policy and setting your rates. The things that are tested and reported include height, weight, blood pressure, cholesterol levels, medications, and questions related to habits and daily regimen. Whether or not you smoke is a key factor in determining your life insurance rates.

Aside from the fact that smoking is bad for you, your life insurance rates will be much lower if you ditch the habit before trying to purchase a policy. The savings are significant. According to a NerdWallet study, consumers who quit smoking or don't smoke at all save over $10,000 a year on life insurance premiums. When you quit smoking also factors into your savings. On average, it takes being tobacco-free for five years to attain the same life insurance rates as non-smokers. However, quitting for just a year can bring in savings of as much as 67 percent.

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Topics: Term Life Insurance, Life Insurance, Term Life Insurance Rates, Health & Lifestyle

September Is Life Insurance Awareness Month

Posted by Philip Ranger

Sep 9, 2016 5:30:00 PM

Would your loved ones be able to pay living expenses if you were to pass away? If the answer is "no" or you're unsure, you aren't alone. According to LIMRA and Life Happens' 2016 Insurance Barometer Study, 1 in 3 households would have immediate trouble paying living expenses if the primary wage earner were to die. Even if you aren't the primary wage earner, the absence of your income and support will be felt almost immediately.

Life insurance is a necessity, yet many families still don't have coverage for a variety of reasons. The same study found that 40 percent fail to buy life insurance simply because they don't know how much to buy. For this reason, and several others, Life Happens has designated September as Life Insurance Awareness Month.

Life Insurance Awareness Month 2016 is the 13th anniversary of Life Insurance Awareness Month (LIAM), which is a campaign to increase awareness among consumers and industry leaders about the need for life insurance. Americans as a whole aren't saving as much, and many households have a significant amount of debt. While there is a growing sentiment that there is value in life insurance, not enough people are actually insured. This is clearly illustrated by the results of the latest Insurance Barometer Study.
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Topics: Life Insurance, Family Protection, LIAM

What Should You Do With Life Insurance Proceeds?

Posted by Philip Ranger

Sep 4, 2016 3:30:00 PM

It's often devastating when a loved one passes away, whether suddenly or otherwise. There are details to handle in a time of grief and financial decisions to make that could be far-reaching. Fortunately, many families have planned ahead and have a life insurance policy in place. The question then becomes what to do with the life insurance proceeds once they are paid out.

Payout Options From a Life Insurance Policy

According to the Insurance Information Institute, over $600 billion is paid out in life insurance claims each year. If you are the beneficiary on a life insurance policy, you'll likely be presented with several different payout options for your life insurance proceeds. You can receive the entire amount as a lump sum payment. A "specific income" option allows you to receive a specified amount each month, quarter, or year until the entire death benefit is paid out. The "life income" option provides fixed monthly payments for the rest of your life and will cease upon your death. Other options include receiving interest only payments, advance payments, and partial payments.
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Topics: Term Life Insurance, Life Insurance, Beneficiaries

Life Insurance Awareness Month Q/A with Danica Patrick

Posted by IntelliQuote Marketing Team

Sep 1, 2016 8:04:00 AM

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Topics: Life Insurance, LIAM

Get Life Insurance to Protect Your Small Business

Posted by Philip Ranger

Aug 31, 2016 7:00:00 PM

If you own or are thinking about starting a small business, you're in good company. In the United States, there are nearly 29 million small businesses, making up over 99% of the total companies in the country. Of those small businesses, 34 percent employ less than 100 workers. Smaller firms both employ the greater percentage of Americans and produce the most goods in this country. If you're a small business owner, you'll want to protect your investment with the best life insurance policy.

Small Business Owner Risk

If you have a small business that is thriving, count yourself as one of the fortunate and successful. According to the Small Business Administration, only about half of small businesses survive five years, and one-third makes it to ten years. If you've beat the odds, chances are you want your hard work and dedication to carry on after you're gone. One of the ways that you can ensure the longevity of your business and your investment is through a life insurance policy.
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Topics: Life Insurance, Life Insurance for Business Owner, Financial security


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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