Life Insurance Blog by IntelliQuote

4 Ways To Cover Your Family’s Health Care Costs After You’re Gone

Posted by Gary Lardy

Jan 27, 2015 5:30:00 PM

The irony of good family health care is that the cost can be quite expensive, which can increase stress levels for many people. The stress factor skyrockets if you have to pay for out-of-pocket costs. Unfortunately, many families face this reality after the death of loved one, especially when those members die after facing a lengthy illness, forcing the family to worry about the financial impact of accumulated medical bills at a time when they should be grieving.

But term life insurance is an option to make sure this grim scenario isn’t in your family’s future.

1) Consider your long-term health care now: The truth is, no matter how proactive a person you are, no one wants to think about themselves in a nursing home or being cared for by a home health nurse, right? We’d all like to believe we’ll remain in tip-top health right up until the very end. But the above scenarios will be a reality for many adults in the future. Accounting for possible medical and long-term care costs now may mean your family won’t have to pay any outstanding bills at the time of your death.

2) Help your spouse pay for health care costs: After you’ve passed on, your spouse must pay for expenses on only one income. Paying for health care for the entire family with decreased funds is even harder. Factoring the cost of health care into your coverage and naming your spouse as a beneficiary, will ease the financial burden for him/her in the event of your death.

3) Keep your kids covered while they’re still in college: Speaking of beneficiaries, if you have children, you should consider naming them as beneficiaries as well, if only for health care reasons. Assigning money to your child as a beneficiary is a way for him/her to pay for their own care should you no longer be with them.

4) Think about the worst case scenario: This is a bit ghoulish to think about, but a few moments of being uncomfortable can give your family considerable peace of mind. Imagine that instead of meeting your demise in a sudden accident, you succumb over a lengthy amount of time to a disease. And that your health insurance doesn’t pickup 100% of the tab. You may want to consider the costs of paying for such an illness, including any associated fees, such as hospice care.

At IntelliQuote, we understand that health care costs can be quite expensive, and we only have you and your family’s best interest at heart. That’s why we do everything in our power to make sure that you use your term life insurance to protect yourself and your family today and for the future.

Looking to get a leg up on your family’s health care costs for the future? Visit our quote page and sign up to get a sneak peek at up to six quotes in just a few minutes.

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Topics: Life Insurance Quotes, Protecting your families financial future, Online Life Insurance Rates, Financial Planning and Life Insurance, Long Term Care Insurance

Why Life Insurance is Golden for Multi-Generational Families Living Under the Same Roof

Posted by Gary Lardy

Jan 3, 2015 11:00:00 AM

Care_of_parentsYour parents have been in your corner for as long as you can remember. They’ve always rooted for you, loved you and supported you in both times of good and bad. You made a vow to yourself long ago that you would care for them when they got older, just like they cared for you.

In theory, this doesn’t sound difficult, but in reality, taking care of an elderly parent, even one who is self-sufficient, can be a nightmare if you don’t know what you’re up against.

Today’s post will delve into four things that life insurance with long-term care can prevent when you bring in your parents in your home to live with you.

1) Allows you to live a disruptive-free life: Your parent(s) may have received a clean bill of health before they moved in, but that doesn’t mean things will stay that way forever. Lisa Wendt thought the same thing, too. Her father didn’t have Alzheimer’s and was still pretty mobile when he moved in with her family at age 83. However, he did have dementia, which got worse after he moved in, severely limiting Lisa and her husband from going on vacations or even leaving the house for more than a few hours at a time.

If Lisa’s father’s life insurance policy allowed for the option of long-term care payments, she and her husband wouldn’t have had to stay tethered to their home.

2) Doesn’t put unnecessary strain on your marriage and family: As you can imagine, becoming a full-time caregiver and not being able to freely leave your home as needed can raise the tension levels to uncomfortable heights, which is what happened with Lisa and her husband. Her father’s presence not only caused some tension and fighting with her husband, but her father’s deteriorating mental state also made him more agitated, causing arguments between Lisa and her father as well.

