12 Tips for Choosing and Purchasing Affordable Life Insurance

Insurance is an important part of financial planning — but understanding insurance and buying the right product can be tricky. From whole to term life, riders to convertibility clauses, how do you make sense of all the choices? Most people rely on the expertise of their insurance advisor, broker, or sales representative to help them make the right decision.

Yet, for some people, insurance representatives have developed a bad reputation, and many people do not trust the “recommendations” they receive.

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Finding Affordable Health Insurance Policies for Individuals, Families, and Children

In America’s healthcare system, in most cases, you’re better off with the crowd. Usually, that crowd is your employer or a government pool like Medicare or Medicaid. But sometimes, due to choices you make, or circumstances you can’t control, you end up on your own, with full responsibility for your healthcare expenses.

Here are some circumstances under which you might end up needing to seek affordable individual health insurance:

  • You lose (or quit) your job.
  • You have insurance through your spouse or partner, and they lose or quit their job.
  • Your employer or your spouse’s stops offering insurance for you or your family.
  • You change jobs, and your new employer has a waiting period before you become eligible for coverage.
  • You take early retirement.

In some other circumstances, you may have the option to participate in group medical insurance, but it’s not in your financial interest to do so.

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Selecting and Purchasing a Disability Insurance Policy

Personal finance isn’t just about growing your finances — it’s also about protecting what you have. Most experts advise insuring your home, your car, your health and your life. What many people never get around to doing is insuring their earning power.

According to The Wall Street Journal in a December 2006 article “The Growing Appeal of Disability Insurance”: Even consumer advocates who are often critical of the insurance industry for pushing unnecessary products (such as life insurance for someone with no dependents) say that a disability policy can be a smart buy. “Disability insurance would probably be the one insurance product that is undersold,” says J. Robert Hunter, insurance director for the Consumer Federation of America.

If you have benefits through your employer, you are probably smugly thinking that you are already covered. Check again. You likely have a false sense of security and don’t have coverage. If you do have coverage, it likely is for short-term only (for example, just for five years), or the benefits paid are not enough. What you need is long-term coverage, until social security kicks in (at age 65).
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Introduction to Selecting and Purchasing a Life Insurance Policy

Protecting your family from financial disasters is one of the fundamental components of financial planning. Life insurance should be a core part of that planning process. This article is a basic primer on life insurance, which should introduce you to the concept and give you an idea of how life insurance works.

What is life insurance?
Most people have a basic understanding of insurance. You receive financial compensation when an insured event occurs. Consider auto insurance, for example. If your car is in an accident or stolen, your insurance company provides compensation according to the terms outlined in your insurance policy. (more…)

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