Life insurance may seem intimidating, but it shouldn’t be. Determining the amount of coverage you need, and how long you need it for, is easy once you’ve identified your primary reasons for purchasing life insurance. In this article we’ll help you determine whether or not you need life insurance, and we’ve explained four things you…
If you follow financial advisers like Bob Brinker or Dave Ramsey, you probably know that you’re better off buying term insurance and avoiding any type of life insurance coverage that promises to build a cash value. Term life insurance is the simplest and most affordable type of life insurance available. It provides the largest amount…
One of the most common reasons people purchase life insurance is to leave an inheritance behind for their loved ones. This money is often set aside to cover expenses like college tuition or buying a first home later in life. In this article, we’ve explained the types of life insurance you should always avoid purchasing…
You’ve probably heard the saying, “There are only two things that are guaranteed in life, death and taxes.” Despite this inevitable fact, as of 2016, only 44% of Americans are currently covered by life insurance. While buying life insurance for final expense and burial coverage isn’t exactly the favored topic of conversation for the dinner…
If you stopped coming home from work tomorrow, would your family still have money to pay the bills? If so, you probably don’t need life insurance. However, if you’re like the majority of American families, the loss of a breadwinner’s income would be catastrophic. Many family breadwinners purchase life insurance for this very reason; to…
Life insurance underwriting can be a lot to take in – and not always the easiest to understand. In underwriting, there’s something known as rate classes. The most common four classes are: Preferred Plus, Preferred, Standard Plus, and Standard. Not sure which one you fall into? Keep on reading. Quick Article Guide: 1. Standard vs….
If you’re applying for a SBA loan, your lending institution may require you to purchase a life insurance policy before approving and funding your loan. This is also known as collateralization. Investopedia defines collateralization as; “The act where a borrower pledges an asset as a recourse to the lender in the event that the borrower…
Life insurance can be purchased by an individual to protect their family, or by a business to mitigate their risk. One of the most common reasons that businesses purchase life insurance is to protect against the loss of an important employee—this is also known as “key person” life insurance. Typically a “key person” has a…
If you own a business with one or more partners, you may want to consider establishing a Buy-Sell agreement that is funded with life insurance. A Buy-Sell life insurance agreement protects a business from the unforeseen death of a partner by providing the business with a lump sum of cash. This money is then paid…