With the right policy bought, signed and stored safely away, collecting on the contract following death simply requires the beneficiary-or caretaker of the proceeds—to provide the insurance company a copy of the loved one’s death certificate.

But what if Grandpa Joe or Aunt Molly tucked that life insurance policy safely away years ago-and neglected to tell anyone where? How can the beneficiary claim the money if no one even knows where the policy is?

Strategies for Finding Missing Policies

Unfortunately, there’s no national or statewide database of life insurance policies to consult for help. But with determination, digging and strategizing, it’s not hard to find what may have been lost years before. And the results can be very rewarding!

If you’re due the proceeds of a missing life insurance policy, try these strategies to help locate it and claim what’s rightfully yours.

1. Look for cancelled checks or receipts made out to—or received from—insurance companies. Search through the deceased’s files, bank account records, storage items and bank deposit boxes for documents like these that may provide clues as to who issued the missing policy.
2. Ask others who may be “in the know” for information, including family lawyers, friends, financial advisors and business partners. The most helpful information may come from the least likely source.
3. Examine other insurance documents for information. The loved one who passed may have purchased more than one type of policy from the same insurance company—in which case, tracking down the insurance company, and eventually finding the life insurance policy, could be easy.
4. Contact previous employers. If the insured purchased life insurance through a group policy at work, the employer’s human resources department should have record of it.
5. Review past income taxes. Look for interest income earned or expenses paid by the life insurance company that might reveal the policy’s source.
6. Keep an eye on the deceased’s mail. For at least a year following death, watch for premium or dividend notices—or annual policy status statements—that reveal where the insurance policy may have been purchased.
7. Contact the state department of insurance. Employees may have information available that can help locate the insurer who wrote the insurance policy. (Life insurance companies searching for beneficiaries may also contact this agency in an effort to find you.)
8. Inquire with the state’s unclaimed property office. If a beneficiary can’t be located within three to five years of death, the insurer may turn insurance benefits over to the state for safekeeping.
9. Contact the Medical Information Bureau (MIB) or another private service that may have record of medical information requested when the deceased applied for life insurance. Private databases like the MIB may be able to provide a trail of evidence that leads to the lost life insurance policy.

Time Limits & Payouts

Experts say that more than one-forth of all life insurance benefits are never claimed. That’s an amazing statistic—especially since there’s no time limit involved.

That’s right. Even if a life policy isn’t found for 10, 15 or even 20 years following death, the insurance company will still honor the agreement and pay the claim when the policy is located—as long as the deceased passed away while the plan was still in effect and premiums remain current.

If Grandpa Joe dies and his life insurance policy lapses due to non-payment, the insurance company will try to contact him to find out why. At that point, the person named beneficiary can inform the insurer of his death, file for payment, and claim the money as outlined in Grandpa Joe’s policy.

However, if death occurs and no one steps up to collect on the policy, the insurance company has two options: hold on to the money until a beneficiary can be found or turn the entire amount over to the state until claimed. Either way, the money remains untouched until the beneficiary finds it.

The Final Reward

Though it may not be easy, finding a life insurance policy that’s gone MIA takes an investment of time and energy.

But with determination, a little time and the right strategy, it can usually be done in short order—and may just lead to hidden treasure.

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But with the future so uncertain—and roughly 300 different life insurance companies vying for attention—finding one that’s trustworthy may seem difficult.

Not with InsureMe around. We teach consumers what to look for in quality life insurance companies every day, then lead them to insurers with coverage, reputation and price that meet life goals and protect families.

Get educated and take steps to find quality coverage from a leading life insurer today. You’ll protect those you love, and help them be successful in your absence.

4 Simple Steps to Finding the Right Coverage

When loved ones pass, spouses and family members often have a difficult time thinking clearly—and dealing with life insurance companies and financial matters can be a bit overwhelming.

