About Thomas Rockford
Proud graduate of Brown University (Go Bears!) and a lifelong financial advisor and retirement planner.
A lapse means a life insurance policy is no longer an active contract due to missed premium payments. A life insurance policy will lapse when both premium payments are missed and cash surrender value is exhausted if it is a permanent life insurance policy. The term lapse refers to a Read More »
Joint life insurance is a life insurance policy underwritten on the lives of two people. These two people are usually spouses, but not always. There are two forms of joint life insurance, first to die and second to die (second to die is also known as survivorship life insurance). Joint Read More »
Variable universal life insurance (VUL) is a permanent life policy whose cash value depends in part on the performance of variable sub-accounts within the insurance contract. The variable sub-accounts are usually modeled after mutual funds but may contain their own separate fee structures. A variable universal life insurance contract may Read More »
This is one of the most fundamental concepts relating to life insurance. The insured person is a primary subject in a life insurance contract, written between the owner and the life insurance company on the life of the insured person. When an insured person dies, the life insurance company is Read More »
A free look is an important part of life insurance laws and benefits in the United States. The free look period for a life insurance contract is sort of a trial period. This period is for policy owners to asses the policy and it is mandated by most states in Read More »
A chartered life underwriter is the highest designation in the life insurance industry that a life insurance agent can obtain. The designation is granted by The American College. The American College grants the Chartered Life Underwriter (CLU) designation after the candidate passes a series of classes and exams. A CLU Read More »
A life insurance agent is a person whose expertise is in fitting clients with life insurance to suit their needs. These needs can range vastly, from income protection for loved ones in the event of an untimely demise to transferring assets efficiently from an estate after death, and even to Read More »
The Coronavirus Pandemic has created havoc on the economy and the labor market in the United States. Nearly 15% of people are now unemployed as of May 8th, a level not seen since the great depression. A further 23% of people are underemployed, meaning they are working more menial jobs Read More »
The grace period is the time after a missed insurance premium is due, where a life insurance policy will not lapse even though the payment is past due. The grace period is a very useful feature, whose inclusion in every life insurance policy is mandated by every single state in Read More »
The death benefit is the amount of money that is paid out when a valid life insurance claim is filed. The death benefit is paid to the stated beneficiaries of the contract, which are determined by the owner before the insured person is deceased. The death benefit is used to Read More »
High cholesterol is one of the most common illnesses in the United States. According to the CDC, 12% of adults over age 20 suffer from it in America. If you have high cholesterol you may be wondering if you can still buy life insurance, and what effect it will have Read More »
If you have life insurance, you may wonder how it works with a Will. If you have life insurance, do you still need a last will and testament? If your will names different beneficiaries than your life insurance policy, does one supersede the other? Here we help you answer these Read More »
Life insurance is an important investment for anyone - it protects your family from financial hardship in the event of your death. However, many people put off getting life insurance until later in life, when their chances of passing away are higher. If you’ve been putting off getting life insurance Read More »
When you have a chronic health condition like hepatitis, it can be difficult to get life insurance coverage. Since customers with health problems are more likely to file claims, insurance companies will often charge higher rates or even deny coverage to these people. However, if you have any form of Read More »
When you apply for life insurance, one of the things you’ll need to do to get approved for coverage is to take a blood test. Insurance companies use this as a way to gauge your health status and determine how much to charge you for your monthly premiums. There are Read More »
When you apply for life insurance, your insurance provider will look at a number of different factors to determine the overall cost of your policy. During the insurance underwriting process, you may hear a number of different buzzwords and phrases that are new to you. Insurance companies may reference your Read More »
You may be like many people that you know and you probably want to avoid the "life insurance conversation". You probably want to avoid thinking about death, and you probably think that you have plenty of time to build enough assets for your family to survive with or without you. Read More »
Term life insurance is one of the most popular types of life insurance on the market. Unlike whole life insurance, it only covers you for a specific period of time, after which it expires and you would need to buy a new policy. It’s much more affordable than permanent life Read More »
Company-owned life insurance is a unique type of insurance policy that companies purchase to insure their high ranking employees. They are sometimes referred to as corporate-owned life insurance, or COLI, and these policies aren’t particularly common. However, they can be very complex. Here’s what you need to know about company-owned Read More »
Getting life insurance can be a daunting process for anyone, but it can be particularly challenging for those who have immigrated to the US and are not yet citizens. Most people will need life insurance at some point, so it’s not something you should skip. It’s particularly important if you’re Read More »
AARP, or the American Association of Retired Persons, is an organization that provides support and benefits to older Americans. It is a members-only organization that boasts a member base of over 38 million. Not only does AARP offer discounts on insurance policies from many different providers, but you can also Read More »
Every life insurance company is required to have reserve funds to pay out customer claims. Many insurance companies will list details about their reserves as an attempt to impress customers and make them feel more secure. After all, you want to know that your insurance company has the funds to Read More »
Life insurance has many uses including as a way to save a serious amount of money. The primary purpose of most life insurance policies is to provide financial security to loved ones in the case of an untimely demise of an income-earning member of a family. Many people may not Read More »
Finding life insurance is difficult for anyone, but it can be particularly difficult to find the right policy if you don’t speak the same language as the people around you. The community of Spanish speakers in the United States is growing quickly, and many companies are starting to cater to Read More »
The beneficiary of a life insurance policy is the person who gets the money when it is claimed upon the death of the insured person. The amount that they will be paid is known as the death benefit of the policy. The death benefit is the payout paid by the Read More »
