Tag Archives: Enough

How To Make Sure You Get Enough Health Insurance (3)

October 10, 2024   Life Insurance

How To Make Sure You Get Enough Health Insurance

Life insurance is one of those subjects that many people like to completely avoid. It brings up images of crying families and funerals, ideas which many people prefer to avoid. Of course, avoiding the subject won’t avoid the reality, and that is why you should read the life insurance tips below.

If you plan on buying a life insurance policy, make sure you purchase sufficient coverage to provide for your family. Financial professionals propose that you calculate this amount by multiplying your yearly income by seven. If you have children, it is suggested that you increase this number to 10.

If you worry a lot about your family, you should get life insurance for your own peace of mind. In the even of your death, your family would get money from your life insurance. If you are not earning enough money to support your family after you are gone, you should look into life insurance as an alternative.

Remember that endowment life insurance policies are the policy option you should go with if you want an investment option. These policies will charge you a higher premium and put some of that money into an investment fund. You can select of period 10, 20 or 30 years and then have that investment paid out to your beneficiaries.

Lower the cost of life insurance by quitting smoking. Smoking is one of the biggest health risk factors from an insurance standpoint, but some life insurers will reduce your rates with just one year of being smoke-free. After two to three years of non-smoking status, some insurance companies will put individuals into the standard rate class, reducing premiums substantially.

It is a good idea to purchase a life insurance policy for your child. Not necessarily for final expenses, it can be borrowed from to aid in college expenses. Insurance benefits can double when the child turns 21, and your child can take the policy over when they become an adult.

Some smaller life insurance policies out there, like those that are less than ,000, might not require you to have a physical, but these are also usually costly for their size. The companies offering these policies are assuming that unhealthy people are opting for this option so they can be insured, so the prices are steeper per month.

If you need life insurance check with your home and car insurer. Often you can get a great deal on your insurance policies if you get them from the same company. An insurance professional can also give you sound advice on what kind of life insurance policy would suit your situation best.

Do not dismiss life insurance because you are young and healthy. If you can afford it, buy life insurance as early as possible. This will allow you to secure low rates and save you a lot of money in the long term. If you choose a term life policy, you will be able to invest your money again when you get it back.

After reading these tips you should feel more comfortable with the topic of life insurance. Hopefully you can now understand just how important it can be for the future of your family, especially if you are ever not around any more to take care of them. These tips should help to prepare you with looking for and maintaining a good life insurance account.

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Are Your Social Security Benefits Enough?

May 27, 2021   Insurance Definition

Are Your Social Security Benefits Enough?

Social security benefits cover support for the dependent family (if there is) if ever a person dies or become disabled. It is more than just about retirement. The quality of a person’s and his family’s future security will be determined by how much he saves now, and social security is one way of providing this benefit.
Social security benefits that assure financial assistance in the future are bequeathed in 3-ways. The first form is the social security benefits for retirement. Social security beneficiaries for retirement are given 1-point credit for every 0 they earn anytime within a year. They could receive up to 4-points each year giving them a chance to reach 40-points credit sooner which is required for receiving full social security benefits by the time they reach retirement at the age of 65. (Partial benefits though are given when the retired beneficiary reaches the age of 62.) Hence the amount of future benefits may vary a bit depending on exactly when you decide to apply. Also if a person applies for a social security retirement benefit but doesn’t retire beyond age 65, then he shall receive a greater amount of benefits soon after he retires.
On the other hand, social security benefits for cases of disability involve beneficiaries determined as anyone having physical or mental disability regardless of age. Those having a severe condition considered as life-threatening are also allowed to apply for this kind of security. They are warranted for receiving the social security benefits since their cases prevent them from working at any job paying 0 or more per month at least a year. Applicants though may have to meet the social security’s definition of ‘disability’ and undergo a Benefits Eligibility Screening Tool. These then shall either qualify the disabled for an SSI/Supplementary Security Income based on financial needs or an SDI/Social Security Disability Insurance providing for the disabled including some of his family members considering he has previously worked and paid his social security taxes long enough.
Families of security insured individuals may also receive social security benefits called survivors’ benefits, upon death of their major (or sole) income-provider. Eligible family members to be bequeathed with the financial support are the spouse aged at least 60-years-old or 50+ but disabled or caring for a child under 16-years, disabled children ages 18+, children who are under 18 and unmarried or those who are 19-years and below but are still in school, and also the parents of the deceased but only if he has been their primary income-provider. They will receive a single lump-sum benefit of 5 when their family’s head dies, that is, if he has earned enough social security credits during his lifetime.

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