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.
Life insurance plans are one of the most difficult things for people to talk about. Much like writing a final will and testament, searching, planning, and ultimately purchasing life insurance policies can be a rather disconcerting experience as one faces their own inevitable fate, but that's no reason to put it off. Whether you're looking for life insurance MN (in Minnesota), life insurance CA (in California), or anywhere else in the country it's important to secure a life insurance policy sooner rather than later.
One of the nice parts about life insurance policies is the fact that they can be purchased at almost any benefit increment, from as little as $10,000 to benefits that pay in the millions. As the number of people approaching retirement and senior ages steadily increases, the need for a quality life insurance policy will only grow with them. In fact, by the year 2030 the last baby boomers will turn 65 and one out of every five Americans (about 72 million people) will be an older adult, according to The State of Aging and Health in America (2013).
Here are three reasons having life insurance in MN and in all other areas in the U.S. is so crucial.
Plan for the Unexpected: It may sound cliché, but you never know what life will throw at you. For instance, you could buy a life insurance policy today and [hopefully] won't have to use it for years to come. Sure, it will cost money, but it's important to look at it as an investment in the future of your beneficiaries rather than a personal expense. Living without life insurance means you're leaving yourself open to the risk of something unfortunately tragic happening and leaving your family/loved ones to figure out a way to handle it on their own.
Better Early than Late: In addition to the unpredictability of life, investing in a life insurance policy early means a better chance of finding competitive rates and available plans. Not only will you likely have more discretionary income during your working years (as opposed to retirement when you could be on a fixed income), but you'll also potentially find better offers in general. That being said, the old adage of "better late than never" still applies too.
We All Die Someday: As uncomfortable and potentially terrifying as it may be, it is the truth. Approximately 83% of Americans ages 65 and older say they have grandchildren, according to the Pew Research Center, but if you're one of them living without life insurance you're doing them a disservice. Better to accept it now and prepare you and your family for whenever the fateful day does come than left heart-broken and financially crippled.
Whether you are living in the snowy foothills of Minnesota and have life insurance MN or living in the warm coast of California and have life insurance CA life insurance is crucial for every person, especially those that are approaching or have already reached their senior years. Don't wait, call Bankers Fidelity to find out how we can help today.
If you are the sole or primary breadwinner in your family, it is imperative that are covered by a life insurance policy. Going through life without life insurance is not only irresponsible, it could lead to financial ruin for your spouse and children. If they were dependent on your income for their survival, they would be left destitute if you were to die suddenly. If you still owed money on your house, they would lose that as well. Having life insurance prevents these horrific scenarios from occurring by giving your surviving family members money to support themselves. You might also consider getting medicare supplement insurance. This type of policy helps to pay for some of the costs not covered by Original Medicare, such as deductibles, coinsurance and copayments. Here are some of the benefits of being covered by a life insurance policy.
It Protects Your Family
The primary purpose of life insurance is to provide the means for a family to live comfortably when the main or primary breadwinner is no longer around to support them. Along with paying for the mortgage, rent, groceries and utilities, life insurance can also be used for college tuition and the estate taxes that the families of deceased people will need to pay.
You Can Use the Money While You Are Alive
If you need money for some reason while you are still alive, you will be able to take out a loan against your life insurance policy's value. One of the really great things about borrowing money in this manner is that the interest rates are much smaller than those that are charged by banks, credit unions or various online lenders. You will have the option to repay the amount of money you have borrowed in installments or all at once.
Premiums Do Not Change
This is true in the case of term life insurance. When you are covered by this type of policy, you do not need to worry about your provider raising the price of premiums. You will be locked in at a set rate for the complete length of your agreed upon term.
If you would like to learn more about medicare supplement insurance, or any of the other policies offered by Bankers Fidelity Life Insurance Company, visit https://bflic.com/ or call them today at 1-866-458-7504. Once of their knowledgeable representatives will be happy to answer any questions you have.
Life insurance is a pillar of personal finance, and should be considered for every household. It can be complicated and feel confusing, but this purchase is the key to caring for your loved ones if anything happens to you. So if you're on the fence or simply want more information, here are six things you need to know about life insurance.
Just over 83% of American citizens 65 and older say they have grandchildren. If you're a parent or grandparent who is financially responsible for a spouse or children, you need to consider your options and invest in a life insurance plan.
It helps compensate for financial consequences that accompany loss of life, but most importantly, in the aftermath of an unexpected death, life insurance can lessen financial burdens at a time when surviving family members are dealing with the loss of a loved one.
This kind of insurance is a risk management tool, not an investment. Policies can be purchased at almost any benefit increment, from $10,000 to benefits that pay in the millions. However, that still doesn't make it an investment. It's a tool to aid your loved ones after you're gone.
It Can Be as Expensive as You Make it
Life insurance companies can offer plans with all the bells and whistles, or ordinary policies. For example, a healthy, non-smoking male over 30 might pay less than $500 annually for a 20-year term policy with a million dollar death benefit. That same individual might be required to pay 10 or even 20 times as much for a variable or whole life insurance policy with a matching death benefit.
Begin Planning While Your Young
Contrary to popular belief there is no pre-determined age requirement for you to purchase a life insurance plan. There are major advantages to taking out a policy when you are young, such as having a more cost-effective plan by purchasing early on in your life and also having to pay substantially less in premiums as health problems begin to develop later on in your life.
You Should Contact a Real Person
There are countless online tools to aid in your search, but the best tool you have at your disposal is the help of a real insurance agent. They can navigate the ins and outs of the industry, as well as help you understand what kind of policy will be best for you.
On average, 57% of Americans report being happier on Saturdays and 55% report being happier on Sundays than any other day of the week, but there's no statistic that can replace the security that life insurance can offer you and your loved ones.
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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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