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Of all the different types of insurance life insurance has a kind of taboo surrounding it—after all you have to die to use it. That’s not an attractive incentive to make you want to go out and get a life insurance policy. For such a vital necessity it has a bad image but life insurance plays a huge part in your financial security and the legacy you leave behind.

Life insurance is not just for old people. Everyone needs life insurance because unexpected things happen and, in fact, life insurance is even more important for young parents with underage children at home than it is for older individuals and it is those same people who are likely to put off getting life insurance because they aren’t expecting to leave this earth anytime soon. Without a solid life insurance policy you are leaving your young children at risk of having nothing to support them, or to help those you leave in charge give them the care you would want them to have.

Young adults are also likely to have higher debt loads than older retired people. Mortgages, credit cards, car loans, all add to the debt that goes far beyond the simple costs of burial. Life insurance can help your children, no matter what age, or your spouse pay off those debts, keep the assets you leave behind for them, and provide you the proper resting place as well.

Young professionals are often of the mistaken belief that the life insurance their company provides for them will be enough. Perhaps it will be enough to bury them but it usually isn’t an amount far above that if even enough to cover basic expenses. The average funeral costs including are astronomical and quickly strip any savings, and small policy held. Elderly individuals think they are safe enough with what the government will pay their families but that is nowhere near enough to pay for just their funeral costs.

Life insurance is even better than personal savings for your loved one’s security. Life insurance is tax free where your other assets will be charged an inheritance tax.

What To Consider When Purchasing Your Policy

Life insurance should do more than just bury you; it should replace the lost income your family may rely on in case of tragedy. It is advisable to consider all outstanding debts, as well as an average of 10 year’s salary when thinking about the value you need.

Consider the bind your spouse will be in if they lose your income on top of your presence. Life insurance protects them from the financial devastation of losing their home and their ability to protect themselves and your children from financial disaster at a time when they are emotionally raw and scared.

If your children are under eighteen think about the costs of raising them as well as providing them with college educations. These should all be a part of what your life insurance covers beyond your savings. It is also a good idea to consider what you want to leave your children as an inheritance. If you do not have a substantial savings to pass along a life insurance policy can give your loved ones left behind a provision to help them and be a legacy for you.

Your life insurance agent can help you prepare a fitting policy that will protect your family and take care of all of your final expenses. Life insurance isn’t a scary subject. It is a life-jacket for your family left behind. Accidents happen and tragedy strikes. Ignoring those possibilities is taking the chance on your family’s survival.
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Given the dizzying complexity of the American Industrial Healthcare System, it’s easy for even highly educated people to feel overwhelmed by their options. Here are some savvy and somewhat counterintuitive ideas to help with your health insurance search.

First, did you know that you may be entitled to what’s known as a “Free Look” for certain healthcare plans? This means that you can test-drive your coverage, much as you would test-drive a car. Of course, not all healthcare plans come with a free look option, but you may not know such an option exists unless you ask. You’re generally allowed between one week and a month to test your plan, but you should read over the rules and restrictions of the free look option carefully. If you violate any of the codicils in your contract, you may be stuck with your plan, even if you decide you don’t really like it.

Sign up for a health savings account (HSA). This account allows you to stow away money to pay for doctor’s visits and other medical expenses in a tax shelter. The HSA can function as a de facto retirement account. After you hit the ripe age of 65, you can withdraw the money you have stored up to assist with your retirement budget. The best way to make an HSA work, according to specialists, is to opt for a high-deductible, low monthly premium plan. Of course, if you have special medical conditions or if you are pregnant (or about to be pregnant), a high-deductible, low premium plan probably isn’t the smartest way to go.

This brings us to another important idea: pick a plan that matches your medical and lifestyle needs. If you are middle aged or elderly, and you don’t see much potential for income growth in the future, get a plan that allows you to see specialists and that covers prescription drugs to the hilt. Aim for lower co-payments and the ability to see diverse specialists in relevant medical fields. If, on the other hand, you are a young, relatively healthy single male, opt for a plan that covers only catastrophic medical contingencies. For instance, get a plan that boasts low monthly premiums and will protect you if you get hurt in a car accident or end up in the emergency room.

Believe it or not, some providers allow you to negotiate the price and array of coverage options. Talk to your potential insurers about their preferred pricing programs, (particularly vis-à-vis prescription plans). You can save money by opting for generic prescription coverage. Your insurer may also suggest appropriate plans for your lifestyle.

Consider using a broker. Given the myriad options out there — including indemnity insurance, HMO coverage, PPO coverage, and POS (point of service) plans, it may behoove you to work with a specialist to home in on the best plans the market has to offer. Not all healthcare insurance brokers are created equal. Trust the National Association of Insurance Underwriters to vet potential brokers for you.

Determine your priorities before shopping plans and pricing options. Are you married and ready to start having children? Do you have any pre-existing conditions or potential health problems that might make it more difficult for you to get coverage? Can you count on a corporation or other private entity to fund or even partially fund your insurance payments? Do you qualify for government assistance with healthcare? Are you concerned about getting preventative coverage? Do you want to keep your current physicians in your covered network? Are you planning to move to another city in the next two years?

Get your answers straight to all the above questions. Browse online insurance help sites and community forums regarding coverage. The more specifically you know your needs and the potential pitfalls you might encounter when shopping for insurance, the faster and easier your search will be.

Be aware that the evidence of a “pre-existing condition” — even a minor one — can make it very difficult for you to get insurance on your own. For instance, let’s say that you were diagnosed with carpal tunnel syndrome four years ago, and you went to a chiropractor 12 times to get therapy to resolve the condition. If your insurer-to-be discovers that you had this treatment — even if you’re perfectly healthy today — you may be penalized or otherwise denied coverage.

Lastly, remember that it’s impossible to determine an absolutely optimal healthcare coverage program. At the end of the day, you can only guess what will be best for you in the future. Do what you can to get the best coverage for your needs, but don’t drive yourself crazy trying to optimize your cost-benefit calculus. Just make sure you have the basics covered — particularly emergency care — and spend your time and energy keeping yourself and your family healthy.

Goebelt Insurance is a leading provider of health insurance from Blue Cross Blue Shielf of North Carolina.  Visit us today for a free rate quote from BCBSNC and information to help secure the health of your loved ones.