Best Online Life Insurance Companies for 2022

@media (max-width: 1200px) body .novashare-buttons.novashare-inline .novashare-button-icon width: 100%; .novashare-inline .novashare-button .novashare-button-block background: #000000; .novashare-inline .novashare-button .novashare-border border-color: #000000; .novashare-inline .novashare-button .novashare-inverse color: #000000;


Additional Resources

In the old days, applying for life insurance was tedious, time-consuming, and stressful. The process took weeks to complete, much of that spent waiting on the results of a medical exam. And you didn’t know how much your policy would cost until everything was said and done — or even if you’d qualify for a policy at all.

Fortunately, the old days are over, at least for life insurance applicants who apply online. Also known as algorithmic underwriters or algorithmic insurance companies, online life insurance companies give you an up-or-down decision within minutes, often without a medical exam or many questions about your medical history. You can apply over lunch or dinner and then get on with life.

Best Online Life Insurance Companies

Not all online life insurance companies are created equal, of course. These are among the very best.

Each of the companies on this list does at least one thing really well, and our top pick offers the best overall value for the widest number of potential applicants. Here’s what you need to know about each.

Best Overall: Ladder

Ladder Life Insurance Logo

Ladder is one of the best life insurance companies. It tops our list of the best online life insurance companies thanks to a potent collection of strengths:

  • Up to $3 million in term life insurance coverage without a medical exam — double what most competitors allow
  • In-home medical exams for policies larger than $3 million — the application process remains all-online otherwise
  • Choose from 10- to 30-year term coverage options
  • Option to scale down coverage over time without reapplying
  • Approval within minutes for many applicants
  • Backed by national insurers with strong financial strength ratings

Best for Fast Approval: Bestow

Bestow Life Insurance Logo

Bestow earns its spot as one of the best no-exam life insurance companies thanks to a streamlined digital application and underwriting process that produces results in as little as five minutes. If Bestow doesn’t need any additional information from you, you can apply for life insurance and get an up-or-down approval decision during your coffee break.

Its features include:

  • Term life insurance only
  • Term lengths from 10 to 30 years
  • Policy death benefits as low as $50,000
  • Coverage up to $1.5 million per policy with no medical exam required
  • Open to applicants ages 18 to 60
  • A+ (Superior) financial strength rating from A.M. Best

Best Premium Membership Rider: Haven Life

Haven Life Logo 1

Haven Life is one of the best online term life insurance companies around, but it really shines for a reason that’s not directly related to insurance. Haven Life offers the best premium membership rider — an optional add-on filled with potentially valuable features.

That rider is Haven Life Plus. It’s free to policyholders wherever it’s offered and provides at least $150 in annual value to policyholders. It includes:

  • A customizable and legally binding will that you can store online
  • A subscription to Adaptiv, a workout video and music library
  • A subscription to Timeshifter, an app designed to fight jet lag
  • A subscription to Lifesuite, a secure digital storage vault
  • A 15% discount on eligible MinuteClinic products and services

Haven Life has some additional features worth noting, including:

  • Term life coverage up to $3 million with a medical exam
  • No-exam coverage up to $500,000 through Haven Simple
  • AgeUp, an annuity product that can supplement your retirement income after you turn 90

Best for Nontraditional Underwriting: Sproutt

Sproutt Life Insurance Logo

Sproutt is an online life insurance broker that uses an innovative model called the Quality of Life Index (QL Index) to assess life insurance applicants’ risk. 

While it doesn’t completely replace traditional considerations in Sproutt’s application process — or in the underwriting processes of the insurers Sproutt works with — the QL Index goes beyond the usual medical and lifestyle information to consider factors like:

  • How often you exercise and what kind of exercise you do
  • How much and how well you sleep
  • Your emotional health
  • Your eating habits and overall nutrition
  • Your work-life balance

Additional features:

  • Access to fully medically underwritten term life, no-exam life (simple issue life insurance), and guaranteed issue life insurance
  • Multiple types of permanent life insurance available, including whole, universal, and variable universal
  • Get quotes within minutes
  • Apply directly with the insurer with help from Sproutt agents 

Best for Guaranteed Issue Life Insurance: Ethos

Ethos Life Insurance Logo

Ethos is rare among online life insurance companies because it offers permanent life insurance. Most competitors stick with term life.

Ethos’ permanent life insurance offering is a low-value whole life insurance policy for people between the ages of 66 and 85. Its features include:

  • Death benefit between $1,000 and $30,000
  • Guaranteed issue life insurance, meaning you can’t be turned down for medical reasons
  • No expiration, meaning the policy is effective until you die or stop paying premiums
  • Guaranteed level premiums, meaning your premiums won’t increase over time
  • Accidental death is covered right away
  • Nonaccidental death coverage kicks in two to three years after the policy effective date in most cases

Ethos’s term life offering is no slouch either. Its benefits include:

  • Amount of coverage ranges from $20,000 to $1.5 million
  • 10- to 30-year terms
  • Guaranteed renewable after the term ends, albeit at a higher premium

Best for Higher Coverage Limits: Fabric

Fabric Life Insurance

Fabric offers online life insurance policies with coverage up to $5 million. That’s an unusually high limit for a streamlined, all-online application process. And Fabric offers a no-exam option for applicants with uncomplicated health histories, although not up to the $5 million coverage limit.

Additional features:

  • Accidental death coverage available up to $500,000
  • A+ (Superior) financial strength rating
  • Low pricing, with monthly rates starting as low as $1 for $1 million in coverage
  • Will-making services available
  • Secure online vault for financial and personal documents at no additional cost

Best for Price Transparency: Walnut

Walnut Life Insurance Logo

Walnut sets itself apart with what it calls “price-first” term life insurance. Basically, you know how much you’ll pay for 10-year term coverage before you apply, making it easier to fit a new monthly payment into your budget (or decide to go a different direction). You never have to take a medical exam as a condition of coverage.

Walnut also offers a broad lineup of value-adds through a premium membership program included in the cost of insurance. Starting at $10 per month, this includes subscriptions to:

  • Headspace Plus, an app offering guided meditation and self-directed therapy
  • ClassPass Digital, a library of home workout videos
  • Dashlane Premium, a password manager and auto-fill app

According to Walnut, this package is a $25 monthly value. If you want even more, upgrade to a Digital Protection membership for an additional monthly fee and enjoy:

  • 24/7 access to a cyber support helpline
  • Up to $1 million in stolen funds reimbursement if you’re the victim of identity theft

Best Online Broker for Life Insurance Only: Quotacy

Quotacy Life Insurance

Quotacy is an online insurance broker specializing in life insurance quotes. In fact, a life insurance quote is the only type of insurance quote you can get through Quotacy. 

