Life Insurance Blog by IntelliQuote

How Life Insurance Can Help To Raise Your Child, Even If You're Not There

Posted by Gary Lardy

Mar 5, 2015 3:25:00 PM

Raising a child is not easy, and for many parents it seems like the job never ends. Even when your kids leave the house to strike it out on their own, an economic recession could send them right back into the safe confines of your home.

Raising kids is even harder when one spouse is left alone to care for the family. It’s even worse when both parents are out of the picture.

How can you protect your child if you’re not here?

Life insurance can help.

Today’s post will discuss how life insurance can care for your child in the event of your untimely passing.

1) A college education: College is big business, and the four-year cost of a university education is more than the cost of a car for most people (and in some cases, the cost of a home). According to the College Board , the average cost of a year of tuition and fees for 2013-14 was $30,094 (private college) and $22,203 (out-of-state students attending state universities). Naming your child as a beneficiary on your life insurance policy means that if the unexpected should occur, and you were to die, your surviving spouse or your child’s legal guardian would not need to take out a second mortgage to pay for your child’s college education.

2) Care for your special-needs child: If you have a special-needs child, then you already know that they’ll need your support for the rest of their life, and that translates to more long-term costs. When you purchase life insurance, you’re not just protecting yourself; you’re making sure that your child is covered for the long haul, including any housing costs.

3) Cover unexpected medical bills: As much as it pains us to say this (and it pains you more to think about it), you could be struck with a life-threatening illness, such as cancer. And while health insurance may ease some of your financial burdens, it won’t cover everything. Some life insurance policies have optional benefits that can help pay for your survivors' chronic or terminal illness care expenses, so you can focus well-being and recovery. Your policy also provides a source of funds for your family to pay unpaid medical bills should you pass unexpectedly.

4) Maintain normalcy: Losing a loved one is emotionally trying. It’s especially heart-wrenching for a child to lose his/her parent when they’re young. Now imagine a grieving household that also has serious financial hardship. Many adults would be unable to cope with this stress, let alone a child. Life insurance can maintain a sense of normalcy for your family while they get through the hard time of grieving over your loss. The more financially secure your family is, the sooner they can heal and resume their daily lives.

At IntelliQuote, we know that as a parent, you only want the very best for your child, even if you’re no longer living. A term life insurance policy gives them a real chance to thrive in your absence.

Are you ready to give your child added protection? Visit our quotes page, and start your journey today.

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Topics: Life Insurance Coverage, Term Life Insurance Quotes, Protecting your families financial future, Compare Life Insurance, Term Life Insurance Rates

Single Parents: How Not Having Life Insurance Is Like Playing Russian Roulette with Your Children’s Future

Posted by Gary Lardy

Mar 2, 2015 11:00:00 AM

You’ve been grooming them for this moment since the day they were born.
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Topics: Term Life Insurance Quotes, Protecting your families financial future, Life Insurance for Single Parents, Best Life Insurance, Insurance Quotes

Landed a New job? Congratulations. Time to Make Life Insurance a Top Priority

Posted by Gary Lardy

Feb 26, 2015 3:00:00 PM

It’s your first day at a new job. You’re brimming with a curious mixture of excitement and anxiety as you make your way to the new hire orientation. During the presentation, human resource reps go over how to sign up for your personal accounts: Flexible Spending Account (FSA), your health insurance, your 401(k) and your employer-provided life insurance.

But there’s one crucial priority that they won’t discuss with you—an independent, individual life insurance policy that you own and control.

In today’s post, we’ll discuss why buying your own life insurance is just as important as your employee benefits.

1) If you don’t use it, you WON’T lose it: FSAs are incredibly valuable if you need to save for health care expenses that aren’t covered by your medical insurance. However, one of the biggest pitfalls of FSAs are their “use it or lose it” policies. If all the funds in your account are not used within a certain amount of time, you forfeit the money.

