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.
We all want to be able to plan ahead and provide for our families after we pass on. Many people choose to do so through life insurance coverage. However, with laws and circumstances changing all the time, sifting through all the different types of life insurance policies can be a complex and overwhelming process. In 2014, there were 35.7 million people without any type of healthcare insurance, and with premiums on the rise, many people can't afford to have both health insurance and life insurance.
However, many people have found that short- term insurance can provide the peace of mind they need without the undue financial burden. A short- term life insurance policy can help when you have an employment gap or need a supplement to your existing insurance plan.
1. Miscalculating your needs
Once you've chosen your policy type, you still have decisions to make regarding your coverage. You'll need to figure out how much your loved ones will require to live once you're gone. Picking a number at random will likely result in a shortage in the long run. Think about your age, health, and life expectancy, as well as your current income, debts, and assets. For instance, a senior couple with few living relatives, significant savings, and no real debt will not need nearly as much coverage as a family with young kids to support and only one spouse in the workforce. If you don't work yourself, don't assume that this means you don't need coverage. Although you'll have no lost income to replace, your policy can still cover childcare costs, housekeeping assistance, facility placement, and other expenses.
2. Basing your decision on price alone
The cost of life insurance can be a real shock for some people. Short- term insurance can certainly lessen the financial blow, which is why many people opt for term life insurance. However, don't reduce your coverage just so you can get a lower premium. Like health insurance, you'll be paying less out of pocket, but you may be skimping on something that can really benefit your family. If your current plan is too costly, you might even want to cut back in other areas of your budget so you can afford the coverage you actually need. Consider the areas that will really help your family in the event of your passing so that that money will be well-spent.
3. Waiting too long to purchase
Many people don't even think about buying life insurance until they experience an event that makes them realize its necessary. And in hindsight, you’ll realize you’re much better off when you buy these insurance plans as soon as possible. Premiums go up as your age increases, even if you're in good health. If you develop a serious condition later in life, you'll also run the risk of a much higher premium, or in the future, you may be denied coverage outright. Start thinking about your insurance purchase now, rather than putting it off.
4. Not reviewing your policy
It's important to review your policy every so often to make sure it still fits with your current situation. Even if you have short- term coverage, circumstances can change during that period of time. Your policy may have made perfect sense a year ago, but after you get married, have children, or acquire assets, you may need to rethink your coverage. And if you've had positive changes to your health or started a better job, some events might actually reduce your costs. Don't put your policy away in a drawer and forget about it. Take the time to review it on occasion.
If you'd like more information about our Life Insurance plans, please contact us today. We can help you provide for your family for years to come.
As you head closer to retirement, money becomes more of a concern. Questions such as, “Will your assets help you live without a full form of income” or “Will your money help cover any costs that will come-up during retirement?” may start to arise. You shouldn’t have to change the way you want to live to supplement the change in income. There are ways you can help supplement life changes, especially through life-insurance.
Life expectancy continues to rise so you want to make sure you are covered all the way through retirement. Feeling secure during a rough period of time is important. You always want to make sure your family is protected. In the case a dire emergency happens, you want the peace of mind that your family’s lifestyle will not be affected by your passing. Life insurance is one of the safest ways to make sure your family is covered in a sudden death. Even if you are receiving a pension, your pension will cease once you pass. This could mean that your significant other is automatically put in a tough situation, one that can be avoided if you use life insurance.
Life insurance can mean more than protecting your family once you pass. On top of protecting who you value, it can also protect what you value. If you are looking to add an extra means beyond your income, protect your business, or set up a trust after retirement, a life insurance may help. This form of life insurance may help insure income longevity and help you keep track of the money you will receive in the future.
If you are looking to purchase life insurance, there are several ways you can make a claim and do it on a budget that still meets your needs.
When you stay in good health, you possess less risk to the company and therefore receive a higher rating. When you get a higher rating, you lower the cost of you insurance plan, which will help make life insurance more affordable overall.
Just as you would with cars, you want to compare the different types of ratings and reviews life insurance policies have. Do your research and find out what has been said about your provider and if they are trustworthy. Receive a quote from them and see how they compare to other companies. If you are working on a budget, this will be one of the most effective ways to save money. You will see what actively works for you and what does not.
Usually the older you are, the higher your premiums tend to be. However, with the considerations above, you may be able to lower the cost of your payments. Contact Bankers Fidelity today and see how you can get covered with the right individual insurance plan.
Your family is priceless. Therefore, life insurance is a valuable asset for families. It protects your loved ones when the unimaginable happens. However, there are several different types of life insurance policies. Deciding the right fit can be confusing and exhausting. It is also important to understand that your life insurance needs may change with time. Here is some helpful information for those who are trying to navigate through these options.
Your Life Insurance Options
The most common form of life insurance is referred to as whole life. You select the amount of coverage you need, and based on specific health questions, your premium amount is then determined. Another option is term coverage, which covers you for a limited number of years. It is easy to acquire and often affordable. However, once the term insurance has ended, there is nothing left to show for it. There are also universal life insurance policies. This flexible coverage allows you to invest a portion of your premium in order to increase your benefit amount. A newer form of life insurance is called final expense. It has many of the characteristics of a simple whole life policy, but with fewer restrictions and a smaller minimum benefit amount.
Making a Choice
There are three main factors that help you determine which type of plan to choose. These factors are age, health, and financial status. For younger families, you should typically begin with either term or universal life insurance. Term insurance protects your family without a long-term commitment, while universal provides an opportunity to invest in your future. Most term policies can be converted to whole life before it matures. This is a much more responsible choice once your family is more stable. If, by some chance, you were unable to purchase life insurance earlier in life, then you can consider a final expense policy. It may not provide everything you want, but it, at least, gives you what you need.
Most people are familiar with the idea of insurance, but shrink away from the subject of life insurance. It brings about so many fears and unanswered questions. While these feelings are normal, owning life insurance is a responsible act of love. It is a decision that affects your estate and everyone in your life. So, weigh your options carefully, but please, make a choice. If you have any more doubts, contact a licensed insurance agent for life insurance quotes.
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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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