insurance policies

Experts Suggest Buying Multiple Life Insurance Policies

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.

  • Not only can you have multiple life insurance policies, but you can purchase multiple at once.
  • Buying 20-year coverage and 30-year coverage at the same time can help as your savings grow.
  • Adding a 20-year policy whenever you have a child means it will last until they’re an adult.

While many believe each person can only have one life insurance policy (and one death benefit) in place, this common misconception couldn’t be further from the truth. Not only can you have multiple life insurance policies on yourself or your spouse or partner, but insurance agents maintain there are instances when you should have more than one policy.

This means you can keep whatever life insurance you have and still buy more coverage if you feel you need it. Heck, you can even purchase multiple life insurance policies at once. I talked to some life insurance experts to find out when it makes sense for individuals to have several life insurance policies.

See Insider’s picks for the best life insurance companies »

Buying life insurance to supplement workplace coverage

Steve Sanders, who serves as the senior vice president of life distribution at F&G, says that workplace life insurance coverage can be a great benefit to employees. However, it shouldn’t necessarily be the only coverage workers have in place.

For starters, Sanders says the total death benefit of workplace coverage tends to be limited

Read the rest

Do I Need Travel Insurance For My 2023 Vacation?

Mark Graham is planning a trip to Sicily and France with his wife this summer. He’s still working out some of the details, but one thing he is sure of: getting travel insurance. Graham can’t imagine traveling without it.

“We feel better knowing we have the safety of insurance,” says Graham, a retired telecommunications worker from Danville, Calif.

And who can blame him? The pandemic made travel insurance a must-have item for many travelers, including people like Graham, who fit the “must be insured” profile (retired, overseas travel, cruising). Others who are planning their 2023 trips may still be on the fence. I can help you decide.

It’s going to be another interesting year for travel, experts say.

“Between flight disruptions, weather issues, and unexpected medical emergencies, travel is unpredictable and will continue to be so in 2023,” says Carol Mueller, a vice president at Berkshire Hathaway Travel Protection.

It’s natural for people to think about travel insurance. But what should they do? Graham’s concerns are common. For example, what if there’s another COVID outbreak or the war in Ukraine affected his cruise? He’s also worried about a possible trip disruption or medical emergency. Those are issues that a standard travel insurance policy can address. But there are so many choices.

“Travelers are more interested in purchasing travel insurance than ever,” said Karisa Cernera, a director at Redpoint Travel Protection, a travel insurance company. “But choosing a travel protection plan can be overwhelming.”

What kind of insurance is available for your 2023 trip?

If you’re planning

Read the rest

Your Pet Insurance Probably Won’t Cover Required Vaccines. Here’s Why

Young Woman With Cat Looking At Laptop

Image source: Getty Images

What’s the deal with pet insurance not covering required vaccines?

Key points

  • Many people are used to health insurance covering preventive care, but pet insurance works differently.
  • Your pet insurance policy most likely won’t cover vaccines even though they are required.
  • Some pet insurance policies offer wellness add-ons that may cover preventive care.

Pet owners are likely well aware that their companion animals need many different annual vaccines. Some of these, like the rabies shot, are required by law. And others are recommended in order to help keep animals safe from common diseases that could be fatal.

Owners may be surprised, however, to find that most pet insurance policies do not cover these vaccines. That means they’ll have to pay for them with a credit card or out of a bank account with no reimbursement.

Here’s why that’s the case.

Pet insurance plans work differently than human insurance

Sometimes, people expect pet insurance to cover vaccines because they compare it to human health insurance.

Typically, human health insurance is really good at covering preventive care — including vaccines like the COVID-19 shot or flu shot. In fact, under the Patient Protection and Affordable Care Act (better known as Obamacare), most health insurance plans are actually required to cover a wide range of immunizations.

Pet health insurance is not subject to these regulations, though. And typically, pet health insurance does not cover preventive care or vaccines, and instead expressly exclude these types of expenses.

Vaccines and routine exams are considered “wellness care,” while the standard pet insurance policy generally limits coverage to accidents and injuries. The policies are there if pets fall ill and need treatment, but they are not there to pay for everything a companion animal needs — including vaccines designed to keep pets healthy.

Read the rest

With rising inflation, fill the gap with life insurance, analysts say [Video]

Inflation has increased budget costs for most Americans, which should be taken into consideration when evaluating life insurance coverage.

Being underinsured means that loved ones wouldn’t be able to cover expenses incurring debt or maybe loss of the family home.

“Life insurance helps provide resources to cover in the event of an untimely death…to care for and support families,” Sandi Bragar, chief client officer and partner at Aspiriant, told Yahoo Finance Live (video above). “In this rising inflation environment, those costs have gotten a lot higher and because there’s a gap, we’re filling it with life insurance.”

