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We hate to think about it, but who would make the mortgage or rent payments if something were to happen to you? One of the smartest moves you can make is to help protect your family’s financial future. Many people underestimate how much money is needed to provide for their families after they die. This is why life insurance is very important.

The older you are, the more expensive life insurance becomes. And because today is the youngest you’ll ever be, there’s no better time than today to get a life insurance policy.

3 Of The Best Life Insurance Companies

When you need to buy life insurance, the following companies could offer the kind of policy you need.

1. Ladder (Coverage Amounts From $100,000 to $8,000,000)

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Ladder policies are available to applicants between the ages of 20 and 60. Ladder is 100% digital for coverage up to $3 million which means no medical exams or filling out paperwork! You’ll simply have to answer a few health questions as part of the online application.

Get your free quote from Ladder today by clicking here and help ensure your family’s financial future is secure. Ladder has helped protect many families and has provided over $56 billion in coverage.

Type of Policies: Term life insurance with 10, 15, 20, 25, or 30-year terms.

Coverage Amounts: $100,000 to $8,000,000.

Why We Like It: Ladder has no policy fees and a price lock guarantee. As you age and your health declines, you’ll get to keep paying that same low premium. It allows you to cancel anytime and has a money back guarantee. It has no brokers, no upselling.

Cost: Ladder offer’s term life insurance policies starting from as little as $5 a month and goes higher depending on factors like age and health.

Click here to get a free Ladder quote.

2. Ethos (Coverage Amounts From $100,000 to $2,000,000)

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Ethos, a company that lets you apply online in minutes without leaving your couch (no medical exams, no blood tests) and get personalized term life insurance offers based on your family’s needs. Coverage ranges from $100,000 – $2,000,000 and may cost as little as the price of a few coffees each month.

You’ll simply answer a few health questions as part of the online application. Ethos has helped protect over 100,000 families and has provided over $34 billion in coverage.

Type of Policies: Term life insurance with 10, 15, 20, 25, or 30-year terms.

Cost: Ethos offer’s term life insurance policies starting from as little as $7 a month and goes higher depending on factors like age and health.

Why we like it: You can complete the company’s application in 5 minutes. You’ll simply have to answer a few health questions as part of the online application.

Click here to get your free quote from Ethos today and help ensure your family’s financial future is secure.

3. Fabric by Gerber Life (Coverage Amounts From 100,000 to $5,000,000)

When you buy life insurance through Fabric, you won’t have to deal with an agent or broker trying to upsell you on products or more coverage than you need.

Apply online in minutes for applicants between the ages of 21-70. Fabric offers term life insurance in all states apart from California, and New York.

Most applicants do not require a medical exam. If it is required, it would be at no cost to you and entails a trained professional working around your schedule to meet you conveniently at home or work.

Type of Policies: Term life insurance with terms of 10, 15, 20, 25, and 30 years.

Coverage Amounts: $100,000 to $5,000,000 for term life.

Why We Like It: Fabric by Gerber Life can give parents coverage that is affordable, plus wills, access to college savings funds, and more tools to help protect your family’s financial future—all in an easy online experience. It’s the digital convenience of Fabric, now partnered with a brand trusted by millions of families like yours for more than 50 years.

Click here to start your application. You could be covered in less than 10 minutes.

What is Life Insurance?

A life insurance policy is a contract between an insurance company and a policyholder under which the insurance company guarantees a payout or death benefit to the beneficiaries chosen by the policyholder upon his or her death in exchange for premiums paid by the policyholder.

Types of Life Insurance

There are two main types of life insurance: term and whole life. There are also other less common types of policies that include universal, variable, variable universal, simplified, guaranteed issue, final expense, and group life.

Term Life Insurance

Term life insurance protects your beneficiaries in the event of your premature death. If you have a term policy and die before the end of the term, your heirs will receive a payout. The policy has no additional value.

Terms are usually 10, 20, and 30 years and for most policies. The payout or death benefits and the cost or premium remain the same for the entirety of the term.

Whole Life Insurance

Whole life insurance has a term of your entire life. Your beneficiaries get a payout after your death. It also has an investment component that is known as the cash value of the policy. You can borrow against the cash value or end the policy for a cash payout. If you don’t repay a loan taken against the cash value with interest before you die, the amount of the death benefit is reduced by the amount you failed to pay back.

Who Needs Life Insurance?

Essentially, anyone who has financial dependents needs life insurance. If you were to die, life insurance would help replace your salary so your loved ones could maintain the same standard of living they enjoyed while you were alive.

