Life Insurance for Seniors

In the past, many insurance companies shied away from giving life insurance cover to senior citizens, terming them as high-risk clients. The senior citizens are high-risk clients because the insurance companies assume they are likely to die or fall sick in the foreseeable future. To date, some insurance companies decline to offer their life insurance services to senior citizens. Read more here about life insurance.

Currently, there are many life insurance plans that senior citizens can choose from. This are contingent on their health, financial capability, and their age. Some medical conditions may cause the insurance premiums to be high since the insurance firms assume that they are an indication that the customer is likely to die in the foreseeable future. In addition, the more advanced the client is in age the more likely they will be charged higher premiums. Take a look at the information about the senior life insurance.

The high premiums do not deter the senior citizens or their loved ones to seek for life insurance covers for them. The life insurance covers and the benefits vary from one insurance company to another. Therefore, the prospective client should ensure they carry out some research to establish which firms offer the package that is most affordable and valuable to them. Some life insurance covers provide death and funeral expenses at the demise of the insured. In addition, to a lump sum amount paid to the beneficiaries at the demise of the insured, some policies also covered terminal diseases that may affect the health of the policyholder. These benefits encourage many seniors to sign up for life insurance policies.

There are many life insurance policy plans that a prospective client can choose from. Some prospective customers usually prohibit insurance firms from carrying out a medical test on them to determine the status of their health. In this case, the insurance company can exclude medical examination from their policy but will require them to pay a much higher premium than those that agree to the examination. Two policies can cover such clients, this is the guaranteed issue and simplified issue life insurance policies. In the guaranteed issue, the client gets a cover without undergoing a medical examination or being asked any questions pertaining to their health. In the simplified issue, the client does not take medical examinations but agree to answer queries pertaining to their health. Learn more details about life insurance at https://www.huffingtonpost.com/jason-alderman/life-insurance-101_b_1133878.html.

The senior citizens may choose to acquire the permanent or term life policies. The permanent life policy guarantees the policyholder of a lifelong cover. This policy also guarantees that the loved ones of the policyholder will receive benefits when they pass on. The term life policy covers the holder for a specified period. After the specified time the life policy expires. Although the term life policy is cheaper than the permanent policy, it is risky.

What's Happened To Low Cost Term Life Insurance?

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4 Tips For Life Insurance Over 70

During our lifetime, we normally purchase life insurance to protect our family against a premature death.  To do that, most people purchase term insurance because of its relatively low cost.  This makes perfect sense because the need is great, but mostly temporary. As children grow and other assets may grow as well, the need for large amounts of coverage may become unnecessary.

Tip #1

If you currently have a term policy and you’re over 70, the first thing you should do is check with your current life insurance company to see if that policy is still convertible into “permanent” coverage.  If your policy is still convertible (some carriers allow conversion up to 75) then it makes sense to compare the conversion policy premium to the cost of a new policy.

Converting a policy requires no medical underwriting.  Whatever health rating you were given when your term policy was put in force will be the health rating you get on a conversion policy.  This is a great deal in many cases, especially if your health has deteriorated since the term policy was put in force.

However, before you decide to convert, make sure that a new policy is not a better value.  Some carriers will allow conversion into a lesser quality policy only, with fewer guarantees.

Tip #2

Currently it is possible for a 77-year-old female to purchase a 15-year term policy which will carry them to age 92.   However, should the insured live past the end of the policy, there will be no alternatives for new coverage.  A permanent policy for the same 77-year-old will currently be about 25% higher in cost, but of course the death benefit will be paid whenever the insured dies.  Obviously, there is a tradeoff here so keep in mind your objective.  It maybe that the coverage is only necessary for temporary protection in which case a term policy can make sense.  If not, perhaps a lower amount of coverage that is permanent will suffice.

Tip #3

A 77-year-old male will also be able to purchase a 15-year term policy assuming his health qualifies him for coverage.  The major difference here is that the term policy at this age and a permanent policy at this age are almost the same cost.  Don’t make a mistake and purchase term coverage in this situation.

