April 22, 2018 by admin Leave a Comment

Insurance Barometer survey 2017

2017 Life Insurance Statistics

The Insurance Barometer is an annual study that has been undertaken since 2011. It aims to track consumer behaviour, attitudes and perceptions in the United States. It aims to understand their concerns and how they think and act with regard to financial products with a focus on life insurance.
The key findings from this survey relating directly to life insurance are shown below.

1) People see the need for life insurance, particularly for parents with young children. Eight in 10 say that a married person with one or more young children needs life insurance.

2) Consumer demand for life insurance is greater than actual ownership. Seventy percent say they need life insurance, yet only 59 percent own life insurance. These numbers also align for disability and long term care insurance.

3) Life insurance owners are more interested in other financial products. People who have taken out life coverage own between four and five additional insurance products.

4) More people are using life insurance as a way to save for retirement. Retirement planning is currently a top 5 reason for owning life insurance.

5) The need for more life insurance coverage remains. Over 20 percent of life insurance owners say they don’t have enough coverage.

6) People wish their spouses or partners had more life insurance. Just under 40% of people who answered stated they wised their spouses or partners had more life coverage.

7) People recognize their own dependence on a financial wage earner. A little under 70% suggested there would have trouble with their living expenses if they were to lose the primary wage earner.

8) Brand image matters. The purchase of life insurance from a well known brand was cited by almost two thirds of respondents as being an important factor.

9) Online purchase attempts are increasing. Since the first barometer in 2011 online purchase attempts have tripled.

10) Simplified underwriting is appealing to consumers. 70% have indicated they would likely purchase life insurance where priced without a medical exam.

11) Millennials overestimate the cost of life insurance. As much as 40% believe the cost of a term life policy costs five times the actual cost.

The findings align with other surveys in that people recognise the need for life insurance, but do not always take the time to take out a policy to protect themselves or their loved ones.

April 9, 2018 by admin Leave a Comment

4 ways to save money when buying life insurance

Can you save money when buying life insurance?

Of course you can and potentially save yourself thousands over the life time of the policy. How can I do this? Listed below are 4 methods to save money when buying life insurance. These methods can be used by anyone anywhere in the United States to save your hard earned dollars. Why pay extra when there are savages to be had.

1 – Shop around

The first and most important thing to do is shop around. You would when buying any other big ticket item, so why not when buying life insurance. Remember a policy can run for many years, so a saving of a few dollars each month will mount up over the life time of the policy. You shop around for Auto Insurance and Homeowners insurance (if not you should!) why not the same for Life Insurance? Use a price comparison site to compare quotes from different insurers based on your zip code. Do not obtain just one quote, get at least three to compare the prices and see how much you can save.

2. Pay the premium annually

When taking out the cover, offer to pay the premium annually and request an amended quote. You will be surprised to see that they will offer an additional discount. If they don’t, then shop around for someone who does. Insurance providers are changed to collect the premiums, so they offer discounts to pay annually. Just make sure you have the money available when the annual premium is due.

3. Take a medical

Offer to take a medical. Many people are now quoted life insurance based on answering simple health questions. The rates are therefore factored to cover good and bad risks. Offering to take a medical ensures you are offered the best rates based on your good health.

4. Understand the types of insurance on offer

There are fundamentally two different types of life insurance being offered. Term Life Insurance, which as the name suggests provides life insurance for a specified period of time or permanent insurance. These permanent policies provide life insurance for the lifetime of the insurer (providing the premiums are being paid) and can provide an investment element, providing a value to the policy that can be accessed later in life. Because of these the costs of these types of insurance can be very expensive. You can access comparison sites that provide you the costs of permanent life insurance in order that you can compare the costs and make the decision that is best for your circumstances. By making sure you take out the best policy to suit yours and your families needs with the correct amount of life cover now, you avoid additional charges or new policies if you decide that you need additional coverage or a different policy later. My taking some time to think now, you will save money in the future.

Taking out Life insurance provides security to your loves ones and it is vital that you can take out what you require at the most competitive price available. Each dollar you save on the monthly insurance premium is a saving you will make each month over the lifetime of the policy. It therefore pays to shop around and find the best policy available to you right now.

March 18, 2018 by admin Leave a Comment

7 reasons for affordable life insurance

Imagine a world where no one died and everyone lived forever, in perfect harmony. No disputes, no global threats and peace. We can all dream and it would be nice to see these things happen in our life times. Life expectancy is getting longer and it won’t be long until most people expect to see their 100th birthday. However all this comes at a cost, most countries are now having to raise there retirement age as people live longer there is less money being paid into the system to pay for the benefits of the elderly. Sadly most of us currently will not see our 100th birthday and the purpose of this article is to give you good reasons to take out life insurance to provide for your loved ones in the event that you are not around. Therefore below are 7 reasons for affordable life insurance.

1 – Income replacement for dependants

The primary reason most people take out life insurance is to provide replacement income in the event of the death of the main wage earner. Bills and debts still have to be paid and to remove these liabilities is the primary objective of most people taking out life insurance.

2 – Debt repayment

On death, any outstanding loans such as auto loans or mortgages outstanding still remain in effect unless they are covered by an assigned life policy or separate insurance. These debts can leave an unbearable burden on your family in event of your death and with no protection in force.

3 – Final expenses

The average cost of a funeral is constantly rising. Currently it is between $7,000 to $10,000. On top of this there may also be probate costs as well as administration and sometimes medical costs that need to be paid.

4 – Provide Inheritance

It is a common objective for most people to be able to leave a lump sum for their loved ones. This may be in the form of a bequeath of to provide the money to pay for loved ones education or weddings.

5 – Pay federal / state death taxes

Sadly many people are forced to sell homes and precious items to cover the taxes due on an estate. These can be provided for through the use of affordable life insurance policy. Changes in federal tax rules have lessened the impact of this for most peoples. But some states have modified their state tax rules to take up this shortfall.

6 – Create a source of wealth

For many, wealth has been handed down over generations. Some has been at the result of hard work and enterprise. For others it has been through life insurance. By providing life insurance to your heirs you are giving them a boost, a start in a new venture or some funds to provide for education. Wealth is not always about money but what is created through education.

7 – Make charitable donations

Many charities only survive though the generous donations they receive from many donors. These are typically made out through wills where the source of funds can be from a life insurance policy.

It is important to never forget that how your loved ones futures can be protected though the use of a simple life insurance policy. They will not be burdened with debt and see through the dreams of education of making their own ways in life. Your legacy as many people now view it.