Misinformation Salvation: Avoiding Monetary Myth

On forums, blogs, and other websites, you’ll find loads of helpful information to guide you through the world of finance. Whether you’re just starting out, trying to improve, or a seasoned veteran, there is probably something out there which you like to use as a support. Of course, though, you can’t always trust what you read across the web. Misinformation is rife, and a large portion of the content you consume won’t be backed up with any sort of source. To help you out with this, this post will be helping you to identify quality advice, along with providing some examples of the sorts of myth you might find.

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Solving an issue like this can usually be a simple matter of trust. If you feel you’re able to trust a resource, you should be asking yourself why. In a lot of cases, consistency will be plenty of proof that someone is reputable, and you can often rely on time to help you with this. Cross-referencing the information you read with other websites, along with reading sources properly, are both excellent ways to ensure your knowledge is accurate. Fake news has become a common buzz phrase, nowadays. Of course, though, there is plenty of reason for this.

Checking your sources isn’t the only way that you can make sure that you’re using the right websites. There are plenty of places to read reviews about websites, from either users or professionals in the field of communications. This can give you a good understanding of the quality of a website’s offerings, as well as offering insight into the sort of people using it. To help you with this further, you can find some examples of common monetary myths below.

Age Is A Big Concern: Throughout your life, you’ve probably been given the advice that you have to start early with your finances. A lot of people will tell you to start investment while you’re still young, and most people believe that options like life insurance are only available to the young. Of course, though, not everyone gets the same start in life. Companies realize this, offering options like life insurance for seniors over 80, making it easy to overcome the issues which come with age. Most businesses will be more than happy to help you however old you are.

Speed Can’t Be Achieved: It can often feel like making, saving, and handling money is a very long process. When you first get started, the numbers you will be dealing with will often be quite small. This doesn’t mean that they aren’t going to grow faster and faster, though. As you finances start to bloom, the right actions can take you from nothing to everything in a matter of years. There are loads of resources out there dedicated to helping you become a millionaire in your 20’s. Even with these sorts of posts in mind, you should always make sure that you have a clear idea of the goals you’d like to achieve.

Chances Are Slim: The next myth follows on quite nicely from the issue of speed. A lot of people think that the chances of finding financial freedom are very slim. In reality, though, it only takes a sequence of good decisions to land you in a good spot. The best way to increase your chances is by getting some support. Whether you choose to look for an online advisor, a bank manager, or a specialized professional, having someone who has spent a few years in the game behind you will take a lot of the weight off of your shoulders. Of course, though, this is another source to back up and research.

Education Is Essential: Finally, as the last misconception about money, it’s time to think about something much broader; education. This part of life is often seen as the defining factor in the state of your future finances. Of course, though, you don’t need someone to teach you if you want to learn. Instead, for a lot of people, the best part of their education happens outside of the classroom. If you start your own company, the certificates and qualifications you have become much less important. With the ability to run a company and lead well, you will have almost everything you need, and will only have to think of an idea to get started.

Hopefully, this post will inspire you to start working harder on the time you put into your online information hunting. A lot of people will believe everything they read on the web, choosing to remain ignorant of the issues this can cause. But, with the right work, you should be able to make your financial life a lot more stable, and it only takes a little bit of background research.

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Top 5 Reasons Seniors over 70 Purchase Life insurance

By the time you’re over 70 years old the reasons for purchasing life insurance change from when you were younger.  No longer are you concerned with protecting your family against premature death with a relatively large policy that lasts for a specific period such as 20 or 30 years.  Even through middle age the need for coverage is relatively high since most people are concerned with paying off large debts such as a mortgage or business loan.  In either of these cases the least expensive method is generally a term policy.

However, as we age the need for life insurance for seniors over 70 changes because the reasons for insurance change.  No longer are we trying to create an estate for family protection.  Most seniors are interested in buying insurance which will stay in force for their lifetimes.

Let’s start with reasons to purchase a small policy and what to look for when you do.

