Find out why this expert says life insurance isn't a waste of money – it's leverage you need to gain financial freedom. Mark J. Kohler Published 10:45 am, Wednesday, February 14, 2018 Photo: SolisImages | Getty Images Image 1of/1 CaptionClose Image 1 of 1 Photo: SolisImages | Getty Images Why Life Insurance Has to Be Part of Your Wealth-Building Plan 1 / 1 Back to Gallery The following excerpt is from Mark J. Kohler and Randall A. Luebke’s book The Business Owner’s Guide to Financial Freedom. Buy it now from Amazon | Barnes & Noble | iTunes | IndieBound Every day, life insurance companies pay death benefits to the beneficiaries of their policies, providing them with needed and certainly welcome funds. In essence, life insurance provides leverage: You pay a relatively small amount of money … [Read more...] about Why Life Insurance Has to Be Part of Your Wealth-Building Plan
10 year term life insurance
Barbara Marquand, NerdWallet Published 11:00 am, Monday, February 12, 2018 This article was first published on NerdWallet.com. Getting married, buying a house and having kids are all good reasons to purchase life insurance. But if other financial priorities keep getting in the way, there’s an economic consideration if you’re a millennial (no matter how much you hate being called one): Getting life insurance now is probably a lot cheaper and easier than you think. Most people, but especially young people, overestimate the cost of life insurance, a study found, and a large portion of people in their 20s and 30s mistakenly think they can’t qualify. That’s according to the 2017 Insurance Barometer Study by Life Happens, a nonprofit supported by insurers and brokerages, and LIMRA, a global life insurance research and consulting group. Do you need life insurance? You might also like: Now Playing: At 31, Sebastian Kurz is about to become … [Read more...] about Life Insurance and Millennials — What to Consider Now
Getting married, buying a house and having kids are all good reasons to purchase life insurance. But if other financial priorities keep getting in the way, there’s an economic consideration if you’re a Millennial (no matter how much you hate being called one): Getting life insurance now is probably a lot cheaper and easier than you think.Most people, but especially young people, overestimate the cost of life insurance, a study found, and a large portion of people in their 20s and 30s mistakenly think they can’t qualify. That’s according to the 2017 Insurance Barometer Study by Life Happens, a nonprofit supported by insurers and brokerages, and LIMRA, a global life insurance research and consulting group.Do you need life insurance?To decide if you need life insurance, ask this question: “Would someone be financially worse off if you died tomorrow?” says Rachel Podnos, a certified financial planner with Wealth Care LLC in Washington, D.C. If anyone … [Read more...] about For Millennials, life insurance can be a bargain not to miss
At the Motley Fool Answers podcast, we can tell a lot about what's on our listeners' minds by looking into the mailbag, and no surprise, right now, the topic of interest is starting to be taxes. The W-2s are rolling in, people are beginning to anticipate their tax refunds, and they're also beginning to stress about the process involved in getting them. So, for this episode, hosts Alison Southwick and Robert Brokamp recruit a special guest to sort out some of those concerns: Megan Brinsfield, head of financial planning for Motley Fool Wealth Management, and also a CFP and CPA. In this segment, they talk about the tax implications of moving stock from a traditional IRA to a Roth IRA, and whether it's better to move your "winners" or your "losers." Then, they try to decide how much longer a 60-year-old listener might reasonably want to keep shelling out for a term life insurance policy. A full transcript follows the video. 10 stocks we like better than Wal-Mart When investing … [Read more...] about Your Tax Questions, Answered: How Can I Get the Most Out of a Roth Conversion? Plus, When Should I Stop Buying Term Life?
