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It’s no secret that life insurance becomes more expensive as we age. Premiums are related to the mortality rate and the decrease in our life expectancy as we get older is reflected in the increased premiums. What you may not realize is that this risk is not represented by a linear line. If you graph the probability of death from an actuarial life table, you would notice that the probability of death increases exponentially as we age. What this means for term insurance is that renewal premium also rises exponentially, such that they become unaffordable during retirement. So, what are your options for your term insurance policy as you head into retirement?
What is the life insurance laddering strategy?
No, you don’t build an actual ladder with life insurance. (How would that work anyway?)
Instead, you buy term insurance of different lengths (term-10, term-20, etc) at the same time so that you coverage is staggered.
This ensures that you pay only for coverage you need while saving money in the process. It could end up saving you over $10,000!
Read on to find out how this strategy works.
Did you know that a life insurance policy can cover more than one life?
One of these types of policies, joint last-to-die, pays a death benefit on the last death of two or more people.
The other, joint first-to-die, pays out on the first death between two people.
In this post, we will explore the advantages and drawbacks of joint first-to-die life insurance coverage and whether it offers the financial protection you need.
You might have heard that life insurance can cover more than 1 life.
One of these types of policies, joint first-to-die, pays out on the first death of 2 or more people.
The other, the topic of this post, is joint last-to-die.
As you can probably guess by its name, the insurance company pays out the death benefit when the last person on the policy passes away.
In this post, we will explore the advantages and drawbacks of joint last-to-die life insurance and whether you should use it.
Do you need life insurance after you retire?
Maybe you’ve been holding on to a policy for a long time. Or maybe you’re thinking of buying a new one.
Whatever the case, you’ll want to make sure you make the right decision.
In this post, you’ll learn:
-Why you need life insurance in retirement
-Why you don’t need it
-What type of insurance you should get
-How much insurance you need
And much more. Let’s get started.
As we travel through the journey of life, our financial needs and obligations undergo constant change. For example, your financial obligations increase once you are married, and continue to do so as your family grows in size. It should come as no surprise that insurance varies in importance at different stages of life. Proper planning at each stage of life is necessary to ensure that you and your dependents are protected. Without knowing the risks and a plan to minimize the risk, you are potentially exposing your family to a financial disaster. Here are which types of insurance you should be aware of at each stage of life.
When you decide to get long-term disability insurance, you can apply to the insurance provider. But the application is only the first step. Next is underwriting, where the insurance company assesses if you are a good fit for disability insurance.
Besides your health, what other factors impact the underwriting process? Do you need to undergo a medical exam to buy disability insurance? Get the answers to these questions and much more in this post.
Long-term disability insurance pays you a benefit if you can’t work because of an illness or injury. But while a disability insurance policy is essential, the base policy only gives you the minimum coverage. To get the best disability policy, you’ll need to add disability insurance riders.
Disability insurance riders are optional benefits that enhance your disability policy. But which riders should you get and which ones aren’t worth it? Read on to find out.
Disability insurance can serve as income replacement if you can’t work due to an injury or illness. While anybody with gainful employment should have coverage, nobody wants to go through a disability claim.
But statistics show one in three people become disabled for 90 days or longer before 65. So if you’re wondering how to make a disability insurance claim, this post is for you.
Long-term disability insurance pays an ongoing benefit if you can’t work in your job due to an injury or illness.
The advantage of a long-term disability insurance policy is that the definition of a disability is extensive. As long as an illness or injury prevents you from doing your job, you should qualify for disability insurance benefits.
But what types of disabilities are covered? How do you define a disability? And are there any exclusions or limitations?
In this post, we explore what disability insurance covers.
Disability insurance protects your most valuable asset—your ability to earn an income. Without it, chances are you won’t meet your ongoing financial obligations if you become disabled. It will be a struggle to pay your mortgage, buy groceries, and maintain your lifestyle.
So how does disability insurance work? And if it’s such a critical part of a financial plan, why is it so often overlooked?
In this post, we explain what disability insurance is and how you can protect your most valuable asset.
Small business owners purchase personal disability insurance to protect their income if a disability leaves them unable to work. But while that helps pay for personal expenses, it doesn’t cover the ongoing expenses of the business.
You still have fixed business expenses that continue even if you become disabled. Rent for your commercial office, employee salaries, equipment leases, and utilities are just some of the overhead expenses you need to pay to keep the business running.
Without any protection, your business might not have the means to endure a long-term disability.
That’s where business overhead expense insurance can help. It covers your ongoing expenses, so you have a business to return to when you recover from your disability.
