What age is the right age to start thinking about purchasing a life insurance policy? The answer might surprise you: there is no certain age that you will reach when life insurance suddenly becomes necessary. The truth is that people of all ages should seriously consider protecting themselves and their families with a comprehensive and robust life insurance policy.

Why Young People Need Life Insurance 

Many young people don’t think they should have to worry about life insurance, after all they are young and healthy. However, as hard as it may be to consider, young people are not immune to accidents or sudden illness. We all have seen examples of people that have passed away in their prime and before their time. In the event of an untimely death,the uninsured young person leaves their dependents and loved ones with unexpected financial burdens in addition to the grief at the sudden tragic loss.

Young people are more likely to have more debt like mortgages and education loans, they are less likely to have significant savings and assets for their family to drawn from in case of their death. Young people who are primary providers for families with young children especially should consider the effects their untimely death could have on their dependent family, life insurance allows the policy holder to provide for their loved ones after they are gone. The best rule of thumb may be to buy life insurance as soon as you acquire a dependent, whether that be as newlyweds when you plan on financially supporting you spouse or as expectant first time parents waiting for a new baby.

Why Older People Need Life Insurance 

People in their forties, fifties and sixties might feel that they no longer need life insurance, especially if their children are all grown adults and independent. Those over seventy, often think they no longer qualify for life insurance. However, as you can see, there are life insurance options for those over seventy.

It’s important to consider the costs that passing away might create for your family. This is even more vital if your grown children have families of their own to provide for. Life insurance can cover the costs of your final expenses and avoid burdening your loved ones with unexpected financial liabilities.

Many older people carry life insurance because they want to leave behind a  legacy for their children and grandchildren. This type of gift is particularly good for older people that don’t have extensive assets or saving but that still want to leave something for their loved ones.

The Facts About Life Insurance Rates by Age 

It’s common sense that young people will typically pay less than older people for life insurance. The older you are the higher your rate will probably be. For example the rate for a healthy 35 year old man will be less than for a healthy 45 year old man. This is why young people should get their policies early to keep their premiums low when possible.

When deciding at what age to purchase a life insurance policy it’s important to consider how long you will require coverage, as well as your specific goals and motivation. If you hope that your policy’s payout will be a legacy for your grown children then you would want to purchase a policy that takes you well into your old age. If you only plan on requiring  a generous amount of life insurance while your children are financially dependent on you then it’s important to buy your policy when you are young and for a generous term that will take you through their high school years at least. Once the policy term ends and your children are grown you can always consider purchasing a  policy with a smaller payout to cover final expenses and burial costs later on in life.

In the end, it’s important to bear in mind that while age is certainly a major factor in determining your life insurance rates  but it’s certainly not the only factor. Older people can obtain the lowest rates available for their policies  by living an active, healthy lifestyle and staying in shape. Not smoking, limiting alcohol consumption and exercising regularly can all contribute to a longer life and better health. Good health is always favorable for lower life insurance rates at any age.

Are you in the market for affordable life insurance? Maybe you’re looking for supplemental coverage or something to pay off a mortgage or outstanding debt. You’re not alone if finding reliable coverage at an affordable price has you scratching your head. But there is some good news- you have options and we can help. Here’s what you should know if you’re interested in comparing a few cheap life insurance quotes.

Cheap Life Insurance Can Be A practical Solution

No one likes to pay more for things than they need to, and life insurance is one of those expenses we like to keep as low as possible. But reliability is important, and quality life insurance shouldn’t have to break the budget to be a good solution. In fact, with coverage for a mortgage, medical or outstanding debt, even small, inexpensive policies can be a practical way to make responsible financial plans. Cheap life insurance is dependable and provides the same peace of mind and confidence in knowing plans have been made and the bases are covered.

