12. March 2018 11:48
by Ammelia

Juvenile Life Insurance: The Whys and Hows

12. March 2018 11:48 by Ammelia | 0 Comments

As a parent, perhaps you’ve been able to check the critical financial boxes for your family. You’ve established emergency funds, secured life and disability insurance, and are on track with your retirement goals. You may wonder, is there anything else I could be doing to help my children?

This can be the time for parents and even grandparents to consider juvenile life insurance. It’s an often-misunderstood type of life insurance that provides protection for your children or grandchildren.

For some, the topic of juvenile life insurance evokes confusion and perhaps even fear. After all, why would one want to insure a perfectly healthy child?

Thankfully, the loss of a child is extremely rare. So while a juvenile life insurance policy does indeed insure against this very slim risk, some types of coverage are also designed to protect your child’s financial future—in a way no other financial product can.

3 types of juvenile life insurance

1) Juvenile permanent life insurance. This type of coverage is permanent, as long as premiums are paid, and typically accumulates cash value over the years, just like with permanent life insurance for adults. Juvenile policies are generally issued at the lowest rates available, and with limited underwriting. They’re owned by a parent or grandparent until the child is 18, at which point the now-adult insured (even if he’s still just a child in his parents’ eyes) can assume ownership.

Upon ownership, the insured adult child enjoys some distinct benefits:

Guaranteed insurability. Your daughter or son locks in a low rate and continued coverage—and can generally purchase more life insurance up to allowable limits. This may be the most compelling reason parents buy juvenile life insurance. Insurability is easy to take for granted when you have it. While most children are healthy, a future health concern could one day make your son or daughter hard to insure. This affects their entire family, who must find other ways to protect against financial vulnerability.

Cash value. The policy’s cash value grows tax-deferred over time, making it a reliable savings vehicle with some unique characteristics. If the cash is needed, the policyowner can access it through low-interest policy loans or outright withdrawals. The policy can also be surrendered for the cash value, typically minus a surrender fee.

2) Juvenile term life insurance. In contrast to juvenile permanent life insurance, juvenile term offers parents significantly less expensive coverage. However, term life insurance does not have a cash value, and only lasts for a specific length of time, such as 10, 20 or 30 years. Policyowners pay a level premium during the length of the term, at which point the term expires and coverage becomes more expensive, often significantly so.

Juvenile term coverage is typically available as a rider (basically, a coverage option) on a parent’s term policy. This rider typically lasts until your child reaches adulthood. You can often purchase coverage for all your children for the same price, with a single rider. In the event of the unexpected death of an insured, the policy’s death benefit can be used to cover expenses.

3) Juvenile group life insurance. Finally, some employers offer juvenile life insurance options through their group life insurance coverage. While convenient, keep in mind employee benefit programs can change at any time, and that in general, group life insurance can be hard or impossible to take with you if you leave your employer.

Remember, while you may have a lot of other priorities on your plate, juvenile life insurance can help create a bedrock of financial stability for your children as they come of age in an uncertain world.

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23. February 2018 11:00
by Harry

How to Avoid Filing a Homeowners Insurance Claim

23. February 2018 11:00 by Harry | 0 Comments

The best way to insure your home and valuables against loss from a break-in is to not get burglarized in the first place. Ramping up your home security to better deter burglars is one of the smartest things you can do—and it’s easier than you might think. Here are some simple ways to increase security and minimize the chances of a break-in.

  • Use a Monitored Security System: This is the most comprehensive form of home security, and it provides a 24/7 connection to a monitoring center where someone is always available to respond to an alert. At the first sign of trouble, the security company will contact you and send the police to make sure everything is okay. 
  • Install Security Cameras: Surveillance cameras can be part of a larger security system or installed on their own to give you extra awareness of what’s going on at home. Security cameras can be used inside and outside your home. Look for features like motion detection, night vision, and live streaming.
  • Invest In Enhanced Lighting: Upgrading your lighting adds extra security and helps protect you and visitors from possible falls. Lights with motion sensors are perfect to scare away potential burglars. And you can use smart light bulbs to turn lights on and off no matter where you are, ensuring that no one has to stumble along a dark walkway. 
  • Add Smart Locks: Advances in technology make it so you’ll never have to worry about leaving the door unlocked again. Smart locks come with remote apps that allow you to lock the door from your office, and some even alert you whenever someone tries to gain entry to a locked door or window.

