5 REASONS WHY MILLENNIALS SHOULD CONSIDER BUYING A LIFE INSURANCE (EVEN IF THEY DON’T HAVE KIDS)

Millennials are also known as Generation Y. One of your characteristics is being frugal. You prefer to spend on experiences, food/drinks, eating out, concerts and wellness. Because you are single, young and healthy you don’t consider buying a life insurance. However, there are lots of valid reasons why you should consider buying a life insurance policy.

  1. YOU HAVE DEPENDENTS

Life insurance is not for you but for those you love that will be left behind. Dependents don’t necessarily mean your spouse or children but anybody that depends on your income like your parents, siblings with special needs, grandparents and other.

If you have a dependent on a long-term care situation either due to disability or old age life insurance policy could be a big help.

  1. YOUR PREMIUM IS CHEAPER

Insurance premiums depend on age. It is based on risk calculations on mortality. Millennial in good health has a lesser risk for the insurance company. Lesser risk means lower insurance premiums.

A 20-year-old will have a lower premium as compared with 30 or 40-year-old applicant. Aside from saving on premium, you will have a bigger savings (investment part of some insurance policies) because you started early.

  1. YOU WANT TO SUPPLEMENT YOUR COMPANY INSURANCE

A company backed insurance is a company’s prerogative. Not all are lucky to have this privilege.

Company insurance provides peace of mind but this is only temporary. This is only in effect as long as you are connected to the company. Once you are out it is gone. You may want to consider buying your own life insurance that can help you in case of accident or when you acquire a critical illness.

  1. YOU WANT TO SAVE

If you are keen on saving for your future, think of life insurance as an added vehicle to save. Try to consider buying a life insurance that not only has a death benefit but with investment component as well.

The fund value from the investment part of your insurance can be used for a lot of purpose such as education, down payment for new house or car, vacation or retirement. Fund value depends on your insurance policy

  1. YOU WANT YOUR DEBT AND FUNERAL EXPENSES COVERED

If you don’t want to burden your loved ones for your funeral expenses and incurred debt, then you should consider buying a life insurance. Proceeds from your life insurance can cover your funeral expenses and pay off your debts. (Depend on your policy coverage)

To know more about life insurance, schedule a FREE and NO OBLIGATION consultation NOW. Email me at billones.arnold@gobrighterlife.com

Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.

 

WHY LIFE INSURANCE IS THE BEST INVESTMENT IN YOUR 20’S

WHY LIFE INSURANCE IS THE BEST INVESTMENT IN YOUR 20’S

Most people associate life insurance to death. This is the first thing that comes into their mind. The young people, because they are young thinks and believe they need not worry about how much time they left (which probably will not come any sooner), they don’t consider getting one for now. Their priorities are different.

But what they don’t realize today is the best day to start protecting their future. Here are the benefits of investing in life insurance early or in your 20’s.

  1. Insurance premium is cheaper

Insurance companies price premiums depend on the age. The younger you are, the better because it is cheaper. Depending on the policy those who are in their 40’s will be paying double as compared to those who are in their 20’s.

  1. You have a bigger budget

In your 20’s you don’t have many responsibilities. Time will come, your money will go to bills, children’s expenses, mortgage and others. You should take advantage of this time to invest your money into something that is worthy.

  1. You are healthier

When you are young, you are a lot healthier. Healthier people have a big chance of life insurance approval. As you get older there are big chances of acquiring the disease. Insurance companies conduct medical examination that may lead to rating or rejecting your insurance application.

  1. Your money will earn more

Today, there are a lot of insurance policies with investment components. The key to investing is to start early and do it consistently. Starting early means longer time to make your interest accumulate over a certain period of time. You are accumulating savings on top of what your insurance plan provides you with.

The decision is in your hands. You can spend your money on what you desire like high-end cell phone and other gadgets or get a life insurance that can get your hard earned money worth as early as now.

Your future depends on what you do today. If it is important to you , you will find a way. If not, you will find an excuse.

The secret of success is to stop wishing and start doing.

 

To know more about life insurance, schedule a FREE and NO OBLIGATION consultation NOW. Email me at billones.arnold@gobrighterlife.com

Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.

 

What are the Risks of Being Uninsured?

A lot of people see life insurance as an added expense because they don’t easily see the value, unlike if you buy an expensive gadget like a cell phone where you can immediately experience what you pay for. But what they don’t see is the potential cost of not buying a life insurance – the hidden bargain of coverage.

So what are the risks of being uninsured?

  1. Critical illness

Hospital bills, laboratory expenses, other hospital procedures, and medicines will surely drain whatever savings you may have in case you acquire one dreaded disease like cancer, kidney failure, and others. Some life insurance policies have a rider called critical illness benefits that cover this kind of situation. Depending on the policy the insured can immediately receive a lump sum amount of money that can help with the medical expenses.

