B-Informed Blog

B-Informed Blog

rss

Enriching your life; informing your health. Life insurance, and other topics.


Starting a Family? Don’t Fall for These 3 Life Insurance Myths
Starting a Family? Don’t Fall for These 3 Life Insurance Myths
As a 20- or 30-something, you’ve got a lot of financial responsibilities, so life insurance may not be a top priority. You may have just gotten married, purchased your first home, or had your first kid. Where are you going to get the money to invest into a life insurance plan? 

Well, with all of your new responsibilities (and there will be plenty more to come), there’s no better time to look into life insurance. You need to make sure your loved ones are provided for no matter what happens. If you haven’t considered life insurance yet, do it now. First, though, here are three misconceptions that hurt many young families when they go to buy their first insurance plan. 

Three Life Insurance Myths

  1. You only need a life insurance plan if you are the primary breadwinner in your family.
    It doesn’t matter if you bring home the largest paycheck or the smallest one. If you’re making money for your family, your income will be missed if something were to happen to you. Even if you aren’t employed outside of the home, but perform valuable services like childcare and household management, you should still look into life insurance. Hiring help to take over those important tasks can be costly for a surviving spouse, so make sure your family is covered in the event of your death -- no matter how big or small your role may seem.

  2. When your term life insurance policy ends, you can just renew the same policy.
    By definition, a term life insurance policy provides protection for a set period of time. Unfortunately, once that term is up, you’ll need to reapply for a new policy, and life insurance premiums always increase with age. So, renewing your policy can become extremely expensive, which brings us to our next misconception.

  3. You only need to consider term life insurance plans.
    Term life insurance makes sense for families whose financial responsibilities for others will disappear over time. For instance, once your child is an adult with a full-time job, he or she will no longer rely on you for financial stability. That means that in the event of your death, they will not lose a portion of their income. However, as mentioned above, term life insurance plans end, and since you will be older at that point, getting a new policy will come with new (and higher) premiums. That is why many people are encouraged to look into permanent life insurance policies.

As you start a family and become responsible for others, making sure that they are always provided for should be a top priority. The best way to do this is by investing in a life insurance policy. Remember, if you have any questions, concerns, or reservations, you can always consult an experienced insurance agent or advisor. 

I'm Not a U.S. Citizen. Am I Eligible for Life Insurance?
I'm Not a U.S. Citizen. Am I Eligible for Life Insurance?
Last year, 55% of Americans said that they would recommend life insurance to someone else. However, this year has seen an 11% increase, with 66% now saying the same thing. That’s great news for life insurance companies, but it also leaves too many consumers in the dark about the benefits of life insurance. And one of the most common questions life insurance companies hear is this:

If you’re not an American citizen, can you still buy a life insurance policy here in the United States?

The answer is yes, but there may be limitations. If you’re a new U.S. resident, it’s definitely possible. However, to even begin the application, you need either a Social Security Number or a Tax ID Number. If you have an immigrant visa or a green card and have been in the country for over a year, you are considered a resident. Most insurance carriers will approve you for any number of policies for a competitive price.

Say you’ve been living in the U.S. for less than a year. Insurance companies will consider you to be a non-resident. They can still approve you for life insurance coverage, but there may be a few stipulations. For instance, they might limit the amount you can apply for or require specific documents from your home country. You will also be asked a number of additional questions, including:


  • Where were you born?

  • What is your date of birth?

  • In which state are you currently living?

  • How long have you been living in the United States?

  • Do you own a home?

  • Have you applied for permanent residency?

  • When will your visa expire?

  • Do you have healthcare?

  • Do you intend to travel within the next 12 months?
In order to learn more about your financial situation, the insurance company may request a W-8 or W-9 form. You will also need to provide a copy of your visa documents or green card.

So, yes, if you are a non-citizen living in the U.S. and you intend on either becoming a citizen or obtaining permanent residency, you may be eligible for a life insurance policy. The cost may be higher, the amount may be limited, and you will need to provide additional documents, but it is certainly a possibility.

The 2 Major Reasons Married Couples Need Life Insurance
life insurance policy

In 2016, a large portion of Millennials are in their mid- to late-20s, which means if they’re not already married, they’re at least thinking about it. And if there is ever an ideal time to take out a life insurance policy, it’s right after you say “I do.”

Purchasing a life insurance plan is a must for married couples in these financially uncertain times. Here are two very big reasons to say yes to a life insurance company:

You are sharing finances

Once you’re married, you will probably be sharing the majority of your financial responsibilities. Most married couples have a joint bank account and credit cards under both of their names. Your combined income will go towards a new house, a new car, and a perhaps a higher standard of living than you had in the past. If one of you should die, however, the other would be stuck with all those expenses on only one remaining income. To ensure that the surviving spouse can move on without financial hardship, it is essential that you have a backup plan, like a life insurance policy with a substantial payout.

