Getting A Grasp On Life Insurance

My employer changed as of the 1st of the year.  I work in the same job doing the same thing, but we were converted from contract to full time employees.  As such, we were brought onto the benefits program of my new employer, and while the types of offerings were the same (medical, dental, disability, etc.), there were variations in each.  All of them required some level of research and understanding, but none so much as the change involved with life insurance.

My former employee offered coverage that I felt was fully adequate for our needs.  I was allowed to ‘purchase’ ten times my salary as coverage for myself, and was allowed to purchase coverage for my wife up to a fixed amount.  In looking at the ‘what if’ scenarios that you hope never happen, we felt that if either of us died, the payout would offer enough coverage.  The cost in terms of deductions per paycheck was very reasonable.

I always knew in the back of my mind that I would likely need to look at coverage, and when the conversion was announced, and we received information about the offerings, I knew that the day had come to better understand life insurance.

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Stock In Obituaries: Enhancing Your Life By Insuring Someone Else’s

Life insurance is intended to provide for the income lost by a person’s dependents at the time of their death or incapacitation. Typically, responsible family leaders and heads of household obtain life insurance policies for themselves to safeguard the stability of loved ones should their ability to earn an income ever be lost. Life insurance policies can help those going through the most difficult transitions in life endure the process more comfortably and ensure that the crippling loss is not economic as well as emotional.

Having typed that, if you look at it the right way, it’s a bit like hitting the jackpot under the right circumstances. Yes, it is a tragedy when a close family member passes away even with the financial impact of a large life insurance payout, but if a distant, eccentric uncle that you last saw when he was gazing into your bassinet ends up kicking the bucket and leaving you with a pile of cash, it’s not so bad, is it? What if you could take it one step further and simulate the effect yourself? What if…you could take out a life insurance policy on someone you barely know without their knowledge?

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How Do You Find The Best Life Insurance?

Readers, I need some help.  I am looking for your experiences with life insurance.

Long story short, my employer of the past seven years has offered enough life insurance that I have been able to provide enough coverage for both myself and my wife in the event that something happened to either of us.

mb-201312foldersSince we are being in-sourced, my employer will switch on January 1st, so we have all new benefits offerings.

Unfortunately, the maximum coverage available is substantially less for both of us.  The maximum available for me drops 60%, and for my wife it’s worse as her coverage drops 80% with the maximum coverage available.

This leaves a gap, so I’m curious what people out there have done.

I’m 39.  My wife is 31.  We’re both in good health, at healthy weights, and non-smokers.

I’ve done some looking around and I’m just not sure where to go.

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Have You Thought About Life Insurance Lately?

Life insurance is one of those things that most of us do not enjoy thinking about.  The reason is obvious: it’s centered around our death or the death of someone else that is important to us.

Even so, it’s something that everybody needs to think about and plan for adequately.

The few with no needs

Some people don’t need life insurance.  If you have no dependents, no liabilities that will need to be paid off, and assets that could be used to settle your matters, you might be OK without a life insurance policy.

The rest of us

Most people don’t fall into that category.  Most of us, if we were to die, would leave behind those who would greatly benefit and likely depend on a life insurance settlement.

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