Importance of Insurance
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The Pros Of A Life Insurance Policy Once You Reach The Age of 50
The recent days have seen a surge in the number of people well over 50 years approaching life insurance companies for insurance policies. As the cost of living raises, unemployment rates soar, poor savings and inflation seemingly getting out of control, most people over 50 are feeling the heat. One of the reasons why most of the older generation is looking for life insurance for people over 50 is because they want to relieve their families and loved ones of the burden and cost of funerals. A life policy essentially ensures that such burdens as these are catered for in the event of policy holder’s death.
One the other hand, the older population is looking to ensure that their debts are catered for and cleared; saving their loved ones from the hassles and pressures of dealing with ruthless creditors. At the same time, some of those over 50 are looking to ensure that as they transition, they leave their loved ones and family with enough money to continue living even after their demise. To fully understand the benefits of life insurance, have a look at some of them:
A life insurance policy’s premiums are guaranteed and fixed; this makes it easier for you to plan and budget for your future without worry or fear.
It gives financial reprieve to your loved ones in the event you pass on unexpectedly; saving them from the worry of financial gloom and doom. A life insurance cover ensures that your family receives all benefits stipulated within the policy; promising a brighter, more secure future.
The great thing about life insurance is that it will cover all family members irrespective of their health and other conditions which would have otherwise made them not eligible. This factor makes it a great option for those who would have felt unsettled answering health related issues about family and such.
With life insurance, your family and loved ones get free advice on the matter of financial investments decision making. Your insurance policy provider will offer free advice with the aim of helping them make better, wiser decision in regards to how they will handle and manage their finances.
Do I need disability insurance?
A person who is the primary bread earner for his or her family also should give serious consideration to purchasing disability insurance. Even if a person is employed by someone else, and would have access to worker’s compensation insurance, not all accidents occur in the workplace. For example, while automobile insurance may provide some level of coverage to a person injured in a motor vehicle accident, the compensation available may not be sufficient to allow a person disabled because of such an accident the ability to appropriately provide for his or her family.
A disability insurance policy provides necessary supplemental coverage in situations in which a person has worker’s compensation or motor vehicle insurance that may cover some, but not all, of the costs associated with daily living for that individual and his or her family.
Assets and Liabilities
In undertaking a frank analysis of whether a person should purchase disability insurance, an accurate tallying of assets and liabilities needs to occur. By way of example, if an individual has a home, but that property is mortgaged, a need for disability insurance may exist. A person will want to be able to continue to pay a mortgage obligation when disabled and will not want to lose a residence through a foreclosure because of nonpayment associated with a disability.
In the end, every individual is a unique position when it comes to considering whether or not disability insurance is a necessary investment. In addition to undertaking a personal analysis of his or her situation, a person is wise to discuss disability insurance needs with a qualified, experienced insurance professional.
The Real Value In Having Life Insurance Is Having Coverage That Makes A Difference
The financial needs of family are the sole purpose for securing a good life insurance policy. In the event of unfortunate disability or death of a loved one that brings money into the home, a family’s lifestyle can change drastically. Losing a loved one is quite devastating as it is. Not being able to pay the light bill or put food on the table only makes an already bad situation worse.
The costs of funeral services have become so expensive over the years that the thought of not having life insurance can be frightening. Most families do not have thousands of dollars to spend at the drop of a hat. They also may not have anyone that could or would be willing to foot such a bill. The loss of transportation or a place to live becomes threatened when the finances dry up. The small monthly life insurance payments are well worth it.
Knowing the importance of life insurance, it is safe to say that there is no better time to find the right policy that can best meet future needs. Studying the differences between the two policies that are available will help consumers make an informed decision. The two policies, “whole life” and “term life”, have been around for many years.
A consumers household income is a good place to start when determining the coverage that is needed. Taking into account the many “what-ifs” that seem to arise in emergency situations, more coverage may be needed which means a higher payment each month. The more expensive of the two policies is whole life because it can be used prior to death.
Age and current health status can affect the price of coverage. An ill and/or aged individual can expect higher rates than someone younger and healthier.
Insurance agents are more than happy to answer any questions a consumer may have. A well prepared agent will know the details of the policies and how a consumer can benefit.
The Basics Of Medicare Supplemental Insurance
Medicare supplemental insurance can benefit people of all ages. While Part A and Part B of the Medicare plan covers many health costs, it does not cover everything. Treatments and procedures that are not covered by Medicare must be paid for out of an individuals own pocket. This is where supplemental insurance can be useful.
People who are on a fixed income are unlikely to have extra money to cover unexpected medical expenses. Without supplemental insurance, workers and retirees may have to get a loan for their medical treatments. This can be avoided by purchasing supplemental insurance for a nominal fee.
A Medicare supplemental insurance policy simply covers the medical treatments that Medicare does not cover. Due to the nature of this product, it is commonly called a “Medigap” policy. Medigap policies can be purchased from private insurers. There are currently 10 types of Medigap policies available. For this reason, consumers need to assess all their options before they purchase a policy. This is most easily done by getting a set of Medicare supplement insurance quotes.
Some supplemental policies will charge a deductible for every claim. Consumers who think it may be difficult to cover the deductible themselves should speak to an insurance salesperson. These professionals can help consumers find the best plan for their financial situation.
