How your occupation or hobbies affect your life insurance
Many people buy life insurance to help their families replace their job income if they die suddenly. But did you know that the type of job you have can affect your life insurance options? Just like your age or health, insurance companies look at your occupation when you apply for a policy. A high-risk job […]
Individual vs. group life insurance: Which is best for you?
Whether you’re starting a new job or it’s time for annual enrollment at work, life insurance is often part of your benefits package. So should you take it, or buy a policy on your own? Group life insurance can offer you and your family affordable financial protection against the unexpected. In many cases, though, group […]
Can you have more than one life insurance policy?
When it comes to life insurance, how much is too much of a good thing? Most Americans understand the importance of life insurance: About 70% of people say that they need life insurance, according to a 2020 LIMRA study. Yet only half (54%) of adults actually own it. Even among people who have a life […]
Life insurance underwriting process
Life insurance is there to provide a financial cushion for your family to protect them from the unexpected. Every person’s situation is different, which is why life insurance policies aren’t one-size-fits-all, either. That’s why life insurance companies use a process called underwriting to get a clear picture of your background, your health, and your lifestyle […]
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 […]
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 […]