LifeLine Solutions News

5 Reasons Even Single People Need Life insurance

Does a single person need insurance? Lifeline solutions has 4 locations in Utah, contact them to find out.

Life Insurance is one of the most important things you can purchase, even if you are single. Although you don’t have to plan for a surviving spouse or child, the burden of your funeral costs and burial might fall on your family. By having a solid life insurance plan, you will be making it a lot easier on your loved ones. The average funeral costs between $7000 and $10,000. Other than high costs of funerals there are several other reasons you should have life insurance as a single person.

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Is There Something Out There More Competitive?

Lifeline medical group photo

There are many competitive options out there to explore for your Health Care Needs. Finding the right solution for you isn’t just about price, it can also be about what different plans offer and what your exact needs are.

We can compare prices, look at your budget and help you find the right Health Care Plan for you. More and more competitively priced options are presenting themselves daily and being in the “know” is what is important. Our trusted advisors are looking at these trends all of the time and can help you find the most competitive plan for you.

We look forward to helping you and want what’s best for you. Let’s chat about all of your options and go over all of your needs. Sometimes a simple phone call can make all the difference in the world.

Key Man

Key person insurance, also formerly called key man insurance, is an important form of business insurance.

Key person insurance, also formerly called key man insurance, is an important form of business insurance. There is no legal definition for “key person insurance”. In general, it can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy. The policy’s term does not extend beyond the period of the key person’s usefulness to the business. The aim is to compensate the business for losses and facilitate business continuity. Key person insurance does not indemnify the actual losses incurred but compensates with a fixed monetary sum as specified on the insurance policy.

An employer may take out a key person insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. The employer does this to offset the costs (such as hiring temporary help or recruiting a successor) and losses (such as a decreased ability to transact business until successors are trained) which the employer is likely to suffer in the event of the loss of a key person.

Life Insurance

Life Insurance rates are at an all time low!

Insurance used to be considered a luxury but with our increasing debt loads as consumers, it is now considered a necessity.

Rates have never been lower to purchase the insurance that you need. Insurance used to be considered a luxury but with our increasing debt loads as consumers, it is now considered a necessity. In other words, if someone depends of you financially,you probably need to purchase life insurance. Because of this awareness, prior to 2009, the booming stock market and growing Internet competition led to a nearly 70% drop in term life insurance rates from the early 1990s. Another factor:People were simply living longer, and insurers were having to pay out fewer benefits as a result. If you live through the length of your policy, the policy expires and the insurance company keeps the premiums.

Life Insurance- Are you Protected?

You may already have some life insurance, but is it enough? Think about the cash and income needs your family will have if you die prematurely. Which of these are concers to you and your family?

  • Final Expenses – Funeral expense, medical bill not covered by health insurance, executor’s and attorney’s fees, court costs, taxes, ect.
  • Debt Repayment -mortgages, car loans, home improvement loans, ect.
  • A place to Live – would you want your survivors to remain in the family home?
  • Monthly Essentials – food , clothing, daycare, medical care, electricity, gasoline, taxes- these are all essentials.
  • Non-Essentials life style needs – cable TV, the daily newspaper, children’s activities, sports equipment, vacations gifts.
  • Education – if you have children, do you have enough to afford a college education?
  • Emergencies and Opportunities – what about unexpected illnesses or a temporary layoff of your working spouse? Anew roof? A child’s Braces?A son or daughter’s wedding? Or, an unexpected business opportunity?

What other monthly obligations do you have?

Who Needs Life insurance?

  • Single individuals with college loans that need to be repaid
  • Young parents with children to support
  • Families with children who may one day want to attend college
  • Home owners with mortgage to pay off
  • parents of children with special needs, who will require financial assistance into adulthood
  • High-mnet-worth individuals and families with sufficient assets to trigger estate taxes
  • Owners of a family business who want to pass the business on a child or children
  • Business owners with one or more partners who may need to be bought out
  • Anyone who depends on their income or assets to provide for dependents
  • Anyone who depends on their income or assets to provide them or their dependents with a comfortable lifestyle.

Longterm Care

When it comes to long term care or long term health insurance, most people think that Medicaid will come to the rescue and pay for all the necessities if the need should arise for long term care.

When it comes to long term care or long term health insurance, most people think that Medicaid will come to the rescue and pay for all the necessities if the need should arise for long term care. Sadly, most people do not plan for an extended illness or any type of long term care.

A stay in a nursing home or facility can cost on the average of $4,000 dollars a month or over $50,000 a year. Medicaid will sometimes not cover these types of expenses depending on your individual situation. Most health care insurances do not cover these types of expenses even if you think you are covered. It’s time to talk to someone about your financial future in the event of an illness or should you need extended care.

There are many affordable plans that can help. We can look at your situation and offer advice on what may be the best long term care plan for your needs.

We live longer than we did 30 or 40 years ago. Yet, we still fail to plan for these types of long term care assistance situations, should they arise. It’s time right now to set a plan in motion and make [

Permanent Life Insurance

There are many different kinds of life insurance. Which kind of policy you should buy depends upon:

  • How much protection you need.
  • How long you will need it.
  • What you can afford to pay.

There are many different kinds of life insurance. Which kind of policy you should buy depends on how much protection you need, how long you will need it and what you can afford to pay.

Permanent Life Insurance

Permanent Life Insurance

Permanent life insurance provides coverage for an insured’s lifetime. It generates cash values that accumulates tax-deferred, and which can be borrowed against to cover college expense or to supplement income.