You are starting a family

You may not choose to have kids right away, but it’s certainly something you have to keep in mind if you ever want to start a family in the future. As soon as a child is involved, the stakes become a lot higher. If one parent dies, how will the remaining parent support that child on a single income? This is especially important if the surviving spouse doesn’t work or only works part time. Your child relies on the both of you for everything. With life insurance, if one parent dies unexpectedly, you can still care for your child and yourself without making additional sacrifices.

Just remember that the sooner you take out a life insurance policy, the less expensive your monthly premium will be. Just before and immediately after the wedding you will probably have a lot of other things on your mind, but life insurance is not something to let slide.

Studies show that 40% of Millennials have some level of interest in a life/LTC combination policy, and 25% of all consumers are interested in such insurance products. If you are a Millennial, and especially if you’re married or soon-to-be, consult Bankers Fidelity about your best life insurance options today.


4 Good Reasons Seniors Should Buy Life Insurance
4 Good Reasons Seniors Should Buy Life Insurance

It’s often true that the younger you are, the less expensive your life insurance policy will be. This, of course, doesn’t mean that you can’t or shouldn’t purchase life insurance as a senior.

 

Even if your children are grown and financially independent, your mortgage is paid off, and your expenses are fully covered by pensions and social security, you may have a good reason for senior life insurance. Here are a few common reasons older individuals sign up for a policy:

 

1. Medical expenses

It's no secret that aging often comes with health problems. It’s an unfortunate but inevitable fact of life. As medical conditions worsen, expenses can start to add up. Between doctor visits, prescriptions, in-home care, and hospital bills -- the costs of which are all rising every year -- your healthcare expenses can get out of hand, and fast. While Medicare and Medicare Supplement Insurance policies can help with the costs, there could still be some bills left. After you die, who is going to pay all those bills? Having a life insurance plan can help your surviving loved ones take care of those expenses without emptying their own bank accounts. Grief is painful enough without coupling it with a financial crisis, too.

 

2. Funeral expenses

You don’t want your loved ones to be stuck with the burden of financing your funeral. They will certainly want what’s best for you, and these days, funerals aren’t cheap. Your death benefit can help them honor your life with a proper service.

 

3. Inheritance

According to the Pew Research Center, 83% of Americans ages 65 and older report that they have grandchildren. Your life insurance can act as a way of accumulating financial resources to give to your grandkids after you’re gone. Additionally, if you are among the 2.7 million or so grandparents who are the primary caregivers of grandchildren, you may need that death benefit to ensure that your beneficiaries continue happy, healthy lives.

 

4. Charity

Perhaps your loved ones won’t need any financial assistance after your passing. Instead, you can use your life insurance death benefit as a charitable gift for an organization you care about. If there is a cause you are involved in, consider giving to them even after you're gone.

 

Life insurance is an important investment at any age. To learn more about the different types of life insurance, including the benefits of senior life insurance, contact Bankers Fidelity today.


What You Need to Know About the Breast Cancer Gene

dealing with cancer

The unfortunate reality is that you could be making all the right choices, eating all the right foods, and living a healthy lifestyle, but still end up dealing with cancer someday. Since the discovery of the breast cancer genes, BRCA1 and BRCA2, in the 1990s, researchers have concluded that between 5% and 10% of breast cancers are hereditary. And a parent with abnormal genes like these will likely pass them on to his or her child.

Your genes are like an instruction manual for your body’s cell growth, making abnormalities in DNA the equivalent of typographical errors. Since cancer is caused by out-of-control cell growth, scientists have long suspected there was a genetic cause to some cancers. While everyone has both BRCA1 and BRCA2 genes, some people inherit abnormalities or mutations in one or both of those genes.

The function of BRCA genes is to facilitate the repair and normal growth of breast and ovarian cells. If there is an abnormality, the genes don’t function properly, increasing the risk of cancer. However, having an abnormal BRCA gene does not mean that you will necessarily develop breast cancer, only that the odds aren't in your favor.

Additionally, if one family member has the abnormal gene, it is not indicative that all members of the family will have it too. Researchers say that you are more likely to have the abnormal breast cancer gene if any of the following are true:

  • Blood relatives on either side of your family were diagnosed with breast cancer before the age of 50.
  • One side of your family has had cases of both breast and ovarian cancer.
  • You have at least one blood relative with triple-negative breast cancer.
  • One side of your family has had cases of breast cancer in addition to another type of cancer
  • A male blood relative has been diagnosed with breast cancer.
  • You are of Ashkenazi Jewish heritage.

The average woman in the U.S. has a 12% chance of developing breast cancer in her lifetime. That is why breast cancer screening is so important for women of all ages. Mammography screening every two years (which is covered by health insurance) for women between the ages of 65 and 74 has been proven to reduce breast cancer-related deaths.

This disease may be written in your DNA, but instead of waiting and assuming that someday you will be dealing with cancer, find out more about how to reduce your risk. You can also be proactive in getting coverage to help with the costs of treatment. For those people with Medicare, a Medicare Supplement Insurance or Medigap policy can help with some of the costs.

 

Sources:

BreastCancer.org

U.S. Centers for Disease Control and Prevention, The State of Aging and Health in America (SAHA)