That means that hundreds or thousands of dollars of your hard-earned money could disappear like yesterday’s memory.

Ouch.

Unlike an FSA, life insurance can allow you to have coverage for your long-term care years in advance, protect your family in the event of your untimely dealth and the best part is that if you don’t use it, the cash build up can be used for other purposes.

2) Post-health coverage: From annual checkups to vaccinations and everything in between, your health insurance helps to keep you and your family healthy. But health insurance won’t protect your family in the event of your passing. If you battle against a lengthy disease before leaving this earth, how will your family shoulder the medical bills?

Term life insurance was designed for scenarios just like this. In the event that you pass away, your family can pay for any outstanding medical costs not covered by your health insurance, as well as covering your final expenses with the benefit from your life insurance policy.

3) No vesting period necessary: Enrolling in a 401(k) account is one of the first accounts that new employees set up. For many, it’s one of the easiest ways to save for retirement because a set (pretax) amount is deducted like clockwork from each check. But unlike your 401(k) account, your life insurance policy will not make you wait three to five years to become fully vested to access your funds because your payout is always available. If your policy is inforce, your family will receive a benefit payout in the event of your passing.

4) Employee life insurance: Most companies offer their employees an employer-provided life insurance policy. So, if your company provides you with life insurance, then you don’t need your own policy, right?

Wrong.

The primary reason for this is if you become unemployed or are fired, you’re leaving the company AND your insurance behind at the same time. Even if you work up until retirement, most employer-provided life insurance covers the bare minimum expenses, like funeral costs, but it most likely won’t help your spouse make the mortgage payments or cover any outstanding debts present at the time of your passing.

So again, if you’re newly employed, congratulations! While you’re signing up for your employee accounts on those first days of your new job, don’t forget to also purchase an individual life insurance policy for added protection.

Are you ready to explore your term life insurance options? Visit our quotes page and receive up to six quotes in a matter of minutes.

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Topics: Best Term Life Insurance, Employer Life Insurance, Term Life Insurance, Life Insurance, Long Term Care Insurance

Hit with Hard Times? 3 Reasons Why You Need Life Insurance More Than Ever

Posted by Gary Lardy

Feb 24, 2015 11:02:00 AM

It’s Monday morning, and you walk into work. You walk into the office kitchen and engage in your normal morning routine: you make yourself a cup of coffee, catch up with your colleagues about how they spent their weekends, and collectively groan about the two o’ clock project deadline.

Your boss calls you into the office at 10:30, but he doesn’t want to go over your numbers. He wants to give you a pink slip instead.

And just like that, your predictable Monday morning has morphed into a fresh nightmare.

If this has recently happened to you, we sympathize; it’s no fun to have the rug pulled from under you. The next step for you will likely be to downsize your costs to save money, but before you do away with your life insurance, we’d like you to hear us out on why that’s not such a good idea.

We would like to explain why your life insurance policy is a vital cost that you should continue to pay.

1) Prepare for the unexpected: Let’s face it, losing your job is an instant stress headache (just add water and stir). And you know what happens when you’re under a lot of stress, right? You become more mentally distracted, which can be the recipe for an accident. If you have a family depending on your income, your death from a car accident could mean an additional financial strain on your loved ones.

The stress from the job loss can also take a physical toll on you, causing a host of medical conditions.

How can you keep a sudden accident or grim diagnosis from altering your family’s future? Term life insurance will make sure that you protect them in the event of your unforeseen passing.

2) Backup for your employee insurance: Many employed professionals don’t give life insurance a second thought since they know they’re covered under a policy with their employer. But what happens when your job evaporates? Unfortunately, so does your coverage. Having outside insurance is a great backup because your benefits will continue even when your job doesn’t.

3) A debt reducer for your family: We understand that reducing expenses at this time is your number one priority. But do you know what could help wipe a huge amount of your debt in one swoop? Life insurance. Certain types of life insurance like whole or blended life insurance allow you to borrow against your premium to help pay for any looming debts like student loans or car/mortgage payments.

