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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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Whole Life vs Term Insurance: And the Winner Is...

Apr 10, 2017 10:21:00 AM

Life insurance can be confusing. In fact, there is such a perception about life insurance being complicated that many people just avoid purchasing a policy altogether. In the 2015 Insurance Barometer Study, one of the top reasons (38%) given for not purchasing life insurance was not being sure about what type to buy. 

Unfortunately, not having life insurance can be disastrous for your loved ones. Unexpected losses occur each day, and it would be a tragedy to leave your family without the means to replace income or pay important expenses left behind. Here is what you need to know about the difference between whole life and term insurance, several pros and cons of each, and some tips for making the right life insurance policy choice.

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So, You Have Employer-Provided Coverage. Is It Enough?

Dec 1, 2016 6:10:00 PM

If you work for a medium-sized to large company, chances are you may have a pretty good benefits package. One common benefit that many employers provide is life insurance that equals up to one or two times your annual salary. While this is a generous benefit that you certainly won't want to turn down, there are several reasons why employer-provided life insurance either isn't sufficient or shouldn't be entirely relied upon as a sole source of protection.

Insufficient Limits

Most group life insurance provided by your employer is given to employees for free with policy limits that equal one or two times annual salary. Many experts recommend that sufficient policy limits for a life insurance policy be much higher, as much as six to ten times annual salary. There are also other factors that you should consider when purchasing life insurance, which is why a needs analysis is so valuable.

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Life Insurance Policy Basics

Aug 7, 2016 7:30:00 PM

Choosing which life insurance policy to buy can be confusing. You want to have life insurance to protect your loved ones financially, but there are so many different types, and each of these types has many different options within that type. With a little help, though, it is possible to make a choice that is personalized to meet each person's individual needs.


Term Life Insurance

Term insurance has the lowest cost, so it might be right for those on a tight budget or for those who would like to carry a large amount of insurance without paying high premiums. Because it only pays when the insured dies and has no cash value, it is not an effective savings tool like some other types of insurance can be.

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

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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Life Insurance Policy Question: What Term Timeframe is Best?

Jun 11, 2016 3:30:00 PM

These days, people in America are living longer than ever before. In fact, U.S. life expectancy has been consistently rising since the 1960s; and today, it stands at 79 years of age on average. And as unbelievable as it may sound, some experts say that children born today could live to be as old as 120 or older!

An expansion of the typical life timeline presents some additional challenges for Americans who are trying to prepare for the future. It also impacts the purchase of life insurance, especially when it comes to the length of the policy terms. Given the fact that life expectancy is still growing, what is the ideal time period for term life insurance?


What Are Your Choices?

Generally, term life insurance policies are offered with timeframes of five-year increments that are typically 20 or 30 years. But the perfect length largely depends on the person buying the policy and his or her age, work situation, and number of dependents.

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What Happens at the End of My Term Life Insurance?

May 10, 2016 5:30:00 PM

Believe it or not, you've achieved something pretty great if you've come to the end of your term life insurance policy. The best type of life insurance is the kind that you never have to use but that you know is available in case your family needs it. As you know, term life insurance isn't meant to last forever and usually has a policy term set for a period of 10, 20, or 30 years. If you are nearing the expiration date of your policy, here are your options.


Pay the Renewal Premium

There is a common misconception about term life insurance that the policy is no longer "good" after the set period, say 10, 20, or 30 years. In fact, most policies are not written this way. The end of your term is simply the end of the period in which you were given a guaranteed premium, or rate, for the policy. In most cases, you can continue to pay for the policy, but at an increased rate. If you are in poor health and at the end of your term, this could be your only viable option.

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When to Review Your Life Insurance Policy

Nov 4, 2015 4:58:00 PM

If you own a life insurance policy, it’s a good idea to perform a regular review of your policy to ensure that any recent life events have not affected the amount of coverage you may need.   In fact, whenever a significant life event occurs, you should use this as an opportunity to review your policy and make appropriate changes.

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4 Tragically Unforeseen, Bizarre Accidents

Mar 19, 2015 4:30:00 PM

There are a lot of situations in life where we can be proactive. If we want to maintain our weight, we can control what we eat and how often we exercise. If we want to stay on top of our health and dental hygiene, we make sure to see the doctor for an annual physical and bi-annual dental checkup.
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