There Are Affordable Options Available

Despite what you’ve probably heard, when it comes to finding cheap life insurance quotes, there are options. And that’s true whether you’re looking for a short term policy or whole life insurance coverage for life. The trick is to compare a few different policies to find one that works best for you. Term coverage is simple and easy to acquire, but it eventually ends and there is no cash value that accumulates. On the other hand, whole life insurance gives you the option to borrow against your coverage and use the funds as you need them. Both types have advantages, and finding affordable options comes from comparing your coverage needs against price to make the best decision.

Helping You Locate Cheap Life Insurance Quotes

Finding life insurance doesn’t have to be complicated.  We’re here to help you get the information you need with access to the best cheap life insurance quotes available.  With some guidance and solid options to choose from, it’s easy to narrow your choices, and find the right plan. That’s how to make an informed decision and that’s how to secure cheap life insurance you can trust.

With the growth of the internet and growing number of companies offering life insurance quotes online, it is becoming easier and easier to shop for an affordable policy right from the comfort of your home.

Before you begin to shop for a term life insurance policy, you must first determine how much coverage you will need. This will depend upon your age and your dependents. Younger people with children will usually need a larger policy value. In case of death, you will want your family to have an amount of money that will replace the income you would have provided your children over the course of time had you lived. This is not just until each child reaches the age of 18, but it should also include money you planned on spending for a college education. A good starting point is the number of years your youngest child will need your income. If in the future you have more children, you can always change your policy.

If you do not have any children but have a spouse, you need only calculate how much your spouse will need without your income. For those without a spouse, you may only need a small policy to cover the costs of a funeral and burial expenses. This may only be as small as $10,000. Once you have calculated the amount of the term life insurance, you will need to decide on the length of the coverage. Generally speaking, the longer the term for the policy the more expensive it will be. However, there is not a great difference in price for longer policies. It is often dependent on the particular life insurance company that is being quoted.

To get a quick quotation, there is only a minimum amount of information that is needed. Usually you will only need to provide a zip code to determine your location, your birth date to determine your age, and they will want to know your gender. Other than this, they will want to know if you smoke and will be looking for a general idea of your health. This will be enough information to give you an approximate price for a policy. When you are ready to buy the policy, an insurance company may want a few details regarding your health. It is important to always be honest about the state of your health because if you are deceitful about your current medical condition, your beneficiary may not receive any benefits when the claim in denied. The insurance policy is based upon accurate information that is given to them at the time the policy is purchased.

The advantage of shopping around online is that quotations can be done quickly, and several insurance companies can be contacted at once. This helps to get the best prices available.

End of life expenses can come unexpectedly, leaving family and loved ones no choice but to struggle during difficult times. Luckily, you can take steps to ensure family members have the financial resources they need to make important decisions when you pass. Securing quality burial insurance in New York is a personal choice many people are making as part of estate planning. If you are considering looking into your options with burial insurance, here’s what you should know.

Burial Insurance in New York is an Affordable Option

If traditional senior life insurance is too costly or the coverage is too much, burial insurance may be a good alternative. Coverage limits can be as low as just a few thousand dollars, keeping your premiums manageable while ensuring there will be funds available to pay for a basic funeral and services. In fact, the right burial insurance in New York is an affordable option that can give you peace of mind knowing your family will not shoulder the burden of your debt when you are no longer here.

Benefits Can Be Used For More Than Just A Funeral

Most people don’t realize that the benefits from a typical burial insurance policy can be used to pay for more than just the funeral. While typical end of life expenses include flowers and a headstone, the cemetery plot and funeral services, the funds can also be used to pay for other unexpected costs. Medical expenses, legal fees, an outstanding mortgage, even credit card debt can be satisfied using burial insurance benefits.

The Application Process is Easy and Convenient

With no intrusive medical exam or doctor’s visit, applying for burial insurance in New York couldn’t be any easier. Most insurance companies provide guaranteed coverage for people up to age 85, meaning you can secure a burial insurance policy at any age. Simply answer a few standard questions and you’re on your way. It’s a good idea to compare a few plans to look for coverage and rates that suit your needs best.

