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Life Insurance Blog by IntelliQuote

Life Insurance Really Does Fit Into Your Financial Plan

Posted by Philip Ranger

Jul 23, 2016 8:30:00 AM

We all have ideas about planning for the future and where we'd like to see our money invested. Unfortunately, those visions and reality don't always match up. In fact, a study by the Allianz Longevity Project found that Americans are optimistic about living longer, but a majority feel financially unprepared for those extra years. The study found that 79% of Gen Xers, 74% of Millennials, and 57% of Boomers didn't feel that they would have enough money to live according to their life expectancy. The good news is that, with some help and the right life insurance policy, many of these concerns can be alleviated.


The Changing Face of How We Save

Several generations ago, nearly everyone had a pension and a retirement plan. Pew Charitable Trust estimates that only half of American workers today are enrolled in any sort of workplace-sponsored retirement plan. Saving for retirement and, worse, the purchase of life insurance is low for several reasons. Many simply don't understand their needs and others have no interest in thinking about or planning for the future. If this sounds familiar, you're not alone, but that doesn't mean that you're in good company if you wish to retire with money in the bank.

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Topics: Retirement Planning, Life Insurance, Financial Planning and Life Insurance, Financial Future

Selecting Life Insurance Payout Options: Lump Sum, Income Stream Or Something Else?

Posted by Philip Ranger

Jul 19, 2016 12:00:00 PM

Traditionally, when a death occurs and a there is a payout under a life insurance policy, it's done as a lump sum payment. Over time, both consumers and financial advisors have expressed concern about this method of payout as not necessarily being in the best interests of the beneficiary. In recent years, there have been changes made to life insurance policies that now give payout options. Here are the different choices that policyholders can make when they purchase a life insurance policy.


Lump Sum Payment

While there are now other options available, the traditional lump sum payment is still a popular choice. In fact, it can be difficult to predict what the future holds for a beneficiary and setting up a lump sum payout gives a spouse or other survivor options. That being said, many today prefer a payout option other than a lump sum.

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Topics: Life Insurance Explained, Life Insurance Policy, Life Insurance, Life Insurance Benefits

Are You Using One of These Faulty Reasons for Not Buying a Life Insurance Policy?

Posted by Philip Ranger

Jul 16, 2016 9:30:00 AM

Superstitions and false beliefs can lead us to do some pretty strange things. Do you have a lucky shirt that promises to bring victory to your favorite sports team? How about a morning routine that you don't dare stray from for fear of setting off a disastrous day? When it comes to ensuring the future well-being of those we love, some of the justifications that we use to avoid buying a life insurance policy not only don't make sense, but they can also have dire consequences. Consider whether or not you are using one of these reasons to avoid purchasing life insurance.


The Cost Factor

The number one reason that people don't purchase a life insurance policy when they should is that there is a gross misconception about the cost of insurance. In fact, the 2015 LIMRA study asked just this question and found that 80% of those surveyed overestimated how much an average term life insurance policy would cost. The best course of action is to get some easy online quotes and find out for yourself the true affordability of this important coverage.

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Topics: Term Life Insurance Quotes, Life Insurance, Online Life Insurance Quotes, Right time to buy life insurance, Cost of Life Insurance

Millennials Aren't So Different After All: 4 Things They Need to Know About Life Insurance

Posted by Philip Ranger

Jul 12, 2016 2:30:00 PM

Many Millennials believe that they're different and that the tried and true retirement and estate planning principles don't apply to them. While Millennials are unique in many ways, this may not be one of them. As a class, Millennials are the most educated generation. They are also the most optimistic about the future and the most diverse generation in American history. Yet, these differences and optimism could be a setback if they prevent this group from purchasing the one thing that most of them truly need - a life insurance policy. Here are just four things about life insurance that every Millennial should know.

 

While Millennials are unique in their own way, the need for life insurance cuts across generations.

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Topics: Term Life Insurance, Life Insurance, Millennials, Financial Future

Life Insurance & Your Health: Here's the Connection

Posted by Philip Ranger

Jul 9, 2016 9:30:00 AM

You're undoubtedly familiar with all of the benefits and advantages of staying healthy - from more energy to stronger muscles to improved moods. And you've also heard all the admonitions about failing to maintain good health - from sleep apnea to a weaker immune system to higher health care costs.

But here's a fact that you might not be familiar with: your overall health (or lack thereof) has a significant impact on how much you pay for life insurance.

 

Consider this a roadmap to paying HIGHER life insurance premiums.

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Topics: Term Life Insurance Quotes, Life Insurance, Health & Lifestyle, Cost of Life Insurance

Wait: Are You Making These Mistakes with Your Life Insurance?