For those who don’t have financial dependents but have a loan that someone co-signed, life insurance can pay off that loan in the event of your death so the consignor isn’t on the hook for the remaining balance.

How Much Does Life Insurance Cost?

The cost of life insurance varies significantly according to a variety of factors, the two most important being age and health. The younger and healthier you are, the less your premiums will cost. Other factors include:

• Gender
• Family medical history
• Marital status
• Location
• Lifestyle
• Medical test results (if required)
• Length of the term selected.
• Amount of coverage selected.

Most people can find affordable life insurance with some policies (depending on the factors mentioned above), costing less than $20 per month.

How to Get Life Insurance

In the past, the only way to get life insurance was to go through a lengthy process of submitting plenty of paperwork and supporting documentation and undergoing a medical exam. In total, the process took several weeks to be approved and for the policy to take effect.

Thanks to a new generation of insurance companies like the four we’ve highlighted as the best life insurance companies, the process is much faster and easier. Generally, these are the steps:

• Complete an online application
• Undergo a physical exam and lab work if required
• Pay the first premium

That’s all there is to it!

Requirements for Life Insurance

Most insurance companies have an age bracket you must fall within to qualify. The answers to your questions during the application process regarding your health and lifestyle are used to determine if your application will be approved or not.

If your answers are “wrong,” you have a family history of chronic diseases or conditions, you smoke, or you work in a dangerous occupation, this doesn’t necessarily mean you won’t be able to qualify for life insurance. Still, your premiums will likely be higher than if your answers were different.

How To Choose the Best Life Insurance Company For You

Price shouldn’t be the only determining factor when you’re shopping for something as important as life insurance. Look for a life insurance company that offers products that fit the needs of your family. Determine the terms of the type of policy you need, the length of the term (if you’ve chosen term rather than whole life), and the amount of insurance you need.

Life Insurance is Essential

We often avoid dealing with things that make us face our own mortality, and shopping for life insurance is one of those things. It’s hard to think about. But what’s even harder to think about is your family being in financial distress because you died without life insurance.

Don’t wait any longer. Buying life insurance is essential, fast, and easy. And with some of the best life insurance companies covered above, you have a great place to start!

The post 3 Best Life Insurance Companies Of 2024 appeared first on Wall Street Insanity.

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Death is a certainty for everyone, yet the timing of death can be unpredictable.

If you passed today, are you sure your family would be provided for? After all, they could be left with the monthly mortgage, the weekly grocery bills, and a host of other expenses.

And unless you inherit a million dollars or win the lottery, you’re unlikely to save enough money to cover your family’s next 30-plus years of expenses.

Life insurance may be the next best thing. And with Ladder, it can be pretty affordable, too.

They offer 100k up to $8 million in coverage, and policies start at just $4.95 a month!

You Never Know When Your Family Will Need a Big Payout

People of all ages fall ill, suffer health complications, or die unexpectedly. God forbid tragedy were to strike, ending your life but leaving your loved ones to carry on without you.

Would they have the money to keep on? Let’s see.

Say you’re 30 years old with a spouse and three children, for example, your family may need enough money to cover the next 35 years of expenses, at the very least.

With a $2,000 mortgage, groceries, and a bevy of other expenses, your family may need upwards of $40,000 each year.

Let’s even say that you have $30,000 in savings. Your family would blow right through that money in the first year with no other income.

That’s why life insurance is so vital. A $1,400,000 payout from your life insurance provider could keep your family afloat for years to come!

And with Ladder, you could get the coverage you need at an affordable rate.

How to Get a Life Insurance Policy with Ladder

Let’s be real. Death is a horrible thing to have to dwell on for too long. Ladder knows this, so they make the process of getting life insurance a walk in the park.

The first step is to get your free quote with Ladder in seconds. Then, all you need is five minutes to fill out the company’s application and you’ll get an instant decision!

Ladder offers term life insurance to people between the age of 20 and 60. You can lock in your premiums for your entire term. As your health changes and you grow older, you’ll enjoy paying the same affordable premium each month.

But you’ll also get the flexibility of laddering your policy — a few clicks to decrease and apply to increase your coverage as needed. And did we mention that there are no policy fees?

Plus, Ladder doesn’t use brokers; so won’t have to fear upselling or nagging phone calls. Just quick, simple, hassle-free, term life coverage.

And check this out — if you don’t like the product, you can cancel your policy at any time. If it’s within the first 30 days, you’ll even get a full refund!