Senior couple paying bills inside the house

Credit: Getty Images

The rule of thumb is to have 10 times your annual income in life insurance, according to non-profit insurance Life Happensto cover expenses beyond the funeral like housing, mortgage, childcare, health care, and education, so your family won’t go into debt.

Because the costs of food, gas, and housing have increased, consumers should evaluate their life insurance coverage to make sure it is enough, which is why, while 10 times your salary is recommended, your coverage amount should increase with the cost of living.

Some financial planners recommend a combination of term life and permanent life insurance policies. Because term life insurance expires, a permanent life insurance policy offers lifetime coverage and earns cash value that can be used during the policyholder’s lifetime in the form of a loans or withdrawals.

More Americans are tapping their permanent life insurance policies to help them weather inflation and avoid drawing on retirement accounts battered by the stock market’s volatility this year.

“You want to look at all the different types of policies that are out there and find the one that best fits your needs,” Bragar said. “One thing we like to do with clients is stack life insurance policies.

Read the rest

Can You Get Life Insurance at Age 85 – Things You Need to Know

The elderly people in our lives are some of the most special ones, and we want to do our best for them. However, they need more than just support from their close ones for a secure and happy life; this is exactly where life insurance plays a critical role.

You can get life insurance at age 85. But you need to know exactly what you want to decide on the right company that can ensure maximum support and fair coverage.

Life insurance at age 85 or more works differently than regular insurance. If you are someone who is wondering if you can get life insurance for yourself or someone from your family at the age of 85 or more, this article may help you understand the situation better.

Why is life insurance at age 85 crucial?

Our requirements change as we age. The insurance that used to cover many things before may not be of that much help and benefit as you age, which is why senior life insurance is very important.

A journal published by the NCBI sheds light on the importance of senior life insurance for elderly people. They are like the support system and confidence boost you need to pass your resting days more comfortably. It can have your back to prepare for the burial, funeral, and other related expenses ahead of time, which can be reassuring.

Also, some insurance policies allow you to leave some money for the spouse or young ones of the family. Some can help take care of the remaining debts and medical expenses.

If you don’t have any debt or have managed to save up enough to support yourself for the rest of your life, you may not require life insurance. However, a death benefit life insurance

Read the rest

People Want Certainty: Is Insurance Back? -The Streets

With uncertainty in financial markets, it’s time to turn back to insurance and estate planning, focused strategy, and fundamental financial planning.

With the recent volatility in financial markets, there is a sudden rush to return to traditional, perhaps “safe” investments. And it’s a good time to revise your estate planning.

Our investment portfolios have dropped significantly in 2022 and, for many of us, our confidence in the financial markets remains uncertain. We know historically that “markets” have performed and provided us a stable way to systematically invest, with assurance that over time our assets will grow.

Hopefully, we are also reallocating our investments to reflect our risk tolerance as well as our need for liquidity as we age and consider retirement

There seems to be a renewed interest in certaintyin products like annuities and insurance, things that provide guarantees to families and to our retirement incomes, especially should the markets not return to some level of stability. Investors have returned to annuities and T-bills for certain investment returns—trading volatility for certainty—strategies not seen since the 2008 financial crisis. In short, people want to sleep at night!


Interest in life insurance has also suddenly skyrocketed, with people understanding that a reduction in their assets means fewer assets for heirs should they die prematurely.

Makes sense—with news reporting war, global and weather-related disasters, shootings and random killings, escalating crime (and even with the era of COVID potentially in our rearview mirror), we have all suddenly come face to face with events that bring us in direct view of our mortality. As Jim Morrison said, “No one here gets out alive.”

When was the last time you actually reviewed and contemplated the economic needs of your family or business, if you died tomorrow? What plans would you want to have in

Read the rest

These Travel Insurance Strategies Will Keep You Safe (and Covered) Now

The upcoming holiday travel season is fraught with uncertainty — a predicted spike in COVID cases, soaring gas prices and inflation. Can your travel insurance keep up?

“It’s important to understand any exclusions to your policy,” says Christina Tunnah, general manager of marketing and brands at World Nomads. “So grab yourself a cup of coffee and spend some time reading through the policy details.”

Do you need to read your entire travel insurance policy? Yes, you do. But as you face the uncertainty of the upcoming holiday travel season, here are a few things that are worth reading twice.

Remember, travel insurance doesn’t cover everything.

“To keep rates affordable for everyone, travel insurance products include a list of covered situations as well as a list of things that just aren’t covered,” explains Daniel Durazo, a spokesman for Allianz Travel Insurance. “So take the time to learn about your policy’s covered reasons and exclusions.”

Watch for health insurance gotchas

The most overlooked aspect in travel medical insurance is pre-existing conditions, according to Joe Cronin, president of International Citizens Insurance. “Some policies will not cover medical care if it is related to a pre-existing condition,” he warns. However, some travel insurance companies will cover a waiver for a pre-existing condition if you buy the policy within 14 to 21 days of making an initial deposit, so make sure you review the pre-existing conditions language before you buy a policy.

