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Every life insurance policy requires you to name a life insurance beneficiary. A beneficiary definition is simply who gets the payout on the life insurance policy in the event you pass away. Your beneficiary can be…   * A person * Several people * An estate * A trust * A charity   Life Insurance Beneficiary Tips…   Here are some basic things to know about naming a life insurance beneficiary along with a few helpful tips…   * Know that you can name more than one beneficiary.   You can name one beneficiary or two or more beneficiaries. You’ll typically be asked which percentage of the payout goes to each person… for instance, you could designate 70% to a spouse and 30% to an adult child.   * Make sure to name a secondary beneficiary.   Think of a secondary, or contingent, beneficiary as a backup. He or she receives the life insurance payout in the event the primary beneficiary is no longer alive when the payo...

Everybody needs a different amount of life insurance based on their individual situation. But it basically comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture. To get started, it helps to consider a few questions like…     * Who do I want to protect?   Common answers include a spouse and children, but your list may also include siblings, aging parents and more.   * How long would they need financial support?   Consider the ages of everyone who depends on your earnings.   * Is anyone disabled or have other special needs?     It’s important to remember that some people may need lifelong support.   * How much debt do I have?   You’ll want more coverage if you have a mortgage, auto payments, credit card debt and other outstanding loans.   * How much savings do I have?   Factor in all of your savings and investme...

The price of life insurance depends on four main factors…your age, your health, the type of policy and how much coverage you buy. In general, you’ll pay less the younger and healthier you are. You also typically pay less for a term life policy than a permanent (Whole Life) life policy.   That said, don’t let your age or health status discourage you from considering life insurance. There are policies available for people of any age as well as those with high blood pressure, diabetes and a smoking habit. (Just know that you’ll generally pay more for your policy if you’re in poor health and/or smoke.)   Still wondering the answer to the question of how much does life insurance cost? If so, here’s a working idea...   A healthy 30-year-old can get a $250,000 20-year  level term policy for just $13 a month.   That means that if you purchase that policy and pay the $13 a month without fail, your loved ones would get $250,000 if you were to...

Types of life insurance generally fall into two categories… term life insurance and permanent life insurance.   Term life insurance   Term life insurance provides protection for a specific period of time (the term). This is often 10, 20 or 30 years. Term life insurance makes sense when you need protection for a specific amount of time… for instance, until your kids graduate from college or your mortgage is paid off. Term life insurance typically offers the most amount of coverage for the lowest initial premium. This makes this type of life insurance policy a good choice for those on a tighter budget.   Permanent life insurance   Permanent life insurance provides lifelong protection for as long as you pay the premiums. It also accumulates cash value on a tax-deferred basis, which you can tap into to buy a home, supplement your retirement income, cover an emergency expense and more. Because of these additional benefits, initial premi...

If someone depends on you financially, you are most likely someone who needs life insurance. Life insurance provides cash to your family or loved ones after your death. This cash, known as the death benefit, replaces your income and the many non-paid ways you support your household. Your family can use this cash to pay for expenses like funeral costs, a mortgage, college tuition and more. Just a few examples of people who often answer “yes” to the question of “Should I get life insurance?” include…   Married couples Many spouses find it difficult to make ends meet without the other earner’s income in the picture.   Married couples with kids In addition to losing one spouse’s income, the surviving parent may have to pay for childcare and more without the other parent around to pitch in.   Single parents As the sole income earner for your family, you’ll want to think about how to replace your child’s only source of financial support.   Stay-at-home pa...

Life insurance covers virtually any type of living expense. Some common expenses include… Immediate Expenses Funeral and burial costs Uncovered medical expenses Mortgage or rent Car loans Credit card debt Taxes Estate settlement costs Ongoing Expenses Food Housing Utilities Transportation Health care and insurance Continue a family business Future Expenses College costs Retirement https://lifehappens.org/life-insurance-101   Got Insurance? Hayden Childs Alabama Licensed Agent (205) 269-1382 shcmail34@yahoo.com www.haydenchilds.net HChilds.dontgouninsured.com      

The late enrollment penalty is an amount that's permanently added to your Medicare drug coverage (Part D) premium.   You may owe a late enrollment penalty if at any time after your Initial Enrollment Period is over, there's a period of 63 or more days in a row when you don't have Medicare drug coverage or other creditable prescription drug coverage .   You’ll generally have to pay the penalty for as long as you have Medicare drug coverage.   For more info see the link below.   https://www.medicare.gov/drug-coverage-part-d/costs-for-medicare-drug-coverage/part-d-late-enrollment-penalty   https://seniorbenefitsofnorthalabama.com        

Life insurance is absolutely essential if there’s someone you care about who would suffer if you and your financial contributions were no longer in the picture.    This could include a spouse, children, disabled family members, aging parents or anyone else who depends on your earnings to make ends meet.   There are several different types of life insurance. But what they all have in common is that they pay cash to your loved ones in the event you pass away. This lets you’re nearest and dearest remain on firm financial ground even though your earnings have stopped. From the mortgage to child care costs to the weekly grocery haul, you already know that life comes with many expenses. We all do so much to take care of our loved ones in the here and now, but many people don’t consider how those left behind would manage if the unthinkable were to happen.   Over the years, we’ve heard from countless people who were extremely grateful to have ...

One of the perks of having a full-time job with a good company is the benefits package that comes with it. Often, those benefits include life insurance coverage, which is great. And everyone who can get life insurance at work should definitely take it, as there are many advantages to company-funded life insurance, also known as group life insurance. These advantages include…   1. Easy qualification. Often, enrollment into group life insurance is automatic. That means everyone qualifies, as there is no medical exam required. So people who have preexisting health conditions, like diabetes or previous heart attack, can get life insurance at work, and may get a better rate compared with what an individual life insurance policy might cost them.   2. Lower costs. Employers’ insurance plans tend to be paid for or subsidized by the company, giving you life insurance at a low cost or even free. You may even have the option to buy additional coverage at ...

Many companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. fatalities   As the number of U.S. corona virus deaths surpasses 200,000, public-health experts point to a series of missteps and miscalculations in the country's response. Here’s a look back at how the U.S. became the center of the global pandemic.   Sept. 28, 2020 5:30 am ET    U.S. life insurers are paying out far fewer Covid-19 death claims than initially expected, largely because the virus is disproportionately killing people with little to no insurance. In the past few weeks, many life-insurance companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. Covid-19 fatalities. Estimates have come down by an average of 40% to 50%, according to Credit Suisse stock analyst Andrew Kligerman.   Driving the rapid reduction in exposure are two groups… older Americans and minoriti...

Many people are looking to trim expenses during these uncertain times. Perhaps life insurance is one area where you’re looking to economize. If so, the good news is that there are quite a few ways to get affordable life insurance. (Or to save on the coverage you already have.)   Before sharing our best affordable life insurance tips, know that it’s never a good idea to skip buying life insurance altogether. Doing so could put your loved ones in a major bind if you and your earnings were no longer in the picture.    Opt for affordable term life insurance, at least to start.                                      There are two main types of life insurance: term life and permanent (whole) life. Both offer a death benefit if you pass away within the coverage period, b...