Getting Married? Get Life Insurance

Life insurance is one of those things in life that comes along when you have other things going on in your life. When life hands us pivotal moments - moments that change everything, such as buying your first home or getting married - it’s often a very busy time. During these times are usually when we realize that our current life insurance may not cover our growing needs. Life insurance isn’t always top of mind, but it’s important and should be a higher priority, especially during these changing times. After all, marriage is a big deal - and it’s typically the first time that many of us take on the responsibility of caring for someone else.

Life insurance is especially important when you decide to get married. But of course, when you’re planning a wedding and perhaps even moving in together, life insurance isn’t the first thing you think about. You’ll be looking for a wedding venue, deciding who to invite to your wedding, consolidating your belongings, and so much more. You may also be combining incomes, retirement funds, home loan documents, and more. Marriage creates a lot of paperwork and requires a lot of planning, so shouldn’t you also plan your new life insurance coverage right along with everything else?

As you enter married life, you should be thinking about life insurance sooner rather than later. If something unexpected were to happen to you, your life insurance is how you would be able to secure your significant other’s financial security. When considering the right life insurance for you and your expanding family, it’s important to remember that your life insurance plan should be just like you and your marriage: unique. Each family’s life insurance need is different, so rather than simply guessing what you should have in life insurance coverage, you should work with an insurance provider who understands that the needs of you and your future spouse are unique to you.

There are two basic types of life insurance policies - permanent and term - with ways to customize each type of plan based on your needs and goals for the future. Permanent life insurance policies run from the time of purchase until the end of the policyholder’s life, regardless of their age. On the other hand, term life insurance policies are typically less expensive than permanent policies, but only cover a specific time period - for example, from purchase to age 65. These policies are typically less expensive due in part to the fact that they insurance you for a more limited amount of time.

When you’re getting married, talking to your spouse about life insurance may be difficult or even awkward. No one wants to talk about dying! But you’ll be glad that you and your significant other had these discussions after you determine the best life insurance for your situation. With life insurance comes peace of mind, and purchasing life insurance means that you’re providing your significant other with financial security and peace of mind.

Learn more about life insurance when getting married at Pivot.com, your life insurance marketplace.  Get your free life insurance quote today! 

Having a Baby? It's Time to Evaluate Life Insurance Needs

If you and your significant other are about to have your first baby, life insurance may not be top of mind. Many couples find that there are plenty of things that cross your mind and that seem more important than life insurance, such as purchasing a crib and baby furniture, clothes, diapers, car seats, strollers, and so many more important items. There are innumerable things that cross your mind when you’re about to become a parent. Not only do you have to buy those necessary items for your baby, but you are probably also thinking about day care, school districts, whether your house gives you room to grow, and more. However, there are many times in life that life insurance does need to be top of mind. Life changes, or Pivotal Moments, give people an opportunity to realize that their current life insurance coverage might not meet their family’s needs - especially if your family is growing! Life insurance can be a difficult topic to talk about for some of us, but being fully insured is a great way to make certain your family’s future is secure.

As you enter into the world of parenthood, you should be thinking about life insurance sooner rather than later. For many new parents, it’s likely that you don’t have enough life insurance coverage, or you won’t have enough if you wait to buy until after your baby is born. Some people are lucky enough to have a life insurance policy provided through their employer, which is a great start. But considering additional life insurance is a great idea. When it comes to life insurance, you want a safety net that is big enough for every need your family might have if you were not there to care for them. So really, when you are having a baby, there are several life insurance questions to consider - do I have life insurance? and, do I have enough?

When considering the right life insurance for you and your family, it’s important to remember that your life insurance plan should be just like you and your needs: unique. Each family’s life insurance need is different, so instead of just guessing what you should have in life insurance coverage, you should work with an insurance provider who understands that the needs of your family are unique to you.

