Simply Insurance

Blog

  • Hazard Insurance vs Homeowners Insurance + Tips!

    Trying to navigate the purchase of a home can be very complicated.

    Especially when the mortgage company brings up the words Hazard Insurance.

    But here’s the thing:

    Learning the difference between hazard insurance and homeowners insurance isn’t that complicated and by the time you finish this article, you will be a semi-pro at it.

    In this post today, I will go over the differences and similarities of hazard insurance vs homeowners insurance.

    Is Hazard Insurance The Same As Home Insurance?

    To take out a mortgage on a home, your mortgage provider will require you to purchase hazard insurance to protect your home against specific hazards.The reason people get the two mixed up is that the mortgage company only cares about the real home being protected.You can’t actually purchase Hazard coverage as a stand-alone policy, and it is not the same as a home insurance policy.However, it is a part of a homeowners insurance policy.

    Think of it like this:  If you purchase a laptop computer it comes with several parts included; the keyboard, the computer (motherboard, processor, etc.), the monitor (the screen), and the cd drive all in one.Once you remove the keyboard, you only have a monitor and a computer.If you remove the computer, you will only have a keyboard and a monitor, and finally, if you remove the monitor, you only have a keyboard and a computer.

    Each part alone doesn’t add up to much, but together they create a Laptop Computer.The Hazard part of a homeowners policy is all about coverage for your home and personal property if you suffer a covered loss.The other parts of a home insurance policy are liability, medical payments, loss of use, and other structures coverage.Together all of these parts of coverage make up a homeowners insurance policy.

    What Is Homeowners Insurance?

    Homeowners insurance in its purest form is protection against the loss of your physical home, personal property, and things around or attached to your home from specific perils.There are in total 8 different types of homeowners insurance, and they vary by the number of perils they offer coverage for and the type of homes they offer coverage for.The most common type of homeowners policy is known as an H03 policy, but we detail them all below:

    Policy

    Who Is It For

    Sub-Policies

    What’s Covered?

    HO-1-Basic Form

    Homeowners

    Hazard

    Damage to the structure of your home caused by 10 named perils

    HO-2-Broad Form

    Homeowners

    Hazard + Personal Property

    Damage to the structure of your home and personal property caused by 16 named perils

    HO-3-Special Form

    Homeowners

    Hazard + Personal Property + Liability + ALE

    Damage to the structure of your home and personal property caused by open perils, lawsuits filed against you, and the costs of temporary relocation

    HO-4-Tenant’s Form

    Renters

    Personal Property + Liability + ALE

    Damage to the structure of your home and personal property caused by open perils, lawsuits filed against you, and the costs of temporary relocation

    HO-5-Comprehensive Form

    Homeowners

    Hazard + Personal Property + Liability + ALE

    Damage to the structure of your home and personal property caused by open perils, protection against liability lawsuits, and the costs of temporary relocation.

    HO-6-Condo Form

    Condo/Co-Op owners

    Hazard + Personal Property + Liability + ALE

    Damage to certain parts of your home and personal property caused by 16 named perils, lawsuits filed against you, and the costs of temporary relocation

    HO-7-Mobile Home Form

    Mobile Home Owners

    Hazard + Personal Property + Liability + ALE

    Damage to the structure of your mobile home and personal property caused by 16 named perils, lawsuits filed against you, and the costs of temporary relocation.

    HO-8-Older Home Form

    Owners of old or historic/landmark homes

    Hazard + Personal Property + Liability + ALE

    Damage to the structure of your home and personal property caused by 16 named perils, lawsuits filed against you, and the costs of temporary relocation.

    Parts Of Coverage

    There are a total of around six different types of coverages, and they all serve their own purpose.Three specific coverages actually form the hazard portion of your home insurance policy, and these are:Dwelling Coverage – This covers the structure of your home, the roof, and foundation.Other Structures Coverage – This covers structures that aren’t connected to your home like a garage, shed, or dog house.Personal Property Coverage – This covers your personal items inside and outside of the home like clothes and personal electronics.The other coverages are:Loss Of Use Coverage – Coverage that kicks in if you are forced to live somewhere else because your home is uninhabitable due to a covered loss.Personal Liability Coverage – If someone is injured in your home and decides to sue you, this coverage would kick into action.Medical Payments Coverage – If a visitor to your home is injured in your home, this will cover their medical expenses.

    The Types Of Reimbursement

    There are two types of reimbursement that you can have when looking into a homeowners insurance policy.  The type of reimbursement you choose can ultimately affect the effectiveness of your policy.So:It is essential to understand which type you should have and how your policy works in general.These reimbursement methods are:

    Actual Cash Value (ACV) – These policies will be the most affordable and usually are required for older homes; however, they offer the smallest reimbursement for damages.This policy will only reimburse you for what your home or personal property was worth at the time the covered loss happened.For example:If you purchased a Laptop in 2015 for $3,000 and your home is burglarized, an ACV policy will only pay you what the Laptop is worth today, maybe $500 bucks if you are lucky.

    Replacement Cost Value (RCV) – These policies are going to be more expensive but will give you the most protection in making sure you don’t have to come out of pocket to cover expenses.This policy is going to reimburse you for the full cost to replace the item that was destroyed during a covered loss.Using the same example above, if you purchased a $3,000 laptop in 2015 and had a covered loss happen today, the RCV policy would give you the funds to replace the $3,000 laptop.

    What Is Hazard Insurance?

    Hazard insurance protects your physical house, other structures near or attached to your home, and your personal property from hazards covered by your policy.There are two different types of policies that determine which hazards are covered, they are called:

    Named Peril Policies

    These policies protect your home and personal property against 16 perils that are “named” in your policy, these include:

    • Fire Or Smoke
    • Lighning
    • Hail And Windstorms
    • Theft
    • Vandalism
    • Damage From Vehicles
    • Damage From Aircraft
    • Explosions
    • Riots And Civil Commotion
    • Volcanic Eruption
    • Accidental Discharge Or Overflow Of Water Or Steam
    • Falling Objects
    • Freezing Of Household Systems Like AC Or Heating
    • Accidental Damage From An Electrical Curent
    • Weight Of Ice, Snow, Or Sleet

    Open Peril Policies

    These policies protect your home from everything except the perils listed in your policy, these can include:

    • Earth Movement
    • Ordinance Of Law
    • Gradual Water Damage
    • Power Failure
    • Neglect
    • War
    • Nuclear Hazard
    • Intentional Loss
    • Government Action
    • Collapse Of Structures
    • Theft To Your House If Its Under Construction
    • Vandalism (If Home Is Vacant For More Than 60 Days)
    • Mold, Fungus, Or Wet Rot (Policy Specific)
    • Wear And Tear
    • Mechanical Breakdown
    • Smog, Rust, And Corrosion
    • Smoke From Industrial Operations
    • Discharge Or Seepage Of Pollutants
    • Birds, Vermin, Rodents, And Insects
    • Animals That You Own

    Earthquakes & Floods Not Included

    Two types of coverage you won’t find included in any type of homeowners policy will be coverage for earthquakes or floods.You will need to get separate coverage for those two types of loss.

    Taking Action

    Now that you understand that Hazard insurance is just a part of your homeowner’s insurance policy, it’s time to get covered.If you haven’t started the search, you should check out our Hippo Insurance Review.

    A recent study showed that over 70% of people don’t shop for their homeowner’s coverage, so don’t be part of that statistic.Hippo has one of the fastest processes for getting coverage and some of the most affordable rates in the industry.You can also get a home insurance quote in 60 seconds if you are ready.

  • How Many Pets Are In The World & The US?

    While we love our pets, there are still millions of them that don’t have a home, end up in a shelter, or worst, killed or euthanized. Discover pet statistics from America and around the world, ranging from things like pet population, pet ownership, pet shelters, most popular pets, and even pet adoption.

    Top Pet Statistics In America & The World: 

    • There are more than 900 million dogs and counting around the world 
    • Around 600 million cats are living on the planet today. 
    • 68% of American households own at least one pet. Up 12% since 1988.
    • About 6.5 million pets enter animal shelters nationwide every year in the U.S.
    • America has around 70 Million stray animals living in the country.
    • There are about 4 million cats and dogs adopted from shelters each year in the U.S.
    • About 1.5 million shelter animals are euthanized each year, around 670,000 dogs and 860,000 cats.
    • On Average, to own a dog or cat will cost you between $500 and $600 annually.
    • Just 2% of pet parents have purchased pet insurance in the U.S.
    • Only 20% of pet owners can afford to pay a $5,000 vet bill.

    Cat & Dog Population In The World

    How Many Dogs & Cats Are In The World?

    The current global dog population is estimated to be around 900 million and rising, with the global cat population coming in at about 600 million. Approximately 470 Million dogs are actually kept as pets, and around 370 million pet cats are in the world.

    Key Statistics:

    • There are more than 900 million dogs around the world and their numbers are growing. 
    • Around 600 million cats are living on the planet. 
    • More than 740 Million Dogs Live as unrestrained or free-ranging
    • Only 17–24% of dogs live as pets in developed countries
    • Over 470 million dogs are kept as pets around the world.
    • There are about 370 million pet cats living on this planet.
    • The world’s most balanced pet population is in Romania, 45% of their households own dogs and 45% owns cats.
    • The fastest growing dog population in the world can be found in India.
    • The highest number of small dogs per capita goes to Brazil
    • Saudi Arabia is the winner in regards to big dogs with 70% of their dog population belonging to larger breeds.

    Cat & Dog Ownership By Country

    The U.S. has the highest dog & cat population per capita. For every four people, there is one dog! There are more dogs or cats in some families than children, making them an integral part of the household. Below is a list of the top 10 cat and dog populations by country.

    Top 10 Dog Populations By Country

    COUNTRY

    POPULATION

    USA

    69,929,000

    China

    27,400,000

    Russia

    12,520,000

    Japan

    12,000,000

    Philippines

    11,600,000

    India

    10,200,000

    Argentina

    9,200,000

    United Kingdom

    9,000,000

    France

    7,570,000

    South Africa

    7,400,000

    Top 10 Cat Populations By Country

    COUNTRY

    POPULATION

    USA

    74,059,000

    China

    53,100,000

    Russia

    17,800,000

    Brazil

    12,466,000

    France

    11,480,000

    Germany

    8,200,000

    United Kingdom

    8,000,000

    Italy

    7,400,000

    Ukraine

    7,350,000

    Japan

    7,300,00

    Pet Ownership Stats In America

    How Many U.S. Households Own A Dog Or Cat?

    68% of U.S. households or over 85 Million families own at least one pet according to the 2019-2020 National Pet Owners Survey conducted by APPA (the American Pet Products Association).

    Key Statistics:

    • 68% of U.S. households own at least one pet. Up 12% since 1988.
    • American households own around 42.7 Million pet cats.
    • Dogs are owned at an average number of 1.6% per household.
    • Cats are owned at an average number of 1.8% per household. 
    • There are more than 77 million dogs in the U.S. 
    • More than 59 million cats live in America.

    How Many Pets Die From Food Poisoning In America?

    According to the FDA more than 70 pets that have died and more than 80 pets that are sick after eating Sportmix pet food. This comes at the beginning of 2021, hopefully this number won’t increase but we will keep it updated.

    Key Statistics:

    • In 2021 alone, more than 70 pets have died from being poisoned by eating pet food.  

    What Are The Most Popular Pets In America?

    Dogs are the most popular pet in the U.S. with over 48 Million of them being owned in over 63 Million households. 

    How Many U.S. Households Own a Pet?

    PET TYPE

    NUMBER OF HOUSEHOLDS OWNED

    Dogs

    63 Million

    Cats

    42 Million

    Freshwater Fish

    12 Million

    Birds

    6 Million

    Small Animals

    5 Million

    Reptiles

    5 Million

    Saltwater Fish

    2 Million

    Horses

    2 Million

    Are Cats Or Dogs The Most Popular Pet In America? (By State)

    In 2025 Dogs still turn out to be much more popular than pet cats with 45 out of the 50 states owning more dogs than cats. And just recently, the Hawaiian government updated their pet ownership percentage to that of 60% and the Municipality Of Anchorage, Alaska did a study that showed pet ownership to be 25.5% of the States population. The states of Montana, Arkansas, Mississippi, West Virginia, and Indiana have the highest dog ownership in the U.S.