  1. Disability

There are a lot of uncertainties in this world. We don’t know when but there are risks of not being able to work and earn your paycheck due to illness or injuries. Coverage from life insurance for disability can surely help the loved ones start something to earn a living.

  1. Income protection

Another life uncertainty is unexpected death. Life insurance can prevent a financial catastrophe for the loved ones left behind, especially if they depend on you for income. The coverage can be used to start a business or make an investment to cover the lost income.

  1. Education expenses

Sending children to school is one of the parent’s biggest concerns. If they don’t prepare early, they will have a hard time coping with the continuous increase in tuition fee. Today’s life insurance has investment portion that can be used for children’s education.

  1. Estate tax

The estate tax is mostly imposed on assets left to heirs. However, if the heir doesn’t have the means to pay the estate tax for a limited period he/she might lose it. Proceeds from life insurance can be used to pay for the estate tax to make sure that your heir will get their inheritance.

  1. Enjoy the benefits while you are still alive.

Contrary to what most people know and believe, that life insurance is only beneficial after the death of the insured, fund value from life insurance can be used for different purposes such as down payment for your dream car or your dream house, other projects like repair of your house. You can also use for your dream vacation or simply use for your retirement.

 

To know more about life insurance, schedule a FREE and NO OBLIGATION consultation NOW. Email me at billones.arnold@gobrighterlife.com

Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.

 

 

4 LIFE INSURANCE MYTHS THAT CAN HURT YOUR FAMILY

Starting a family can be tough, from buying a house, raising children and other endless responsibilities. One of the most often overlooked responsibilities is making sure your family is protected financially in the future. People are more concerned with paying their mortgage/rent than buying a life insurance.

Consider this, if you suddenly die, would your family lose the house? Would your children move to a different school? Would your family maintain the standard of living they are accustomed to? The best way to ensure these things is to get enough life insurance coverage. Unfortunately, there are some myths about life insurance that some families mistakenly heed that can result in financial devastation for loved ones left behind.

MYTH 1. LIFE INSURANCE ARE TOO EXPENSIVE
Nowadays there are a lot of options when it comes to purchasing a life insurance policy and some of them are quite affordable. One of the least expensive is the term life insurance that has a low premium but offers good coverage. A lot of young families find a plan that would fit their needs and budgets.

MYTH 2. LIFE INSURANCE IS ONLY FOR THE BREADWINNER
Most people believed that the main income earner or the breadwinners are the only ones that should be insured. What don’t people realize is that whether you are the only one bringing home the paycheck, or your is the large paycheck or even you don’t earn a paycheck, you need a life insurance coverage. If something happens to the stay at home spouse/parents, the one left behind should get somebody to do her /his work and this can be costly. Good life insurance coverage can provide the funds to cover such expenses.

MYTH 3. I ALREADY HAVE LIFE INSURANCE FROM MY EMPLOYER
Company insurance will stop the moment you depart from the company. This is true for whatever reason it maybe, retirement, resignation or termination. Also, company group insurance may not be enough for your needs.

MYTH 4. I ONLY NEED TERM LIFE INSURANCE
Term life insurance is a great option especially for a young family where the budget is limited. You get your desired coverage at less cost, but this kind of insurance provides protection only for a specific time (“term”).
You must also consider permanent life insurance policies that offer valuable and unique features, which is not present in term insurance like lifelong protection and accumulation of cash values and/or fund values.

 

To know more about life insurance, schedule a FREE and NO OBLIGATION consultation NOW. Email me at billones.arnold@gobrighterlife.com

Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.

 

Why do I need another Life Insurance even if I have one from my employer?

One of the perks of working in a good company is having benefits of group life insurance coverage, which is great. Everyone who can get life insurance at work should definitely take it, as there are many advantages to company funded life insurance. Some of these are the following:

1. Easy qualification
Enrollment to group life insurance is automatic. This means everyone qualifies with out medical examination. Regardless of medical condition, you can have a life insurance at work.
2. Convenient
The company will do all the documentation. There is not much effort on your part.
3. Cheaper
Employer’s insurance plans tend to be cheaper because, with group plans, cost per individual goes down as the plan enlarges.

These are great advantages but what are the disadvantages of relying on a group insurance alone.

1. Retirement
When you retire you lose your group life insurance coverage. And you lose your insurance when you need it most.
2. When your job situation changes
Regardless of the reason, being laid off or leave the job, you lose your group life insurance from your employer.
3. Employer can change or terminate the coverage
For whatever reason, the employer can do this with out your consent as the contract is between them and the insurer.
4. Limited options
This type of coverage is not tailored fit to your specific needs and may not enough for your needs.

Life insurance first and foremost should meet your specific needs. It is for this reason you should get an individual life insurance policy that you personally own in addition to group insurance that you may have.

Individual insurance offers superior benefits and will remain in place regardless of your employer or employment status.