Let’s start by discussing the basics of life insurance. There are two basic types of life insurance policies - permanent and term - with ways to potentially personalize or modify each type of plan based on your needs and goals for the future. Permanent life insurance policies run from the time of purchase until the end of the policyholder’s life, regardless of age. These policies tend to be more costly, in part because of the wide range of coverage. Many permanent policies also come with investment options, which can provide some extra long-term financial security. On the other hand, term life insurance policies are typically less expensive than permanent policies, but only cover a specific time period - for example, from purchase to age 65. These policies are typically less expensive due in part to the fact that they insurance you for a more limited amount of time.

Next, let’s discuss how much insurance is right for you and your family. As we mentioned before, each family’s needs are different. However, a typical industry rule of thumb is to start calculating your life insurance needs by planning to purchase enough life insurance to replace five to seven years of your salary at an absolute minimum - or more if you can afford it. In addition to this consideration, it’s important to keep in mind that many families today have a mortgage, car payments, and other monthly bills. And, if you have a baby on the way, there are college funds to think about too, and extra healthcare, among other extra expenses. If you want to cover these expenses in addition to your salary, you should work with a professional to calculate the estimated life insurance coverage you will need. And of course, there are ways to estimate these costs for the future by using life insurance calculators in addition to expert-level advice. But it bears repeating that this is where a life insurance professional’s help comes in handy. If your goal is for your family to maintain their current lifestyle in the event of your passing, it’s crucial to work with an educated and trusted advisor who can calculate the coverage that’s right for your family and leave no room for error.

Thinking about life insurance when you’re about to have a baby can seem intimidating for many people. However, it shouldn’t be, for a few reasons. First, life insurance is one of the most meaningful things you can do for your family to show them how much you love them. What better way to show your love than to take steps to make sure your family is covered and comfortable in the event of your passing? And second, when you have the ability to work with a trusted and experienced life insurance industry professional, you can tackle your biggest life insurance questions head on. No matter what your situation is, your life insurance professional will help you sort through it and decide on the coverage that best fits your needs and budget.

And it simply must be repeated that most importantly, when you are considering the specific life insurance coverage that’s right for you and your growing family, you’ll want to work with an insurance provider who you know and trust, and who understands your needs. Resist the urge to do a quick internet search and buy the first life insurance policy that you see online. Deciding on a life insurance plan is a serious decision, with lots of aspects to consider, both financial and personal. So it’s important to work with a life insurance provider who can help you uncover what’s right for you and your family’s future. After all, your life insurance expert is here for you to be an advisor and consultant, so you can focus on all the other tasks you have ahead of you before your baby arrives. If you have a baby on the way, reach out to a life insurance professional today!

 

Get a free life insurance policy quote today at Pivot.com! 

How Much Life Insurance Does My Family Really Need?

Do you know how much life insurance your family needs? There are many times when you should think about life insurance. Life changes, or in other words, pivotal moments, are times when you might realize that something significant in your life has changed, but your life insurance has not. Maybe you bought your first home, or got a big promotion at work, or perhaps you’re having your first baby. Do you have enough life insurance to cover your family if something were to happen to you?

Life insurance may be uncomfortable or intimidating to talk about, but it’s crucial if you want to ensure the safety of your financial future. Even if you have a life insurance policy provided to you by your employer, additional life insurance is most likely necessary. When it comes to your life insurance, you want a safety net that is big enough for every need your family might have.

Do you have life insurance? If you have it, do you have enough? Life insurance was created to provide for families after a death. It’s a way for you to ensure that your children and significant other are able to live their life to the fullest, even if you are not there physically to provide for them. When it comes to determining how much life insurance your family needs, every family is unique and has different needs. For example, let’s say that a family has a mother who works, a father who stays at home with the kids, and two children. Although the primary earner should have life insurance, it’s also a good idea to consider the costs affiliated with handling the needs of the household on a daily basis, and to take these costs into consideration when determining how much life insurance to purchase. Or, let’s say that a family has two working parents and one child. This family undoubtedly has different needs than the previous example, and those needs should be carefully considered when determining the right life insurance to purchase. For these reasons and many others, it’s best to work with a life insurance professional when determining how much life insurance is appropriate for your family.