A properly trained home-health care aide or private nurse would have been equipped to deal with the progression of Lisa’s father’s condition, which would have eased the stress in Ms. Wendt’s home.

3) Ease your own stress with a caregiver: Tension and stress don’t just exist externally; they live within all of us as well. It didn’t take long for Lisa to internalize the stress that was building in her house, and her own well-being began to breakdown.

When you pay a caregiver, they can focus all of their attention on your parent, relieving or eliminating the stress and tension that lingers within your home.

4) Live out your dreams: Do you still have dreams and desires that you want to fulfill after you retire, like owning a restaurant? If you have a little nest egg saved up, it’s possible to turn your dream into reality. However, if you have one or more of your parent’s living with you, that money might need to go toward medical bills and care for your parents. That’s what happened to Lisa’s husband: He had to put his dream on hold because his father-in-law’s bills were adding up. Lisa and her husband both had to work longer hours to compensate for the extra expenses.

As an adult, it’s admirable to want to take of your parents just as they took care of you when you were a child, but becoming the sole caregiver for a parent can often do more harm than help.

Do you want to have the option to bring in a trained professional into your home to care for your parent should the need arise? Find out what type of coverage you need with a no-obligation life insurance quote today!

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Topics: Life Insurance for Parents, Compare Life Insurance, Term Life Insurance, Life Insurance, Long Term Care Insurance

How to Keep Your Special-Needs Child Thriving with Life Insurance

Posted by Gary Lardy

Dec 30, 2014 2:15:00 PM

Parents wish for their children to have a better life than they did and try to shape their children into independent adults who will succeed once they leave the safety of the nest.

As the parent of a special-needs child, providing for your child is a life-long endeavor because you understand you are responsible for your child throughout their entire life. And depending on your son or daughter’s condition, there is a very real chance that they’ll outlive you.

If that happens, who will care for your child? Who can you trust with the well-being of your son or daughter?

At IntelliQuote, we’ve learned that preparing for these tough questions today will help ease your mind tomorrow. We understand that raising a special-needs child can sometimes feel like a hurricane uprooting all certainty in the blink of an eye. Today’s post explores four ways that a life insurance policy can be used to help anchor you and your family amid the turbulence.

1) Who can you trust with your trust? As the parent of a special-needs child, you advocate on your child’s behalf 24-7. They need a cheerleader in their corner, someone who will make sure their needs are attended to and will never take advantage of him or her. Taking action today and setting up a trust for your child with beneficiaries that you appoint will provide financial security and protect your child from becoming victimized in the future.

2) Housing costs: You’ve been attentive to your child throughout his or her life. Who knows your child’s personality and needs better than you? Can you say with absolute certainty that he or she will continue to receive this level of attention? What about housing needs? Would your child thrive in a group home or are they more individualistic with a need for his or her own space? Who will pay the bill for the housing option that is best?

3) Pay off medical expenses: MaryAnn Raccosta has two sons, each born with a unique set of physical conditions: James was born with liver disease, and Sam was born with a recessive metabolic disorder, which severely weakened his muscles and left him wheelchair bound. She and her husband spent the bulk of their sons’ childhood trying to keep their heads above the piles of never-ending hospital bills.

Yes, you can do your best to stay on top of medical bills when you’re alive. But what happens after you’ve you passed on? Setting up a trust in your child’s name will make sure your child’s medical bills are covered long after you’re gone.

4) College fund or specialized learning: Special-needs children eventually grow up and blossom into special-needs adults. And these days, there are options like never before. Your child wants to achieve his or her dreams just like everyone else, and you can help to fulfill that dream by setting enough money aside for a college fund or continued education.

At IntelliQuote, we realize as the parent of special-needs child, you have more responsibilities than most parents. A life insurance policy can help to ensure your child is cared for in the event of your passing.

