Three Life Insurance Myths
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:
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 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.
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.
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.
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.
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:
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.
U.S. Centers for Disease Control and Prevention, The State of Aging and Health in America (SAHA)
Protect Your Medicare Information Online
Understanding Medicare Supplement
Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you. The Medicare Supplement products issued by the Company are insurance policies. Policy form series B 21092 is issued by Bankers Fidelity Life Insurance Company®, Atlanta, GA; policy form series B 21492 is issued by Bankers Fidelity Assurance CompanyTM, Atlanta, GA. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Individually underwritten; application to determine eligibility required.
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