But by taking these four simple steps to finding a quality life insurance provider, it’s easy to smooth that life transition—and protect loved ones, when the time comes:

1. Request quotes. When matched with companies, give them a call or send them an email and ask questions about things that aren’t clear. If not sure how much or which what type of life coverage is needed, let companies offer assistance with their expertise.
2. Before doing business with companies, check with the state department of insurance to make sure each is licensed in the state of residence. (Since licensing is handled by states individually, not all companies are licensed in every state.) With the backing of the state department of insurance, families are covered if there’s ever a problem—financial or otherwise.
3. Compare contracts and policies carefully. Read the fine print, and ask life insurance agents about anything that’s not clear. Better to find out ahead of time than to leave loved ones confused and looking for answers after the fact.
4. Compare ratings from independent rating companies online, such as A.M. Best, Moody’s, Standard & Poors or Weiss. These services rate life insurance companies based on how they perform professionally—and provide valuable information that can help in selecting the right life companies.

Choosing Between Life Insurance Companies

With the above information at your disposal, next consider and compare the following identifiers from one company to the next. They’ll help you choose the right insurer: one that can be relied on and trusted during vulnerable times.

• Product. Most insurance companies offer a broad range of policies and features, so choose the company that suits the situation best.
• Company Identity. Different companies often have similar names. Some life insurers use words suggesting financial strength, sophistication, maturity, dependability, government involvement or well-respected Americans—which may be misleading. Become familiar with each company’s full name, home office location and affiliation for a true representation of its identity.
• Financial Solidity. Use ratings from independent rating agencies mentioned earlier to select financially sound companies that will be around long term.
• Advice & Service. Because life insurance is a complex product, find communicative, attentive companies that respect your needs.
• Claims. Check with the state insurance department to gauge the volume of consumer complaints vs. satisfactory claims service. This will give you an idea what to expect come claim time.
• Premium & Cost. Compare similar life insurance plans from different companies to get the best deal. Insurers base premiums on age, policy type and features, as well as the amount of life insurance being purchased—but price is sometimes flexible.

Security & Ease

Don’t risk leaving loved ones unprotected. Take steps to secure your family’s future today and find life insurance protection from reputable companies.

It’ll give security to those you love—and make life just a little bit easier.

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If you’ve never bought life insurance, or if you don’t know what a whole life policy is all about, this information is for you. It’ll help you get educated now so you can provide for your family later—the responsible thing to do.

In It for the Long Haul

Also known as permanent or cash-value life, whole life insurance insures you forever, no matter how long you live, as long as you pay your premiums.

When you buy your whole life policy, your insurance company charges a premium that, in the early years, is higher than what’s needed to pay claims. The extra money is then invested and used to supplement those level premiums as you grow older and the cost of insuring you increases.

Why would you want to buy a policy that charges more than necessary in the beginning? Remember, you’re trading a slightly higher price for the reassurance that your life insurance premiums will remain steady—no matter what—as long as your policy is in effect. That means easy budgeting and steady payments. So if you’re looking for a policy with predictable premiums, whole life is probably your best bet.

Giving You Options

With whole life policies, your insurer pays a periodic dividend into your account, which also causes its value to grow over time. If you later find yourself in a bind, you may then borrow against the accumulated monies. However, keep in mind that this reduces the value of your benefits; so if you die before paying it back, the amount your loved ones receive at your death will be deducted from the policy’s total value.

When the amount you’ve paid in premiums reaches a certain level, you have two choices: to discontinue the policy and cash it in, or continue on with your original whole life insurance policy. Since providing for your loved ones is the key here, discontinuing your policy should be done with great caution and on the advice of a professional financial advisor or your insurance agent.

What’s in It for You?

In review, if you’re looking for insurance with lots of options, consider whole life insurance. It offers you several benefits:

1. It insures you for life.
2. Your premiums never increase.
3. It builds cash value you may borrow against.
4. It gives you the option of either cashing it in or canceling it completely.

Though whole life policies cost more than term insurance, the flexibility and long-term financial security they offer are often worth the extra expense, especially in an inflated economy. So consider this carefully when deciding which type of policy works best for you.

Securing Their Future

Now that you have a better understanding of whole life insurance, start making things permanent. All it takes is a few minutes and a little information to secure your family’s future.

Regardless which type you settle on, buy life insurance now. Your loved ones will thank you for it later.

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Though some types of life insurance are more complex and involved, term life insurance is an less complicated vehicle for protecting those you precede in death. Its limits are well defined up front so you know just what to expect. And that can be very real comfort for those you leave behind.