Click here to get your free quote from Ladder, and get quick, affordable protection for your family!

Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.

The post This Company Could Help You Protect Your Family’s Financial Future (Starting At $5 A Month!) appeared first on Wall Street Insanity.

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Even though you may be young and in relatively good health, tomorrow isn’t guaranteed.

If you were to pass unexpectedly, there are expenses your family will be left to worry about — food, mortgage payments, college educations, outstanding debts, and others.

Where is that money going to come from?

There’s no way to fully prepare for death. But one of the best ways you can help make sure your family is protected is by taking out a life insurance policy.

But guess what? The longer you wait to get life insurance, the more expensive it’s usually going to be. And because today is the youngest you’ll be, it may also be the lowest your premiums will ever be. So, this isn’t something you want to put off.

And with Bestow, it doesn’t even have to be expensive.

Plans range from $50,000 – $1,000,000, and get this — they start from as little as just $16 a month!

Don’t Wait Until It’s Too Late!

Unfortunately, you can’t bank on living a long, healthy life. There are just too many variables. You could fall very ill. You could be involved in a fatal accident.

And while your life could end in the blink of an eye, it would continue to go on for your loved ones. The last thing you want for your family in their time of grieving is for them to also fret about money after your passing.

If you’re 35 years old with a spouse and two young children, for example, your family would likely need enough annual income to cover the next 30 years, at minimum.

With a $1,500+ mortgage, utility bills, groceries, car insurance, and other expenses, you’re easily looking at upwards of $30,000 each year.

Even if you’ve got $20,000 in savings and investments, that’s a drop in the ocean across 30 years.

That’s where life insurance comes in. Getting $900,000 in coverage would put your family in a much better position, covering the $30,000 your family would need each year to survive!

And guess what? Bestow offers affordable premiums to people between the ages of 21 and 54, meaning you’d easily fit in the bracket needed to apply.

How to Get a Life Insurance Policy with Bestow

Thinking about death and life thereafter is stressful enough, so Bestow makes the process of getting life insurance as simple and hassle-free as possible.

As long as you meet the company’s qualifications, you may be able to get a 10, or 20-year term life insurance policy.

To start, get your free quote in 60 seconds, without making a single phone call or filling out paperwork.

After you know how little you could be paying for a life insurance plan, taking out a policy is about as easy as getting a quote. You could get coverage in minutes!

Bestow even eliminates the need for medical examinations; and if you have any questions, you can reach out to one of Bestow’s licensed non-commissioned agents for help.

Click here to get your free quote with Bestow, and take the next step toward protecting your family!

The post Here’s How To Protect Your Family’s Financial Future (Starting At $16 A Month!) appeared first on Wall Street Insanity.

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There is a problem in the United States: 40% of Americans have no life insurance policy in place. One of the main reasons for this is the fact that many of us still aren’t 100% sure about something – What is life insurance anyway? Why do I need life insurance? And, more importantly, how much life insurance do I need?

This leaves many families at risk of being hit with massive bills in the event of a loved one’s untimely death, and way too many households are currently unprotected. Life insurance is more affordable than you might think, and there are policy options for people in all walks of life.

Getting life insurance has never been easier:

• High-quality and trustworthy companies like Ladder can generate a life insurance quote in minutes with a price lock guarantee. People love Ladder because there are no brokers, no upselling, no policy fees and you can cancel anytime.
• There is also policy comparison site Policygenius which allows you to quickly compare and buy life insurance from dozens of companies.

But let’s not get ahead of ourselves. First, we must gain an understanding of what life insurance does for us and what type we should be shopping for.

What is Life Insurance? 

What is life insurance, anyway? Life insurance is exactly what it sounds like: an insurance policy on a human life. It sounds a bit morbid, and maybe a little depressing, to think about and plan for your own death – but a life insurance policy is absolutely vital if you want to make sure your loved ones are taken care of after you’re no longer around.

Just like any insurance policy, a life insurance policy is a simple contract between a policyholder (you) and a life insurance company. You pay an agreed-upon rate to the company, and when you die the insurance company pays a “death benefit” – to your loved ones (the beneficiaries)

Not all life insurance is the same, and there are different structures of policies for different types of customers.

Life Insurance Policy Types

If you’re asking yourself “do I need life insurance?” – you should really be asking what type of policy is best for you. While all life insurance plans achieve the same goal, there are different types of policy options that work better for different situations. The real question is: how much life insurance do I need?”

Before we get to that, however, let’s run through the different kinds of life insurance policies.

