How Life Insurance Can Help Millennials Plan Financially

How Life Insurance Can Help Millennials Plan Financially

Here’s why millennials should consider life insurance for financial security.

Young adults, specifically millennials, are often not concerned with life insurance. After all, what young and healthy person wants to think of their untimely passing? They often are under the misconception that life insurance is for those with large families and huge financial responsibilities. Little do they know that life insurance is a critical part of financial planning. Before you put life insurance on the back burner, check out how it can help you plan financially.

Funerals are expensive. The average funeral costs between $6,000 and $10,000. Even if you plan for a more non-traditional funeral like an end-of-life party, someone will have to foot the bill. A relatively small life insurance policy can help do that.

You don’t want to leave your family with debt. It’s no secret that today’s grads are burdened with record-breaking levels of student loan debt. If something were to happen to you, it could fall entirely on your parents to pay off those debts. If you co-signed on a loan, too, you are still responsible for that debt. You don’t want to leave your partner or parents in a financial bind.

Some policies offer built-in savings. While term insurance can be a smart coverage choice for millennials, whole life insurance grows tax-free and accumulates cash value over time. You can then borrow against that cash value down the road. The life insurance policy can act as a savings vehicle with relatively low risk, too.

It’s cheaper to get it now. Life insurance premiums are based on several factors, age and health being two of the most important ones. Simply put, the younger and healthier you are, the less you’ll pay for coverage. You can lock in a low rate now so you save money along the way.

Find the right life insurance policy to suit your needs, budget, and family by contacting the team at All Nevada Insurance today!

How Bad Credit Can Affect Life Insurance Premiums

How Bad Credit Can Affect Life Insurance Premiums

Your credit score is a factor in your life insurance.  

We hear so much these days about how credit, and credit scores in particular, can affect just about anything you want to do in life. This is also true when applying for life insurance. Generally, your credit score will be taken into account when insurers are determining your premium. Before you apply for a life insurance policy, it’s a good idea to take a look at how bad credit can influence the final cost of insurance.

Your credit history can give insurers a snapshot of how well you’ve managed your finances. Insurance companies tend to look out for red flags that might indicate that you’re too much of a risk to insure. Being deep in debt or missing several credit card payments will tell insurers that you’re not keeping a tight grip on your finances. Typically, having bad credit won’t hurt your chances of qualifying for life insurance – you may just end up paying more per premium.

Late payments can be detrimental to your score. However, instances such as charge-offs, accounts in collection status, bankruptcy, and foreclosure can do even more damage. If you have any of these delinquencies on your credit report, it can have a large impact on the rate class you fall into.

Exactly how bad credit will be handled will depend upon the life insurance company that you are applying to. The insurer will want to know what kind of work you do because certain occupations are considered to be more hazardous than others. If in the course of investigating your employment they find that you are unemployed or have a history of spotty employment, they may pull and review your credit report to get a clearer picture of your finances.

Before you apply for life insurance, be sure to review your credit report. You can work on improving your score by paying bills on time, lowering your debt-to-income ratio, and not taking on any more debt.

Find the right life insurance policy to suit your needs, budget, and family by contacting the team at All Nevada Insurance today!

March is Asset Management Month: Here’s Why You Need Life Insurance

March is Asset Management Month: Here's Why You Need Life Insurance

Life insurance can help to protect your assets.

March is Asset Management Month, and many take this opportunity to review their asset protection. From safety precautions to security measures, protecting your assets comes in many shapes and forms. For most, large assets include a home, vehicle, and a sizable savings account. When it comes to your finances and family, life insurance can step in to help protect your assets when you are no longer able to do so.

Life insurance can protect your family and estate in a number of ways, including:

  • Pay Final Expenses

The cost of a funeral and burial can easily run into the tens of thousands of dollars. Most family members don’t have this cash lying around. Life insurance ensures the family doesn’t need to suffer financially in addition to emotionally at the loved one’s death.

  • Cover Children’s Expenses

Like most parents, you want to be sure your kids are well taken care of and can afford a quality college education. For this reason, additional coverage is absolutely essential while kids are still at home.

