A retired senior couple support family by babysitting. Three young children sit on their grandparents' laps. The group is reading a book together.Before applying for a life insurance quote and before answering the question, “How much life insurance do I need?”, we first need to investigate what type of life insurance policy is best for you.

What type of life insurance do I need?

There are essentially two basic options when it comes to life insurance:

· Term Life, also known as temporary life insurance

· Whole Life, also known as permanent life insurance

As you may have guessed, term life covers you for a period of time or a “term”, and whole life covers you for your “whole life”! Discovering what option is best for you and your situation can be tricky, and you may need to do some assessing to see where you are at in your life, what priorities you have, and financial goals you have set for yourself and/or your family.

· How old are you?

· Are you married?

· Do you have kids or other dependents?

· What are your financial goals?

· Do you have debt, and if so, how much?

You may think that these questions are somewhat independent of each other, but the answers can help you decide not only what life insurance you need, but how much. For example, do you need coverage until your kids are a certain age and able to be self-sufficient? Do you want your coverage to also act as an investment opportunity that can build cash value?

How much life insurance do I need?

Most people typically start out by deciding on a coverage amount that will be enough to cover their remaining debt so that it does not pass on to their loved ones in the case of their demise. According to CNBC, “the average American has about $38,000 in personal debt, excluding home mortgages.” Obviously that number will increase substantially if mortgages were included. Adding your remaining mortgage balance, student loans, car loans, and any outstanding credit card debt can help you decide this amount. Generally speaking the younger you are, the more life insurance you will want to obtain, and also the easier it will be to qualify for the best rates. It is not uncommon to apply for 20 times your annual salary if you are in your twenties or early thirties with a child, a spouse and a mortgage.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

Before applying for a life insurance quote and before answering the question, “How much life insurance do I need?”, we first need to investigate what type of life insurance policy is best for you.

what is gap insuranceGap Insurance, also known as Supplemental Limited Benefit Medical Expense Insurance, is a benefit that helps to cover the exposure your employees have until they reach the maximum benefit based on that plan design. Most employers either choose a plan that will pay providers until the employees reach their medical deductible or maximum out of pocket.

What specific benefits does gap insurance provide?

The specific coverage that most gap insurance plans provide is separated into two categories (riders such as labs, in-office treatment, etc. can be added). The categories are:

  • Inpatient Services- including hospital stays, inpatient surgeries, and physician’s in-hospital charges.
  • Outpatient Services- including diagnostic exams, and other outpatient treatment of injury and sickness, provided the service is performed in a hospital, outpatient surgical or emergency facility, a diagnostic testing treatment facility, or similar facility licensed to provide outpatient treatment.

How does gap insurance work?

Gap insurance may be used to coordinate benefits with your employees’ primary insurance for inpatient, outpatient, and physician services. Benefits may be paid to the medical provider or directly to your insured employee, depending on the plan you choose. Premiums for gap insurance plans vary, according to the specific benefits you choose, but they are generally low enough that the combination of primary insurance and gap insurance will be less expensive compared to primary insurance with a lower deductible.

For employees who have relatively low deductible and copay amounts, gap insurance may not be needed, however these low deductible medical policies are not affordable for everyone, particularly small businesses. When out of pocket maximums are higher than employees can comfortably manage, gap insurance is a necessary protection that can keep them from financial disaster. Most workers who have a high deductible, high copay plan can have an out of pocket maximum over $5000. This can cause an insurmountable and unexpected financial hardship for many people and their families unless they have gap insurance to cushion the blow.

