Think life insurance and one of the first companies that come to mind is Globe Life Insurance. Incepted in 1951, the insurance carrier has been a recipient of immense accolades and has continued its commitment towards excellence.

A life insurance policy is one of the best securities that will safeguard the interest of yourself and the family. Moreover, getting a life insurance is not as complicated as it is touted to be, and there is a certain level of coverage to suit every budget. As a reputed company, Global Life Insurance can automatically make it to the list of your preferred insurance carriers. Moreover, there are some factors that will further convince you to take the final plunge.

Here are four admirable facts that one must be aware of before opting for Globe Life Insurance.

AM Best rating
Globe Life Insurance has a strong market presence and has been around for more than five decades. The carrier boasts of a Globe Life’s A.M Best Company rating of A+. It also scores one high mark for financial ratings by Premier Insurance ratings agency. The ratings are a testament of the company’s great customer service and commitment in the field.

Absence of medical examinations
Unlike most popular insurance companies, Globe Life Insurance offers no exam policies. The process is as simple as it can get, and the applicant is expected to answer just a few health questions. Not having to take the medical exam can be viewed as a positive point for many as one may find that they get the best for their bucks.

Fixed death benefit
The most notable factor of the Globe Life Insurance is its fixed death benefit. As long as you make timely payments, the amount is locked in, so you do not have to be worried for the life of your policy. This proves to be great for an individual who is looking to make a financial plan or use the life insurance payback for purposes such as paying off debts.

Right mix of policy options
Globe Life Insurance does not just cater to a certain need but offers policies that address every requirement. The carrier offers the perfect medley of policies that can be of great aid in enhancing one’s investments. From Term and Children’s life insurance to Accidental Death insurance, they cover it all.

Evaluating your needs and accessing the best deals being offered by Global Life Insurance will ensure that you are a content policyholder.

Due to increased life expectancy, it has become essential for seniors to get a life insurance plan. According to the Social Security Administration, the average lifespan of women and men is 87 and 84 respectively, which clearly demonstrates the need for prolonged financial protection. However, a life insurance not just safeguards a senior’s financial interests but also secures the future of their loved ones. Read further to know how a good senior life insurance plan can help in preparing for unexpected events in the long run.

Financial support
Retiring from work is a gateway to the golden years. However, it doesn’t change the fact that there are still bills to pay, which can be managed with your pension, savings, or another income source. However, the income after retirement might not be enough to handle your rising needs. So, having a good senior life insurance at your disposal will keep your free from anxieties if any emergencies were to arise.

Medical and funeral costs
The healthcare facilities are only becoming pricier with every passing day which is causing a lot of strain on families and increasing the debts. Having a life insurance policy as a backup will help deal with any major medical cost. Like healthcare, funeral expenses are expected to skyrocket in the next few years. Currently, the average funeral expense is around $11,000, excluding food for guests and obituary flowers. Again, this can increase the monetary pressure on loved ones, ultimately leading to more liability. A senior life insurance policy ensures that the beneficiaries don’t have to struggle financially during such emotionally challenging period.

Debt
Numerous adults aren’t able to pay off their debt even after retiring. This could be a mortgage or a home or student loan for their children. Furthermore, having any big-ticket expenses such as hospital expenses be more distressing. In the event of a demise, your family might be responsible for paying off these debts. Therefore, having a senior life insurance is a strong backup to avoid any inconvenience for you and your family.

Protection against estate taxes
Seniors with large or multiple estates can consider getting a life insurance to transfer a considerable amount of wealth to their children. The estate tax will be calculated on the basis of the net worth of the senior and the property. This means the higher the net worth the higher will be the tax liability, i.e., the inheritance tax that has to be borne by the children.

If you are planning to get senior life insurance soon, you can consider signing up for a plan offered by popular companies such as New York Life, American National, Banner Life, Mutual of Omaha, Transamerica, Fidelity Life, and Northwestern Mutual.

Life insurance can fulfill a broad array of requirements, such as covering up the finite years of your mortgage or meeting the expenses of your children and spouse who require financial aid when you are gone.

Approximately 63 percent of Americans regard life insurance as an absolute necessity, while 30 percent think that they aren’t adequately covered. Unfortunately, 43 percent of Americans have no life insurance coverage at all, according to recent statistics.

