Factors That Go Into a Life Insurance Quote

Getting life insurance can be the responsible choice if you are a significant earner in your family. The payouts from life insurance can protect your family in the future should something bad happen to you. Part of the process involves considering your options for policies and providers and comparing quotes. A policy with a longer term and greater benefits is more expensive, but it is important to also understand the other factors that affect the quotes.

Your Age and Gender

Younger individuals can obtain less expensive life insurance because, simply enough, they are less likely to die and require the provider to pay benefits. On average, women can expect lower quotes than men of the same age. It’s not a question of favoritism toward women. The truth is that women have longer life expectancies than men.

Your Lifestyle and Occupation

Smokers are at higher risk for heart disease, certain cancers, respiratory illnesses, and death. If you smoke, your life insurance quotes are going to be higher than for someone who doesn’t smoke or use tobacco. Similarly, drinking is also associated with health risks, and heavy drinkers can expect higher quotes. You can get lower rates by quitting smoking or drinking.

Individuals with high-risk occupations, such as police officers and dirt bike racers, have higher rates than those with low-risk occupations, such as those involving office jobs.

Your Health

Your quote considers your current health, health history, and family history because these all affect your risk of dying. Chronic conditions, such as cardiovascular disease, diabetes, and cancer can all raise your rates. You can lower your rates by managing certain chronic conditions. For example, keeping your blood sugar in check if you have diabetes can get you a lower quote.

Since obesity is a risk factor for health complications and death, your quote is likely to be higher if you are obese. Losing weight can get you better rates.


Tagged , ,

Do College Students Need Life Insurance?

As a college student or parent of a collegian, you think about financial aid, which classes to take and cute co-eds. Life insurance probably isn’t even on your radar. However, you should consider whether or not life insurance is a good option for you.

Why Do People Buy Life Insurance?

Many people buy life insurance because they have families to support. The policy’s death benefits provide important financial security for the survivors. Now that you’re in the prime of life, you probably don’t want to think about planning for your death, but this advance planning can be beneficial as you enter adulthood.

Life Insurance Can Repay Debt

If you’re a traditional college student, you probably don’t have a family to support. However, you probably do carry student loan debt. Life insurance would repay that debt as well as financial obligations from a car loan and credit cards. Instead of leaving those financial obligations to your parents, consider buying a life insurance policy.

Buy Life Insurance While You’re in Good Health

You may also want to take advantage of your good health and young age. Life insurance policies are typically cheaper for young, healthy people. As you age or develop certain health conditions, you may end up spending more for life insurance.

What Types of Life Insurance are Available?

You have several options for life insurance coverage. In general, choose from:

*Term Life: Choose a specific amount of time, usually between 15 and 30 years, and pay a monthly premium for that term. Your survivors receive death benefits if you die before the term expires. *Whole Life: Pay monthly premiums and remain covered for life. Additionally, you can cash out a portion of your policy after you build equity.


The type of life insurance you buy depends on your individual needs and budget. Talk with your insurance agent today to discuss your options. Then, go have fun being a college student.

Tagged , , , , ,

Think Twice Before Skipping Out on Life Insurance!

Life insurance policies can cost from a couple hundred to a few thousand dollars per year, and you may just think of them as another bill to pay. You may assume that you don’t need life insurance, but your assumption may be wrong. Read through to see why getting a life insurance policy might be a good idea for you.

Individuals Considering Having Children or With Children

If you are thinking about having children, it’s time to start thinking about a life insurance policy. Once you start paying the premiums, your children will be in line to receive the death benefits if you were to die. They are entirely dependent on you if you are the breadwinner in the household. Even if you feel invincible because you are young, nobody is immune to tragedy.  Plus, your premiums at a young age are lower than your premiums will be later in life.

Couples Without Children

If both couples are working and either could be self-sufficient if the other one’s income stopped coming in, a life insurance policy is not necessary. If a single income due to the passing of one spouse would cause severe financial hardship, you should probably consider purchasing a life insurance policy. That would allow your spouse to continue to work at his or her job while receiving the payouts from your policy should something happen to you.

Single Adults

This one may be surprising, but single adults without children may want to consider taking out a life insurance policy. The policy can pay for your funeral costs should something happen to you. A policy can also provide for your dependents if you are taking care of an elderly parent or another person that relies on your financial contributions.

Retired Adults

You probably don’t need a life insurance policy if you are not working and nobody is depending on your income to stay financially secure. You might need one if you have dependents.

Life insurance isn’t just for working individuals with dependents. It can give you security in other situations, too. Nobody wants an extra monthly bill, but life insurance may be worth the cost for you.

When do You Need a Living Will?

7583Living wills, also known as healthcare directives, inform loved ones and medical professionals about your wishes for life. Ensure your wishes are met when you draft a living will. 

When do you Need a Living Will?

Unfortunately, you may reach a season in life when you are unable to tell loved ones and doctors whether or not you want life support, blood transfusions and other procedures. A living will clarifies your wishes when you’re incapacitated and unable to discuss or sign a legal contract. 

In addition to making your medical wishes known, a living will saves your loved ones from making difficult decisions on your behalf. Let’s say they disagree amongst themselves or with the doctors about your treatment. Your living will leaves no doubt about your treatment wishes. 

Don’t wait and create a living will after an accident or injury. As soon as you reach legal adulthood, prepare this legal document. Likewise, ensure you have a healthcare directive in place: 

*Before major surgery
*Before dementia or Alzheimer’s strikes
*Before you become comatose 
*When you want a friend or unmarried partner, rather than a close relative, to make       end of life decisions for you

How do you Create a Living Will?

With your estate planning attorney, decide the details of your living will. It can include the name of a single person or a panel of trusted loved ones or medical professionals who will decide if you’re incapacitated. It also includes the types of medical care you want when you’re incapacitated. 

No one wants to think about becoming incapacitated, but you ensure your wishes are met when you create a living will before you need it. Discuss the details with your attorney. While you’re planning this document, update your life insurance and health insurance policies to make sure you have adequate coverage for your future.

Tagged , , , , , , , , , ,

Practical Differences Between Term and Whole Life Insurance

Spectrum Financial Solutions, FL, NJ, Life Insurance“Term” and “whole” life insurance are phrases thrown about quite frequently in the insurance world. You may well have some idea of the definitions of each without really understanding their effect. So what is the actual impact on daily life of each type of life insurance?

Whole Life Insurance

Put as simply as possible, whole life is an insurance contract that combines life insurance with a savings plan. You may also hear whole life referred to as permanent insurance. Whole life premiums are higher compared to those for term insurance due to their cash value option (savings). You see, after 30 years of paying on this type of policy, you can either cash it out as a lump sum, or you can use the cash value to continue paying the premiums. Thus, you can keep the insurance policy for your entire life.

Term Life Insurance

Term insurance, on the other hand, is life insurance which has a start and stop date –hence the name “term life insurance.” A typical term policy has a term of 15 to 20 years. The premiums are much lower than those for whole life for the same insurance coverage simply due to the fact that there is no savings option; you are paying for insurance coverage alone. Some term policies offer the option of renewing for another term once they expire, but of course the premiums will be much higher at that point because of your age.

Whole vs. Term

The practical differences between term and whole life insurance come down to need. If you need insurance for only a specific time frame, then term insurance is your best bet. However, if you are looking for life insurance with level premiums for 30 years or more that will accumulate cash value during that time, then whole life insurance may be a better option. Your financial adviser can help you decide which is the best choice in your unique situation.

Tagged , , , , ,