Quotacy’s narrow focus on life insurance gives it some advantages over other online insurance brokers:

  • Access to term life policies as long as 40 years — elsewhere, policies generally top out at 30 years
  • Access to a variety of types of life insurance, including term life
  • Multiple permanent life insurance options, including whole life policies and universal life policies
  • A five-minute, all-online quote creation process
  • Dedicated agents who understand life insurance
  • A vast insurer network that ensures competitive life insurance rates

Best Online Broker for Other Policy Types and Bundles: Policygenius

Policygenius Logo

Policygenius is an all-purpose online insurance quote aggregator. Unlike Quotacy, it focuses on a variety of different types of insurance, including: 

If you’re shopping for more than one type of insurance right now, Policygenius is your best choice for fast answers. And if you’re paired with a life insurance provider that offers other types of insurance too, there’s a good chance Policygenius can hook you up with a money-saving bundle discount. 


Methodology: How We Select the Best Online Life Insurance Companies

We use several criteria to evaluate online life insurance companies and select the very best for our readers. Some relate to the application process or policy underwriting, while others speak to the overall user experience and quality of the insurers themselves.

Financial Strength and Customer Satisfaction

Third-party financial strength ratings assess insurers’ ability to pay out death benefits in the future. When possible, we use ratings from A.M. Best, a highly respected rating agency that specializes in the insurance industry.

Customer satisfaction is another important measure of insurer quality. The top authority for customer satisfaction ratings in this industry is J.D. Power, which ranks life insurance companies and life insurance products annually.

Policy Types Available

Many online life insurance companies offer term life insurance only. Those insurers that also offer permanent life insurance coverage generally require medical underwriting for it, lengthening the application process.

That said, if you prefer to have both options available when you apply, you’ll want to focus your attention on insurers that can accommodate.

Term Options

Online term life insurance policies typically range from 10 to 30 years. Some insurers offer shorter-term policies, down to five or even two years. 

Unless otherwise specified in the terms of the policy, you can renew your policy once the initial term expires. However, this may require another round of underwriting and will definitely involve a higher premium.

No-Medical-Exam Options

One of the core benefits of online life insurance is the seamless application process. This process is helped along in many cases by a lack of medical underwriting. 

The insurer might ask some basic questions about your personal and family medical history and lifestyle. It’ll check your answers against your health records as well. But it won’t require you to undergo a medical exam as a condition of coverage.

No-medical-exam coverage costs more than fully medically underwritten coverage because it provides less information about your risk of premature death. However, this is a price many would-be policyholders are willing to pay, especially if they have reason to believe a medical exam would turn up health-related red flags.

The best insurers for no-exam coverage have high coverage limits — above $1 million — and terms of at least 20 years for younger and middle-aged applicants.

Coverage Amount (Death Benefit)

Online life insurance death benefits typically range from as low as $25,000 to $50,000 for final expenses insurance to upwards of $1.5 million. If you have higher life insurance needs, look to an insurer that can accommodate — Haven Life’s coverage amounts range up to $3 million, for example.

Policy Add-ons (Riders)

Many online life insurance companies offer policy add-ons, also known as riders. Some of the most common include:

  • Return of premium riders, which reimburse the policyholder for premiums paid during the policy term
  • Accelerated death benefit, which allows terminally ill policyholders to claim a portion of the death benefit before they die
  • Accidental death rider, which pays out an additional death benefit if the policyholder dies in an accident covered by the rider

Online Life Insurance FAQs

You have questions about getting life insurance online. We have answers.

Do You Need to Get a Medical Exam When You Apply for Life Insurance Online?

Often, no. If you’re applying for a life insurance policy worth less than $500,000, you probably won’t have to get a medical exam if you don’t want to. Many insurers offer no-medical-exam coverage as high as $1 million or $1.5 million, and a few go higher still — up to $2 million or $3 million.

That said, if your top concern is paying as little as possible for coverage and you have no known health issues, opt for the medical exam. As long as the exam doesn’t raise any red flags about your health, you’ll pay less for a policy that requires one.

How Much Does Online Life Insurance Cost?

How much you pay for an online life insurance policy depends on a number of factors:

  • The policy value — coverage amount or death benefit
  • The policy term — the longer the term, the higher the premium
  • The type of policy — term life is always cheaper than permanent life
  • Your personal medical history
  • Your family medical history
  • The results of your life insurance medical exam if you take one
  • Your age when you apply
  • Your lifestyle, including whether you use or have ever used tobacco and whether you have any risky hobbies

The best way to estimate your life insurance cost is to use an online quote aggregator like Policygenius or Quotacy. 

What Do You Need to Apply for Life Insurance Online?

To apply for life insurance online, you’ll need some or all of the following:

  • A good idea of how much life insurance you need
  • Basic personal information, like your address and Social Security number
  • Basic financial information, such as your annual income
  • Your height and weight
  • Your recent medical history
  • Information about your lifestyle and personal habits

If required, you’ll need to take a medical exam in the days or weeks after you send in your initial application for coverage. Many insurers offer in-home exams, but some ask you to visit a testing facility. 

You’ll also need to give your consent for the insurer to pull your Medical Information Bureau file. This file contains important information about your medical history and previous insurance applications, helping would-be insurers check the information you provide on your application against the public record.  

Is Life Insurance Worth It?

Often, yes. One of the most harmful myths about life insurance is that only certain people need it, such as parents of young children or people with lots of debt. In fact, there are many reasons to buy life insurance:

  • Covering final expenses, such as funeral and burial costs
  • Preventing major debts from passing to a surviving spouse or partner
  • Covering higher costs borne by survivors, such as child care and health insurance
  • Covering future education expenses for your children
  • Protecting your business partners’ financial interests
  • Maintaining your survivors’ standard of living
  • Creating a store of cash value that you can borrow against during your lifetime

Chances are, at least one of these reasons applies to you. And if that’s the case, some form of life insurance is probably worth it.


How to Choose the Best Online Life Insurance Company

These are the best online life insurance companies on the market right now, but that doesn’t mean they’re interchangeable. The best choice for your life insurance needs might not be the best choice for your neighbor — or even your spouse.

To choose the best online life insurer for you, think about why you’re applying for life insurance in the first place.

Do you want an affordable term life policy that lasts until you pay off your house in 15 years? Do you want to make sure your future kids’ college education is paid for, 20 or 25 years down the road? Do you want a policy that lasts indefinitely, creating a cash value reserve that you can tap as you age and possibly establishing generational wealth for your heirs?

Likewise, think about what you want out of your relationship with your insurer, beginning with the application process. Are you willing to pay more to forgo medical underwriting? Or do you prefer a seamless, super-fast application process that produces an answer — and an active policy — within minutes?

It’s your call. Fortunately, you can’t go wrong with any of the options on this list.

.kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-table-of-content-wrappadding:30px 30px 30px 30px;background-color:#f9fafa;border-color:#cacaca;border-width:1px 1px 1px 1px;.kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-table-of-contents-titlefont-size:14px;line-height:18px;letter-spacing:0.06px;font-family:-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Oxygen-Sans,Ubuntu,Cantarell,”Helvetica Neue”,sans-serif, “Apple Color Emoji”, “Segoe UI Emoji”, “Segoe UI Symbol”;font-weight:inherit;text-transform:uppercase;.kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-table-of-content-wrap .kb-table-of-content-listcolor:#001c29;font-size:14px;line-height:21px;letter-spacing:0.01px;font-family:-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Oxygen-Sans,Ubuntu,Cantarell,”Helvetica Neue”,sans-serif, “Apple Color Emoji”, “Segoe UI Emoji”, “Segoe UI Symbol”;font-weight:inherit;.kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-table-of-content-wrap .kb-table-of-content-list .kb-table-of-contents__entry:hovercolor:#16928d;.kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-table-of-content-list limargin-bottom:7px;.kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-table-of-content-list li .kb-table-of-contents-list-submargin-top:7px;.kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-toggle-icon-style-basiccircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-toggle-icon-style-basiccircle .kb-table-of-contents-icon-trigger:before, .kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-toggle-icon-style-arrowcircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-toggle-icon-style-arrowcircle .kb-table-of-contents-icon-trigger:before, .kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-toggle-icon-style-xclosecircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_9bf7f1-5e .kb-toggle-icon-style-xclosecircle .kb-table-of-contents-icon-trigger:beforebackground-color:#f9fafa;

Stock Advisor

Motley Fool Stock Advisor recommendations have an average return of 618%. For $79 (or just $1.52 per week), join more than 1 million members and don’t miss their upcoming stock picks. 30 day money-back guarantee.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

How to Cancel a Life Insurance Policy

If you no longer want to continue with your coverage, you may be wondering, “Can you cancel life insurance?” Or maybe you’re currently investigating how to cancel life insurance policies in case you decide to stop yours in the future.

Whatever your reason, this post will guide you through the cancellation processes for both term life and whole life insurance policies. We’ll also provide some alternatives to canceling your policy.

First, Can You Cancel a Life Insurance Policy?

You can usually cancel your life insurance policy at any time if you decide that you no longer want or need the life insurance coverage it provides. How that’s done will vary, based on how long you’ve had the policy (meaning, if it’s brand new or not) and whether it’s term life or whole life insurance policy.

How to Cancel Life Insurance

In each state, there’s a “free look period,” during which you can cancel a life insurance policy for any reason by appropriately informing the insurer. You can find timelines of the free look period in your policy. A typical period will last 30 days from when your policy begins, but it can be as short as 10 days, depending upon the state in which you live.

If you cancel during this timeframe, you’re entitled to a refund of your first premium payment without penalty. After the free look period ends, how you cancel your life insurance policy will depend on what type of life insurance it is. (Though there are other types of life, we’ll focus on term and whole life insurance here.)

Canceling Your Term Life Insurance Policy

Term life insurance guarantees payment of a predefined death benefit when the policy owner dies during a specified term. After the term ends — perhaps after 10 or 20 years — the policyholder might renew the life insurance for another term, decide to let the policy end, or convert it to a whole life policy. Or, before the policy’s term ends, you can cancel the policy. Here’s how.

Inform the Insurer

Check the insurance company’s website to see if they have a termination form, or write them a letter to let them know you are canceling your policy. You could also call your provider to get the process started. It’s really that simple when it comes to communicating your desire to cancel with the insurer.

Stop Making Your Payments

If you’re having the payment automatically deducted from an account, check to see how much notice you have to give the financial institution to stop the next payment. The Consumer Financial Protection Bureau offers advice on stopping automatic payments.

It’s true that, if you simply stop making your premium payments, the insurer will void your policy. How long that would take would depend upon the policy’s conditions. Although this may be the easiest route to take, informing the insurance company ties up loose ends.

Canceling Your Whole Life Insurance Policy

A whole life insurance policy never expires (as long as the premiums are paid). Policyholders typically pay a higher premium, with a portion of the amount being invested. The invested funds can then be drawn upon by the policy owner. Because of this, you actually surrender a whole life policy when you want it to stop rather than cancel the policy.

Consider the Cash Value

As you pay into this policy, you’ll gradually build up cash value. It may take 10 years or so for that to happen but, when it does, surrendering (canceling) your policy may mean that you’ll get a check from the insurer for the cash value built up in the policy.

Investigate Collateral Approach

If a whole life policy has a reasonable amount of cash value, then the policy may be able to be used as collateral for a loan instead of surrendering it. If the loan isn’t repaid, then the outstanding balance and interest owed would be deducted before the death benefit was paid out to beneficiaries.

Modify Your Policy

Your insurance company may allow you to reduce your whole life premiums (or even stop paying them) while still maintaining some (or all of the) death benefits for your beneficiaries. In those cases, the premiums would be paid out of the cash value in the policy. Talk to your agent first, though, to make sure this is doable.

Do You Get Money Back if You Cancel Life Insurance?

With a term life insurance policy, when you cancel, it’s unlikely that the insurer will refund any premiums made and the death benefit to beneficiaries no longer exists. So, with term life, the answer is “no.”

With a whole life policy, though, if you’ve built up cash value, that will be provided to you after you surrender the policy, although any surrender fee is typically taken out first. When you cancel a whole life policy, ask how much money will be refunded as well as when and how you’ll get any funds back.

When Should You Cancel a Life Insurance Policy?

People cancel their policies for a variety of reasons. Here are some examples of when it may make sense to cancel your life insurance policy:

You no longer need it: Some people simply may feel they no longer need the policy — perhaps because the dependents listed as beneficiaries are no longer in need of this money, or because they, the policyholders, no longer have debt that would need to be paid off.

Your premiums are straining your budget: Other times, the premiums are too much for the person’s budget, so they decide to cancel. Perhaps, through this action, they can also collect on the policy’s cash value for needed funds.

You can qualify for a better rate on a new policy: A policyholder may have made lifestyle changes (stopped smoking) or their health may have improved — and so they can now qualify for a better rate on a new life insurance policy. Keep in mind that, depending on how old you are, the premium may be the same or higher than the lower-rated policy.

You want to invest your premiums in another way: As another reason, some people cancel a whole life insurance policy and then invest the premiums paid (and any cash value refunded to them) in another way where they hope to earn more money.

Alternatives to Canceling Life Insurance

Talk to your insurer to see what options exist if you plan to cancel your life insurance policy. One possibility already mentioned in this post is to see if you can have your whole life premiums paid out of your cash value in part or in full.