Here’s a guide that will evaluate your situation, helping you determine whether you need life insurance. We’ve also explained which type would suit you best.

Breadwinner Of The Family: In this case, you definitely should invest in life insurance. It offers people like you the benefit of income replacement. This will enable your family to continue paying for daily expenses. The term life insurance is the best way to cover your working years.

Non-Working Parents: If you do not have any monthly income but execute daily chores, life insurance will cover the expenses for the services which you provide for free. This may include child care, cooking, performing household tasks, running errands and so on. You can choose term insurance cover for covering the years till your kids become self-reliant.

Divorced Or Separated Parent: Investing in life insurance can offer support on payments made by the divorced parent. The term life insurance can provide coverage for the years of support payments.

Parent Of A Child With Special Needs: Life insurance can give you the assurance that your child won’t face financial trouble when you aren’t around anymore. In this case, permanent life insurance can offer the payout regardless of when you die.

A Homeowner With The Burden Of Mortgage: By investing in life insurance, you ensure that your mortgage is paid off. This will prevent your family from having to move after your death. You can buy term life insurance, keeping in mind the remaining years of mortgage payments.

Individual With Cosigned Debt: If you are paying for a student loan or a credit card, life insurance would also cover for your debt. Here as well, the term life insurance can be chosen to end with your debt.

People With A High Net Worth: You will need life insurance to providing funds to your heirs for paying inheritance and estate taxes. Opt for permanent life insurance if you have concerns regarding property revenues.

Business Owner: Life insurance can also pay for your business debt upon your death. It may also fund a buy-sell agreement so that a business partner can buy your shares. You can choose any of the options on the basis of your unique situation.

This guide, and a clear idea of your financial condition, will help you select the best option when it comes to life insurance.

For most people, their first encounter with life insurance is when a friend gets an insurance license. But the unfortunate fact is that even though life insurance is an important investment, most people show no interest in it. Even if some people get some kind of coverage, they didn’t buy it, it’s actually just sold to them.

Reasons Why You Need Life Insurance: When you grow old, get recruited, start your own business, get married and pave the way for your family, you’ll realize that life insurance coverage is indispensable. It protects your family when you no longer can. With the passage of time, life insurance offers you peace of mind. You can rest assured that life insurance would protect your possessions and your family in numerous ways.

Paying Off Funeral Expenditure: The cost of the funeral and burial can run into thousands of dollars. You don’t want your family to suffer financially along with the emotional loss they already experience. Investing in life insurance can help pay off these expenses.

Cover Your Children’s Education Expenses: As a responsible member of the family, you want your children to continue their education no matter what happens to you. That’s the main reason why you need coverage.

Replace Your Spouse’s Monthly Income: What if your spouse passes away while your children are still young? Life insurance replaces the revenue of the deceased person. This is needed to maintain a standard of living. Even if that person wasn’t earning, you’d have to hire help for domestic chores like cooking, looking after the kids, or running errands.

Paying Off Current Debts: Besides covering the cost of everyday living expenses, you also need life insurance to cover debts including mortgage. This saves you from selling the house.

Paying Off Estate Revenues: Land revenues are generally huge. When you have life insurance to pay them off, you can prevent finances from being messed up. You should use life insurance to pay off revenues of a large estate and use permanent insurance. This ensures that the coverage is there to protect you till the end.

If you’ve thought that you don’t need life insurance, these reasons should convince you otherwise. When you’re investing in life insurance, make sure that the face amount is high enough for replacing after-tax wages. Life insurance should cater to the income that you didn’t have the opportunity to earn by working owing to a premature death. It’s also something that protects your family and ensures that you can care for them even when you’re no longer with them. That’s the best way to ensure that you’re always watching over them.

The answer to how much the cost of life insurance is much trickier than you think. You’d need coverage if there are people depending on you. For this, you’ll have to find out if you need life insurance, which type caters to your needs and then calculate the total cost of life insurance you’ll have to pay annually. Be clear about what your personal and financial situation is, what risks you’re living with, and what are the ones that you want to mitigate.
Here are some questions you should be able to answer.

Would You Need Life Insurance?
If you have family or other who are financially dependant on you, then investing in life insurance is a must.