While you’re in-between jobs, we understand you that you need to wipe out all unnecessary expenses in your budget. But we’re here to tell you that your life insurance shouldn’t be an expense that is cut.

Want to know how just how valuable your life insurance is? Visit our quotes page or call us at 1-800-963-6405, and one of our trusted advisors will assist you in a matter of minutes.

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Topics: How Much Life Insurance Do I Need, Life Insurance Premiums, Life Insurance, Financial Future

The Top 5 Myths About Employer-Based Life Insurance

Posted by Gary Lardy

Feb 19, 2015 5:00:00 PM

If you work full-time for an employer, you know that there are many perks to being an employee.

One of those bright spots is not having to worry about high health insurance rates or life insurance coverage, right?

Wrong—at least from a life insurance perspective.

The truth is, your employer-provided life insurance policy may not provide you the coverage you need. If you want to maximize your coverage, the onus is on you, not your employer.

At IntelliQuote, we know most people think they are set on the life insurance front if their company has purchased a policy on their behalf. If you, too, are under that impression, today we’re going to shatter that illusion and provide a better reality.

1) Your employer-based life insurance is all that you need: The insurance you have with your job may cover your final costs, but just barely. What about all of the other expenses you pay month in and month out? In other words, that new house you just bought, or the new car you just leased? Are there enough funds left over to pay for these expenses for months or years to come so your spouse and family stay afloat? If these series of questions has you scratching your head or frowning, it’s time to purchase additional insurance. Also keep in mind that employer-provided life insurance is non-transferable. If you get laid off or leave your job your company can cancel your policy whenever they choose.

2) Only the working spouse needs life insurance: If you’re the sole breadwinner in your house, you may believe that you are the only person that needs insurance, right? But the reality is that it doesn’t matter if you commute to work in a car or by walking into another room in your house, both spouses need coverage. If your stay-at-home spouse were to pass away suddenly, who is going to watch the kids or do the cooking? If you’re working full-time, that means you’ll have to pay for childcare or for someone to help you with maintaining your household, and those costs can really add up on just one salary.

3) My coverage should only be double my annual salary: In theory, this reasoning works: That means that your family can continue their lifestyle based on your coverage for at least a year. That’s assuming, of course, that they won’t incur any additional major expenses and your family can adapt to the loss of your income. It’s a dangerous assumption to make, and if you’ve already passed on, it’s too late. Getting your own coverage allows you to plan ahead and to have adequate coverage to protect your family for the worst case scenario.

4) Employees with no dependents don’t need a lot of coverage: Children are expensive, so people automatically think that single folks lead a less expensive life. Errr….we’d argue that people who don’t have children spend just as much, if not more than those with offspring. And remember that your coverage can also be used to pay off any debt remaining at the time of your death, like student loans or credit card debt and especially the mortgage on the house.

5) Term life insurance is all that I’ll ever need: Most employer-based life insurance is term life insurance and is, therefore, affordable. But what if you want to convert your term life insurance to permanent insurance in the future? Or if you want to blend your term life policy with permanent life insurance for even more benefits? Purchasing a separate policy ensures that you have fewer, if any, limitations should you leave your employer.

While having employer-based life insurance is a good thing, we strongly advise that you consider buying additional insurance to give your family the best protection possible.

Are you looking to increase your family’s protection and your sense of well-being? Why not set aside a few minutes today and investigate your options by getting a half-dozen quotes in less time than it takes you to finish your lunch hour?

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Topics: Life Insurance Coverage, How Much Life Insurance Do I Need, Compare Life Insurance, Employer Life Insurance, Term Life Insurance

Make your Own Luck This Year - Get Life Insurance

Posted by Gary Lardy

Feb 17, 2015 3:40:00 PM

It’s February, and you know what that means. People are starting to wane on those resolutions they reverently committed to on January 1st. The gyms are a little less crowded than they were last week, and each forkful of salad becomes a little harder to choke down.