  • Replace the Spouse’s Income

If the stay-at-home parent passes away, the living spouse will need to hire services to handle the domestic tasks such as cleaning the house, doing the laundry, cooking, and taking care of the children. This extra expense could easily wear on the single income.

  • Pay Off Debts

In addition to providing income to cover everyday living expenses, the living family will need insurance to cover debts like the mortgages so that they don’t have to sell assets to stay solvent.

  • Pay Off Estate Taxes

Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Permanent life insurance can benefit large estates while ensuring the coverage remains until the end of life.

Find the right life insurance policy to suit your needs, budget, and family by contacting the team at All Nevada Insurance today!

Do Millennials Need Life Insurance?

Do Millennials Need Life Insurance?

Reasons why millennials need life insurance coverage.  

Today, millennials, young adults (ages 18-30) face numerous financial challenges in addition to everything else they have to tackle – from confronting student loan debt to working out how to buy a home. As a result, many of them are waiting longer to buy life insurance.  However, it’s important to remember that no one is invincible, even though when we’re young and healthy, it’s easy to feel that way! For millennials who are healthy with no children and only a small amount of assets, there are still several valid reasons why you should consider purchasing a life insurance policy.

It offers protection. It’s not a pleasant situation to think about – the aftermath of your death – but you should at least have plans in place for it. Passing away could leave a family member or loved one financially struggling without your assistance or income. Life insurance provides a financial buffer for the people you care about in the event something happens to you.

Consider your cosigners. If someone co-signed for your student loan, such as your parents, it’s likely that the bank won’t discharge that debt upon your death. That means your parents, or others who signed the paperwork, would be responsible for paying the full balance. Life insurance can help to cover these costs so your loved ones aren’t saddled with the debt.

It’s more affordable when you’re young and healthy. You’ll never be younger than you are today, and it’s often the case of the younger we are, the healthier we are. Those are two important factors for getting affordable life insurance. You can lock in low rates by securing life insurance young!

You may need to supplement insurance provided by your employer. If you were lucky enough to land a good job with a great benefits package, you may already have a basic employer-sponsored group life insurance benefit plan. However, a simple policy may not cover every aspect of your needs. Talk to an insurer to discuss if you and your dependents could benefit from additional coverage.

Rest easy knowing you’re protected. Contact All Nevada Insurance for the quality life insurance that can be tailored to any generation!

Why to Review Your Insurance Policies at the End of the Year

Why to Review Your Insurance Policies at the End of the Year

What to look out for when you’re reviewing your insurance policies.

The end of the year lends itself to insurance policy reviews. As well as the festivities and the parties, policyholders should carve out some time at the end of the year to review their coverage, check their limits and deductibles, and update their insurance. Fear not – this process doesn’t have to take hours of your time. We’ve created a list of what you should look out for when reviewing your policies.

Home Insurance

  • Have you remodeled your home recently? If you’ve made a major update to the property, such as getting a new kitchen or adding a master suite, update your homeowners insurance. If the value of your property increases, your insurance will need to increase to cover the whole home’s worth.
  • Now is the time to update your home inventory with all of those precious gifts that you received during the holidays! If you were gifted with precious items such as jewelry, antiques, artwork, musical instruments, and other high-value items, you might need additional coverage to protect these belongings.
  • Did you adopt a dog for the holidays? Certain dog breeds require higher liability limits.

Auto Insurance

  • Did you purchase a new vehicle this year? Consider adding on uninsured/underinsured motorist insurance, which protects your new vehicle against hit and runs, and from getting into accidents with motorists who have little or no insurance.
  • If you’ve paid off the loan on your older vehicle, it could be time to raise your deductible or drop comprehensive and collision coverage. Find out the value of your vehicle before you decide to drop coverage to ensure it’s worth it.

 Do you need help selecting personal insurance policies? Before the year is up, give All Nevada Insurance a call – Our team of experts can help you determine what policies, deductibles, limits, and premiums are right for your needs so that you can enter the New Year worry-free. Visit us today for more information.