How It Works

As its name implies, term life insurance lasts for a specific period of time, usually one to 30 years. Term life offers you the more protection for your money, helping to guard your loved ones against financial stress and strain with a death payment when you die (as long as your coverage is still in effect at that time).

The most popular type of term insurance is 20-year term; you can usually buy term life insurance up until your 80th birthday. However, the premium amount is based on your age and health at the time of purchase and remains level over the life of your policy, a reassuring predictable in a sometimes unstable economy.

With term insurance, your premiums go only toward the cost of maintaining your insurance policy. Therefore, it includes no cash value. However, this guarantees that as long as the policy is in effect, your loved ones will receive its full value upon your death.

Some term life policies are “convertible,” meaning you can change them to permanent life insurance when their term expires without having to prove that you’re still insurable. If you’re still relatively young, you may want to ask your life insurance agent for a convertible policy to help ensure your dependents are covered.

Some Things to Consider

When buying term life insurance, it’s important to decide how much you need—and for how long you need it—before making your purchase. Consider such factors as:

• Number of dependents
• Marital status
• Income
• Family size

Regardless what type you buy, the purpose of life insurance is to provide for your loved ones when you no longer can. This means leaving them with the resources they need to pay your final expenses, cover your now-absent income, pay off loans or mortgages, or pay for their education.

Term life insurance is one of the best, most reliable ways to do that.

Making It Easy

Insurance can sometimes seem complicated. But for protection that’s simple, easy to understand and straightforward, term life insurance is your best bet.

Invest just a few minutes in your family’s future by contacting InsureMe today. We’ll help you find just the life insurance you need by connecting you with agents on our network.

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Regardless of your age, financial or familial situation, you likely need life insurance to help preserve your family’s financial future and ensure your debts and funeral costs don’t burden your loved ones.

If You’re:

Married Without Children

Your husband likely depends on your income to some extent. The life insurance you purchase covers funeral costs and allows time for your spouse to cope with the loss and get back on his feet.

A Single Mom

As the sole wage earner and guardian, your need for coverage probably exceeds most. However, according to LIFE, almost four in 10 single parents are without any life insurance. Many single moms are strapped for cash and think they can’t afford the additional expense. However, a healthy 25-year-old woman can pay as little as $9.00 a month for a $200,000 policy. That’s less than a 25-year-old man would pay. Even if you are slightly older (in your forties), you can still get an adequate policy for around $15.00 a month.

A Stay-At-Home Mom

Your importance as a stay-at-home mom is often undervalued by society. So you may feel it isn’t necessary to have life insurance because you don’t contribute monetarily. However, if you were no longer able to care for your children and your home, your husband would have to hire a person to take over those responsibilities or work fewer hours and tackle the duties himself. A life insurance policy helps your family to maintain its quality of life in your absence.

An Empty Nester

College is a huge expense that often requires dual incomes. If you passed away unexpectedly, your husband might be forced to use up his retirement savings to continue helping the kids pay for school. Or, maybe your children would have to alter their plans to adjust to the financial changes. A life insurance policy makes up for your lost income, helping your family to continue on financially unfazed.

A Single Lady

Being single doesn’t mean you are without responsibilities. A life insurance policy helps covers funeral expenses as well as any outstanding debts and loans so they aren’t passed on to your parents or siblings.

Types of Life Insurance

Term Life Insurance: Term life insurance is more flexible and less expensive than permanent. It’s best suited for younger families with several dependents, but without the financial means to pay the higher premiums of permanent whole or universal policies. This type of life insurance last only the number of years you elect. However if you choose this term life insurance, make sure it’s annual renewable or convertible, otherwise it can become quite expensive.

• Level Term: Premiums and coverage are fixed over a certain time period.
• Increasing/Decreasing Term: While premiums stay the same, the amount of coverage increases or decreases over a designated amount of time.
• Renewable Term: Your term life insurance inevitably increases as you age, but your health is less predictable. A renewable term policy allows you to renew your policy without another medical examination.
• Convertible Term: This type of policy works well if you are planning to buy permanent life insurance in the future. It allows you to convert your term policy into a permanent one after a designated amount of time.
• Group Term: This insurance is usually purchased by an employer and covers several people, so the premiums may be reduced.

