Insurance Archives

Understanding the Basics of Life Insurance

Whether you heard it from your insurance agent, an investment specialist or your own mother, you probably know that life insurance is a good thing to have. Despite that being the case, many people still have the question, how does life insurance work? Individuals have a vague understanding that money will be paid if someone dies, but things like whole life insurance policies complicate the matter. Understanding Term Life Insurance Probably the most common type of policy, term life insurance covers a predefined period of time. The policy owner may purchase the insurance outright, paying a certain amount of money up front for years of coverage. More commonly, the owner pays for the insurance policy each month. In this case, the policy expires at the agreed upon … Read more

Top 6 Critical Lifetime Milestones When To Buy Insurance

by Hank Coleman

Our lives are constantly changing, but far too often our life insurance policies do not keep up with our changing lives. Have you hit a different phase of your life? Have you reached a new milestone? With each new milestone in your life, your life insurance coverage may need to change. So, you must decide when to buy

With each new milestone in your life, your life insurance coverage may need to change. So, you must decide when to buy life insurance, when you have enough, and when you need to add more life insurance coverage to protect your loved ones.

No matter if you are starting to work at a new job or you are retiring, you may need to rethink your life insurance coverage. You may need to adjust your life insurance policies if you are newly single or just got married. Buying a new home or having children can also be a signal was to when to buy insurance. Each milestone in your life and transition to the next phase of your life can trigger a time when to buy insurance. Your unique personal circumstances often

Each milestone in your life and transition to the next phase of your life can trigger a time when to buy insurance. Your unique personal circumstances often warrant a time to reexamine your financial life. The right amount of life insurance that you have will change throughout your life as the circumstances of your life changes over time.

Changes in your life may require changes in your insurance coverages. Here are a few milestones in your life when you should look at buying new life insurance and increasing your coverage.

Life Insurance When You Are Single

If you are single and do not have children, you may not need very much life insurance. Although there are a couple of instances that you may want to consider purchasing life insurance while still being single. One reason that you may want to consider purchasing life insurance is if you have significant debts from cars, homes, or other assets that will need to be repaid by your estate. You may want to consider buying enough life insurance to pay off your home mortgage, any car loans, student loans, credit cards, and any other debt that you may have.

This is one reason when to buy insurance that you may want to consider. Another reason that you may want to buy life insurance while you are single is to guarantee your insurability later in life. You can purchase riders for insurability later when you may be in poorer health and would have trouble buying life insurance. You should also consider the cost of life insurance.

When you are young and in your 20s or 30s, life insurance is considerably cheaper than it would be if you had to purchase the same type of life insurance policy later when you are in your 40s or 50s. This is especially true when you buy whole life insurance. You may not see much difference or only a smaller rate increase when you purchase term life insurance.

Why Your Stay At Home Spouse Needs Life Insurance

by Hank Coleman

Do I Need Life Insurance For My Stay At Home Spouse

Do I need life insurance for a stay at home spouse? Too many families forget to purchase life insurance for a spouse that stays at home and takes care of the children.

This can be a tragic mistake should the stay at home spouse die unexpectedly. There are many things that he or she does that would need to be replaced right away such as caring for the children, cleaning the house, and other items.

Not having life insurance for a stay at home spouse could make a dramatic impact on your family’s budget and put you in a financial hurt. This is of course on top of your loss.

Do I Need Life Insurance For A Stay At Home Spouse

Do I need life insurance for a stay at home spouse? Here are a few thing to think about when you are considering purchasing either term life insurance or cash value life insurance for a stay at home spouse.

It’s Tough To Replace A Stay At Home Spouse

If you stop and think about it, a stay at home spouse provides a lot of services to the family. Should your spouse die unexpectedly, then you would need to hire someone to come in and fulfill those roles in your home. For example, think of all the cleaning that your spouse probably does on a daily bases.

Your stay at home spouse also most likely cares for your preschool aged children. If he or she should die, you would need to pay someone to do those things. The same could be true for meal preparation. Not having insurance to cover the cost of these items could leave you in a financial bind.

Is Life Insurance An Asset Like Your House, Cash, Or Gold?

by Hank Coleman

Is life insurance an asset? Do you consider your life insurance policy to be an asset like your house, cash in your bank account, or the gold bullion bars under your bed? Is life insurance the new asset class?

Are our net worth’s about to skyrocket? It is an interesting idea that has been gaining in popularity in the personal finance circles.

There are several reasons that you may want to consider your life insurance policy to be an asset. But, there are also plenty of reasons not to think of it in that way.

Is Life Insurance An Asset? Maybe!

I will start by saying that I am not a fan of this new philosophy. I personally do feel that life insurance policies are an asset. They are simply a tool. They aren’t a tangible asset that you can touch.

With that being said, there are a few circumstances where I can see that people would include their life insurance policies as an asset. Most of them revolve around whole life insurance policies which are very expensive for people to own. There are much better uses of your principle payments than whole life insurance which is also known as cash value insurance policies.

Four Best Home Insurance Discounts To Ask For

by Hank Coleman

You may qualify for certain discounts on your home insurance that you are not taking advantage of. You need to make sure that you ask your home insurance company if you qualify for home insurance discounts and are receiving these discounts on your homeowner’s insurance policy. Not capturing all of them can cost you a significant amount of money each year. Four Best Home Insurance Discounts You Need Bundling Car And Home Insurance Most people have seen the commercials about bundling your home and car insurance together in order to receive discounts on both. This is very true. Far too many people are focused on shopping around for the best insurance rates, but the best rates might be right there at … Read more

What You Need To Know About Parties And Your Homeowners Insurance Policy

by Hank Coleman

What you need to know about house parties

What You Need To Know About Parties And Your Homeowners Insurance Policy

You may need house party insurance when you're the host.

Your house parties can be extremely fun events. You get to have a bunch of friends over, chat about old times, maybe you have a band, and you do some dancing! However, whenever you have events at your home, you open yourself up to more liability. It can come in many forms, but you need to make sure that you protect yourself from liability.

House Parties Increase Your Liability

By having guests in your home, you expose yourself to liability. This can come in many forms. For example, someone could slip and fall and injure themselves at your home. If you have catering, someone could get food poisoning. Finally, if alcohol is served, you could be liable for injuries even if someone gets injured on their way home because they were driving drunk.