A small amount of policies include dental and vision coverage. However, most do not. Another issue that consumers should be aware of is that their spouse will need to purchase individual coverage. As most couples will have different medical needs and concerns, it is best to consult an insurance professional when purchasing a policy.
The ideal supplemental policy will save the insured money in the long run. Consumers should look for a policy that gives them the most coverage at an affordable price. Consumers can do this by discussing their options with several insurance companies.
Buying Life Insurance With Pre-Existing Conditions
When you purchase life insurance, you will be asked to provide a wide range of details about your health status. Some of these relate to your age and gender, and others will relate to your height, weight and lifestyle factors. In addition, you may be asked if you have an underlying medical condition, which prescription medications you take regularly and other related questions. Some issues pertaining to your physical health may affect the cost of your life insurance, and others may affect your ability to obtain coverage at all. Understanding what these factors are and how they can relate to your ability to obtain coverage is imperative to finding the right coverage for your needs with a low rate.
Why Everyone Should Have Life Insurance
Many people wonder whether or not purchasing life insurance is necessary. Most people will agree that having health insurance, auto insurance and homeowners insurance are all essential, however, when it comes to life insurance, many people will put off investing in themselves. It is easy to delay purchasing life insurance, however, life insurance provides both you and your family with many vital benefits.
Medicare Supplemental Insurance
Obviously, part of any sound financial plan is going to be proper health insurance. Seniors qualify for Medicare coverage, but there are a lot of costs that Medicare does not cover. These gaps in coverage can be a drain on one’s finances.
When all is said and done, Medicare supplemental insurance is a great way for individuals working on a budget to make the most out of their current Medicare plan. Most people opt for Medicare Plan F, because it covers nearly all of the gaps left by Traditional Medicare, and it really is not that expensive. Not only is Medigap a great way to save money on those costly copays and deductibles, it’s also an excellent method of guaranteeing yourself financial security in the event of an accident. Whether you’re interested in saving money, or saving your life, Medicare supplemental insurance is a great way to kill two birds with one stone. If you’re looking for a way to maintain your current standard of healthcare while still working on a budget, make it your mission to seek out one of your state’s many affordable Medigap plans today.
It All Starts With a Budget
You can lay out all the financial plans and goals you want, but in order to have any hope of growing your finances from a mustard seed to a great mustard tree, it has to start with setting and sticking to a budget. This is the first step, yet it is one that so many fail to do. Many start and quickly abandon the idea. If you are going to have any hope of achieving your financial goals, a budget is something you must master.
I’m not going to sit here and lecture to you and tell you to do this, then do this, etc. I am going to give you a couple of quick tips on setting and sticking to a budget that will help you to avoid many of the pitfalls that cause people to abandon their budget. I will readily admit, that the convenience of debit cards, providing instant access to cash in your checking account like never before, has made it more difficult in recent years for many people to break out of their bad spending habits and get themselves on a budget. I will give you a solution that will help even those who have no idea how to use a checkbook register to track transactions.
First, though a few logistics. Everyone knows that you have sit down and budget money for each of your bills. That is pretty obvious. You need to look at the things you have to pay each month. Electric, phone, rent, mortgage, insurance, car payment, etc. Many of these are going to be the same amount each month, which makes them very easy to plan for. You know how much your car payment is every month. Your rent may change, but not more than once a year, normally. These things are easy to fit into a budget. What about things like your electric bill and gas bill. They can fluctuate wildly month to month. In the summer, if you have air conditioning, your electric bill might double or even triple. Gas heating can see your gas bills increase even more than that in the winter months. So how do you plan for these?
Luckily, your electric and gas providers have already come up with a solution. Nearly all of them will offer a budget plan if you ask for it. What this does is averages out your bills over the past year and charges you the same amount every month. Some months, your actual usage might be higher than that. Other months it might be substantially lower. In this way, you have a bill that you can count on with no surprises.
Obviously, you need to plan for other things too. Groceries, gas, clothing, etc. What is typically recommended is to track your spending for a month or two to get an idea of how much you are spending on these items. Look for areas where you could cut back comfortably. One mistake I believe that many people make in creating a budget is that they try to cut back their expenses drastically. Now if you have a short-term savings goal, you are saving for a vacation abroad next summer for example, that is okay to do. You have that goal in mind, you will be motivated to stick to the budget and save. However, cutting back too much for the long haul is what often causes many people to give up on their budget.
We all waste money on things we do not need, and there are certainly places that it makes sense to bring in your spending. Just do not do it in a way that it completely changes your lifestyle. You will not like it and will be likely to do back to old habits.
I mentioned earlier that in today’s economy many people use debit cards regularly. In fact, many use them as if they are cash. What they often do not do such a good job of though is tracking what they are spending on using their card. In addition to out of control spending, this can cause unneeded banking and overdraft fees. The solution, of course, is to use a register and track your spending. Most people these days have trouble sticking to that though. I have another solution, that might be more practical for most people. It is called Mint.com. It’s free to sign up. They do offer some premium services, but in all honesty, the free options will be sufficient for most people. The program integrates with your bank account(s) and tracks your spending.
It doesn’t just track spending though. It categorizes it. Go out to eat at a restaurant, it tracks that. Pay a car bill. It tracks that. It then lets you set a budget each month for each spending category. You can receive daily, weekly, or monthly summaries of your spending and accounts emailed to you for review. You can also have the system text you when you get close to a spending threshold for the month. Mint is extremely easy to use. I encourage you to sign up and give it a try.