Permanent (Cash Value) Life Insurance: The premiums for permanent life insurance are five to ten times as much as for term life insurance. Permanent life insurance usually covers you for your lifetime and often offers a cash value-you can actually accrue money throughout the life of your policy.

• Traditional Whole Life: If you pay the premiums, this policy won’t expire. Many whole life policies have a cash value. This type of life insurance is intended to cover the higher cost of your premiums as you age.
• Universal Life Insurance: This type of life insurance is the most flexible. As your financial needs change, so can your premiums. As with whole life, universal life has a cash value feature in which part of your premium payments are placed. Once a substantial amount has amassed, you can use all or part of this amount for your future premium payments. However, once the money get used up, you have to begin paying again or risk losing your life insurance.
• Variable Life Insurance: With this type of policy, you can invest in stocks, bonds and mutual funds. Your money grows more quickly than with whole or universal policies, but there is more risk. However, many variable policies guarantee your death benefit won’t fall below a minimum level.
• Variable Universal Life Insurance: This type of life insurance combines the theory of the universal policy and the variable policy. It collects your money to be invested or used to pay future premiums.

Not knowing how your family members would cope without you is difficult enough. At least you can help ensure their futures are financially sound.

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At InsureMe, we’d like to help you protect your family. That’s why, in one quick and easy step, we connect you to agents on our network who are local to you. No picking up the phone or surfing the web is required—just a few minutes and an internet connection is all you need.

Fill out a quote application today, and look out for your loved ones and their future tomorrow. It’s easy with InsureMe helping you!

Universal Life: What’s Behind It All

Universal life insurance provides death protection for those you care about most, while giving you multiple investment and premium options as your lifestyle and needs change.

Here’s how it works: When you purchase a universal life insurance policy, your insurer places a portion of each month’s premium payments, minus the cost of insurance (COI), into an interest-bearing account. Month after month, this “pot” continues to grow, providing monies you may borrow against or cash in.

With a universal life policy, your premiums are flexible. That means that, if for some reason you can’t make a payment, that month’s premium is taken from the account’s accrued cash value. Your benefits are adjustable and your policy is permanent, which means you’re insured for life.

When you pass away, your designated beneficiary or beneficiaries get whatever cash value remains in your account.

Is Universal Life Insurance Right for You?

As with any other type of life insurance, universal life has its advantages and drawbacks. Some of them include:

As implied above, the flexibility offered by universal life insurance can be of great value. It offers you the ability to pay less when your budget is stressed, borrowing from your own account if you need to, and pay more when you have extra money to contribute.

If you choose to withdraw money to apply toward other expenses, you pay no interest charges as you would with a whole life policy (though a withdrawal fee may apply).

Although universal life insurance is a type of permanent protection, its premiums are not guaranteed. So to decide if this kind of policy is right for you, talk to a knowledgeable life insurance agent who can advise you further on the risks involved.

Consider Your Options

Buying life insurance protects your loved ones, so it just makes sense. But universal life insurance gives you more options to help you live now.

Don’t leave your loved ones unprotected or live day by day worrying if you’ll have what you need to make it through. Consider the security, flexibility and investment options provided by a universal life insurance policy. Then contact InsureMe, so we can help you find the plan you need.

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It’s extremely important you ensure that your children have what they need to survive in case you or your spouse dies. This is where life insurance for parents comes in.

Whether you’re single, married or divorced, buying adequate life insurance means your kids have the finances they need for their daily lives, education and future careers, no matter what life path they choose—and you have peace of mind knowing they’re well cared for.

Why They Need It

Studies show that having enough life insurance helps ensure your children:

• Have the resources to pay off expenses and debts, and start fresh on their own
• Attend college—without going into debt
• Get medical care and stay healthy
• Maintain their quality of living
• Pursue their future dreams and career goals

If you’re the sole breadwinner in your family, just think how things would change for your family virtually overnight if you passed away. Your spouse and children, left without financial support, would have to find a way to survive, both financially and physically. Life insurance for parents would help make that possible by providing for their needs.

If you’re a single parent, leaving your children behind would mean they’d have to find a place to live, as well as a means of support—completely on their own. Once again, adequate parental life insurance would give them the resources to make their way in the world.

Getting Covered

Now that you know you need it, what are your life insurance options and how much should you buy?

