{"id":1317,"date":"2018-06-29T10:28:29","date_gmt":"2018-06-29T14:28:29","guid":{"rendered":"https:\/\/lifehappens.org\/?p=1317"},"modified":"2020-04-09T10:39:17","modified_gmt":"2020-04-09T14:39:17","slug":"10-things-you-didnt-know-about-life-insurance","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/10-things-you-didnt-know-about-life-insurance\/","title":{"rendered":"10 Things You Didn\u2019t Know About Life Insurance"},"content":{"rendered":"\n\n[et_pb_section fb_built=”1″ _builder_version=”3.27.4″][et_pb_row _builder_version=”3.27.4″][et_pb_column _builder_version=”3.27.4″ type=”4_4″][et_pb_text _builder_version=”3.27.4″ hover_enabled=”0″]

Life insurance blah blah blah. Is that what you hear when someone mentions it as part of your new job\u2019s employee benefits round-up or when you see something about it on TV or social media?\u00a0 Not to worry: we\u2019ve got the low-down on what you need to know. And it\u2019s really not as overwhelming (or underwhelming) as you might think.<\/p>\n

1. It\u2019s part of a sound financial plan.<\/strong> You know about savings, you know about retirement. You might know a bit about investments and long-term financial planning for your health and happiness. And life insurance<\/a> helps with planning for your loved ones\u2019 long-term health and happiness, especially those who depend on your income, in case something were to happen to you.<\/p>\n

2. There are different kinds of life insurance<\/a>.<\/strong> In addition to employment-based life insurance (which typically only lasts as long as your employment at your job), there\u2019s term and permanent life insurance.<\/p>\n

Term life insurance:<\/strong> You typically pay lower premiums for term life insurance<\/a>, but your coverage is just for a specified amount of time, say 20 years, for example. At the end of the term, your insurance coverage ends.<\/p>\n

Permanent life insurance: <\/strong>With permanent life insurance<\/a> (whole, universal, variable) you typically pay higher premiums in the short term, but then these policies generally allow you to accumulate cash value over time. Your coverage is designed to last as long as you continue to pay premiums.<\/p>\n

3. Life insurance is surprisingly affordable for most people.<\/strong> Sure, there are forms of life insurance that get pricier the more features you add on to it, and the price goes up if you\u2019re a smoker or dealing with health problems. But most people think life insurance costs about three times as much as it really does, according to the Insurance Barometer Study<\/a> by Life Happens and LIMRA.\u00a0Just as a general guide, a healthy nonsmoking 30-year-old man can get a $250,000 20-year level term policy for about $16 a month.<\/p>\n

4. Key life events are often the best time to get on board.<\/strong> Getting married? Having kids? Changing jobs? Bought a house? Significant life events are often the time you become most aware of the need for life insurance\u2014and on that note\u2026<\/p>\n

5. You can change your life insurance.<\/strong> Perhaps you have a life insurance policy that your parents got for you when you were a baby. Perhaps you have a term policy from when you bought your house but now you have a bigger family and you\u2019re concerned about getting them all through college. Or perhaps you want to bump up your coverage because your overall cost of living has changed. And on *that* note \u2026<\/p>\n

6. You may well need more coverage than you think.<\/strong> Sometimes people think life insurance is to pay off their own debts and funeral expenses. But a key advantage of having life insurance is to ensure that the people who depend on you will be OK with their ongoing and future financial needs if something happens to you. Need help figuring this out how much? Go to this online calculator: www.lifehappens.org\/howmuch<\/a>.<\/p>\n

7. Life insurance pays out quickly.<\/strong> Because life insurance doesn\u2019t get tangled up in estate claims, it generally pays out quickly, sometimes in days or weeks, usually inside of a month.<\/p>\n

8. Life insurance proceeds are generally tax-free.<\/strong> Compare this to, say, crowdfunding options like \u201cGoFundMe\u201d that have become so popular yet create tax consequences for the people they\u2019re meant to help (to say nothing of fees and the lack of guaranteed benefit). It\u2019s also helpful when you\u2019re trying to create an inheritance for a beneficiary.<\/p>\n

9. Life insurance protects your family, but only if you let it. <\/strong>Keep your premiums paid up and your beneficiaries up to date, and the door with your agent open so that your loved ones know who to call if they need to. Keep your paperwork with your other vital documents.<\/p>\n

10. Life insurance can be more than just life insurance.<\/strong> Using \u201criders,\u201d or an addendum to a life insurance contract, or even a specific kind of policy, life insurance benefits can become \u201cliving benefits,\u201d money you can access before you die, or use to pay for long-term care, as two examples.<\/p>\n

If you still need help getting a handle on all this, talk to an agent. They can help you understand the ins and outs and the best policy for your budget and needs. Because of course\u2014the most important thing to know about life insurance is that it\u2019s there to help the people you love the most.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n\n","protected":false},"excerpt":{"rendered":"

Life insurance blah blah blah. Is that what you hear when someone mentions it as part of your new job\u2019s employee benefits round-up or when you see something about it on TV or social media?\u00a0 Not to worry: we\u2019ve got the low-down on what you need to know. And it\u2019s really not as overwhelming (or […]<\/p>\n","protected":false},"author":14,"featured_media":1318,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[4],"tags":[146,143,14,34,137,20,145,144,142],"class_list":["post-1317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-beneficiaries","tag-life-events","tag-life-insurance","tag-permanent-life-insurance","tag-rider","tag-term-life-insurance","tag-universal-life-insurance","tag-variable-life-insurance","tag-whole-life-insurance"],"acf":[],"yoast_head":"\n10 Things You Didn\u2019t Know About Life Insurance – Life Happens<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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