Planning ahead for end of life financial expenses is a responsible thing to do for family and loved ones. With the average costs of a funeral in the thousands, securing quality, reliable burial insurance is a smart financial strategy and a great way to get the peace of mind you deserve.

The fact that the world is witnessing an increasing risk of financial calamity means that people have to take more steps to protect their families. In the past, one could afford to make a few minor investments, and expect them to sustain their families once they pass on. However, with an increase in the cost of living and a more uncertain economic future, doing this might not be very effective in this day and age. Today, you need to have a very solid financial plan in place to ensure that your family will not have to go through any hardship in future. This is especially so if you end up passing away unexpectedly while still in your working years, which might leave your family without a source of income.

The importance of life insurance

The most common way to protect your family from this sort of peril is by getting life insurance for the benefit of your family members. This way, in case you pass on, they will have a soft landing when it comes to finances. Of course, such funds are not always sufficient to keep them living in comfort with the exclusion of any other source of income. However, having it in place ensures that in case you pass on, your family will be able to have more or less the same standard of living without straining for some time. It might also give them an opportunity to put their financial lives in order without having to sacrifice much as well. For instance, if you had kids who were still in college or soon to be attending college, they will be able to continue being able to afford tuition and continue their education.

Tips when shopping for a policy

There are a number of things you need to keep in mind when shopping and applying for a life insurance policy. Probably mot importantly, you need to get coverage that will be adequate for them. To do this, you might need to consult with your personal finance advisor or the insurance agent who will walk you through the process of figuring out how much coverage your loved ones might need. They will take into account issues such as the standard of living you might want your family to have after you pass on. Remember, you want to try to get enough coverage to allow them to go on living the way they have been, but it is not necessary to go overboard. These days it is easy to find relatively cheap term life insurance that will be adequate to maintain a current standard of living.

In addition to that, it’s important to get the coverage from a company that has a good reputation when it comes to paying out. The last thing you want to worry about is not being sure whether your family will get the money if you pass on. There are some insurance companies that are notorious for being complicated in this manner, and you should avoid them as much as possible. Reading the reviews of each product before signing up for it is one way to do this.

In summary, if you are interested in securing your family’s financial future, the use of life insurance is critical. You might have other plans such as investments, but having life insurance covers for one thing that most of these others might not: an unexpected death.

Most people think that in order to get life insurance, you have to go through a rigorous physical exam to make sure that you are physically fit for it. In fact, it is for this reason that many people with serious medical conditions do not consider getting life insurance. However, the fact of the matter is that it is possible to get life insurance without such an examination. In fact, there are many insurance companies that can agree to providing cover under these circumstances, and you only need to look for them.

Is there a catch?

The first thing that is likely to pop into one’s mind when considering such a possibility is that there has to be some kind of major catch behind this service. Of course, there are some insurance agencies that might have hidden rules that you only get to learn of when one needs to file a claim.

However, this is an exception rather than a rule. Most of the insurance companies that offer life insurance without any need for medical examination are very transparent. All you need to do is make sure that you go through the fine print before signing up for the coverage, and having any questions from the carrier clarified as well.

The process of application

The fact that you do not need to go through the medical exam might make you think that you have to go through a complex application process instead. Fortunately, most of the companies that offer this kind of insurance use this to further simplify the process of application. In fact, there are some that might let you do it online. All you need to do is enter basic information about yourself, as well as answering a few questions about your health and you will be ready to go.

Is it too expensive?

One would be forgiven to expect this kind of cover to cost a lot more than life insurance that needs a medical exam. However, as is the case with other forms of insurance, how much you pay depends on numerous factors. There are some service providers that will charge roughly the same premiums as more traditional life insurance. This means that as long as you are careful when picking an insurance company, you do not have to pay a lot more than what you would if you went through a medical exam first.