Want to learn more about how your life insurance can help your child thrive? Receive a quote today.

 

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Topics: Protecting your families financial future, Term Life Insurance, Life Insurance, Family Members with Special Needs

Entrepreneurs: How Term-life Insurance Can Simplify Your Life

Posted by Gary Lardy

Dec 27, 2014 10:30:00 AM


“Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people cant.” - Warren G. Tracy’s student.

Never were truer words spoken that summed up the essence of every entrepreneur. It is this dedication to success that fuels the fire that burn in their bellies. But the reality is that the road to success as an entrepreneur is often uphill and filled with roadblocks, and until you get your financial footing, you and your family need to make smart choices and prepare for all outcomes.

Today’s post will discuss in detail how term life insurance can benefit you and your family during the highs and lows of the rollercoaster ride of self-employment.

1) Necessary simplicity: Working for yourself is a reality that many wish for, but few can execute. Sure, not having to answer to a boss seems ideal, until you become the head honcho who has to wear multiple hats at any given time. The last thing you need is more stress in your life as you figure things out. A no-frills life insurance policy is the perfect solution to your complicated day-to-day life. You set the premium for the coverage you choose and the money will go to your appointed beneficiary after you’re gone.

We think that sound’s much simpler than planning out next year’s marketing strategy, don’t you?

2) Won’t lighten your wallet (too much): When you’re starting out as an entrepreneur, money is tight, so you must squeeze every drop of value from every dollar that leaves your pocket. At IntelliQuote, we understand your financial struggle, as well as your commitment to your family’s well-being. That’s why we’re proud to say that term life insurance policies, depending on your coverage, are both affordable and critical purchases that every entrepreneur should invest in. Oh and if you think moderately priced-insurance premiums are a pipe dream, you’re wrong. According to the 2014 Insurance Barometer Study, 80% of participants overestimate the true cost of life insurance protection.

3) Scale your coverage: Any successful entrepreneur will tell you that flexibility is one of the keys to reaching the top and staying there. You must be able to adapt your company to the ever-changing business environment. The same concept holds true for life insurance. As your business gains traction and your purse strings grow looser, you may want to upgrade your coverage or convert your term policy for a permanent policy to shield your family from any hard times you may fall on in the future. Some insurance companies allow policy holders to choose from either option, so you can scale your insurance coverage as you scale your business.

At IntelliQuote, we understand that the life of an entrepreneur, while exciting, is far from easy. And keeping your family protected during your quest for success is even harder. Term life insurance should ease your worries, not add to them.

Get the real story of insurance policy premiums by getting a personalized quote today!

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Topics: Online Life Insurance, Life Insurance Instant Quotes, Term Life Insurance, Life Insurance, Millennials

Four Ways to Get Your Stubborn Spouse Turned On To Life Insurance

Posted by Gary Lardy

Dec 22, 2014 1:06:00 PM

Marriage is hard.

But, not all of the time.

Any happily-married couple will tell you that the good times easily outweigh the not-so-great times. At the root of this turbulence can be arguments. These arguments can bubble up over mundane issues like whether the toilet seat should be up or down. But they can also stem from larger issues like money and deciding where that money should go.

Like toward a life insurance policy.

You know that setting aside money for a life insurance policy is a wise use of your funds. Your spouse, maybe not so much. So how can you convert your spouse to part with more of his or her money to protect the both of you for the future?

Here are four ways to ease your spouse into the benefits of life insurance.

1. Keep the lines of communication open: Communication is a cornerstone of a happy marriage. It also makes for an ideal insurance policy. The truth is that your spouse may consider insurance to be frivolous, but a good old fashioned talk may be what is needed to convince them it is not. Sit down with your spouse to tackle these cold, hard truths: Who makes more money? What would happen if the breadwinner were no longer able to earn a living, would you still be able to survive? One woman, who became a widow in her 50’s when her husband died unexpectedly from a rare, undiagnosed cancer, learned the hard way she could not depend on Social Security for income since she would not be eligible to collect any benefits until age 60. These are the types of questions and answers that can open your spouse’s eyes to what life insurance really is: a necessity.