Tip #4

Most people over 70 no longer own life insurance and the need for coverage is generally small in relation to younger ages.  For small amounts of life insurance, generally up to $25,000 the easiest type of life insurance to obtain is known as policy and you’re over 70. It is used primarily to pay funeral expenses and other small debts.  These policies are also known as “simplified issue” whole life policies because they do not require a paramedical exam.  If the applicant can answer all questions appropriately and accurately, then a policy is issued.  However, these insurance companies all ask slightly different questions which can mean the difference between acceptance and denial.  If you are considering such a policy, make sure that you disclose all health issues to your agent to make sure you purchase the appropriate plan.

Other questions will inevitably come up, especially if your health history includes any serious health issues.  That’s another good reason for using an independent agent with access to many high quality carriers.

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 (https://www.lifenetinsurance.com/) and baby booomers.

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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.

Image Credit: Samuel Zeller (Unsplash)

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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Take care of your health now, because it'll cost you later

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New Baby Boomer Life Insurance EBook Available

Redmond, WA, United States, February 12, 2015 /PressReleasePing/ - LifeNet Insurance Solutions released a free report today: Guide To Life Insurance For Baby Boomers. This new report reveals how to get the best value in life insurance coverage and what type of coverage is best for any circumstances. 

Lenny Robbins owner of LifeNet says For too long people have been in the dark on the costs and problems with various types of life insurance. This report helps to open the curtains on the industry and give non-agents the insights one won't find elsewhere. 

Many baby boomers Robbins says, have been told by consumer advocates that term insurance is always the best choice, and permanent coverage should be avoided at all costs. While this may be true, especially for young families with large insurance needs and smaller assets, baby boomers need to reexamine their priorities and make sure they're covered appropriately. 

This is especially true since many carriers have enhanced their policies with living benefits that have real value given the cost of long term care insurance as well as the need for cash in a medical emergency. Best of all, these benefits are free riders or incorporated into the policy itself, but have not translated into higher premiums. In fact, premiums have decreased in general as benefits have increased. 

For example, several carriers have recently incorporated a return of premium benefit into their permanent products which gives the owner/insured the right to cancel the policy at certain fixed times, so that if the protection is no longer needed a lump sum of cash is available instead of simply dropping the policy or trying to sell it through a life settlement. 

Remember, the educated consumer has the information necessary to make an informed decision when it comes to one of the most important financial decisions in one's lifetime. 

The report can be downloaded free at LifeNet Insurance Solutions website. 

About Lenny Robbins 
LifeNet Insurance Solutions was founded in 1991 by Lenny Robbins, and serves the Baby Boomers and Seniors insurance marketplace throughout the United States. 

For more information about us, please visit http://www.lifenetinsurance.com 

Press Contact: 
Lenny Robbins 
Lenny Robbins 
11505 Eastridge Drive Ne 
(425) 214-4757 
http://www.lifenetinsurance.com/

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Diabetes and Life Insurance

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Everything You Need To Know About Over 50’s Money Management

Retirement can really sneak up on you. For a huge range of reasons, people don’t actually start saving for their retirement until they hit the age of 50. If you have ignored your own pension pot or if you have not been saving for the future already then you could be in a bad situation. Fortunately, there are some things that you can do to try and turn it all around.

Work Longer

When you postpone retirement, you can continue to earn so you can pay for any of your current expenses. You don’t have to draw money out of your retirement account and you can also put way more money in your savings account. The longer you work, the more money you will have when the time does come for you to use your pension. Remember that you are still contributing to your pension while you work as well, so it really is a great way for you to try and set yourself up for the future.

Curb your Expenses

When you manage your expenses, you’ll quickly find that this frees up any additional funds and you can use all of this to contribute to your retirement savings. Think about your house and your budget. If you only save a little bit each day by skipping out on your daily coffee then you’ll quickly see that this can amount to hundreds by the end of the year. Managing your household costs is crucial at this point as well, so if you can save on your energy bills and even your general expenses then now is the best time for you to do so.