While no security plan is foolproof, adding a monitored alarm system or a few surveillance cameras can go a long way to warding off prowlers before they target your home and valuables. For comprehensive resources on state-of-the-art home security options, use our convenient comparison tool.


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8. February 2018 10:30
by John

Life Insurance in the Military

8. February 2018 10:30 by John | 0 Comments

It’s a dangerous world out there, especially for members of the military. Protecting your country can often come with some unique occupational hazards, and carries a non-trivial chance of serious injury or death depending on where you’re posted and what branch of the service you’re in.

Since life insurance carriers often evaluate a person’s eligibility for life insurance based on their risk of death, active duty service members are often (but not always) stuck with higher prices if they opt for commercially available life insurance products. Luckily, they have other options tailor-made for their situation – the Service members Group Life Insurance, or SGLI.

What is SGLI?

SGLI is a military-provided life insurance option which covers active duty service members in the US. It combines elements of Traditional Life Insurance, Accidental Death and Dismemberment coverage, and Long-Term Care protection under one policy that offers guaranteed coverage over the duration of your tenure in the military.

When you join the military, the US government automatically enrolls you in the SGLI program and begins deducting premium payments from your paychecks. However, all service members have the right to opt out of the SGLI coverage to try for a lower price with an alternative life insurance policy if they wish.

SGLI is a standardized plan that is the same for every service member, but there are a few changes that you can make to your coverage to make sure your family is covered correctly. When you initially are enrolled in SGLI, you are covered for the plan’s maximum death benefit amount of $400,000, which costs around $26 every month taken directly from your paycheck. Service members can opt to reduce their coverage from the maximum in increments of $50,000, which reduces the deduction by $3.25 monthly per increment.

If you die on active duty, SGLI will allow your family to receive an extra $150,000 payment up to the maximum allowed coverage of $400,000, so you have the option to pay for a lower coverage amount and still receive the full $400,000 death benefit depending on the circumstances.

Non-military spouses and children can also be covered using the SGLI’s family coverage program, FSGLI. FSGLI can provide up to $100,000 in coverage for spouses of active-duty military members, and $10,000 each for dependent children.

What SGLI Covers

SGLI covers the life of the insured with the face amount of the policy, just like life insurance. However, it also contains separate provisions for injuries that can offer a separate payout of up to $100,000 for loss of sight, hearing, nervous system function, and dismemberment as the result of traumatic injuries.

The conditions that SGLI covers with traumatic injury benefits include:

  • Total, permanent loss of sight, speech or hearing
  • Paralysis of any limb or limbs
  • Loss of a hand or foot
  • Loss of fingers, toes, or limbs
  • Burns across 20% of either body or face
  • Loss of ability to perform Activities of Daily Living (eating, bathing, dressing, toileting, transferring to beds or chairs, and continence.)
  • Inpatient hospitalization
  • Reconstructive surgery costs for repairing wounds to limbs or face

Alternatives to SGLI

While SGLI’s coverage plan is fairly comprehensive, many young and healthy military service members are often eligible for better coverage amounts at lower prices through commercially available life insurance policies. If you’re stationed in a fairly safe position and are able to complete your life insurance application while you’re in the US, almost every commercial life insurance carrier will be able to cover you.

However, not all life insurance carriers offer meaningful coverage to service members on active duty in dangerous parts of the world – the heightened risk associated with combat deployment can often mean that coverage will be denied outright. Even for carriers that are willing to cover front-line service members, coverage in the case of death via an ”act of war,” such as dying in combat, is often excluded from policies.

This means that comparison shopping for term life insurance policies is crucial if you’d like to find the right coverage for your situation. The simplest way to shop around for coverage that will fit your life is to use an independent agency like Quotacy. If you apply online through our application process, we’ll shop around behind the scenes for you to make sure that you’re getting the best deal possible on a plan that will cover your lifestyle.

What Carriers Will Want To Know

If you decide to apply for coverage through a civilian life insurance carrier as an alternative to SGLI, they will likely have quite a few questions to ask you in order to give you a price that most accurately reflects your risks. Those questions will include:

  • Are you now a member of any military service, active or inactive?
  • What branch do you serve in?
  • What is your present duty status?
  • What is your rank?
  • What is your unit, assignment, and location?
  • What is your occupational specialty?
  • Does your position involve any hazardous activities (like aviation, diving, parachuting, bomb disposal, special service groups, etc.)?
  • Do you receive supplemental hazard pay based on your duties? If so, how much?
  • To the best of your knowledge, are you aware that A: you or your unit will be transferred overseas? If so, where? B: you will be transferred to a new unit? C: you or your unit will be alerted for duty (if presently in the Reserve or National Guard)?