Offering an additional benefit to your workers can be seen as an investment in the performance of your company. According to Business.org, a website designed to help business owners and decision makers grow their businesses, the following are the top reasons to offer benefits to incentivize employees:

1. Increases Appeal

2. Minimizes Turnover Rate

3. Better Morale

4. Healthier Employees

5. Better Job Performance

When it comes to a group medical insurance plan, there are a lot of factors that decide the amount of coverage you may or may not want to provide to your employees, better yet, what you may or may not be able to afford. Rates seem to increase year after year, and in order to offer your workforce an attractive benefit package, you may have to get creative. That’s where gap insurance comes in, and we are here to help! Our insurance specialists are up to date with industry regulations and trends to help you and your business, and they are only a phone call away! Contact us today at 954 828 1819 or visit us online at mhginsurance.com.

Gap Insurance is a benefit that helps to cover the exposure your employees have until they reach the maximum benefit based on that plan design.

Cropped shot of an unrecognizable young man stretching at homeWith so many of us stuck in our homes, or indoors in general, it can be hard to find the motivation, or even the tools to get a good workout in. For those of us looking to maintain our figure, or even drop some pounds while we are quarantining, it is important to try to stay active. Better yet, it is important for everyone to stay active, as exercising can help with stress, depression, anxiety, and other mental challenges associated with what is currently going on.

Calisthenics are a great way to get into or stay in shape. In fact, many people use calisthenics as their normal exercise routine. By using different exercises to target each muscle group, you can have a full body workout without leaving your home or your yard, in a short amount of time.

1. Upward and Downward Facing Dog- This is a common yoga exercise and is a great way to get your body warmed up before a workout or cooled down following one. Lay flat on the ground face down. Take a deep breath, push your hands against the ground to push your chest up while keeping your legs flat on the ground. Hold the pose for several breathes. On the last exhale, lift your bottom up to form a 90-degree angle with your body while keeping your feet and hands flat on the ground and your head between your arms. Stay in that pose for several breathes. On the last exhale, bend your knees to the floor so that your knees are under your hips and your hands are under your shoulders.

2. Planks- Planks are one of the best exercises you can do to work out your core. Lay face down on the floor. Prop yourself up with your forearms and keep your elbows directly below your shoulder. Remember to keep your body straight. For beginners, try using a straight arm with your hands directly underneath your shoulders.

3. Wall Sits- This is a great way to focus on your lower body as well as your core. Find a wall, then squat down into a sitting position with your back against the wall and your legs in 90-degree angles.

4. Mountain Climbers- Ready to get your heart rate pumping? Mountain climbers are a unique exercise that can get your heart rate up and work out your entire body without needing machinery or a large space to move around. Start in a push-up position and alternate bringing your knees to your chest.

5. Push-ups- This classic exercise focuses on your upper body strength and your core. To work out different muscles doing this exercise, try doing them on an incline and decline as well.

6. Sit-ups/ Crunches- This is another classic exercise that targets your abdominals. To increase difficulty try doing them with your legs up at a 90-degree angle. Or you could try air bike crunches where you alternate touching opposite elbows to knees.

7. Squats and Lunges- This exercise really targets your thighs and your gluteal muscles. Remember to keep your feet shoulder width apart and keep your heels flat on the ground when squatting.

For lunges, step forward with one leg lowering your hips until both legs are bend at 90-degree angles. Make sure your front knee is directly above your ankle and your back knee doesn’t touch the floor. Rotate legs.

8. Leg Lifts- As you may have already noticed, many of these workouts focus on your core, and leg lifts are one of the best ones you can do. Lay flat on your back and lift your feet 6 inches off the ground. For a change you could also try switching your feet from opened to closed every 10 seconds.

9. Burpees- Burpees are a great exercise that workout the whole body and even gets your heart rate up! Stand with your feet shoulder width apart, then bend your knees and lower your body into a squat. Place your hands on the floor and shift your weight onto them, then jump your feet back and get yourself into a plank or pushup positions. Then jump your feet back to land just behind your hands and rise up to jump explosively in the air. Repeat!

10. Tables- Sit down with your hands and feet on the floor. With your arms behind you, prop yourself up by lifting your hips as high as you can, and squeezing your glutes and shoulder blades as hard as you can.