Emergency Accounts

Emergency accounts are designed to try and protect you from anything unexpected. Your account needs to have enough funds to cover around 6 months of rent and living expenses, so if something does happen then you know that you will always have time on your side. Cash on hand is also ideal when you are having an emergency situation, because if you have to withdraw from your investment account then this could include penalties of early withdrawal fees and even tax liabilities as well.

What About Life Insurance?

Life insurance is very popular when it comes to long-term financial planning. If you want to make the most out of the insurance policy that you have in combination with your existing plans and savings then it’s important to understand how sites like  https://www.lifenetinsurance.com/ work.

A lot of people when they are over the age of 50 want to start putting money away so that their family will be covered financially for the future and so that they can leave something behind for them as well. Life insurance is a fantastic way for you to do this and it is a great financial investment.

When Benefits Are Paid

Life insurance is usually paid when the person who is insured passes away. The beneficiary will file a death claim with the insurance company along with the death certificate. A lot of claims are paid within 60 days of the claim being made, so if you know that you have children who are living with you, you need to take into account the fact that the claim may take this long to process. That is where your existing savings come in.

What Could Delay Your Payment

If you, as the insurer die within 2 years of the policy being issued then the beneficiary could face a delay of up to the year. It is also possible that you have a contestability clause as well. A lot of policies contain this clause and it gives the insurance company the chance to investigate the application to make sure that it is not fraudulent. If homicide is listed as the cause of death then an investigation may also occur, to rule out the beneficiary as a possible suspect.

So now you know how important life insurance is, and how you might need to use it in combination with your savings in order to protect your family should anything happen to you. A lot of people believe that when they have life insurance, that savings are not required because if something did happen to them then their family would automatically be protected. If you have dependents, they could go up to a year without any form of payment should something happen. For this reason, savings are crucial when you take out life insurance and by investing in both you can be sure to give your family the best chance of financial security.

Installments

When setting up your life insurance, you can set it up so that it is paid in installments. This gives you the chance to set a predetermined and guaranteed income over a period of 5 or even 40 years. This is ideal if you want to protect your family financially for a set period of time.

ISA Accounts

Another financial investment that you need to think about when you reach the age of 50 is an ISA or savings account. When you set-up a savings account or anything else similar, you will receive a large amount of interest every year. You won’t be able to touch these savings, but the rewards that come with them are outstanding and this is especially the case when you invest in them over a long period of time. You can invest in multiple accounts as well, and this is a brilliant way for you to take advantage of the many savings and even free gifts that often come with them.

Ultimately, by understanding the life insurance that you have, the way that you save and even

the house expenses that you have- you can go on to make better financial decisions for the future. It is never too late to start making the right decisions and a lot of people even choose to invest in a financial advisor. This may set you back in the short-term, but in the long-term it could help you to save thousands on top of what you have already.

life insurance for seniors and baby boomers

Why Guaranteed Premium Life Insurance is a Good Value

Universal life insurance can be a complex product. But it doesn't have to be. When you think about purchasing permanent life insurance this product is one you have to consider.

What Is Universal Life Insurance?

Universal life insurance is a product that is able to insure you for your lifetime.  The cost can vary greatly from one policy to another (even with the same carrier) depending on how it is structured. There are several kinds of universal life insurance (UL):

Guaranteed Premium UL- In this type of policy, the premium and the face amount will remain level during the life of the policy (as long as premiums are paid on time). These can be setup so that the policy lasts to age 95, 100, 105 or 121, or another age if you wish. They can also be set so that the policy amasses minimal, if any, cash value. When structured this way, they are going to be the least expensive permanent policies available. 

Indexed UL or Equity-Indexed UL- The cash value in these policies can be tied to different stock indexes, such as the S&P 500, Nasdaq, etc. How the index performs will determine your returns. Your money is not actually invested in the index, just tied to it for interest accounting. You can't lose any of your cash value, but it can grow! 