Or, if you think you still need life insurance but the premiums are too high for your budget, you can consider ways to adjust your budget to keep making your payments. For example, there may be subscriptions for streaming services or online tools that you automatically pay for but seldom use. You could consider canceling those services and continuing to make your life insurance premiums with those newly available funds.

Another possibility, if you’d like to cancel a life insurance policy and then buy another one that’s better for you, is to consider looking into what’s called a tax-free 1035 exchange. This can allow you to make the switch without tax consequences.

Also, check your policy to see if life settlements are permitted. In that situation, the policy is transferred to a new owner, and you could receive cash in a lump sum. Just make sure to explore tax consequences if this option appeals to you.

The Takeaway

You can cancel a life insurance policy, and it’s pretty easy to do. Whether or not you’ll get money back depends on the type of policy you have. With a term life insurance policy, there isn’t any cash value and so you wouldn’t typically get any refund. With a whole life insurance policy, if you’ve paid enough into the policy to have cash value, then you would usually get some money back after surrendering the policy.

Reasons why someone cancels a policy vary and there are alternatives to canceling. If you’re looking into buying a life insurance policy, SoFi has teamed up with Ladder to provide competitive term life insurance that’s easy to understand and quick to set up.

Get your life insurance quote and apply in just minutes.

Photo credit: iStock/PeopleImages


External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Ladder policies are issued in New York by Allianz Life Insurance Company of New York, New York, NY (Policy form # MN-26) and in all other states and DC by Allianz Life Insurance Company of North America, Minneapolis, MN (Policy form # ICC20P-AZ100 and # P-AZ100). Only Allianz Life Insurance Company of New York is authorized to offer life insurance in the state of New York. Coverage and pricing is subject to eligibility and underwriting criteria. SoFi Agency and its affiliates do not guarantee the services of any insurance company. The California license number for SoFi Agency is 0L13077 and for Ladder is OK22568. Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other. Social Finance, Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderLifeTM policies. SoFi is compensated by Ladder for each issued term life policy. SoFi offers customers the opportunity to reach Ladder Insurance Services, LLC to obtain information about estate planning documents such as wills. Social Finance, Inc. (“SoFi”) will be paid a marketing fee by Ladder when customers make a purchase through this link. All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.
SOPT1121023

Source: sofi.com

Should You Take Pension Payments or a Lump Sum? A How-To Guide

Your employer doesn’t want to be in the pension business. It’s too expensive. Low interest rates force employers to beef up their pension contributions or invest in riskier assets to meet their plans’ assumed rates of returns.

For this reason, employers offer lump-sum buyouts. The company wants you to take the buyout so they can exit the pension business and save money. You can take the pension lump sum and roll it tax-free into an IRA.

But how do you evaluate a one-time lump-sum offer against the possibility of lifetime payments that a pension offers?

Should you take it or leave it? Here is one approach I use when evaluating a client’s pension offer:

Step 1. Run the numbers

Start by calculating the internal rate of return (IRR) of the pension. The IRR tells you the rate of return you would need to beat by investing your lump sum in order for it to make sense to take one. Here are the steps in Excel:

  1. In Column A enter the year in every row, 1-30 for example. In Column B enter your age in every row till life expectancy. See Figure 1.
  2. In Column C, enter the lump sum as a negative number in the year the lump sum is paid out. Don’t worry, it’s only negative because that’s representing a cash outflow.
  3. Below the lump sum value in Column C, copy and paste the annual pension payout into every row for each year you live, till your life expectancy used in step 1.
  4. In Column D, at your life expectancy, enter this formula: =IRR(C1:C24) and then press Enter. If the answer that appears is a whole number, chances are you need to allow for a few more decimal places. Right click on the cell, click on “Format Cells” and then set your decimal places to two places.
  5. If all else fails, there are many free online IRR calculators. Remember to enter the lump sum as a negative cash flow and the pension payout as positive cash flow. Use the joint life payout if you are married and the straight life if you are single.

To see how this all works, let’s look at an example. In Figure 1, I compare a lump-sum offer of $500K to the 100% joint survivor pension option, which is $25K a year. Single investors use the single-life pension payout. The formula in this case results in an internal rate of return of 1.20%. 

What does this IRR of 1.2% mean? It means that if you lived to age 86, then you’d have to generate a return of 1.2% on your lump sum each year in order to match what your pension would pay over the course of that same time period.

A screenshot of an Excel spreadsheet shows the pension calculation.A screenshot of an Excel spreadsheet shows the pension calculation.

To see the IRR at different life expectancies, try typing the formula in Column D into different rows. Be sure the cell range in the IRR formula always starts with the lump-sum cell in Column C and ends with the age you want. For example, =IRR(C1:C18) would be the formula used at age 80 in Column D. 

The longer you live, the greater the return your pension would be delivering — and the higher the return you’d need to generate on your own with your lump sum to match it. This makes sense, because you are getting more money returned to you over time with your pension payments. In my example, the true IRR is a little higher since we technically can’t take the lump-sum till 65, not 64, but the way we set it up here makes it easier for you to view.

Two more ways to do the math: Another approach is to figure the Pension Income Ratio (PIR). The PIR is the annual withdraw divided by the lump sum. A PIR greater than 5% may be hard to replicate in an IRA.

Finally, know the break-even point. If you took the pension option, how long would it take to get the full lump sum amount? In this example, at $25K a year it takes 20 years to get back the $500K lump sum amount. Twenty years for a 65-year-old is a long time to wait to get all your money.

Step 2. Ask yourself: Can I beat the payout?

In our example, at age 86, the return is 1.20%. With that low of a return, I’d rather take the lump-sum and invest in a diversified portfolio of stocks and bonds. This is the case with most pensions I review.

Some retirees are more conservative. Conservative investors may not trust the stock market. Others may feel they have enough assets at risk with their 401(k) and they may not want to take risk with the pension. Those investors put a higher value on the annual pension income stream and may not want to try to beat the IRR of the pension.

Step 3. Analyze the trade-offs

Loss of purchasing power

In my opinion, taking the traditional joint and survivor pension income only looks good in year one, then loses its luster, because after that, inflation takes hold. Pension income is typically level: You steadily lose purchasing power over time as prices increase. In our example, the $25K of pension income in year one is roughly worth only $15K in 25 years, assuming a 2% inflation rate. The loss of purchasing power is an important trade-off to understand. Your future self may regret taking the annual pension payout if it doesn’t keep up with your standard of living.

On the other hand, your spending may decrease later in life. If you are less active, you may need less income. (Unless a severe health event like long-term care is needed, which is a large expense.) If you have other assets growing in the stock market that can make up for the loss in pension purchasing power that helps too. Some pensions provide inflation-adjusted income, which is highly valuable.

No access to principal

If you elect to take the pension income, you can’t take more or less money in any given year. If you take the lump sum, you can. If you elect to take the lump sum you can skip a withdraw or take out more for a vacation or an emergency. You have more control over a lump sum.