Posted by Philip Ranger

Jul 5, 2016 8:00:00 PM

Life insurance is essential to make sure that loved ones are provided for in the event that you aren't around to fulfill that role. Making a mistake with a life insurance policy can cause issues down the road for those very people who are meant to be protected. Here are just a few of the most common mistakes that people make with life insurance policies and how you can avoid these missteps.


Relying on a Group Life Insurance Policy

Many employers provide free group life insurance up to one or two times annual salary. While this is a great benefit, the limits aren't sufficient as a sole life insurance policy. Beyond that, if you leave your job for any reason, you will also forfeit that life insurance coverage. There are affinity groups that also say that they provide discounts on group life insurance. Again, you'll need to maintain membership in that group to keep the insurance and the rates for these group policies aren't always less than what you could find with an individual policy.

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Topics: Life Insurance Coverage, Online Term Life Insurance, Life Insurance, Financial security

Protecting Those You Love: How Online Life Insurance Quotes Fit In

Posted by Philip Ranger

Jul 1, 2016 9:30:00 AM

It's a concept that's been observed for thousands of years (if not longer): the responsibility of protecting one's family.

In primitive times, it was to safeguard family members from hungry beasts in order to ensure the survival of the species. Over the last several centuries, keeping loved ones safe from disease or accidents was important on a practical level since these individuals contributed directly to the family's well-being by working on farms, selling goods at the market, or performing household chores.

But what does it mean to protect your family in the 21st century?


Keeping Them Safe When They Travel

Well, since the world is a much more ambulatory place than it used to be, it's vital that your loved ones are protected while they're on the go. That means buying them helmets for when they go bicycling, or purchasing elbow and knee pads for when they get on a skateboard (or a Segway or a hoverboard). And when you load your family into your car, you should make sure they fasten their seat belts or are strapped into their age-appropriate car seats before you start the ignition.

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Topics: Life Insurance Quotes, Online Life Insurance, Life Insurance, Family Protection

10 Things You Didn't Know Your Life Insurance Policy Can Do

Posted by Philip Ranger

Jun 28, 2016 8:00:00 PM

Over the last several years, the term "life hack" has come into vogue. A life hack is an object or process used to make a small part of your life easier, usually by taking a common object and repurposing it for something that it wasn't originally made for. Examples include using old socks as wearable dusting rags during spring cleaning, a contact lens case for pill storage during an overnight trip, or a muffin tin as a condiment holder for an outdoor barbecue.

In a sense, a life insurance policy acts as a financial "life hack." After all, it can be utilized for something other than providing a death benefit upon someone's passing. Here are ten innovative ways that a life insurance policy can be used:

  1. As a safeguard against being uninsurable. People who are very old and/or unhealthy may not be able to obtain a new life insurance policy. But if you already have a term life insurance policy, you can extend the term or convert it to whole life insurance before it expires - so your coverage never lapses.
  2. As collateral. If you ever need to apply for a loan of any sort, you can use the cash value of a whole life policy as a source of collateral in order to receive a higher amount or a lower interest rate.
  3. As an investment tool. The value of a whole life policy will always grow and never decline, which is more than can be said for many other investments on the market. Some policies even pay dividends to the policyholder.
  4. As a way to pay for college. With the costs of tuition rising, you can tap into the cash value of your whole life policy to help pay the costs of higher education for your children or grandchildren.
  5. As a way to pay off your debts. If you ever need to repay loans, you don't have to wait until you die to access your payout. Just draw upon the cash value of your whole life insurance policy to settle those debts.
  6. As an additional source of retirement income. If Social Security and your retirement savings do not provide enough income during your golden years, you can arrange to withdraw a regular stipend from your whole life policy - or even surrender the entire policy in favor of the cash value.
  7. As funding for long-term care. Many older adults require partial or round-the-clock medical care, which can be expensive. Funds from your whole life policy can be allocated toward these long-term care costs while you are still living.
  8. As a way to fund a favorite charity. If you want to support a cause or organization that has become important to you, part or all of the death benefit of your life insurance policy can be earmarked for that charity upon your passing.
  9. As a way to help pay taxes. If you've accumulated significant wealth, your heirs may be left with a hefty estate tax bill upon your death. As a result, many people acquire life insurance policies in order to offset or pay off any post-death tax bills.
  10. As financial security for your heirs. If your loved ones know that they will receive a portion of your life insurance death benefit as part of their inheritance, they can enjoy the peace of mind of having a fiscal safety net while they are alive.

Obtaining quotes for a life insurance policy is easy. Just visit the IntelliQuote website, fill out a basic form, and you'll receive price quotes from several insurers so you can compare premiums and policies side by side. When you think about it, you can really view IntelliQuote as a sort of "life hack" with regard to shopping for life insurance!

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Topics: Life Insurance, Financial Planning and Life Insurance, Financial Future

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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