2. Dive head first into the taboo: It’s inevitable that the inevitable will creep into your conversation about life insurance. But talking about death doesn’t have to be ghoulish -you can make it fun. Why not make a bucket list with your spouse and fill it with all the adventures you want to take in your life, starting with this year. And at the top of this list, add the following: ‘Do not start before we get life insurance.’ Now you’ll have one less thing to worry about so you can focus your energies on creating new memories.

3. Make it a New Year’s resolution: 2015 is edging closer and closer each day, and you know how everyone kicks off a brand new year? By promising to aggressively change their lives, usually followed by a two to three-month stint at their local gym. Putting life insurance on your spouse’s resolution list is easier to accomplish than shedding those post-holiday pounds. There’s no sweating, no heavy lifting and the only burn he or she will feel is from moving his or her computer mouse to fill out an online quote request form.

4. Get life insurance as part of your anniversary gift: A night out at a favorite restaurant is a wonderful way to splurge on your spouse, but do you know what’s even more awesome? A life insurance policy, because it protects you too. The benefits of your policy will last long after that surf and turf is devoured. So have a great dinner, but include a discussion about life insurance, and celebrate another year together with a gift that will protect you both in the future.

Converting your spouse to the advantages of life insurance is not only good for your financial health, but it can prevent tension and arguments later and help to create a secure future for you both.

Get your spouse turned on to life insurance, by signing up for a quote today.

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Topics: Life Insurance Policy, Compare Life Insurance, Term Life Insurance, Financial Planning and Life Insurance, Financial Future

Think Life Insurance is Expensive? You Spend More on These Four Things

Posted by Gary Lardy

Dec 19, 2014 4:00:00 PM


“I can’t afford life insurance.”

Be honest, if you’re shopping for a policy this misconception may have slipped into your mind.

Not only is this statement incorrect, but chances are if you’re like many Americans, you’re already spending more money on items that far exceed a life insurance policy monthly payment. Let’s take a look at four expenses with long-term values that pale in comparison to life insurance.

1) Car leases: A car is an important purchase. It gets you to work, helps you to run errands, and can drive you across town or the country. You can lease one, on the low-end, for less than $200/month -- most likely a no-frills model. A life insurance policy, worth at least $150,000 for a healthy adult aged 30-45 years old, costs less per month.

2) High-end furniture: Furniture is not only functional, it’s a personal statement of your style. And the more refined your tastes, the steeper the price. Companies like Restoration Hardware charge an average of $4,500 for a leather sofa that will never appreciate in value. If you take care of the piece, you hope it will last a decade. You could easily buy a 30-year term life insurance policy with a value of 30 times the retail price of that couch. Want to have your cake and eat it too? Purchase a whole life insurance policy and take out a tax-deferred loan against the policy to furnish your entire living room.

3) State-of-the-art electronics: Televisions and mobile devices are becoming larger—and so are their price tags. The starting price for a new iPhone 6 averages around $299 (based on a two-year plan with the top three carriers). If you want a MacBook with your shiny new phone, you’ll have to shell out an extra $899. Total price is $1,198, spread out over one-year is around $100/ month. The premium for a 20-year $500,000 term life policy for a healthy, 45-year-old, male, non-smoker clocks in at a modest $55/month.

4) Vacations/Cruises: Taking a two-week vacation is a goal most Americans spend all year working toward. According to American Express, the average vacation expense per person in the U.S. is $1,145 to $4,580 for a family of four. An article, published in Forbes Magazine earlier this year, featured a 50-year old male who had a policy of about $1,000,000 worth of life insurance through his job. Want to guess how much he pays per year for this hefty policy? A whopping $3,200 per year. And the kicker is the article discusses ways he could be paying a considerable amount less for that policy per year.

