Financial Planning for Seniors on Medicare

by Joe Borowiec

Medicare, the national health insurance program for seniors over the age of 65, is an essential resource for many older adults, and without it, a large portion of the population would suffer from a lack of access to affordable medical care. In 2018 alone,

When Should You Consider Survivorship Insurance?

by Joe Borowiec

Survivorship insurance, also known as joint survivor life insurance or variable survivorship life insurance, covers multiple people under one policy, making it an appealing option for spouses, parents and couples. You may also hear this type of coverage referred to as “second-to-die” insurance because beneficiaries don’t receive the benefit until both insured policyholders pass away.

Survivorship insurance is variable, meaning policyholders benefit from a cash value component in which a portion of each premium payment is put…

Finding Financial Relief After a Cancer Diagnosis

by Joe Borowiec

Combating cancer can be one of the most difficult challenges of a person’s life, and it is one that requires a great deal of mental, emotional and financial fortitude. Beyond the physical hurdles and side effects that coincide with most cancer diagnoses, there is the added hardship of paying for treatment.

Cancer takes place at the cellular level, occurring when abnormal cells develop and spread…

Alternatives to Lapsing an Underperforming Life Insurance Policy

by Joe Borowiec

When you purchased your life insurance policy, it was probably a wise investment. Perhaps you had just gotten hitched, bought a new home or welcomed your first child into the family. These are all great reasons to capitalize on the safety, security and peace of mind a life insurance policy can bring. However, as you age, your life circumstances will inevitably change—and so will your insurance coverage needs.

A growing number of seniors are finding that their life insurance policies are no longer serving them, and for some, they’re…

To Buy or Not to Buy: When Should I Consider Life Insurance?

by Joe Borowiec

Life insurance promises peace of mind to policyholders and beneficiaries alike, and with the right plan in place, you can help provide for your loved ones even after you’re gone. The decision to purchase a life insurance policy is one that should not be taken lightly, as there are many insurance types, rates and contract provisions to consider and compare before you sign on the dotted line of any future policy.

Understanding the primary types of life insurance is a great place to start—once you’re comfortable with the basics,…

The Rising Cost of Elder Care

by Joe Borowiec

Lots of subtle shifts (and a few not-so-subtle transformations) are likely to take place as you get older, several of which will inevitably impact your overall quality of life. Everything from your health to the status of your social relationships can have an effect on your mental and physical wellbeing, and your personal finances are no different. In fact, AARP and other industry experts have revealed through countless surveys that

Why Are My Universal Life Insurance Premiums Skyrocketing?

by Joe Borowiec

Life insurance certainly has its perks: security, protection and a financially stable future for your loved ones. But all this stability comes at a price, and that price has been steadily climbing for some policyholders for many years. When premiums spike, it can put additional strain on seniors who may already struggle to make their monthly payments.

Several factors contribute to this trend, including changes that have swept the life insurance industry over the past few decades. Seniors who bought their life policies during the 1980s…

Common Life Settlement Myths Debunked

by Joe Borowiec

For years, life settlements flew under the radar as unknown and untapped sources of financial support available to seniors no longer in need of their term, whole or universal life insurance policy. Because so few people knew—and still don’t know—the facts about life settlements and how they work, several falsehoods and myths have proliferated over time. While policyholders and insurance professionals alike have a good deal yet to learn about the life settlement industry, new resources are becoming available to educate the public about…

Understanding Your Life Insurance Policy's Value on the Secondary Market

by Joe Borowiec

Many life insurance policyholders reach a point when they no longer wish to maintain their policy. There are often several factors that influence a person’s decision to sell their policy and pursue other options. For example, lots of people find it difficult to afford their monthly or annual premiums, especially if those payments increase over time. In other cases, a policyholder may lose a spouse or family member who’d been designated as the beneficiary on their policy, leaving no one to collect the death…

Understanding Different Types of Life Insurance

by Joe Borowiec

Shopping for a life insurance policy can be a daunting task if you haven’t done your research. Although the insurance world can be a tricky one to navigate at times, learning the basic concepts and terminology is half the battle. Once you understand the different types of policies available to you, as well as the benefits and drawbacks of each option, you’ll be in a better position to start making decisions about your life insurance needs.

But before you consult an…

It's All About Timing: When Should You Sell Your Life Insurance Policy?

by Joe Borowiec

Thanks to advancements in modern medicine, people are living longer than ever before. In fact, the United States alone is home to almost 72,000 centenarians

Why Some Life Insurance Policies Work for Life Settlements and Others Don't

by Joe Borowiec

For seniors who no longer want or need their life insurance policy, a life settlement can be an enticing alternative to letting the policy lapse or surrendering it back to the insurance carrier. However, not all policies are created equal—various factors, including a policy’s size, cost and type, determine its overall value.

Before making the decision to sell your life insurance policy, it’s important to understand why some policies make for better settlements than…

Life Settlements 101: A Beginner's Guide

by Joe Borowiec

If you were tasked with compiling a list of your personal assets, what would be the first things that spring to mind? Chances are, you’d start with your tangible possessions: your house, car, jewelry or antiques. However, intangible items are considered assets, too, including your life insurance policy.

How Life Settlements Work

Just like you can sell your property or your vehicle, you can also sell your life insurance policy.…

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