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Today's FAQ's pertaining to the Life Insurance and Annuity Industry.

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How much money is enough for retirement?

Posted by info@igoquote.com on May 30, 2017 at 10:50 AM Comments comments (131)

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Do you have enough money saved up for retirement? How much money is enough for retirement? Both of these questions must be running through your head. You really may or may not have enough money saved up in reality. When the time comes for a retirement plan, you do not want to be too short in money. You would rather have more than enough money that will last you a long time. Saving for retirement is the most crucial thing you can do. It is better to start now than later.

As mentioned before, The earlier you start the better. You can start off your retirement plan with your employer’s 401(k) plan to either an IRA (Individual Retirement Account). Keep in mind, the most important factors to consider when choosing a right plan for you are your retirement age, life expectancy, annual living expenses, total savings and required savings to live a comfortable retirement.

As you can see, planning for retirement can be difficult and time consuming, but here at IGoQuote we make retirement planning seem easy.

If you’re interested in learning more about LIRP (Life Insurance Retirement Planning) feel free to contact us at IGoQuote.

Written By Ankita Prajapati

What happens to your Student Loan when you die?

Posted by info@igoquote.com on May 22, 2017 at 1:55 PM Comments comments (1)

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I’m one year away from graduating college and joining the real world and the very thought scares me. But its come across to me (and I believe many people my age), what is the best steps to make after graduating? Do I move in with my parents? Should I attempt to pay my college loans as quick as possible? But one thing people forget about so often is life insurance and the benefits of getting it early. Below I’ll just give you two reasons that I believe will help you better understand how getting life insurance early on can help you down the long road.

The joints start to hurt every so often, you are exhausted after running a mile when the younger you used to do 3 just for high school sports. But I guess that is just life, we will never actually stay forever young (even though Alphaville sang that sweet song). Once you get over that awful realization, it’s the best time to think of things to get while young and healthy and one of them is Life Insurance. Think about it like this, if your dad was to apply for life insurance at the same time as you, who would be in better shape and live longer? I would hope you since you probably got close to 20 years on him in age. Life insurance prices are normally the best for adults in their 20s, so even though you aren’t making nearly as much as you thought you would in college, it would be better then waiting until you are in your 30s.

College debts. It’s a scary thought and we don’t really want to pay them, but it could be worse. If you were to pass away without finishing the payments to that debt, then it is carried over to the co-signers which in my case (and many others) is my parents. Getting life insurance earlier on allows you to build something for the unfortunate chance that you need to pay off any loans in result of your passing. And if that isn’t enough motive for you, if you have a better policy it could even possibly leave some people money that isn’t taxed! Don’t over look this reason because you think that “you have time” because there is one thing I can guarantee you that happens to everyone, and that is death.

So I’ve spoken and I’ve tried to persuade, but none of that makes a difference if you don’t make the first move yourself. Take the information that I have given you and think on the topic. Even though your young and have money to invest anywhere else, take a second and invest in yourself.

Written by Joao Almeida

Contact us at IGoQuote for more information.

I'm single with no children. Do I need Life Insurance?

Posted by info@igoquote.com on April 17, 2017 at 10:35 PM Comments comments (7)

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I have heard this question inredibly often while attending various parties and sporting events and now is a good time to address the pro's and con's of purchasing Life Insurance as a single individual with no children.

The main concern from most of these individuals seems to be that life insurance is not as important to purchase because at this stage in their life, they are only responsible for themselves. This can seem true on the outside, however, this is the best time to consider purchasing as much coverage as one can afford.

There are various reasons to consider purchasing life insurance now rather than later. If one's age is relatively under 30, they might be eligible fo a much more beneficial cost of coverage due to the lack of possible health risks which can in turn lower their premium. Another added effect is one's relationship status; as a single individual, one does not have the added expenses of providing for a possible family therefore making their disposable income much more available. 

Although, there can be some disadvantages to this. As a single individual, most likely under 30, some personal goals might seem to come first. Investing in property that could grow in value, paying off previous loans, or even personal expenses can seem to stop someone from purchasing life insurance. 

This information is for educational purposes only and if there are any questions regarding this topic along with further information:

Contact us at IGoQuote.com and speak with one of our experts. 

What type of Mortgage Insurance should I buy?

Posted by info@igoquote.com on April 14, 2017 at 3:55 PM Comments comments (0)

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One of the most well used form of Life Insurance is to cover the Mortgage on your Home and/or Business. Typical uses are to protect the mortgage holder and their family from being subject to a payment which could be detrimental if they pass on the offer. Purchasing the insurance can end up paying off the loan at the bank or lender.