There are essentially two types of life insurance for parents: term life and permanent life. Term life policies provide protection for a specific period of time and generally provide life insurance only, with no accumulating cash value. When you die during the policy’s term, a term life policy pays your beneficiaries the policy’s current face value.

In contrast, permanent life polices provide protection for your entire life—as long as you pay the premiums. But they also build cash value, which leaves your dependents more money to tide them over ’til things get settled.

Which of these types you buy is totally up to you, and depends mostly on your financial situation. If you’re looking for the easiest, cheapest option, we recommend a term life policy; if you can pay a little more in premiums and want more protection, a permanent life policy might be just the thing.

Next, determine how much life insurance your children need to carry on without you. This is best done one of three ways:

1. Multiply your income by 8.
2. Multiply your income by 6 and then add in one-time expenses, such as paying off your mortgage or paying for college.
3. Total up your expenses, both one-time and long-term, and multiply this figure by the number of children you have.

Having enough life insurance is especially important for young families, as they tend to have tighter cash flow. So keep this in mind if your children are young, or you or your spouse is a stay-at-home parent.

Closing Tips

• Employer-sponsored life insurance is rarely sufficient—and you can’t take it with you if you lose your job.
• Buy an individual policy, rather than a group life plan. If you’re healthy, group policies are rarely cheaper.
• Don’t forget to calculate the contributions of a stay-at-home spouse, whose premature death may mean hiring full-time child care.
• If you choose term life, go with a period of time that carries your dependents through until they no longer need your financial support—past college and into their careers.
• Make sure term life policies can be permanently converted once they expire. This helps keep rates low.
• Don’t forget to cover funeral costs, medical expenses, estate taxes and inflation in your calculations.

Take Action!

Your children count on you for support…so don’t leave their futures to chance. Give them your all with life insurance for parents. Contact InsureMe so we can match you with agents on our network.

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When the laundry is piling up, those videos need to be returned and you’re still on chapter one of the book you bought three weeks ago, buying life insurance doesn’t seem like a top priority.

But if you think about what life insurance protects—your family—you may see it as a more vital concern than those errands or chores. InsureMe can help you find the right no medical exam life insurance by connecting you with agents on our network who will provide free quotes, so you can choose the policy that’s right for you.

Now there is a way for you to fit it into your busy schedule—no medical exam life insurance. Don’t put it off another day.

Weighing Pros and Cons

Are You A Candidate For No-Medical Life Insurance?

Got a Medical Condition?

Many people erroneously believe that no-medical-exam life insurance is a perfect solution for someone with a pre-existing medical condition. Though you may be able to get insured through this route and perhaps pay a lower premium, it is not a loophole in the system.

You will have to answer questions about your medical condition and history. There is a period, which lasts one to two years, when the insurance company can modify or cancel your policy if you didn’t fully divulge your health issues on the application.

However, if you do have a blemished medical history or suffer from a medical condition, you have options. Luckily, new tests, drugs and medical treatment strategies have caused companies to insure people with poor health—and do so at standard rates.

At InsureMe, we will take your information and try to match you with agents on our network who specialize in impaired risks.

Got a Full Plate?

No physical life insurance is ideal for those who juggle full schedules and are only applying for smaller amounts of insurance.

If you can’t find the time to see a doctor to get an exam, but would like to get some coverage, no medical life insurance is for you! The application can be processed more quickly than with medically underwritten life insurance.

And you don’t have to see a doctor—just take some time to fill out a questionnaire.

Some Is Better Than None

According to the U.S. Life Insurance Ownership Study, of those individuals who said they might buy life insurance in the future, 60 percent said they just “haven’t gotten around to it yet.”

If you’re part of that percentage, term life insurance, no medical exam might be the solution. You can get a policy now without the hassle of seeing a doctor, and upgrade to a different policy when yours has expired.

Life insurance guarantees your family’s livelihood, so get moving toward ensuring their future. Contact InsureMe today to find the right insurance!

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How? By guaranteeing your family’s survival in your absence. Life insurance can help your spouse pay off your home mortgage, provide an education for your children, supply monthly income for a period of time, or even leave your family savings.

Let’s face it, no one ever plans for their family to go unprotected. But that is exactly what happens every day due to lack of preparation. That’s why it’s so important to get educated so you can find the life insurance protection that fits your family’s needs.