If you’re one of these folks, we understand. Maintaining iron willpower is hard, which is why most people abandon their resolutions just 90 days after setting them. But we’ve got a resolution that you can literally set and forget for the next few decades.

Today we’ll discuss how investing in life insurance can help create luck for you and your family and how it may be the best resolution you can make.

1) Give your spouse a headache-free existence: Raising a family is expensive. Kids grow out of their clothes faster than you can buy new ones, and they can eat so much, sometimes you think they have a creature living inside them. When there’s only one income in the house, the expenses and the stress increase exponentially. Securing a life insurance policy now, and naming your spouse as a beneficiary, means that you’re buying him/her peace of mind in the event of your unfortunate death. Instead of worrying excessively about making the mortgage payment, he/she can breathe a sigh of relief knowing that his/her income is supplemented.

2) Make sure you give your kids a lucky break: Good parents want their children to have every advantage that they didn’t have. But if a parent dies, your dream for your child may be just that—a fantasy. Purchasing life insurance and naming your child as a beneficiary is a way of giving your kids a little luck as they go out into the world. Whether they use that money to pay for college or to start a new business, you’re giving them a leg up on the competition.

3) Protect yourself for the long haul: When you’re young, the idea of growing old is for someone else because you think you’ll stay young forever. And while you may remain a kid at heart, if you live long enough you will age and eventually your health may decline. We know that talking about your body breaking down is not pleasant, but the good news is that you can prepare now with life insurance that has long term care coverage, while you still have a lot of pep in your step.

4) Spread the goodwill to those less fortunate: You don’t need to procreate to leave a meaningful legacy. If you don’t have children or other family members to name as beneficiaries on your life insurance policy, you can leave the funds to your favorite charity and allow your generosity to spread a little luck to the lives of many.

You make resolutions and dream of the possibilities, but often you need willpower to see results. Buying life insurance now is about putting in the effort once, so that you and your family can reap the benefits now and in the future.

Are you ready to move in the right direction? Head on over to our quotes page to shop for life insurance and have one of our trusted advisors get you started on your journey.

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Topics: Online Life Insurance, Protecting your families financial future, Compare Life Insurance, Term Life Insurance, Life Insurance

Term Life Insurance: What It Is. What It Isn’t.

Posted by Gary Lardy

Feb 13, 2015 4:30:00 PM

We want to set the record straight.

We understand that the words ‘term life insurance’ can conjure up a lot of assumptions and puzzled looks. At IntelliQuote, we’re in the business of creating clarity, so for today’s post, we’ve decided to share a quick guide to highlight what term life insurance is and isn’t in order to squash any misconceptions floating around.

Term Life Insurance - What it isn’t:

1) A magic pot of gold: Who doesn’t want extra money? The idea of borrowing money (tax-free) against an insurance policy sounds tempting, even to the most conservative spender, but unlike permanent insurance, term life insurance has no cash value. With term life insurance, your coverage is valid over a certain time period, and payout takes place if the inevitable occurs within this time frame. You also have the flexibility to change beneficiaries.

2) Asset protection: Are you looking to keep the cash value of your policy and death benefits under the radar of creditors? If this is the case, then a term life policy won’t help, but a permanent life policy may be an option.

3) Guaranteed lifetime protection: The premise behind term life insurance is that it’s good for a predetermined amount of time which you set in advance. If you pass on during this time period, the policy will pay out at the time of your death. However, term life insurance does not offer you level premium protection after the guarantee period.

Term Life Insurance - What it is:

1) Uncomplicated (relatively): One of the biggest assumptions people make when it comes to life insurance is that it’s complicated. Term life insurance, on the other hand, is pretty straightforward: you assess your current expenses, and these expenses (along with other factors) determine what your coverage should be. Of course, a knowledgeable advisor will ask you the right questions to get a true sense of your total costs. An added perk is the simplicity allows for easier comparison shopping for you.