There are several different ways to approach these exercises, you could try doing each one until exhaustion, breaking them up into different repetitions and sets, or a mixture of both. There are a ton of other non-weight exercises you can do; however, everyone is different, and some may find other exercises more successful than others. Try looking up other exercises and make a workout guide that fits you and your needs best.

With the spread of COVID-19 causing global concern, rest assured that all of us at MHG are here and ready to answer your insurance questions and concerns relating to the virus. For specific information on how COVID-19 affects your insurance coverage, please call us or visit your insurance carrier’s website.

By using different exercises to target each muscle group, you can have a full body workout without leaving your home or your yard, in a short amount of time.

Shot of a young man going over his finances at homeIt’s everyone’s favorite time of the year, tax season! Filing taxes can be a real pain, but if you are one of the lucky ones who are due to receive a nice check from the IRS, this can be a rewarding time. While having the latest iPad is great, you may come to regret that decision later. Instead of spending your tax return on a new gadget or vacation, try paying yourself. Sometimes bills seem like they are never ending, but one bill that you may come to enjoy paying are those that will pay you down the road. Catch my drift?

Be Forward Thinking

Whether you are established in your career or you are just starting out, you should be thinking about your retirement. Sometimes it can be difficult to put yourself in situations later in life, partly because life can be so unexpected. It just happens. But what some people don’t consider is that when you retire, you won’t have the same income to support your lifestyle. One way to fix that is by saving your money! If you are forward thinking and sacrifice the right amount of money now, what you enjoy now you can enjoy later too!

Get a Jump Start

Is it me or do paychecks seem like they are never enough? While there is a lot more to life than earning a wage, the amount you earn is still important because it determines what you can afford. Having a family is important to a lot of people, however a family can be very expensive. Also waiting until you have a family can feel like it is too late to start, or that you missed your chance to begin planning for retirement. While there is a prime age to begin saving for retirement, don’t ever think it is too late to start if you haven’t. Remember, better late than never.

So if you don’t think you have the funds to save for your future and your retirement, using your tax return to do so may be a smart idea! Another thing to note, once you save your tax return, you may feel more motivated and inclined to continue to do so throughout the year.

What Should I Buy?

· Life Insurance – There are several types of life insurance policies that can set you up nicely later in life. Policies such as Whole Life and Universal Life are ones you should consider.

· Annuity – Depending on the person, an annuity may make more sense than a life insurance policy.

· Combination – The best way may be to do a combination of life insurance and an annuity. Ever hear the saying, “Never put all your eggs in one basket”?

Benefits

The obvious benefit of investing in your future is that you will have income later in life when you decide to “hang them up”. But one benefit that should be considered is one that may be provided by purchasing life insurance. Did you know that if you develop a serious or terminal illness, you could have some of the death benefit value available to you to use while you are still alive for medical bills or whatever you choose. Also, you may have the opportunity to take loans from yourself. Wouldn’t you rather owe yourself money than owe the bank?

It is important to note that MHG Insurance Brokers does not provide tax advice. Speak with a tax advisor if you have any questions regarding your tax filings. For more information regarding what life insurance options are available to you, read our previous blog, “What Are My Life Insurance Options?“ Whether you are purchasing life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

It's that time of the year, tax season! Instead of using your tax return for the latest fad purchase, use it toward something that will protect your loved ones, life insurance!

Young Hispanic female volunteer nurse checks a mid adult woman's blood pressure in free medical clinic.The Affordable Care Act (ACA) has brought a lot of changes in the health insurance industry. Depending on who you talk to some of these changes can be good or bad. One thing that is usually universally agreed upon as a positive change is that insurance companies are no longer allowed to deny you coverage if you have a pre-existing condition. Another positive is that plans considered to be creditable coverage offers preventive care at no cost to the member! Health is wealth and taking preventive actions to ensure you stay healthy is the best way to avoid an illness or an issue in the future. Also, it is important to note that preventive services will only be fully covered when seeing a doctor or medical provider that is in your plan’s network.

