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As many companies can attest, marketing insurance to Millennials is no easy feat. This generation of young, self-sufficient adults is facing an economic situation unlike one seen by previous groups. With student debts mounting and job uncertainty, many Gen-Yers are resistant to saving and investing for the future. The challenge for insurance companies is in finding a way to reach this demographic in a marketing climate that is changing by the day. Selling life insurance to Millennials means understanding the tendencies of the demographic and adapting to their desire for more digital communication.
For Millennials, Life Can Wait
Millennials are waiting longer than previous generations to start their lives. This includes getting married, buying a home, having children and finding a career. Today, the median age for marriage is between 27-29, and the average age of childbearing has risen to over 26. As such, life insurance sales for Millennials has been struggling. Because so many in this age group are putting off major life changes until they’re older, fewer see the need for a life insurance policy. They don’t have dependents, few have mortgages, and many are in debt. When marketing insurance to Millennials, it’s important to understand that many do not have the same coverage needs as their parents did. Read More
While most adults have pondered whether life insurance is right for them, few have taken the time to understand exactly how it can save them and their families money. There’s a wide variety of life insurance types on the market and each has its own unique benefits.
How Breadwinners’ Families Can Benefit
Anyone who is the breadwinner for his household should obtain life insurance right away. If he or she happens to perish, the family will be left without a source of income. The results could be devastating. They could lose the family house, automobile and much more. A life insurance policy will provide the decedent’s family with a steady source of income far into the future. This way, they’ll be able to gradually adjust to life without the breadwinner’s income.
Those who are married without kids should consider life insurance simply because they typically pay for large items like a home or automobile together. When one perishes, the other will not be able to maintain the same quality of life with solely his or her own income.
Single parents desperately need life insurance. A single parent does it all for her child and if she’s not around, her child will have no means of support. Even singles without kids should obtain life insurance. They might have student loan debts that family members co-signed. Those relatives will likely be sued if they don’t pay the remaining balance of the student loan when their relative passes on. The life insurance policy could help offset some or all of such an expense. Read More
As an average insurance policyholder, it can be overwhelming to try and understand absolutely everything about your life, car, health, or home insurance—especially if you are new to insurance in general. This is why many policyholders merely nod their heads and take the insurance agent’s word for it instead of asking questions. If you are looking at an insurance policy’s paperwork or shopping around for quotes, you’ll probably be confused with some of the vocabulary because not every agency will take the time to explain these terms to you.
The insurance industry has its own unique jargon and few understand what all the terms actually mean. Read ahead for a little explanation of some confusing terms that agents tend to throw around, so that when it is discussed you can truly nod your head in agreement, or better yet—ask some questions.
Incontestability: A provision that enforces a strict time limit of up to a maximum of two years (three years in some states) on a life insurer’s ability to not pay out a claim due to either the policyholder’s suicide or a misrepresentation on his or her application.
Indexed Life Insurance: A type of whole life insurance that provides for the policy’s face amount and premium rate to rise each year in accordance to increases in the Consumer Price Index (CPI). Read More
When you decide to purchase life insurance, you are making a good financial decision that will affect you for many years to come. Due to the importance of this insurance for you and your family, there are five questions you should ask your new life insurance agent immediately:
How Much Life Insurance Do I Need?
You should start a conversation with your new life insurance agent by asking how much life insurance you need. The life insurance agent will need to ask you some questions to help you figure this out. For example, the agent will need to know your current income amounts and what outstanding bills you have to determine how much your spouse would need if you died prematurely to carry on in the same lifestyle. Another factor that will influence this decision is how much you can afford to pay for an insurance premium each month. Read More
These days, people are growing accustomed to a consumer-driven health insurance marketplace. Consumers are also becoming more aware of all the supplemental insurance policy options being offered by employers and agents – allowing individuals and families to customize benefits based on their needs.
There are non-traditional options, like travel and pet insurance, which could be a smart choice for many Americans. And, traditional supplemental policies, such as cancer and critical illness insurance, that can fill the benefit gaps in health coverage and financially protect people when a worst case medical scenario happens.
But, with more insurance options for consumers comes more questions. Take for example, the common question people have about critical illness insurance coverage for serious conditions such as a heart attack, stroke or cancer … “Is it worth the money?”
Of course, to be transparent, as the President of CancerInsurance.com, I would say, “Yes, yes it is.”
And, here are four reasons why it’s important to consider (at the very least) having a critical illness insurance plan that provides a lump-sum cash payout for a policyholder to use however they choose: Read More
A common question regarding disability insurance is, “Is there any reason I should buy an individual disability insurance policy?” While the reasoning is not always so straightforward, the answer is, yes, individual disability insurance is a vital component of one’s overall insurance protection.
In most cases, employees are provided with group disability insurance through their employer; however, such plans do not provide for full income loss replacement. Employer group policies typically replace only 60% of an individual’s pre-disability salary, often leaving the employee in need of additional coverage.
The Basics – What Is Disability Insurance?
Disability insurance, also known as DI or disability income insurance provides income replacement in the event that an insured becomes disabled. Disability insurance includes a variety of different benefits to best meet the needs of sick or injured individuals. Most plans include paid sick leave, short-term disability benefits and long-term disability benefits. Research suggests that a disabling work-related accident occurs on average, once every second – a statistic that proves the worth of having a separate disability insurance plan.
5 Reasons to Have Disability Insurance
No one enjoys paying more for anything than they already have to, especially when it comes to insurance. However, in regards to disability insurance, it really does make sense to take out a separate disability insurance plan. The following five reasons illustrate the importance and benefit of disability insurance: Read More
Life insurance is a financial tool that will offer protection to your dependents when you die. But it can also be used as an investment vehicle to pay off your existing debts.
Apart from providing a lump sum of cash for your beneficiaries when you pass away, there are some other interesting ways to use your life insurance policy.
Prepare for Retirement
You might not be fond of the idea of taking out life insurance on your parents, so you’ll have enough money to get through your retirement, when they pass away. If you’re willing to try this, you’ll need to get the policy when your parents are 60, and you’re about 30 years old. The cost of the premiums will decline when your parents are 80 – by this time you’ll be closer to your own retirement.
Pay off Debts
The tax benefit is a key selling point for life insurance. Your beneficiaries will get a tax-free payout that they can use to pay estate taxes. Ideally, this should be on a separate policy setup up strictly for the purpose for paying off estate taxes and other debt. Without this policy, your family will be left with the burden of paying off your estate’s bill. Read More
Whether you’re getting life insurance to protect your partner or a houseful of dependents, getting the right policy should be your top priority. With so many options available, it’s easy to delay your decision if you’re overwhelmed by choices. Trying to weed your way through mounds of insurance jargon can impair your ability to choose the right insurance. Pay attention to the following suggestions to make the right decision for you and your family.
Get multiple quotes
Request multiple quotes with several options from different insurance providers. Ask the agents to include options and restrictions so you can pour over the numbers and make a decision. You might opt for term life or whole life. If you have a SMSF (self-managed superannuation fund), your agent might even present an option for SMSF and life insurance. In this instance, you’ll receive a significant tax advantage, in addition to a lump sum, paid to your beneficiaries when you die. Read More