B-Informed Blog

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


Yes, You Still Need Life Insurance After Age 60. Here's Why.
Yes, You Still Need Life Insurance After Age 60. Here's Why.

Although many people consider a life insurance policy to be necessary only when they have a family for whom to provide, having one can actually be vital in a number of different situations. Even if your children are all grown up and your mortgage is all paid off, you may find that having life insurance coverage can be of great benefit. If you have finances tied up in the stock market and the market crashes before you have a chance to replace your assets, your life insurance policy can help you. And if, like the 7 million grandparents who lived with a grandchild in 2013, you're chiefly responsible for the well-being of your grandchild, your policy can help to provide for them in the event of your passing.

 

But if you are fortunate enough to have minimal debts and few financial responsibilities or worries, you may not think that the life insurance cost is worth it. That's why many seniors opt for short term insurance, as it often provides the coverage they need without a significant cost. Whether you decide on a term or permanent policy, working with a life insurance company can reduce the burden you put on your loved ones and can give you peace of mind. Here are just three reasons seniors over the age of 60 should still invest in a life insurance policy:

 

Your policy can pay for final and outstanding expenses

For many people, the cost of a funeral and burial can be a shock. On average, these can cost more than $15,000! Your insurance policy will allow your family to pay tribute to the impact you've had on their lives without shouldering a huge financial burden. And even if you don't have outstanding mortgage payments or credit card balances, the pay-out from your policy can also help to cover medical bills. Since we can't always plan for needing additional medical care, this can be a big help.

 

You can leave a legacy

Your policy can also be used to provide for your children, grandchildren, or even a charitable organization. While not every person is in a financial position to provide gifts set aside in their wills, this can be a great way to keep your memory alive and support those you care about.

 

You can provide for your spouse

Even if you and your partner are both retired, your death may leave your spouse in a financial lurch if you don't have an insurance policy. If you rely on pension or Social Security checks, your passing could be a huge financial burden. This is especially true if your spouse is not currently in the workforce. Even if you're both managing your expenses right now, that may not continue to be the case after you're gone. Having a life insurance policy will ensure that your spouse can continue to life comfortably and without financial worry.

 

You may not be able to plan ahead for certain health issues or for any accident, but you can take precautions now to help your loved ones in the even if your death. To find out more about how our insurance policies can help you and your family, please contact us today.


5 Reasons Single People Need Life Insurance, Too
5 Reasons Single People Need Life Insurance, Too
In a recent survey, 86% of respondents agreed that most people require some amount of life insurance coverage. But as a single person with no dependents, does that really apply to you? The answer, which may surprise you, is yes. Here’s why:

  1. You have debt 
    Guess what? Not all debt dies with you. Loans from the federal government may be forgiven, but personal loans typically are not. If your parents co-signed your student loans, they will be responsible for paying them off if something were to happen to you.

  2. You share expenses with your significant other 
    You may not be married, but that doesn’t mean you don’t share financial responsibilities. If you and your partner live together, you could be leaving him or her high and dry with the rent payments after your death. You don’t have to be married to make your significant other the beneficiary of your life insurance policy -- just make sure to update the paperwork if you happen to break up.

  3. You are planning for the future 
    You never know what the future may bring. If you have any plans involving a family of your own one day, you may want to start saving now because kids are expensive. Getting life insurance while you are young and healthy means that you can lock in a low price for coverage that may benefit your children some day.

  4. Your parents are getting older 
    Your parents aren’t getting any younger and at some point soon, they may need your support physically, emotionally, and perhaps even financially. What would happen if your aging parents were to lose you just when they need you most? A life insurance policy could give them the resources they need to carry on for whatever time they have left.

  5. You will inevitably have final expenses 
    It’s not a pleasant thought, but funerals do cost money. Who is going to pay for yours? By purchasing a life insurance policy, you can ensure that your loved ones won’t have to worry about how to pay for your burial.
Purchasing a life insurance policy doesn’t have to be a scary or morbid experience. Sure, you’re planning for your death, but you’re also planning for the security of your loved ones in the future. The process is simple and a life insurance agent will be happy to walk you through it. No matter your age or relationship status, look into securing a life insurance policy today.

Increased Coordination: A Medicare Experiment

Over the last eight years, there has been a concerted effort to reinvent Medicare. The direction the program is currently being steered towards is focused on increasing quality through a coordinated effort. With a new President poised to begin his term, there are definitely some questions facing the country right now, but Medicare seems to be continuing in the direction it has been pointed over the last eight years; at least for now.

In 2017, Medicare will be implementing two new experiments to test the way hospitals and rehab centers are coordinating their efforts to offer the highest quality service and to contain costs. The experiments will be focused on cardiac and hip surgeries.

Statistics show that an estimated 168,000 Medicare beneficiaries are treated for heart attacks a year, while 109,000 undergo surgery to treat broken hips.

The experiments devised by the Center for Medicare & Medicaid Innovation are designed to test whether more coordination between clinicians, hospitals and rehab centers can lead to better recoveries for patients and prevent hospital re-admissions.

To do this, Medicare will pay regular rates to the doctors, hospitals and rehab centers, but hospitals will be given responsibility for the quality and cost. Compared to benchmarks set by Medicare, the hospital will be given a financial bonus for exceeding goals and may have to pay the government for falling short on the goals.

While the experiments are designed to continue the reinvention effort of Medicare, there are some unknowns with the incoming of Donald Trump as President. The Center for Medicare & Medicaid Innovation itself could be abolished by Trump, which could mark the end for the push to reinvent how Medicare operates.

The experiments, which also include earlier efforts that tested the care for cancer patients undergoing chemotherapy and knee replacement, are designed to improve Medicare and the way the system currently operates. 

To read more about the Medicare experiments, click here.


Frequently Asked Questions About Life Insurance From Expecting Moms
Frequently Asked Questions About Life Insurance From Expecting Moms

So, you’re starting a family — congrats! This is an exciting time that requires a lot of thinking ahead and planning. With a new life growing inside you, there’s no better time to think about purchasing a life insurance policy. After all, once your child is born, he or she will depend on you for everything. You’re probably not thinking much about your own mortality at this time, but you do need to be prepared for the worst. You owe it to your future family to make sure they are taken care of in the event of your death.

Frequently Asked Questions

  1. What kind of life insurance is best for new moms?
  2. There’s no right or wrong way to go. Term and permanent life insurance both have their advantages and disadvantages. Term is great for young families because it is less expensive than permanent. Term life insurance plans end after a predetermined amount of time, so you can stay covered until your child turns 18, at which time he or she may be able to take care of himself financially. The point, as you may know, is to ensure that your dependents are financially stable should you die and your income cease to support them, so this kind of plan makes sense for parents. Permanent life insurance, on the other hand, is more expensive but provides lifelong coverage, which is valuable for anyone.

  3. Does it make a difference if I’m a working mom or a stay-at-home mom?

    You would think that since stay-at-home moms don’t make an income, there would be no point in purchasing a life insurance policy. This, however, isn’t the reality. What stay-at-home moms do for their families is extremely valuable. Were you to die, there would be no cash flow to be cut off, but who would take on all those responsibilities? The surviving partner would either have to invest money into childcare and hire a housekeeper, or cut down their work hours and do these tasks themselves.

  4. Can I purchase a life insurance policy while I’m pregnant?

    If it is early enough in your pregnancy and there are no medical complications or health risks, then you should be able to get coverage easily. If there are medical issues, life insurance may be more difficult to secure. Some companies may want to wait until after your child is born.

There is a lot to consider when choosing a life insurance policy. For more information, talk to a life insurance professional.


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.