1. Paying for funeral and/or cremation costs
2. Paying outstanding bills
3. Leaving small sums to family members
4. Leaving money to charity
5. Not having to sell assets quickly

Most whole life policies that offer small amounts of coverage, usually up to $30,000 or $40,000 are known as “simplified issue” contracts.  These have applications that only require the answers to health questions.  The is no paramedic exam and if the applicant can answer all questions in the negative, the policy will be issued after a check of the medication database to confirm that no drugs are being taken for declinable conditions.

While many seniors are uncomfortable with a paramedic exam, in many cases the cost per thousand for coverage with a universal life insurance policy is substantially lower than for a whole life insurance policy without an exam.  Depending on what state you reside in, lower cost universal life policies are available starting at $25,000 or $50,000, although in a few instances the minimum face amount is $100,000.

These larger policies are like whole life insurance in that they are typically designed to last for the insured’s lifetime.  However, they differ in that their design is more flexible.  This means that a policy can be designed without cash value accumulation and therefore will have a lower premium than whole life.

One factor that most buyers are not aware is that most whole life insurance death benefits do not include your beneficiary receiving the cash accumulation.  If money has been borrowed from the policy, the death benefit will be reduced by that amount.  In rare instances, both cash value and death benefit are paid, but this choice which is made at the time of purchase is much more expensive and generally not taken.

In some situations, seniors will not be able to qualify for immediate coverage due to health issues.  If this is the case, they may be able to purchase “graded” coverage.  While most insurance companies will offer this alternative, some will pay a percentage of the death benefit during the first 2 (or rarely 3) policy years, while other carriers pay nothing during that time for death from illness.  If the insured dies in the first two years and no benefit is paid, the insurance carrier will pay to the beneficiary 100% of premiums paid plus interest. All carriers will pay 100% of the death benefit for accidental death during the waiting period.

For other seniors over 70 that do not qualify for either type of coverage, some companies offer “guaranteed issue” policies.  As the name implies, there are no health qualifications for acceptance.  This insurance pays nothing if death occurs within 2 years, and can only be purchased from 40 years old up to age 80.  Amounts are generally limited to $25,000.

Another reason for seniors over 70 to purchase coverage is not protection, but rather for the payment of estate tax.  While this does not apply to most people it can be an effective way to keep assets for the next generation.  The typical method used is known as survivorship or “second-to-die” life insurance.  As the name implies, the death benefit is paid only when the surviving spouse passes.  Because there are 2 deaths involved, the cost of coverage is generally lower as are health requirements.  In fact, in some cases only one of the applicants for this policy need be insurable.  Before buying this coverage it’s advisable to consult with your tax advisor so that the appropriate amount of coverage is purchased.

Whatever the reason for life insurance over 70, seniors should consult with an independent agent, someone familiar with the issues of older clients and willing to spend the time necessary for them to completely understand their purchase.

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4 Benefits of Life Insurance for Retirement

4 Benefits of a Retirement Life Insurance Policy

Are you debating about getting a life insurance policy when you retire? Here are 4 life insurance benefits.

Did you know that 85% of people agree having life insurance is necessary, yet only 62% of them say they actually have it?

This means 23% of people are hypocritically not insuring their lives. It becomes more troublesome when you get older. If you’re nearing retirement, you should be debating whether or not to get a life insurance policy for your after-work years.

Adding a policy to your retirement plan is extremely advantageous for many reasons. Here are 4 benefits of getting supplemental retirement life insurance…

1. A Life Insurance Policy Helps Loved Ones After You’re Gone

The average cost of dying (morbid as it is) is north of $11,000.

When you pass away, you don’t want to leave the people closest to you with a bunch of final costs and debts. Federal and state estate taxes usually happen with inheritances as well. And if you’re looking to replace your income (more on this later), it’s ideal to pay less administrative costs and government reporting.

With a life insurance policy, you can have the dollars needed for everything from day-to-day living to estate taxes to funeral costs.

2. Use it as a Future Asset

Investing has gotten you this far; why not let it help you leave a legacy as well?