Which Type Of Insurance Is Required?
If you want to protect your family from a business shutting down or want them to have an income after death, then go for universal life insurance. If you’re concerned about protecting your family, then consider term insurance.

How Much Is The Cost Of Life Insurance?
This is a straightforward question which ultimately decides what you’re going to get. Think about how much debt you have, what your monthly savings are, and what expenses you have to bear. It isn’t possible to protect your family without having a clear idea of what you actually need to protect them.
Note that it’s impossible to pinpoint the exact cost of life insurance you should get. But with a good idea of what you want from your life insurance, you can make an educated guess.

Tips To Help You Choose Life Insurance
To understand how much the cost of life insurance should be, you’d have to look at an average American’s financial history. Here are a few tips that experts recommend you look into.

Determine Your Liabilities: If you aren’t confident, you can seek the assistance of a financial counselor. They’ll help you develop a commendable sense of your situation to build and protect your finances. To understand how much your liabilities are, you’ll have to take into account your monthly utility bills and other loans you’re paying at the moment.

Calculate Monthly Expenses If Something Goes Wrong: When you’re calculating the cost of your liabilities, you’ll have to calculate what the monthly fees are if you’re suddenly injured. Even if you’re careful, this is a worst case scenario which gives you an idea of what you’ll be paying.
Your monthly payments would increase when you pay medical bills. This is obviously in addition with your regular expenses.

Tally Up What You Get: After considering the last two factors, you’ll arrive at what you’ll be paying. You should also include the chances that you’ll live at least 10 or 20 years after any accidents. Add a 3 percent annual inflation figure to the estimate to determine the total insurance coverage. The yearly cost of life insurance for the same coverage can vary from provider to provider. That’s why you should choose something that suits you best.

Shopping for the right senior life insurance can be a daunting process. This is because, at the moment, there are many providers offering worthwhile coverage policies. However, before settling on an insurance company, you should first figure out which type of senior life insurance is best for you and your loved ones. Continue reading to know which are common coverage plans you can consider investing in.

Term insurance
As the name suggests, term insurance offers benefit for a certain time frame. The age limits for every insurance provider’s plan varies. Usually, the age limits and corresponding terms are as follows.

55 to 64 years old: 30-year term

65 to 69 years old: 25-year term

70 to 74 years old: 20-year term

75 to 79 years old: 15-year term

80 years old and above: 10-year term

It is important to note that the proposed term insurance premiums will increase according to one’s age. Likewise, the installments will be expensive, if the senior has some chronic health conditions. If the provider senses that senior’s medical issues might have severe circumstances in the near future, then they might even disapprove their application. The term life insurance with no health assessment might be comparatively costlier than the ones with medical underwriting.

Whole insurance
Also known as permanent life insurance, this type of policy offers a death benefit for the rest of the insured’s life and at the same time, accumulates a cash value. The whole life insurance stays valid as long as the senior pays the premiums on time. The good part is that the premium amount stays uniform for the entire policy’s life. However, as compared to term plans, the premiums for permanent coverage are relatively pricey.

Guaranteed universal
Guaranteed universal life insurance draws a few features from both, term and whole plans. They are more affordable than permanent life insurance. The length of such coverage can be chosen by the senior. However, in most cases, it outlives the senior’s lifetime. It is mostly used for funding end of life costs, offering an inheritance to the beneficiaries, and diminishing estate taxes.

Universal
This type of senior life insurance lasts a lifetime and has a cash value attached to it. The cash value is directly influenced by factors such as policy’s investment performance and the ability to take loans against it. Since the insurance directly involves the unpredictability of its investments, earnings are not assured. Likewise, the senior might have to increase the premium payments to sustain the policy’s performance.

Final expense insurance
As the name implies, the final expense insurance ensures funds for paying off medical bills and burial expenses. This permanent senior life insurance lasts a lifetime, and usually provides a coverage ranging between $50,000 and $100,000. This type of senior life insurance can help develop a cash value, i.e., you can access the money during the life of the plan.

Term life insurance is one of the most popular choices of insurance plan in the US. Plans like these offer a host of advantages; life insurance not only saves you money but also protects your interests in the best possible way. Looking for the benefits it offers? Here are 7.