Carriers will ask for this information at various points during your application process. Depending on the company and the amount of information you give them to work with, you may get these types of questions upfront or a few weeks in.

If you opt for an independent agent life insurance agent, they should be able to steer you towards carriers that have better track records working with military families, thanks to their ability to shop around for your case. However, not all independent agents will work at length for military families, so be sure to speak with your agent up front to make sure they can help your family.

Life insurance is important for all families, especially if a parent has a dangerous job. Losing a mother or father can change a child’s life and leave a spouse with unexpected debts, not to mention the grief and sadness that come from losing someone you love. Working with a life insurance agent will help you learn the facts and find the best options available, whether that’s through a commercial life insurance carrier or through SGLI’s automatic coverage.


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30. January 2018 16:51
by Ammelia

Life Insurance Child Rider That Requires No Medical Information

30. January 2018 16:51 by Ammelia | 0 Comments

Life insurance for children… sounds a little creepy, but it can actually be an extremely beneficial way to plan ahead for your children’s future.  Adding a child rider onto your term life insurance policy is the easiest way for you to purchase life insurance for your child.  How it generally works is that you pay a few extra dollars on top of your life insurance policy’s monthly premium and then each of your current children under the age of 18 and any future children you may have are covered with a small amount (typically anywhere between $1,000 – $100,000) of life insurance coverage.

Losing a child would be unimaginable and the funds a child rider provides could be used to pay for a funeral and allow the parents to take time off work to grieve.  While this death benefit is one aspect of what a child rider can offer, another benefit is that purchasing a child rider guarantees your children’s future insurability.  What this means is that once your child is of age (typically 18-25) you can convert the child rider into a permanent life insurance plan and your child would not be required to prove, via medical exams and records, their insurability.  If your child happened to develop a medical condition that could otherwise prove difficult to insure this guaranteed insurability would be a lifesaver.

Most life insurers require parents to complete a questionnaire form providing information on their children before they would approve the child rider coverage.  Depending on the insurer, some forms are simple with a few questions and some are much more inquisitive.  Below are a few screenshots of one company’s child questionnaire form.

child rider form

child rider form part two

child rider form part 3

That form would be an example of an insurer who requires more in-depth information on children before approving child rider coverage.  If any children have been, for example, diagnosed with any chronic illnesses they may be denied coverage.  So, what can a parent do?

Are there child riders that do not require medical underwriting?

Principal Financial is one life insurance company in particular that does not require any medical or lifestyle information on a child for rider approval.  They offer a maximum coverage of $25,000 and allow you to convert the rider to a permanent life insurance plan up to three times the amount of the rider in accordance with the conversion deadline in their contact.  For parents with children who have special needs or have been diagnosed with a serious medical condition, this child rider can be extremely beneficial.

In a previous blog post titled Everything You Want to Know About Life Insurance Child Riders we wrote an overview on child riders.  In this post we touched on an example in which Principal’s child rider would be especially advantageous.  Let’s dig a little deeper into that situation.


Jane Doe is 40-years-old and she is planning on purchasing a $500,000 20-year term life insurance policy from Principal.  She wants to add a child rider onto her policy as well.  Jane does not smoke and is quite healthy.  She qualifies for the Preferred risk class.

Product Age Sex Class Death Benefit Annual Premium
Term Policy 40 Female Preferred Non-Tobacco $500,000 $396
Children Term Insurance Rider       $25,000 $125

Jane’s payment options:

  • Annually: $521
  • Semi-Annually: $267
  • Quarterly: $137
  • Monthly: $46

Jane has four children – a 22-year-old daughter, twin 15-year-old sons, and a seven-year-old daughter.  Jane’s eldest is older than 18 so she would not be covered by the child rider; however, her twins and her seven-year-old daughter who has been diagnosed with acute lymphoblastic leukemia fortunately will be covered by Principal since they do not require medical underwriting for child riders.

