When Is The Right Time To Look Into Life Insurance?

September is Life Insurance Awareness Month.

Throughout the month, we will be posting videos to answer some common life insurance questions. 

This week, we are discussing the right time to look into Life Insurance

If you don’t have Life Insurance, the correct answer is right now.

You are never going to be as young as you are today, and in many cases, never as healthy as you are today. This will help obtain your optimal price. Also, certain life events are appropriate for taking the time to review your current coverage and or consider adding more coverage.

These events include:

  • Marriage
  • Birth or adoption of a child
  • Purchase of a new home
  • Start of a business
  • Changing career
  • Change in income
  • Retirement

If you have any questions about life insurance, or any other type of insurance, call us at 412-563-2106.

What Is The Purpose of Life Insurance?

For those of you who don’t know, September is Life insurance Awareness Month. 

Throughout the month, we will be answering some common life insurance questions. 

This week, we are focusing on the purpose of life insurance.

Life insurance can serve many different purposes. Here are two of the most common:

1. Final expenses

At one time or another, we will all pass away. Regardless of what our wishes are post life, there will be some costs. Many of us will have a formal funeral with viewing services preceding it. Others will choose to be cremated. Purchasing life insurance coverage to cover these costs eliminates the financial burden on those costs from your loved ones. 

2. Family protection

Many of us have children, spouses, or others who rely on our income to survive. Without you and your income, these people may suffer significant financial hardship. Life Insurance is a tool you can utilize to ensure that your loved ones have the financial resources to carry on. 

If you have any questions about life insurance, or any other type of insurance, call 412-563-2106 or click the button below to get in touch today.

Is It Difficult To Obtain A Life Insurance Quote?

Is It Difficult To Obtain A Life Insurance Quote

For those of you who don’t know, September is life insurance Awareness Month. Throughout the month, we will be answering some common life insurance questions.

Question number one: Is it difficult to obtain a life insurance quote?

This question has a simple answer: not at all. The initial process of quoting life insurance is quite simple.

A handful of questions giving a general idea of your overall health and the type of coverage you’re looking for will get the process started. Here’s a list of the general information you will need to obtain a quote:

  • Your date of birth
  • Your gender
  • Your height and weight
  • Whether or not you use tobacco products
  • Any medications that you may be taking, or any health problems that you may have

From there, your life insurance agent shouldn’t be able to provide you with quotes for the amount of insurance coverage that you wish to see pricing for.

If you have any questions about life insurance, or any other type of insurance, contact us at 412-563-2106.

Realistic Expectations for Life Insurance Pricing

What is the cost of life insurance?

Hey, come on down here and get your life insurance. And if you’re a 65 year old male and on medication, you can get it for 100 bucks per month…

You’ve heard these ads on TV and radio, right?

They are really funny. And I guess they’re pretty effective. But don’t be lulled or should I say laughed into believing that everyone is going to qualify for these amazing rates.

Sure, some people are going to qualify for these kinds of rates. But in my experience, a lot of us won’t.

I know I certainly don’t. Then again, maybe I’m hanging out with the wrong type of people.

Anyway, if you’re in the market for life insurance, go into it with a realistic expectation of what it’s actually going to cost. Not everyone is that “A triple plus” prospect.

If you need help looking for life insurance, call my agency at 412-563-2106. We’ll be happy to walk you through the process.

What Factors Influence the Price of Life Insurance?

The first few things that are taken into consideration are your age and your gender. 

Beyond that, the big factor is whether or not you use tobacco. Someone who uses tobacco in any capacity is likely going to pay a higher premium than someone who doesn’t. 

Beyond tobacco use and your age and gender, your health history does play a role. 

If you suffer from any sort of a terminal illness, you likely will not qualify for life insurance. On the other end of the spectrum, if you’re very healthy, you should qualify for a better rate.

TOP 5 FREQUENTLY ASKED LIFE INSURANCE QUESTIONS

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The main concept of life insurance is well known and, for the most part, understood by those who purchase it.  Essentially, if you are covered by a life insurance policy and you pass away, a certain amount of money is paid by your life insurance company to the beneficiary you have designated.  While the general concept is easy to grasp, there are several other things to keep in mind,

 

Why should I buy life insurance?

There are many reasons why a person should buy life insurance.  A short list of popular reasons would include: (1) the cost of your own funeral/burial, (2) replacement income for your spouse and/or children as they can no longer rely on you to earn income, (3) mortgage/debt payoff.  Other valid reasons that should be considered include tax-free distribution of your wealth to your heirs/beneficiaries, children’s education expenses and buy/sell agreements for business partners.

 

Do I need to review my life insurance policy after I purchase it?

Yes, it is very important that you take the time to review your life insurance policy every few years.  Although not the case for all, most people undergo some significant changes in their life over a two or three-year time period.  Here are a few examples.

Got married? (Not the same as Got Milk?!)  If so, a review of the policy beneficiary and the value of the death benefit is in order.  No changes have to be made but common sense dictates a modification may be needed.  Got Divorced?  (Again, not the same as Got Milk?!)  The same holds true in this case as when you get married; death benefits and beneficiary should be reviewed for changes.

Purchasing a new home will also trigger the need to review your life insurance policy.  Suddenly, your $50,000 policy becomes insufficient when you consider your new $250,000 mortgage.

Have you gone on a health kick and lost a bunch of weight?  Good for you!  Not only will you be healthier, you may qualify for a preferred insurance rate and obtain more coverage for the same price or pay less premium for more coverage!

Life changes are happening all the time.  Make sure your life insurance policy keeps pace with your life style.

 

 

What is the difference between whole life insurance and term life insurance?

I like simple explanations of things and “simply put” the main difference between term and whole life lies in the name of the type of coverage.  A “whole life” insurance policy is designed to cover you for your entire lifetime. Term life (for this purpose) can be considered short for the word “terminates”.   Term policies are typically designed for a specific period of time and then expire. (i.e. 10 years, 20 years, 30 years).   Because whole life polices usually last longer and have some sort of investment return included in the contract, whole life costs more than term life policies. Because of their specified length of coverage, term life policies are recommended to insure agreements that have timelines ie.mortgages, business arrangements.  As with most products, term life and whole life polices can be designed with a variety of features and benefits.

 

How much life insurance should I have?

A tough question and I am not sure there is one “correct” answer. 

Everyone’s situation is different and there are many variables that come into play: Married, Single, Children, Income, Age, Health. Many professionals advise that the amount of life insurance should be a multiple of your earnings…..perhaps.  I think a better approach is to discuss your specific situation with an insurance professional and agree on an amount that you are comfortable with knowing the reasons why you agreed on that certain amount.

 

Is it hard to apply for life insurance?

No, as the saying goes, it is relatively painless!  An application will be required.  These applications will ask for your personal demographics along with your health history.  Depending on your circumstances, a completed application may be all that is required. In certain circumstances you may be required to have tests performed i.e. blood test, blood pressure, EKG.  Again, the amount of information required and tests performed will depend on your individual circumstances and amounts of life insurance you are seeking.  Remember that your Agent can assist you with the application process and with any questions that you may have.