Catholic Financial Life Blog

Life Insurance – The Ultimate New Year’s Resolution

Posted by Catholic Financial Life

Jan 22, 2018 10:33:05 AM

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The New Year means new resolutions. While many people focus on losing weight or quitting smoking, why not consider trying something different? This year, make a commitment that will protect your family. Make a resolution to get life insurance. You may be asking yourself, “what type of life insurance is best suited for my family?” This blog will provide you with basic information on the different types of life insurance to help you decide.

Types of Life Insurance

  1. Whole Life Insurance

Whole life insurance provides dependable, lifelong, and easy-to-understand insurance coverage.

  • A level premium that is guaranteed never to increase for life.
  • It's ideal for someone who wants lifelong coverage.
  • Cash value begins to accumulate after a few years.
  1. Term Life Insurance

If you need coverage but have a limited budget, term life insurance might be a great choice for you.

  • It's temporary. You can purchase it for ten-, twenty-, or thirty-year periods.
  • There's no cash accumulation. With term, you are paying for coverage only and not building any cash value like a whole life insurance plan will do. Think of term insurance as "renting vs. buying." When it expires, it's done.
  • Your payments are often cheaper than with other insurance options.
  1. Universal Life Insurance

Universal life insurance is somewhat of a mix between term and whole life insurance. If you want more flexibility with your life insurance plan, consider universal life insurance.

  • You can pay in level premiums, or you can increase and decrease payments at different times in your life. In addition, you can increase and decrease coverage as your level of need changes.
  • Your net premiums go directly into the cash value and earn interest at a guaranteed rate.
  • Deductions from your cash value are made to cover the cost of the death benefit and expenses.

To learn more about life insurance, contact a Catholic Financial Life advisor at 1-800-927-2547 or visit https://join.catholicfinanciallife.org/contact_advisor

 

Products are not available in all states. Catholic Financial Life is not licensed in all states. Nothing contained herein should be construed as solicitation for insurance, financial products or annuity products in any state in which Catholic Financial Life is not licensed. 

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Topics: Life Insurance, Financial Security

Common Myths of Life Insurance

Posted by Catholic Financial Life

Aug 17, 2017 12:24:10 PM

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We all want to protect our loved ones and purchasing life insurance is one way to do so. There are common myths surrounding life insurance that might make it tricky to understand but things like Life Insurance Awareness Month were created to highlight the many benefits that life insurance has to offer. Discover the truth on five common life insurance myths.

  1. Life insurance isn’t just for the elderly. There are a variety of insurance products available for adults, millennials, and even babies. If you’re interested in finding out more information about our life insurance products, visit: https://www.catholicfinanciallife.org/Products/LifeInsurance.htm
  2. Life insurance isn’t as expensive as you think. According to Life Happens, 2 and 3 adults think life insurance is too expensive but overestimates its true cost by more than 2x. To put it into perspective, a life insurance policy could cost less than a daily cup of coffee at the local café.
  3. Life insurance isn’t something you “eventually get to”. You can purchase life insurance at any time. However, this doesn’t mean that it’s okay to wait. What if something were to happen to you? Don’t let “eventually” turn into your loved ones’ “if only.”
  4. Life insurance gets more expensive as you get older. There’s no better time than the present to purchase a policy for your loved ones. As you get older, the price for life insurance continues to go up.
  5. You still need life insurance even if you don’t have kids. One of the many reasons people purchase life insurance is because of their kids. However, a life insurance policy will make sure anyone in your life, such as a spouse or partner, will be protected if something were to happen to you.

Take some time next month to think about the importance of life insurance. If you have any questions, contact a Catholic Financial Life advisor at https://join.catholicfinanciallife.org/contact_advisor

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Topics: Life Insurance

Spring Cleaning Your Finances

Posted by Catholic Financial Life

Feb 28, 2017 6:00:00 PM

Regardless if you enjoy cleaning or not, there’s something refreshing about the arrival of spring. The change in weather, the birds coming out of hiding and the blooming flowers help motivate us to get our house in order. Why not take the time to do some spring cleaning on your finances too?

Here are some ways to clean up your finances this spring. ThinkstockPhotos-506910406.jpg

Keep your Budget in Ship-Shape

One of the main concerns about financial planning is where to start. Formulating a budget plan is a great place to begin your insurance plan.  Making sure you have a budget and it’s working for you are important steps to begin with. If you haven’t made these steps, or you’re in the process, make sure you review your habits and be aware that it might be time to improve your budget for the future.  