Individual life insurance policy should fit the purpose for which you purchase it:
1. Income replacement
2. Education expenses
3. Pay off debt and other expenses
4. Medical expenses
5. Retirement
6. Funeral expenses
7. Take care of business
8. Give to charity
9. Pay off estate tax
10. Create a legacy
11. Diversify investment

 

To know more about life insurance, schedule a FREE and NO OBLIGATIONconsultation NOW. Email me at billones.arnold@gobrighterlife.com

Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.

 

6 MYTHS ABOUT LIFE INSURANCE

Death is not a fun thing to discuss, and this is not the only reason why a lot of people avoid buying life insurance.

There are a lot of misconceptions about life insurance and here are some of the most common myths, along with some facts to help you understand it better.

MYTH 1: LIFE INSURANCE IS EXPENSIVE
A lot of people believed that life insurance is expensive that’s why they don’t want to meet with Financial Advisors. There are a lot of factors that could affect the insurance premiums. Some of them are age, paying years, riders and health conditions. Nowadays insurance policies are more affordable and can be tailor fit to individuals paying capabilities.

MYTH 2: ONLY THE BREADWINNERS NEEDS LIFE INSURANCE
Breadwinners are the priority especially when no one in the family has life insurance yet. However, it doesn’t mean that breadwinners are the only one that needs life insurance. If something happens to the stay at home parents (wife or husband) the breadwinners will have to take responsibility for the work left. This means he/she has to look for a helper that can cause additional expense. The insurance proceeds could help pay for this expense. This can also help the working parents to take a leave and help the family to adjust for their loss.

MYTH 3. EMPLOYER-PROVIDED LIFE INSURANCE IS ALL YOU NEED
Group life insurance is a great benefit, but mostly payout is fairly low. Another consideration is no matter how big your company sponsored life insurance it will end as soon as you leave the company. You should consider buying your own especially when you are younger where the premiums are cheaper.

MYTH 4. HEALTH CONDITIONS CAN DISQUALIFY YOU
Yes, there are certain conditions that can disqualify an individual from getting a life insurance. But it is better to talk to a financial advisor first and verify before jumping into conclusion and preventing yourself from getting one. Nowadays there are insurance policies that cover a range of health conditions. You may also purchase a policy that is not medically written. Just take note that those policies tend to be more expensive and with lower coverage limits.

MYTH 5. TOO YOUNG TO WORRY ABOUT LIFE INSURANCE
It is advisable to get life insurance when you are still young, insurance premiums are cheaper. The longer you wait, it becomes more expensive and at the same time, you might develop a certain condition that can make it much more expensive.

MYTH 6: IF YOU ARE SINGLE YOU DON’T NEED IT
There are a lot of reasons why single should buy a life insurance. Being single doesn’t automatically mean having no child. This is one of the biggest considerations. Another is when you are planning to get married or having aging parents who are dependent on you. Another important consideration- your benefits can pay for your burial expenses so that your loved ones will no longer worry about it. No one wants to think about dying but it is reality and we have to be ready for it.

 

To know more about life insurance, schedule a FREE and NO OBLIGATIONconsultation NOW. Email me at billones.arnold@gobrighterlife.com

Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.

 

 

WHAT IS THE VALUE OF STARTING EARLY?

We all want to have savings. Who doesn’t? Admit it, saving money is easier said than done.

We all need savings for a lot of reasons. This could either be for the business we are planning, education, dream house, dream car, dream vacation, emergency fund and a lot more.

Let me show you a scenario that might open your eyes and make you decide for the better.

A 40 y/o saving 1,000 monthly for10 years will accumulate 600K at age 60

A 30 y/o saving 1,000 monthly for10 years will accumulate 1.5M at age 60

A 25 y/o saving 1,000 monthly for10 years will accumulate 2.5M at age 60

 

A 40 y/o saving 2,000 monthly for10 years will accumulate 1.2M at age 60

A 30 y/o saving 2,000 monthly for10 years will accumulate 3.1M at age 60

A 25 y/o saving 2,000 monthly for10 years will accumulate 5.0M at age 60

 

A 40 y/o saving 3,000 monthly for10 years will accumulate 1.8M at age 60

A 30 y/o saving 3,000 monthly for10 years will accumulate 4.6M at age 60

A 25 y/o saving 3,000 monthly for10 years will accumulate 7.5M at age 60

***based on 10% annual growth

What are the simple lessons we learned from the scenario?

1.TIME

  • Big factor in achieving your financial goal
  • Save as early as you can
    • The younger you save the bigger your money will earn

2.MONEY

  • Save as much and as regular as possible
  • The bigger you save, the more you earn

3.INTEREST RATE

  • The higher the interest rate the better
  • You must look for a vehicle that can give you higher interest rate
    • The scenario is based on 10% growth every year
    • Placing your money in a vehicle or institution that will give lower than 10% annual growth, then the value in the scenario could be lower.

Still procrastinating? Think again. NOW is the best time to start.

 

To know more about life insurance, schedule a FREE and NO OBLIGATION consultation NOW. Email me at billones.arnold@gobrighterlife.com

Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.