When you’re considering the amount of life insurance that’s right for your family, it’s also important to consider the types of life insurance that are available. There are two main types of life insurance: term and permanent. Term life insurance policies typically last for a certain time period, for example from the time of purchase to age 65. Permanent life insurance policies typically run from the time or purchase to the time of death, regardless of age. Term policies are generally more affordable, while permanent policies cost more, but offer other benefits. The type of life insurance that’s best for you truly depends on the unique needs of your family and how you want to provide for them in the future.

Life insurance is a complex matter, so when you’re ready to buy more or add on to your current coverage, contact your local life insurance professional to ensure you’re purchasing the best life insurance policy for your family.

Get a free life insurance estimate today at Pivot.com, your life insurance marketplace!

How Much is Enough? Estimating Life Insurance Coverage Needs

Life insurance can be a tricky topic for many people, but it doesn’t have to be. How much life insurance do you need? When do you plan on retiring? What types of life insurance can help you plan for your future, post-retirement needs? These questions and more are something everyone should consider. But you don’t have to do it alone! You can reach out to your local life insurance professional for guidance.

So first, let’s discuss who needs life insurance. If you have anyone who depends on you - a spouse, or a child for example - you need life insurance. Additionally, if you own any assets, such as a home, you need life insurance. Life insurance protects the assets you own, and it can also help provide for your family in the event that you were to pass away. While death is most certainly not an easy thing to consider, it’s important to keep in mind that determining the life insurance package that’s right for you and your family also can provide peace of mind. Life insurance is made to provide for your family after a death, and it’s a way for you to ensure that your family is able to live their life to the fullest - even if you are not there physically to provide for them.

When considering how much life insurance is enough, the first thing to take into consideration is the type of life insurance you intend to purchase. Permanent life insurance usually runs from the time of purchase until the event of your death, regardless of your age. Term life insurance policies are usually more affordable, but only cover a specific time period - such as from purchase until the age of 65. Both permanent and term life insurance policies can also usually be customized to some degree, so your life insurance plan can fit your specific needs and budget.

There are supposed standard formulas to considering how much life insurance is right for you - such as buying coverage that equals eight to ten times your salary. But the truth is, every person’s life insurance needs are different. For example, two people may earn equal salaries, but their individual needs, such as their financial assets, their debt to income ratio, their health, whether or not they have children, and more can all affect their life insurance decision. Plus, we all experience different pivotal moments in life - moments that can be monumental or subtle, but are nonetheless life changing. These pivotal moments, such as buying your first home, paying off your car, having your first baby, and more, can make a big impact on your life insurance choices.

One philosophy to determining the amount of life insurance you need is to assess whether you need extra coverage or add-ons to your chosen policy only after you project your life insurance needs in relation to four categories: final expenses, mortgages and other debts, education expenses such as college tuition for your children. and income replacement - or in other words, a monthly amount that your family could use until your significant other reaches retirement age. To clarify these life insurance components further, final expenses relate to how much you expect your funeral and any related expenses to cost. Some funerals cost a few thousand dollars, but costs can increase significantly depending on your wishes. Mortgages and any other debts is a fairly straightforward calculation, but college or education expenses can be more difficult to estimate - especially if your children aren’t near college-age. And salary replacement can be tough to determine as well. While you can certainly make your best estimate, it’s smart to work with a life insurance professional to determine how much life insurance is right for you. After all, rather than take your best guess and buy a policy online, wouldn’t you rather partner with an expert who understands the life insurance industry and perhaps more importantly, who understands YOU? Of course you would!

Another benefit of working with a life insurance professional to determine the right amount of life insurance coverage for you is that they can help you determine what your monthly premium amount will be based on the life insurance package you want to purchase. Your life insurance professional can also help you determine if you should buy one type of life insurance now and convert it to another type of life insurance policy later - and what types of life insurance packages are eligible for that type of conversion.

Determining how much life insurance can be challenging, but by following the basic guidelines we’ve set here and by working with a life insurance professional, you can determine the amount of life insurance that’s perfect for you.

Visit Pivot.com - The Life Insurance Marketplace for Life's Pivotal Moments for a free, no obligation life insurance quote today!