Freshen Up your Retirement Plan

All of us can’t wait to be lying on a beach, care free and not worrying about work. Wouldn’t it be nice not to worry about your financial security in retirement? The best way to go about your retirement plan is to make sure you’re reviewing it on a yearly-basis. This will ensure you won’t outlive your money. There’s nothing worse than running out of money when you need it most.

As your career progresses, maximizing your retirement plan is a great goal to strive for. You want to make sure you’re saving enough money for yourself. Consider increasing your contributions to your retirement savings if you are able to. If you have any concerns, meet with a Catholic Financial Life Advisor. They can answer any questions you might have about your retirement plan. Learn more about retirement in our Financial Wellness ebook series- http://join.catholicfinanciallife.org/catholic-financial-life-free-financial-ebooks

Make Sure your Life Insurance Plan is Spick-and-Span

When was the last time you reviewed your life insurance plan? Life insurance isn’t something you think about every day. Things are constantly changing in your life, especially your financial needs. It’s important to be prepared if something were to happen to you. Life insurance provides a safety net to ensure your loved ones are protected. Try one of our life insurance calculators today to help review your coverage.

Finish Up with Your Beneficiaries

Once you’ve decided on an insurance plan with your Advisor, you’re asked to name a beneficiary. When you pass away, the beneficiary is eligible to receive benefits from your policy. 

You don’t have to go through the spring cleaning of your finances alone. Contact a Catholic Financial Life Advisor today and they would be happy to help you get organized.

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Topics: Life Insurance

Love Your Insurance

Posted by Catholic Financial Life

Feb 2, 2017 3:42:45 PM

February is that time of year when love is all around us. We treat ourselves and our significant others to chocolate, flowers and romantic activities. These gestures guarantee smiles and warm hearts everywhere. Why not give the gift of life insurance to ensure happiness for a life time?

Insure Your Love is a campaign created by Life Happens to make sure anyone is protected if something happens to them. Life Happens is a nonprofit that strives to help families and binsure your love.jpgusinesses find life insurance.

We never know what life is going to throw at us. It’s important to be prepared for anything at any moment. Life insurance will help protect you when life is unpredictable.  

We know what you’re thinking. Life insurance is too stressful and complicated to talk about. There are way too many types of life insurance, the cost won’t fit the budget and there’s no guidelines on where to start. So, you put off talking about it or finding our more information until it’s too late.

Talk with a Catholic Financial Life Advisor. They are more than willing to help achieve your goals and expectations. Our Advisors have years of experience and expertise in the field. They want to help make your life easier in any way possible. We know talking about insurance isn’t easy, but our Advisors will assist you in every step along the way. 

At some point in our lives, we want to make sure we’re protected if something happens. There’s no better time to think about life insurance than February. Love your insurance and talk to one of our Advisors. They’ll insure your loved ones are safe. After all, no one’s immortal.

Click here to reach out to a Catholic Financial Life Advisor today: http://bit.ly/2k0Mlru

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Why Young People Should Consider Buying Life Insurance

Posted by Catholic Financial Life

Nov 14, 2016 1:50:08 PM

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For many young adults like yourself, buying life insurance is the last thing on your mind. Finding your first full time job, deciding where to go out this weekend, and figuring out how to pay for student loans are things most of you are more focused on. However, this is the ideal time for you to buy it!

Reasons to Buy Life Insurance

  • It’s no secret that these days, college graduates have more debt than ever before. If something were to happen to you, your loved ones shouldn’t be left struggling to pay off your student loans. Many parents are co-signers on their child’s loans and would be held responsible if something were to happen to you. Catholic Financial Life can help you make a financial plan to map out your financial future.
  • Many young adults assume that life insurance is expensive. According to Life Happens, 9 in 10 millennials overestimate the cost of life insurance. It’s actually cheaper for healthy, young adults – so there’s no time like the present for you to get started!
  • Recently married? Once you walk down the aisle, you and your spouse become dependent on one another. This includes becoming dependent on each other’s income. If something were to happen to one of you, would one income be enough to support the other person? Life insurance will provide financial assistance to your spouse and young family in an unexpected tragedy.
  • With having to make payments towards life insurance, it will help you to think about budgeting and prioritize your spending. It helps you get into the habit of saving at a young age.

Take advantage of the many benefits life insurance has to offer. Contact an advisor today or the Insurance Solutions Team (1-800-965-2547) for more information on life insurance plans and how to start planning for your future.

 

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After the Big Day, Protect Your Money the Right Way

Posted by Catholic Financial Life

Aug 30, 2016 10:27:21 AM

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First of all, congratulations to those who have an upcoming wedding in their lives! As Pope John Paul II reminded us, “Among the many blessings that God has showered upon us in Christ is the blessing of marriage.”

