Term Life – Say Goodbye to the insurance period.
by wqeqw on September 8th, 2010
filed under Term Insurance
There exists a great debate among so-called financial experts with respect to what type of life insurance policy is best. One one hand, you have the camp that believes in the value of a properly funded “permanent” insurance contract (i.e. whole life or universal life). The other camp feels that you should purchase term insurance and invest the difference into some financial product. Regardless of which camp you fall in to, the insurance industry created a Term Insurance product which included a “rider” that allowed you to receive all of your premiums paid into a term life insurance product back at the end of that policies term.
Let’s assume that you go to your agent and needed to purchase life insurance. After you and the agent completed an Insurance Review (hopefully), you determined that you needed an additional $200,000 worth of protection. After looking at whole life & universal life, you determined those two options to be out of your budget. You agent then showed you a Term product which was much cheaper. However, you did not like the idea of paying for something, which if you did not die during the policy’s term would just vanish. Your agent then showed you that you could amend that term product, for an additional premium, with a rider which would return every premium dollar you had paid into the policy should you not die during the policy’s term. That is a win/win for everyone!
Well, if you like the idea of that “win/win” scenario, you better act fast. The rules that regulate life insurance contracts are changing January 1st, 2010. Actuarial Guideline 45 applies to individual life insurance products that offer endowment benefits prior to the expiration date of the insurance coverage (most ROP products offer the clients a partial return of their premiums paid should the insured cancel the contract before the end of the Term). The new rules make these Return of Premium products too costly for Insurance Carriers to profitably sell.
While many companies will continue to sell these Return of Premium Policies, they will have ot increase the cost of the actual rider. This increase will, more than likely, cause many individuals to stay away from these products as the “cost / benefit” analysis will be drastically reduced. Further, many carriers Exchange will be completed from the insurance Loss of control, but actually increased this (Government) to ensure the life of
Life Term 100.
by wqeqw on September 6th, 2010
filed under Term Insurance
Imagine that you have worked your whole life, past the age of retirement, building a healthy and substantial fortune for yourself and your family. Now that you are in your Golden years, you want to make sure that the family fortune is distributed according to your wishes. While most premiums for insurance policies are based on age, carriers do have what is called term life insurance to 100. You can purchase this policy between the ages of 71-80 (check with a qualified financial advisor as each carrier may have different requirements). Just like level term insurance, the premiums for term life insurance to 100 remain unchanged and stop all together when you reach the age of 100. Even if you live to 120 years old, you will continue to be covered. This type of policy basically covers you for life.
Why Term Life to 100 is Ideal
Term life insurance to 100 is an ideal policy for estate planning. Usually, families put together estates if there is a substantial fortune to distribute. Even if there is a modest fortune, the goal is to make sure your heirs get their inheritance intact and also for your heirs to avoid paying taxes on what you leave them. With term life insurance to 100, benefits are paid tax-free upon your death. You will not only ensure that your funeral expenses are covered but also those capital gains taxes are also taken care of. For example, should you leave your children property such as houses, the capital gains on those inherited items would be paid. Ensuring that your heirs receive tokens of your legacy intact makes your gifts truly gifts. Who wants to be left a cottage in the country if you have to suddenly come up with a huge amount of taxes before you can enjoy the bequest? Surely, as the patriarch or matriarch of a large family, you could ensure that your children and grandchildren will continue to enjoy your legacy to its fullest.
If you outlive all of your heirs, term life insurance to 100 is also perfect for leaving a bequest to your favorite charity. You may purchase face value amounts of $10,000.00 to $1,500.000.00 (there are different versions of term life insurance to 100 that offer higher face values). If you choose to donate your death benefit to a charity, make sure to visit the charity to fill out all the appropriate forms. There are very specific questions that require answers before a charity can accept a gift in the form of life insurance.
Cash Back Options on Surrendered Policies
Some carriers have different versions of term life insurance to 100 policies as well as required number of years to pay before you can surrender a policy. For example, if you choose a carrier that has term life insurance to 100, the policy may require you wait until after 10 years before you can cash out the policy. If in the 11th policy year, for instance, you decide you no longer require insurance protection, you can surrender your policy in exchange for a one-time cash value as stated in your policy contract. Other versions of the policy might allow you to surrender the policy at any time with no time requirement. You would be allowed to surrender for the cash value stated on the policy.
As always, it is best to seek the advice of a reputable financial advisor to help you Choosing the best airlines and 100 types of life insurance policy application period.
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Term life insurance agent.
by wqeqw on September 5th, 2010
filed under Term Insurance
Term life insurance policies are a type of insurance, where a person is provided coverage for a certain specified period. The policy owners decide the period of the policy according to their requirements. Term life insurance is preferred as the rates of this kind of policy are the lowest among all forms of life insurance. However, the term life insurance rates are different for different people and depend on many parameters. Term life insurance agents can negotiate with the insurance company for better rates in case the customer is not happy with the estimate. They can take up the customers’ case with the company in such a way that, the chances of approval increase.