Look for triggers

Triggers, or qualifying statements, are a mainstay of travel insurance policies, according to Angela Borden, a product strategist at Seven Corners. “For example, many plans on the market allow travelers to cancel

Read the rest

Individual Life Insurance for Employees

What You Need to Know

  • Your clients could lose the ability to work, or die.
  • Some insurance is better than none.
  • Enough coverage beats some coverage.

Since the pandemic, more companies have started to offer health insurance and group life insurance than ever before.

Still, more than 100 million individuals in the United States don’t have sufficient coverage to provide their families with financial security in case of a tragedy, according to the 2022 Insurance Barometer Study by LIMRA and Life Happens.

One of the main barriers to financial security is the low coverage that basic group life insurance policies provide.

If businesses want to help their employees — your clients — achieve financial security, they must go beyond the benefits offered through standard group life coverage.

Here’s what you need to know about the way companies offer your clients life insurance now and how that could change in the future.

Life Insurance Today

When employers started offering group life insurance policies, many workers who wouldn’t otherwise have access to life insurance suddenly had coverage, however limited.

Group insurance policies are attractive because their approval by an insurer is virtually guaranteed.

Some of the main features of group life insurance include that client companies usually need to renew group insurance policies year by year or every five years.

The premiums are low, so group life insurance is affordable for most companies.

Coverage is usually fixed rather than based on the individual’s health.

Some basic policies provide minimal coverage for a spouse and children, or employees can purchase supplemental insurance for better coverage.

Unfortunately, there are some downsides to group life insurance.

First, group insurance isn’t portable if an employee changes jobs, because the business owns the policy.

This means that some employees who resign or lose their jobs are

Read the rest

4 insurance policies every adult should have

Insurance protects you and your loved ones in case of emergencies or accidents.   / Credit: Getty Images/iStockphoto

Insurance protects you and your loved ones in case of emergencies or accidents. / Credit: Getty Images/iStockphoto

Insurance policies can be a nuisance to pay each month, particularly if you’re on a tight budget.

Paying in advance, however, will ensure that you won’t get stuck in the future. You can’t prevent emergencies, accidents or death but you can make sure that you’re financially protected should the worst-case scenario arise.

This is why it’s so important to have insurance – and the right amount – to cover you in a variety of circumstances.

4 insurance policies every adult should have

Here are four insurance types every adult should seriously consider getting.

Life insurancepet insuranceTravel insurancecar insuranceLife insurance

Life insurance will protect your loved ones by providing a lump sum of money to your beneficiaries after you die. Payout amounts range from tens of thousands of dollars to millions, depending on what you pay and the type of life insurance you have.

Some working adults may already have minimal life insurance protection from their employer. Depending on their circumstances, however, that may not be enough. life-insurance-what-to-know/?ftag=YHF4eb9d17″ data-ylk=”slk:Supplemental life insurance” class=”link “Supplemental life insurance may also be required to help fill in gaps.

Speak to a life insurance expert who can help you build a comprehensive plan.

pet insurance

If you don’t have a cat or dog then you skip this one. If you live in one of the 48 million households that have dogs or 31 million that have cats, however, then this insurance can probably save you money.

For a modest fee each month pet owners can ensure that their pets are covered for a variety of medical treatments, prescriptions and some preventative measures. There are multiple benefits to this unique insurance that owners should

Read the rest

Buying insurance during a recession, Money News

Recession typically spells bad news for most, with companies and firms facing lower sales volumes, needing to lay off workers, causing higher unemployment amongst the working population, which causes overall consumption and demand to fall as well, causing the whole economy to decline significantly in outputs.

Recession & inflation

So, is Singapore expected to go into a recession? Although the economic climate has been undergoing much volatility, uncertainty and risks, Minister of State for Trade and Industry Alvin Tan maintains that Singapore is unlikely to face a major recession for now.

This probably holds true for this year as well as in 2023, but it does not mean that there is no risk of further deterioration and risks to our economy in the next few years.

Although Singapore’s economy has not declined yet, overall growth is headed towards sluggishness and slowing downwith a volatile and uncertain outlook for the year ahead.

On the contrary, one of the major risks that we are currently facing would be the high and persistent inflation putting continuous upward pressure on the prices of our food, utilities, transport and more. With Singapore’s core inflation rising to 4.4 per cent in June 2022, the highest since November 2008, it is becoming an increasing pressing problem for many Singaporeans.

Buying insurance during recession

When the economy is facing a recession, would you still continue to buy insurance?

For many types of insurance, including life, health, home and car insurance policies, many insurers may see a downturn in their customers and premiums. This is probably due to customers needing to save their money for other necessities and expenses, therefore choosing to shrink their coverage on their insurance policies.

Premiums may also increase if the recession is prolonged, because insurers would begin to see underwriting losses due

Read the rest