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  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…

Some would argue that, from the moment a life begins it could and should be insured. There is debate over insuring a child, just as there is debate over when you should stop paying for life insurance.  However, this is not the only time to get life insurance and cost, age, health and dependents all factor in to when a person should get life insurance.   Why Get Life Insurance for a Child (0-17 years old)? While no one wants to think about a child or teen needing life insurance, there are still death costs to contend with no matter what the age of the deceased, so it must be considered. However, because a child will not have dependents, you largely need a policy that will cover funeral costs and…

Is skydiving your idea of a perfect weekend or do you prefer lounging on the couch and making your way through a carton of cigarettes? Though these two scenarios are wildly different, they could both result in higher costs when it comes to your life insurance.   Unlike most other products and services you buy, life insurance costs can vary greatly depending on a range of personal factors. Similar to health insurance, life insurance takes certain issues about your lifestyle into consideration when determining your rate. Along with daredevil activities and smoking, these other factors can impact your life insurance quote:   Age: It probably comes as little surprise that age is a leading determinant in the cost of your life insurance. The reasoning is simple: a 25-year-old is likely…

If you don’t have dependents you don’t need insurance, right? While income replacement through life insurance may not be needed, there are still your final expenses to consider. When you pass, many of your debts, including your burial costs must be taken out of your estate. This means less for anyone you plan to leave your assets to. In this case, burial insurance can come in handy and prevent your property from going into the hands of creditors.   What is burial insurance? Also called final expense insurance, burial insurance is a type of whole life policy that is intended to pay for a burial, funeral and/or leftover debt costs. However, it is also usually a relatively small amount of around $5,000 to $25,000 paid out after death.   Is…

Your kids are on their own, you’ve downsized to a smaller house and said goodbye to the family minivan. Retirement is no longer just a dream and you’re making the most of it. With no more dependents living with you, it’s time to get rid of your life insurance policy along with that minivan, right? Maybe not. While there are arguments for ceasing to fund a life insurance policy after you retire, there are often even more reasons to keep it going. For example:   Reason for Retirees to Keep Life Insurance   Covering Funeral Costs: With funerals costing an average of $7,000 to $10,000, it’s reasonable to consider keeping insurance to cover these expenses alone. If you have enough in your estate to cover this then you might not…

How much life insurance do I need?   Having life insurance in the event of your passing can mean the difference between your family being able to maintain their standard of living and being forced to sell off property to survive. But how much insurance do you need to keep your children, spouse or other loved ones safe and supported? To make this decision easier, we’re breaking down the factors that go into determining how much life insurance you need.   Calculating Your Life Insurance Needs   If you have children, a spouse or anyone who depends on you financially, you are likely to need life insurance. It’s also a way to settle debts, pay final expenses and leave a significant donation to a charity if you’re so inclined. Because…

Both health and life insurance are a vital part of what keeps our physical and financial well-being in order, yet many people don’t know the basics of what insurance is or what common terms mean. Shopping for insurance is overwhelming enough without having to guess at those terms. We’re here to demystify some of the most common insurance phrases you hear to make the process a bit less daunting and help you make better informed decisions.   Health Insurance Terms   Health insurance is a system where a government agency runs programs (CMS,HHS), company or employer, agrees to pay some percentage of your medical and surgical costs. This is not the same as life insurance, but we’ll get to that too. Some terms to know:   Deductible: Present in most…

10 Reasons to Get Life Insurance Today Life insurance is, on the surface, a financial decision but it’s also an emotional one. It’s about the future, caring for your loved ones and, yes, facing the fact that you may need to use that insurance. This is why many people don’t want to think about it and assume it’s more difficult to get than it is. But, once you get it, you’ll be doing the best thing you can for your loved ones. You may also think you’re too young, too old or it costs too much, but life insurance can be the best money you ever spent and affordable plans are available for all stages of life. Consider these reasons for getting the protection you and your loved ones need…

Life Insurance   Life insurance is insurance that pays out a sum of money after a person’s death or after a certain length of time. This money helps to cover unpaid debt, funeral costs and to provide money to families after a wage-earner’s passing.     Term Life Insurance: With term life, you get insurance for a specific amount of time (usually 5 to 30 years) and your costs typically remain the same year to year. However, those premiums usually go up after the term and can make renewing difficult for some.   Whole Life Insurance: Whole life gives you a fixed premium throughout your life and the policy will accumulate “cash value” that you can use for other expenses. You can get whole life from the start, or often…