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The Intelligent Life Blog

Helping millions of Americans become educated
in making intelligent decisions around their life needs

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Life Insurance Tips for New Parents

Jun 5, 2016 4:14:46 PM

Children bring as much joy to a home as they do an entirely new set of responsibilities. Whether you are expecting your first child, have just had your third, or are looking at managing life as a single parent, buying life insurance probably hasn't been at the top of your list. It should be, though. A life insurance policy is the best way to protect your children's financial future. From here forward, the question is no longer if you need life insurance, but rather what kind you need and how much you should buy.


Life Insurance Options

While you may hear several different names, there are really just two types of life insurance products that you'll wish to consider. Term life insurance provides a specified death benefit if you pass away within a set number of years, which is the term of that policy. Permanent life insurance, sometimes called whole or universal life, is a life insurance policy that both provides coverage for your lifetime, and that can serve as an investment tool with its built-up cash value.

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

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

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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5 Surprising Reasons to Buy Life Insurance Before You Have Kids

Oct 9, 2014 1:30:00 PM

So, you and your spouse have decided to expand your family, yes?

You may be reconsidering a lot of things that you never gave a second thought to, like trading in your Dodge Charger for a minivan or evaluating your neighborhood’s public school system.

Life insurance is likely the furthest thing from your mind. But it shouldn’t be. In fact, life insurance should be one of the first things that you and your spouse nail down when it comes to your future children because it will have a significant long-term impact.

But why would anyone buy or adjust their life insurance to fit a child that doesn’t yet exist?

1) The calm before the storm: Babies are a blessing for any family, but these little miracles require your undivided attention, focus and loads of energy. It’s best for you and your spouse to figure out the right insurance policy and weigh your options before you become bogged down with a new set of priorities like diapers, play dates and college funds.

2) An asset within the asset: Speaking of college, the average cost for an in-state public university is around $23,000 a year, and private colleges cost around $45,000 annually. And those prices are slowly climbing. You’ll want to start putting money into a college fund as early as possible. Permanent life insurance acts like a savings account. Not only does this double as a college fund, but you can borrow against it and use the savings portion at a later time, tax-free. And unlike a 401(k) or a Roth IRA, your contribution is not capped, allowing you to add an unlimited amount of money to the savings portion of your plan. 

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3 Life Insurance Questions Every New Parent Should Ask

Aug 8, 2014 11:35:00 AM

You’ve just welcomed a new child into this world. Between late night feedings and diaper duty, who has time to think of life insurance? Here at IntelliQuote, we work diligently to make the process as fast and painless as possible for new parents. We understand the pressure you’re under which is precisely why it’s so important to lock in an affordable life insurance rate! Whether your baby has already made their debut, or you’re planning for their arrival, we encourage you to take a few minutes to ask the following questions. Once you have coverage in place, you can once again focus on this incredibly special time in your life. Without delay, let’s get started:

What Are Our Options?

There are thousands of options when it comes to life insurance protection. From term life insurance to permanent life policies and a variety of rider coverage options, you have a lot to consider. Rather than devoting hours of your own time to research, it’s best to ask an experienced professional to explain your options. Here at IntelliQuote, we have a team of licensed advisors on hand to explain your life insurance protection choices and answer your questions. Once you have decided what type of insurance to buy, it’s time to determine how much you need.

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Why Your Family Needs Life Insurance Coverage Today!

Jul 24, 2014 10:18:00 PM

A story recently featured in a North Carolina newspaper is a real life tale of every parent’s worst nightmare. Eighteen-year-old Leah Hilliard had just completed her senior year of high school. As she was closing one chapter in her life, Leah was busily planning her final weeks at home before heading off to Western Carolina University.

Just one day after high school graduation, Leah’s father died of a sudden, massive heart attack at the age of 39. In an instant, Hillary and her mother lost everything; Mr. Hilliard had no life insurance. In a terrible twist to the story, Mr. Hilliard had just begun a new job and was scheduled to qualify for employee benefits in a mere two weeks. Suddenly, with no income to depend on, Leah and her mother found themselves scrambling to raise funds to cover final expenses.

Why You Need Life Insurance Today

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5 Life Insurance Tips for New Parents

Jul 18, 2014 1:49:00 AM

You’ve just begun a new chapter in your life as parents. With so much new-found responsibility, what steps can you take to protect your new bundle of joy? Let’s start with these simple life insurance tips:

1. Understand Your Options

Before you begin shopping around or comparing life insurance products, it is up to you to first understand your basic options. There are two types of life insurance: term and permanent. Term life insurance is typically more affordable and provides coverage for a given amount of time. Permanent life insurance is designed to provide coverage throughout your lifetime and can also serve as an investment tool. To learn more about the risks and benefits of each, be sure and read this complete blog post on the topic.

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Celebrate Father's Day with a Little Peace of Mind

Jun 13, 2014 9:39:00 AM

On behalf of the entire IntelliQuote family, we would like to take this opportunity to wish all of the fathers out there a happy and healthy Father’s Day! As a parent, you spend much of your time providing guidance and helping your children navigate daily challenges. From helping them prepare for an upcoming exam to practicing their favorite sport, you’re there every step of the way. Though it’s often difficult to step out of the day-to-day grind and think big picture, as a parent it is your responsibility to do so.

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