Of course, more control can mean more trouble. Will you use the lump sum to buy a boat, a lavish vacation each year, or simply spend it all too soon? As Shakespeare wrote, “To thine own self be true.” You must be honest with yourself. Spendthrifts may be better off taking the pension or buying an annuity with the lump sum if it helps with monthly budgeting. A financial adviser can help too. Having an arm’s length relationship with your money may be all you need to prevent you using the lump sum as an ATM.

No inheritance

The final trade-off is how much do you value leaving the pension asset to your family? Most retirees I speak with think it is important, but it is not the sole driver in their decision making. Still, just about everyone I speak with agrees it is a tragedy if Mom and Dad pass at the same time in the proverbial plane crash three years into retirement, leaving the kids nothing because the pension income stops. At least with moving the lump sum to an IRA your kids can inherit the balance.

Another solution is pension maximization. Pension maximization is buying life insurance with the straight-life pension payout. The straight-life pension payout provides the most income, but the income stops at death. Pension maximization uses the extra payments from the straight-life pension to buy life insurance. The life insurance death benefit “replaces” the lost pension income at death. The math works best for those who are younger and healthy, because life insurance rates are based on age and health history.

Pension income has merits — don’t get me wrong. Studies have shown retirees who have a guaranteed source of income in retirement report less worry and greater retirement satisfaction. However, you must understand the math in Figure 1 and the trade-offs listed above to make a wise decision.

Which is the better choice?

It really depends on your situation and the pension numbers. Figure 2 is a helpful way to get you started:

Figure 2: To thine own self be true  

Circle one item in Column A or B that identifies you.

Column A

Column B

I value access to principal

I value certainty of income

I want to leave something to the kids

The kids are fine, or they are getting enough elsewhere.

I value the potential growth on the IRA, understanding losses may be incurred along the way.

I am not OK with risk taking in retirement. It makes me uncomfortable to see my account balance go down.

I value the ability to take more income in good years of the stock market, knowing I should take less if the account goes down.

I value guaranteed income regardless of what the stock and bond markets do. 

The pension is a small amount relative to my net worth.

The pension is all I have.

I have other sources of reliable income (rents, royalties, spouse’s pension)

I have no or very little guaranteed income in retirement.

I generally am OK with taking risk, knowing I may get rewarded.

I am as conservative investor as they come!

If you circled more in Column B than Column A, you value the pension income over investing the lump sum. That is OK, there is no right or wrong decision, this is a personal choice! If you circled more in Column A, then you are comfortable with risk and probably already have a diversified portfolio in the stock market. Column A people should consider taking the lump-sum option and build out an investment portfolio that will hopefully outlast them.

If you are somewhere in between Column A and Column B, then you might want to evaluate using the lump sum to purchase an annuity in an IRA. Certain annuities provide a steady monthly income stream that may mirror the pension payout, but still allow for access to principal. That’s a win-win, for those who value guaranteed income but still want to leave the balance to the kids. There is much more to consider on whether an annuity strategy is right for you. I encourage you to speak to a qualified, independent financial planner.

Final thoughts

The decision on how to take a pension — straight life, joint payout or lump-sum — is not easy. Each pension, like each person’s situation, is unique. And the choice you make you are stuck with. It is irrevocable, affecting your retirement and your spouse’s. No pressure!

Given the weight of the decision, in my opinion, the decision on whether to take a pension or a lump sum requires a careful and thorough analysis of the various trade-offs, risks and opportunities. I suggest seeking guidance from an independent financial adviser who has fiduciary responsibility to you and is experienced in this field. Call me if you need me.

For help in analyzing your pension options email me or subscribe to my blog for more retirement planning insights.

CFP®, Summit Financial, LLC

Michael Aloi is a CERTIFIED FINANCIAL PLANNER™ Practitioner and Accredited Wealth Management Advisor℠ with Summit Financial, LLC.  With 21 years of experience, Michael specializes in working with executives, professionals and retirees. Since he joined Summit Financial, LLC, Michael has built a process that emphasizes the integration of various facets of financial planning. Supported by a team of in-house estate and income tax specialists, Michael offers his clients coordinated solutions to scattered problems.

Investment advisory and financial planning services are offered through Summit Financial LLC, an SEC Registered Investment Adviser, 4 Campus Drive, Parsippany, NJ 07054. Tel. 973-285-3600 Fax. 973-285-3666. This material is for your information and guidance and is not intended as legal or tax advice. Clients should make all decisions regarding the tax and legal implications of their investments and plans after consulting with their independent tax or legal advisers. Individual investor portfolios must be constructed based on the individual’s financial resources, investment goals, risk tolerance, investment time horizon, tax situation and other relevant factors. Past performance is not a guarantee of future results. The views and opinions expressed in this article are solely those of the author and should not be attributed to Summit Financial LLC. Links to third-party websites are provided for your convenience and informational purposes only. Summit is not responsible for the information contained on third-party websites. The Summit financial planning design team admitted attorneys and/or CPAs, who act exclusively in a non-representative capacity with respect to Summit’s clients. Neither they nor Summit provide tax or legal advice to clients.  Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state or local taxes.

Source: kiplinger.com

Find Remote Jobs at These 31 Work-From-Home Companies

Since March 2020, more and more Americans have been working from home thanks to the COVID-19 pandemic. But now, with vaccinations available widely, many workplaces are asking their employees to return to the office.

Or, at least, management is talking about returning while keeping an eye on the Delta and Omicron variants and ever-changing infection numbers around the country before making a firm decision.

If the thought of giving up your WFH life fills you with dread, it’s time to look for a new job that allows you to work remotely 100% of the time.

To help your search, we have put together this list of companies that regularly offer WFH positions. This list is not exhaustive; a lot of companies who previously only had in-office positions are moving toward more WFH jobs in order to attract qualified candidates and to save money on office rentals.

31 Companies With Work-From-Home Jobs

We do our homework on companies before sharing them with our readers by vetting them. Here’s a list of work-from-home companies with regular job opportunities.

Adobe

Adobe is known for several products, including Acrobat, Photoshop and Illustrator. The company, which employs more than 21,000 people, has offices in cities around the world but also offers numerous work-from-home opportunities.

Benefits: Adobe has a substantial benefits package that includes medical insurance, 401(k), dependent care FSA, unlimited PTO and tuition reimbursement. The company also offers employee resource groups to help workers from similar backgrounds connect.

Pay: Varies by position.

How to Apply: Go to the Adobe careers page and type “Remote” in the search bar to see all current remote positions.

Alorica

Alorica provides customer service and customer relationship management across a variety of industries, including healthcare and retail. The company employs more than 100,000 people and hires WFH customer service positions. There are a variety of shifts available, so it’s ideal if you’re looking for a flexible schedule.