    STATE

    TOTAL PET OWNERSHIP % 

    DOG OWNERSHIP % 

    CAT OWNERSHIP % 

    Alabama

    59.8%

    46.9%

    26.1%

    Alaska

    25.5%

    N/A

    N/A

    Arizona

    58.0%

    43%

    26.4%

    Arkansas

    69.0%

    51.6%

    34.8%

    California

    40.1%

    0%

    22.9%

    Colorado

    47.2%

    27.1%

    0%

    Connecticut

    49.9%

    24%

    26.7%

    DC

    21.9%

    N/A

    N/A

    Delaware

    57.9%

    42.2%

    24.1%

    Florida

    56.0%

    39.8%

    24.2%

    Georgia

    51.1%

    36.7%

    20.4%

    Hawaii

    60%

    N/A

    N/A

    Idaho

    69.9%

    33.3%

    34.4%

    Illinois

    48.6%

    32.4%

    21%

    Indiana

    69%

    49.4%

    37.5%

    Iowa

    59.4%

    36.3%

    35.6%

    Kansas

    62.8%

    43.1%

    32.4%

    Kentucky

    64.1%

    46.5%

    32.2%

    Louisiana

    54.4%

    38.3%

    19%

    Maine

    63.5%

    35.9%

    43.6%

    Maryland

    48.6%

    30.2%

    18.6%

    Massachusetts

    49.4%

    28.9%

    23.5%

    Michigan

    62.4%

    41.9%

    31.2%

    Minnesota

    54.0%

    35.5%

    26.5%

    Mississippi

    65.5%

    51%

    29.1%

    Missouri

    63.5%

    45.1%

    0%

    Montana

    61.9%

    51.9%

    22.8%

    Nebraska

    51.3%

    47.1%

    30.9%

    Nevada

    53.3%

    36.8%

    23.1%

    New Hampshire

    51.8%

    23.7%

    36.4%

    New Jersey

    47.4%

    29.1%

    18.9%

    New Mexico

    60.1%

    39.4%

    25.2%

    New York

    49.7%

    27%

    21.1%

    North Carolina

    58.6%

    41.3%

    26.5%

    North Dakota

    63.7%

    44.3%

    24.8%

    Ohio

    62.4%

    37.9%

    30.7%

    Oklahoma

    65.0%

    47.7%

    28.4%

    Oregon

    59.2%

    37.8%

    30%

    Pennsylvania

    60.6%

    38.9%

    28.9%

    Rhode Island

    45.4%

    25.8%

    16.7%

    South Carolina

    62.0%

    45.3%

    25.2%

    South Dakota

    46.4%

    32.1%

    26.6%

    Tennessee

    61.7%

    47%

    30.9%

    Texas

    58.2%

    43.4%

    20.5%

    Utah

    58.5%

    36.2%

    24.7%

    Vermont

    70.0%

    28.3%

    44.6%

    Virginia

    55.5%

    35.6%

    23.9%

    Washington

    62.7%

    42.8%

    30.5%

    West Virginia

    70.7%

    49.6%

    37.7%

    Wisconsin

    59.0%

    33.6%

    32.4%

    Wyoming

    71.8%

    36%

    30%

    Animal Shelter Statistics In America

    How Many Cats & Dogs Are In Shelters In The U.S.

    About 6.5 Million cats and dogs enter U.S. shelters every year; about 3.3 million are dogs, and 3.2 million are cats. While this is a considerable number, it is a decline from 7.2 million pets that entered shelters in 2011.

    Key Statistics:

    • About 6.5 million pets enter animal shelters nationwide every year in the U.S.
    • Around 3.3 million dogs will enter a shelter in the U.S. every year. 
    • Some 3.2 million cats will find themselves in a shelter in America every year. 
    • The number of cats and dogs going into shelters in the U.S. has declined from 7.2 million over the last 9 years.
    • The largest decrease in sheltered animals came from dogs, from 3.9 million to 3.3 million since 2011. 
    • There are about 3,500 animal shelters in the U.S.
    • It’s estimated that there are over 10,000 rescue groups and animal sanctuaries in the U.S. & Canada.
    • 25% of all the dogs in an animal shelter are Purebred. 
    • Humane organizations are spending about $2.5 Billion per year to help pets.
    • About 30 million people get a new pet every year. 

    Common Reasons Dogs Are Returned to the Shelter:

    • They become more expensive than the owner expected
    • The pet owner is allergic to the animal or has health issues
    • Destructive behaviors like destroying furniture
    • Being disobedient
    • Uncontrolled barking
    • Super hyper or too active
    • Being too aggressive with kids, other pets or family members. 

    How Many Dogs & Cats Get Euthanized In Shelters Each Year

    About 1.5 million cats and dogs get euthanized in a shelter every year. Around 670,000 dogs and 860,000 cats. This is a huge number, but it’s still down from 2.6 million pets being euthanized annually just 9 years ago.

    Key Statistics:

    • About 1.5 million shelter animals are euthanized each year, around 670,000 dogs and 860,000 cats. 
    • The number of pets being euthanized in American animal shelters has declined from 2.6 million since 2011.
    • About 20% of dogs entering a shelter are euthanized
    • 81% of people would prefer to have a “community cat” than to have it be euthanized. 
    • In 2019 there were 733,000 pets euthanized.
    • More Cats Are Put Down Than Dogs
    • Owners leave some 30% of their pets at a shelter. 
    • Americans are spending about $2 Billion a year on animal shelters.

    How Many Pets Get Adopted From Shelters Each Year

    Each Year close to 4 million pets are adopted from animal shelters (2 million dogs and 2 million for cats). About 620,000 dogs and 90,000 cats that enter shelters as strays are returned to their pet parents. 

    Key Statistics:

    • There are about 4 million cats and dogs adopted from shelters each year in the U.S.
    • About 48% of the dogs entering an animal shelter will be adopted.
    • About 50% of cats entering a shelter will be adopted. 
    • Around 23% of dogs that are adopted in America come from a shelter.
    • 1 in 10 pets adopted from an animal shelter won’t be in their adoptive homes after six months. 

    What Are The Most Popular Dog Breeds In Shelters?

    • American Pit Bull Terrier
    • Labrador Retriever
    • German Shepherd
    • Dachshund
    • Jack Russell
    • Chihuahua 
    • Boxer 
    • Beagle 
    • American Bulldog
    • American Staffordshire Terrier

    Stray Dog & Cat Statistics In The U.S.

    How Many Stray Cats & Dogs Are There In America?

    There are more than 70 million stray cats, dogs and animals living in the United States according to the Humane Society. Of those, only about 6 to 8 million of them will enter the 3,500 animal shelters a year.

    Key Statistics:

    • America has around 70 Million stray animals living in the country.
    • There are about 5 homeless animals for every 1 homeless person in the U.S.
    • As of 2018 there were about 58 million stray cats in America.
    • About 27% of the cats owned by people were first strays, this is down from 35% in 2012.
    • Only around 6% of the dogs owned by people were first strays. 
    • Some strays are pets that have been lost and not properly able to be identified. 

    How Many Stray Dogs & Cats Are There In The World?

    There are about 200 Million stray dogs in the world and about 70 Million stray cats in the world according to the World Health Organization. Of course, this is a strong estimate because it’s hard to come by the exact numbers. 

    Key Statistics:

    • More than 200 Million stray dogs exist in the world. 
    • Over 70 Million stray cats are in the world

    GET AN INSTANT LIFE INSURANCE QUOTE TODAY!

    Pet Insurance Statistics In America

    What Percentage Of Pet Owners Have Pet Insurance?

    Believe it or not, only 2% of pet owners have pet insurance on their pets in the United States. This means that only about 1.4 Million Dogs are covered and about 1.1 million cats are covered. We probably need to do much better than this to protect our furbabies. 

    Key Statistics:

    • Just 2% of pet parents have purchased pet insurance in the U.S. 
    • Only 20% of pet owners can afford to pay a $5,000 vet bill.
    • About 82% of dog owners are interested in pet health insurance.
    • Almost 10% of pet parents are shopping for pet insurance for a dog with a pre-existing condition
    • Almost 88% of the dogs who had pre-existing conditions were adults
    • Pet parents shopping for pet insurance who owned cats with pre-existing conditions was only around 12.27%
    • Around 92% of the cats that had pre-existing conditions were adults
    • In 2019 the number of pets insured was 2.2 million, down by around 1% from 2018.
    • In 2018 the number of pets insured were 2.43 million, up by over 17% from 2017
    • Dogs are the most covered with pet insurance with over 88% of in-force written premiums on them.
    • The first pet to be insured in the U.S. was the tv show dog Lassie.
    • Compared to the U.S. about 26% of dogs and cats in the U.K. are insured
    • Sweden takes the lead with over 90% of their cats and dogs being insured.
    • Pet insurance premiums in 2019 were $1.6 billion
    • The average policy cost was about $46.00 per month in 2019.

    Annual Cost Of Owning A Pet

    How Much Does It Cost To Own A Dog Or Cat?

    On average it’s going to initially cost you around $500 – $600 to adopt a cat or dog, get pet insurance, and handle any other initial medical costs. After that, you should look at around $500 – $600 per year for ongoing costs, which will vary based on the size of your pet and the brands they prefer.

    Key Statistics:

    • Average annual cost to own a cat or dog is between $500 to $600.00

    One Time Pet Expenses

    TYPE OF EXPENSE

    COST

    Adoption cost:

    Dog: $0 to $660 / Cat: $0 to $270

    Food:

    Dog: $30-$50 / Cat: $100-$200

    Startup supplies

    $50 to $300

    Vet and vaccinations:

    Dog: $50 to $300 / Cat: $100-$200

    Preventative medical

    $50-$100

    Spay or neuter:

    $20 to $300

    Licensing:

    Dog: $10 to $20 / Cat: $0 to $20

    Microchip:

    $50

    Total One-time Costs for Dogs:

    $260 to $1,780

    Total One-time Costs for Cats:

    $370 to $1,440

    Annual Pet Expenses

    TYPE OF EXPENSE

    COST

    Food:

    Dog: $250-$750 / Cat: $100-$200

    Annual medical exams:

    $50-$100 *

    Vaccinations:

    $10 to $100 *

    Preventative medical:

    $50-$100 *

    Litter:

    Cat: $200-$250

    Toys and Misc. supplies:

    $20-$100

    License:

    $0 to $20

    Pet Insurance

    $26 – $46

    Total Annual Cost for Dog:

    $406 to $1,216

    Total Annual Costs for Cats: 

    $456 to $916

    Taking Action

    Concluding Thoughts

    While it’s hard to give an exact number of dogs or cats living in the world, our goal was to help you better understand the pet population in the world and America.With so many pets going into shelters and so many uninsured pets, we have a lot of work to do. However, I think we have what it takes to lower the number of pets going into shelters and increase the number of adopted pets and insured pets.The most shocking statistic that we found was that there are over 1.5 million animals euthanized each year. We would love to see that number go down soon.

    Sources: 

    Wild Life Removal | Wikipedia | Modern Cat | World Population Review | American Pet Products | ASPCA | ASPCA Pet Insurance | AVMA |Daily Dog Stuff | Do Something | Humane Society | Insurance Information Institute | Insider | Lone Tree Vet | Money Under 30 | NPR | New York Times | One Green Planet | Pawlicy | Pet Coach | Pet Secure | Statista | The Guardian | The Spruce Pets | World Atlas |

  • How To Get Cheap Life Insurance Without A Medical Exam

    Don’t you hate when you buy something, and a few days later you see the same thing, for a much lower price?

    What if I told you that there is a way to get cheap life insurance the first time around and avoid the feeling of buyer’s remorse.

    Well, its true; Today, I am going to use the below list to teach you the most effective ways to get affordable life insurance now matter how you choose to buy it.

    cheap life insurance

    Should You Get Cheap Life Insurance?

    When I think of the words “cheap” life insurance I immediately get confused, I think, why would someone want something to be “cheap” when it’s concerning protecting their family? However; I think it’s that we want the best coverage and the most cost effective rate. With us looking at it that way; yes; it’s perfectly fine to get cheap life insurance because it’s better to get a policy you can afford and keep.

    How Much Is Cheap Life Insurance? 

    Cheap life insurance costs as little as $10 to $20 per month for a healthy 25-year-old buying a 20-year term policy with $250,000 in coverage. Rates depend on age, health, and coverage amount, but young healthy applicants usually qualify for the lowest premiums.

    How To Get Cheap Life Insurance Without A Medical Exam

    When I think of the words “cheap” life insurance I immediately get confused, I think, why would someone want something to be “cheap” when it’s concerning protecting their family? However; I think it’s that we want the best coverage and the most cost effective rate. With us looking at it that way; yes; it’s perfectly fine to get cheap life insurance because it’s better to get a policy you can afford and keep.

    1. Buy Your Life Insurance Online

    Buying directly online is going to be one of the easiest ways to get the most competitive price, I even wrote a post that’s all about why you should buy term life insurance online.

    The reason that getting life insurance online is the best way to get low cost life insurance is that these companies usually don’t have large offices and administrative fees.

    Since its all done online, they also can speed up the process of buying insurance and avoid transferring the cost to the insured.  

    This allows for them to start off offering much lower rates.

    So, how do you buy life insurance online for cheap:

    Search For Reviews

    Reviews will always give you a solid understanding of how each company works and which will be best for you.

    Get Quotes:

    Once you find out which carrier you would like, you can go directly to the carriers website or third party sites like simply insurance and get a term life insurance quote.