What is preventive care?

Preventive care is typically a procedure that is done to detect or prevent an illness or condition. Preventive health care can be anything from screening for diseases such as diabetes to screenings and counseling for alcohol misuse and tobacco use.

Breakdown

Preventive care is typically broken down into three groups, adults, women, and children. Depending on your age and/or gender, different procedures can be considered preventive care. For example, children have certain screenings to test for conditions that aren’t needed as an adult, such as an autism screening. Further, while adults are able to be covered for certain preventive services, women may need some services that are not needed by men for procedures such as a Pap smear. For more information on what procedures are deemed preventive care for each group, visit HealthCare.gov.

Why is preventive care important?

Just because you feel 100% healthy, doesn’t mean that you shouldn’t be taking advantage of regular check-ups. Part of staying healthy is catching issues before they arise or early enough to correct them. There are many conditions that don’t offer early symptoms such as high blood pressure or high cholesterol. The only way to see if they are at healthy levels is to check them regularly. We can’t stress enough that everyone should be using preventive care!

Some things to be aware of

While receiving preventive care should be free thanks to the Affordable Care Act, there are some things you should still be aware of. First, if something is found during your screening, any treatment you receive to help your condition won’t be “free”. You will be required to pay for further treatments according to your insurance plan. Also, in some cases there must be a valid reason to receive fully covered preventive services. You either must be due for one, like women 40 and over receiving a mammogram every 1-2 years (per HealthCare.gov), or a doctor must prescribe it.

For more information about job based benefits, read our previous blog, “What You Need to Know about Company Sponsored Insurance Benefits”. Sometimes there are things in your plan that you don’t understand, or words that you have never heard before. Your well-being is important to us, and part of that is making sure you are properly taken care of. Our insurance specialists have the knowledge and experience to assist and guide you, your family, or group to the best coverage for your budget. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819.

Health is wealth and taking preventive actions to ensure you stay healthy is the best way avoid an illness or an issue in the future. Read more!

2020 is the Year of Vision

Woman selecting eyeglasses in optical storeDo you have 2020 vision? Well technically, this year, everyone has 2020 vision. See what I did there? Ok, no more vision puns. If you don’t offer a vision insurance benefit to your employees, you are missing out on a great opportunity to save your staff money, improve their eye health, and potentially make their overall quality of life better. In return you can get a more loyal, healthier, and productive workforce. Since this year is 2020, it makes it a perfect time for you to open your eyes to the new possibilities you can have with your benefits. That was the last one I promise.

The Basics

Your eyes are two of your most important organs, which is why they need special coverage to promote their health. Vision insurance helps to ensure and motivate people to take care of themselves, the same way health insurance encourages overall health.

There are different plan options with different coverages, so it is important to do your research when deciding what plan is right for you. Do you want your plan to only cover eye exams, contacts, and glasses, or do you want something more comprehensive to also include eye surgery or treatment for certain diseases or issues like glaucoma or retinal detachment?

What You Need to Know

Most vision insurance policies simplify their operation by offering flat rate reimbursements; rather than having to pay a deductible, then pay a percentage until reaching an out of pocket maximum, etc.

It is also important to know that all plans are different, and some may provide coverage for 2 glasses in a year and some may provide coverage for either one pair of glasses or contacts for the year, again do your research.

Don’t Stop at Vision

While implementing vision insurance is a great way to help attract, motivate, and retain employees, there are plenty of other benefits you should investigate offering your workforce in order to have a complete and competitive benefits package. Benefits such as Dental, Short- and Long-Term Disability, Group Life Insurance, and Gap Insurance are common additions to a Group Health Insurance Plan, and often have minimal costs in comparisons to the coverage they can provide. After all, a happy and healthy workforce is the key to any successful business!

