The increasing number of life insurance companies that are making themselves known to potential customers through social media channels is speaking volumes about the creativity and adaptability of the industry. But what’s even more telling is the far higher number of shoppers showing interest when given the chance to price out a life insurance company via social media, as opposed to contacting them directly or via their websites.
Aside from the fear of high premiums, one of the reasons many Americans neglect to enroll for family life insurance policies is the thought of having to take physical health screenings in order to qualify. It seems that to some, the idea of being turned down for family insurance is a thought too painful to consider. But what would you do if you learned that you didn’t have to take a physical exam to qualify?
The fact is, full health screenings are not always required to be approved for a life insurance plan. And in some cases when it is required, the extent of the exam is limited to the taking of blood pressure, a little bit of blood work, and possibly a urine specimen. Whether a person is asked to take a physical exam is based on certain factors, including:
Endowment life insurance is often put under fire by financial experts because the Tax Reform Act of 1984 took away many of the tax advantages of this type of life insurance plan. However, in many cases, an endowment insurance policy is a wise financial choice for saving for the future—especially if it offers life insurance coverage at full endowment value even before its maturity date, like the Gerber Life College Plan.
An endowment insurance policy differs from a whole life insurance policy in one very significant way—it matures and reaches endowment value faster than a whole life insurance policy. That’s why an endowment insurance policy is a good choice for saving for college. And you can get guaranteed coverage for as little as a dollar a day.
With the Gerber Life College Plan, you can set the maturity date to coincide with your child’s first year of college. You may also consider four separate policies, so you can cash in one per year and spread out the costs.
With college costs rising at an average rate of 4-6% per year, isn’t it time you started saving for your child’s future?
When you were younger, you may have not considered a life insurance policy. But now that you have dependents, it’s important to consider who will take care of them if you die. Answer the following questions to determine if a life insurance policy is a wise investment for your future.
- If you are in a relationship where you and your partner both work, if something happens to one of you, can your family survive on one salary?
- If your spouse doesn’t work and would need to find a job, would she or he be able to afford childcare costs? Is there a way you can make sure your spouse won’t need to join the workforce?
- Families and couples can live much more frugally than a single person or a single parent with children. Could your spouse afford your home?
- Would your spouse be able to afford funeral costs of $6,500 (the national average, according to the National Funeral Directors Association), up to $10,000 or more?
These are all compelling questions to consider, and the answers can show you exactly why you need a life insurance policy.
The premise behind term life insurance is that it protects your loved ones by replacing your income in the event of your death. Children have no dependents, so typically, child term life insurance is not the best investment choice.
However, when you purchase term life insurance for yourself and your spouse, you are really purchasing it for the security and well being of your children. In many cases, if it was just you and your spouse, you could survive if something happened to one of you. Term life insurance is about securing your spouse’s future at the same standard of living in the event of your death and, most importantly, protecting and caring for your children financially even after you are gone.