    Apply Online:

    Once you have reviewed your quotes, go ahead and apply online for no medical exam life insurance, most of these applications take either 20 minutes or less, and some of them can get you covered immediately.  Getting life insurance online is one of the best ways to get affordable life insurance.   The application process is much faster, and usually, the rates are the lowest.

    2. Buy More Coverage In The Beginning

    This might sound counterproductive, however, I can assure you it is probably one of the best-kept secrets that aren’t meant to be a secret. Life insurance is priced out at a cost per thousand.  What happens is that the more coverage you purchase, the lower the cost per thousand, in some instances a $75,000 policy can cost you more than a $100,000 policy mainly because of the rates per thousand decrease at $100,000.

    Get Multiple Quotes:

    You want to get multiple quotes In $50,000 increments, the reason you want to do this is that the prices per thousand can change at either $50,000 or $100,000 coverage markers.

    3. Lose Some Weight

    This is always a great option because insurance companies use weight charts to help determine what your rates will become.  

    You can have the best health.

    However, if you are few pounds overweight, an insurance company could take you from a preferred health rating to a standard rating simply because of your weight.

    So, how can you lose a few pounds:

    Find Out How Many Calories You Are Eating A Day:

    This is an essential step because if you don’t know what you are putting into your body, all the actions you take to reverse it could be pointless.

    If you go to the gym every day and burn 100 calories, but you eat an extra 200 calories, you are still going to be over by 100 calories, and the weight won’t go away no matter how much you work out.

    You can use some of the apps below to help track your calories:

    • Fitbit
    • My Fitness Pal
    • Lose It

    Find Your Calorie-Burning Resting Rate:

    It’s important to know how many calories you burn just by sitting down; this will help calculate how many calories per week you are consuming.

    You can find calculators a few calculators here and here.

    Walk At A Brisk Pace For 45 Minutes Per Day:

    Walking every day is a great thing for your body, from losing weight to also putting less stress on your joints.  

    You will be amazed at the difference you will feel just from walking 4 to 5 times per week.

    Decrease Your Calorie Intake:

    This one is going to be hard.  I struggle with this aspect of losing weight daily. The easiest way to do this that I have found is to simply replace the things you love, with a lower calorie version. I love cookies, instead of buying Oreo’s or chocolate chip cookies, I buy Snack Wells, they come pre-packaged, and they limit my calorie intake.  

    4. Avoid Captive Agents

    Avoiding captive agents will help you find the lowest cost life insurance. Based mainly on the fact that captive agents only have one product to offer That’s the product of who they represent. You will just get the quotes from their one company and be bound by their underwriting guidelines.

    So, how can you avoid captive agents:

    Ask The Agent If They Are Captive:

    Ask the agent if they are captive or independent. This will be the easiest option. 

    Ask For Multiple Quotes:

    Ask the agent for quotes from multiple companies. If the agent can only quote you one carrier, then they are captive.  You won’t find an Independent Agent with only one carrier to offer.

    GET AN INSTANT LIFE INSURANCE QUOTE TODAY!

    5. Go Shopping – Give No Personal Info

    Shopping around is also how you find the best life insurance rates.

    I have a post about how to get term life insurance quotes online without personal information.

    When you are shopping for cheap term life insurance online, you want to know precisely the type of coverage, term length and amount of coverage you want so that all things are equal.

    So how do you shop without giving personal info:

    Use The Right Search Terms:

    Search in google with terms like “term life insurance quotes without personal information” or “life insurance with no personal information.“

    No Required Personal Information:

    If an email address or name is required, go to another site, your goal is to avoid phone calls and emails until you are ready to buy.

    Write All Rates Down:

    Write down the rates for each company on a spreadsheet and compare.

    6. Get Term Life Insurance

    Term life insurance is the only product you should buy when thinking about the most cost effective life insurance.  Term life insurance is the most affordable of all the insurance products.

    We had several experts weigh in on the term vs whole life insurance question, and they all agree, term life is the most affordable. The quick and fast about term life is that your rates get locked in based on the term option you choose.  

    If you select a 10 Year term, your rates are locked in for 10 years.  The longer the term length, the higher the price will be. These policies do not build cash value and are always substantially cheaper than whole life insurance. So, how do you purchase term life insurance: 

    Shop Online:

    Use the tools above that we discussed and just do the shopping all online. 

    Independent Agent:

    Reach out to an independent agent but be sure to review them and ask as many questions as possible.  Feel free to request access to their online license portal as well.

    External Quote Sites:

    Use external quote sites like Nerd Wallet or Policygenius, but remember, don’t give your email, name or phone number.

    7. Keep Your Driving Record Clean

    One of the reports that get run when you buy life insurance is your Motor Vehicle Report.   Oddly enough I have seen this ruin even the healthiest person’s chance of getting covered.

    Insurance companies have to handle risk, and one way to manage that risk is to see if you are a “Crazy” driver.   Do you have loads of speeding tickets, do you have a DUI or DWI, is your license on suspension?

    I have seen people get declined simply because their license is suspended, it could have been for any reason. Some companies just can’t issue you an insurance policy if your license gets suspended. So, how do you keep your driving record clean:

    Don’t Drive Drunk:

    I am not a fan of things like Uber and Lyft, but if you have to use them, it’s better than driving while drunk.

    Don’t Speed:

    Speeding is very easy to do when you have somewhere to be, but according to LifeHacker, you don’t save any time by going faster unless it’s on a road trip, so speeding really isn’t worth the risk.

    Pay Parking Tickets:

    I know you are mad you got a parking ticket, but this is a huge reason people are getting their license suspended. Your fees for so many parking tickets have racked up, or you just ignored it, and over time the courts went to stage 2 which is suspending your license.  Let’s avoid this and pay those tickets or fight them in court.

    8. Pay Premiums Annually

    There are a few different payment options available when you decide to buy your life insurance.  

    • Monthly – Billed on a Monthly Basis
    • Quarterly – Billed Every Three Months
    • Semi-Annually – Billed Every Six Months
    • Annually – Billed Every 12 Months

    Just like with other insurance products, by paying up front for everything you can get some great savings.

    So, how do you setup annual payments:

    Online Method:

    When you purchase your life insurance before you check out, choose the annual payment method.

    Working With An Agent:

    Be sure to mention you would like rates for annual payments and set up Monthly Bank Draft Annually.

    9. Say “No” To Riders

    Riders are additional policy benefits that you can pay an additional fee for extra coverage benefits.  

    Some of the most common riders are:

    Child Term Rider:

    A Rider to add your kids who are under the age of 18 to your policy for usually one firm price for all kids.

    Accelerated Death Benefit:

    A rider that will accelerate the death benefit if you are diagnosed with certain, chronic, terminal or critical illnesses.

    Long-Term Care Rider:

    A rider with Long Term Care Benefits attached.

    Waiver Of Premium Rider:

    Usually only seen on whole life policies, this benefit will waive premium payments if you are no longer able to pay them for a specific list of reasons.

    Accidental Death Benefit:

    This is a rider that pays an additional benefit if you pass away from an accident. You can also purchase an Accidental Death insurance policy separate.

    Return of Premium Rider:

    The return of premium rider when attached will return all premiums paid into the policy at the end of the term.   Just like Accidental Death, the Return of Premium Policy also can be purchased separately. So, how do you know if a rider is free or cost extra:

    Get A Copy Of The Sample Policy:

    Ask your agent or the company for a copy of the Sample Policy. A Sample Policy is a “Sample” of what your policy would look like once you purchase it. It will have all the policy specifics about the specific plan and if there are any additional costs. When you look at the sample policy it will let you know if any benefits have been added at an additional cost or if it is included in your policy.

    10. Take The Exam Option

    You will get the best price if you choose the route that will require a medical exam.

    This is because you have given them your blood to run whatever tests to determine your actual health.  

    Since you are giving them the best possibility to assess your health, you will qualify for the lowest rates.

    This option, however, can be a double-edged sword.  

    If the results come back that you are prediabetic, your rates could skyrocket and could have been much more affordable had you decided not to complete the exam.

    If you really need to have the cheapest life insurance, the exam option should be number 1 on your list.

    So, how do you prepare for a medical exam?

    Don’t Eat The Night Before Or The Morning Of:

    It never fails when a customer is upset with their exam outcome or getting approved other than applied because their blood work was showing something abnormal or close to a specific range.  

    If you eat the night before or the morning of, you can make your blood sugar or blood pressure seem higher than usual.

    Send Your Pets & Kids To Their Room:

    The examiner will need to have a clutter-free space to write and complete your exam as well as space to draw your blood. 

    Drink Coffee:

    You can drink coffee the morning of, this will give you some ammunition for the HOS – Home Office Specimen (Urine Sample) that they will need.

    Prepare For The Needles:

    They have to take your blood, there is no way around this part.  Please remember this before scheduling an exam.

    Don’t Reschedule:

    The longer this process takes, the longer it will be before you are approved. Also, it might be another week before the examiner’s schedule allows them to come back out to you.

    11. Buy When You Are Young

    Buying young will not be an option for everyone, but if you are 18, 25, or 35 you need to stop reading at this point and get covered now.  

    Seriously… Go get covered.

    Age is one of those primary areas that have the largest factor in your pricing.  

    If you want life insurance on the cheap, then you have to buy it when you are at the youngest age and for the longest term you can get.  

    When you are younger, you are usually in the best health; you have a long life to live and insurance companies really love you.

    We have found that no exam life insurance is the best life insurance for young adults.

    Look at the price differences for the same exact coverage if you purchased a policy right now:

    Affordable Term Life Insurance Sample Rates

    *Monthly rates are based on a 30 Year Term, non-smoking male in perfect health

    AGE

    $250,000

    $500,000

    20 Years Old

    $18.92

    $31.00

    30 Years Old

    $20.58

    $33.92

    40 Years Old

    $30.17

    $53.92

    45 Years Old

    $46.00

    $86.00

    Notice that with nothing changing but your age, the rates change dramatically.  

    You want to avoid this if you are looking for the most affordable life insurance by getting covered when younger.  

    On another note, the same is also true about health insurance premiums.  The younger you are the lower your premiums will be when you purchase coverage.

    12. Free Credit Union Coverage

    If you have a Credit Union, I know you have received that Free $2,000 in I think Accidental Death coverage that they offer.  

    Be sure to take them up on that, when it comes to insurance, no matter who you are.  

    You can never have enough.

    So, how do you find the credit union coverage?

    Check Your Mail (Sorry… I Know):

    The hard part about coverage from the credit union is that it will come in the mail.   You have to make sure not to throw it away because it really looks like spam mail.  I know most of us probably forgot we had a mailbox; however, they still do exist.

    13. Don’t Take Unnecessary Medications

    I have found that people often try medications that their doctors prescribe, without a second opinion and without questioning your doctor.  We also get in the habit of “Trying Prescriptions,” trust me, only take what you need.

    According to Worst Pills, in 2003, an estimated 3.4 billion prescriptions were filled in retail drugstores and by mail order in the United States. That averages out to 11.7 prescriptions per person, and some prescriptions that were written, weren’t even filled.

    The type of medications that you take is going to be part of your medical underwriting.

    The more prescriptions you have filled related to specific medical conditions the harder it can be to get insured, and the higher probability of more expensive rates.  Always get a second opinion about any prescription.

    14. Save Your Age

    A significant benefit that will allow you to take your life insurance and get it even cheaper is the “Save Age” feature.  

    If your birthday was Jan 21st and it is now June 19th when you decide to get a quote.  

    You would now be one year older, and your rates would, of course, go up due to your age.  

    This is where the Save Age kicks in; it allows you to go back to the age you previously were (usually this only goes back six (6) months) before your birthday.

    However, you will have to make up the monthly payments all at once.

    Below is a diagram of how the “Save Age” feature would work:

    AGE

    $500,000

    Annual Cost

    End Of Term Cost

    Current Age: 45

    $86.00

    $1,032.00

    $30,960.00

    Save Age: 44

    $78.50

    $942.00

    $28,260.00

    Total Savings If You Use Save Age Feature:

    $2,700.00

    15. Stay Out Of Bankruptcy

    I am sure that you are going to be looking for low cost life insurance after a bankruptcy, but the most important thing is to stay away from it all together.

    It might seem strange that bankruptcy has anything to do with qualifying for life insurance.

    However, this is sort of risk the insurance companies view and they will probably rate you up based on how many years you have remaining in the bankruptcy or in general just for having one.

    So how do you avoid bankruptcy:

    Get A Certified Financial Planner (CFP) – Like my friend Rita Cheng over at Blue Ocean Global Wealth.

    Get Personal Finance Advice from my friend Barbara Friedberg from her personal finance blog.

    Get Out Of Debt By Following The Below Blogs:

    • Club Thrifty
    • Making Sense of Cents
    • Debt Free Guys
    • My Money Chronicles
    • Beat Student Loans

    Build Your Credit By Following The Below Blog:

    • Fin Masters

    Use Your Credit By Following The Below Blog:

    My friend Brian suggests using survey sites in his My Millennial Guide post or even using apps to help create additional income.  Whatever you do, stay away from bankruptcy if you want the most affordable life rates possible.