Reason #1: Insure Your Goals
Term life insurance can be specially curated towards the needs and preferences of you and your own family. All of us have individual goals that are uniquely ours. An insurance plan that suits you, for instance, may not suit others. You can protect your own goals with the help of strategically chosen term life insurance. It is designed to be customized this way.

Reason #2: Pay Off Your Mortgage Burden
Overloaded with the burden of a mortgage? You can choose term life insurance. These plans cover your mortgage needs as well. Going in for a term insurance plan, you can rest assured that your family will remain provided foe even if you’re no longer around to protect them. Some particular types of term life insurances even reduce the payout value according to the maturity of the policy.

Reason #3: Get Financial Assistance
You should try to avail term life insurance policies for each of your children. This will help you have the peace of mind that your heirs have financial security.

Reason #4: Get Comfortable
Insurance policies can even be used to make your life more comfortable. You can choose to renovate or refurbish your home, or fulfill any other desires. It is a good way to make your older home a bit more beautiful and comfortable.

Reason #5: Fund Higher Education
A number of parents today want to give them a proper higher education, preferably in a prestigious Ivy League university. But your financial status may indicate otherwise. The term life insurance can make sure that there is money to assist your children’s higher studies even when your financial condition is suffering.

Reason #6: Payments For Credit Cards And Other Debts
Your shares remain even when you die, and invariably exert pressure on your family members. As a responsible individual, you wouldn’t want your family to get harassed for the unpaid debts. Investing in a term life insurance can ensure that the debts are paid off in time without disturbing your family.

Reason #7: Provide Money When You Move
You can use your term life insurances to move to a better locality. These advantages have their qualitative and quantitative values. Always try and invest in term life insurance plans. Especially in the USA, these help you steer clear of unwanted consequences after your death.

Life insurance is a good option to secure your and your family’s future monetarily. Most of us buy our first life insurance that is not meant for our profile because of our lack of knowledge in the investment sector.

Getting a life insurance can help in more ways than you can Imagine. It can help pay off debts. Your family wouldn’t have to suffer in terms of paying of pending loans by mortgaging property or other belongings. It can help you replace your spouse’s income. In case of an untimely death, the life insurance bought under the name of your spouse can help you cover their part of financial contribution in their absence. One of the main reason people buy life insurance is to secure their children’s future.

A specific life insurance can help secure your children’s future by taking care of their study and other educational expenses in your absence. Many people buy a life insurance term to cover their final expenses. Yes, arranging for a funeral and a burial can be costly and can put a heavy burden on your family covering its cost. It is important to realize that a life insurance is important irrespective of your life style. But, consider a better life insurance quote if you have a history of illnesses or live a hazardous lifestyle.

Life insurance quotes are based on the type of policy. There are different life insurances based on your investment requirements. There is term life insurance which is for a particular period, say 20 years 30 years and so on, and there is life insurance that will be with you for your entire lifetime. Whenever you are getting a life insurance quote, make sure it covers maximum of your expenses if it is a permanent life insurance or if it is a periodic life insurance term, make sure it has a great return value once the period expires.

Factors that affect a life insurance cost are; your occupation, age, health, and gender. Also, no exam life insurance will cost more than the ones that require check health checkup. Term life insurance quote of a healthy non-smoker individual will be lesser than the one with having history of illness with unhealthy habits. Another point to note here is, the cost of life insurance increases with your age. For example, life insurance quote of a 20 year old individual will be different from a 60 year old individual. To give you a ballpark figure, a healthy 35 year old with 20 year term will pay around $430 a year to get a $50000 death benefit where as a 50 years old would buy the same policy for $1300 per year to get the same benefit.

The life insurers keep a mortality table in order to keep a check on life insurance benefits they ought to pay and to monitor and avoid themselves getting into a deficit as the life insurance cost is different across different regions in the U.S.

In order to reduce your life insurance costs, maintain a healthy lifestyle. Get your BMI checked, if its high, plan a regime which help you shed those unhealthy kilos. Many life insurance companies consider your occupation as an important factor because you tend to spend most of your clock hours on your job. So, its highly probable that if you hold a job that involves a hazardous routine and environment, your life insurance cost would be more than the one who hold a desk job.