Benefits: Alorica’s employee benefits include health insurance, tuition reimbursement, bonus potential, paid vacation and retirement planning.

Pay: Varies by position.

How to Apply: On the Alorica jobs page, select “Work at Home Agents” in the “Job Category” drop-down menu, then choose your current location to see what opportunities are available in your area.

Need a banking service that’s built for gig workers and freelancers, helping you save for taxes and keep track of your expenses? Check out Lili. (It’s free!)

Amazon

A person carries Amazon boxes to deliver
Chris Zuppa/The Penny Hoarder

There’s no need to explain what Amazon does; it’s one of the best-known companies in the world. Amazon employs  almost 1.3 million people, according to a July 2021 article from NBC News. Want to be one of those people? Amazon has an entire page that lists work-from-home jobs in several areas, including HR, software development and sales.

Benefits: Amazon’s benefits package for employees includes health coverage, 401(k), paid parental leave, adoption assistance and employee discounts.

Pay: Varies by position.

How to Apply: See a list of open WFH positions here.

Anthem

Anthem is a health insurance company that offers various part-time and full-time positions in a remote capacity. WFH jobs at Anthem include nurse reviewer, behavioral health care manager and customer care representative

Benefits: Benefits at Anthem include 100% paid preventative health care, six weeks of parental leave at 100% of pay, adoption and surrogacy assistance, paid time off and back-to-school assistance.

Pay: Varies by position.

How to Apply: Search for remote jobs here and narrow your search down by career area to see what options are available to you.

Appen

Appen is a software company that counts training data and data collection among its solutions. The company serves numerous industries, including technology, automotive, government and healthcare. It has various remote job roles that include part-time to longer-term projects as well as full-time corporate positions in management, engineering and more. Appen was named the most remote-friendly company in the U.S. by FlexJobs.

Benefits: Full-time employees enjoy a variety of benefits, such as health insurance, 401(k), parental leave, tuition assistance and volunteer time off. Part-time or contract associates are not offered any benefits.

Pay: Varies by position.

How to Apply: Go to the Appen job portal to see current WFH opportunities.

Cigna

Nurse tending patient in intensive care
Getty Images

Cigna is a medical insurance company that employs more than 73,000 people. The company is headquartered in Connecticut but offers various positions in a remote capacity, including sales administration, financial analyst, business analyst, claims professional and engineer.

Cigna also focuses on recruiting veterans and runs a Veterans Enterprise Resource Group called Salute.

Benefits: Cigna’s main benefits fall into one of four categories: Personal health, family health, community health and financial health. That includes medical insurance, 401(k), paid time off and tuition reimbursement.

Pay: Varies by position.

How to Apply: See a list of remote positions by typing “Remote” into the search bar on the Cigna careers page.

Citizens Bank

Citizens Bank is one of the oldest and largest financial institutions in the country. The company’s headquarters are in Providence, Rhode Island, but it hires remote associates for positions like mortgage underwriter, software engineer and account executive.

Benefits: Citizens Bank offers a comprehensive benefits package that includes health insurance, 401(k) with company match, educational assistance and discounts on financial products like mortgages and savings accounts.

Pay: Varies by position.

How to Apply: Browse remote jobs at Citizens Bank by typing “Remote” into the search bar.

Concentrix

Concentrix is a customer experience outsourcing company that employs people in more than 40 countries, many of whom work from home full time. Most available positions are in customer service.

Benefits: Benefits at Concentrix include health insurance, individual and team rewards and performance-based pay.

Pay: Varies by position.

How to Apply: See what WFH jobs are available here and apply through the Concentrix website.

CVS Health

CVS Health is known for its pharmacies in states across the country, but it also offers a lot of WFH positions. Remote roles at CVS include social worker, pharmacy technician, customer service representative and outreach coordinator. Some positions require you to be located within certain states, but others can be done from anywhere in the U.S.

Benefits: CVS Health offers a wide range of benefits, including medical insurance, a stock purchase plan, tuition reimbursement and an employee discount at CVS stores.

Pay: Varies by position.

How to Apply: Apply for remote positions via the CVS jobs website.

Dell

Dell is best known for its range of personal computers. Headquartered in Round Rock, Texas, Dell employs more than 165,000 people worldwide, including many remote employees. As of October 2021, Dell listed more than 450 open WFH positions on its job website.

Benefits: Dell’s benefits package includes health coverage, employee pricing on Dell products, employee referral bonuses and professional counseling.

Pay: Varies by position.

How to Apply: Browse WFH jobs by using the keyword “Remote” in the search bar on Dell’s job portal.

HCA

HCA Healthcare is made up of 185 hospitals and over 2,000 sites of care in 20 U.S. states and the U.K. Sites of care include freestanding ERs, surgery centers, urgent care centers and physician’s offices. The company employs more than 275,000 people in total, both within its facilities and in a remote capacity.

Remote opportunities at HCA include clinical statistical programmer, placement specialist PRN and clinical team lead.

Benefits: Benefits at HCA include tuition reimbursement, health benefits, time away from work policies, adoption reimbursement and 401(k).

Pay: Varies by position.

How to Apply: Browse WFH jobs by selecting the checkbox under the “Remote” option in the left-hand toolbar on Dell’s job portal.

Hopper

Hopper is a website and app that helps you find good deals on flights, hotels and car rentals. While Hopper isn’t as large a company as many on this list, it offers a lot of opportunities for those who want to work from home, specifically in customer service.

Benefits: Benefits at Hopper are typical and include health coverage, paid time off, 401(k) and company stock options.

Pay: Varies by position.

How to Apply: Browse Hopper’s customer service jobs to see what’s available in your field.

Hubstaff

Hubstaff is a fully remote company that offers monitoring services, such as time-tracking software, to other companies with remote workforces. Hubstaff lists customers such as Groupon and Instacart on its website.

Remote opportunities at Hubstaff are vast and include customer service, digital advertising, engineering and more.

Benefits: Benefits at Hubstaff include annual retreats, generous PTO and paid parental leave. However, health insurance isn’t listed as an offered benefit, possibly because Hubstaff hires on a contract basis.

Pay: Varies by position.

How to Apply: Browse Hopper’s remote jobs to see what’s available in your field.

Humana

Humana is a health insurance company offering medical, dental and vision coverage. The company has long believed in the power of a remote workforce — Humana reports that 47% of its workforce is remote during “normal” times, though this has risen during the COVID-19 pandemic.

Available remote job roles include medical director, case manager and sales support.

Benefits: Benefits at Humana include medical insurance, 401(k) with 125% company match up to 6%, paid volunteer time and life insurance.

Pay: Varies by position.

How to Apply: Check the box that says “Work at Home” under “Work Style” in the Humana job listings site to see what’s available in your field.