    16. Don’t Smoke

    There is no easy, calm, or nice way to say this, no matter how many ways you look at it, smoking is Bad. On my way from a Trip to Mexico in the airport I ran across a pack of cigarettes that had a label that looked like the image to the right. Outside of the warning, you are probably looking at an easy 80% difference in pricing for being a smoker, just check out the chart below:

    AGE

    NON-TOBACCO

    TOBACCO

    25 Years Old

    $12.88/month

    $39.33/month

    30 Years Old

    $13.08/month

    $45.79/month

    35 Years Old

    $13.50/month

    $53.92/month

    40 Years Old

    $18.50/month

    $76.21/month

    45 Years Old

    $27.88/month

    $112.25/month

    50 Years Old

    $41.42/month

    $168.08/month

    *Rates are based on a male in perfect health needing a 20 Year $250,000 Policy

    In other words, smoking is going to cost you in multiple ways, it’s going to cost you with your health, it’s going to cost you “per pack,” and it’s going to cost you in your insurance rates.

    There is no way you can expect low life insurance rates if you are a smoker, even if you follow all of these useful ways you will still end up paying considerably more.

    According to Gordon at American Term, If you quit smoking for 12 months some insurance carriers will rate you as a non-tobacco user so make that your goal.

    So, how can you stop smoking:

    Quit Cold Turkey:

    Plenty of people find this to be the easiest way, there seems to be a movement for quitting this way as well.   Everyone won’t be strong enough to go this route, but don’t worry, there are other options 

    Join A Support Group:

    Joining a support group for anything is always a great option, especially with smoking.   You will need to be able to call on someone when you face a smoking trigger or if you get the urge to slack on your road to recovery. 

    Get Supplemental Insurance:

    There are several places you can get cancer insurance from, especially if you are a working professional. This extra coverage can come in handy if you are ever diagnosed with cancer.

    17. Stay Out Of Jail & Prison

    Jail is another one of those odd areas.  

    If you are currently in prison or jail, no one can take out life insurance on you.  

    If you are currently on probation or parole, you can’t get life insurance.  

    The risk is too high for an insurance company to take if you are currently in jail, or possess the ability to end up back in prison by a violation of your probation or parole.

    Your rates can be higher if you have records showing that you live a risky life involving things that can get you arrested.

    If you want to get reasonably priced life insurance you need to stay out of jail and prison.

    So, how do you stay out of jail:

    You need to learn the laws of the state and country you live in and just obey them… That’s it!

    18. Travel To Safe Places

    How you travel is important to a life insurance company.  

    They want to be assured that you aren’t going to be traveling to places that have:

    • Abnormally High Health Outbreaks
    • Economic Issues & Strife
    • High Murder Rates
    • Risk Of Death Due To Natural Disasters

    This might seem a bit harsh. However, the insurance companies are all about risk.  

    If you were born in a country with the above issues, the insurance company is going to want to know if you visit home and how often.  

    It’s one of the things that they have to consider, and if you travel to places like that often, it’s best to get your insurance first to understand how the policy works with your traveling.

    So, how do you know where it’s safe to travel:

    Travel Advisories:

    • U.S. Travel Advisories 

    19. Cut Out Adventure Sports

    Every Life insurance company is going to review what you do in your “Spare Time” and for your “Hobby.”

    If any of the things you do in your spare time or for a hobby include things like doing BMX or Racing or maybe even skydiving, you can expect your rates to be higher.

    Insurance companies don’t like anything risky.

    If you stop doing that dangerous hobby of yours, you definitely can get the life insurance you want for the cheapest price.

    If you can’t entirely kick the habit, then you need to shop around because each company is going to underwrite you differently based on their guidelines.

    So, what can you do instead of risky Hobbies:

    • Knitting
    • Watch Anime
    • Look At YouTube Videos Of Other People Doing Your Risky Hobby
    • The List Goes On…

    20. Go Vegan

    You know what insurance companies love? People who have a reduced risk of illnesses and diseases.

    It may be extreme for some, but switching to a vegan diet has been shown to reduce the risk of heart disease, type 2 diabetes, and even cancer!

    Plus, remember how we said losing weight is another way to save money on insurance?

    Well, the average person who switches to a vegan diet loses at least 5 pounds just in the first few weeks!

    So if you’re looking for the cheapest possible life insurance, an extreme lifestyle change can help. Consider switching to a plant-based, or at least a more plant-rich diet.

    Taking Action

    I am sure your getting pumped and ready to find your cheap life insurance after reading this post. if you follow all of the above items, you will be able to get the most affordable life insurance that you can find.   You can also get term life insurance quotes here, remember, we don’t need your information to give you a quote.

    Frequently Asked Questions

    What is the least expensive form of life insurance?

    The least expensive form of life insurance is going to be term life insurance, these products are the most affordable because they end after a set number of years.

    How much is a 250k life insurance policy?

    The average cost of a $250k life insurance policy is going to be around $17.00 per month for a female and $23.00 per month for a male.  However, it will depend on your age, gender, smoking habits and medical situation. To get an honest answer to the question it is best to get a quote.

    Why is life insurance so cheap?

    Not all life insurance is cheap, but term life insurance is cheap because your policy will only last for a set term length, if you don’t pass away before the term is up, the insurance company doesn’t pay out.

    What is the best life insurance to get?

    From my experience, term life insurance with no exam is the best life insurance to get.

    What are the 3 types of life insurance?

    The three types of life insurance are Term, Permanent, and Universal life insurance. However, each of these products can have different iterations which put the different types of life insurance well past just 3.

  • UPC Home Insurance Review For Apr 2026

    Our Verdict

    4.7/5.0

    UPC is an insurance company specializing in policies for the coastal states.

    They’re known for their policies that cater to homeowners who are at a high risk of facing disasters.We’ll take a look at what features and benefits UPC has to offer policyholders and how their simple claims process works.

    Pros

    • Range of coverage options available
    • Protects a variety of home systems
    • Great customer service
    • Local agents
    • Simple online claims process

    Cons

    • Customers may experience a lag in response time when requesting a quote online
    • Not available nationwide

    Who Is UPC?

    Formed in 1999, UPC hasn’t been around for quite as long as some other big names in the industry.

    The company has solidified its excellent reputation through reliable service to coastal customers in major disasters, including numerous hurricanes.

    UPC currently holds an A+ rating with the Better Business Bureau, showing just how happy customers are with their policies, and how quick they are to respond when issues do arise.While A.M. Best hasn’t provided a rating for UPC, Demotech gave them a financial stability rating of A, which is an exceptional rating.Over the past two decades, UPC has paid out $3.3 billion in total claims and uses a cascading coverage reinsurance plan to ensure that they’ll be able to cover claims over the long term.

    What Makes UPC Different?

    UPC’s unique commitment to covering homes in the coastal areas that are especially vulnerable to natural catastrophes is what sets them apart from the competition.

    There are countless insurance companies out there that won’t sell policies for homes in these areas because of the risk of hurricanes and other major storms. UPC also offers some unique products to complement their home insurance policies.

     The identity theft product is especially noteworthy when you consider just how often identity theft occurs. It can happen to anyone, no matter how careful you are with your information.Unlike many larger insurance companies, UPC is still committed to providing a personal style of service.

    The company continues to hire agents in every state they serve, giving policyholders a local connection to their insurance provider.After dealing with so many companies that only have agents in one call center half a country away, this more personal style of doing business wins favor with their customers.

    Sometimes, knowing who you’re talking to makes all the difference. While this personal service is a crucial part of UPC’s identity, they’re also committed to providing convenient, 24/7 service with access to customer service and the claims department through an online portal.

    We think this strikes an excellent balance between old-fashioned values and modern convenience.

    What Does UPC Home Insurance Cover?

    UPC’s homeowner’s insurance is flexible and customizable to your unique needs.

    There is a possibility that you will have to call in for a quote in order to learn more about exactly what’s available in your area.

    This is because exact coverage options may differ from place to place. Let’s take a look at the details:

    Your Home

    At its most basic level, your home insurance policy covers your house and anything that might be attached to it, like your garage.

    With this level of insurance, UPC will also cover your air conditioning system, heating system, and large kitchen appliances, which is excellent for mitigating repair and replacement costs after a disaster.You can add to this basic policy to include any structures on your property that are not attached to your house, like a garden shed, pool house, or fencing.The company also offers an option to cover any additional living expenses you face if you can’t stay in your home because of a covered disaster.

    Your Personal Property

    UPC insurance offers personal property replacement coverage for your belongings, like electronics and furniture.

    Upgrading to a Premier Package will further enhance this coverage to include items like credit cards and jewelry. It can even include cell phones, computers, and tablets.

    Many homeowners appreciate this feature since losing these items would impact life significantly.

    Flood Insurance

    You can purchase private flood insurance and get National Flood Insurance Program coverage through UPC.

    Since storms and floods can happen at any time, this is an excellent coverage option for homeowners near any body of water.

    There are three levels of protection available, allowing you the flexibility to pick the option that’s right for you.

    Liability

    UPC offers liability protection that covers the cost of a person’s medical bills if they are injured while on your property.

    Identity Theft Protection

    This product will help you secure and restore your information if your identity is ever compromised.

    Home Security System Discounts

    In many locations, UPC offers discounts for installing a home alarm system and other preventative measures. The specific discount, however, varies by location.

    Product Availability

    Currently, the company offers home insurance coverage in the following 12 states:

    • Connecticut
    • Florida
    • Georgia
    • Hawaii
    • Louisiana
    • New Jersey
    • New York
    • North Carolina
    • South Carolina
    • Texas

    Claims Process & Guarantee

    UPC focusses on making the claims process as smooth and fast as possible. Their website features a two-step claim filing portal to facilitate the process.Policyholders can quickly and easily file their claim and attach pictures and videos within the website.

    This easy-to-navigate feature lets you skip the phone calls and written submissions required by many other insurance companies.

    You can also use this portal to request a status update on a claim you’ve already filed.If you prefer to speak with a member of the claims team, you can always call in to ask questions or file your claim over the phone.

    Taking Action

    UPC offers some excellent, comprehensive home insurance policies.

    If you live on the coast and want to work with a company that understands your unique needs, you should get in touch with them today.

    Personal service, combined with an awareness of the needs of modern life, makes UPC an ideal company for anyone that values a classic approach to doing business.

    If you need home insurance, you can get immediate quotes and coverage by clicking here or on any of the above buttons.

  • Best Long Term Care Insurance In North Carolina!

    Maintaining excellent health and aging gracefully is crucial for having a good standard of living as we get older.

    However, there’s a 70% chance that if you turn 65 today, you will require some long-term care service sooner or later.

    And with the three-year average cost of long-term care coverage in North Carolina being $277,584, it’s crucial to find the most cost-effective LTC insurance quote.

    This post will go through how much long-term care insurance costs in North Carolina, the many types of long-term care insurance coverage available in NC, and how to get long term health insurance rates in North Carolina.

    How Much Does Long Term Care Insurance Cost In North Carolina?

    The average annual cost of long-term care insurance in North Carolina for a single 55 year old is $2,160 per year, which comes out to $180 per month. However, rates depend on many factors such as age, where you live, coverage options, and plan selected.

    How Can I Get A Long Term Care Insurance Quote?

    The fastest way to get long term care insurance quotes is to use our form below;  it only takes minutes to get a quote and apply for coverage.

    What Factors Influence the Cost of North Carolina Long Term Care Insurance?

    LTC costs will vary depending on several factors, and your particular health insurance provider will determine them. In general, you’ll likely be asked to provide personal information, lifestyle data, and whatever else your insurance company believes is necessary for determining your insurance benefits and premium.

    Below we take a quick look at a few of the most common factors:

    • Age
    • Race
    • Gender
    • Weight
    • Health history
    • Location of residence
    • Lifestyle habits (smoker vs. non-smoker, etc.)

    Premiums are typically more expensive for people generally regarded as less healthy and have a higher risk of dying. Although various criteria determine it, your premium will usually be lower if you are younger, in better shape, and cautious.

    What Factors Determine A Long Term Care Insurance Rate Increase In North Carolina?

    The complexity of private LTCI, as the name implies, is due to the policyholder’s obligation to pay for care that they may or may not require decades later. As a result, long-term disability insurance necessitates a lengthy prediction period and provides benefits beyond age 100 for some clients. Premiums are also based on several assumptions regarding factors such as:

    • Voluntary lapses;
    • Service inflation costs of covered services, relative to inflation protection assumptions
    • Mortality rates
    • Incidence of disabilities requiring LTC services
    • Interest rates
    • Morbidity
    • Recoveries and mortality while on a claim
    • Benefit expiry
    • The number of necessary services while disabled (for policies that reimburse actual expenses) 

    Types of Long Term Health Care Insurance In North Carolina

    The three types of LTC policies offered in North Carolina are Home Care Only, Nursing & Residential Facility, and Comprehensive Long Term Care Insurance. However, keep in mind that there are also Hybrid LTC policies.