Is Life Insurance Still an Asset for the 50+?

Is Life Insurance Still an Asset for the 50+?

Determine if a life insurance policy is right for seniors.

Most people start their families in their 20s and 30s, and often this is the first time they think about a life insurance policy. Once this coverage is purchased, it’s normal to forget about it and only review it every couple of years. When your circumstances have changed and when your family has grown up, it may be tempting to question the need for a life insurance policy altogether. However, even for seniors, a life insurance policy is a must.

Why Seniors Need Insurance

Life insurance is a great way to ensure that your hard work is preserved and that your beloved family members are taken care of for years to come. If you pass away suddenly, your family members could be responsible for some major expenses, including remaining debts such as mortgage payments, credit card bills, and loans. It will also help to cover funeral and death expenses. Life insurance can also help provide for a special-needs dependent after you are no longer alive to do so.

When Life Insurance for Seniors Doesn’t Make Sense

Life insurance may not always be necessary if most of the following situations apply to you:

  • Your funeral expenses are already covered
  • You have adequate savings set aside for your golden years
  • Your children are no longer financially dependent on you
  • You have paid off all of your debts
  • You have long-term care insurance

Types of Insurance

Both term and permanent life insurance policies are available for seniors, regardless of age. However, there can be some limitations when it comes to buying term life insurance. This is because certain term lengths may no longer be available to you at a certain age. For example, a 75-year-old may not be able to purchase a 20-year term policy but can settle for a 10-year policy for whole life insurance instead.

Are you ready to get started with the right life insurance policy for your needs? Contact All Nevada Insurance.

Should Your Spouse Get Life Insurance?

Spouse Get Life Insurance

Do you and your spouse have enough life insurance as a family?

While talking about death is low on everyone’s list of things to do, when it comes to purchasing insurance, it’s a must. It may particularly be unpleasant if your spouse is talking about the aftermath of their death. However, because you have family members who are dependent on you and the income you provide, you probably need life insurance.

Who needs a policy?

When considering life insurance options, it’s simplest to think about what your family would need if you were to die unexpectedly. In many cases, this means that a vital income is lost. If one partner brings in the majority of the family’s insurance, life insurance should be able to replace the lost wages. If the surviving partner is a stay-at-home parent, the life insurance plan may be able to help with child care, transportation, and housekeeping expenses.

How much should I buy?

You can buy as much insurance as you want. However, it’s important to keep your family in mind so that they are adequately covered in the event of your death.

Many different considerations will determine how big a policy to buy:

  • How long it will take for the surviving partner to get to retirement or self-sufficiency
  • How long children may be dependent on the parents
  • The cost of college for the children
  • Household expenses
  • Debt

Bear in mind that even if your spouse has a life insurance policy through work, it may not be sufficient for your family’s needs. Review the coverage, and you may opt to purchase additional protection.

Making these decisions can be complicated. Work with a financial planner at All Nevada Insurance who can help you find the right policy for your family’s needs. We provide residents in Las Vegas and cities in Nevada with reliable insuranceContact us today to get started on your tailored policy!

Life Insurance Mistakes to Avoid When Purchasing a Policy

Life Insurance Mistakes

Are you in the market for life insurance? Don’t make these mistakes.

Life insurance exists to protect and provide for your family in the event of your death. Life insurance can be complicated, but that is no reason not to persevere to find the right policy. As there are different options of coverage available, there are some common misconceptions about purchasing life insurance policies. This can quickly lead to people being underinsured, having the wrong coverage, and experiencing a decline in living standards.

Eager to avoid frequent mistakes? Read on.

Not Buying Enough Coverage

Many people are unsure of how much life insurance is sufficient to protect the ones they leave behind. Many studies show that U.S. households are underinsured, making it essential to pair with a reliable insurance agent to ensure quality coverage. When filling out a life insurance policy application and determining how much life insurance you need to purchase, consider buying enough to cover the burial, remaining debt, children’s care and education, mortgage payments, and retirement security.