In recent years, Mortgage Protection Insurance has evolved to much more than just Term Insurance. Many people are utilizing Permanent Insurance and Return of Premium(ROP) Term Insurance. These choices allow not only for the protection against the loan but also provide cash back at the end of the loan term. In many cases, the bank may require Life Insurance as collateral for the loan but traditionally it is not mandatory. There are many solutions to Mortgage Protection Insurance. Be sure to speak to a qualified professional for best results.

Feel free to contact us at IGoQuote.

Business Owner Life Insurance

Posted by info@igoquote.com on April 14, 2017 at 3:40 PM Comments comments (1)

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In my experience Business Owners make up a demographic of individuals that have the most to gain and the most to lose when it comes to Life Insurance. Business owners have the most to lose because you have more than just your income to replace but potentially shares of company to replace.

For the business that has more than one owner this holds true in that if one owner of a business passes away. How will the family of that individual receive 50% of the value of the business. This is a common flaw in most partnerships as they do not have a funded plan for that contigency. The use of Life Insurance can insure the greaving family can be compensated appropriately and the surviving owner can be whole in their ownership of the company. Conversly, the major benefit of the Business Owner is that they have a vehicle that has mulitple options and benefits to their Profit and Loss Statement(P&L).

For more information reach out to one of our experts at IGoQuote.com

How much and why should I buy Life Insurance for my Child?

Posted by info@igoquote.com on April 14, 2017 at 3:25 PM Comments comments (7)

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Typically we think of Life Insurance for parents,business owners and the elderly. This is a common myth to think that a child should not have Life Insurance. Usually, because the child has no debt or responibilities. With that being said having Life Insurance on a minor is one of the best investments you could make for yourself and your loved one.

Here's why, the child is young and because of that the associated cost of insurance will be lower that someone middle aged or elderly. Secondly, you are guaranteeing their insurability. They will have this policy for the rest of their days if it is a permanent policy. The policy will have the opportunity to increase in Cash Value significantly until retirement making available a supplement to their retirement income.

Lastly, the control of the child's policy is managed by the premium payor. What that allows for is the ability to access the Cash Value and at the Premium Payor's discretion release the ownership of the policy to the child at a point in time in which they deam appropriate. This offers the greatest flexibility for many Premium Payor options.

If you would like more information on how to leverage this concept feel free to reach out to us at IGoQuote.

How can I invest more money for Retirement?

Posted by info@igoquote.com on April 14, 2017 at 3:10 PM Comments comments (7)

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For today's business owner retirement investing has become a challenge due to the compliance and participation rules. As a business owner you are held to the plan document rules in your 401k and/or Pension plan. It most cases it does not allow for you to discriminate any employee eligible to participate. Meaning, if you want add more to your account and less on behalf of an employee the plan document would not allow for it due to compliance regulations.

However, there is a way to contribute to a plan on your behalf without discriminating your staff. Life Insurance allows for contributions which grow tax deferred like a 401k and also allows for higher contributions. In some cases the Premium can be written off as a tax write off. This article is not legal or tax advice. Please refer to an attorney or CPA before investing.

If your interested in learning more about LIRP(Life Insurance Retirement Planning) feel free to contact us at IGoQuote.

Do I have to pay my child's student loan if they can't?

Posted by info@igoquote.com on April 14, 2017 at 3:05 PM Comments comments (7)

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We are at a point in our country that the price of tuition is greater than our mortgages. The thought of our child passing away and still have to pay the private student loan off is a reality. This topic is increasingly concerning and completely avoidable. Many do not contemplate when a parent co-signs for a College Tuition Loan they are responsible for the loan whether the student is here or not.

What are people doing to make sure they are not responsible for the payment if the student passes away? The solution comes in many forms of  Life Insurance to protect the primary and secondary borrowers. Keep in mind as with all Life Insurance, the choices are many and the benefits are flexible.

Be sure to reach out to us with any questions at IGoQuote.

How do I purchase Funeral Insurance or Final Expense Insurance?

Posted by info@igoquote.com on April 14, 2017 at 2:55 PM Comments comments (6)

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This subject usually arises when we or someone in our family is in their Golden Years of life. We tend to think about Life Insurance as a means to replace our income when we get married and have children. Unfortunately, many people do not have the assets to lay them to rest properly in retirement. Final Expense Insurance is a way to provide for your loved ones who are responible for your funeral expenses and outstanding debts.