If you’re worried about not giving your friends and family a monetary gift for when you’re gone, a life insurance policy is a wonderful way to solve this problem.

Whether it’s giving your children or grandchildren funds for college, helping out with their mortgage, or starting a small business, using life insurance on those that mattered most to you in life is not only allowed but is a really sincere gesture.

3. Replace Your Working Income

If you didn’t have a 401(k) or annuity, then you may be looking for some way to still receive income throughout retirement. This is where life insurance could supplement your daily living expenses.

Depending on how you plan retirement, there are policies with cash value that you can periodically withdraw and use during your later years. This type of insurance is very specific, and it’s best to talk to someone about life insurance for seniors over 80.

If you want less stress in retirement — which I’m guessing is everybody — use insurance to cover the hole your income has left.

4. Contribute to Charities

One last awesome benefit of a life insurance policy in retirement is that you can use it to make charitable contributions to something that deeply mattered to you in life.

What’s great about life insurance is that you can actually make charities beneficiaries, so it’s guaranteed they will receive the contributions with minimal middleman meddling.

Prepare Your Policy Today

These are just four ways using a life policy in retirement is a great option.

Use it as an inheritance, replacement income, charitable contributions, or for final costs. No matter how you utilize life insurance, it probably makes sense for your situation to get some version of coverage.

For a complete, step-by-step guide on how to get life insurance as a Baby Boomer, please check out this article on how getting a policy through an agent is the cheapest path.

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Life Insurance for Seniors Over 80

Life Insurance for Seniors Over 80

Life insurance is available for purchase at almost any age, but there are some special considerations when applying to purchase life insurance for seniors over 80.  These choices are dependent upon the amount of coverage desired as well as the general health of the proposed insured.

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While there are exceptions due to State insurance regulations, most people over 80 can purchase a policy that will last their lifetime with no increase in premium cost as long as they haven’t reached their 90th birthday before application.  The least expensive option is known as a “guaranteed level premium” universal policy.  To qualify for this coverage, an applicant must be in relatively good health, undergo a paramedic exam and have bodily fluids taken for laboratory results.  Coverage amounts start at $25,000 or $50,000 depending upon the applicant’s State of Residence.  Premiums are based on age and health category which in turn describe the health risk from “super preferred” to “standard” and higher.  These are the same policies issued at lower ages with some additional requirements to confirm the applicant’s mental competency.

If an applicant needs less coverage than required for a universal policy, typically less than the  $25,000 mentioned above, the best choice may be a “simplified issue” policy which only requires that all qualification questions are answered in the negative.  Each policy has two portions.  The first set of questions will determine if you can qualify for the policy.  Questions include both mental and physical issues.  Should you answer all correctly, there is a second set which will determine if coverage starts immediately or there is either a wait time for death benefits or in some cases a partial benefit is available. While this type of insurance may have a waiting period, there is no wait if death occurs from an accident as long as the accident does not occur due to a health issue. 

Not all simplified issue policies ask the same questions, and so it’s possible to obtain coverage from one company and not another.  Also, prices for all coverage can vary significantly from carrier to carrier, so make sure to ask your agent for a comparison of premiums based on your need, and any health issues you may have. 

In the event that you cannot qualify for any of the policy types mentioned, then your last choice is “guaranteed issue life insurance.”  If the proposed insured can sign their name, then coverage will be issued.  The death benefit is only paid after a 2-year wait. However, all premiums plus interest are paid back to the owner of the policy should the insured die within this period.  Considering that many seniors who apply for guaranteed issue policies are on fixed incomes, the return of all premiums is an important benefit to discuss with the policy owner.

Most of these policies will insure anyone from age 40 to 80, while at least one carrier now has increased the age for application to 85.

Another word of advice for the children of seniors over 80.  If your parent is in reasonably good health, the cost of fully underwritten policies are approximately 40-50% less than a simplified issue policy.  Even if you only need a small policy below $25,000, you may be significantly better off with a fully underwritten life insurance policy at a higher amount for a similar premium.

