Hey, Millennials. Life Insurance Is Now 80% Off!

Hey, Millennials. Life Insurance Is Now 80% Off!

by | September 6, 2018 | Life Insurance | 0 comments

So many people get down on Millennials, telling them they are doing just about everything wrong. That’s why when Life Happens and LIMRA did a joint Twitter chat for Life Insurance Awareness Month #LIAM18Chats, people had a lot of good insight and some great advice for Millennials about how to think about life insurance.

We discussed an important issue—the fact that 44% of Millennials overestimate the cost of life insurance for a healthy 30-year-old by five times (2018 Insurance Barometer Study by Life Happens and LIMRA).

We LOVED Jena Kennedy’s way of thinking about its cost. Maybe a life insurance company will just take her up on it.

And here’s where being “wrong” is OK, according to Ilyce Glink.

Jaime Kalamarides had thoughtful advice for those freelancing and part of the Gig Economy, who may not be getting even basic coverage through an employer:

LIMRA points out Millennials ARE hip to getting help–more than their elders. Good for them. NAIFA‘s tweet has a great solution if you don’t have an advisor currently and you can also find someone in your area using our Agent Locator.

And if you want the best reason of all to find that “80% off bargain,” ACLI‘s advice is spot on.

Want to see more of the great stuff that went on, then head over to Twitter and the #LIAM18Chats hashtag. Have a great Life Insurance Awareness Month by getting that coverage—now!

Danica Says It Best: Life Insurance Is Key on Your Financial Journey

Danica Says It Best: Life Insurance Is Key on Your Financial Journey

by | September 1, 2018 | Life Insurance | 0 comments

It’s Life Insurance Awareness Month! And we will just step aside to let our spokesperson Danica Patrick tell you why life insurance has always been important to her—and why it should be for you, too.

If you think you may need life insurance, or more of it, spend a few minutes with the Life Insurance Needs Calculator here. Then if find a gap, get the coverage you need—it’s likely less expensive than you think!

Join Life Happens and LIMRA for a Special Twitter Chat during #LIAM18

Join Life Happens and LIMRA for a Special Twitter Chat during #LIAM18

by | August 13, 2018 | Life Insurance | 0 comments

Join Life Happens and LIMRA representatives as we moderate a Twitter Chat focused on findings from the 2018 Insurance Barometer Study. There will be plenty of activity from the media, insurance companies, agents and consumers. We hope the chat helps promote life insurance awareness among the public and allows agents and companies to discuss important industry issues, best practices, and ways that we can all improve.

Date: Thursday, September 6th from 1:00 p.m. EDT to 2:00 p.m. EDT
Hashtag: #LIAM18Chats during the above timeframe

Life Happens and LIMRA representatives will moderate the discussion and drive the discussion using the questions below from the 2018 Insurance Barometer Study. Pass your answers through company compliance if needed. Remember, you’ll have to use the #LIAM18Chats hashtag in each tweet.

Q1: We found 1 out of 3 wished their partner has more life insurance. Do you find that number high and what can be done to lower it? #LIAM18chats

Q2: According to the 2018 Insurance Barometer Study, affording a comfortable retirement remains people’s top financial concern. How can life insurance help with this concern? #LIAM18chats

Q3: People believe that life insurance is more necessary for married parents (85%) than for single parents (63%). Why should single parents have life insurance? #LIAM18chats

Q4: Only 72% of people think stay-at-home parents need life insurance. Do they? #LIAM18chats

Q5: Millennials appear to have strong misperceptions on the cost of life insurance coverage. Almost half (44 percent) estimated the cost at over five times the actual cost. Why do you think this is? #LIAM18chats

5 Things to Know About Getting Life Insurance for Your Child

5 Things to Know About Getting Life Insurance for Your Child

by | July 31, 2018 | Juvenile Insurance, Life Insurance | 0 comments

We spend so much time talking about the reasons adults need life insurance (income protection, covering funeral costs and so on) that it’s easy to forget why it may be a good idea for you to insure your children as well.

When we think about it, we reason that our kids aren’t contributing to the household budget—in fact, anyone with kids knows that raising them takes a lot out of that budget! But getting a permanent life insurance policy for a child can offer financial advantages for them later in life (in addition to the death benefit).