    Home Care Only (No Coverage For Assisted Living Facilities)

    Only housekeeping services and skilled home care are covered by In Home Care Only plans, which do not cover nursing homes or assisted living facilities. Benefits for home health care, adult day health care (ADHC), hospice, respite care, personal care, and homemaker services must all be included in these plans.

    Nursing Home & Residential Care Facility Only (Coverage For An Assisted Living Facility)

    Nursing home and residential care facility-only insurance policies cover care in nursing homes or Residential Care Facilities for the Elderly (RCFE) that provides assisted living services. These policies’ benefits must cover the cost of all LTC services you obtain in the facility, not just room, and board — up to the policy’s maximum daily benefit amount.

    Assisted living benefits under this sort of insurance is payable while you are staying in any RCFE-licensed setting, including small neighborhood homes (often known as board and care homes), retirement residences, and specialized community centers for Alzheimer’s patients. These policies also need to provide assisted living payments at least 70% of the nursing home care benefit.

    Comprehensive LTC Insurance Policy In North Carolina (Will Cover Both Types Of Policies)

    Comprehensive policies are insurance plans that cover nursing care, assisted living, home care, and community care (such as adult day care) under the same regulations as the other two types of plans.

    Hybrid LTCI Policies

    A hybrid LTCI policy is a form of long-term care insurance that uses assets as the basis for coverage. It incorporates either a life insurance policy or an annuity with a long-term care insurance rider. These plans haven’t been around for very long, yet they’re quickly gaining favor because they give you long term care with a death benefit.

    What Are Tax Qualified (TQ) & Non-Tax Qualified (NTQ) Policies In North Carolina?

    (TQ) Tax-Qualified policies enable you to deduct a portion or all of your premium from your federal and state income taxes as a medical expense. The amount you may deduct is determined by your age and medical expenses exceeding 7.5% of your adjusted gross income (AGI) if you are 65 or older and 10% if you are younger.

    Non-tax qualified (NTQ) coverage premiums cannot be subtracted from your taxable income, and the benefits are not meant to be tax-free. However, because of federal legislation, NTQ insurance may have more generous benefit triggers and pay reimbursements faster than TQ insurance.

    What Does North Carolina’s Long-Term Care Insurance Cover?

    LTCI in North Carolina is designed to help protect you and your family in the case that you need long-term care for an extended period or after receiving a particularly devastating health diagnosis. Long-term care insurance is intended to assist if you or a family member outlive your savings or discover that maintaining self-care becomes more expensive as you grow older. You may spend your long-term care insurance benefits on a wide range of medical expenses, and costs such as:

    • Nursing homes
    • Assisted living facilities
    • Extended hospital stays
    • Recurring doctors’ visits
    • Multiple surgeries
    • Testing and diagnosis processes
    • Prescription medications
    • Physical therapy or other rehabilitation following surgery
    • Chemotherapy and radiation treatments
    • Fees associated with treating and recovering from long-term illnesses like stroke, dementia, or Alzheimer’s disease

    If you need more detailed assistance with what can or should be covered in a policy, you can reach out to the North Carolina Department Of Insurance.

    How long do benefits last under a North Carolina Long Term Care Policy?

    Long-term care insurance (LTC) policies are usually intended to cover at least 12 months of care or more. However, you may get a policy that pays benefits for one, two, three, or five years, and it depends on your needs and the benefits offered in your policy.

    Does LTCI Have A Waiting Period?

    The same waiting periods apply to almost all participating insurance companies in the long-term health care industry. The duration may vary, but it is generally between 0 and 90 days. You will be responsible for any expenses during the waiting period, so pick a length that you believe you can afford to cover.

    Why Would I Need Long Term Care Insurance North Carolina?

    The reason you would need LTC insurance in North Carolina is to help pay for long-term medical expenses once you’ve retired since Medicare won’t reimburse everything. However, that isn’t the only reason you might want to get long-term care insurance; there are several others.

    Here’s a rundown of some of them:

    • You don’t want to have to hold a job to pay for rising medical expenses (even after retiring)
    • When you’re older, and in a position to help your children financially, you don’t want to put them through the stress of paying for your medical expenses.
    • You’ll be cash-strapped in retirement, but not so much that you’ll be eligible for Medicaid.
    • After you retire, you won’t have enough money set aside in savings to cover your living expenses and rising medical costs.

    Does Medicare Cover Long Term Health Care Services In North Carolina?

    Medicare may pay for skilled care in a nursing facility for no longer than 100 days and only when the patient fulfills all of Medicare’s criteria for daily skilled care.

    While individuals do get personal assistance simultaneously, Medicare will not pay unless there is also a requirement for daily skilled services that only a nurse or therapist can provide.

    Medicare will pay for specific personal care services at home, depending on whether you require skilled care daily, that only a qualified professional can provide.

    For additional information, visit your Social Security office or call the Social Security Administration toll-free at 800-772-1213 for the Medicare benefits book.

    How to Find the Best NC Long Term Care Insurance Quotes?

    There is no reason to go without long-term care insurance coverage in North Carolina, especially when it’s so easy to find a plan that suits your needs and budget!

    The best approach to finding low-cost long-term care insurance rates in North Carolina is to compare numerous quotes online.

    All you have to do is click here or on one of the above buttons to get free long-term care insurance quotes. Best of all, you can accomplish this in less than five minutes.

    Frequently Asked Questions About North Carolina Long Term Care Insurance

    What is the average cost of long term care insurance in North Carolina?

    In North Carolina, the average cost of long-term care insurance for a single 55 year old is $180 per month, which comes out to $2,160 per year. However, rates depend on many factors such as age, where you live, coverage options, and plan selected.

    What age should you buy long term care insurance?

    Before you are 65 years old, long-term care insurance is most effective. The expense of long-term care insurance will rise as you age, and the probability of needing it will go up. If you purchase sooner rather than later, the premiums are much lower.

    How long do you pay premiums for long term care insurance in NC?

    From the year your policy begins until you start drawing benefits, you will have to pay your long-term care insurance policy premiums, usually monthly or annual. You may be paying premiums for 20 or 30 years.

    What are the three types of policies that are permitted for sale in North Carolina as long term care insurance?

    The three types of LTC policies offered in North Carolina are Home Care Only, Nursing & Residential Facility, and Comprehensive Long Term Care Insurance.

  • Best Long Term Care Insurance Companies

    Trying to figure out the best long term care insurance companies for your unique needs can be difficult.

    Especially with an array of coverage options and plan benefits to consider.

    But here’s the thing: 

    You don’t have to go at it alone; in-fact, this post will help shed light on the best ltc providers in the U.S.

    Expect a careful comparison of their policy features, costs, and user satisfaction to ensure you’re well-equipped to choose a long term care policy that gives you peace of mind without breaking the bank.

    Snapshot of Industry Leaders in Long-Term Care Insurance

    The realm of long-term care insurance can be complex to navigate. The first step is understanding who the Best Long Term Care Companies are. The American Association for Long Term Care Insurance recognizes six companies as the primary insurance providers of standard long-term care insurance policies:

    • Bankers Life
    • Mutual of Omaha
    • National Guardian Life
    • New York Life
    • Northwestern Mutual
    • Thrivent

    Each of these insurance companies have over a century’s worth of experience in the insurance market, making them well-established and trusted providers. Here are some key features of each company’s policies:

    1. Bankers Life’s Simple Choice Standard policy offers policy options for individuals with a high maximum issue age up to 84 and options for a zero-day elimination period.
    2. National Guardian Life’s Essential LTC policy offers a unique option for lifetime maximum benefits.
    3. Northwestern Mutual is prized for its exceptional financial strength with an A++ rating and its high ranking in J.D. Power’s 2022 U.S. Life Insurance Study.

    In essence, these insurance giants provide a plethora of policies and benefits, catering to diverse individual needs. The best policy for you will depend on your specific circumstances, including:

    • your health
    • your age
    • your financial situation
    • your long-term care needs

    Mutual Of Omaha – Best Insurance Company for Customizable Policies

    Mutual of Omaha allows you to shape your long-term care policy to your personal liking. They offer two main long-term care insurance offerings: ‘Secure Solution’ with predetermined benefits and ‘Custom Solution’, which allows policyholders to more finely adjust policy details.

    The ‘Secure Solution’ comes with fixed benefit periods, whereas ‘Custom Solution’ enables choosing a policy limit ranging from $50,000 to $500,000, which offers greater flexibility. Couples are accommodated with the option to share their total coverage through a shared care option if one partner exhausts their individual policy limit, providing mutual financial support. Mutual of Omaha also offers a 15% partner discount when two policies are simultaneously issued, or a 5% discount on a solitary policy issuance, adding value and incentive for multiple policy purchases.

    From my perspective, the ‘Custom Solution’ is noteworthy. It boasts a broad selection of elimination period options, from none at all to a full year, allowing for greater flexibility compared to the standardized choices of ‘Secure Solution’. The policy also includes exclusive optional benefits like the Shared Care, Waiver of Elimination Period For Home Health Care, and Non-Forfeiture Shortened Benefit Period to further customize the policy.

    While the ‘Custom Solution’ policy offers more flexibility, all Mutual of Omaha policies extend coverage benefits for an array of care types, including but not limited to home health care, facility care, and hospice care, to support varying care scenarios.

    The innovative ‘Alternate Care’ benefit anticipates future health care advancements by covering services or treatments that may emerge in the healthcare landscape, reflecting Mutual of Omaha’s forward-thinking approach to insurance.

    This flexibility and customization make Mutual of Omaha a top choice for those seeking a tailored solution to their long-term care insurance needs.

    One America – Best for Asset-Based Solutions

    One America distinguishes itself in the market with its asset-based long-term care provisions. They provide ‘hybrid’ policies, which combine life insurance with long-term care coverage. These policies offer a comprehensive solution for both life protection and long-term care needs. These hybrid policies provide a death benefit to beneficiaries if long-term care is never needed, with options for either individual or joint coverage, accommodating spouses under a single policy.

    These policies are highly flexible and allow policyholders to access a portion of the death benefit early for long-term care expenses, with the remaining amount allocated to beneficiaries. With their Asset-Care offering, OneAmerica provides the possibility to pay a single premium, thus removing concerns about potential future premium hikes, and ensures premium and benefit stability throughout the policy’s term.

    In my view, the ‘Lifetime Continuation of Benefits’ rider is the gem of One America’s offerings. This optional rider is available for those seeking comprehensive protection, providing unlimited benefits for the entirety of the insured’s life. This means that you can have peace of mind knowing that you are covered for life, no matter how long you need care.

    One America’s asset-based solutions are an excellent choice for those who want the security of life insurance combined with the flexibility of long-term care coverage. This unique offering sets One America apart from other providers, making it a solid choice for those seeking asset-oriented long-term care solutions.

    Thrivent – Best for Member Benefits

    Thrivent Financial stands as another titan in the long-term care insurance landscape. What sets Thrivent apart is their extensive member benefits. Their long-term care insurance is available for individuals as young as 18 years old, making it one of the most accessible policies on the market.

    As a member of Thrivent, you not only get access to their long-term care insurance but also a host of other benefits. While details on these benefits are not specified in the knowledge base, they typically include financial planning services, educational resources, and participation in local Thrivent events. These additional benefits make Thrivent’s long-term care insurance more than just a policy – it’s a membership in a supportive community.

    From my observations, Thrivent’s dedication to offer generous member benefits speaks volumes about their emphasis on customer contentment and service. If you’re looking for an insurance provider that offers more than just coverage, Thrivent is worth considering.

    Lincoln Financial Group – Best for No Waiting Period Plans

    Lincoln Financial Group distinguishes itself with the provision of no Waiting Period Plans in long-term care insurance. This means that policyholders can start receiving benefits as soon as they need care, such as in a living facility, without having to wait for a predetermined period.

    The company offers four distinct health insurance plans that provide immediate coverage with no waiting periods. This is a significant advantage as it means you can receive benefits immediately when you need them, without having to worry about covering the costs of care while waiting for the insurance to kick in.

    In addition to this, Lincoln Financial Group’s plans also extend benefits to policyholders living abroad, making it a suitable choice for retirees who plan to spend their golden years overseas.

    In terms of financial reliability, the insurer is rated A+ (Superior) by AM Best, indicating a strong financial position and reliability. This assures policyholders that Lincoln Financial Group is a secure choice and can be trusted to follow through on their coverage commitments.

    Given their no waiting period plans and their strong financial ratings, Lincoln Financial Group is an excellent choice for those seeking immediate coverage and peace of mind.

    Northwestern Mutual – Best for Policy Dividends

    Northwestern Mutual stands out with its policy dividends offered to policyholders. This means that as a policyholder, you have the opportunity to receive a share of the company’s profits in the form of dividends.

