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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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Use the IntelliQuote Process to Simplify Life Insurance Decisions

Jan 20, 2017 9:11:00 AM

Many of us see buying life insurance and most types of financial planning as complicated endeavors. Not only does it seem complex, but it's also just not fun to think about the possibility of ever needing a life insurance policy. Life insurance is important, though, to protect your loved ones in case something unforeseen does happen. Many of us avoid the decision to protect our families, but IntelliQuote can simplify the process of buying a life insurance policy.

Why People Avoid Shopping For Life Insurance

People stay away from life insurance for a variety of reasons. We already mentioned the perception that it's complicated, which is simple enough to dispel. Many avoid the thought of ones possible demise, but there is also the miconception that life insurance is incredibly expensive.

According to a recent LIMRA Insurance Barometer Study, 86% of respondents claim they haven't purchased life insurance because it's too expensive. When asked, these same people overestimated the cost of life insurance by more than 2x. The truth is that life insurance is affordable.

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Pre-Existing Health Conditions and Life Insurance

Oct 15, 2016 12:38:00 PM

Life insurance is an important financial protection that most people should have in place. Too many people believe certain life factors might preclude them from purchasing a life insurance policy. Among these are age, lifestyle habits, and pre-existing health conditions. While you may face some challenges with coverage in a few cases, you'll still be able to get life insurance with a pre-existing health condition if you stay organized and follow these tips.

Pre-Existing Medical Conditions

The number of people with pre-existing medical conditions became more visible with the passage of the Affordable Care Act. In 2011, the government determined that nearly half of all Americans under retirement age had some sort of pre-existing condition that was locking them out of the healthcare system. If you are one of these people and are now getting the treatment you need, it can only help your situation. Even if you've been receiving treatment, you'll want to be honest about your health status.

If you have a pre-existing medical condition, don't try to hide it or lie about it to an agent or insurance company. If you lie and the truth comes out later, your coverage will likely be cancelled and any claims denied. Your best course of action is to have as much detailed information as possible on hand about your condition. Gather dates of diagnosis, major treatments, tests, or surgeries, recent lab results, and a list of medications. This information will be helpful in documenting your condition and getting you the best life insurance quotes.
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Protecting Those You Love: How Online Life Insurance Quotes Fit In

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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Life Insurance Policy Terms Related to Riders

Jun 25, 2016 4:30:00 PM

A standard life insurance policy may not fulfill the needs of every family. Fortunately, there are additional coverages called "riders" that can be added to your life insurance policy to enhance coverage to meet your specific needs. Once you've determined the type of policy that you wish to purchase, term or whole life, then you can take a look at filling any potential gaps with a policy rider. Here are just six of the most common riders and the ways that they can customize your life insurance coverage.


Waiver of Premium Rider

Insurance policies require the payment of a premium, most commonly annually or monthly, to remain in force. If you become disabled or lose your income as a result of illness or injury, this rider can protect your policy by waiving premium payments until you get back on your feet.

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Are Life Insurance Quotes for Women Different Than Those for Men?

May 18, 2016 6:00:00 PM

Ladies know the truth: lots of things are just more expensive for the fairer sex.

For starters, women who often are not as auto-savvy may find themselves shelling out more money to purchase or repair their car. They also pay more for clothes and haircuts when compared to men. And let's not even talk about the cost of health care (perhaps because men "never go to the doctor").

However, there is one product for which women generally pay less than men: a life insurance policy.

According to GoodFinancialCents.com, the potential for lower monthly premiums between the average male and the typical female is:

  • $20 for a 10-year, $500,000 term life insurance policy at age 30
  • $56 for a 30-year, $250,000 term life insurance policy at age 40
  • $132 for a 20-year, $250,000 term life insurance policy at age 50
  • $820 for a 20-year, $500,000 term life insurance policy at age 60

Women Live Longer Than Men

The main reason for this price disparity is the difference in life expectancies between men and women. According to data from the Organisation for Economic Co-operation and Development, the average life expectancy for an American woman is 81.2 years, which is about 6% longer than the figure of 76.4 years for men.

Because of this inequality in life expectancy, a woman is less likely to pass away at any particular point during the time period of her life insurance policy than her male counterpart. As a result, the premiums charged by her life insurer will be lower because of the reduced risk of the company having to pay out a hefty death benefit.

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Intelligent decisions for Life

May 17, 2016 2:36:03 PM

 

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Life Insurance Rates: Are You Over-Estimating the Cost?

Mar 10, 2016 9:21:00 AM

The cost of life insurance can be much lower than many people may think.

 

It turns out that life insurance rates are much lower than most people think. A 2012 study by the nonprofit LIFE Foundation and LIMRA found that Americans overestimated the cost of a $250,000 level term life insurance policy for a healthy 30 year old by almost three times. Younger Americans in particular overestimated the cost by almost seven times.

A similar study in 2015 found that 8 in 10 adults thought life insurance would cost more than it actually does, and one in four guessed that a 20-year, $250,000 term life insurance policy (for a male 30-year-old non-smoker) would cost at least $1000 per year (actual cost is closer to $150 for men and less for women).

The ramifications of these wrong assumptions are not hard to see: many who want to have life insurance for their families are not getting the coverage they need. About a third of those surveyed acknowledged that they need additional coverage. Half of those who didn't have any coverage agreed with this assessment.

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5 Activities You Do Every Day That Take Longer Than Getting A Life Insurance Quote

Feb 1, 2016 11:22:00 AM

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