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According to industry experts, most people don’t have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That’s only … Read more

The Social Security Disability Insurance program is projected to pay out approximately $133 billion in benefits in 2020. And with new applicants each year, the system is expected to exhaust its reserves at the end of 2035 if changes aren’t made.1,2 Rather than depending on a government program to protect their income in the event … Read more

In 2020, the U.S. had a record 22 million millionaires, up from 20.2 million in the previous year. An increase in personal wealth may bring greater financial flexibility; it may also bring greater liability. Individuals with high net worth, or those who are perceived to have high net worth, may be more likely to be … Read more

Addressing the potential risks of extended term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 70% of people over age 65 can expect to need extended care services at some point in their lives. So … Read more

Extended-care coverage can be complex. Here’s a list of questions to ask that may help you better understand the costs and benefits of these policies. What types of facilities are covered? Extended-care policies can cover nursing home care, home health care, respite care, hospice care, personal care in your home, assisted living facilities, adult daycare centers, … Read more

Variable universal life insurance is permanent life insurance—it remains in force for the policyholder’s whole life. And, as with universal life insurance, it provides a flexible premium and an adjustable benefit—meaning the policyholder decides how much to put in the policy above a set minimum. By extension, the policyholder also determines the face amount of … Read more

Universal life insurance is permanent life insurance — that is, it remains in force for your whole life. But universal life insurance has an important difference from other types of permanent insurance: it provides a flexible premium. That means the policyholder decides how much to put in above a set minimum. By extension, the policyholder also determines … Read more

Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, they buy coverage for a specific period of time and pay a specific price for that coverage. If the policyholder dies during that time, their beneficiaries … Read more

In exchange for fixed premiums, an insurance company promises to pay a set benefit when the policyholder dies, but also offers additional benefits as well. Whole life insurance policies can build up cash value — effectively a cash reserve that pays a modest rate of return, and the growth is tax-deferred. Guarantees are based on … Read more

If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, according to a 2021 study conducted by Life Happens and LIMRA, which closely follows life insurance trends, nearly … Read more