The truth is we as human beings spend money on things we deem to be important. When it comes to life insurance, the question should not be whether you can afford life insurance, it should be if the items you’re spending money on instead today will have real or equal value tomorrow?

Want to invest your money in an asset that can benefit you now and will appreciate in the long-term? If you can spare a few minutes of your time, you can make this a reality today. Get a quote today. 

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Self-Employed Professionals: How Life Insurance Helps You Save for Retirement

Posted by Gary Lardy

Dec 16, 2014 4:30:00 PM


As a self-employed professional, one of the most fulfilling things about working for yourself is looking in the mirror and declaring: “I’m the boss.” You, and only you, are responsible for running the show.

That also means you are solely responsible for your retirement, too. And that can feel a lot less fulfilling and a lot more frightening.

At IntelliQuote, we’re here to tell you that planning for your retirement is a lot easier with a life insurance policy on your side. Let’s explore three ways a life insurance policy can keep your family in the black long after you have left your business.

1) Alternative to retirement savings: Many people believe their retirement saving is a lifeline that will keep them afloat for a decent amount of time. But if you own your own business and have a family, your loved ones may not be able to keep their heads above water for too long after you die. When a spouse dies, business income might dwindle, or just stop, leaving your family between a rock and a hard place. A life insurance policy can give your family money to keep them going for years to come.

2) Option to liquidate if you need fast access to cash: One thing you can count on in life is the unexpected, specifically unexpected emergencies. And when disaster strikes, you want to be as liquid as possible. Rather than rushing to cash in taxable funds that can take forever to become available and have penalties that might haunt you in your upcoming tax return, why not dip into the tax-exempt cash reserves within your life insurance policy?

3) Allows you to assign beneficiaries: What if you’ve run a successful business and you’ve done a great job of saving for retirement for a number of years, but you have no one to whom you can pass on your assets? Your life insurance can also double as a trust and you can list the beneficiaries that you wish to receive the fruits of your hard-earned labor, whether the recipients are members of your family or causes that you feel deeply about. Either way, you’ll ensure your legacy of success lives on for the next generation of ambitious entrepreneurs.

If you’re a self-employed professional, you may fret that saving for your eventual retirement is difficult, but life insurance is a great way for you to sock away additional money and give you options for where your money goes in the future.

Plan for tomorrow’s emergency today. Let IntelliQuote help you receive up to six life insurance quotes in just a few minutes. Learn more.

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Topics: How Much Life Insurance Do I Need, Retirement Planning, Compare Life Insurance, Term Life Insurance Rates, Self-Employed

How a Parent’s Death Can Cut Short a Child’s Dream

Posted by Gary Lardy

Dec 13, 2014 10:30:00 AM

Bachelor’s degrees are the new high-school diplomas. This is a reality that’s becoming more and more apparent with each passing year. College graduates, on average, experience significantly lower rates of unemployment than those armed with only high school diplomas.

And as a parent, you want to give your kids a fighting chance for success, don’t you?

But what happens if you’re no longer in the picture? How can you increase the odds in your child’s favor?

Enter life insurance to the rescue!

At IntelliQuote, we understand a college degree is not a guarantee for a better life, but it provides an advantage over the competition. Let’s take a look at four reasons why life insurance can help ensure your child’s post-secondary education is not sidelined.

1) Don’t make your kid grow up any faster than they have to: Sabrina Green may be chronologically young, but she’s endured more hardships than those twice her age. Growing up in a single-parent home as one of three kids is tough, especially when you’re mom dies when you’re eight-years-old, and your grandmother dies just five years later—without life insurance. As a result, Sabrina had to work 40-45 hours a week while attending college part-time.

A life insurance policy may have helped Sabrina, by allowing her mom to set aside money in a trust, so Sabrina wouldn’t have to choose between getting a diploma and eating or paying the light bill.

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Topics: Life Insurance for Parents, Protecting your families financial future, Compare Life Insurance, Term Life Insurance, Do I Need Life Insurance

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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