MHG Insurance Brokers comprises of a team of experts who specialize in group insurance. We have unique relationships with carriers and are sometimes the first to know the plans they offer. We have a 5-star Google review rating, and an outstanding 96% client retention rate in the Life and Health Division (Employee Benefits). Our team of experts can complete a full analysis of your current plan’s offerings, and if needed, recommend a package that will enrich your benefits while keeping cost at a minimum. If you do not have a group plan in place, we have you covered! Our team can provide a proposal for your group which may be less than you anticipate. If you are interested in purchasing health insurance, feel free to contact us at 954-548-3599 or visit our website at mhginsurance.com.

If you don’t offer a vision insurance benefit to your employees, you are missing out on a great opportunity to save your staff money, improve their eye health, and potentially make their overall quality of life better.

Ready to go! Close up cropped low angle photo of shoe of female athlete on the starting line of a stadium track, preparing for a run. Sunny spring dayYou know the saying, “New year, new me!” Well it’s that time of the year, everything is fresh, people are motivated, and many of you have just begun a new benefit year in terms of your insurance as well. So why not take some time to figure out how to make the most out of your insurance benefits, the same way you would try to make the most out the year when it comes to vacations, starting new habits, or even just trying new things. Here are some tips to follow to better help you start your benefit year off right. Keep in mind the tips below are only for those times when seeing a medical professional can be planned in advance, if you are sick or in need of medical attention, please consult your physician immediately.

Read Your Policy

Reading your insurance policy may not be your first priority, but without reviewing your benefits, you might be missing covered benefits you can take advantage of. A big one is knowing the doctors in your network, depending on your coverage, some providers might be categorized in a special group which allows you to pay less. Check if you have dental and vision insurance and what is covered, there can be some benefits that are completely free of charge to you, even covering multiple visits throughout the year.

Do You Have a Rewards Program?

Most health insurance companies now offer a rewards program to help motivate people to live a healthy lifestyle. Get yourself involved as soon as you can so you can start earning rewards for things you do every day like walking, logging meals, weighing yourself, etc. Also, these programs can offer points for visiting the doctor, getting your teeth cleaned, getting a flu shot, and taking other preventable measures.

Plan Your Year

As stated before, once you understand your insurance coverage, you will have a better understanding of how to plan your year. Yes, you should always expect the unexpected, no one plans to catch a cold, but by understanding your benefits you can use providers that will cost you less. When it comes to making doctors’ appointments, your benefit year should be taken into consideration. For example, if you are in need of a procedure that is medically necessary but you have been putting it off, would it make more sense to have it when the year is fresh, or when you have reached closer to your max out of pocket, typically later in the year? Sometimes timing can be important and can be the difference from having to pay thousands versus having to pay nothing.

Avoid the Mad Dash

I don’t know if you have ever been to a medical facility at the end of the year, but more than likely they are slammed with people trying to use the last bit of insurance before the new year starts. By planning your year ahead, you can do what you can to try and avoid the headache of having to wait hours, or deal with nurses and doctors who are understaffed or stretched too thin. Most medical plans now include telemedicine which can be used in the convenience of your home using a smart device, if you need a prescription the telemedicine doctor will prescribe what you need at the pharmacy of your choice. In some cases, telemedicine can be free.

MHG Insurance Brokers comprises of a team of experts who specialize in group insurance. We have unique relationships with carriers and are sometimes the first to know the plans they offer. We have a 5-star Google review rating, and an outstanding 96% client retention rate in the Life and Health Division (Employee Benefits). Our team of experts can complete a full analysis of your current plan’s offerings, and if needed, recommend a package that will enrich your benefits while keeping cost at a minimum. If you do not have a group plan in place, we have you covered! Our team can provide a proposal for your group which may be less than you anticipate. If you are interested in purchasing health insurance, feel free to contact us at 954-548-3599 or visit our website at mhginsurance.com.

Here are some tips to follow to better help you start your benefit year off right.

