Life Insurance Blog by IntelliQuote

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

How Life Insurance Can Help Save You

Posted by Gary Lardy

Dec 10, 2014 6:00:00 PM

One of the ways insurance professionals try to get people to sit up and take notice is to state a startling statistic. We find that’s not always the best approach.

Why?

Because people can easily explain away statistics with reasoning. We’ve found that real-life examples better connect emotionally with our audience, and as a result, are harder to ignore.

Today’s post shares real-life accounts of how life insurance saved two families, and the three lessons you can take away from their stories.

1) Make sure you’re truly covered: If you work for a company and you know you’re insured, you probably don’t give life insurance much thought. You figure, “My company will take care of everything”, right? Luckily for Alden Wicker, her mother shared the opposite viewpoint. Ms. Wicker’s parents were better off than most, with a solid income and an emergency fund of close to two years of her father’s salary. Her mother was in charge of the budget and inspected her husband’s employer-provided insurance coverage, which would pay out two times his $30,000 a year salary. She calculated their actual expenses to see how much they’d need if they had a crisis and realized it was significantly higher, so she took out two additional policies.

The Lesson: Never assume that your employer’s life insurance is enough to cover your needs. Sit down and make a list of your actual expenses (mortgage, rent, living expenses, etc.) and compare that total against how much coverage you receive.

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Topics: Life Insurance Quotes, Protecting your families financial future, Compare Life Insurance, Term Life Insurance, Do I Need Life Insurance, Financial Future

Why Empty Nesters Need Life Insurance More than Ever

Posted by Gary Lardy

Dec 3, 2014 6:00:00 PM

When your children leave the nest and go off to college, they aren’t the only ones entering a new stage of life. As a parent, you too are redefining your independence. You’re in a cycle of downsizing; fewer people in the house means fewer responsibilities and lower grocery and utility bills. Hooray!

So why on earth would we suggest that you increase your monthly financial obligations and buy more life insurance at this time?

We know it sounds crazy. But hear us out, because in today’s post, we are going to show you why paying out a little extra money now will fiscally reward you (and your family) in the future.

“Life insurance is only valuable if I have dependents.” This is a common misconception that a lot of people have. The awesome fact is that it doesn’t matter if your kids live at home or if they’re on their own, you can choose a policy that is jam-packed with benefits.

1) Provides long-term care security: As you grow older there is a possibility that when you reach a certain age you’ll need help caring for yourself, such as a private care facility or a visiting nurse. Assisted living care costs can add up—quickly. The average nursing home in the Midwest can cost $60,000 per year. These fees can place a serious burden on your loved ones. And, according to a study from EBRI (Employee Benefit Research Institute), the compounded risk of running out of money during retirement is between 100 and 800% (depending on the preretirement income and long-term care expenses). But life insurance can squelch these worries, so they never materialize into reality. Plus, as an added bonus, you won’t be taxed on most of the benefits on a qualified long-term care policy.

2) Great for supplementing your spouse’s pension: When you retire, you may think, “Goodbye life insurance. Hello, pension payouts.” But before you pull the plug on your policy, consider this: if you were to pass away, the checks your spouse receives could be significantly smaller or could be eliminated altogether. This could place a heavy amount of stress on him or her, forcing them to move and reduce their quality of life.

3) Leave a legacy for your children: We mentioned in a previous post that just because your child leaves the nest, it doesn’t mean that he or she won’t boomerang back home in the future. In the aftermath of the 2008 economic recession, many adult children moved back home after college in droves. Wouldn’t it be nice to know that you could leave your children some money to help them get off their feet and make a fresh start?

Adding to your bills after your children have left home seems counterintuitive, but the right insurance policy can offer financial stability and peace of mind.

Start on the road to more financial security. Why not compare insurance rates in just three easy steps? Let IntelliQuote help you get started today

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Topics: Protecting your families financial future, Retirement Planning, Term Life Insurance, Life Insurance, Financial Future

Why You Should View Life Insurance Like a 5th Grader

Posted by Gary Lardy

Nov 14, 2014 5:30:00 PM


Kids have a clarity of vision and tend to see the most glaringly obvious solutions that adults overlook.

So why do we, as adults, complicate things?

Because somewhere along the way we learned how to rationalize.

Take life insurance, for example. A fifth grader understands that if a life insurance policy ensures that Mom and Dad’s salary is guaranteed – even if they die or are unable to work – then it makes sense to purchase this policy as soon as possible, right?

However, when you think about the same policy you’ve probably rattled off the following excuses to yourself: “There are too many choices.” “I don’t have time to research the best policy.” “This can wait.” “I’m young and in good health, what are the chances that I’ll pass away before I reach a ripe old age?”

We hate to burst your bubble, but it looks like the kids are winning in the logic department.

In today’s blog post, we’ll help you even the score and show you how you can benefit the most from your policy by viewing life insurance through the eyes of an 11-year-old.

