Should you pay life insurance premiums annually or monthly?
Life insurance is an affordable way to secure major financial protection for your family. After you buy a policy, you make regular payments, called premiums, to maintain your coverage. In return, your insurer pays your beneficiary thousands or even millions of dollars if you die while your life insurance policy is still active. So how […]
Driving record and life insurance rates
Anyone who’s ever gotten a speeding ticket knows that driving habits can impact your car insurance. But did you know your driving record affects your life insurance, too? Life insurance companies look at many aspects of your life when you apply, including your health, your occupation and hobbies, whether you smoke, and your driving record. […]
What happens when your life insurance lapses?
People typically buy life insurance to give their family a financial safety net if the unexpected happens. That’s why it’s important to keep up with your life insurance premiums, or payments, so the policy is there when your loved ones need it. If you don’t make regular payments, you run the risk of lapsing your […]
How does debt impact life insurance?
Debt is a huge issue in the U.S., especially during the COVID-19 crisis. The total consumer debt in the U.S. is now at $14.1 trillion, and the average American carries a personal debt of about $90,000, whether it’s credit card debt or student loan debt. One of the main reasons that people buy life insurance […]
Primary vs. contingent beneficiaries
There’s a reason the term “beneficiary” sounds so much like “benefit.” In the simplest terms, your beneficiary is the person or entity that will benefit from your life insurance policy. After all, life insurance is something you ultimately buy for others, not yourself. Your beneficiaries receive the money so they can cover financial needs, from […]
Do both spouses need life insurance coverage?
Flowers and fancy dinners are nice, but few things say “I love you” more than financial security. Whether at Valentine’s Day or any other time of year, relationships flourish on openness and trust, including the tough conversations. It’s important to make your financial future part of that conversation and to really think about the “until […]
How life insurance works with wills
Writing your will and wondering if – and how – it should include your life insurance policy? Life insurance and wills are both an essential part of end-of-life planning and can work together to protect those you love. Here’s what to know about how life insurance policies and wills work together. Is life insurance included […]
Naming multiple life insurance beneficiaries
Life insurance is there to protect your nearest and dearest financially. But what if that includes multiple people? Life insurance supports your loved ones by helping them pay regular expenses, cover debts, and save for the future. That’s why choosing the right beneficiary (or beneficiaries) is key. Here’s how you can make sure that funds […]
Reasons why a claim is denied
Worried that your life insurance policy won’t pay out when your family needs it most? First, take a deep breath. It’s rare for life insurance claim denials to happen. If you bought your life insurance from a reputable company and are keeping up with payments, there’s rarely a need to worry. That said, there are […]
How much does life insurance cost?
In the market for life insurance and wondering how much it’s going to cost? You might be pleasantly surprised. The cost of life insurance depends on what you buy, and there are a lot of options out there. But in general, people tend to overestimate the cost of life insurance. According to a recent study, […]