Variable UL- This policy is considered a security and is only available for purchase through a broker-dealer. This is a high risk product and should only be bought by a sophisticated investor.

Some Factors Affecting the Premium Are:

• Your underwriting rating-  This rating is affected by many factors, some of them are your age, build, medications, health history, family health history and more.
• Cash accumulation- Do you want to have the policy earn cash value ?  If so, you will pay a higher premium.
• Do you want a guaranteed death benefit?
• Do you want guaranteed level premiums?
• Do you want riders- such as waiver of premium or accidental death benefit riders?  They will add to the premium too.

Some Pros and Cons:

• Pro- the policy will last for your lifetime with a level death benefit and face amount.
• Pro- with minimal cash value, guaranteed premium universal life will be the least costly permanent policy available.
• Con- the policy is more expensive than term insurance. Only a small percentage of term insurance is paid out, however permanent policies have a much higher payout percentage and so cost more. 
• Con- It's extremely important to pay your premiums on time. The guarantees structured are dependent on payment in a timely manner. If you miss a payment or are late, it can affect the guarantees and your premium could increase. 

What is Guaranteed Premium Universal life insurance?

In this video Lenny will explain how Guaranteed Premium Universal Life Insurance works.  And of course he will talk about the universal life insurance pros and cons!

Guaranteed Universal life insurance Policies Requirements

The type of life insurance you purchase will depend first on your needs. If you need coverage for your lifetime this type of universal life policy will be the least expensive.

As I mentioned earlier, this product requires full underwriting. You will be required to have a paramedical exam. An examiner will come to your home or office and take a complete medical history. They will take your height, weight, and blood pressure. You may need an EKG, and if so, they will bring the machine. There is NO disrobing. They will draw blood and you will give a urine sample. 

Then your application, exam information and laboratory results will go to an underwriter at the insurance company. They will determine if they need more information. If so, you will be asked more details, and /or your doctor records will be requested. (The insurance carrier or your agent will order these.)

They will run a motor vehicle report and check your driving record. If you have multiple speeding ticket, or a DUI, you may have difficulty getting insurance coverage.

The insurance company will order your MIB (medical information bureau) record. If you have previously applied for life insurance there will be a file. If you were declined or rated up, there will be a code telling the current insurer to find out more information. There are no details in the MIB.

Using all of this information, the underwriter will make a decision about your insurability and decide on your rating. The better your rating, the lower your premium. 

We have had cases where our internal underwriter has gone to the insurance carrier and made a case for a better rating than we received. Many times we are successful in getting a better rating. Unfortunately, not always!! As agents generally cannot talk to the case underwriter, this is a nice benefit of using an agent with an independent in house underwriter.

The Bottom Line

We hope this article helps you to understand the Guaranteed Premium Universal Life Insurance pros and cons.  We find that this policy is often able to fit the needs of most of our clients who want permanent coverage.  The guarantees make this product very desirable, and the lower cost doesn't hurt either.  

Video Transcript:  

Hi. I'm Lenny Robbins at LifeNet Insurance Solutions coming to you today from a rainy Seattle and I'd like to talk with you about a permanent type of policy known as a guaranteed premium universal life policy. This is one of the two major types of life insurance that is designed to stay in effect as long as you live.

The benefit to this type of policy is that it is designed with a premium that will never change as longs as the premium is paid in a timely fashion. So you can always be aware and comfortable with the fact that you will not have increasing premiums at a time when the coverage is most needed. The negative or the con of universal coverage is that it is designed without cash value so that you will not be able to withdraw money from the policy if you need additional cash. 

However, you will find that premiums are generally substantially lower than it might be in a whole life policy. And in fact, today most companies are not in the whole life business any longer because of the ability of this type of universal coverage to meet most needs. And we find that it allows people to pre-plan effectively as they get older.