The three types of life insurance:

• term life insurance
• permanent life insurance
  • universal
  • whole

Term Life Insurance

Term life insurance policies provide protection for a specific amount of time, like 10 years, for example. These are typically the least expensive life insurance policies that offer the cheapest premiums – which remain the same during the life of the policy. When these plans reach the end of their term, policyholders can often choose to continue coverage at a higher premium.

Permanent Life Insurance

Permanent life insurance policies are pretty self-explanatory: they don’t have a set term and generally protect policyholders for a lifetime. For this lifetime coverage, these plans are typically more expensive than term life policies. There are two kinds of permanent life insurance: whole life insurance and universal life insurance.

Whole Life Insurance

Whole life policies provide lifetime coverage, and – for that reason – come with higher premium payments than those of term life insurance policies. Payments are fixed throughout the life of the policy. There is a death benefit, of course, and whole life insurance policies often have a savings component that enables cash to accumulate over time. Within this savings feature, cash value can build up on a tax-deferred basis.

Universal Life Insurance

Another form of permanent coverage is universal life insurance, which is a bit more flexible than whole life insurance – but both are generally more expensive than term life insurance policies. Universal life insurance plans are designed for lifetime coverage, but – unlike whole life insurance – universal policies are adjustable. Coverage and premium payments can be increased or decreased, at the request of the policyholder, in order to meet changing insurance needs.

Who needs life insurance?

Life insurance policies are designed to support family member(s) that would be affected financially in the event of your death. If someone, or more than one person, would suffer financially when you die, then you probably need life insurance.

The death benefit, which is paid as a lump sum, can replace the lost income resulting from your passing, and can help your dependents pay for their immediate financial needs, your funeral costs, pay for your children’s college, daily living expenses, and anything else that would be difficult or impossible without your income in the picture.

Life insurance policies are for anyone who wants the peace of mind that comes with knowing their families will be fine in the worst-case scenario.

This includes married people, single parent, parents in general, single people who support aging parents or siblings, and also:

• Anyone leaving an inheritance: Your heirs could be hit with a 45% estate tax when they receive your estate. Life insurance proceeds, because they are paid immediately, can cover these expenses, along with legal fees, funeral costs, and other debts that your loved ones may need to deal with.
• Small-Business Owners: Life insurance policies don’t only take care of your family. They can also protect your business partners by setting up a buy-sell agreement, which ensures that remaining business owners can buy the leftover company interests at a lower or earlier agreed-upon price. Also, key person insurance provides your company with the funding to find a replacement employee for an important position.

How Life Insurance Policy Cost is Determined

Life insurance quotes are generated based on some key factors:

• How old you are: The older you are, the more your life insurance premium will likely be. This is simply because higher age comes with a logical increased risk of death and declining health.
• How healthy you are: Many life insurance providers require policyholders to undergo a medical exam before coverage begins, taking into account family health history and smoking habits, for example. Some insurance companies require your doctor to submit an Attending Physician’s Statement (APS).
• Your driving record: A motor vehicle report may be requested, so your life insurance company can see whether you are a reckless driver or not.
• Your hobbies: If you like to go skydiving or diving with sharks, for example, your life insurance premium will likely be higher.

Riders

Some life insurance policies can have riders added onto them, which are mini contracts appended to your policy. Riders are like little “extras” that you pay more to add to your policy, such as:

• Accidental death
• Waiver-of-premium
• Return-of-premium

These are just a few examples, and riders are very specific to your individual needs. Oftentimes, the extra cost won’t be worth it to you – and the money spent on riders can be better spent invested in other ways.

Buying Life Insurance

Different life insurance providers will have different ways of evaluating your risk as a policyholder, and will likely give you slightly different life insurance quotes. Policygenius is a life insurance comparison site which allows you to quickly compare and buy life insurance from dozens of companies.

There are standout life insurance providers that are designed with the modern policyholder in mind: online solutions that are easy and quick to apply for.

Ladder:

Ladder offers a quick application process that takes about five minutes and generates an instant decision on coverage. There are no brokers, which means no upselling. Ladder makes it super simple for policyholders to apply to increase or decrease their coverage with the click of a button, all online with no hidden fees. There are no policy fees, and you’ll benefit from a price lock guarantee. You can also cancel your policy whenever you want.

➼ Get an instant life insurance quote from Ladder.

Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.

*This article has been updated on 11/16/21

The post What Is Life Insurance, And Who Needs It? appeared first on Wall Street Insanity.