What’s Available?

There are many different types of life insurance available, each designed to fit unique circumstances and individual needs.

Depending on whether your goal is to leave money so your family can pay your final expenses or simply to provide them with savings, one of the following types of life insurance should be just what you need:

1. Term life insurance: the simplest form. You purchase coverage for a specific period and, if you die during that time, your beneficiary receives the policy’s value. Term insurance includes no investment component.
2. Whole life insurance: a policy purchased to cover you for your whole life, not just a set period of time. Premiums remain level while the policy is in effect, and the insurer invests a portion of your premiums, building the policy’s value over time.
3. Universal life insurance: used to accumulate investment. You pay a minimum premium plus an amount you would like invested. The insurer chooses the investment vehicle, usually only bonds and mortgages, and both your investment and its returns are placed into a cash-value account. This account may then be used to pay future premiums, or it may continue to build.
4. Variable life insurance: similar to universal life insurance, but includes a broader selection of investment products, including stocks. Beneficiaries receive the policy’s face value, OR that amount PLUS the value of your investment account.

How to Get the Best Rates

There are five ways to ensure you get the best rates, along with the best life insurance coverage:

• Always tell the truth when applying for life insurance. Lack of disclosure can cause your policy to be revoked within the first two years.
• Go over your policy and reapply for lower rates when there are changes in your health.
• Schedule required medical tests for first thing in the morning. During this time, your blood pressure and cholesterol levels are lower and you’re less stressed.
• Use an insurance shopping service like InsureMe to shop around for your life insurance. This purchase represents a big decision and a large financial commitment, so comparison shopping just makes sense!

Prepare for the Future

Now that you better understand your life insurance options, make an informed decision and leave your family protected.

After all, they deserve your best!

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But regardless how we feel, pushing our way through the confusion to find definitive answers just makes sense.

Why? Because someday when we’re gone, our loved ones will have to go on. And in the midst of their loss, we want that transition to go as smoothly as possible.

If you, like others, have questions about life insurance, InsureMe would like to help. Here we’ve gathered the answers to some of the most commonly asked questions on the subject. Just take some time to read them over, get informed and find the answers you deserve.

When you’re finished, we’ll be standing by to help you find the right coverage.

FAQs

What exactly is life insurance?

Life insurance is simply a financial resource for your loved ones in the event of your death. You enter into a contract with a life insurance company and your insurer promises to provide your beneficiary/ies a certain amount of money upon your death. In exchange, you agree to make periodic payments, called premiums, to cover that expense.

What is a beneficiary?

This is the person or persons you designate to receive the proceeds of your policy when you die. You’ll be asked to choose a beneficiary when you take out your policy, but you may change beneficiaries at any time upon request with your insurance company.

How can I know if I need life insurance?

The answer depends entirely on your personal and financial circumstances. Though there are no hard-and-fast rules on this, you should probably consider buying life insurance if you:

1. Are married
2. Have dependent children
3. Support an elderly parent or relative
4. Need to provide for other loved ones
5. Own your own business
6. Don’t have enough savings to cover your final expenses
7. Are confident your retirement and savings won’t be enough to take care of your family in an inflated economy

What kind of life insurance is available? How can I choose the one that’s best for me?

There are four basic types of life insurance to choose from. Which one you should buy depends on your purpose for doing so: to leave your family money or to build savings to use while you’re still living.

Your choices include:

1. Term Life—The least expensive and simplest form of life insurance. Does not build cash value, and usually provides payment in a lump sum. Stays in effect for a fixed period of time, usually a set number of years. Premiums are lowest when you’re young and increase as you get older.
2. Whole Life—More expensive in the beginning to cover increasing costs as you age; however, premiums remain fixed during the life of the policy. Builds cash value on a tax-deferred basis, but withdrawals from this value decrease death benefits. In effect as long as you live, unless you cancel your policy.
3. Universal Life—Feature adjustable benefits and flexible premiums. Payments accumulate and earn interest, which may cover occasional premiums if you find yourself financially stretched. Accumulates cash value you may withdraw or borrow against at any time. Rates are subject to change, but will never fall below the minimum rate guaranteed in your policy.
4. Variable Life—Tie your life insurance policy to financial market performance. You decide how to invest your earnings, giving you opportunity to accumulate cash value more rapidly, albeit at additional risk. You may borrow against or withdraw cash value at any time.

