Posted on Mon, Nov 21, 2011
People often think there is one simple formula for assessing the amount of life insurance they need. However, since no two people have identical financial situations and/or goals, you must take several factors into account to determine the amount of life insurance coverage you need. To asses your needs look at your personal finances, long-term goals and responsibilities,, family and number of dependents, inheritance bequests and charitable donations. This will help give you a better idea about how much life insurance you will need.
As you assess your needs consider the following:
• Replacement Income - Your life insurance policy should be large enough to cover the income that would be lost in the event of your death.
• Debts - Consider all family debts including,: mortgages, home improvement loans, car loans, student loans, credit cards and any other outstanding loans. Make sure your coverage will adequately settle any and all of your debt.
• College education expenses - No matter the ages of your children, or dependents, it is a good idea to include coverage for the cost of their college education. You may be surprised to learn that this additional coverage can be very affordable and most importantly it can provide a valuable safety net for your children.
• Medical expenses - An unanticipated illness or accident can cause medical bills to accumulate very quickly. If the illness or accident results in death, your estate must pay these bills. Be sure to select a policy that includes extra coverage for such expenses.
• Funeral expenses - The expenses associated with final arrangements often range from $7,000 - $35,000.
• Charitable donations - Many people choose to leave donations to a non-profit organization, universities or churches. If this is your wish, be sure to add that into the total amount of life insurance you choose to purchase.
For help assessing your needs, visit our eLearning center for our free life insurance calculators and tools.
Coming up with the right life insurance coverage amount is not a guessing game. We encourage you to use the tools available at Efinancial.com as you shop for online life insurance. Please also feel free to contact us online or by phone at 1-866-765-4296.
As always, please share your comments below.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Nov 11, 2011
Learning ways to save money is a wise practice. When asked about saving money, many people will speak to practices like shopping with member discount cards, looking for gas stations offering the lowest per gallon prices and online coupon promotions. Another great way to reduce your expenses is to find ways to save on your life insurance premiums. Here are some ways to do just that.
Compare policies to get the best price.
When you are in the market for a life insurance policy, ask for several quotes from different companies. Compare costs and coverage amounts that fit your needs. Weigh the pros and cons of each option.
Get a low cost term life policy while you are young.
For many people, especially those in their early twenties, purchasing life insurance is often at the bottom of a list of “things to do.” However, buying life insurance when you are young can be one of the smartest financial decisions you make. This is because life insurance premiums are drastically lower for younger individuals.
Check to see if the company offers a discount at certain levels of coverage.
Think about ways to save on the cost of life insurance premiums. Ask your agent or brokerage if any companies offer discounts. Ask for quotes on different amounts of coverage and compare prices. See if the company offers discounted rates for certain levels or intervals, like $100,000 rather than $80,000 or $250,000 rather than $225,000. Sometimes the larger amount will cost less so ask this question before you make your decision.
Improve your health.
Good health is a great way to save on your life insurance premium. Some things that can help reduce your premiums while providing health benefits are:
- Weight reduction
- Smoking cessation
- Reducing or eliminating the use of alcohol
- Lowering blood pressure and cholesterol
- Good control of diabetes if diabetic
Pay your premium annually and save
Although paying your premium in monthly or even quarterly installments might be convenient, chances are you will save money by paying the entire annual premium at once. Most companies charge a service fee or surcharge to break your annual cost into smaller increments. You may be surprised to learn just how much you can save.
Take the time to follow these measures and you could experience a substantial savings. At Efinancial we have a staff of licensed life insurance agents prepared to answer your questions and help save you money. Please do not hesitate to call 1-866-765-4296 or, we’re here to help!
As always, please join the conversation and share your questions and comments below.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Nov 04, 2011
If you are 50 or older, you may think that life insurance is too expensive or unattainable. The fact is, many people at our age still have assets to protect and loved ones to care for. At Efinancial we offer affordable life insurance policies for people of all ages. If you still have financial responsibilities, and family members to provide for, investing in life insurance may be a sound financial decision.
At age 50, you may need life insurance more than ever before. If you have not yet secured adequate retirement funds, life insurance can serve as a security net for your entire family. The population of 50+ Americans has been growing exponentially since the first Baby Boomers hit 50. In response, many of the leading insurance carriers have introduced life insurance policies to cater to the 50 and older crowd. Request a quote today, you may be surprised to learn just how affordable life insurance after 50 can be.
Selecting a Policy
At any point in your life, it is important to consider your individual situation when purchasing a life insurance policy. There are however some options that are generally more viable for those 50 and older.
You may find that your term life insurance has just expired and you are looking for other coverage options. Whole life insurance may help you reach your financial goals and provide coverage for life. Because they last a lifetime, whole life insurance policies guarantee a cash payout.
If you still have an outstanding mortgage, or other unpaid debt, a term policy can make sense. These tend to come with less expensive premiums, especially when the term is 5 or 10 years. If this will cover you until your larger expenses expire, or another family member appropriates assets, a term policy may provide all the coverage you need.
Allow us to Help
At Efinancial we offer a variety of life insurance policies that do not require physical exams. There’s no need to let your health stand in the way of your life insurance coverage. There are plenty of options available to people of all ages and levels of health. With Efinancial you can secure coverage in as little as 15 minutes. Simply provide some basic information and receive a side by side comparison of the most competitively priced policies on the market. Our licensed agents are available to speak with you and to discuss your various options.
If you still have questions about the life insurance policies available to you, contact us 866-765-4296. We are here to help you find a policy that will protect you and your loved ones for years to come.
Please also share your thoughts and comments below.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com