If this all seems too complicated there is one method that will help you to make sure you’re on the right track.  Find an independent agent (that’s a licensed professional who is able to represent multiple insurance companies) and discuss your objective with that person.  You’ll know you’ve found good advice when your questions are answered. Look for an agent that you are comfortable with and who will show you why a particular policy is your best value.

Lenny Robbins has spent his entire business career in financial services.  He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer.  In 1991 he founded LifeNet Insurance Solutions which specializes in life insurance for seniors and baby boomers.

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A Simple Guide to find affordable Life Insurance for Seniors Over 70

One of the greatest misconceptions about life insurance is that it is a luxury that only the young working adults can afford. Of course this narrative has been helped by increasing focus by insurers on bringing on board younger customers and trying to retain them.

For most senior citizens the issue of cost is a great concern because some insurers don’t have tailor made insurance coverage for their elderly customers. If are a senior citizen you can shop around and be identify a life insurance policy specifically designed for you. If you have been struggling to identify the best insurance coverage at an advanced age keep reading.

**Importance of Life Insurance in Old Age ** If you are a senior citizen it is important to appreciate that life insurance is not just for the young people. In fact a casual glance at your needs as you grow older reveals that you need more cover than you had thought before. It is important to cater for your family even when you are not around.

Over the years you must have seen families break apart when the parents leave them in a financial mess. This is a situation that can easily be avoided through affordable life insurance for seniors over 70. With the right insurance coverage your family is protected in case of your death. Some of the expenses that can be catered using such a policy include:

• Payment of estate taxes • Protect the family financially •       Maximizing retirement income • Provide income replacement

Finding the Right Life Insurance Coverage for seniors It is true that age is a determinant factor when it comes to pricing of insurance policies but this should not be a deterrent because the benefits of life insurance outweigh all the costs. Life insurance for seniors is unique in many ways.

When searching life insurance for seniors over 70 some of the factors to consider include:

1. Amount of coverage: To determine this consider your pending probate costs, unpaid debts, medical bills, financial gifts to the family members among others.
2. Using a qualified insurance agent: These agents are certified and licensed to work in this industry and they help demystify the complex process of buying life insurance. They also help you find the best rates from a reputable insurer.
3. Type of insurance: There are different life insurance options available to seniors including whole life coverage, final expense coverage, term coverage, universal coverage among others. There are also simplified life insurance packages which don’t require a medical exam.

Lenny Robbins has spent his entire business career in financial services.  He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer.  In 1991 he founded LifeNet Insurance Solutions which specializes in life insurancefor seniors and baby boomers.

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4 Sensible Decisions You Should Be Making With Your Finances

Money is one area of life which we all have trouble with at some point in our lives. No matter who you are, there is bound to be the potential for your financial situation causing you grief. However, this does not mean that there is no use in trying to get on top of it. In fact, with the right attitude and approach, money can be no problem at all. The key is to take the right steps towards a safe financial future. Taking those steps can be quite difficult at times. Often it is hard to stump up the courage to take action – even if you know it is for the best. Trusting the long-term process can be hard, too, but it pays off. In this post, we will be looking at some of the best decisions you can make for your financial security. You might well be thinking that they don’t apply to you. It is possible, of course, that they don’t all apply to you. However, it is likely that most of these will be applicable at least in some way. The truth is, it is never too late to start thinking about making a more secure future. So no matter what age you are, you might benefit from thinking about theseDebt is unfortunately very common in this day and age, and it only appears to be getting worse and worse. If you are in debt, the first thing to bear in mind is that you are not alone. No matter what the extent of your debt is, chances are there is someone out there who has it worse. However, that doesn’t mean that you shouldn’t try to clear it or reduce it as much as possible – you should. Dealing with debt can be a long and difficult process, but it is one which is worthwhile. It sets you up for financial security. If you do not sort your debt out, you can’t be in a good position to carry out any of the other decisions listed here. This should come first.