When should I buy life insurance?

Since life insurance premiums tend to increase as you age, we highly recommend you buy a policy when you’re young and healthy. However, if you decide to put it off until later, you might want to consider putting your money into other types of investments. Then, with some financial self-discipline, the monies can accumulate and be used to purchase a life insurance policy later on.

How can I or my family use it?

Life insurance can be used as a savings mechanism to provide your family needed finances when you die. However, depending on the type of policy you purchase, it can also be used to:

• Help you pay for big-ticket items, such as your children’s college education or a down payment on a new home
• Pay estate taxes or funeral expenses

I’m single. Do I need life insurance?

Marital status is just one of the factors used to determine whether or not you need life insurance. Many others come into play, too. If you’re single, you might want to ask yourself these questions to help make that decision:

• Do I have any dependents?
• Do I have a mortgage or other loans that will fall to a cosigner?
• Am I at risk for any serious medical conditions?
• If I died today, would I leave enough to cover my funeral expenses?

If you can answer “yes” to any of these questions, buying life insurance might be a good idea—single or not.

How much should I buy?

Again, there’s no hard-and-fast rule; but experts usually recommend an amount 15 to 20 times your annual income as a good rule-of-thumb. It’s a good idea to talk to your insurance agent or a financial advisor for advice on this before purchasing your policy.

Will I have to take a medical exam to get life insurance?

Though some insurers require medical exams, most don’t if you’re under 40 and buying less than $100,000 in coverage. However, the older you are, the more likely you’ll have to undergo a physical and basic blood and urine tests. This also depends, in part, on your health history and your insurer’s underwriting guidelines.

I’d like to insure my parents and children, as well as myself. Is that possible?

Though you may hold life insurance on anyone in whom you have an “insurable interest” (meaning they support you or you rely on them for financial support), it’s generally better to wait until your child reaches adulthood to start thinking about taking life insurance out on them. Since replacing lost income is the main purpose of life insurance (and children usually do not earn income), life insurance is not usually needed for children. However, if your parents contribute to your financial well-being, you may add them to your policy in the form of a rider or purchase a separate policy to cover them alone.

I already have life insurance. Should I trade or replace my policy?

Though not something to be taken lightly, you may want to consider buying a new policy or adjusting your benefits as you encounter life changes, such as:

• Marriage or divorce
• A birth
• A new home purchase
• A home refinance
• A change of health
• Caring for elderly parents or other family members
• Early retirement
• A career promotion
• Receiving an inheritance

Before you trade in that old policy and buy a new one, ask your insurance agent or financial advisor what is the best alternative for your specific situation.

What is “cash surrender value”?

This is the amount of money you get back from your insurer if you decide to give up a policy. To figure this sum, take your policy’s current cash value and subtract any surrender charges, monthly contract charges and outstanding loans that may apply. Then add back any interest accrued. The result is what you can expect in cash surrender value.

Life insurance seems expensive. Is there anything I can do to cut down on costs?

Of course! Besides following general guidelines like buying when you’re young and buying only what you really need, we recommend you:

• Shop around, comparing prices and coverage. You’d be amazed how much prices can vary!
• Buy a little more. Find out the rate per $1,000 of coverage, which often drops once you pass a certain level. Sometimes you’ll actually pay less for a little more, especially as you approach larger coverage amounts.
• Look for a helpful insurance company that offers competitive rates for otherwise price-elevating health conditions like heart disease, diabetes or cancer. It could make a huge difference in your insurance premiums if you ever have to face any of these maladies.
• Live a healthy life. Quit smoking, start exercising and lose weight. Your insurance rates will drop—and you’ll live longer.
• Pay premiums up-front, rather than in monthly installments. You’ll avoid hidden fees and pay less in the long run.
• Buy a guaranteed renewable policy (if you buy term insurance). That way, you won’t have to shop for a new policy with higher premiums when you’re older.

Now that you’ve got the scoop on life insurance, why not shop your rates. A non-biased, third party, InsureMe will connect you with agents on our network who will compete for your business, so you can choose the policy and price that’s right for you. Don’t leave the future to chance. Prepare now with the right life insurance.

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