Today, most childhood leukemias thankfully have very high remission rates.  If the worst should happen though and her daughter passed away, Jane would receive $25,000 which would allow her to pay for a funeral and take the needed time off work to grieve and spend with her other children.

The child rider benefit of guaranteed future insurability is also particularly advantageous for Jane’s seven-year-old daughter.  Applicants with a history of acute lymphoblastic leukemia would typically only be able to qualify for Table B ratings, and this would only be available nine years post-treatment (on average).  Table B means the applicants would have to pay 50% more than Standard premiums (see table below for reference).   However, Jane’s daughter would be able to convert to a $75,000 permanent policy at Standard regardless of the status of her leukemia.

Table Rating
Table Rating
A 1 Standard + 25%
B 2 Standard + 50%
C 3 Standard + 75%
D 4 Standard + 100%
E 5 Standard + 125%
F 6 Standard + 150%
G 7 Standard + 175%
H 8 Standard + 200%
I 9 Standard + 225%
J 10 Standard + 250%

As beneficial as a child rider would be for Jane and her children, the Principal child rider would be even more beneficial to a parent who has a child with special needs, such as Down’s syndrome.  Unlike leukemia which can go into remission, Down’s syndrome is a lifelong condition with considerably reduced life expectancy.  You would be hard-pressed to find a carrier to approve an applicant with Down’s syndrome.  Some insurers will approve coverage if the condition is mild, but the applicant would be highly rated (Tables H-J likely used) ergo the premiums would be very expensive.  With Principal, however, a special needs child would be covered by the child rider and could later be converted into a permanent policy.

When you apply for term life insurance online at Quotacy, during the process you will receive a form in which it asks if you have children and if you would be interested in adding on a child rider.  If you have a child with special needs or a serious medical condition, consider choosing Principal when applying.  Not every applicant or policy will qualify for a child rider, for example, most insurers do not give the option of adding a child rider if an applicant is over the age of 55.  But for the majority of applicants who need a child rider, the option is there.  Adding a child rider onto a policy is quite inexpensive and can be very beneficial to your family.  Contact us or comment below if you have any questions or want more information about child riders

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24. January 2018 00:25
by Jamie

Car Insurance For Teenagers

24. January 2018 00:25 by Jamie | 0 Comments

When Is The Right Time To Get Car Insurance For A Teenager?

Driving for the first time is scary and exciting for both teenagers and parents. But the question of when to get auto insurance for your new teen driver is an important one, that we all must ask ourselves when the time comes. For too many people put off getting insurance for their teenager. New drivers are highly prone to get in a car accident within their first couple years of driving for obvious reasons. This is why it is so important for a new teenage driver to be insured.

When should you add your teen to your car insurance?

Unfortunately, this high tendency of getting into car accidents, whether fender bender or full blown accident, has led to a steep incline in auto insurance rates for this age group. This generally leads to procrastination. The fact is, as an inexperienced driver, it is essential that your teen be insured from the day they get their license.

Insurance Types For Teens

Let’s take a look at the types of insurance available for teenagers. An insurance policy might include one or more of the following types of coverage:

  • Liability Coverage – Liability coverage covers the expenses resulting from damages you are responsible for. This includes property damage and personal injury to others. In these days of multi-million dollar insurance settlements, not having liability coverage can easily ruin a family’s life.
  • Collision Coverage – Collision coverage covers the cost of repairing damages to your own vehicle. This is the most common type of auto insurance coverage and is required by law in most states. Tip – Choosing a large deductible will lower your collision coverage rates.
  • Comprehensive Coverage – Comprehensive coverage covers the expenses resulting from things other than collisions. Common examples of things covered by comprehensive coverage include theft, fire damage, water damage, damage from animals, and natural disasters.
  • Medical Coverage – Medical coverage pays the medical costs to you or other parties for accidental injuries resulting from damages done by your automobile.
  • Uninsured Motorist Coverage – Having uninsured motorist coverage will protect you in case you are involved in an accident with a driver who has insufficient insurance coverage and is unable to pay for the damage to your vehicle.

Now that you are educated in the basic insurance coverage types for teens, you are probably asking yourself – how much does auto insurance cost for a teenager? Well, unfortunately there is no simple answer to that question. Insurance premiums depend on many things including: the type of car, how often your teen will drive, for what use he/she will drive (why, where to, etc.), and what discounts apply. Often times, teenagers can pay as little as $400 a year for insurance and other times, they can pay over $4000 a year for insurance. It truly all depends. Fortunately, there are a bunch of things you can do to help your teen find the best possible auto insurance rate.