The main difficulty with debt is having to face it head on. However, this is necessary if you want to deal with it swiftly. The first step, therefore, is to take stock of how much debt you really have. There is no use cheating this, as you are only making it harder on yourself in the long run. Add up your debts and see how bad it is. It might be that it is better than you had thought. Next, prioritize your debts. It is much better to pay one debt off entirely first, and then move on to another. Credit card debt and mortgages are the sort to usually come first. However, it all depends on your situation. Once you know which debt you need to pay off first, it is a matter of fitting it into your budget. If you are in debt, a budget is essential. You can’t easily repay your debts if you are still overspending in your daily life. With that in mind, work out how much you need to pay off each month, and work it into the budget.

Dealing with debt is a tough, but necessary, first step on the road to financial security. If you have a great deal of debt, take this essential first step. I guarantee you will feel better just from having made a decision about it.

Get Insured

Insurance is seen by many as being a gambling game. Indeed, for many kinds of insurance this can be the case, and it is not always worthwhile. But there is one kind of insurance which anybody and everybody should consider: life insurance. So why should you think about getting your life insured?

For one thing, this is the one kind of insurance which is sure to pay out. With car insurance, for example, you never know if it is really worth it. Most people will admit that they only have car insurance if it is a legal requirement. However, this is not the case with life insurance. Life insurance is guaranteed to be paid out upon your death, so long as you have satisfied the agreement. Many people wait until they have experienced a life-threatening event. But the unfortunate truth is that you never know when your time will come. No matter your age, life insurance is a real consideration which is worth bearing in mind.

When you are on the market for insurance, it is a good idea to shop around. Not all policies are the same, so it is in your interest to keep an eye on the details. Depending on your situation, there might even be policies which are designed to suit you specifically. You might decide to go for life insurance for seniors over 80, for example, if that suits you. Whatever you choose, the main thing to remember is not to rush it.

Start Investing

We all want to plan for the future as well as we can. Money is an obvious part of this, and it can sometimes be a challenge to get it right. However, there are some tried-and-tested ways to ensure that your financial future is as secure as possible. No matter how old or young you are, it is always a good time to start thinking about investing. Investing your money is one of the best uses for it that there is – provided that you do it right.

The main issue with investing is to make sure that you are investing in the right thing. But how do you know if it is the right thing? The truth is, no two people are the same, so it all depends. It also depends upon the market as it stands today, and there is no accurate way to predict the future. However, there are certain investments which are almost always likely to be a fine idea. One such investment is real estate. This is something which many people invest their money in, and it is hard to go wrong with it. As soon as you are able, it is worth buying a property to let. Done right, this can be a lucrative earner, as you can gain rent money from your tenants while you pay off the mortgage. The beauty of property investment is that the housing market is always on the rise – except for one or two poor patches. On the whole, this is an investment which is likely to stand the test of time.

Gold

Another solid investment is gold and other precious metals. This investment works well because it does not lose its value – ever. Even in times of recession, gold remains a viable trading option. Getting to the point where you can invest in a significant amount, however, is quite tough. But once you are there, this is a great use of your cash.

Think About Retirement

We all need to retire some day, and we also all need to think about it as soon as possible. It provides a great peace of mind to know that you will have enough money when you are retired. There are many ways for ensuring that this is the case, and some of these have been mentioned already. Obviously, making proper investments is one way to ensure that you have enough money for retirement. Another way is simply to save as much money as possible. Saving money can be a bit of a minefield in itself, but it is well worth it.

One of the main concerns when you are thinking about saving money is where exactly to put it. There are, at any one time, countless possible savings accounts and similar, and choosing them can be tough. One good idea is to use an ISA, as these often have good interest rates. They are also not easy to use for instant cash, which means that they are more effective as a means of saving money in the long term. Another option is to use a trust fund. These seem to be gaining popularity in recent years, and it is not too hard to see why. Done correctly, they can be an extremely lucrative source of money for your later years.

Whatever you decide to go for, it is worth thinking about it as early as possible and planning ahead. It is never too early – or indeed, too late – to start thinking about retirement. Hopefully, you will have a decent pension pot to dip into – but this is no longer a certainty. It is well in your interest to do as much as you can to save money in other ways for when you retire.