This kind of coverage is very helpful for people who might have preexisting conditions, or who simply need to get life insurance without much of a hassle. The most important thing to do when applying for this insurance is to understand the terms that your service provider offers. It might also be wise to shop around since there are quite a number of companies offering this kind of cover.

have an estate planMany people have the common misconception that estate planning is only something the extremely wealthy have to concern themselves with. Estate planning is really about protecting your assets for yourself and your loved ones. Nearly anyone can benefit from sitting down with an estate planning attorney, regardless of their age or their net worth.

Some of the benefits of a solid estate plan include:

  • You can ensure that your property is left to the beneficiaries of your choosing. If you have no plan in place, your state’s laws will govern what happens to your possessions and how they should be distributed. Your property may not go to who you would have intended.
  • Select who will manage your affairs if you are unable to. You have the ability to designate now who will handle your finances and your personal affairs if something happens to you and you are unable to do so on your own.
  • Designate who will care for your loved ones. If you are responsible for children under the age of majority, elderly parents, or someone else that needs special caring for, absent an estate plan designating who you choose to handle those responsibilities, a court is likely to make the decision for you.
  • Minimize taxes on your estate. If planned properly, you can minimize the impact of estate taxes, income taxes, and capital gains taxes on your estate so that more is left to pass on to your loved ones.
  • Business succession. If you are a business owner with no plan for succession in place, your family could lose control of your business or be forced to liquidate the company.
  • Avoid probate. This is one of the biggest reasons people elect to sit down with someone and discuss an estate plan. A good plan will help someone to avoid a lot of the expenses and the delays that are often a part of the probate process.
  • Peace of mind. Having a plan in place, can give you some piece of mind knowing that you have made your passing as hassle free as possible for your loved ones if and when the time comes.

Any of these reasons alone are a good reason to sit down with an estate planner and review your current financial situation and future plans. One thing people who do setup an estate plan often forget is to revisit it periodically. Life situations change, and those changes could call for a change to your plan.

One common example is a situation where a son or daughter-in-law have been named in your will or trust. There is a divorce. Now, logically the family knows that you probably no longer wanted to leave any kind of inheritance for them, however, if they are still named as one of your beneficiaries, the will trumps that and the ex-spouse will receive what is listed in the will.

Another example is if there is an addition to the family. You probably do not want to leave them out of your estate plan.

Just don’t forget to update things from time to time. As the old saying goes, life happens.

Much of what we do these days in a financial sense is largely dictated by our credit score. Things like the rate you can get on a mortgage or car loan are determined by your credit score. Some cell phone carriers and utility companies will require a deposit before activating service for consumers with lower credit scores. Many car insurance providers even give preferred rates to drivers with better credit. With so much revolving around our credit scores, it is important to be credit aware, and to understand what kind of things can impact our credit score, either positively or negatively.

credit inquiriesOne thing that many people are not aware of is the existence of two different types of inquiries that can be done on your credit report: a soft pull and a hard pull.

A soft pull, or soft inquiry, is a type of inquiry on your credit report that does not adversely impact your credit score. Most of the time when this type of inquiry is done, you will not even know about it. You do not have to give your approval for this type of inquiry. For example, if you receive offers in the mail for a credit card, the credit card carrier has most likely done a soft pull on your credit report to get an idea if you qualify. Your credit card company can also use a soft pull to check up on you. Think you can get an increase on a credit card without your other credit card company knowing? Think again. Banks use soft pulls to verify identity on someone opening a new account. If you check your own credit report, this is done as a soft pull.

A hard pull on a credit report is different from a soft pull in that it does impact your credit score. If you actually apply for a new loan or credit card, the lender will conduct a hard pull on your credit report. This type of inquiry stays on your report as well as lowering your credit score by about 5 points for around 6 months. This is why you want to guard against who you give permission to perform a hard pull on your credit report. Is opening that department store card to save 10% really worth the ding on your credit report?

Sometimes they are going to be unavoidable, but when possible, always try to avoid hard pulls on your credit report.