Life insurance quotes online allow you to compare quotes from the privacy of your own home and without feeling pressured to buy a particular policy.
Simply enter your five digit zip code into the search bar to begin your online search for life insurance quotes.
Why Do We Need Life Insurance?
Life insurance is something that people put aside for various reasons, but it’s important to have. This type of insurance provides funds to your survivors to help make up for the loss of your income and to help cover funeral and other expenses that come along with settling your estate. Certain policies may also help provide money for those who are in long-term care or provide retirement income. And other types are also investment tools.
According to the insurance industry research group LIMRA, many Americans do not have life insurance. Consider these statistics:
- 3 in 10 American households do not have any insurance policy which provides financial benefits to their survivors in the event of their death. This amounts to approximately 35 million people.
- More than half of all households headed by members of Generations X and Y are underinsured.
That last statistic is particularly troubling because younger people are starting families, are buying their first homes or still paying off their student loans. While the chances of a person in their 20s, 30s and 40s dying are slim, it can and does happen.
The Cost of Not Providing For Your Survivors
The costs of not having this safety net can be high. Not only are there funeral expenses and the costs that come with settling an estate, but the loss of income that comes with the death of a family member can be financially devastating for the survivors.
The reasons cited most often for why people do not buy a policy are:
- People have competing financial priorities such as mortgages, car payments, health and car insurance or other types of debt.
- People think they cannot afford to buy it.
- People are not approached by their insurance agent to buy life insurance.
- People are afraid they will buy the “wrong” type insurance.
Many people only buy a policy when prompted by life events such as marriage, the birth of a child or the death of another family member. By then, it may be too late. The time to start the process of buying life insurance is now. Rates vary and those rates depend on such factors as a person’s risk factor and their age.
Don’t Depend on Social Security
While Social Security does pay out survivor’s benefits, the amount received is nowhere near enough to cover those final expenses and make up for the loss of income.
Upon a person’s death, Social Security pays out a one-time benefit of $225.
This is only if:
- You worked long enough to qualify
- AND if your spouse or children meet certain requirements.
Survivors may be eligible to receive other death benefits from Social Security. The actual amount of benefits are figured based upon your average lifetime earnings. This means that the longer you worked and paid into Social Security before your death, the higher the benefit amount your survivors will receive.
On top of that, a surviving spouse may not receive their benefits until they reach full retirement age. For anyone born between 1945 and 1956, that would be the age of 66. For anyone born in 1962 and later, full retirement age is 67.
If you were partially retired at the time of your death; that is, you were receiving Social Security benefits and working part time, this can also reduce your survivor’s benefits. If your surviving spouse remarries, they are no longer eligible to receive survivor’s benefits.
Social Security is not enough to provide for your survivors after your death.
Life insurance provides what Social Security does not. By choosing your own policy, you determine the benefits your survivors receive based upon your unique situation. A few factors can help determine how much insurance you should buy. These factors include other sources of income, how many dependants you have, how much debt you have and your lifestyle. An insurance calculator is a helpful tool in determining your individual needs.
Life Insurance Quotes Online Provides More than Just Quotes
A recent LIMRA study found that people who don’t buy life insurance cite “lack of knowledge” as a reason. This lack of knowledge and confusion leads to a fear that many people have of not buying the right policy for their needs. Our website can help with that, too.
This website is also a portal of information about this type of insurance. Read our blog to keep up on the latest news or visit our About Us page to learn more about this website and the different kinds of life insurance available.
Insurance regulations and laws vary by state. If you’re unsure about what rights you have as consumer, find your state on the interactive map to find out what the rules of your state are.
Knowledge is power. The more information you have, the easier it is to make an informed decision on the right policy for your needs. Begin your online life insurance quote today.