    Northwestern Mutual has a long history of consistent dividend payouts. Since 1872, they have consistently paid out dividends, awarding over $150 billion to its policyholders, and is expected to pay $7.3 billion in dividends in 2024 alone. These dividends can be utilized in various ways including taking them as cash, using them to pay premiums, or reinvesting them to buy additional paid-up whole life insurance.

    From my standpoint, Northwestern Mutual’s policy dividends are an attractive feature that differentiates the company from its rivals. Not only do you get coverage for your long-term care needs, but you also have the opportunity to receive dividends that can be used to offset your premiums or even increase your coverage.

    If you’re looking for an insurance provider that rewards you for being a policyholder, Northwestern Mutual is an excellent choice. Their strong history of dividend payouts and the flexibility they offer in how you can use your dividends make them a standout in the long-term care insurance market.

    Navigating Long-Term Care Insurance Options

    The vast array of options in the long-term care insurance market can be daunting to navigate. It’s not just about choosing a provider; it’s also about:

    • Understanding the different types of policies
    • Assessing your coverage needs
    • Evaluating the cost versus the benefit
    • Understanding the policy features

    Each insurance provider offers different policies with unique features and benefits. For instance, Mutual of Omaha is recognized for its solid comprehensive coverage and is the third-highest-rated life insurance company based on J.D. Power’s 2022 study. Your personal factors such as age, health, and marital status can significantly impact long-term care insurance premiums and coverage options, necessitating personalized policy solutions.

    In addition to understanding the different policies, assessing your coverage needs, and evaluating cost versus benefit, you also need to understand the features of each policy. From traditional to hybrid policies, coverage settings, qualification requirements, elimination periods, and optional riders to enhance coverage, there’s a lot to consider. But don’t worry, we’re here to help. Let’s delve into each of these areas in more detail.

    Assessing Your LTC Insurance Coverage Needs

    Choosing the right long-term care insurance policy necessitates an initial evaluation of your coverage requirements, including considering a life insurance policy with long-term care benefits. This involves evaluating your personal financial situation and considering other sources of coverage.

    A key financial decision when assessing coverage needs is determining whether to preserve assets for heirs or use savings to cover potential long-term care costs, ensuring financial security.

    Factors to consider when deciding on long-term care insurance include:

    • Age
    • Health
    • Marital status
    • Chosen insurance company
    • Coverage amount

    Long-term care insurance premiums vary based on these personal factors and choices.

    Before finalizing coverage levels, it’s important to incorporate other sources of coverage like Medicare or Medicaid to ensure you are appropriately insured without being over-insured. It’s also crucial to regularly reassess long-term care insurance to align with changing needs, and recognize the importance of keeping your plan to avoid forfeiting the premiums already paid.

    Evaluating Cost vs. Benefit

    A pivotal step in the decision-making process is a comparison between the cost and benefit of long-term care insurance. You need to compare potential pay out of pocket expenses without the insurance against the total of premiums paid over an expected period.

    Long-term care insurance coverage can be adjusted by reducing the daily benefits or even the amount of coverage to lower premiums, albeit at the cost of reduced care quality. Policyholders can negotiate alternative policy terms or make changes such as eliminating inflation protection, reducing the maximum monthly benefit, and increasing the elimination period to make long-term care insurance more affordable.

    Premiums for long-term care insurance increase with the policyholder’s age, with rates generally increasing from 2-4% per year after age 50 and approximately 8% annually after age 60. To cope with the rising premiums of long-term care insurance while maintaining essential coverage, financial planners can assist in devising personalized strategies.

    Some long-term care insurance policies may be tax-qualified, allowing for a portion of the premiums to be tax-deductible, with the deductible amount rising with the age of the policyholder.

    Understanding Policy Features

    A clear understanding of different policy features is vital for making an informed decision about long-term care insurance. This includes knowing:

    • The differences between traditional and hybrid policies
    • Coverage settings
    • Qualification requirements
    • Elimination periods
    • Optional riders to enhance coverage

    Traditional long-term care (LTC) policies focus only on long-term care costs, whereas hybrid policies may include life insurance benefits and accumulate cash value. Long-term care insurance can provide ltc coverage for a variety of settings, including nursing home care, offering valuable ltc benefits such as:

    • In-home care
    • Adult day care
    • Nursing homes
    • Specialized memory care facilities To sell ltc insurance effectively, it is crucial to understand the unique needs of each client.

    To qualify for long-term care benefits, policyholders must be unable to perform at least two activities of daily living (ADLs) or require care due to cognitive impairment. Policies usually include an ‘elimination period’ during which the insured must cover care expenses out-of-pocket before insurance payments begin, such as those in an assisted living facility

    A Life insurance policy with coverage?

    Summary In conclusion, choosing the right long-term care insurance policy requires careful consideration of your personal needs, financial situation, and understanding of the different policy features. There are numerous providers in the market, each offering unique features and benefits. From Mutual of Omaha’s customizable policies and One America’s asset-based solutions to Northwestern Mutual’s policy dividends, there’s a policy out there to meet every individual’s unique needs.

    Taking Action

    In conclusion, choosing the right long-term care insurance policy requires careful consideration of your personal needs, financial situation, and understanding of the different policy features. There are numerous providers in the market, each offering unique features and benefits. From Mutual of Omaha’s customizable policies and One America’s asset-based solutions to Northwestern Mutual’s policy dividends, there’s a policy out there to meet every individual’s unique needs.

    Frequently Asked Questions

    What is the biggest drawback of long-term care insurance?

    The biggest drawback of long-term care insurance is that it can be expensive and premiums may increase over time.

    What is the least expensive type of long-term care?

    The least expensive type of long-term care is an assisted living community, according to the Genworth cost of care survey. This can provide 24-hour assistance at a lower cost compared to other options.

    What is the oldest age for long-term care insurance?

    The oldest age for traditional long-term care insurance is 79. This type of insurance is available for individuals between the ages of 18 and 79.

    What are the leading providers of long-term care insurance?

    The leading providers of long-term care insurance are Bankers Life, Mutual of Omaha, National Guardian Life, New York Life, Northwestern Mutual, and Thrivent. These companies offer comprehensive coverage for long-term care needs.

    What unique features does Mutual Of Omaha offer?

    Mutual Of Omaha offers unique features like ‘Secure Solution’ with predetermined benefits and ‘Custom Solution’ allowing policyholders to finely adjust policy details. These features provide flexibility and choice for policyholders.

  • Best Condo & HO6 Insurance In Hawaii!

    If you’re like the 476,581 Hawaii residents that own a condo, you might be wondering how to get the best condo insurance for your investment.

    Surprisingly, most individuals are unaware that Hawaii condo insurance rates differ significantly between insurance companies – often by hundreds of dollars each year!

    So read through our post reviewing the top condo and HO6 insurance providers in Hawaii before purchasing new coverage or renewing your existing policy this year.

    What Is The Average Annual Cost Of Hawaii Condo Insurance?

    The average annual cost of condominium insurance is $310, or about $26 per month. However, bear in mind that the final price will vary for all condo owners depending on where you reside, your deductible amount, liability coverage options, and other plan options.

    What Affects the Costs of Your Condo Insurance Hawaii?

    Where you reside – The expense of condominium insurance varies from city to city depending on such factors as the presence of fire risks and criminal activity. Security measures such as security cameras or living in a guarded community can also lower homeowners insurance premiums.

    Your deductible – A higher deductible implies lower monthly payments. Would you prefer to pay less each month and spend more at once or pay more each month while having a larger deductible? It depends on your budget and personal belongings. Always be mindful when viewing any Hawaii condo insurance quotes.

    How much coverage you need – What items are you covering? If your belongings have a value that exceeds the minimum coverage, you might want to increase the liability coverage limit on your homeowners insurance policy. However, such a change might increase the cost of your home insurance plan.

    How Much Hawaii Condo Insurance Do I Need?

    Your condo insurance policies should have at least $300,000 to $500,000 in coverage if you can afford it. The final amount of coverage that you’ll need will be determined by the expenditures of replacing various items.

    However, most condo insurance covers at least $100,000 in losses, and they generally cover the value of your unit on a condo with a mortgage.

    You should also think about additional coverage for things such as:

    Your Home Office – You can’t forget equipment inside your home office either. Our home offices are just as equipped as actual offices nowadays, so be mindful of the costs.

    Furnishing Your Home – It’s easy to stack up over $25,000 in furniture when you think about furnishing your home with dining sets, bedroom sets, and other types of chairs and ottomans.

    Things Like Art – While some people collect coins and stamps, others (like myself) have an action figure collection. Anything that is considered to have Exceptional Value should be covered.

    Your Personal Property – Things like your clothes, shoes, or other personal property should be accounted for in detail. You don’t want a policy that can’t cover all of your personal items due to a covered loss.

    Use Our Calculator For Extra Help – We created a pretty cool condo insurance calculator that you can use to understand better how much coverage you need.

    When you decide how much condo insurance you need, it’s best to act like a detective. You should also determine if you have specific risks like an exotic pet.

    What Does HO6 Insurance Cover In Hawaii?

    It’s critical to know what your condo insurance protects and won’t protect. We’ll go through everything that condo insurance covers:

    Personal Property Coverage

    The coverage of your personal belongings is an essential part of a condo insurance policy. If your items are stolen or destroyed due to a covered loss such as fire or water damage, they will be compensated.

    This coverage will generally cover your belongings on a replacement cost basis. Replacement cost coverage is when the insurance company reimburses you what it would cost to replace the item today, not what you paid for it previously (known as actual cash value replacement. You always want to be sure you have a replacement cost policy when searching for condominium insurance.

    Personal Liability

    If you have ever found yourself watching an episode of Judge Jerry (Yes, Jerry Springer has a show as a judge now), you might find it odd that family and friends sue each other.

    This is precisely why you need this type of coverage; if your friend or family member is injured inside your unit, condo insurance will help pay for their medical expenses and protect you financially with legal expenses if they decide to sue. You would be surprised at how much the defense costs.

    Damage To Interior Structure

    The one thing you have to remember is that when you buy a condo, you only own what’s inside the unit. This means you still need coverage for your walls, floors, ceilings, and counter-tops, and these items are specifically covered by your condo insurance.

    Loss Of Use

    Suppose you can no longer live in your unit because of damage caused by a covered loss. In that case, your policy will help cover your living expenses such as hotel and travel costs or other additional living expenses while your unit is being repaired.

    What Doesn’t Condo Insurance Cover In The State Of Hawaii?

    Although condo insurance covers a lot of things, it does not cover the following items:

    • Floods
    • Earthquakes 
    • Wear And Tear
    • Nuclear Hazards
    • Intentional Injuries To Others
    • Damage From Birds,
    • Destruction From Rodents
    • Damage From Insects

    What Will My HOA Master Policy Cover In HI?

    The HOA’s “master policy” in Hawaii typically covers damage and personal injury. The Home Owners Association’s policy should cover repairs to the property’s common areas such as:

    • Roofs
    • Common Walls
    • Lobbies or atriums
    • Stairwells
    • Elevators
    • Basements
    • Fitness centers 
    • Pools
    • Ponds & Lakes
    • Playgrounds.

    Is Loss Assessment Coverage included in Hawaii Condo Insurance?

    In Hawaii, our condo insurance plans cover up to $2,000 in claim compensation. It may assist pay the common loss payment for your HOA.

    Condo Insurance Vs. Home Insurance & Renters Insurance

    Condo Insurance

    Condo insurance is only for your personal property and internal structures, your condo policy will cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Coverage For Loss Assessment 

    Homeowners Insurance

    Homeowners insurance is the best defense you can give your family from a disaster and usually covers:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment 

    Renters Insurance

    Renters insurance is only for your personal property, your renters policy will usually cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment Coverage

    Is Condo & Townhome Insurance The Same Policy?

    A townhouse owner is generally responsible for both the inside and outside of the property since everything on the lot it’s built on is their responsibility.

    A condo-unit insurance policy is an HO-6, whereas a townhome insurance policy is an HO-3.

    Is H06 Condo Insurance Required By Law In Hawaii?

    Although there are no laws in Hawaii requiring condominium homeowners to obtain insurance, obtaining a policy is the best thing you can do for your condo unit.

    Your primary residence will be one of the most important purchases you’ll ever make, not insuring it would be a big blunder.

    Also, keep in mind that just because it isn’t required by law doesn’t mean your mortgage lender or condo association won’t require it.

    Can A Mortgage Lender Require Condo Insurance Coverage In Hawaii?

    Yes, before you can officially buy your condo, your mortgage lender will require that you purchase condo insurance.

    Once you pick the insurance company that you think would be best to cover your newly bought home, they’ll tell you your premium, and you’ll set your coverage to begin on the day of your closing.

    Your lender will want you to have homeowners insurance lined up and ready to go before you come to the closing.

    How Can I Get A Condo Insurance Quote Online In Hawaii?

    You can get quotes on your condo and coverage online in Hawaii, here, at Simply Insurance.

    Buying coverage online is the quickest and simplest method to obtain coverage.

    All you have to do is click here to get some instant quotes and get covered today.

