Archives

Retirement Funding & Knowing Your Options

Making an effort to start saving for retirement is paramount to building yourself a financial safety net for both you and your family’s future. There are a myriad of investing strategies for retirement where you can start immediately putting money away for retirement that will only grow as time goes on, but we’ll focus on three of these strategies.  The first is social security, which is automatically deducted from part of your paychecks and paid into a fund that you will receive checks on when you stop working. Unfortunately, social security is not going to provide you with very much…

The Marijuana and Life Insurance Connection

Here in the great state of Washington, we have recently experienced a cultural and legal phenomenon wherein marijuana has been made legal for both recreational and medical use. Regardless of whether or not you use cannabis, it is prudent to know how life insurance companies look at cannabis usage and how it may affect your premiums. If someone is a recreational user of cannabis, the rate someone pays depends on their usage. Typically, in the past insurance companies treat marijuana use similarly to the way tobacco usage is classed. As such, the proposed insured are generally looking at tobacco ratings…

Collateral Assignment

  If you have a life insurance policy and find yourself in the process of taking out a loan or mortgage, you may have heard the term “collateral assignment” when it comes to financing or paying off your loan. At which point, you may find yourself asking: What is collateral assignment, anyway? Collateral assignment is a process where, if you take out a loan, you assign the lender as  a beneficiary to your life insurance policy. What this means is if you are unable to pay back the loan, the lender can cash in your death benefit and use it to pay off…

Using Permanent Life Insurance as Your Personal Bank

No long-term financial plan is complete without having a “rainy day” fund. Whether it’s your savings account or your mattress, saving up money and putting it somewhere safe is a key part of making sure that you and your family will be able to weather any future financial issues.  What you may not know is that if you own a Permanent Life Insurance policy or plan on owning one, you can use that policy as a way of saving money.  Let’s say, for example, that you have a $1 million permanent life insurance policy that you have been making payments…

Why Working With an Experienced Local Agent Beats Buying Policies Online

When you are in the market for a new life insurance policy, it may be tempting to get one from the comfort of your own home by buying a policy through an agent online. But while convenience is definitely a tempting factor, you may be shooting yourself in the foot by buying online.  The first reason not to buy online is the lack of personalization. If you are working with an agent or broker online it is very likely that they will be less motivated to fight for you and get you a good deal on the premiums you want….

Inheritance & Life Insurance

If someone in your family has passed away recently you may have received an inheritance. While it may be tempting to spend the money you’ve just received, you owe it to yourself to take some time and consider how you might invest your inheritance into something that can grow in capital over time.  One thing to know is that you may not need to pay taxes based on how much of an inheritance you receive. For example, if you receive less than $2 million in inheritance, you do not need to pay state taxes. Even if you go above that…

How a Career Change can Affect Your Coverage

Nothing in life is consistent, and the same can be said for the job you work. In fact, the average person will likely change jobs up to twelve separate times during the span of their career, especially since the current job market often means that you’re more likely to get a pay raise by working somewhere else rather than waiting for a promotion at your current job. What does this mean in regards to life insurance? It means that as you change jobs and enjoy a new, bigger salary, it may be worthwhile to think about getting yourself a life…

Why Should You Buy Life Insurance For Your Baby?

Welcoming a new member of your family is a wonderful and cherished milestone in the timeline of your family. While the experience of planning for and having a baby can be stressful, one thing you can do to ease the worry of family finances is to take out a good life insurance policy to ensure that you and your family are protected. Additionally, life insurance policies can be a good way to ensure that no matter what happens, your child will be able to receive the education and the structure they need to build a livelihood for themselves independently. As…

Why Life Insurance Matters With Your Mortgage

If you plan to get married or have recently gotten married; congratulations! Marriage is the first step into a new life spent together with your partner.  With any new phase in life comes new plans, and one of the most important parts of building a new life with your partner is ensuring that both of your finances are in order for any plans you two may have. A comprehensive life insurance plan is one of the easiest things you can get done to ensure that you and your spouse or fiancee have a level of stability in your overall financial…

Life Insurance For The Milennial

If you are a millennial, or someone who was born between 1980 and 1999, you may think that you do not need life insurance – or, you may not understand the concept of life insurance at all. In regards to the former, life insurance can seem like it is too expensive to be a priority – this is because many millennials are in the midst of a uniquely generational financial situation where many individuals in this bracket are saddled with the financial and personal stressors of starting a new career or family, trying to find places to live long-term, and…