Lying on Your Application

Generally, those with better health have lower insurance premiums. While it’s tempting to make yourself out to be someone in ideal health for the opportunity to save money, it will soon backfire. You often need a physical exam before an insurance company provides you with insurance, so it’s best to tell the truth now before getting caught out later on.

Forgetting to Review or Update the Policy

A life insurance policy should not be written and forgotten until a tragic event. Many life events warrant a review of life insurance – so be sure to perform an annual review and update as needed!

Are you ready to get started with the right policy to suit your needs and budget? Contact the professionals at All Nevada Insurance to secure your Las Vegas, Nevada life insurance today!

5 Life Insurance Mistakes to Avoid

Life Insurance Mistakes Las Vegas NV

Don’t fall into these common traps when selecting your life insurance policy! 

Buying life insurance is one of the most important decisions you’re going to make. As a selfless policy, you will never reap the benefits of life insurance but your family will. You buy life insurance to protect your family from getting caught out financially.

While many think that the first online policy that they see will fit the bill, to select the wrong policy for you can be a costly mistake to make!

Avoid making these common mistakes when it comes to life insurance:

Mistake No. 1: Not doing your research

Not all life insurance policies meet your own specific and unique needs. Avoid picking a policy at random or without examining the fine details.

Mistake No. 2: Waiting too long

Without life insurance, you leave your family vulnerable if something unexpected happens to you. Buying a policy while you’re young and in relatively good health ensures that you get coverage and enjoy lower rates. If you wait until you’re much older to get insurance, the policy premium will be much higher as you are at a higher risk for health issues.

Mistake No. 3: Buying for a short term

You may be trying to save a few dollars by choosing shorter-term coverage. However, should you buy a 5-year policy and you have medical issues six years from now, your insurance rates will certainly spike, if you manage to get coverage at all.

Mistake No. 4: Lying about your health

Cheating the system always ends up backfiring. Never lie about your health or personal information as, ultimately, this will be detrimental to your family when your coverage is disqualified.

Mistake No. 5: Selecting too little

Always buy ten to twelve times your income in life insurance coverage. While this seems excessive, if you’re the primary source of income in your household, your spouse and children will need financial assistance.

Be sure to talk to a life insurance expert when deciding on what coverage works best for your family and budget. Our professionals at All Nevada Insurance are here to help you secure the right policy! Visit us in Las Vegas, Nevada today.

(Bad) Reasons Why People Don’t Buy Life Insurance

Misconceptions Life Insurance Las Vegas NV

These common misconceptions about life insurance utilized too often.

Thinking about your death is hardly the most enjoyable way for people to pass the time. Thinking about how your family will cope after you’ve passed is an essential part of being part of a family. However, that’s not the only reason that people avoid shopping for life insurance.

With many Americans still underinsured – or worse, not insured at all – it’s time to bust some common misconceptions about life insurance!

Reason #1: It’s costly.

The first reason why people don’t buy life insurance is that they think that it’s expensive. Around eighty percent of the nation overestimate the price of any given policy. People believe that it’s more expensive than it is for protection that they truly need. When asked, most people guessed that a plan is more expensive than it is.

Reason #2: I’m young and healthy. I don’t need it.

Your life insurance needs depend on many factors, but if possible, it’s better to buy a policy when you’re young and healthy as it will cost significantly less than when you’re older. The theory is, is that you’re more likely to develop health problems as you age, and therefore, the price goes up.

Reason #3: You can’t get coverage if you have health issues.

Unless you have severe health conditions, you generally can buy term life insurance. Conditions such as diabetes, high cholesterol, and arthritis will mean higher life insurance quotes – however, insurance could still be within reach!

Reason #4: Single people don’t need it.

Many single individuals still need life insurance. For example, you may have children, be planning to marry or have aging parents who are financially dependent on you. Also, life insurance would also help if you’re single and own a business or a have co-signed debt.

Now that you’re ready to purchase the life insurance that you need and deserve, contact the professionals! Visit All Nevada Insurance for the policy that suits your needs in Las Vegas, Nevada.