So whole life insurance is just more expensive, not done any longer by most  carriers. Universal coverage is clear, easy to understand and best of all, it's easy to compare one carrier against another to see where you're going to get your best value.

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.

life insurance for seniors

The Easy Guide to Picking the Correct Life Insurance

Here’s an example.  Let’s say you own a term policy with level premiums for 30 years.  At some point during this time you are diagnosed with a serious health issue that would normally result in high premiums or even a decline of coverage.  With good conversion options, you will be able to convert part or all your term policy into a permanent policy without evidence of insurability.  Not every company has good conversion options. This is a most important feature and the least understood benefit of term life insurance.  You will not find this information on the typical website, nor will you find it on the quote forms that are generally provided by these sites.

Before you by any term life insurance, make sure to speak with an independent agent (someone with access to many carriers) and ask about the specific conversion of the recommended coverage.  High quality carriers do not necessarily charge more or have stricter underwriting requirements.

Other insurance types fall into the permanent category.

This coverage is designed to stay in force for the lifetime of the insured, and includes whole life and universal life policies.  Today, most whole life policies are for small amounts of coverage.  Sometimes called “final expense” insurance, they are designed for easy acceptance and generally cover individuals for $25,000 or less.

For amounts over $25,000, a universal life policy with lifetime level premiums is the least expensive permanent coverage.  Unlike whole life, this type of universal insurance is intended to pay the death benefit only.  Because it does not generate any meaningful cash value, premiums are lower than whole life.  A side benefit is the ease in which policies may be compared because all premiums are level and guaranteed.

Whatever type and amount of coverage makes sense for you, don’t be shy about asking questions of your agent.  Good agents are a valuable resource that can help you understand your need and address the best way of meeting your requirements.

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Is Life Insurance Worth it? What You Should Know

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Benefits of Buying Life Insurance Online

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4 Tips For Life Insurance Over 70 To Maximize Value

During our lifetime, we normally purchase life insurance to protect our family against a premature death. To do that, most people purchase term insurance because of its relatively low cost. This makes perfect sense because the need is great, but mostly temporary. As children grow and other assets may grow as well, the need for large amounts of coverage may become unnecessary.

Tip #1: Convert Now

If you currently have a term policy and you’re over 70, the first thing you should do is check with your current life insurance company to see if that policy is still convertible into “permanent” coverage. If your policy is still convertible (some carriers allow conversion up to 75) then it makes sense to compare the conversion policy premium to the cost of a new policy.

Converting a policy requires no medical underwriting. Whatever health rating you were given when your term policy was put in force will be the health rating you get on a conversion policy. This is a great deal in many cases, especially if your health has deteriorated since the term policy was put in force.

However, before you decide to convert, make sure that a new policy is not a better value.You might even consider hiring an insurance consultant. Some carriers will allow conversion into a lesser quality policy only, with fewer guarantees.

Tip #2: Lower Permanent Coverage

Currently it is possible for a 77-year-old female to purchase a 15-year term policy which will carry them to age 92.   However, should the insured live past the end of the policy, there will be no alternatives for new coverage. A permanent policy for the same 77-year-old will currently be about 25% higher in cost, but of course the death benefit will be paid whenever the insured dies. Obviously, there is a tradeoff here so keep in mind your objective. It may be that the coverage is only necessary for temporary protection in which case a term policy can make sense. If not, perhaps a lower amount of coverage that is permanent will suffice.

Tip #3: Avoid Term Coverage

A 77-year-old male will also be able to purchase a 15-year term policy assuming his health qualifies him for coverage. The major difference here is that the term policy at this age and a permanent policy at this age are almost the same cost. Don’t make a mistake and purchase term coverage in this situation from any insurance agent.