Term life insurance agents have an understanding of the working of insurance policy, and can present a fair idea to the customer about the rates. They inform the customers about the various factors that affect the rates of the policy, such as tobacco consumption, medical records, and occupation.
Life insurance companies give a lot of consideration to tobacco consumption while setting up the premium and cash benefits levels. Term life insurance agents usually request, their customers to quit smoking so that they can lower their premiums by twenty or even thirty percent. The medical records of the customers are assessed by the insurance companies to determine, whether, they have any terminal illnesses. Usually, no insurance company issues any policy for terminal illness. However, in case of heart disease, a term insurance policy with a high rate can be obtained. Term life insurance agents assist customers with such records and help them get the best rates possible.
Term life insurance agents also advise their customers on the kind of policy they should opt for, corresponding to Professional customers in danger of occupational risks and insurance broking project cost term life insurance expertise to clients negotiate with insurance companies on behalf of
3 Tips solid phase appropriate insurance.
by wqeqw on September 4th, 2010
filed under Term Insurance
Between the different life insurance types you now understand the huge drawbacks when it comes to purchasing whole life insurance / permanent life insurance. Get a term insurance policy to protect you and your family instead.
Learn the difference between life insurance types: Term vs whole life insurance.
Tip#1 on finding Inexpensive Term Life Insurance
Knowing the right amount of coverage / death benefit that you actually need is important before you actually go to an online life insurance comparison site to get quotes. You want to have more coverage than you actually need instead of being underinsured. With Term prices being the much more inexpensive of the life ins types you won’t need to worry as much about being over protected as you would on a whole life policy (permanent life). When comparing the monthly premium costs for term vs whole life with same coverage amount cheap term insurance beats out costly whole life / variable life / universal life 100% of the time.
Expenses to calculate before you buy life insurance:
Daily Living Expenses (Food/Clothing) Educational Expenses for the kids (College) Childcare Expenses Mortgage Payments / Housing Payments
Make sure you calculate those expenses and take into account future expenses that may arise. This will give you a good idea of the coverage that you need each month over 30 years or how every many years you need coverage for.
Tip#2 on finding Inexpensive Term Insurance
Once you have your life insurance rate quote(s) online wind it down to 3 companies and the quotes that you feel comfortable with and then take a look at the company financial rating:
Highest Rating / Financial Strength Rating of Company:
Standard and Poor’s: A++ (Secure/Superior) A.M. Best: A A A (Extremely Strong) Moody’s: A a a (Exceptional) Fitch: A A A (Secure/Highest)
Again, if you are looking for a great life insurance policy make sure you check the insurance credit or financial rating of the company. That’s a major component of what makes a solid policy. If you purchase any life product from a company that has a terrible financial rating then your policy is worthless. Why? If you die the company may not pay out your death benefit on your policy. You can definitely find very good quality, cheap life insurance from a company with an extremely high or the highest financial rating.
Tip#3 on finding Inexpensive Term Insurance
Set not only the correct amount of term insurance coverage but the correct duration for your coverage.
Knowing that you do not need permanent insurance for the rest of your life you are only covering the years when your children are growing up. Why is this the case? The reasoning behind this is that your children are dependent on your income so you need to insure your income until they become independent which is normally after they find a job after graduating from college. When they can create their own income you will no longer have dependents who require your income and therefore no longer have a need for insurance coverage.
Term is normally quoted in the durations listed below: 30 year term, 25 year term, 20 year term, 15 year term, etc. (increments of 5 years). It is very inexpensive and is only needed for a finite amount of time. If you understand that aninsurance gets much more expensive as you get older you only want to purchase it when you need it. Buying insurance is not a way to become rich. There are other ways of achieving financial freedom for you and your family outside of this type of insurance. You won’t have to keep one eye open at night either!
Another great thing about term ins is that you can cancel your policy at anytime without having to worry about a loss of the investment “cash value” as Whole life policy owners do.
Take these 3 tips on finding Inexpensive Term Life Insurance to heart. Once you’ve purchased your policy you can be at ease knowing that if something happened to the income provider the rest of the family is well protected for In the long run.
Major short-term medical insurance.
by wqeqw on September 2nd, 2010
filed under Term Insurance
Major short term medical insurance or temporary major medical insurance is a specialized insurance facility available for most people who are between permanent health insurance plans and have a temporary need for medical insurance. It provides flexible, inexpensive coverage for most injuries and illnesses. The covered benefits include expenses for doctors’ services, surgery, out-patient and in-hospital care.
Major short term medical insurance plan is usually intended for those persons who are unemployed, waiting for group coverage to begin, a recent college graduate no longer qualified as a dependent under family coverage, and waiting for underwriting approval for an insurance plan. The plan is also an affordable alternative to COBRA (Consolidated Omnibus Budget Reconciliation Act) Insurance.
Major short-term medical insurance plan provides a person the freedom of selecting any doctor or hospital. Convenient payment options are other special features. The plan also not however, cover pre-existing conditions.
The important point to remember when considering this type of insurance plan is that the plan should not be used as an alternative for standard, long-term health insurance. Once the limited time frame of the insurance ends, the insured may or may not be able to purchase extra health insurance, depending on his health at that occasion.