A Final Expense policy can be purchased with and without a medical examination. Typical maximum ages are up to 80 years old. Some carriers and states may differ. Maximum face amounts of insurance usually in the amount of $25,000 or less. Most if not all policies have a form of Cash Value associated with them. Meaning as the policy matures cash builds up inside the policy. This can be accessed in most cases. Please refer to your policy for details.

If you need assistance with a quote or information feel free to contact us at IGoQuote.

How can I get more FAFSA College Aid?

Posted by info@igoquote.com on April 14, 2017 at 2:10 PM Comments comments (13)

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One of the most difficult challenges in recent years facing our country is funding college tuition. As college and secondary education costs rise the availablility of government subsidies decreases every year. Due to stricter rules and less funds available it has become increasingly difficult to get approved for government assistance. Pell Grants are more difficult to get as a result as well.

What is the solution? As a part of your application for Free Application for Federal Student Aid (FAFSA) you are required to report your earnings, assets and another other investments. Life insurance in your portfolio is part of a solution to help you qualify for additional government assistance. We can show you a way to utilize the Cash Value of a Permanent Policy to help you offset the Total assets reported.

Feel free to inquire for an IGoQuote for more information.

My Divorce requires me to have Life Insurance

Posted by info@igoquote.com on April 14, 2017 at 1:45 PM Comments comments (8)

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This is a touchy subject for many couples. I have found over the years that in many cases it is mandated by the courts for one or both parties to maintain or purchase life insurance for the benefit of the other. This does not come without trepidation. Since the parties are getting divorced it is an emotional purchase due to the nature of the circumstances.

However, there is a silver lining in the  purchase of life insurance with the advent of Return of Premium(ROP) Life Insurance. It allows for the Owner of the policy to recoup partial or all of the Premium paid into the policy at designated time. If the ROP Term insurance policy is held to term ie..a 30year term policy paid for 30years the Owner will receive a check for every penny they paid into it. This is a way to make the requirement much easier emotionally along with the financial benefit at the end of the Term.

Feel free to contact us for an IGoQuote.

Can I get life insurance without a physical?

Posted by info@igoquote.com on April 14, 2017 at 1:35 PM Comments comments (1)

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There is a new paradym shift in our industy from the way we traditionally underwrite life insurance. Due to the technilogical advances we are now able to offer clients a way to obtain Life insurance without a medical exam or medical records.

Predictive analytics is a process by which the insurance company will take data from different sources along with statistical information from years past to make an offer to you for coverage. Sources such as your driving record,medications taken and your history of doctors visits along with the questionarre completed in the application determines whether an offer can be made. With these innovations in our industry it has made it possible for a client to apply Online and obtain offers in as little as 30 minutes.

For more information feel free to request an IGoQuote

Can I get life insurance with medical issues?

Posted by info@igoquote.com on April 14, 2017 at 1:30 PM Comments comments (9)

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This is one of the main questions I receive on a daily basis. Can I get life insurance with a serious medical condition. The answer is yes!. Depending on a number of factors you can qualify for different types of coverage.

For example if you are a diabetic and your A1C levels are controlled. You can qualify for a Standard rate with some carriers because of a term called Table Shaving. Which means you will be given a better classification due to their underwriting guidelines. If you have had cancer or heart issues you may qualify for a final expense policy which typically is 25,000 of benefit or less on a guaranteed basis.

If you would like more information feel free to reach us IGoQuote. 

How many people own Life Insurance?

Posted by info@igoquote.com on March 30, 2017 at 10:45 PM Comments comments (5)

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Sixty percent of all people in the United States were covered by some type of life insurance in 2015, according to LIMRA’s 2016 Insurance Barometer Study. Other findings from the study include:

Thirty-four percent of Americans say they are likely to purchase a life insurance policy within the next year.

Sixty-six percent of consumers say they are at least somewhat likely to recommend ownership of life insurance to others, an increase of 11 percentage points over last year. Nearly 9 in 10 consumers (86 percent) agree that most people need life insurance.

Fifty-one percent of Millennials and 30 percent of people overall are very or extremely likely to consider wearing an activity tracker and share those results with a life insurance company in return for financial rewards for healthy behaviors; the number more than doubles (to 65 percent) when considering consumers who already use an activity tracker.

For additional information contact us at IGoQuote.