2) Protection for your family for less: Does the idea of premiums dredge up images of steep monthly payments? You can rest assure that term life insurance is one of the most affordable ways to protect your family from life’s unexpected twists and turns.

3) Option to convert later: The above example discussed the affordability of life insurance. But what if you want an insurance policy with a cash value down the road to supplement your income or to have a lifetime of coverage? A term life policy with a conversion privilege gives you the option to convert to permanent life insurance at a later date.

We hope this scoop on what term life insurance is and what it isn’t will help keep you in the loop, because at IntelliQuote, we believe that a well-informed customer is a lifetime customer.

Curious to know more about how term life insurance can fit into your life? Head on over to our quotes page and start your journey today.

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Topics: Life Insurance Coverage, Compare Life Insurance, Term Life Insurance, Compare Life Insurance Quotes

Extra Life Insurance Coverage and Your True Cost of Living

Posted by Gary Lardy

Feb 10, 2015 3:30:00 PM

You are not a dumb person.

You know that life insurance is important, and that’s why you have coverage through your job, right? In the event tragedy strikes, you want to ensure that your loved ones are covered, and life insurance is a viable way to do this.

But just how covered will they be when you’re gone?

The truth is your policy is only as good as your coverage, and the last thing you want is to surprise your family with unexpected debt and no payment solution in sight after you’ve passed.

So right about now you’re probably thinking, “How do I know if I have enough coverage?”

By asking yourself the tough questions, that’s how. Let’s look at four questions you’ll need to ask to find your answer.

1) Calculate all of your expenses: Chances are, when you receive your weekly or bi-weekly paycheck, a large chunk of it goes toward bills like your mortgage/rent, food, child care, student loan payments, savings, car payments, utilities, etc. But are you also accounting for discretionary costs like vacation and entertainment (eating out, movies, Netflix) etc.? These other costs add up quickly, and you should assume that if you unexpectedly passed away, your family would continue to live a similar lifestyle as they did when you were alive. Sit down and go through your expenses with a fine-tooth comb to figure out where every dollar and cent that doesn’t go into your bank account (or toward a bill) actually goes.

2) Forecast college costs: Despite many universities being not-for-profit, college is big business—and that’s not going to stop anytime soon. Today’s tuition can quickly become tomorrow’s memory, which means you to need be a bit psychic when it comes to predicting college costs. According to Bloomberg, private college tuition and fees rose 3.7 percent to $31,231 annually; four-year public school rose 2.9 percent to $9,139 annually (for in-state residents). College costs have been rising at about a rate of 8% for decades—this is a good rule of thumb to use when calculating the cost of your child’s education in the future.

3) Plan out your funeral, today: Yes, we know this sounds super creepy, but the upside is that if you do it right the first time, you’ll never have to think about it again. Securing life insurance now ensures your relatives won’t pay through the nose when it comes time to honor your final wishes. Whether you want a New Orleans-style sendoff or a traditional burial, you’ll be able to square away the price tag ahead of time.

4) How comfortable does your spouse want to be? Will your spouse be working after you pass or will he/she need to replace your income to survive? Even if he/she continues to work, can they make it on just his/her paycheck alone? Life insurance is a great way to supplement income that your spouse may receive before those income sources inevitably stop. Save your spouse the stress of having to prematurely spend down assets to produce income just to stay afloat and possibly putting their financial future at risk.

Taking time out of your busy schedule to pinpoint how much coverage your family really needs is the difference between providing your family with the lifeline they need versus giving them just enough to stay afloat after you’re gone.

Help your family thrive in the future. Just a few minutes of time today can get you up to six quotes for life insurance!

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Topics: Term Life Insurance Calculator, How Much Life Insurance Do I Need, Employer Life Insurance, Life Insurance, Term Life Insurance Rates

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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