When you’re young and have a growing family, one of the best decisions that you can make is to start paying into a life insurance policy. In the long run, having a life insurance policy will help your loved ones and your legacy enormously. It will help ensure that, when you’re gone, your loved ones will have financial relief when they may need it desperately. But this isn’t all that a life insurance policy is good for. Through something called a “viatical settlement,” it is also possible to sell a life insurance policy and receive the funds before a death claim is made — that is, while you’re still alive. In certain cases, this can benefit your finances. Here’s what you need to know. How life insurance works Before we dive into the circumstances under which you might sell a life insurance policy, let’s talk briefly about how a life insurance policy works. When you get life insurance, you’re not insuring yourself against some … [Read more...] about Why Would You Sell a Life Insurance Policy?
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Ken Fisher Special to USA TODAY Published 7:43 AM EDT Mar 17, 2019 Ask someone why they’re investing for retirement, and they’ll usually give two answers: to cover post-retirement living expenses and to help provide for a spouse after they're gone. But what if "gone" comes far earlier than you expect? Term life insurance is a great – but often misunderstood – safety net. Term life insurance is a policy with a fixed end date – usually 10, 20 or 30 years out, depending on when you expect the kids to be out of the house and your nest egg to be sufficient. It is meant to ensure your family can cover funeral expenses, debt and other needs after you’re deceased. I bought a term life insurance policy after my children were born, and think it’s a smart move for most families. Those wanting lifelong coverage may find permanent life insurance more beneficial. Yet industry observers have found many folks don’t investigate life … [Read more...] about Life insurance: Here’s how companies price plans
Tuesday December 4, 2018 12:20 PM It’s a good plan to begin educating yourself about this form of insurance sometime in your mid-50s. Written by By David A. Kostival With longer life expectancies and ever-increasing health care costs, a long-term- care insurance policy may be worth consideration. The America Association of Retired Persons estimates that if you require long-term care, you will pay a total average of $140,000 out-of-pocket. That is an expense that most Americans have not planned for as part of their retirement financial planning. But you can cover the costs of a nursing home, assisted living or in-home care with long-term-care insurance. It's not a popular form of financial planning, because no one wants to think they will need long-term care. Right now, there are only 7.2 million Americans who have long-term-care insurance. Karen Byerly, an insurance consultant with Adams & Associates, Maidencreek Township, said it's a good plan to begin educating … [Read more...] about Long-term-care insurance policy may be worth consideration
(BPT) - If you haven't made solid financial plans, now would be a good time to consider a life insurance policy to protect you and your family in your time of need — or protect your loved ones in your absence.Given the importance of life insurance, it’s surprising that 37.5 million American households lack such a policy, according to the 2016 Facts About Life study by the industry group LIMRA. That may be because many people misunderstand how such policies work and how much they cost. For example, recent Insurance Barometer studies by LIMRA and Life Happens found 63 percent of Americans cite expense as the reason they don’t carry term insurance, yet 80 percent overestimate the cost — millennials by 213 percent and Gen Xers by 119 percent.While some Americans hope to rely on other sources to protect their families, they may not realize all the benefits life insurance offers. Every family has different needs, and some life insurance products are flexible enough to … [Read more...] about The truth about life insurance
Ken Alltucker USA TODAY Published 4:25 PM EDT Nov 1, 2018 Chad Bertanzetti is a young, active and healthy 44. But he bought health insurance three years ago in case he was injured while enjoying outdoor hobbies such as rock climbing, snowboarding and mountain biking. So when a high-speed snowboarding accident shattered and dislocated the Colorado Springs man's shoulder in 2016, he thought his hospital stay would be covered by his short-term plan. But repeated payment claims for a shoulder-repair operation, doctors’ visits and a follow-up surgery were rejected by his health insurer. Bertanzetti has filed a federal lawsuit challenging the refusal of HCC Life Insurance and HCC Medical Insurance to pay his claims. He has amassed tens of thousands of dollars in unpaid medical bills. “I’m still able to pay all my (non-medical) bills and take care of my family,” Bertanzetti said. "But they just killed my credit." … [Read more...] about Obamacare enrollment under Trump: Short-term health insurance cheaper, riskier