Marriage is truly a blessing, yet it is also a union of two individuals who depend on each other emotionally, spiritually and financially. So while discussing life insurance and other financials might not be a top priority for a newly engaged or married couple, it certainly should be. 

As a newly married couple, you should map out your long-term goals and ways to financially protect your family. Life insurance can help you do this. Being prepared will help support your family if something ever happens to you.

Catholic Financial Life offers a variety of life insurance plans to help you protect your family.

Types of Life Insurance to Consider

Permanent Life Insurance

  • A permanent life insurance plan provides coverage throughout your entire lifetime. Catholic Financial Life offers universal and whole life plans. Permanent life insurance offers:
    • the protection of a death benefit, and
    • the potential to build cash value -- increasing the amount your beneficiaries receive or giving you access to extra cash while you live.

Term Life Insurance

  • Term life insurance offers a low-cost way to provide life insurance protect to those you love. It provides coverage at a level cost for a specified period, usually 10, 20, or 30 years.

Contact an advisor today or the Insurance Solutions Team 1-800-965-2547 for more information on life insurance plans and how to start planning for your future.

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Critical Illness Insurance: Because surviving can be financially devastating

Posted by Catholic Financial Life

Nov 9, 2015 6:00:00 PM

Over two-thirds of bankruptcies among American families result from medical bills.

Thanks to modern medical technology, your chances of surviving cancer, a stroke, kidney failure, a heart attack, or other physical illness are better than ever. But are you prepared to handle the financial toll your medical bills will bring in the coming years? If your family would suffer financially from a recovery, you need critical illness insurance, the latest financial product from Catholic Financial Life.

The History of Critical Illness Insurance

The idea for this insurance plan originated from Dr. Marius Barnard, a South African heart surgeon who witnessed first-hand the financial suffering survivors of heart attacks endured. Of course, it was a good thing that more and more people were surviving heart attacks, but the medical bills that followed in years of recovery were nearly killing them. Barnard worked with insurance companies on a new product to address these patients' needs. "Dread disease" insurance was launched in 1983. He has travelled to countries around the world promoting this insurance plan.

What Sets Critical Illness Insurance Apart from Life Insurance?

With life insurance, your family doesn't reap the benefits until a death occurs. Critical illness insurance, on the other hand, lets you take advantage of your investment while you're still living. Without having to go through underwriting and other standard insurance approval procedures, you receive a lump sum cash benefit upon diagnosis of a critical illness. Heart attack, cancer, and stroke are most common, representing 85 percent of the claims, and renal failure and organ transplants are also common coverages.

Flexibility is perhaps the best part about critical illness insurance. You can spend your lump sum cash benefit on anything you please. If you need help taking care of a spouse who has suffered a stroke, you can hire an in-home private nurse. If you have just been diagnosed with cancer and want to give your family some much-needed fun and relaxation, you can take a vacation.

In addition, you can receive 100 percent of the benefit as much as three times. Critical illness insurance is split up into three categories: cancer, heart attack and stroke, and other illnesses like advanced Alzheimer's or kidney failure. If, unfortunately, you suffer from more than one illness, you will receive 100 percent of your benefit for each illness, as long as they fall within different categories. You do not need to pay a higher premium to receive this benefit.

Why You Should Have It

Modern medicine and technology has dramatically changed the financial profit landscape. In the words of Dr. Barnard, "You need critical illness insurance not because you are going to die -- but because you are going to live." Here are some statistics that might further convince you about the importance of critical illness insurance.

  • Medical problems contribute to up to 62 percent of personal bankruptcies.
  • Approximately 90 percent of disabilities are caused by illness rather than injury.
  • Nearly 1.4 million Americans suffer a heart attack each year. The odds of dying have decreased by 63 percent since 1950.
  • The average brand name cancer drug in the U.S. costs $10,000 per month.
  • The average cost of treating a heart attack in 2011 was $72,000. For a stroke, it was $61,000.
  • Most Americans have around only $10,000 in emergency-fund savings.

How Much Coverage You Should Have

People ages 18 to 64 can purchase critical life insurance. Coverage can be renewed until age 75. The sooner you have it, the better. Benefit amounts range from $5,000 to $50,000, so how do you know how much coverage is right for you? A good rule of thumb for figuring this out is to take the amount you would spend on six months of your mortgage payments or rent. If you pay $1,000 per month for your apartment, you would spend $6,000 on your critical illness insurance. If you pay mortgage on your $1 million home, your insurance investment would obviously be much higher.