    Hawaii Condo Insurance Frequently Asked Questions

    What is the average monthly cost of condo insurance in Hawaii?

    The typical condo insurance cost per month is around $26. in Hawaii. However, keep in mind that final rates and costs all depend on your specific needs and situation.

    Is condo insurance expensive?

    No, compared to a traditional homeowners insurance policy, condo insurance isn’t that expensive.

    Is insurance higher on condos?

    Depending on your specific situation, insurance is usually NOT higher on condos than it is on a traditional single-family home. The primary reason is that someone living in a Condo will need less coverage for their home, which in turn means they will pay less on a monthly basis.

    Do you really need condo insurance?

    It’s always a good idea to get condo insurance. Even if you don’t have any valuables, you may want liability protection. Most condo homeowners associations also demand that owners carry insurance.

  • Best Condo & HO6 Insurance In Utah!

    If you’re like the 1,116,576 Utah residents that own a condo, you might be wondering how to get the best condo insurance for your investment. 

    Utah condo insurance rates

    So read through our post reviewing the top condo and HO6 insurance providers in Utah before purchasing new coverage or renewing your existing policy this year.

    What Is The Average Annual Cost Of Utah Condo Insurance?

    The average annual cost of condominium insurance is $269, or about $22 per month. However, bear in mind that the final price will vary for all condo owners depending on where you reside, your deductible amount, liability coverage options, and other plan options.

    What Affects the Costs of Your Condo Insurance Utah?

    Where you reside – The expense of condominium insurance varies from city to city depending on such factors as the presence of fire risks and criminal activity. Security measures such as security cameras or living in a guarded community can also lower homeowners insurance premiums.

    Your deductible – A higher deductible implies lower monthly payments. Would you prefer to pay less each month and spend more at once or pay more each month while having a larger deductible? It depends on your budget and personal belongings. Always be mindful when viewing any Utah condo insurance quotes.

    How much coverage you need – What items are you covering? If your belongings have a value that exceeds the minimum coverage, you might want to increase the liability coverage limit on your homeowners insurance policy. However, such a change might increase the cost of your home insurance plan.

    How Much Utah Condo Insurance Do I Need?

    Your condo insurance policies should have at least $300,000 to $500,000 in coverage if you can afford it. The final amount of coverage that you’ll need will be determined by the expenditures of replacing various items.  

    However, most condo insurance covers at least $100,000 in losses, and they generally cover the value of your unit on a condo with a mortgage. 

    You should also think about additional coverage for things such as:

    Your Home Office – You can’t forget equipment inside your home office either. Our home offices are just as equipped as actual offices nowadays, so be mindful of the costs.

    Furnishing Your Home – It’s easy to stack up over $25,000 in furniture when you think about furnishing your home with dining sets, bedroom sets, and other types of chairs and ottomans.

    Things Like Art – While some people collect coins and stamps, others (like myself) have an action figure collection. Anything that is considered to have Exceptional Value should be covered.

    Your Personal Property – Things like your clothes, shoes, or other personal property should be accounted for in detail. You don’t want a policy that can’t cover all of your personal items due to a covered loss.

    Use Our Calculator For Extra Help – We created a pretty cool condo insurance calculator that you can use to understand better how much coverage you need.

    When you decide how much condo insurance you need, it’s best to act like a detective. You should also determine if you have specific risks like an exotic pet.

    What Does HO6 Insurance Cover In Utah?

    It’s critical to know what your condo insurance protects and won’t protect. We’ll go through everything that condo insurance covers:

    Personal Property Coverage

    The coverage of your personal belongings is an essential part of a condo insurance policy. If your items are stolen or destroyed due to a covered loss such as fire or water damage, they will be compensated. 

    This coverage will generally cover your belongings on a replacement cost basis. Replacement cost coverage is when the insurance company reimburses you what it would cost to replace the item today, not what you paid for it previously (known as actual cash value replacement. You always want to be sure you have a replacement cost policy when searching for condominium insurance.

    Personal Liability

    If you have ever found yourself watching an episode of Judge Jerry (Yes, Jerry Springer has a show as a judge now), you might find it odd that family and friends sue each other.  

    This is precisely why you need this type of coverage; if your friend or family member is injured inside your unit, condo insurance will help pay for their medical expenses and protect you financially with legal expenses if they decide to sue. You would be surprised at how much the defense costs.

    Damage To Interior Structure

    The one thing you have to remember is that when you buy a condo, you only own what’s inside the unit. This means you still need coverage for your walls, floors, ceilings, and counter-tops, and these items are specifically covered by your condo insurance.

    Loss Of Use

    Suppose you can no longer live in your unit because of damage caused by a covered loss. In that case, your policy will help cover your living expenses such as hotel and travel costs or other additional living expenses while your unit is being repaired.

    What Doesn’t Condo Insurance Cover In The State Of Utah?

    Although condo insurance covers a lot of things, it does not cover the following items:

    • Floods
    • Earthquakes 
    • Wear And Tear
    • Nuclear Hazards
    • Intentional Injuries To Others
    • Damage From Birds,
    • Destruction From Rodents
    • Damage From Insects

    What Will My HOA Master Policy Cover In UT?

    The HOA’s “master policy” in Utah typically covers damage and personal injury. The Home Owners Association’s policy should cover repairs to the property’s common areas such as:

    • Roofs
    • Common Walls
    • Lobbies or atriums
    • Stairwells
    • Elevators
    • Basements
    • Fitness centers 
    • Pools
    • Ponds & Lakes
    • Playgrounds.

    Is Loss Assessment Coverage included in Utah Condo Insurance?

    In Utah, our condo insurance plans cover up to $2,000 in claim compensation. It may assist pay the common loss payment for your HOA.

    Condo Insurance Vs. Home Insurance & Renters Insurance

    Condo Insurance

    Condo insurance is only for your personal property and internal structures, your condo policy will cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Coverage For Loss Assessment 

    Homeowners Insurance

    Homeowners insurance is the best defense you can give your family from a disaster and usually covers:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment 

    Renters Insurance

    Renters insurance is only for your personal property, your renters policy will usually cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment Coverage

    Is Condo & Townhome Insurance The Same Policy?

    A townhouse owner is generally responsible for both the inside and outside of the property since everything on the lot it’s built on is their responsibility. 

    A condo-unit insurance policy is an HO-6, whereas a townhome insurance policy is an HO-3.

    Is H06 Condo Insurance Required By Law In Utah?

    Although there are no laws in Utah requiring condominium homeowners to obtain insurance, obtaining a policy is the best thing you can do for your condo unit. 

    Your primary residence will be one of the most important purchases you’ll ever make, not insuring it would be a big blunder. 

    Also, keep in mind that just because it isn’t required by law doesn’t mean your mortgage lender or condo association won’t require it.

    Can A Mortgage Lender Require Condo Insurance Coverage In Utah?

    Yes, before you can officially buy your condo, your mortgage lender will require that you purchase condo insurance. 

    Once you pick the insurance company that you think would be best to cover your newly bought home, they’ll tell you your premium, and you’ll set your coverage to begin on the day of your closing.  

    Your lender will want you to have homeowners insurance lined up and ready to go before you come to the closing.

    How Can I Get A Condo Insurance Quote Online In Utah?

    You can get quotes on your condo and coverage online in Utah, here, at Simply Insurance.

    Buying coverage online is the quickest and simplest method to obtain coverage.

    All you have to do is click here to get some instant quotes and get covered today.

    Utah Condo Insurance Frequently Asked Questions

    What is the average monthly cost of condo insurance in Utah?

    The typical condo insurance cost per month is around $22. in Utah. However, keep in mind that final rates and costs all depend on your specific needs and situation.

    Is condo insurance expensive?

    No, compared to a traditional homeowners insurance policy, condo insurance isn’t that expensive.

    Is insurance higher on condos?

    Depending on your specific situation, insurance is usually NOT higher on condos than it is on a traditional single-family home. The primary reason is that someone living in a Condo will need less coverage for their home, which in turn means they will pay less on a monthly basis.

    Do you really need condo insurance?

    It’s always a good idea to get condo insurance. Even if you don’t have any valuables, you may want liability protection. Most condo homeowners associations also demand that owners carry insurance.

  • Best Long Term Care Insurance In Oregon!

    Maintaining excellent health and aging gracefully is crucial for having a good standard of living as we get older.

    However, there’s a 70% chance that if you turn 65 today, you will require some long-term care service sooner or later.

    And with the three-year average cost of long-term care coverage in Oregon being $359,160, it’s crucial to find the most cost-effective LTC insurance quote.

    This post will go through how much long-term care insurance costs in Oregon, the many types of long-term care insurance coverage available in OR, and how to get fast long term care insurance quotes in Oregon.

    How Much Does Long Term Care Insurance Cost In Oregon?

    The average annual cost of long-term care insurance in Oregon for a single 55 year old is $2,292 per year, which comes out to $191 per month. However, rates depend on many factors such as age, where you live, coverage options, and plan selected.

    How Can I Get A Long Term Care Insurance Quote?

    The fastest way to get long term care insurance quotes is to use our form below;  it only takes minutes to get a quote and apply for coverage.

    What Factors Influence the Cost of Oregon Long Term Care Insurance?

    LTC costs will vary depending on several factors, and your particular health insurance provider will determine them. In general, you’ll likely be asked to provide personal information, lifestyle data, and whatever else your insurance company believes is necessary for determining your insurance benefits and premium.

    Below we take a quick look at a few of the most common factors:

    • Age
    • Race
    • Gender
    • Weight
    • Health history
    • Location of residence
    • Lifestyle habits (smoker vs. non-smoker, etc.)

    Premiums are typically more expensive for people generally regarded as less healthy and have a higher risk of dying. Although various criteria determine it, your premium will usually be lower if you are younger, in better shape, and cautious.

    What Factors Determine A Long Term Care Insurance Rate Increase In Oregon?

    The complexity of private LTCI, as the name implies, is due to the policyholder’s obligation to pay for care that they may or may not require decades later. As a result, long-term disability insurance necessitates a lengthy prediction period and provides benefits beyond age 100for some clients. 

    Premiums are also based on several assumptions regarding factors such as:

    • Voluntary lapses;
    • Service inflation costs of covered services relative to inflation protection assumptions
    • Mortality rates
    • Incidence of disabilities requiring LTC services
    • Interest rates
    • Morbidity
    • Recoveries and mortality while on a claim
    • Benefit expiry
    • The number of necessary services while disabled (for policies that reimburse actual expenses).

    Types of Long Term Health Care Insurance In Oregon

    The three types of LTC policies offered in Oregon are Home Care Only, Nursing & Residential Facility, and Comprehensive Long Term Care Insurance. However, keep in mind that there are also Hybrid LTC policies.

    Home Care Only (No Coverage For Assisted Living Facilities)

    Only housekeeping services and skilled home care are covered by In Home Care Only plans, which do not cover nursing homes or assisted living facilities. Benefits for home health care, adult day health care (ADHC), hospice, respite care, personal care, and homemaker services must all be included in these plans.

    Nursing Home & Residential Care Facility Only (Coverage For An Assisted Living Facility)

    Nursing home and residential care facility-only insurance policies cover care in nursing homes or Residential Care Facilities for the Elderly (RCFE) that provides assisted living services. These policies’ benefits must cover the cost of all LTC services you obtain in the facility, not just room, and board — up to the policy’s maximum daily benefit amount.

    Assisted living benefits under this sort of insurance is payable while you are staying in any RCFE-licensed setting, including small neighborhood homes (often known as board and care homes), retirement residences, and specialized community centers for Alzheimer’s patients. These policies also need to provide assisted living payments at least 70% of the nursing home care benefit.

    Comprehensive LTC Insurance Policy In Oregon (Will Cover Both Types Of Policies)

    Comprehensive policies are insurance plans that cover nursing care, assisted living, home care, and community care (such as adult day care) under the same regulations as the other two types of plans.

    Hybrid LTCI Policies

    A hybrid LTCI policy is a form of long-term care insurance that uses assets as the basis for coverage. It incorporates either a life insurance policy or an annuity with a long-term care insurance rider. These plans haven’t been around for very long, yet they’re quickly gaining favor because they give you long term care with a death benefit.

    What Are Tax Qualified (TQ) & Non-Tax Qualified (NTQ) Policies In Oregon?

    (TQ) Tax-Qualified policies enable you to deduct a portion or all of your premium from your federal and state income taxes as a medical expense. The amount you may deduct is determined by your age and medical expenses exceeding 7.5% of your adjusted gross income (AGI) if you are 65 or older and 10% if you are younger.

    Non-tax qualified (NTQ) coverage premiums cannot be subtracted from your taxable income, and the benefits are not meant to be tax-free. However, because of federal legislation, NTQ insurance may have more generous benefit triggers and pay reimbursements faster than TQ insurance.

    What Does Oregon’s Long-Term Care Insurance Cover?

