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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: Show Your Never-Ending Love

Feb 7, 2017 8:34:00 PM

What do life insurance and love have in common? The two are more related than you might think. Many consumers view life insurance as an optional financial tool that you add to your budget only if it fits. The reality is that a life insurance policy is an essential component of your family's financial plan, one that demonstrates your never-ending love.

Demonstrate Your Love With a Life Insurance Policy

When you love someone, you think kind thoughts about them but you also show that love through your actions. Whether it be helping with a chore, listening, or buying flowers on a special day, we do things both great and small to show we care.

This includes planning for the future and the well-being of our loved ones with a life insurance policy. Why else would you buy life insurance? A National Underwriter survey asked clients specifically why they were purchasing life insurance. Interestingly, the top five reasons can be attributed to love.




Term Life or Whole Life Insurance: Which Policy Type is Right for You?

Nov 3, 2016 7:22:00 PM

One of the common questions among those considering a life insurance purchase relates to the difference between term life insurance and whole life insurance. If you've decided to purchase a life insurance policy, bravo, as you are ahead of the curve. Statistics show that, while most Americans need life insurance for a variety of reasons, the rate of adequate life insurance ownership is actually at a 50-year low. Top reasons for not purchasing life insurance include a gross overestimation of its cost and a basic lack of understanding about life insurance policy products - including the difference between a term life policy and a whole life policy.

When you buy this important coverage you obviously want the best life insurance for your needs. So here is a comparison between term life and whole life, which are the two main categories of life insurance.




The Two Sides of Universal Life Insurance

Oct 7, 2016 8:47:00 AM

Many people opt for life insurance coverage with a permanent life insurance policy as opposed to one that will expire in 10, 20, or 30 years. There are several choices in permanent life insurance, but one that provides the policyholder several options and a great deal of flexibility is universal life insurance. If you're searching for a life insurance policy that won't expire, here is some information about your universal life choices, the coverage benefits, and a few potential downsides.

Your Universal Life Insurance Policy Choices

Buying life insurance is a confusing proposition for many because there are just too many choices. Even if you decide that you want a universal life insurance policy, there are several types to choose from. For your life insurance comparison purposes, there is a standard universal life policy, a variable universal life policy, and an indexed universal life policy.

A standard universal life (UL) policy has two components, the death benefit portion that is similar to term insurance and a cash value component that accumulates at a minimum rate, with the potential for higher returns based on the insurance company's portfolio performance. A variable universal life (VUL) policy, also has a standard death benefit, but the cash value component can go up or down based on the policyholder's investment choices. Finally, indexed universal life (IUL) policies are gaining in popularity according to recent LIMRA numbers. These policies also have the standard death benefit, but the cash value is both tied to a major investment index and has a guaranteed minimum rate of return.



Should Your Financial Plan Include a Life Insurance Policy for Your Kids?

Sep 16, 2016 5:00:00 PM

No parent likes to think of outliving their child, but it's a tragedy that happens, leaving families in shock and often ill-prepared. The question of whether or not to purchase a life insurance policy for your children has been debated for years. Provided that your own life insurance needs have been met, there are some sound arguments for why this might make sense. Here are just four reasons that you may want to consider a life insurance policy for your kids.

Money for Funeral Expenses

When a minor child dies, it's emotionally devastating but not always financially so. Most children aren't bringing monthly income into the home that needs to be replaced. If you're worried about covering funeral costs, the best life insurance choice may be a rider on your current policy that allows you to add $10,000 or $20,000 for a family member, including children.




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.




Your Life Insurance Policy, Your Retirement Plan, and Tax Diversification

Jun 8, 2016 6:00:00 PM

Having enough resources to live comfortably in retirement is a top priority for many. Yet, being hit with an unexpected tax burden is likely something we'd all like to avoid. Unfortunately, taxes don't stop when your paycheck does, but there are certain investments that provide retirees with better tax advantages than others. A life insurance policy with a cash value component, often referred to as a whole life policy, is one way to set up a tax-free source of income in retirement as well as providing some tax advantages in the coming years.

What is a Whole Life Insurance Policy?

Much in line with its name, a whole life insurance policy provides protection for your entire lifetime. There are several types of whole life policies, but the most common type of policy is a level premium policy that provides an affordable life insurance solution with continuous policy premiums. The death benefit will remain the same on the policy for the life of the contract, but this type of insurance policy also develops a cash value. The cash value accumulates over time and can be borrowed against to supplement retirement, pay for emergencies, and help pay for college.

Some whole life policies also pay dividends, which can be used either to increase life insurance protection or to grow cash value. Owners of a whole life insurance policy will find that they receive several tax advantages from this particular coverage.




What are the differences between Term and Universal/Whole Life Insurance?

Oct 6, 2014 4:00:00 PM

Life insurance comes in two common varieties: term life insurance and whole or universal life insurance. The main differences between these two kinds of insurance can be gleaned from their names; as you might expect, term life insurance lasts for a specific term, while whole life insurance lasts for the policy holder's entire lifespan. There are some other key differences between these two kinds of insurance that you should be aware of if you wish to make a smart decision about your life insurance needs.

Premium Amounts And Changes

One of the main things that financially responsible consumers must do in order to find the best life insurance carriers (or policies) is shop for a policy based on price. Life insurance premiums vary depending on several factors including how much coverage you are looking for and what kind of health you currently enjoy. Both kinds of life insurance can be set up to provide fixed premiums that do not change from month to month, but it is more common to have whole life insurance policies with fixed premiums.




What is the Value of Term Life Insurance?

Sep 26, 2014 9:30:00 AM

Life insurance is very important for those who do not want to leave a financial burden on their loved ones after they pass away. Term life insurance is the type of life insurance policy that lasts for a fixed period of time, as opposed to whole life insurance, which lasts for the policyholder’s entire life. There are some important benefits of term life insurance that all insurance shoppers should understand as they are comparing term life insurance quotes to find the best policy for their needs.


Term Life Insurance Is Simple

Term life insurance is relatively easy to understand; you decide the length insurance policy you want and how much coverage you need. If you pass away during the time when the policy is active, your family members receive the policy payout. Whole life insurance, on the other hand, involves a tax-sheltered investment that can change value over the years. If you are looking for straightforward life insurance coverage and are not concerned about investing your insurance money, term life insurance makes it easy for you to get covered.