Month: August 2018

Life insurance is usually best purchased when you’re relatively young and healthy, although there are different kinds of life insurance to peruse, such as universal policies and whole life policies. Bear in mind that different life insurance types make you eligible for different payments upon your death, with whole life policies growing due to dividends and paid-up additions while universal policies tend to stay the same.

Of course, life insurance is inherently complicated and changeable depending on your personal circumstances, so be sure to educate yourself and remain in the loop regarding your policy. Here we give you some tips on when life insurance makes sense for you.

When you know what you’re getting into

Before taking out life insurance, you should understand how it works and what it entitles you and your beneficiaries to.

Also bear in mind that insurance costs grow with time, meaning that the cash value of a policy will inevitably change. Before signing, you need to be armed with knowledge about any costs and fees, as well as future projections too. This information will help you to make well-informed life insurance decisions.

When you’re the appropriate age

If you’re looking for universal and whole life insurance policies, you should ideally be someone in your 30s or 40s who is financially disciplined and able to make the necessary payments on time. On the contrary, term life insurance is usually cheaper and thus better when you’re still investing funds into a diversified portfolio. As Marc Lichtenfeld, chief income strategist for The Oxford Club says:

“Even if you pay your premium every month for years and obtain the full benefits of the [permanent] policies, the total returns will be roughly equal to that of a diversified stock portfolio. So you really don’t come out ahead.”

As a result, it is important to consider your life stage and financial future when deciding to take out life insurance of a certain kind.

When you know how risky you want to be

Some people buy insurance purely for the safety of having insurance and protecting themselves and their loved ones down the road. On the other hand, sometimes people are a little riskier and buy insurance because of the cash value’s potential gains in the future. If you’re a riskier person who is buying the policy for its cash value growth, then you should aim to fund the policy with the maximum amount, as this will encourage the policy to gain consistently.

On the other hand, universal and whole life insurance policies can equip you with tax advantages. As a result, insurance can be issued as a non-MEC or modified endowment contract, with non-MECs being treated like a Roth IRA when it comes to taxes. If you manage the gains properly and effectively, there will be no tax due on the gains apart from when you withdraw them.

When you’re able to afford it

It’s easy for baby boomers to sit back in their comfy homes and tell millennials that they should be investing in life insurance right now, but this isn’t always possible for younger people or those with lower incomes. As the cost of living rises but wages don’t adequately rise with it, people are cutting back on expenses wherever possible, and life insurance is something which many people simply aren’t concerned with in their day-to-day lives. Although you could argue that this is unwise, it may be a good idea to find your feet with a car, house, decent career, and the beginnings of a retirement fund before looking into a good life insurance policy.

Life insurance policies are among the most confusing and misunderstood policies when it comes to insurance. If you’re having trouble navigating your way around the complicated world of life insurance policies and you aren’t sure whether you should invest in one, speak to us today and listen to our industry-leading advice.

Despite increases in medical technology and increased pushes for healthy lifestyles, heart disease remains the #1 killer in the United States, killing one American every 40 seconds. However, this condition is not something you should only focus on as you get older – you need to think about it at every stage of your life. As Jorge Gonzalez, MD explains:

“While heart disease is most prevalent in people aged 60 and older, it can begin to develop much earlier in life. Cardiovascular disease affects more than 35 percent of people aged 39 and older, and more than 10 percent of those aged 20 to 39. That’s why it is so important to live a heart-healthy lifestyle at every age.”

Here we offer you our tips for being heart-healthy at all ages.

20s to 30s

Yearly health exams and screenings are a good idea when you’re young, and it’s also a good idea to know what diseases or ailments run in your family and what you’re at risk for in the future. If you’re a smoker, do yourself a favor and quit now, as this is the single best thing you can do for your health going forward. You should also aim to establish a regular gym routine, as building your strength and cardiovascular activity now will make it easier to continue as you age. During this period of your life, you may undergo a whirlwind of stressful changes, so it’s a good time to find some stress management techniques which work for you, such as meditation and breathing control.

40s to 50s

Try your best to maintain a gym routine which keeps your cardiovascular workouts and strength training up. Although exercise can seem like less of a necessity as you have more and more responsibilities, you cannot be expected to fulfill your responsibilities if you’re not fit and well! If you’re a woman going through menopause, this can affect your heart health due to hormonal changes, and this is a good time to consult your physician. At this age, it’s more important than ever to attend yearly wellness exams and checkups, even if you feel fine. You could feel fine and still develop serious illnesses or heart problems which get out of hand before they are identified! Be sure to know the warning signs of heart attacks and strokes.

60s and older

It may be worth speaking to your doctor about an ankle-brachial index test. This is a test which measures pulses in your feet, thereby helping to diagnose peripheral artery disease (PAD), a form of cardiovascular disease which manifests as plaque build-up in the legs. At this age, you should also eat a healthier diet than ever, as your metabolism will have greatly slowed down. Be sure to continue exercising as you age, even if it’s just going for brisk walks. Contrary to popular belief, avoiding exercise will only make you age and wear out even more quickly. Swimming is a good method of exercise if your joints aren’t quite what they used to be!

General tips at all ages

Heart-healthy diets are high in proteins, fruits, and veggies while being low on saturated fats. Furthermore, complex carbohydrates such as bread, legumes, rice, and pasta are conducive to good heart health. You should also aim to exercise regularly in order to keep your cardiovascular system strong, remain a healthy weight, and keep unhealthy cholesterol/blood pressure levels at bay. Finally, quit smoking. It’s the single best thing you can do for your health, period.

Minimizing your risk of heart disease is one of the easiest ways to prolong your life and ensure good health. Speak to a member of our team today if you’re worried about your heart health.