Intuit

You might not have heard of Intuit directly, but you’ve certainly heard of its products, which include TurboTax, QuickBooks and Mint. Intuit hires remotely for positions such as talent acquisition, service and support and loan servicing.

Benefits: Full-time employees at Intuit enjoy benefits like healthcare, professional counseling, fertility benefits and dependent care FSA.

Pay: Varies by position.

How to Apply: WFH jobs are denoted with a green circle on the Intuit careers website.

Kaplan

A teacher and students using computers and a touchscreen tablet
Courtesy of K12

Kaplan provides learning resources such as test prep, career advancement and foreign language instruction for students of all ages. Kaplan has a global presence but is headquartered in the U.S. and has many remote job openings. Positions are available in multiple areas such as marketing, accounting, recruiting and IT.

Benefits: Kaplan offers the usual benefits — health, 401(k), etc. — in addition to its Gift of Knowledge Program, which offers free or discounted courses to employees and their immediate family through the Kaplan platform.

Pay: Varies by position.

How to Apply: Browse Kaplan’s remote job listings by selecting “Remote/Nationwide, USA” under “Locations.”

Kelly Services

Kelly Services is a staffing agency that hires internally as well as for its business partners. Kelly’s specialty areas include education, technology, engineering, science and government.

Benefits: Benefits vary based on the position.

Pay: Varies by position.

How to Apply: Click to see available WFH job listings through Kelly Services.

Lionbridge

Lionbridge provides content, testing and translation services to multiple industries, including life sciences, automotive, gaming, banking and travel. The company operates in 28 countries and employs thousands of people worldwide.

Lionbridge has plenty of remote job openings in positions like content editor, web production engineer,, product manager and production artist.

Benefits: In addition to typical benefits like health insurance and 401(k), Lionbridge lets employees take their birthday off and encourages employees to volunteer by offering paid time off for this purpose.

Pay: Varies by position.

How to Apply: Click here to see a list of current remote positions at Lionbridge.

Liveops

Liveops offers virtual call center services to companies in multiple industries, including  healthcare, retail, insurance, energy and travel.

While corporate jobs at Liveops are based at the company’s headquarters in Scottsdale, Arizona, the company hires work-from-home agents on a contractor basis. This allows you to work as much or as little as you want, and whenever you want.

Be prepared for some upfront costs, including providing your own equipment and paying for your own background check.

Benefits: Because Liveops agents are independent contractors and not employees, no benefits are offered.

Pay: Earnings are dependent on call volume, incentives, utilization and how many hours you can commit, but most agents earn between $12 and $17 per hour.

How to Apply: Click here to see current openings for Liveops agent positions.

Nielsen

A wall of tv screens
Getty Images

Nielsen is known for its TV ratings, but the company offers so much more. Its suite of solutions includes audience measurement, audience outcomes and Gracenote content services.

Nielsen’s remote positions include product manager, software engineer, call center, account manager and analyst.

Benefits: Benefits at Nielsen for full-time associates include health coverage, 401(k), unlimited vacation time and paid parental leave.

Pay: Varies by position.

How to Apply: You can view a list of current remote opportunities at Nielsen by clicking here.

Qurate Retail Group

Although you might not recognize the name, Qurate owns home shopping network titans HSN and QVC. The company employs remote associates mostly in customer service positions. Though remote, these employees must be located in certain cities with local phone numbers, and they must supply their own equipment (like computer, headset and phone).

Benefits: Qurate focuses its benefits on its employees’ physical health, financial health and work-life balance.

Pay: Customer service positions at HSN start at $13.25/hour with increases every 3 months for the first year, and every 6 months after that.

How to Apply: Check out opportunities in your area at the Qurate website.

Salesforce

Salesforce is a customer relationship management company that serves a huge variety of industries. It’s one of the best-known CRM providers out there right now, and the company is always hiring for new positions, many of which are remote.

Benefits: Benefits at Salesforce include medical coverage, flexible spending accounts, 401(k), employee stock purchase plan, educational reimbursement and paid parental leave.

Pay: Varies by position.

How to Apply: To see current remote job listings at Salesforce, click here, then select United States of America and your state followed by “Remote” in the left sidebar.

Stride K12

Stride K12 is an education company that offers online, in-person or hybrid learning. The company caters to homeschooled kids, military families and those looking for learning opportunities beyond their local public K-12 schools.

Stride K12 has virtual jobs in several areas, including teaching, HR and marketing.

Benefits: Benefits include health coverage, parental leave, flexible spending accounts, paid time off and 401(k).

Pay: Varies by position.

How to Apply: See a list of virtual jobs in corporate and teaching by selecting “Virtual” under “Company Location.”

Sutherland Global Services

Sutherland Global Services is a process transformation company that specializes in helping its customers bring their processes into the digital age. The company serves clients in more than 140 countries and in over 40 languages. Sutherland hires remotely for numerous roles, including customer service, software development, sales and IT.

Benefits: Sutherland’s benefits package includes paid time off, paid training, medical benefits, flexible scheduling, performance incentives and career advancement opportunities.

Pay: Varies by position.

How to Apply: Search for remote roles at Sutherland by clicking here.

Trusted Health

Trusted Health matches travel nurses with jobs that fit their requirements, preferences and location. When you sign up for an account with Trusted Health, you’ll see personalized job matches based on your license type and clinical specialties. When you get a match, you will see information about the facility, the pay and the assignment (length, shift, etc) so you can determine whether it’s a good fit.

Benefits: Benefits depend on the assignment you are contracted for.

Pay: Varies based on assignment.

How to Apply: Sign up for Trusted Health by clicking here.

TTEC

TTEC is a customer experience software as a service company whose employees help solve problems and provide support for their customers’ customers. TTEC hires remotely for positions such as customer service, IT, consulting, marketing and sales.

Benefits: Benefits at TTEC include medical, dental and vision coverage; 401(k); pet insurance; paid leave; and tuition reimbursement.

Pay: Varies by position.

How to Apply: Search for available WFH jobs on the TTEC careers portal.

Tutor.com

A young girl is tutored online.
Getty Images

Tutor.com is a service of the Princeton Review that offers personalized tutoring services for students in all stages of their education. Tutor.com offers work-from-anywhere opportunities for tutors who want flexibility and regular payments with no invoices required.

Benefits: No benefits are offered to tutors, as they are considered independent contractors rather than employees.

Pay: Tutor.com does not list its hourly rate, but tutors report an average of $12-$13 per hour on Glassdoor.

How to Apply: Click here to apply to be a tutor.

UnitedHealth Group

UnitedHealth Group primarily provides medical insurance policies through United Healthcare. It is also the parent company of Optum, which is a health information and technology firm. UnitedHealth Group hires in many areas, including clinical, consulting, corporate, healthcare, project management and technology. Many of these jobs are remote.