You may think that you can't afford to have critical illness insurance, but really, you can't afford not to have it.

Contact an advisor about our your retirement options

 

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Are Your Financial Priorities Out of Sync?

Posted by Catholic Financial Life

Oct 19, 2015 5:30:00 PM

A new house, a shopping spree, the latest smartphone, an island getaway vacation -- sure, these are all fun ways to spend your hard-earned money, but make sure you're getting your priorities straight. In a tragedy, would your cable TV or brand new car protect your family's financial future?

Millenials and Gen Xers believe that it's more important to pay for things like internet and cable, vacations, shopping and eating out, and new cars, homes, and boats than to purchase life insurance, according to a 2015 study from Life Happens and LIMRA (Life Insurance Marketing and Research Association).

Of course, many people of these generations also recognize the importance of setting aside money for things like college savings funds, mortgage and groceries, paying off debt, and retirement, the study showed.

However, one vital piece of this financial puzzle is missing. What if you or your spouse passed away, or suffered a severe injury and could no longer work? How soon would you feel the impact of this loss? The income you rely on for all of these things -- from your iPhone to your home -- would disappear. Unless you make life insurance your top financial priority.

Don't let the cost of life insurance scare you away. In fact, most people are unaware just how affordable life insurance really is. And when you need them, the benefits will greatly outweight the costs.

Contact a Catholic Financial Life advisor today to learn how you can make a life insurance plan or more life insurance coverage the most essential part of your family's financial future.

out_of_syncContact an advisor about our your retirement options

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Choosing the right type of life insurance:
#3. Universal

Posted by Catholic Financial Life

Sep 28, 2015 4:30:00 PM

For Life Insurance Awareness Month 2015, this three-part blog series will provide basic information on the different types of life insurance and help you determine which kind is best for you. When choosing between the different types of life insurance, always make sure that you are purchasing enough for you, your family, and your future.

 #3. Universal Life Insurance

universal

Universal is somewhat of a mix between term and whole life insurance. If you want more flexibility with your life insurance plan, consider a universal policy.

  • It's flexible. You can pay in level premiums, or you can increase and decrease payments at different times in your life. In addition, you can increase and decrease coverage as your level of need changes.
  • With universal, you must review your policy often because of changes that can happen based on interest, loans, or withdrawals.
  • If you take the time to set up your universal policy properly, your death benefit will increase over time. Therefore, you can be proactive in avoiding possible insurability problems in the future.

 

Did you miss our first two posts of the series? Check out #1. Term Life Insurance and #2. Whole Life Insurance.

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Topics: Catholic Financial Life, Financial Literacy, Life Insurance

The Importance of Life Insurance at Every Stage

Posted by Catholic Financial Life

Sep 27, 2015 10:25:00 AM

 A multi-generational family enjoys the benefits of life insurance.

Through all of life's milestones, with every major financial decision, a life insurance policy from Catholic Financial Life is important. If you’re 18 or 81, read to find out why you need life insurance today. 

Children

When you buy a life insurance policy for your newborn infant, you lock in the lowest-possible payment rate, ensuring the best for your child’s future. As your children grow and attend school, you must own a life insurance policy for them for them to be eligible for our scholarships and other educational benefits.

Young adults

It’s no secret that college graduates these days have more debt than ever before. Catholic Financial Life can help you make a financial plan to make the process off paying off these loans as easy as possible. At a young age, life insurance is very affordable and lays the foundation for a life of smart financial decisions.

New families

Newlyweds should purchase a life insurance policy to make sure that in the case of the death of a spouse, the surviving spouse does not have to deal with the burden of paying off bills. When baby makes three, Catholic Financial Life’s policies help new parents protect their income and begin funding their child’s college education. In other important milestones in the life of a new family, such as buying a home, Catholic Financial Life assists in paying off a mortgage and any other debts.

Middle-aged adults

The life insurance you bought as a young adult or newlywed may need sprucing up. Make sure you still have enough and the right kind of coverage. For business owners, a life insurance policy provides the funds necessary to keep your business running even after you die. If you find yourself unemployed at any point in your life, your old employer may have been your life insurance supplier. In that case, you need to purchase a new plan.

Senior Citizens

Make sure you have a life insurance policy to assist with the loss of pension and Social Security. Your coverage will also help your loved ones with your burial and funeral expenses. Charitable people, investing in life insurance now will allow you to leave a generous donation to a church, school, or organization when you pass away. In a similar way, the wealthy can benefit from financial membership with Catholic Financial Life because we can help you pass on your estate efficiently, avoiding large tax payments.

Contact an advisor about our your retirement options

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