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Being a stay at home parent is a difficult job that enriches your child’s life and your home, but you do not get paid directly for the work you do. Because of this, many parents who don’t work outside the home assume they don’t need life insurance. Life insurance, which is primarily used to support dependents after a wage-earner has passed away, may seem like an unnecessary expense for a stay-at-home parent but consider this, how much would it cost to pay someone to do your job? Would your spouse need to hire a nanny? A housecleaner? A bookkeeper? After school care? More meals outside the home? While basic childcare alone would be a major expense to account for, a stay at home parent is also likely contributing to these other…

  Being a freelancer often comes with several advantages including flexibility in work schedule and the ability to pick and choose projects that interest you. However, the thing that freelancing rarely offers is dependability or employer-sponsored benefits. With the nature of freelance work, your income can vary greatly from month to month and week to week. Because of this, it might not be clear just how much life insurance you need or if you should have it at all. First of all, yes, you likely should have life insurance. While paying out for life insurance may seem like a waste of money when you’re young and healthy, this is the best time to get it. Not only will insurance be easier and cheaper to get now versus when you are…

When it comes to life insurance, you have more than a few options and the choices can get overwhelming. Even once you’ve chosen between whole life and term, and the amount of coverage you need, there are still extras known as Riders that you can add on. In this post, we’ll help demystify what a rider accomplishes and point out some of the top ones that are likely to benefit you and your loved ones the most.   What is an Insurance Rider?   An insurance rider is a way to modify standard insurance policies which typically do not have many options for customization other than picking coverage amounts and deductible payments. Riders most often provide extra coverage for factors like accidental death, disability and other specifics and will include…

Accidental death benefit (ADB), formerly known as Double Indemnity, has the potential to double (or more) a life insurance payout if the policyholder dies in an accident.  With life insurance being a necessary but also expensive part of life, you may be wondering if adding anything to your policy is worth it. The short answer: when ADB does payout, it is going to afford your beneficiaries a sizeable ROI, but it doesn’t payout often so there are other factors to consider. What is Accidental Death Benefit Exactly?   The exact conditions for payout will depend on your policy, but the primary goal of an ADB is to provide beneficiaries with a greater payout when a death is deemed accidental. This amount is in addition to the payout established for a…

One of the reasons many people justify forgoing life insurance is because they need money now or in the near future. While there is some validity to this argument for term life insurance which does not have an included cash value, permanent life insurance or Cash Value Life Insurance does. With Cash Value Life Insurance, your policy is able to increase in value and you may even be able to use that value while you’re still alive making it ideal for many people.   What is Cash Value Life Insurance?   Often referred to as permanent life insurance, Cash Value Life Insurance differs from other insurance types because some of your premium fees go towards a cash value. When you pay on your premium, a portion of your fee goes…

Deciding on what kind of life insurance to get? While many insurance seekers set their sights on Term or Whole Life, there is a world of rider options to customize your policy that will help you get the benefits you need when you need them. Paid-Up Additional Insurance (PUA) is a great example of a rider that can help you use your life insurance as an investment tool and way to accrue interest and cash value. So, how does it work?   What is a PUA?   First, let’s define exactly what a PUA is. A PUA is a rider, or amendment,  that is specifically available to add to a whole life policy. When you choose a PUA, you pay the cost upfront and this amount is added to the…

What will you do if you’re injured and unable to work? While many people assume that Social Security Disability Insurance, workers’ compensation, or their own savings will be enough protection if they find themselves unable to do their job, this simply isn’t true in most cases. Unless you’re injured on the job, workers’ compensation won’t help you and Social Security can be very difficult to get and can take too long to start. Personal savings, while a beneficial part of your overall financial plan, often isn’t enough to cover your expenses for the full time of most disability claims. To combat these difficulties, disability insurance makes it possible for anyone to maintain their lifestyle no matter the reason they cannot work. What is the Benefit Period for Each Disability Insurance?…

With the multitude of changes and difficulties facing the healthcare industry, sometimes one of the hardest parts is keeping up with what’s available and right for you. This is especially true for those who are approaching that magic age of 65 when Medicare becomes available. If you find yourself in this boat, you are likely getting calls from a variety of agencies looking to sell you supplemental insurance plans.   Just like with any major purchase, you need to do your homework before choosing any one option. When deciding on what type of insurance you’ll have as you get older, you have three main options: Original Medicare, Medicare Advantage Plan and Medigap.   Each of these provides advantages and disadvantages depending on your needs, so let’s look at some of…

Should you choose a low or high deductible? While a low deductible will cost you a higher premium per month, a high deductible could cost you more overall. Depending on who you ask and what your individual situation is, both a low and high deductible can have advantages and drawbacks. To help you choose, here is a quick guide to the pros and cons of low and high deductibles.   Pros and Cons to a High Deductible   At one-time, High Deductible Health Plans (HDHPs) were not very common, however; as healthcare costs have risen and employers have looked to save money on their benefit packages for their employees, this type of insurance has steadily increased.   Pros: Along with having a lower monthly premium, an HDHP often doesn’t have…

  While the need for health insurance is easy to see, many people neglect to consider the need for dental, vision and hearing insurance (DVH). With many people struggling to afford even basic insurance, DVH can seem almost like a luxury but not having it can cost you far more in the long run. Problems with your teeth, hearing or vision can happen suddenly and create large, unexpected expenses that insurance can greatly reduce. To ensure you’re prepared to deal with whatever your health throws at you, consider these facts about DVH: 1. You Can’t Wait Until the Last Minute: When you’re feeling healthy, it’s easy to assume you can go without certain types of insurance, especially dental. However, by the time you start feeling a toothache you may already…