Getting Discounts On Teenage Driver Insurance

Auto insurance rates are based on the amount of risk a company has to take on my insuring the car and its driver in question. Most insurance companies will be pretty uneasy about offering discounts to fresh teen drivers, but as always, shopping around will typically provide you with some satisfying results.

If you read our article about auto insurance discounts, you will see many similarities with the tips below. A majority of the discounts available to adults are also available to teens in one way or another. They are simple ways to reduce risk and build trust with your insurance company, in turn, reducing your premiums.

When it comes to teen drivers, there are seven things that teenagers and parents can do to save money on insurance rates:

  1. Get under your parents policy – More often than not, it is cheaper to put a teen on their family’s policy than it is to insure them separately. This is an easy and cost effective way to get the large amounts of coverage you may believe your teen needs. Not only will adding them to your current policy reduce paper work and time, but will also allow them to get a much higher level of coverage than they would be able to get with a policy of their own.
  2. Get good grades – Most insurance companies offer “good student discounts.” All you have to do is maintain a B average and you can get rate deductions up to 25%. This may be more difficult for some, but getting a solid GPA of 3.0 or more can earn you some great discounts. Talk to your teen about this, it may encourage them to improve their grades, especially if they are paying for a portion of their coverage. This is assuming your teen is a full time student.  Read more about insurance for college students here and insurance for international students here.
  3. Get experienced – If teenagers take a driving course, they are eligible for a 10% discount. Call your insurance company to ask for more details. Many states and counties require driver improvement classes to begin with. But if you can get them enrolled in a driver improvement class, you can take a lot of stress off the insurance company, resulting in lower rates; not to mention the stress it will lift off your shoulders.
  4. Don’t get tickets! – Every ticket and traffic citation teenagers receive will have huge effects on their insurance premiums. After a certain number of citations, some insurance companies can decide to cancel your policy.
  5. Drive a vehicle that is cheap to insure – Most teens would prefer to drive a flashy sports car, but the fact is, the boring, safer cars are the cheapest to insure. Grandma’s old station wagon might not be such a bad option if you are looking for cheap insurance.
  6. Make sure you have safety features – Discounts may be available for cars that have automatic seat belts, airbags, anti lock brakes, etc.
  7. Shop around – Teenage insurance rates can vary by hundreds of dollars. Make sure you shop around to find the best rates possible!


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18. January 2018 17:10
by Harry

6 Things to Do When You’re Sick on Vacation

18. January 2018 17:10 by Harry | 0 Comments

After you’ve spent weeks or months anticipating your vacation, the last thing you want is to get sick on the trip. Unfortunately, we can’t always control these things, and illness can strike when we least expect it.

As you’re planning for your trip, it’s best to contact your health insurance company and ask about coverage (especially if you’re going overseas). While packing your bags, you hopefully included some general over-the-counter remedies, just in case. But let’s assume you didn’t prepare for this outcome, and now you’re sick, far away from home. Follow these six steps to receive medical treatment and deal with your discomfort in the meantime.

Call your hotel concierge. It’s not widely advertised, but many hotels offer help to guests who become ill during their stay. Your concierge can refer you to a reputable clinic, provide basic first aid supplies, or direct you to the in-house pharmacy for over-the-counter medications.

Call your health insurance company. If you forgot to do this while planning your vacation, take the time to call your health insurance company now. Understanding your coverage limits can help you decide whether to seek treatment now, or attempt the return trip home. Of course, if you’re experiencing an emergency, skip this step and go straight to an urgent-care clinic or emergency room.

Remember your travel documents. Don’t panic and rush off to the clinic without taking your travel papers, health insurance card, and identification. Also, remember to bring any medications that you use on a regular basis. The doctor needs this information so that you can avoid potentially dangerous drug interactions.

Drink plenty of water. No matter where we go, illness works about the same. Your body needs to stay hydrated, so keep a bottle of water near you and remember to sip on it.

Call your primary care physician. You still need to seek medical care in your current location. But if you’re worried about complications from a chronic condition, or an interaction with a drug you already take, checking with your regular doctor can put your mind at ease.