Tip #4: Secure Small Limits

Most people over 70 no longer own life insurance and the need for coverage is generally small in relation to younger ages. For small amounts of life insurance, generally up to $25,000 the easiest type of life insurance to obtain is known as “final expense” life insurance. It is used primarily to pay funeral expenses and other small debts. These policies are also known as “simplified issue” whole life policies because they do not require a paramedical exam. If the applicant can answer all questions appropriately and accurately, then a policy is issued. However, these insurance companies all ask slightly different questions which can mean the difference between acceptance and denial. If you are considering such a policy, make sure that you disclose all health issues to your agent to make sure you purchase the appropriate plan.

Other questions will inevitably come up, especially if your health history includes any serious health issues. That’s another good reason for using an independent agent with access to many high quality carriers.

LifeNet Insurance Solutions on Byzadee

LifeNet Insurance Solutions on Byzadee

LifeNet Insurance Solutions of Redmond WA is a family owned life insurance agency founded in 1991. Our areas of specialization include coverage for both the baby boomer and senior generations. We represent all major carriers throughout the U.S.

Contact Details

Contact: Leonard Robbins

Address: 11505 Eastridge Dr NE #420 Life Insurance in Redmond WA
Redmond -98053, WA, United States

Phone: (425) 214-4757

Website: www.lifenetinsurance.com

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How Starting a Business Later in Life Made Me A Better Entrepreneur

The entrepreneurial bug hit me early.  The first time I got that rush of excitement takes me back to selling gum for the cub scouts door to door.  I realized then that I wanted to be number one, and remembered that feeling of pleasure when a sale was made.

Fast forward to high school selling encyclopedias and learning a lesson about myself in the process.  I remember having to memorize the sales script before heading out with the “boss” and others on a drive one evening up to small towns in New Hampshire, about an hour from my home.  Someone made a sale of the entire World Book Encyclopedia plus yearly updates and everyone was ecstatic from the manager on down.  But… I had to open my mouth.  What was this guy with no family, and it appeared not much money going to do with his purchase?  “Who cares, just count your money” was the answer.

It was not my answer and that was the end of my door-to-door sales career.

Fast forward to my first real job after college.  I started working for a large holding company that had recently purchased the smaller national firm that hired me.  This was my first taste of the corporate world, and I learned a valuable lesson there.  Make sure your boss likes you, and he did!  But, after 18 months on the job he was told to economize.  Last hired (me) was first to be fired.  It had nothing to do with me personally, it was just numbers.  But then, he found me another job in a different city and this was a promotion.  I went from being fired to promoted the same day.

Valuable lesson #2.  When you work for someone else, being good at your job is only part of the equation for success.  If you really want to be in charge, then you must be in charge of everything, and that means learning about all those things that allow you to sell and work effectively!

Valuable lesson #3.  Keep your overhead as low as possible.  Spend money only on those items which will either give you more time or can add to your bottom line.

One way of being in charge is to work on commission.  Now, before you start picturing the guys down at the local used car lot, remember that nothing in the world of business happens before something is sold.  From the paperboy delivering the subscription you bought to your physician selling his or her expertise.

Deciding that this was for me, I joined a stock brokerage firm that sent me to their training school for 3 months of learning about stocks, bonds and assorted other security transactions.  Boy, was this different that selling encyclopedias!  It wasn’t OK just to sell something, it had to be appropriate for the client’s objective, age and financial condition.  This is a valuable lesson that has stayed with me throughout my business career.

For me, being an entrepreneur is not just working for myself, but working in an ethical manner.  From past experience, I know there is the “rush” in getting that sale, but all of my lessons from earlier put me on the ethical straight and narrow.

Since I started my own life insurance business some 25 years ago, I have prospered because of how I treat the prospects and clients that have come to me.  When you start your own business, think about what you would want from someone selling whatever product or service you offer, especially if you have lots of competition.

Now think about how to set yourself apart from that competition.  My advice.  Find yourself a small niche in a great big market.  You will find that the smaller the niche, the more likely you are to succeed.  It seems almost counter-intuitive, but think about it this way.   If you want to solve a problem, would you rather speak with a specialist with extensive experience particular to your need, or someone who knows a little about everything.