• Whole Life

– Provides a level death benefit, generally at a level premium. There are a variety of whole life policies, including those with limited, single or step-rated premium-paying durations.

• Universal Life

– Provides an adjustable death benefit. Cash values are based on the company’s current interest earnings and premiums are flexible so long as there is sufficient cash value to cover all policy charges and expense each year.

• Survivorship Life

– Provides coverage for two people, usually spouses, under one contract. The death is paid to the named beneficiary at the second death. Premiums are based on the age and rating of each insured.

Protecting Loved One’s

People are spending more time with their families – reevaluating their priorities. Some have become more appreciative – and aware – of the many freedoms they enjoy.

Have you noticed a difference in the people around you lately? All across this great country of ours some very wonderful things are happening.

People are spending more time with their families – reevaluating their priorities. Some have become more appreciative – and aware – of the many freedoms they enjoy. Others are driving a little slower – taking time to enjoy the journey instead of just rushing to the destination. Throughout America, people are stepping back and taking a second look at what’s really important.

One result of this national introspection has been a renewed interest on the part of millions of Americans in protecting their families and loved ones. And the financial tool to which they are increasingly turning: life insurance. Life insurance is a simple, flexible, and can be an affordable way to create certainty in a world that offers few certainties. Only life insurance can help give you:

  • The peace of mind that comes with knowing your family will be protected – now and in the future – regardless of what happens on the social scene or in the economy.
  • The ability to make plans – and then ensure that the funds will be there to carry out those plans – if you aren’t here to do it yourself.

It’s that simple, and it’s that powerful.

Are you one of the millions of Americans who’s taking a second look at things – be it saving for the future, protecting the people who are important to you, or simply providing yourself and your family with a greater sense of security? If so, we’d like to help. After all, we’ve been helping people just like you for nearly a century and a half.

Should I Take Social Security Early?

Does it make sense for a person to choose to retire prior to full retirement date? That depends on a number of factors.

Reduced Benefits

People who qualify for social security retirement benefits can begin receiving those benefits in the month after they reach age 62, or any month after that, even though they won’t reach full retirement age for a few more years. Choosing to take an early retirement benefit means the amount of the benefit will be permanently reduced.

Early retirement reduces the PIA by 5/9 of 1% for every month, up to 36 months early. That works out to 6.67% per year. If early retirement benefits start more than 36 months early, each additional month will reduce the benefit by 5/12 of 1%. That works out to 5% per year.

Here’s an example. Suppose a prospective retiree’s normal retirement age is 66. He decides to take early retirement at age 62. Say also that the normal benefit works out to be $1,600 per month at age 66. The benefit percentage will be reduced for each month of the four years that the benefit is starting early. The reduction is 20% (36 months times 5/9 of 1%) plus 5% (12 months times 5/12 of 1%). The monthly benefit will be $1,200—a reduction of 25% of the normal retirement benefit.

So does it make sense to take early retirement benefits from a total payout perspective? It depends on life expectancy.

Consider the early retirement benefit example just discussed. The full retirement benefit at age 66 is $1,600/month. The early retirement benefit at age 62 is $1,200/month. Let’s also assume that life expectancy for this retiree is age 87—25 years after the early retirement benefit begins.

If early retirement benefits begin at age 66, the total retirement benefits paid will be $360,000 (300 months times $1,200/month). If the retiree waits to age 66, the total amount of benefits paid will be $403,200 (252 months times $1,600/month). The total payout is substantially higher if the retiree waits until full retirement age.

Think About It is written by Stephan R. Leimberg, JD, CLU and co-authored by Linas Sudzius June 2009

Social Security

Did you know there are some key things you should know about receiving your Social Security Benefits? Is it smart to wait a few years before you request your benefits? Can you make a lot more money by waiting?

Can you really make an additional 300 or 400 dollars a month? YES, it’s possible! If you are about to receive your payments or if you are receiving them right now, you need to talk to our trusted advisors. You can increase your payment amount by 8% a year if you have a great strategy. You need every dollar you can get. You have worked hard to earn this payout and there are just a few simple things that you should know about right now. We look forward to helping you with this new information. What are you waiting for? Get informed NOW!

Did you know there are some key things you should know about receiving your Social Security Benefits?Is it smart to wait a few years before you request your benefits? Can you make a lot more money by waiting? Can you really make an additional 300 or 400 dollars a month? YES, it’s possible!

If you are about to receive your payments or if you are receiving them right now, you need to talk to our trusted advisers. You can increase your payment amount by 8% a year if you have a great strategy.You need every dollar you can get. You have worked hard to earn this payout and there are just a few simple things that you should know about right now. We look forward to helping you with this new information. What are you waiting for? Get informed NOW!

Term Life Insurance

Term life insurance is designed for individuals with a temporary need for coverage.

Term life insurance is designed for individuals with a temporary need for coverage. It pays a benefit only if you die while the policy is in force , and it offers the most initial protections for the least amount of premium. Over time, permanent insurance is more cost-effective.

There are basically 2 kinds of term life insurance policies:

  • Level term – Provides a level death benefit for a specified period of years [ usually 5,10,15 and 20 years], at a guaranteed level premium.
  • Annually renewed Term – Provides a level death benefit for a specified period of years Premiums increase every year.

For specified period of time, most term policies can be converted to permanent insurance regardless of your insurability.