Consider a change of plans. If you need to get home immediately, upgrading to first class might make your flight more bearable. But with most common illnesses, it’s not necessary to return home. You might need to change your itinerary slightly, so that you can stay at your current hotel until you feel well enough to continue your travels.

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6. January 2018 15:34
by John

How Family History Affects your Term Life Insurance Rates

6. January 2018 15:34 by John | 0 Comments

Did either of your parents smoke a pack a day for twenty years? How about your brothers or sisters — do any of them have a penchant for all things deep-fried? If you’re nodding your head right now, read on. Despite your model health habits, you may be the one who gets punished for your family’s misdeeds.

Arguably one of the most contentious (and many people would say unfair) components of life insurance underwriting is a family history of cardiovascular disease (CVD) and cancer. After all, it does seem unjust to be penalized for the misfortunes or lifestyle choices of our relatives. But like it or not, life insurance companies actively consider family history. And since there’s no use crying from the rooftops, we’re better off understanding what it is, how it works, and how it may affect your term life insurance rates.

There are two types of family history that life insurance companies consider. Let’s take a look at each one.

Family History of Cardiovascular Disease

A family history of CVD includes a range of conditions related to both the heart and vascular system.

  • heart attack
  • angioplasty
  • bypass surgery
  • valve surgery
  • arrhythmia

Family History of Cancer

Cancer history guidelines have evolved considerably over the past several years. Many life insurance companies have pared their lists of ratable cancers to just a handful. These typically include:

  • breast
  • colon
  • lung
  • melanoma
  • pancreatic
  • prostrate
  • ovarian

Also, companies such as Transamerica Life will not penalize applicants with a family history of gender-specific cancers. For example, a male applicant with a family history of ovarian cancer can still qualify for the best rating class. The same is true for a female applicant with a family history of prostate cancer.

Sometimes we see life insurance companies lift family history of cancer guidelines entirely. Two such companies are VOYA Financial (ReliaStar Life) and Banner Life. Neither company considers cancer history against applicants, regardless of cancer type or gender!

Life Insurance Company Guidelines

Life insurance companies have specific guidelines for family history, and they vary widely by company. In general, these guidelines apply to applicants under the age of 60 – 70. Before we can look at these guidelines more closely, we need to define a few terms life insurance companies use.

What is ‘Family?’ – Family members include natural parents and siblings. Some companies do not consider siblings’ history, only your parents.

What is ‘Occurrence?’ – This means your family member was diagnosed with or received treatment for the medical condition at any point before a certain age (usually 60 – 65).

What is ‘Death?’ – This means your family member died due to the specific medical condition before a certain age (once again, usually 60 – 65).

So, family members include parents and siblings. Sometimes it’s both and other times just parents. But it’s never just siblings. Also, we’re talking about blood relatives; so this applies to birth parents and siblings, as long as there is a blood relation.

Another important distinction to make is the one between an occurrence and death. As mentioned, occurrence just means your relative was diagnosed with or received treatment for the condition at some point. Death means a family member died precisely due to the condition. It’s important to know the difference because company guidelines vary based on occurrences and deaths. For example, one company may allow a Preferred Plus rating class if there was an occurrence prior to age 65, but another company will not.

Age Guidelines

In addition to differences in condition types and outcomes, life insurance company guidelines also vary by age. Take a look at the table below to see the role age plays for each company.

Family History & Life Insurance

Gray Areas

Family history comes with it’s gray areas as well. For example, some people do not know one or both of their birth parents. Others may not know the particular cause of death of a family member. Many people have trouble remembering the exact age their passed away or the exact age they developed specific medical conditions.

If you’re not sure of your family history, it may be best to gather as much information from other family members as you can before applying for term life insurance. And if that approach doesn’t prove fruitful, simply provide your agent or broker with the information you do have. It’s always best to be honest when submitting a term life insurance application and remove the risk of problems down the road

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13. December 2017 16:36
by Harry

Calculate Your Needs

13. December 2017 16:36 by Harry | 0 Comments

When purchasing life insurance, the question really isn’t how much you need, but how much capital your family will need at the time of your death, which depends on two variables:

1)    How much will be needed at death to meet immediate obligations?

This amount takes into account all final expenses: uncovered medical bills, funeral and estate-settling costs, outstanding debts, mortgage balance and college costs to name a few.

2)    How much future income is needed to sustain the household?

This is the number you’ll arrive at after calculating the “present value” of cash-flow streams your family will need after your death.


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