With the advent of the internet, the entrepreneur spirit has grown dramatically because of the ease in which people can set up their own businesses while working their “day job”.  There are countless courses about building websites and ecommerce that are tailor made for the newly minted entrepreneur.

It’s very empowering to think of an idea that could possibly make money, then research it thoroughly to learn about your potential customer.  Put yourself in your possible new client’s position.  Whatever you’re selling, they will buy if it eliminates some “pain point”.

If you can alleviate your prospects’ pain points with a workable solution, you’re on your way.

Author: 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 booomers.

Life Insurance Agents - LifeNet Insurance Solutions

Click Here: http://dmoztools.net/Business/Financial_Services/Insurance/Agents_and_Marketers/Life/United_States/

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See what real Zerys users are saying! - LifeNet Insurance Solutions

See what real Zerys users are saying!

I resisted outside content writers for a long time until we found Zerys. The ease of setting up a project, knowing there is no risk if I found the content unsuitable and the fabulous program made me do a 180 degree turn around. I will have my favorites writing my blog and going forward white papers and more. 

Terry Robbins  

https://www.lifenetinsurance.com/

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You are here: Home / House and Home / Frugal Living Tips for the Whole Family

Frugal Living Tips for the Whole Family

December 5, 2017 Leave a Comment

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Welcome friends! I am so glad to have you visiting today. This blog is filled with lots of ideas for a growing family. Sometimes I post affiliate links and, should you purchase any of the products I highlight by clicking through the links, you will be helping me to continue to create fantastic posts and helping to feed my Starbucks addiction. You can read my disclosure policy here.

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Being frugal isn’t just for moms who are looking to stretch the family budget a little further, or people who have a limited income and want to live as well as possible as they can with what they have – it’s for everyone. Kids, grandparents, teenagers – there isn’t anyone who couldn’t benefit from being a bit more frugal with their money. Doing so will make it less likely that they get into debt and increase their chances of living comfortably in the long-term.

With that in mind, here are some frugal living tips for the whole family:

Shop to List

One of the simplest aspects of frugal living, which can be applied to anyone who buys food is to shop to a list. Check your pantry and your fridge etc., before you head off to the store, note down only what you need to see you through the week and just buy that. You’ll eat perfectly well without wasting money.

Become a Scratch Cook

Teaching your children to cook is one of the most important life skills you can impart upon them because, no matter how young or old you are, cooking from scratch is a great way to save money and eat a healthier diet. If your kids can cook, then they’re less likely to put on the dreaded freshman 15 by eating convenience foods all the time.

Extend Health Insurance

Extending your health insurance so that it still covers your kids when they’re an adult is a great way to look after them and ensure that they can get the help they need should they get sick. It’s typically less expensive than them taking out their own policy, which means they might be able to contribute towards your policy when they can’t afford their own, and it will give the rest of the family greater peace of mind.

Get Life Insurance

If you’re thinking that paying out for another insurance policy is the opposite of being frugal, then you obviously haven’t been very frugal in the past. You see, having insurance policies, whether it’s the best senior life insurance policy out there, a policy for parents or even a policy for children, it ensures that other members of the family aren’t burdened financially should the unthinkable happen. When a person dies, there are a lot of expenses to deal with from the funerals, to paying the bills they might have been responsible for. So, if you’re a responsible family member, you will insure yourself and anyone else who warrants it.

Have a Piggy Bank

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If everyone in the family has their own piggy bank or even a communal one, and they learn to put their spare change in there every day instead of squandering it on expensive coffees or a little candy, then you could easily save hundreds of dollars each year and use that money to save for college, repair the roof, or even treat yourself to the occasion family vacation or some other longed-for treat.

Grow Your Own Food

If the cost of keeping your family in food is getting too much to handle, why not start supplementing with some of your own? Depending on where you’re based, there’ll be a whole host of fruits and veggies you can grow  at a fraction of the cost of buying them, and gardening is a great family activity, which has also been shown to teach kids about nature and healthy eating, improve symptoms of depression and help seniors to keep physically and mentally fit. If you have the land, it really is one of the best things you can do to be frugal and take good care of your family.