Buying Insurance 101

Young couple shaking hands with a female agentBuying insurance, no matter what type, can be an intimidating and daunting task. For one, there is a ton of tricky lingo, a plethora of different coverages amounts and types, and of course the cost. Unless you are someone who works in the insurance industry, chances are insurance lingo can sometimes sound like a different language, and confusing protocol leaving you wondering what to do next.

However, it doesn’t have to be this way! Follow these 5 easy steps when making any insurance purchasing decision to help ease your mind and make the process as smooth and simple as possible.

What am I trying to protect?

When buying insurance, the first thing you need to ask yourself is “What am I trying to protect?” Are you trying to protect your business? Your health? Your kids? Your assets?

Once you have the answer to that question it will narrow down what you should be looking for. For insurance, If you wanted to protect your business, you would want to consider a General Liability policy, or Marine General Liability depending on the business. Protecting your kids? Look into life insurance.

What is my budget?

Once you know what type of insurance product you are in the market for, next you need to figure out your budget. After all, you don’t want to lapse your policy because you can’t afford it down the line if things become tight down the road, so be smart. Depending on your situation and what you are trying to insure, sit down and figure out what you can realistically afford, and what level of priority is the type of insurance you need.

Who do I know?

One thing that can make the decision easier is to figure out if you know anyone that currently has what are looking to get. If you do, ask them about it. What are the pros and cons? Is there anything they would do differently? Is there anything you need to look out for?

What don’t I know?

As with anything you buy, you should always do your own research. Figure out what products are out there, what pitfalls there are, and anything else that will help you get the best out of what you are buying.

Seek out a reputable broker!

Insurance Brokers often get a bad reputation but using a broker can help you avoid situations like this. For one, the majority of brokers are well-versed with the ins and outs of the insurance industry and can help you avoid a negative trend that you may otherwise know nothing about. Not to mention, brokers work for you! Brokers typically operate at no extra cost to you as it would be if you went straight to the insurance company to get your plan. If you would like to learn more details of using an insurance broker, read our previous blog, “Why You Should Use an Insurance Broker”.

Having proper insurance is important whether you are looking to protect your business, your loved ones, or yourself! Our insurance specialists have the knowledge and experience to find the type of insurance you are in search of, and policy that works best for you and your budget. If you are interested in purchasing, or have any questions about marine crew insurance, life & health insurance, travel insurance, expatriate insurance, property & casualty insurance, or ocean marine insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Follow these 5 easy steps when making any insurance purchasing decision to help ease your mind and make the process as smooth and simple as possible.

Shot of a couple looking stressed out while working on their finances at homeThe promise of an amazing benefit is great, but what happens when you try to use that benefit and experience resistance? That seems to be happening more and more when it comes to low-cost insurance plans. When buying insurance, a person is buying an intangible promise. With that mindset, one can see why low-cost insurance is rarely ever low-cost.

Can’t Have Good, Quick, and Cheap

Ever hear the saying you can’t have your cake and eat it to? Typically, with anything in life, you get what you pay for. Consumers are constantly trying to save money any way they can on products or services they buy. However, depending on the product or service, a good “deal” can quickly turn into an absolute nightmare. Low-cost insurance plans are no different. Consumers can expect to receive delayed quotes, slow service, claims issues, and that’s just the tip of the iceberg.

You’ll Pay for It Later

Saving money on premium doesn’t always mean that you’re saving money overall! Many times, those who opt for cheaper insurance end up paying more in the long run because of a lack of coverage that was unknown to them when trying to use their insurance, or even worse, no coverage at all. Imagine being involved in an emergency situation that ends up with you being in the hospital, the last thing you want to be worrying about in that moment is being stuck with the entire hospital bill which could end up being tens of thousands of dollars.

Possibility of No Service

One trend that has popped up as of late are insurance companies offering cheap plans to grow their business. However, businesses can’t afford to continue to operate on low margins, so the customers are the ones who end up suffering. Having a plan with great benefits, but no service when actually trying to use it results in disappointment for the consumer.

