Do You Need Life Insurance?

Do You Need Life Insurance?

When it comes to life insurance, people tend to have a lot of questions. You might be wondering if you need life insurance at all, how much life insurance you should have, or how much life insurance costs. These are all valid questions, but in this article, we will discuss why it is important to have some type of life insurance policy for yourself.

If you have a family, it’s important to get life insurance for obvious reasons. If you were to die unexpectedly, it leaves your family in a tough financial situation if you don’t have life insurance to replace your current income and time you contribute to your family.

Many young people wonder if they need life insurance at all. When you don’t have kids or a spouse, it can seem pretty insignificant to have life insurance, but there’s more to it than just giving money to your spouse or children when you die. When someone passes away unexpectedly, a lot more than just a funeral needs to take place.

For example, if you have any debt, someone becomes responsible for that debt after you die. Even if you’re married with no kids, your parents or closest relative could become responsible for that debt. If you have credit card debt, student loans, a car payment, or a mortgage for a house, these are all things that need to be taken into consideration. Unfortunately, our debt doesn’t always die with us.

Another reason to have life insurance is to cover funeral expenses. Funerals can be expensive, and the money that you leave behind with a life insurance policy can help contribute toward burial costs and any services your loved ones may want to throw.

If none of those reasons strike you as important enough to purchase life insurance, you should also know that as you grow older, life insurance premiums become higher. In general, life insurance is typically cheaper when you are younger and purchase initially. The longer you wait, the more you might pay. It pays to have life insurance. Speak with an agent today and see what plan would be best for you.

How Much Does Life Insurance Cost?

How Much Does Life Insurance Cost?

There are a lot of different factors to consider when choosing a life insurance, like how much coverage you need, what term life is right for you, and what you can reasonably afford to pay monthly and annually.

Life insurance rates can vary greatly from person to person. A lot of your individual rate depends on your gender, age, and some lifestyle choices. Overall, life insurance is priced around how long you’re expected to live, so the older you are when you purchase, the more you will pay. Typically, life insurance is cheapest for young women who are non-smokers and have no previous medical history.

Typical life insurance comes in different term life options that cover you for a certain number of years. For example, you can purchase a 20-year term life plan that will cover you if you were to die within those 20 years, or you can purchase a 30-year term life plan that applies the same way. There are life insurance policies that cover your whole life. However, those are a lot more expensive to purchase than ones with a shorter term life.

When you purchase life insurance in your 20s-30s, it will be cheaper annually than if you were to purchase later on in life. For a woman in her 30s with a policy amount of $500,000 and a 20-year term life, it can cost around $200 annually to have life insurance. It would cost around $330 for a 30-year term life with the same policy amount, and $4,142 for whole life coverage of the same policy amount.

For a man in his 30s with a $500,000 policy amount it would cost around $240 for a 20-year term life, $400 for a 30-year term life, and $4,700 for a whole life coverage plan. When someone purchases in their 40s, they can expect to pay about $100 more annually for the 20 or 30 year term life plans. Then when someone reaches their 50s, the cost of life insurance about doubles if not more.

Due to the nature of life insurance, it’s best to speak with someone and get an accurate quote for your gender, age, and health situation. It’s best to get quotes from different companies and shop around for the policy that is right for you.

Different Types of Life Insurance

Different Types of Life Insurance

There are many different types of life insurance on the market, and each one covers something slightly different. It can be confusing to understand what each different type of life insurance does. However, knowing what each type of insurance does can help you choose the best coverage to meet your needs. The two most basic and common life insurance types are term and permanent, but there are other types such as universal and variable.

Term life insurance is the most basic type of coverage that can be purchased because it offers only death benefit protection. It is purchased for a certain length of time such as 15 years or 30 years. Once that amount of time is up, if the policy holder is still alive, he or she will need to requalify for life insurance at their current age and health status.

Permanent life insurance is different than term life insurance because it does not have a time limit like term life insurance does. Permanent life insurance coverage lasts for as long as the insured is alive, if they pay their premium. Additionally, permanent life insurance offers both death benefit protection and a cash value component that can be taken out of the plan and used. This type of life insurance is typically a better option. However, it is usually more expensive.

Universal life insurance is a type of permanent cover life insurance that also offers a death benefit and a cash value component, but with this type of insurance the cash value component funds are allowed to grow tax-deferred. This type of insurance is typically more flexible than regular permanent life insurance because the policyholder can change the amount that goes toward the death benefit or the amount that goes toward the cash value, within certain guidelines of the plan.

Variable life insurance is very similar to universal life insurance, where there is a death benefit and a cash value component. Although, with variable life insurance the policyholder can invest the cash value component of the insurance into different investments. This gives the policyholder the potential to grow their funds a lot more, but it also poses a risk of loss.

Aside from the types of life insurance mentioned above, there are many others that can be purchased. When shopping around for life insurance, the best thing to do is ask questions to gain a good understanding of the policy and determine what is the best fit for you.

Biggest Causes of Premature Death

Biggest Causes of Premature Death

Death is something no one really wants to think about. It’s the ultimate fear for most and we spend a lot of our lives trying to prevent it and push back the clock. However, the truth is that everyone has a time and place and not everyone dies of old age. There are some habits that we can change in our daily lives to make us live longer and then there are some causes of early death that are unavoidable. Here’s a list of the most common causes of premature death in the United States.

Heart Disease

Heart disease is a huge leader in premature deaths in America. The term heart disease covers a range of conditions including heart attacks and heart failure. Heart disease can be hereditary and is often linked to being overweight. Stress also has a huge factor in heart disease, so it’s important to take the time to relax. Eating a healthy diet and exercising regularly can also contribute to having a healthy heart.

Cancer

Cancer is a condition where cells have abnormal growth and spread throughout the body or a localized region of the body. Unfortunately, anyone can develop cancer and there is not always a direct cause. However, a healthy lifestyle can reduce the risks of cancer. Lung cancer is the most common form for both men and women, often caused by smoking cigarettes.

Stroke

A stroke happens when there is a problem with the blood vessels that deliver blood supply to the brain. If someone is having a stroke, time is of the essence. When you act fast it reduces the damage of the stroke. Signs of a stroke can be remembered with the acronym FAST; face, arms, speech and time. Ask the person to smile. If one side of their face droops it is a sign of a stroke. Ask them to lift their arms, the same principle applies. If their speech is slurred it is a warning sign. When you think someone might be having a stroke you need to act fast.

Alzheimer’s Disease

Alzheimer’s is a type of dementia that causes people to have changes in their memory and cognitive ability. It is caused by damage of nerve cells to the brain and will eventually become fatal.

Accidents

Life is unpredictable and sometimes accidents happen. If the accident is severe enough it can lead to death. So, keep in mind, you never really know what’s going to happen. Make sure you’re following safe practices and not putting yourself in harm’s way when it could be avoided.

You can take precautionary steps to prolong your life by living a healthy and active lifestyle. Make sure you’re eating healthy, managing your stress, and exercising regularly. In the event that something does happen, make sure you have life i