Give the Gift of Time

As a frugal person, take the time to speak to the other members of your family and come to some sort of agreement on gifts whereby it is time, not material possessions that are given. As you will probably know, lots of family members, particularly grandparents, like to spoil younger family members with toys and gadgets. The thought is certainly a good one, but what this does is raise the kids’ expectations about the kind of things they should have and cause much more money to be spent than necessary. Anyway, grandparents, aunts, etc., would probably prefer more quality time doing a simple, frugal activity with the ones they love than simply exchanging extravagant gifts!

Give Crafty Gifts

Alternatively, you could bring in a rule that any gifts given have to be handmade. Hand Making things can be a lot cheaper than buying them from the store, and it encourages the whole family to get their creative juices flowing. Little kids will be particularly happy about this because it will mean that they can give a meaningful gift to gammy or big sister and they’ll feel totally included in the process.

Buy in Bulk

If you have an extended family who live close by and who you’re close to, you can make really huge savings by buying in bulk. Work out all of the foods and supplies that you all buy on a regular basis and then make a big bulk order, which should be significantly more than buying separately. Then, simply pay for your share and decant the goods into your own containers. You’ll be amazed exactly how big the savings can be!

If you don’t have family, getting together to do this with friends and neighbors is also a possibility, and actually, the more people who get involved, the bigger the savings will be at the end of the day.

Reuse Everything

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Whether it’s encouraging your teenager to repurpose her old clothing into some unique outfits that will impress her friends, having your toddler craft with old paper cups or upcycling your old furniture, so it’s as good as new, there are countless ways to reuse the things you already have, so that you don’t have to waste money on new stuff that, probably won’t be as good, and certainly not as much fun, anyway.

Install Smart Thermostats

Smart thermostats can save money by adjusting the settings according to conditions even when you forget to do it yourself. That’s why you should install on in your home, and the home of any seniors, or less tech-savvy members of your family. They’ll appreciate the gesture a whole lot, especially when they see how much smaller their fuel bills are.

Rent Board Games

If you’re looking for a fun, frugal activity that will also bring the whole family together, then you can’t go wrong with board game rentals. There are lots of places, including libraries, that will rent out all of the family favorites for a small fee (sometimes no fee at all) and it’s a great way to spend a few hours that isn’t as expensive as eating out or going to the cinema, and certainly nowhere near as expensive as cable!

Holiday Together

If you have a big family, and you all enjoy an annual vacation, you might find that if you do so together, in one big group, you’ll get a discount if you book a package vacation. Obviously, this will only work out if you all get on, but bear in mind that just because you travel together and stay in the same villa, it doesn’t mean that you need to be in each others’ pockets all the time, and actually, having more family there might mean you get more time to yourselves. Why? Because you can take it in turn to entertain the kids; grandma and grandpa can have them one day, you the next, uncle the day after and so on. It might actually be one of the best vacations you’ve ever had!

Utilize Online Education

Whether your teenage son wants to learn how to code, you want to learn how to make dresses, or your mother wants to take up art to keep her occupied during retirement, you can find all manner of free tutorials and classes online. You can also find some low-cost paid for classes if you want to get really into it, and it’s almost always cheaper than paying for classes in the ‘real’ world.

Create an Emergency Fund

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If you are the main breadwinner in the family, then you should be setting aside a little cash each month with a view to building up an emergency fund that covers at least 12 months’ salary. That way, should you end up out of work, not only will you not have to worry about paying the bills, but you won’t have to worry about asking other members of the family for health. In fact, even if you aren’t the main breadwinner, starting your own emergency fund is probably a good idea because it gives you a little more independence should your financial situation change for the worse.

If you and your family do even a fraction of these things, then you will notice that, not only do you have more money in the bank, but you have a lot more fun together, making memories that will last a lifetime. It just goes to show that being frugal can be fun!

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