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Looking to protect your family’s financial future? What you need to know about life insurance

2024-10-01T06:01:00

(BPT) – A topic that many people find challenging to understand and even talk about is life insurance. However, having life insurance is like any other kind of insurance — it offers peace of mind and financial protection in case something unexpected happens in the future.

In the 2024 Insurance Barometer from the Life Insurance Marketing and Research Association (LIMRA), while just over half (51%) of American adults said they have some type of life insurance coverage, 42% say they need life insurance — and 22% say they do not have enough coverage.

The good news for anyone who needs more insurance (or would like more coverage) is that it’s most likely easier to navigate, purchase, and pay for life insurance than you think. In addition, features such as a no-fee electronic funds transfer (EFT), which is offered by Boston Mutual Life, make the process even more seamless.

What’s holding so many people back from having a financial safeguard against the unexpected?

Why don’t people have life insurance?

The LIMRA study uncovered the top 3 reasons preventing people from buying life insurance (or having enough of it):

  • The belief that it’s too expensive.
  • Having other financial priorities.
  • Not being sure what type they need or how much to buy.

Fortunately, these reasons may not be as big of a hurdle for you as many believe. Here’s why:

Most people overestimate the cost

In the LIMRA study, 72% overestimated the true cost of a basic term life insurance policy. In fact, the overestimate from all respondents totaled over 3 times the actual price. Where did they get the idea life insurance would be much more expensive than it really is? Over half (54%) said their estimate was based on a “gut instinct” or “wild guess.”

To learn the actual cost of life insurance for you, contact a local insurance professional. It may surprise you how much more affordable it is to get the peace of mind you’re looking for.

Navigating financial priorities

It’s understandable for people of all ages to have feelings of financial insecurity. While those feelings pervaded all demographic groups in the LIMRA study, almost two-thirds (62%) of the people who currently own life insurance reported feeling financially secure, compared to the feelings of less than half (46%) of those who do not own life insurance.

In fact, for those earning a household income between $50,000-$150,000 per year, those who own life insurance were 20% more likely to feel secure than those who do not.

Financial obligations and priorities may vary for each family, but the top five financial concerns revealed in the LIMRA study have remained consistent for a number of years:

  • Having enough money for retirement
  • Paying for long-term care
  • Saving for an emergency fund
  • Supporting oneself if disabled or too sick to work
  • Paying for emergency medical expenses

Many of these concerns can be addressed through investing in whole life insurance. Whole life insurance is permanent life insurance that provides protection for your entire life and offers financial support through a claims payout to your beneficiary (or beneficiaries) at the time of your passing. But in addition to that protection, whole life insurance also accumulates a cash value that you can access during your lifetime if you need it for expenses such as buying a home, paying for college, or settling debts.

What kind of insurance will best protect you and your family?

It can be confusing to know what kind of insurance to purchase, and how much. Every individual and family situation can be unique, so it’s important to consult an insurance professional about your specific needs. In addition, ensure that you’re making the most of all the insurance benefits provided by your employer by talking to your HR representative. You can also find information about insurance options that can provide peace of mind and future financial protection at BostonMutual.com.

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Expert tips to save you money heating your home

2024-09-30T12:01:00

(BPT) – As the days get shorter and cooler, it’s the perfect time to turn your attention to your heating system. Before it gets too chilly, you’ll want your HVAC system to be in great condition — clean, tuned up and ready to go.

The pros at Aire Serv, a Neighborly company, offer safety and money-saving tips so your home will be comfortable during the colder days to come.

Check the basics

Experts recommend periodic checks that all heating and return vents around your home are unobstructed. Making sure furniture and other items don’t block air from moving freely means a consistent temperature from room to room, and your furnace won’t have to work as hard.

Also, clear areas around your water heater, clothes dryer (including the vent) and fireplaces to reduce the risk of fire and other hazards.

Pro tip: Close your fireplace damper when not in use, so warm air can’t escape.

Schedule your fall tune-up

Even if you consider yourself handy, it’s best to have a trained HVAC service professional perform the tune-up and cleaning so your HVAC system and furnace can operate efficiently — saving you money on energy bills all year, keeping your home more comfortable and ensuring the system is safe.

Don’t wait for the first frigid day to get your furnace serviced, as many service professionals receive increased calls during extremely cold days due to system breakdowns. A fall service means you’ll have prioritized service and have no down time. And definitely don’t wait until noticing things like bad smells to call your service professional. While it may be normal to smell burning dust at the beginning of the season, it could also be a warning sign of a dangerous problem.

Consider a duct cleaning service to clear dust and debris from your home’s heating ducts. Experts recommend that with some exceptions, duct cleaning should be completed every 3-5 years.

Remember: If you smell gas, leave your home immediately and call 911, then contact your service professional.

Change your furnace filter frequently

If you can’t recall the last time you changed the furnace filter, chances are it’s overdue. Experts recommend swapping HVAC air filters every 30 to 90 days to ensure no dust or debris builds up in your system.

When air can flow freely through the unit, your system doesn’t need to work as hard to heat your home. This translates to lower energy bills and a fresher home. If anyone in your family struggles with asthma or allergies, prioritize this task, and consider changing the filter more frequently — especially when pollen is high.

Pro tip: Write the date on the side of your filter when you change it and put a reminder for the next swap on your calendar.

Thermostats make a difference

To help save money on heating costs, take time to learn how your thermostat works. Turning down your thermostat is one of the most effective ways to save on heating: You can save approximately 15% of your heating bill just by lowering heat 7 degrees over an eight-hour period.

It’s common to react to short-term temperature changes by bumping it up and down, but constant changes cost more. If you don’t have one, get a programmable thermostat so you can “set it and forget it.” Set lower temps when you’re away from your home or asleep, but no lower than 67 degrees, to prevent issues like freezing pipes.

Pro tip: If your HVAC system isn’t working well despite regular maintenance and cleaning, your thermostat could be the culprit. Upgrading to a new programmable thermostat, or smart thermostat you can operate from your phone, could be a great step toward a more efficient heating system.

Consider HVAC upgrades

If you have an older furnace, you may want to consider a new, more energy-efficient unit. Most older homes have ducted systems, but ductless heating systems (also called ductless mini-split systems) have an outdoor compressor connected to multiple indoor units so you can heat or cool specific zones or rooms.

Your service technician can help you learn the pros and cons of each system and assess issues like purchase price versus operating expense, your home’s floor plan, existing ductwork and aesthetic differences.

Dislike dry air in your home? The answer could be a whole-home humidifier. Furnace heating systems can cause havoc on your skin, making air dry and difficult to breathe — and negatively impact wooden furniture. A furnace humidifier installed on your furnace can distribute moistened air equally throughout your home.

To learn more and find an experienced Aire Serv service professional to help keep your home warm, safe and comfortable, visit AireServ.com/tune-up.