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The motto “always be prepared” isn’t just for Boy Scouts. Preparing for death is a responsible way to make sure your spouse and children are taken care of once you’ve passed away. It’s not a topic that anyone likes to talk about, but here are six reasons why every parent should have life insurance.

1. Debt & the cost of raising children.

Something parents should think about is the amount of debt and financial obligations they’ll be leaving behind when they pass away. Major expenses include mortgage payments, car payments, monthly utilities, and credit card debt.

For parents, the day-to-day costs of raising children – providing them with food, clothing, and other necessities – should also be considered. Perhaps you also have school tuition costs to pay. Other expenses such as extracurricular activities should also be taken into consideration. And of course, those figures should be multiplied by the number of children you have.

Needless to say, those costs can be a significant burden for the surviving parent, particularly if the main breadwinner is the person who passes away. A life insurance policy can help ease that burden, providing your family with financial security.

If you’re in need of a life insurance policy, getting one has never been easier.

• High-quality and trustworthy companies like Ladder can generate a term life insurance quote in minutes with a price-lock guarantee. People love Ladder because there are no commissioned brokers, no upselling, no policy fees and you can cancel anytime.
• There is also policy comparison site Policygenius which allows you to quickly compare and buy life insurance from dozens of companies.

2. Covering the value of the stay-at-home parent.

It’s a common misconception that a stay-at-home parent doesn’t need life insurance. That couldn’t be further from the truth. Imagine if the sole earner of the family passes away. The surviving stay-at-home parent will likely find themselves in need of a job. And at that point, they’ll probably be forced to pay someone else for childcare and other duties.

A newly released survey found that being a stay-at-home parent was equivalent to having 2.5 full-time jobs. Combine that with a 2016 study which found that a stay-at-home parent’s annual worth was around $143,102 and you’ll quickly see why a life insurance policy is a good idea for both parents – not just the one who goes to an office every day.

3. College costs.

The annual cost of a four-year education at an in-state public college is $9,970, according to CollegeBoard data. And that’s just for one year. A four-year education would set you back $39,880 if your child was going to college today and rising costs weren’t practically guaranteed. That’s also before you factor in books, room, board, and miscellaneous costs (and before you multiply those costs by each child).

Life insurance is a great way to make sure your children receive a quality education and won’t graduate with tons of student loan debt.

4. Immediate expenses.

The very first immediate expense to take place after a person’s death is the cost of the funeral. Those who have a life insurance policy can rest assured that their family will be taken care of, while those without a policy will be leaving their loved ones to foot the bill. This can add unnecessary stress during an already tragic time, and can leave your family members in debt.

The average cost of a funeral in the United States is currently hovering between $8,000 and $10,000, according to funeral home comparison website Parting. With a number like that, it’s easy to see why some people are left with a huge financial burden when a loved one passes away.

5. It supplements your workplace policy.

If you have life insurance through your employer, that’s great. However, it’s probably not enough. The payout on group life insurance is generally lower than if you take out an individual policy. In fact, it’s typically only 2.6 times your annual income, according to a 2016 study by the Life Insurance and Market Research Association (LIMRA). The industry recommendation is to have a policy that is more than double that amount, and some experts recommend having even more. Another thing to consider is that a work policy will be canceled once you leave your current employer, whereas a whole life individual policy will stay with you forever.

6. It’s not expensive.

Most people tend to think that life insurance policies cost a lot of money, and that misconception often stops them from getting one. However, a healthy 30-year-old male pays an average of just $21 a month for a 20-year policy. You probably spend more than that on lattes. Buying a policy at a young age and when you’re healthy can also save you tons of money in the long run, so there’s no reason to put it off.

The perfect policy for you will vary based on a number of factors, from your personal health to the number of dependents you have. Luckily, technology has made comparing policies easier than ever before, with life insurance comparison sites like Policygenius laying out all of your options in a matter of minutes.

There are standout life insurance providers that are designed with the modern policyholder in mind: online solutions that are easy and quick to apply for.

Ladder:

Ladder offers a quick three-step process — get a quote, complete the application in about five minutes and get an instant decision on coverage. There are no commissioned brokers, which means no upselling. Ladder makes it super simple for policyholders to apply to increase or decrease their coverage with the click of a button, all online with no hidden fees. There are no policy fees, and you’ll benefit from a price lock guarantee. You can also cancel your policy whenever you want.

➼ Get an instant life insurance quote from Ladder.

Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.

The post 6 Reasons Every Parent Should Have Life Insurance appeared first on Wall Street Insanity.