If you were born between 1946 and 1964 you can proudly call yourself a ?Baby Boomer.? Baby boomers are the children of the so-called ?Greatest Generation,? a term coined by journalist Tom Brokaw. Baby boomers are 75 million strong in this country and currently represent a whopping 29 percent of the U.S. population. Baby boomers came of age during a time when the job market was at its peak and income levels were the highest they had ever been. A job became a career and that career paid well and provided lifetime benefits. Corporate layoffs and bailouts were unheard of. But today, the world is different. Now, baby boomers are forced to create their own financial stability with good planning and tools such as life insurance. Find out how to create financial independence and security by visiting www.LifeQuote.com and reading more about baby boomers and term life insurance here.? Read ahead for the recap to our series about life insurance and the baby boomer generation.
When to Review Your Policy
Insurance professionals recommend you take an annual review of your policy and/or reassess your policy during any major life event. If you?re of the baby boom generation, chances are you?ve already surpassed the major life events such as marriage, children, putting those kids through college, and watching your kids have children of their own. You may think your insurance needs are over, but as you reach retirement it becomes even more imperative to have a solid life insurance policy in place. If, for example, your policy provides income for 20 years to your spouse, and you?ve already lived through five of those years, your financial needs may be changing. Now is also the time to consider converting those term life insurance policies with conversion options into a permanent life insurance policy. Although the premiums may be higher, it might make financial sense for some because it can be an attractive savings vehicle. Permanent life or cash value insurance gives you death benefits for the rest of your life. To find out more about converting a term policy to a permanent policy, or general policy questions contact LifeQuote.
Protecting Your Assets and Your Family?s Inheritance
After death you leave behind money, a home, and your possessions. Assets such as cars, real estate, stocks, and bonds, even fine art are passed down to your family and friends or donated to charity. During your lifetime, if you accumulated substantial wealth, your family will be forced to give up almost 50 percent of your estate to the government. This is called inheritance tax, also known as estate tax, or ?death? tax. If your estate is being charged an estate tax, your family only has approximately six months to pay the tax. After your family has paid the estate tax and received a payout, they will be taxed again by inheritance tax. The best way to cover your family?s estate taxes in the wake of your death is with life insurance. A sound life insurance policy will factor in your estate and inheritances taxes and make sure your family has enough money to pay your taxes. Learn more about protecting your family and their inheritance by clicking here and contacting LifeQuote for the best possible life insurance quotes.
Talking to Your Aging Parents about Life Insurance
Discussing life insurance with your aging parents is an uncomfortable task. It seems as if only yesterday they were taking care of you and now the roles have reversed?you?re taking care of them. Talking to your parents about major life decisions such as life insurance, health issues, and financial matters is difficult but necessary. Here are some tips to get the conversation started:
- Plan: Schedule your discussion with your parents during a time when they are in good physical and financial health.
- Involve: Get other family members involved who are close to your parents. Encourage their participation in this family discussion. Show your parents that they are loved and supported by many people, not just their children. Explain to them how important it is for them to think about their future and their financial goals.
- Explain: Tell your parents that you want to protect them the way they protected you. You are a concerned child and you want your parents to have a secure future. Remain calm and non-emotional and explain to them that life insurance is the best way they can plan for their future.
With good communication skills and a little research, you will have a calm and collected conversation about life insurance with your parents. To find the best possible quote for your parents contact the financial specialists at www.LifeQuote.com.
Planning for Retirement with Life Insurance
During your life, you?ve carried policies on everything that mattered to you?your home, your car, and your health. Perhaps you even made a claim on one of those policies to protect yourself from paying exorbitant out-of-pocket costs. As you enter retirement you may be wondering how many of these policies you?ll need to keep. As long as you drive a car and live inside your house you will be paying premiums on those policies. One policy you should consider changing during retirement is your life insurance policy. Your priorities have changed and what mattered when you were younger may not matter as much anymore. You are most likely at an age where you no longer need to worry about putting children through college and paying off a mortgage. Here?s why life insurance during retirement could help bridge any financial gaps:
- Social Security: Social Security does not kick in until age 62. If you retire before you?re eligible for Social Security and become disabled you could face astronomical financial challenges.
- Medicare: Medicare does not begin until age 65. Medical bills can quickly pile up leaving you swamped with financial obligations.
- Estate tax: Estate taxes can take a large chunk of money from your family. Protect them with enough money to pay off costly estate taxes.
- Funeral: the average U.S. funeral costs approximately $8,000. Don?t leave your family burdened with the stress of paying for a funeral. Help them cover your funeral costs with a life insurance policy.
Even though you no longer have to pay for your child?s education, or provide your spouse with income through life insurance, there will always be a new set of obstacles that your family will face if you pass away. Protect them with a life insurance policy today. Contact the specialists at LifeQuote to find the best life insurance quotes from the top rated life insurance companies.
Rest Peacefully with Life Insurance
When a loved one passes away unexpectedly, the grieving family is confronted with numerous decisions about the funeral. These decisions are often made hastily while the family is under severe emotional duress. If the deceased did not make funeral arrangements in advance, loved ones are tasked with deciding what kind of funeral to choose and end up overspending. The average funeral costs around $8,000 not including extras such as a limousine, flowers, or obituary notice. Today, smart buyers are factoring the cost of a funeral into their overall financial planning. A sound life insurance policy can help your loved ones pay for the cost of a funeral. If you?re purchasing a life insurance policy to help cover the costs of your burial than consider factoring in these costs:
- Basic fees: These charges include funeral planning, sheltering remains, and coordinating arrangements with the cemetery or crematory.
- Merchandise: These fees include embalming, use of the funeral home for the viewing, use of equipment, and staff and purchase of a casket.
- Cash advances: Funeral homes usually purchase goods and services from outside vendors on your behalf. The funeral homes will charge a ?service fee? and mark up the products they purchase from vendors.
Don?t burden your family with the cost of a funeral. Plan ahead and cover your own expenses with a term life insurance policy. The experts at?LifeQuote?can help you find an inexpensive life insurance policy from the best rated?life insurance companies?that will fit your needs and your budget.
LifeQuote Holdings, Inc., is a pioneer in online life insurance brokerage. The firm was one of the first to offer consumers free?life insurance quotes?via telephone in the 1980?s, prior to developing the Internet business model. The executive team is made up of life insurance and retirement plan veterans, as well as media/marketing specialists, and experts in web design, development and search engine optimization. The company CEO is a respected leader in his field and coveted public speaker at national industry meetings. To find out more, please visit www.lifequote.com.
?The author of this LifeQuote Blog post is not a licensed life insurance agent or broker.
Related posts:
- Term Life Insurance and the Baby Boomer Generation
- Life Insurance Can Have Many Uses
- Life Insurance and Your New Baby
- Protect Your Assets and Your Family?s Inheritance with Life Insurance
Source: http://www.lifequote.com/blog/baby-boomers-and-life-insurance-recap/
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