    LTCI in Oregon is designed to help protect you and your family in the case that you need long-term care for an extended period or after receiving a particularly devastating health diagnosis. Long-term care insurance is intended to assist if you or a family member outlive your savings or discover that maintaining self-care becomes more expensive as you grow older. You may spend your long-term care insurance benefits on a wide range of medical expenses, and costs such as:

    • Nursing homes
    • Assisted living facilities
    • Extended hospital stays
    • Recurring doctors’ visits
    • Multiple surgeries
    • Testing and diagnosis processes
    • Prescription medications
    • Physical therapy or other rehabilitation following surgery
    • Chemotherapy and radiation treatments
    • Fees associated with treating and recovering from long-term illnesses like stroke, dementia, or Alzheimer’s disease

    If you need more detailed assistance with what can or should be covered in a policy, you can reach out to the Oregon Department Of Insurance.

    How long do benefits last under a Oregon Long Term Care Policy?

    Long-term care insurance (LTC) policies are usually intended to cover at least 12 months of care or more. However, you may get a policy that pays benefits for one, two, three, or five years, and it depends on your needs and the benefits offered in your policy.

    Does LTCI Have A Waiting Period?

    The same waiting periods apply to almost all participating insurance companies in the long-term health care industry. The duration may vary, but it is generally between 0 and 90 days. You will be responsible for any expenses during the waiting period, so pick a length that you believe you can afford to cover.

    Why Would I Need Long Term Care Insurance Oregon?

    The reason you would need LTC insurance in Oregon is to help pay for long-term medical expenses once you’ve retired since Medicare won’t reimburse everything. However, that isn’t the only reason you might want to get long-term care insurance; there are several others.

    Here’s a rundown of some of them:

    • You don’t want to have to hold a job to pay for rising medical expenses (even after retiring)
    • When you’re older, and in a position to help your children financially, you don’t want to put them through the stress of paying for your medical expenses.
    • You’ll be cash-strapped in retirement, but not so much that you’ll be eligible for Medicaid.
    • After you retire, you won’t have enough money set aside in savings to cover your living expenses and rising medical costs.

    Does Medicare Cover Long Term Health Care Services In Oregon?

    Medicare may pay for skilled care in a nursing facility for no longer than 100 days and only when the patient fulfills all of Medicare’s criteria for daily skilled care.

    While individuals do get personal assistance simultaneously, Medicare will not pay unless there is also a requirement for daily skilled services that only a nurse or therapist can provide.

    Medicare will pay for specific personal care services at home, depending on whether you require skilled care daily, that only a qualified professional can provide.

    For additional information, visit your Social Security office or call the Social Security Administration toll-free at 800-772-1213 for the Medicare benefits book.

    How to Find the Best OR Long Term Care Insurance Quotes?

    There is no reason to go without long-term care insurance coverage in Oregon, especially when it’s so easy to find a plan that suits your needs and budget!

    The best approach to finding low-cost long-term care insurance rates in Oregon is to compare numerous quotes online.

    All you have to do is click here or on one of the above buttons to get free long-term care insurance quotes. Best of all, you can accomplish this in less than five minutes.

    Frequently Asked Questions About Oregon Long Term Care Insurance

    What is the average cost of long term care insurance in Oregon?

    In Oregon, the average cost of long-term care insurance for a single 55 year old is $191 per month, which comes out to $2,292 per year. However, rates depend on many factors such as age, where you live, coverage options, and plan selected.

    What age should you buy long term care insurance?

    Before you are 65 years old, long-term care insurance is most effective. The expense of long-term care insurance will rise as you age, and the probability of needing it will go up. If you purchase sooner rather than later, the premiums are much lower.

    How long do you pay premiums for long term care insurance in OR?

    From the year your policy begins until you start drawing benefits, you will have to pay your long-term care insurance policy premiums, usually monthly or annual. You may be paying premiums for 20 or 30 years.

    What are the three types of policies that are permitted for sale in Oregon as long term care insurance?

    The three types of LTC policies offered in Oregon are Home Care Only, Nursing & Residential Facility, and Comprehensive Long Term Care Insurance.

  • Who Has The Best Life Insurance For Young Adults?

    Finding the best life insurance for young adults can be confusing and very time-consuming, it just makes you want to say, “ain’t nobody got time for that.”  But guess what: you can get cheap life insurance as a young adult in an instant.

    These insurance policies are super simple to understand, and there are no waiting periods. In this post, you will learn how to purchase life insurance as a young adult, how to get no medical exam life insurance, and when you should get life insurance as a young family.

    Who Has The Best Life Insurance For Young Adults?

    Ethos has the best life insurance policy for young people in their 20’s and 30’s because they offer a type of life insurance that allows you to get covered at a much faster pace by avoiding the medical exam. Ethos Life is by far the best term life insurance option available for young people.

    Why Ethos Is The Best Life Insurance Company For Young Adults

    • It’s 100% Online – The days of waiting around for an insurance application to be faxed over is the thing of the past and buying life insurance online is the future. You can now get instant quotes and apply online for life insurance as a young adult, all without dealing with an agent.
    • There is No Exam – I have yet to find anyone that enjoys the prick or stick of a needle, if you do, that’s your thing, and I have nothing against it. However, most of us would prefer to avoid the exam altogether. Having a policy that doesn’t require an exam also speeds up the application process considerably.
    • Real Time Underwriting – With real-time underwriting, the application asks you questions based on how you answered the previous question and also gathers information from specific databases to help with getting you out of underwriting fast. This process makes getting an immediate decision very easy.
    • Instant Approvals – A real no exam product will only give you two options when you apply: (Application Approved) – You have been approved for coverage. (Application Declined) –You have been declined for coverage. Essentially, you can get instant life insurance quotes and an instant approval, all from the comfort of home.
    • You Get The Cheapest Life Insurance As A Young Adult – Along with all the other benefits of buying a no exam policy, you can get some excellent rates.  Right now I am 36 and a 20 Year $500,000 no exam policy for me would only be $28.92 per month, which is fantastic because it is honestly just a few dollars more than other companies and I get to avoid all of the nonsense.

    Which Policy Type Provides The Most Coverage At The Lowest Cost For A Young Family?

    Term life insurance will provide the most coverage at the lowest cost for a young family because term insurance was created to let you pay a lower monthly premium over a specific amount of time. The expectation is that if you get a 20 or 30-year term policy, by the time the term has ended, you would have paid off your home, and if you have kids, they would be out on their own. You wouldn’t need as much coverage 20 years from now that you need today.

    How Much Does Life Insurance For Young Adults Cost?

    Theaverage cost of life insurance for young adults without a medical exam is around $540 per year or $45 per month. However, rates are determined by your age, coverage amount, gender, health, and tobacco use. For example: A 36 year old female could expect to pay around $10.17 per month for $250,000 in coverage and $14.96/month for a 36 year old male.

    Get An Instant Life Insurance Quote

    ethos life insurance logo

    Can I Get Term Life Insurance Quotes Online? 

    Yes; the fastest way to get term life insurance quotes without personal information or an agent calling is by using the free quote form to the right: 

    Average Cost Of

    How Old Do You Have To Be To Get Life Insurance?

    There is no minimum age required for you to get life insurance, you can have coverage from the time you are a baby until you are a much older adult. However, to purchase your own individual policy, most insurance companies require you to be 18 years of age or older. If you are in your early 20’s you might still be on your parent’s policy but once that ends you should get covered asap.

    At What Age Should A Young Adult (You) Get Life Insurance?

    You should get life insurance as early as 18 years old, but especially in your 20’s or 30’s. That’s because you are going to get the lowest rates and get your premiums locked in for the longest period. As a young adult you are probably going to be in excellent health which affords you the lowest rates.  The older you get before you buy life insurance the higher the rates will become and the more you become at-risk for not qualifying for coverage due to health issues.

    Do You Need Life Insurance In Your 20s?

    Yes, you should buy life insurance in your 20s because the older you get the higher the possibility of health problems and you could find yourself paying much higher premiums or even become uninsurable.

    There is also the issue that the older you get, the higher insurance premiums become. Even if you don’t have any health issues you are going to pay more per month at 30 years old then you would have at 20 years old.

    Do You Need Life Insurance At 30?

    Yes, when you look at life insurance for someone in their 30s like me, I have a 30 year $2 Million life insurance policy, and I only pay about $129.00 per month.

    I purchased this policy over 6 years ago and my rates are still locked in, if I purchased that same policy today my rates would be close to $190 per month. This means that buying my life insurance early has saved me around $21,000 in insurance premiums.

    Just think about this, I have all the time I need to build something great for my family, and if I were to pass away before that, then my Husband would be set financially. When we have certain life events like having kids, it will be very easy to just add them as a beneficiary.

    ​Myths About Life Insurance For Young Adults

    There are so many myths and just straight up lies when it comes to life insurance for a young adult. In all honesty, If I hadn’t sold life insurance for over 13 years, I probably would be believing the same myths. Today I am going to put an end to these and give you real answers:

    Myth 1 – You Don’t Need Life Insurance If You Have No Dependents

    People argue that if you don’t have anyone that you are responsible for, then as a young adult you don’t need life insurance. The problem with this theory is that if you pass away, someone is still going to be responsible for burying you, packing up your things if you had an apartment and other things that might not be on your mind.

    The nationwide average cost for cremation is about $2,500, and the average cost for a funeral is closer to $10,000. However, according to Smartasset.com the average savings of people that actually have a savings accounts is $5,200. This means that your parents, or friend, whoever takes over that role for you, will either be spending half of their savings or won’t have enough to assist with burying you.

    With life insurance costing less than my monthly cell phone bill, trips to Starbucks (unless I am using my rewards), or a few drinks when hanging out; there isn’t any reason to go uninsured.

    Myth 2 – GoFundMe Is Life Insurance

    This might not be an official myth, but enough people use this option to ask for money for a burial.

    Even as I write this post people still need help with money to cover the final expenses for their family members.

    Just check out the screenshot below that I just took from GoFundMe, these people are both young adults and if they had life insurance, this wouldn’t be required.

    Now, I am not taking any shots at GoFundMe; I think its an excellent platform.

    However, it shouldn’t be used for life insurance because there are companies that offer coverage for very affordable rates.

    Myth 3 – Term Life Insurance Is A Waste Of Money

    There is so much content on the internet that tries to make an argument that Term Life Insurance isn’t a good deal because your coverage will end.

    However, the truth is that by the time your term life insurance policy is up for renewal, you should have created a substantial nest egg and paid down some debt. Term life insurance is going to lock your rate in for the length of the policy so the sooner you purchase it, the more savings you will have up front. You can also add on family members as you have life events like getting married, or adopting or having a baby.

    The amount of money you spend on a term life insurance policy is going to be much lower compared to other products. Essentially, it is probably the best term life insurance and is definitely worth the peace of mind it will give you.

    Life Insurance For Young Entrepreneurs

    If you work from home, are a freelancer, self employed, a small business owner, or have a few side gigs, having life insurance as a millennial is essential and you can’t afford to go without it.

    Being young and running a business is definitely going to be challenging, but you must build a solid financial foundation and life insurance is key.  As a entrepreneur you are responsible for every part of your business, your savings and investments and your loved ones. The products we offer gets you approved super fast so that you can focus on running your business.

    How To Get Cheap Life Insurance As A Young Adult Today?

    Now that you know who has the best cheap life insurance for young adults  and why it’s essential to get covered, it’s time to take action, and as Cottonmouth said in Kill Bill, “Now’s the F*king Time!“

    So, to get some term life insurance quotes, you can click here or on any of the above buttons to get the process started. You can also get anonymous quotes and be covered in under 5 minutes if you choose to move forward.

    Frequently Asked Questions

    Should young adults get life insurance?

    Yes, as a young person, you will get the most affordable rates and find it much easier to get approved. As a young adult, you are probably in the process of starting things like a new job, getting married, or having a baby; you must have life insurance.

    What is the best life insurance for young adults?

    The best life insurance for young adults is no exam term life insurance because it allows you to get up to $1.5 Million in term life insurance coverage 100% Online and in under 5 minutes, at an affordable rate. You also get a choice of several term options from 10, 15, 20, 25, and 30 years.

    Is life insurance worth it for a single person?

    Yes, life insurance is worth it if you are single because if you pass away, someone will still have to pay for your funeral and final expenses. It isn’t a good idea to leave that burden on anyone else.

    At what age should you get life insurance?

    It would be best if you got life insurance as early as possible, or at least until you can no longer be on your parent’s policy. The earlier you get life insurance, the better because it will be super cheap. If you are in your mid 20’s or early 30’s then getting a life insurance policy should definitely be at the top of your list.

    How long should I get life insurance for?

    Your best option will be a 20 year or 30 year term life insurance policy as a young adult. Not only will this lock your rates in for a long time, but it also assures that you would have paid things off over 20 to 30 years and no longer need a large amount of life insurance.

    Do I need life insurance if I have no debt?

    You should get life insurance even if you have no debt because as soon as you pass away, there will be a new debt of around $10,000 to bury you. Also, your family will still need to replace your income if you pass away.