1) Only plan for your most important needs: Children see things in black in white. Gray doesn’t exist in their world because blending colors indicates complication. You can apply this tip when shopping for life insurance. It’s easy to imagine things are harder than they actually are, but buying life insurance is not as complicated as you think. Two things you want to keep in mind are: your policy should account for your current needs, and your policy should account for those needs you anticipate in the future, as best as possible. That’s it! At IntelliQuote, we will do the comparison shopping for you in just minutes and at no cost – so all you have to do is choose the best provider who can fulfill your qualifications. We know this sounds too simple to be true, but we promise it’s not.

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Topics: Term Life Insurance Quotes, Buying life insurance online, How Much Life Insurance Do I Need, Compare Life Insurance, Do I Need Life Insurance

What Our Customers REALLY Think About Us, In Their Own Words

Posted by Gary Lardy

Nov 11, 2014 1:00:00 PM

Every company likes to think they’re the best.

Whether they sell insurance or igloos, many companies claim their services are top notch. It makes sense, when you own or work for a company, you have a sense of pride, and you want to project that to the world.

We at IntelliQuote think our company is the best, but we also believe that it’s not what we say about our company that makes the biggest impact, it’s what others say about us.

In today’s post, rather than toot our own horn, we thought we’d let our customers do the shouting for us and share what the IntelliQuote experience means to them. We don’t provide transactional services--any company can do that. We believe it’s all about the experience. But don’t take our word for it…

1) Empathetic: If you’re shopping for life insurance for the first time, you probably have a lot of questions and concerns, right? You want to speak with someone who can relate to what you’re feeling. One reviewer spoke highly of one of our advisors: “From the first moment, her approach reassured me that this experience would be different. She was extremely knowledgeable, funny and sympathetic all at the same time. She walked us through everything and saved us 50% on our rates. Amazing! We are referring all of our friends and family to Shauna.”

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Topics: Compare Life Insurance, Term Life Insurance Rates, Compare Life Insurance Quotes, Best Life Insurance, Insurance Quotes

The Top 5 Reasons Why People Delay Buying Life Insurance (and How IntelliQuote Eliminates All of Them)

Posted by Gary Lardy

Nov 7, 2014 4:30:00 PM

“I’ll start researching life insurance--tomorrow.”

How many times have you uttered these words? When you’re pressed for time or just can’t be bothered, it’s really tempting to add this to tomorrow’s to-do list, isn’t it? Well, we have a solution that we think you’ll like.

In today’s blog post, we’ll breakdown why most people put off buying life insurance and why comparison shopping with us can kill your procrastination monster.

Life insurance is something that many people need. We know that you probably don’t consider it to be very exciting. But it may be one of the most critical purchases you’ll ever make, so we’re here to help you to arrive at the best outcome as quickly as possible.

1) Not enough time: Most of us try to cram as much as we can into the tiny amount of time that we’re given. One of the biggest reasons why people neglect purchasing life insurance is because they think the research time will take time away from something more important. At IntelliQuote, our quote engine produces multiple competitive term life insurance quotes in less time than it takes to stand in line for a Starbucks Frappuccino.

2) Do I really need this? “I just had a physical; I’m in great health.” “I’ve never been in an accident. I’m a great driver.” Walking out of your doctor’s office with a clean bill of health is reassuring, isn’t it? Unfortunately, reassurance isn’t a guarantee that you’ll remain healthy and problem-free. Tip-top physical health also doesn’t offer you protection from unforeseen accidents. Remember that life insurance isn’t for you, it’s for your family. What will happen to them if your worst case scenario becomes a reality?
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Topics: Compare Life Insurance, Online Life Insurance Rates, Term Life Insurance, Life Insurance, Insurance Quotes

Mortality: Gain More Control Over Yours Using Life Insurance

Posted by Gary Lardy

Nov 3, 2014 7:00:00 PM

You may have done a double take when you read today’s blog title. Control your mortality with life insurance? Are they serious?

Before you ask, we’re not saying that life insurance will turn you into a superhuman or will increase your life span by 50 years. Sorry! But we want to show you how you can use life insurance to ensure that your family remains healthy and happy long after you’ve passed on.

And that’s something that you can feel good about, right?

There are a lot of precautions that you can take to help you live a longer life. Daily exercise, a healthy diet, learning not to sweat the small stuff and reducing your stress. While these lifestyle choices are wonderful ways to improve the overall quality of your life, they are not guaranteed life extenders. If you’re one of the (or the only) breadwinner for your family, you’ll need a financial backup plan that’s solid.

1) Choose exactly how your family will be cared for: When you’re employed, you know you’ll get paid every month like clockwork. But what happens if you pass on unexpectedly? If you’re gone, you obviously won’t need the money, but what about your spouse and your children? A term life insurance policy allows you to determine the exact salary that will keep your family financially comfortable and worry-free after you’re gone.

2) Give your child a chance to compete with a college education: One of the most amazing gifts a parent can give their child is the gift of a debt-free education. The workforce becomes more competitive with each passing year, and bachelors’ degrees are the new high school diploma. When you purchase a policy that will cover your child’s education, you’re making sure that they’ll enter adulthood with an advantage.

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Topics: Life Insurance Quotes, Compare Life Insurance Rates, Protecting your families financial future, Financial Future, Financial security

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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