Free life insurance at work is a sweet deal. The employer pays for the coverage, and all you have to do is sign up during open enrollment for employee benefits.But a pitfall awaits: While accepting the perk is a no-brainer, relying on it as your only coverage is risky if anyone depends on you financially.“In many cases that coverage may not be enough,” says Todd Katz, executive vice president at MetLife.Why you may need more life insuranceFor the first time ever, more Americans are covered by employment-based life insurance than by individual policies they buy outside of work, according to LIMRA, a life insurance research and consulting group.The troubling part? Most people rarely revisit the issue after signing up for employer-sponsored life insurance, and 44% never change their coverage, according to LIMRA research.Rachel Podnos, a certified financial planner with Wealth Care LLC in Washington, D.C., sees that phenomenon among her clients. Asked if they have coverage, … [Read more...] about Why free life insurance at work might not be enough
The day after Munjal Shah sold his company to Google in 2010, he was running when he experienced sharp chest pains. He ended up in the emergency room. He was 37 at the time, but hadn't quite kicked an indulgence in sugary treats, like Frosted Flakes, Pop Tarts and cinnamon rolls. "Honestly, what went through my head is that it seemed so unfair," Shah recalled. "I had the best day of my entrepreneurial life after 10 years of work, and then I was going to die." Shah was worried about a heart attack, given his family history — his father, who moved from India to the U.S. — had his first heart attack in his 40s. But Munjal Shah's problem turned out to be an inflammation of the lining of his lungs. Nonetheless, that hospital visit changed the course of his life. … [Read more...] about This ex-Googler found the healthiest people in America — and now he’s selling them life insurance
Taking out a life insurance policy as a new college graduate may not be top of mind, but it's worth exploring if you have student loans. Some of that debt can live on, even if you die. "That's not something that college-age students and their parents tend to think about," said Betsy Mayotte, director of consumer outreach and compliance for American Student Assistance, a nonprofit focused on higher education financing. Four in 10 student borrowers now owe at least $20,000 at graduation, double the share from a decade ago, according to a new report from the Consumer Financial Protection Bureau. Over the same period, the number of those owing at least $50,000 has more than tripled, from 5 percent to 16 percent of borrowers. If a relative or friend has co-signed on a student loan for you, and you pass away, that co-signer may be responsible for … [Read more...] about If you have student loan debt, you might also need life insurance
Health care costs are a big concern for people going into retirement, but the costs of long-term care can still be a shock.Here are a few facts:• 70% of people over 65 will need some form of long-term care at some point.• For married couples, the chance that one spouse will need long-term care rises to 91%, says Byron Udell, CEO and founder of AccuQuote.com.• People living alone are more likely to need some sort of home health care.• Women outlive men, and thus, are more likely to live alone and need some sort of home health care.So, while some financial planners previously were on the fence about long-term care insurance, they were still encouraging people to at least have a plan for long-term care."For Baby Boomers, long-term care insurance is a must," says Manhattan attorney Ann-Margaret Carrozza. "We can no longer rely upon Medicaid to cover custodial type care. We see over the course of the past few years that eligibility for Medicaid has gotten tougher. … [Read more...] about Do retirees need long-term care insurance?
The Obama administration's signature health overhaul law, under relentless assault by Republicans, has suffered its first major casualty — a long-term care insurance plan. The program, expected to launch in 2012, had been dogged from the beginning by doubts over its financial solvency. Proponents, including many groups that fought to pass the health care law, have vowed a vigorous effort to rescue the program, insisting that Congress gave the administration broad authority to make changes. Long-term care includes not only nursing homes, but such services as home health aides for disabled people. "This is a victory for the American taxpayer and future generations," said Sen. John Thune, R-S.D., spearheading opposition in the Senate. "The administration is finally admitting (the long-term care plan) is unsustainable and cannot be implemented." Known as CLASS, the Community Living Assistance Services and Supports program was a long-standing priority of the late Sen. … [Read more...] about President Obama drops long-term health insurance program, part of Obamacare plan criticized by GOP
John Hancock, one of the largest life insurance providers, is partnering with Apple to offer all of its new and existing members a steeply discounted Apple Watch.Any of its 10 million policyholders who sign up with the Vitality program, which offers perks and rewards to people who live healthy lifestyles, are eligible to get the device for $25. As long as members exercise regularly for two years, they will be allowed to keep the device for free. (If they don't, they'll have to pay it off in installments.) The Series 3 costs upwards of $299.Apple is exploring partnerships with insurance companies as a sales channel for its health and fitness-tracking Apple Watch. Apple recently held a series of meetings in August with health insurer Aetna to discuss giving out Apple Watches to its 23 million members.The watch represents less than 5% of overall Apple revenue, analysts say, but it's starting to show significant momentum now that the new Series 3 comes with cellular connectivity. Its … [Read more...] about Discounted Apple Watches will be available to millions of life insurance customers