5 Life Insurance Myths

Life insurance can be complex — but part of what makes it so are the misconceptions many have, which may be deterring them from enrolling in a life insurance plan (or from taking full advantage of it). The 5 life insurance myths listed are shared by many different age groups and demographics and have persisted for years, pointing to the idea that better financial education is a must for those who want to protect themselves and their loved ones in case of an emergency. Look through these 5 life insurance myths and, if any of them sound familiar to you, consider learning more about all of the benefits of life insurance—and then explore the best plan for you to get yourself and your family on track to a bright financial future. 1.     You can’t afford it. In a recent study from Life Happens and LIMRA, about 80% of those surveyed overestimated how much life insurance actually costs, a trend that was particularly an issue with younger respondents. For instance, while the actual annual cost for a 20-year, $250,000 policy is about $160, millennials guessed $600, and Generation Xers suggested $400. 2.     You don’t need it until you’re older. Ideally, you or your family won’t need to tap into your life insurance until you’re older, but it’s most cost-efficient to sign up for a policy at a younger age, as prices can increase with age and the onset of health conditions. 3.     Retirement savings is more important. While it is smart to sock money away for retirement, that shouldn’t take precedence over investing in life insurance. Both can be part...

5 Things to Check Before Borrowing From a Life Insurance Policy

If you’ve found yourself in a financial bind because of crippling medical debt, you’re not alone: Financial side effects can be just as serious and severe as physical ones when it comes to life-threatening conditions like cancer. Many cancer patients are in need of quick cash to pay down mounting medical bills, prompting some to cash in or borrow against their life insurance policy. While this is an option for many, there are a number of factors to consider first. Here are 5 things to check before borrowing from a life insurance policy: 1. Will your death benefit be affected? No one wants to leave their loved ones unprotected after they pass, so it’s important to understand how a loan against your life insurance may impact the death benefit you’ve likely long invested in for your beneficiaries. 2. Is there an opportunity cost? Lenders may sneak in a number of added fees, such as this one that refers to the difference between the amount your invested premiums were earning and the amount of interest you’ll be paying. 3. Understand the interest rates. Most life insurance loans range from 5% to 8% interest rate, and it is compounded—meaning you’ll essentially be paying interest on your interest, which might be a deterrent for some individuals in the long term. 4. Calculate your actual payments—and your ability to make them. Factor in interest and determine just how much you’ll be paying back on the loan, and for how long. Add in other expenses and weigh this against your income to determine if borrowing against the policy is a feasible financial decision. 5....

What are the top cancer hospitals in the US?

Selecting your oncology team is one of the first and most challenging tasks every cancer patient faces. Working with a skilled and highly trained team of professionals is vital for many patients, yet they often are faced with a lengthy list of potential healthcare facilities, without knowing what are the top cancer hospitals in the US. One way to narrow down the choices is by considering the most highly regarded health facilities, such as those included on the prestigious U.S. World & News Report’s list of the nation’s top hospitals. Ten Excellent Cancer Hospitals Every year, the publication considers nearly 5,000 healthcare facilities for the honor. They ultimately name 50 top centers, including 10 specializing in cancer care, all of which have met the National Cancer Institute’s designation for standard of care. These are the leading cancer hospitals to keep on your radar if you’re looking for a well-respected facility for your care: Johns Hopkins Hospital: One of the most well-known healthcare facilities in the county has a cancer center based in Baltimore. M.D. Anderson Cancer Center: Based in Houston, Texas, the center is one of the nation’s first comprehensive cancer-treatment facilities, treating more than 135,000 people every year. Seattle Cancer Alliance: This organization specializes in prostate and gynecological cancers, delivering both inpatient and outpatient treatments. Memorial Sloan-Kettering Hospital: This New York City nonprofit has a number of specialty programs and satellite locations throughout New York and New Jersey. H. Lee Moffitt Cancer Center: The Florida-based nonprofit is considered to have one of the nation’s most leading-edge cancer facilities. Penn Presbyterian Medical Center: Operating out of Philadelphia’s University of...