Life Insurance Myth- Life insurance is expensive. Matter of fact, purchasing a whole life or term life insurance policy can fit nicely into your budget. 29% of Millennials and 23% of Gen Xers place going on vacation and participating in recreational activities higher than getting life insurance.
Ways to save on life insurance. See if you can save by paying upfront. Some insurers offer a discount if you pay the entire year’s premium in a lump sum. If your insurer offers this discount and you have the money, opt to pay your premium up front instead of paying quarterly or monthly.
Many people are looking to trim expenses during these uncertain times. Perhaps life insurance is one area where you’re looking to economize. If so, the good news is that there are quite a few ways to get affordable life insurance. Talk to your financial advisor to get some help!
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What happens if I am denied life insurance? Good news: There are options if you’re initially denied life insurance. The first is to contact the company that denied you to see if there was a mistake on the life insurance application. If there was no mistake, find out the reason for the denial. Once you know, you can try working with an insurance agent that specializes in higher-risk applicants.
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How much term life insurance do I need?
You need 10-12 times your yearly income in term life insurance.
Disability insurance is something anyone who works and has earnings should consider. That’s because one in four people today will become disabled¹ and potentially face financial hardship at some point during his or her working life.
Life insurance isn’t scary!
A big misconception is that life insurance is only about death. But rather, it is about protecting your loved ones from the unexpected and providing a solid foundation for the rest of your financial life. Once you have protection in place, you can build a financial plan with confidence. With a permanent life insurance policy that builds cash value, you can also tap* into the living benefits of life insurance, using that cash value to fund things like college for your kids, starting a new business, or providing a tax-advantaged income in retirement.
How important is maintaining good credit?
Maintaining good credit can mean a great deal to your long-term financial goals, so monitoring your credit reports is a good habit to get into.
When is the best time to buy life insurance? One of the best times to purchase life insurance is when you are young. At a younger age, you may be eligible to receive lower rates for your life insurance premiums, which can help you purchase more insurance to take care of your needs for your family in the future.
How much should you set aside for savings each year?
The simple answer is to save as much as you can. It never hurts to have too much savings.
If anyone depends on your income right now, you should consider term life insurance. It protects your family by replacing your income—which makes term life one of the most important parts of your financial game plan.
Communicate about finances
If you have kids, involve them in basic conversations about money to provide them context for the money-related decisions you and they make. Explain the basic concepts of saving, budgeting, income, and expenses
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