Benefits: Benefits include medical plans, savings and retirement plans, tuition reimbursement, adoption assistance and paid time off. UnitedHealth Group offers medical and wellness benefits to full-time employees, as well as part-time employees who work 20 hours or more per week.

Pay: Varies by position.

How to Apply: To see a complete list of remote job openings at UnitedHealth Group, click here.

Working Solutions

Working Solutions provides customer service through its virtual contact center network. Companies that use Working Solutions include Shell, Intuit, Pfizer, Sprint, Peloton, Zillow and Expedia.

Agents at Working Solutions are all WFH and can work when and where they want. Because of that, agents are considered independent contractors instead of employees.

Benefits: Because agents are not employees of Working Solutions, there are no benefits offered.

Pay: Working Solutions reports that its agents earn an average of $15 per hour.

How to Apply: Search for available jobs here, and click the button to apply.

Xerox

Xerox has been around since the early 1900s and offers printers and supplies, 3D printing and various business solutions. The company is headquartered in Rochester, New York, but employs over 8,000 remote associates through its Virtual Office Program. This program employs associates in customer care, tech support, quality control, systems development and more.

Benefits: Benefits at Xerox include paid holidays, healthcare, life insurance, retirement savings plans, employee assistance programs and resources for childcare and eldercare.

Pay: Varies by position.

How to Apply: Click here to search for open jobs at Xerox.

Zoom

Zoom has been providing cloud video conferencing since its initial release in 2012, but thanks to the pandemic pushing all meetings to virtual, it became the fifth-most-downloaded app worldwide in 2020. Zoom is hiring for many positions, including some that are fully remote (and, presumably, meet with their teams via Zoom).

Remote positions at Zoom include enterprise sales associate, data scientist, software engineer and visual/web designer.

Benefits: Zoom offers benefits like health insurance, 16 weeks paid parental leave, generous PTO, personal finance coaching and book reimbursement.

Pay: Varies by position.

How to Apply: View remote job listings at Zoom here.

Ohio-based Catherine Hiles is a British writer and editor living and working in the U.S. She has a degree in communications from the University of Chester in the U.K. and writes about finance, cars, pet ownership and parenting. Information from contributor Danielle Braff and former staff writers Kaitlyn Blount and Matt Reinstetle is included in this report.

Source: thepennyhoarder.com

An industry Official Explains How Life Insurance Works

If you’re like most American adults, chances are high that you’ve heard of life insurance and know that it’s something you need. But what is it exactly, and how does life insurance work?
Ready to stop worrying about money?
At its basic level, it’s an agreement between you and a life insurance company. You agree to pay them and in turn, they provide you with insurance coverage. You can think of it like a subscription service: as long as you pay premiums, you’ll be covered.
Privacy Policy
The term: The length of time your policy will be in effect for — usually 10, 15, 20, 25, or 30 years, but you can also choose to be covered for your entire life, depending on the type of insurance that’s right for you.

Terms to Know

Life insurance can be extra important for small business owners. You might have taken on business debt using personal assets, like your home, as collateral. In that case, life insurance can help pay off debts that your family might otherwise have to cover.
Anyone with children should consider life insurance, whether they earn a salary or not. Even if you don’t have lost income to replace, you likely provide care that your family would have to pay for in your absence. Life insurance can also meaningfully contribute to college savings.
Covered for what? Well that really depends on you. Maybe you want to make sure your spouse will be able to pay the mortgage, no matter what happens to you. Maybe you want your kids to afford college. Or you might simply want to make sure your people will be ok paying day to day bills if you’re not around to provide for them.
This is a guest column written for The Penny Hoarder by Liana Corwin, director of communications and editor of the financial literacy blog at Ladder, a digital life insurance company that sells term life insurance at rates that can flex as customer’s financial needs change.
If you have a loan that someone else has co-signed, they may be required to make the full payments when you die. Consider life insurance if a parent has co-signed a student loan for you, for instance, or you co-borrowed a mortgage, personal loan, or home equity line of credit with a spouse, partner, or sibling.

How Does Life Insurance Work?

Premiums: The amount of money you pay in exchange for coverage.
The life insurance company will collect all that information when you apply in order to determine your premium. That process is called “underwriting.”

  • Your personal characteristics (age, health, gender, etc.)
  • The type of life insurance you choose, primarily between term and permanent
  • The coverage amount/size of your policy (how much money you want to leave your beneficiaries)

Plus, if you co-own the business, a life insurance policy where your business partner is the beneficiary can allow him or her to buy out your share from your heirs at a price you decide on now. That can prevent a scenario in which your partner isn’t able to afford taking on your share of the business, and your children are left without income from the business or the proceeds from your portion’s sale.
You can think of life insurance as a way of replacing your income if you die during your policy’s term. If you support (or will support) a spouse, kids, parents, grandparents, siblings, or others and the loss of your income would affect whether they can pay for costs like food, housing, or childcare, you need life insurance.

Do I Need Life Insurance?

Source: thepennyhoarder.com

1. You Contribute a Meaningful Portion of Your Family’s Income

Get the Penny Hoarder Daily

2. You Have Kids

Now that you have the basics, you might wonder if you need life insurance. To find out, ask yourself the following question: would your absence cause anyone financial strain? If so, the answer is yes, you need life insurance. Let’s take a look at the five top reasons you may need life insurance.

3. You Have a Mortgage or Other Shared Debt

Life insurance works like a subscription model: as long as you pay premiums, you’ll be covered. That means your beneficiaries should receive money (tax free) if you die, but it’s worth noting that claims can be denied for various reasons, like fraud or material misrepresentation (basically, not being honest on the application or the claim).

4. You Run a Business

Once you’re approved and have accepted your offer, you’ll start paying premiums. If you pass away while your policy is in place, your beneficiaries can file a claim to receive the amount of coverage you purchased.
You may want to consult with an attorney to ensure this is set up appropriately.
If you’re not in any of these groups, you may not need life insurance now, but make sure to reevaluate when major life changes happen, including when you take on debt. Also, keep in mind that buying life insurance when you’re younger can help you lock in a better price.

5. Your Life Insurance Through Work isn’t Enough

The amount you’ll pay in premiums depends on three big factors:
Most likely, it’s not. If you have access to a group life insurance policy at your workplace, there’s usually no harm in participating, especially if it’s included as part of your benefits package. But if you fall into any of the categories above, the death benefit included in your policy at work probably won’t be enough to adequately cover your beneficiaries’ needs.

None of the Above Apply?

Filing a claim: The process by which your beneficiaries can claim the coverage amount if you die.
No matter your goal, the right kind of life insurance should be a simple and affordable way to reduce the risk of getting there.
<!–

–>




Beneficiaries: The people who will receive the coverage amount.