So before you find yourself caught up in internet debates over how to get your baby to sleep or what kind of diapers to use (or if you’ve already been through that and are dreading the next round of parenting arguments), here are five things to know about buying life insurance for your child:

1. Life insurance policies “grow up” too. A great reason to invest in juvenile life insurance is to ensure that your children are covered from the get-go, and as they get older, may be able to take advantage of riders that allow them to expand their coverage at a guaranteed rate without any question about their respective health. People’s health changes, including children’s, and having a policy in place can ensure they’ll have the coverage they need, despite health changes.

2. It creates a sensible foundation: While there are tax-advantaged vehicles for saving for retirement and college, that’s not necessarily the case for other major expenses that young adults face such as automobile down payments, weddings and first home purchases. The cash value of a policy can be borrowed from—understanding, of course, that it reduces or eliminates the death benefit if not repaid—for these expenses.

3. Not sold on getting them their own policy? Add them to yours. Check to see whether easily affordable riders on your own life insurance policy are available to cover the kids.

4. Don’t buy the first policy that crosses your mailbox, either: The same marketing clearinghouses that make sure you get every single updates on your pregnancy week by week are also making your contact information available to firms that market life insurance. Be sure to compare prices, and it’s always helpful to talk to an insurance professional or advisor who can help you navigate through choices before committing to a policy.

5. The safety net is there. We all want to see our kids grow up happy, healthy and strong. But if the worst happens, as was the case for the Koonsman family, (you can watch their story here) then juvenile life insurance can help provide a buffer—covering funeral expenses, sure, but also allowing parents to take time off, care for their other children, and allow everyone to grieve as needed. And as the Koonsman’s story shows, they were also able to keep their daughter Hope’s memory alive by establishing a scholarship in her name.

5 Signs You Need to Up Your Life Insurance Coverage

5 Signs You Need to Up Your Life Insurance Coverage

by | July 16, 2018 | Life Insurance | 0 comments

Depending on the type of life insurance policy you have, you could be covered anywhere between one year and the rest of your life, depending on if you have term or permanent life insurance. But if you’ve had a policy for a while, it might no longer be enough.

As your life changes, your insurance needs change with it. Depending on events that have happened and how your mindset has evolved since you first bought a policy, it may be a good idea to make sure you have enough coverage. Here are five signs to watch out for.

1. You’ve had a child. The cost of raising a child through age 17 is $233,610, according to 2015 data from the U.S. Department of Agriculture—and that’s not even mentioning college costs if you plan to help out.

If you’ve recently had an addition to your family, your spouse or partner may not be able to afford those costs if something were to happen to you. That’s especially the case if you’re the financial breadwinner.

2. You’ve bought a new home. Two of the top five reasons people get life insurance is to cover mortgage debt and to pay for home expenses, according to the 2018 Insurance Barometer Study by Life Happens and LIMRA.

If you have a family, the last thing you want is for them to be forced out of their home because they can’t keep up with the payments. So, if you just bought your first home or a new home with a bigger mortgage, make sure you have enough coverage to at least make the monthly payments.

3. Your income has increased dramatically. Two-thirds of people who own life insurance bought it to replace lost income if they were to pass away, according to the same Barometer Study. If you’ve recently gotten a significant raise or your income has increased steadily since you last bought insurance, check to make sure your insurance coverage is still enough to replace it.

4. Your lifestyle has changed. While income increases often come with lifestyle changes, it’s also possible to get a lifestyle upgrade after you’ve paid off debt or improved your cash flow in some other way. If you notice that you’ve been spending more per month than you were a year or two ago, your current life insurance policy may leave a gap between its coverage and your loved ones’ needs.

5. You’re thinking about your estate planning. Another top-five reason people get life insurance is to transfer wealth or leave an inheritance. As you get older, you may start thinking more about what kind of legacy you want to leave behind.

If you’ve been focused on other life insurance needs up to this point, it might be time to take another look to see if you would owe any estate taxes upon your death or what other expenses your estate might incur. You may also consider whether you want to leave any money behind for your children or a favorite charity.

If one of these things has happened to you and you’re not sure if you need to increase your coverage, use a comprehensive life insurance calculator to see how your needs have changed.

In most cases, you won’t be able to increase the coverage on your current policy. Instead, you’ll buy a new one to supplement the first. You can do this by reaching out to your insurance professional or shopping around to see if another insurer might offer you a better deal.

Whatever you do, take the time every once in a while to determine whether your life insurance coverage is still enough to take care of the people you love.

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