In the ever-changing landscape of business, unexpected events can throw your carefully crafted plans into disarray. But what if the unexpected wasn’t a market downturn or a competitor’s new strategy, but the critical illness of a key employee? These individuals, the backbone of your success, hold irreplaceable knowledge, skills, and relationships that drive your company forward. Losing them, even temporarily, can have a devastating impact.
Key person critical illness insurance isn’t just a financial safety net; it’s a strategic investment in the very foundation of your business. It acts as a shield against the unthinkable, ensuring your company remains resilient even when faced with a key employee’s critical illness. But who exactly are these “key people,” and how does this insurance work?
This post will guide you through the essentials, demystifying key person critical illness insurance and empowering you to make informed decisions to protect your business and its future.
Forget the fear-mongering and misinformation. Navigating the world of critical illness insurance can be clouded by confusion, riddled with common myths that deter informed decision-making.
“I’m too young,” “It’s redundant with my health insurance plan,” or “It’s a rip-off” – these are just a few pervasive misconceptions that leave many unprepared for life’s unpredictable curveballs. But what if these assumptions were simply half-truths, roadblocks holding you back from the potential security this coverage offers?
This post cuts through the clutter, debunking these widely held myths one by one. It empowers you with the facts to make confident choices about protecting your financial future—and your peace of mind—should a critical illness strike. Buckle up, get ready to ditch the doubt, and let’s navigate the road to clarity together.
Life-altering in more ways than one, a critical illness diagnosis not only shakes the individual directly affected but sends ripples of impact through the lives of those in close proximity.
In Canada, it is crucial to address the increasing prevalence of chronic diseases that have long-term impacts on one’s life. As we delve into this pervasive issue, it’s essential to acknowledge that the statistics speak louder than one might anticipate. The reality is that chronic diseases are on the ascent, and the likelihood of you or someone you know already grappling with one is statistically significant.
This post aims to shed light on the escalating prevalence of chronic diseases, emphasizing the need for proactive measures like lifestyle choices and critical illness insurance.
Critical illness insurance plays a vital role in maintaining your financial stability after being diagnosed with a covered illness, like a life-threatening cancer or heart attack. It pays a one-time tax-free lump sum benefit that you can use to pay for extra medical expenses, replenish your emergency fund, replace lost income, and more.
However, the landscape of critical illness insurance is expansive, with several plan options available. From term policies with a defined coverage period to whole life plans, ensuring lifelong protection, the array of choices can be overwhelming.
In this post, we shed light on the options you have to buy critical illness insurance. By the end, you’ll be equipped with a clearer understanding of the plans available, empowering you to make informed decisions to safeguard yourself and your family.
Critical illness insurance offers financial protection if you are diagnosed with a covered condition, like life-threatening cancer, heart attack, kidney failure, or motor neuron disease. Despite its comprehensive coverage, scenarios exist where an insurance provider might withhold the critical illness insurance payout. These are called exclusions.
Critical illness insurance exclusions outline what a policy won’t cover, representing the boundaries and limitations of the coverage. Understanding these exclusions isn’t merely an afterthought but a pivotal part of making an informed decision. They serve as guardrails, defining the scope of the policy and shedding light on scenarios where the safety net might not extend.
This post equips you with the knowledge necessary to navigate through policy intricacies, ensuring that the safety net you’re investing in aligns with your expectations and needs.
In today’s world, securing the well-being of our children extends beyond providing daily care and nurturing their dreams. As parents or guardians, safeguarding their future against unforeseen challenges is a responsibility we take seriously.
Child critical illness insurance protects against the financial strain that may arise if a child encounters a severe health setback. This specialized coverage offers peace of mind and practical support, ensuring that in the face of a critical illness diagnosis, the focus remains on the child’s recovery rather than financial worries.
This post explains what child critical illness insurance entails, why you need it, and the type of coverage to get. Read on to equip yourself with the essential knowledge to make a well-informed decision.
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Copyright © 2024 Brian So Insurance
Brian So Insurance is an insurance advisor licensed to sell life insurance products in British Columbia, Alberta, and Ontario. We are not available in other provinces. Insurance policies described, quoted, shown, and illustrated throughout this website are not an offer for the sale of any particular insurance policy or product, only an invitation for application for insurance coverage and may not be relied upon. There are many variables in different insurance coverages and companies, including various insurance company standards and offerings and underwriting requirements. Please see policy documents for full terms, conditions, and exclusions. The logos and trademarks used here are owned by the respective entities.