Consumers vs. Insurance Companies

Insurance companies are usually very large, so going toe to toe with one is no easy task if you have a dispute with the plan that you have purchased. Even if the consumer is completely in the right about a particular claim or situation, the costs and time involved can be substantial. It is for this reason that you really need to do your research and choose the best plan for your needs, not just the cheapest.

Use a Broker!

Insurance Brokers often get a bad reputation but using a broker can help you avoid situations like this. For one, the majority of brokers are well-versed with the ins and outs of the insurance industry and can help you avoid a negative trend that you may otherwise know nothing about. Not to mention, brokers work for you! Brokers typically operate at no extra cost to you as it would be if you went straight to the insurance company to get your plan. If you would like to learn more details of using an insurance broker, read our previous blog, “Why You Should Use an Insurance Broker”.

Having proper insurance is important in every aspect of life. Whether you are at sea needing international coverage, looking for proper life insurance coverage, going on a vacation, etc. MHG is your specialized broker. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about marine crew insurance, travel insurance, U.S. life and health, expatriate insurance, or property and casualty, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

When buying insurance, a person is buying an intangible promise. With that mindset, one can see why low-cost insurance is rarely ever low-cost.

tourist in luxury beach hotel near luxurious swimming pool at sunset, tropical exotic holidays vacation, tourism and travelMany people don’t consider buying a life insurance policy until a major life event such as getting married, buying a house, having a kid. While all of those are great reasons to purchase a life insurance policy, you should actually have a policy before any of those things happen. Yes, even if you’re single, with no dependents or assets to your name. 

1. Investment

One reason to get a life insurance policy when you are single is because it can be used as a long-term investment. Purchasing a Whole Life insurance policy can give you many options on what to do, such as being able to withdraw from the cash value of your policy much like a bank loan. Also, depending on the whole life policy you purchase, it can act as a savings vehicle. So, after a certain amount of time, your cash value will be higher than the amount you have paid, depending on where it has been invested. 

2. Funeral

Here’s a question that many may not want to ask or try to answer. Who is going to pay for your funeral? Funerals are expensive, and unfortunately, it is an expense that many don’t prepare for. Having life insurance that will include your funeral costs into the amount of your policy is a very smart thing to do. Caskets themselves can be thousands of dollars, and funeral total costs can easily exceed $20,000. 

3. Personal debts

If you should pass, who is going to pay for your debts? When you die, if you have any co-signed loans, the full responsibility of paying off the loan will be left to the person who co-signed that loan with you. Which in many cases could be your parents, spouse, kids, etc. It may be tough on them to worry about their debts and in the event of a tragedy all of a sudden have to worry about your debts as well, all while still mourning your loss. Having a life insurance policy can be used to pay off your medical bills, mortgage, credit cards, etc. 

4. Leave a legacy

It can be a good idea to purchase life insurance in order to leave a legacy. For example, if you are passionate about a charity, church, or group, you can leave them as the beneficiary of your policy, which I’m sure they will greatly appreciate and never forget. Also, you can do this if there is someone close to you that you would like to help out. Maybe a friend who is struggling and would refuse to accept any help from you. 

5. Cheaper to get a policy when you are young

If you plan on getting life insurance later in life or waiting until a life event such as the ones stated before, it may make more sense to go ahead and purchase a policy now. Waiting for one of these events can take years and years, and by the time you go to purchase a policy, the premium could be as much as two times as high as if you would purchase it now. That is because the younger you are, the less expensive the premium is, because you are not viewed as a high risk. Also, another great thing is that your premium should be locked in at that price for the length of the term or for your life depending on the type of policy you get. So, in essence, you could be saving yourself money in the long run, by spending a little extra now. 

If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

Yes, even if you’re single, with no dependents or assets to your name, you should still have a life insurance policy. Read more.