Alzheimer’s and other forms of dementia are incredibly difficult to deal with, whether it’s happening to you or to someone else. Unfortunately, most cases of Alzheimer’s result in death eventually, although life span can be prolonged with treatment. If you or a loved one is suffering from Alzheimer’s, you’re probably Read More »
Choosing a good life insurance provider and policy can be very overwhelming, and it makes sense to seek expert advice before choosing a policy. Suze Orman is an expert financial advisor and media personality that is well-respected for her podcasts and New York Times best-selling books on finance. She’s also Read More »
Haven Life is a unique life insurance company that focuses on providing accessible, affordable policies. They are owned by MassMutual, which is a reputable and popular life insurance agency with a long history. They are known for providing term life insurance without an exam, which is difficult to find with Read More »
You have so many options when it comes to choosing life insurance that things can sometimes feel a bit overwhelming. One popular option you may have heard of is MassMutual, which is short for the Massachusetts Mutual Life Insurance Company. Here’s what you need to know about MassMutual before you Read More »
Both term and whole life policies are available for people over 50 years old. There is not any special kind of life insurance or line of life insurance for people of this age. Every company offers insurance to this age group in their normal insurance lines. If you are concerned Read More »
If you are attempting to plan for your financial future, you may be stumbling on the concepts of fixed and variable annuities. You may be wondering how they will affect your financial situation, how important they are to your financial planning, and if you should obtain one or the other. Read More »
Many people have heard of fixed annuities in the world of investing, but most don't really understand how they work. In simple terms, a fixed annuity is an investment account held with the life insurance company that will one day pay a stream of income. It technically is a type Read More »
Variable life insurance is a permanent life insurance policy that also where the cash value growth is partially dependent on investment performance. To tie the cash value to investments, the policy has a cash value account that is invested in a number of sub-accounts available within the policy. A sub-account Read More »
With a life insurance payout, you are able to use that money for whatever you find necessary to purchase once you receive it. In other words, you can use it for anything. Life insurance payouts are a great way to find peace of mind after a loved one is to Read More »
It may not be fun to think about, but it’s important to start planning for your funeral now to save your family stress and heartache during a difficult period. Funerals can get expensive quickly, and many families end up without the financial resources they need to cover the costs. There Read More »
When you are making financial decisions pertaining to your future, you may have come across various options such as variable life insurance and a 401(k). Depending on who you contact and speak to, you will hear both sides as to why you should pick variable life insurance or a 401(k). Read More »
As you get older, you may start to think about life insurance on a more frequent basis. You may be having questions about purchasing life insurance as a senior citizen or possibly even expanding any existing coverage that you have. Rest assured that it is never too late to purchase Read More »
A 401(k) is an extremely important tool for retirement and for personal savings. A 401(k) is important because it represents (by far) the biggest source of retirement funds outside of Social Security, and for many people, it is the easiest way to put money away regularly. Most workplaces offer a Read More »
Permanent life insurance offers financial protection in the form of a death benefit, and also offers a source of savings in the form of a cash value account. The cash value account is the amount that your life insurance policy is worth, if you surrender or cancel it. The life Read More »
Many of the big insurance companies on the market offer multiple types of insurance. For example, you may be able to get your car, homeowners, and life insurance all through one company. However, there are many pros and cons to taking this approach. While it can be convenient, it's not Read More »
Getting any sort of major medical procedure done can be very intimidating, particularly if you need to go under the knife for invasive surgery. If you are getting major surgery, you may wonder about the potential health risks if something goes wrong. While most surgery is incredibly safe, we have Read More »
Married couples have a few extra options to consider when it comes to choosing their life insurance plan. It may be easier to insure both people together than to get separate insurance policies for both of you. One of the most well-known types of joint insurance policies for couples is Read More »
When signing up for life insurance, one of the things you’ll be asked to do on the paperwork is name a primary and contingent beneficiary. You probably already know what a beneficiary is - the person who receives the financial benefits of your life insurance policy when you pass away. Read More »
Many people don’t realize it, but life insurance fraud is a serious crime with potentially serious consequences. It’s surprisingly common, and it’s more difficult to get away with than you might think. It’s very important to know what the law is surrounding life insurance so that you don’t commit fraud Read More »
While life insurance is intended to be held throughout your entire life, there may be times when it makes the most sense to cancel the policy. Unfortunately, canceling your life insurance policy can be tricky. Your insurance company doesn’t want you to cancel, so they make the process very difficult Read More »
When shopping for life insurance, there are a lot of confusing terms that get thrown around, and it can be difficult to determine exactly which type of insurance is right for you. One of the terms that you might hear is guaranteed universal life insurance. In this article, we’ll clarify Read More »
If you’re over 80 and you don’t have life insurance yet, now is the time to start thinking about it. Even if you are in good health, it’s important that you have coverage just in case of an accident. Life insurance will pay for funeral expenses and any other costs Read More »
A major concern that many people face as we get older is providing resources and care for your family after your death. You want to make sure that your spouse, children, and any other family members that rely on you for support have enough money to live comfortably even when Read More »
Chronic back pain is an extremely common physical condition that affects people from all walks of life. There are a huge variety of things that can cause chronic back pain, which is why it is so prevalent. For some people, symptoms are very mild, while for others, they are so Read More »
At first glance, life insurance and accidental death and dismemberment insurance might seem like roughly the same thing. However, they are actually quite different and will protect you from different catastrophes. There may be instances where you need both, but for many people, you would only need one or the Read More »
