Life insurance has many advantages. One advantage is the beneficiary receives the death benefit free from income tax. Another advantage is that the death benefit money passes directly to your beneficiary, outside of the probate process. While that is great, it underscores the importance of beneficiary designations. Naming the wrong beneficiary creates problems and potentially expensive solutions to fix. In this article, we discuss proper beneficiary designations and common beneficiary designation mistakes.
We receive this question a lot from parents. Scour the internet for “life insurance for children” and you will read some scathing reasons from financial “experts” why purchasing life insurance for children is a waste of money. Some of the reasons they state we agree with. Yes, we do! However, these experts are missing an important component of life insurance that makes coverage on children beneficial. In this article, we discuss the benefits and when to buy life insurance for your child. We also discuss when you should not buy life insurance for your child, too.
Selecting the right life insurance policy is no laughing matter. We all need the proper coverage. (Yes, even you single person unless you already have funding for your funeral lined up. I bet you don’t, though.) Yet, when we review policies from non-clients (people looking for our help), many of them have made some devastating life insurance mistakes.
These mistakes aren’t in the basic realm of life insurance mistakes such as the “I have the wrong death benefit coverage” mistake. (Purchasing an additional policy or reducing the death benefit on the current policy fixes this mistake.) These mistakes are serious, made for one reason or another. The mistakes we are going to discuss are devastating life insurance mistakes that you generally can’t recover from.
Yes, you need life insurance, but you don’t have a social security number. You are concerned about your family and loved ones if something were to happen to you. You know you need life insurance. However, you need the right documentation. Is that holding you back? Luckily, we have options. In this short article, we discuss life insurance for people without a social security number.
If you have researched life insurance needs and coverage, you know selecting the right kind for you can be complex. Life insurance can be confusing. You probably have 1,000 questions. However, in our experience, there is one question that is most important than any of the others. If you are starting the life insurance search, you need to ask this first question to a life insurance agent. You can even ask this question to your current agent if you still have questions or concerns. In this article, we discuss the first question to ask a life insurance agent.