There are, of course, many other positive decisions which you could make for the sake of your financial future. We have been through only a few here, but they are solid first steps to take if you haven’t already. No matter what stage of life you are in, it is always a good idea to spend some time thinking about your financial future. What’s more, it is never too late to take affirmative action in the right direction.

Author: Janice ThompsonJanice Thompson is a leading authority on business marketing self-employment and the social media explorer. She loves to write contents and like to share it with online audiences. Her venture is to spread knowledge and provide best information to her visitors.

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Life insurance tips and advice for seniors

Today you can insure against more or less anything. The trick is to decide which things are worth the expense of insurance. That means weighing the risk of something happening against the need for financial help if it does. Life insurance is a special case—the risk of dying is 100%, we just don’t know when. What we have to consider at every stage of life is what need of financial help our loved ones will have.

What is a senior?

There is no definition of a senior when it comes to life insurance. All insurance companies are different. Most will start to mark up the cost of insurance significantly after 50, and some will not insure anyone over the age of 65. Others will continue to offer cover to people in their 80s.

The reason is simple. The older someone is, the greater the chance of them dying in the next year, or ten years. It is up to the insurers to decide what level of risk they want to take.

So there is no one age at which someone becomes a senior from an insurance point of view, and insurability depends on more than age. Lifestyle and medical history are equally important factors.

Why life insurance for seniors?

As we get older our needs change and so do the needs of those around us. When we have a growing family and a mortgage there is an obvious need for life insurance—we want to be sure that, if we were to die, our family would be able to continue to live in their own home without falling into poverty. When the family is grown and the mortgage is paid it may seem that the need for insurance has past.

But there are many reasons why an older person might still want to insure their life:

• Their spouse may need an extra source of money if left on their own. The old maxim that two can live as cheaply as one has a corollary: that one cannot live as well on half the income of two.
• They may want to leave a specific sum to cover funeral expenses or to pay off debts or inheritance taxes.
• They may simply want their beneficiaries to receive a substantial cash payout as a way of saying thank you.
• There could be many other reasons.

So life insurance is not something to be written off as impractical or unaffordable. If there is a reason for wanting the benefit and if it will give peace of mind for the unforeseeable future, then it should be considered.

What sort of life insurance Is available?

The main distinction is between term life insurance and whole life insurance.

Term life insurance covers you for a specified period. If you die within that period, your estate will receive the fixed amount; die a day later and there will be nothing. This is suitable if there is some clear objective beyond which, for whatever reason, the payout will not be needed. It is a less expensive option.

Whole life (or permanent) insurance will pay out the agreed amount whenever you die, provided you continue to pay the premiums. This is more expensive, but provides the assurance that your family will not miss out because an arbitrary term has expired.

There are different options within the two main bands, such as:

• Policies which will be accepted without a medical examination and those that require one.
• Policies which allow cash sums to be advanced against accumulated savings.
• Term policies which can be converted into whole life policies.
• Flexible policies allowing premiums and payouts to be altered.

How to choose life insurance?

With so many options, and so many insurers using different criteria, it can be very difficult to choose. The main thing is to decide between term and whole life insurance, and then to pursue the different routes according to the budget available.

It is possible to research life insurance for seniors over 70 online, but this can be confusing and stressful. Many of the available insurance companies will be unknown to you, and there are so many variables that it is hard to know if you are getting the best and most appropriate deal.

Getting advice

Finding the right policy at any age can be a minefield, but it can get even more complicated for older people, when the field seems to become more confusing. If you are not sure exactly what you are looking for, your best course may be to find an independent advisor to guide you through.

Lenny Robbins has worked in financial services for over 30 years; working first as a stockbroker with major NYSE brokerage firms and later owning his own firm which specialised in investments and insurance for individuals and small businesses. He has been exclusively involved in the life insurance and related areas for the last 15 years.

By Lenny Robbins

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