When you buy a life insurance policy, you are essentially transferring your financial risk to a life insurer which then becomes obligated to pay your beneficiaries based on the contracted amount of death benefit purchased. The life insurer is able to assume the risk because, based on its data, it knows when you are expected to die.

How Much Life Insurance Do You Really Need?

by Jim Dillon on
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For most people the difficult decision is not “if” they need life insurance, but “how much” life coverage they need. It’s a much bigger decision, and one that can lead to consternation over the purchase decision if it is not made with the proper consideration.

Why You Need a Personal Liability Umbrella Policy

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An increasing number of people are starting to understand that their real risk exposure is not in the costs associated with repairing or replacing their car or home, rather it is in the far more costly liability risk. Yet, most people drastically underestimate their personal liability risks.

Insuring for the Underinsured and Uninsured

by Jim Dillon on
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It seems remarkable that more than one in seven drivers in the United States is uninsured. But with the slumping economy, that number is expected to increase. And that doesn’t account for the millions more who can only afford to buy the minimum liability coverage that is required by state law.

Preserve Your Assets with Long-term Care Insurance

by Jim Dillon on
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With the average life expectancy surpassing age 85, the number of people who will require some sort of assistance performing daily living functions can be expected to increase dramatically. Already one in three people age 65 and older will receive care in a nursing home or through a home caregiver. After age 74, there’s a 50% chance of needing assisted care.

Avoiding the Biggest Life Insurance Mistakes

by Jim Dillon on
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For anyone who has purchased life insurance, most would agree that it is one of the most critical financial moves they could make.  Yet, many people fail to give their life insurance purchase the meaningful consideration it requires. A life insurance purchase is for life, which means there are no “small” mistakes when purchasing it, only big, costly ones.

Unquestionably, disability insurance is more complicated than other forms of insurance. There are a lot of moving parts to understand in order to create the right kind of coverage, which may be one reason why many people are reluctant to look into it.

Understanding Annuity Costs

by Jim Dillon on
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There have been enough written and said about annuities to know that they do include certain costs that you wouldn’t ordinarily encounter with other types of investment products. Still, it is interesting that annuity critics try to illustrate cost disparities by comparing them with the other products.