Many insurance companies in the United States offer high quality, temporary health care plans for one to six months of coverage at a deductible rate. Premiums are based on a number of factors such as choice of deductible, number of people covered, length of coverage, age, sex, and where one lives.
Long Term Care Insurance – General interest and money.
by wqeqw on September 1st, 2010
filed under Term Insurance
Long term care insurance is a very important policy for anyone who has a reasonable investment and wants to protect it from the ravages of long term care. However, you could get a long term care policy that might not be the very best for you. Therefore it pays to take certain things into consideration before you pay…
1) Be sure the terms of this policy is just right for you. Every insurer seems to have its peculiarities as far as features and policies in long term care insurance is concerned. Policies will differ in the types of services they support.
You will discover that some insurers may just devote themselves to personal care services while others could be interested in nursing home care. You may yet find that some will provide a combination of these and probably more services. The reason why I’ve highlighted this fact is because you must ensure you have a policy that gives you adequate coverage.
2) You do well also to know what the terms of their benefit payout terms are. It’s very important that you find out what they pay per day in different situations. If you have to stay in a nursing home, what will they pay per day? What would they pay if it is assisted living instead? Do they have maximum lifetime limits? If so, what are they? The importance of understanding this can’t be stressed enough because what you have there is all you can get.
3) You could save some hundreds or even a thousand dollars in long term care insurance by simply receiving and comparing quotes from at least three quotes sites. you will realize savings if you visit only one of such sites. But keep this in mind; you’ll get better results by visiting at least three. I recommend that you visit not less than three quotes sites as that will ensure you do not miss out better long term care insurance quotes not presented by the other sites. This raises your chances of paying Price is the insurance administrator.
The advantages of term insurance.
by wqeqw on September 1st, 2010
filed under Term Insurance
Term insurance benefits vary greatly, depending on the agency offering the coverage, amount of premium dollars, coverage you have chosen, etc. Some of the benefits may include, but not necessarily limited to: consumer debt, college education for beneficiaries / dependents, dependent care, funeral costs and mortgages.
If you are looking for insurance coverage for a short period of time, you can make it work to your advantage. Although there are some policies which will cover you for only a year, there are those which you can avail of in 10, 20, and 30 years. You can even opt to for a term entailed to a specific age (usually at 65 years or at retirement age.)
People often use it as a guarantee for their children college education or house mortgage. For example, parents would buy term insurance that would expire only when their children graduate from college, or homeowners would buy the same policy that matches the term of the property’s mortgage. This is simply to assure beneficiaries that if something untimely happens to the insured, educational fees / mortgage will be paid still via the policy.
Also, term insurance is a lot easier to understand than other life policies. Basically, you choose a low monthly premium depending on the insurance term length and what kind of coverage you have chosen. If something happens, your coverage may amount to anywhere between $100,000 to millions of dollars.
Term insurance also allows you to choose how to invest your money afterwords. You can either have it go to your childrens education, their life long care or to the payment of your mortgage, etc. This liberty is non-existent with other policies (i.e. whole life insurance) because the insurance company usually handles these matters themselves, delegating your money as they see fit.
Length of life is not – really.
by wqeqw on August 30th, 2010
filed under Term Insurance
Can you really get “term life insurance no physical” exam? Yes you can. The interesting thing is that most life insurance companies are jumping on the bandwagon. No physical life insurance has always been available to younger people. The older you get the smaller the amount available. What has happened is that one company made $150,000 of life insurance available online. It did very well initially. The actuaries from other companies went to work. They wanted to find out how far they could push the envelop. How much life insurance could they fairly safely offer online and at what ages.
Another carrier came up with policies which offered $250,000 coverage. Soon a few others joined the fray. It seems to be quite a profitable undertaking as the number of offers increase constantly. This, of course, is good for the consumer.
One guy came up with the idea that you can get $500,000 no medical life insurance online. This may be so, but I question whether this is so. I do because what he is doing is suggesting that a person can buy $250,000 from one company and the immediately go and get another $250,000 from another carrier. The problem about that is that when you buy a life insurance policy medical information about you is put into the Medical Information Bureau’s Database. If you apply to one company and they find that you just purchased no medical exam term life insurance from another company they are likely to ask for a complete medical examination.
Incidentally, when you apply for your policy you give the carrier permission to get relevant information on you. You, in fact, permit them to get an Inspection Report.
Why do life insurance companies offer life insurance and ask for no medical exam? It is simply very profitable, if the applicant is in fairly good health. Just think, they eliminate the fee they would need to pay the doctor, paramedic or nurse to check out applicants. In addition they are protected by the “incontestability” clause which states that if the applicant fails to disclose information that would prevent them from issuing the policy they can withdraw it within a specific period of time, usually one or two years.
The no physical term life insurance policies issued are usually level term policies. 10 year term, 15 year term, 20 year term and 30 year term are quite popular. The premiums never increase and the face amounts of the policies never decrease. These are the term policies most selected when the applicant needs a medical as well. The ages at which these policies are issued are usually between age 18 and age 60. The ages and type may vary a bit depending on which life insurance company you are looking at.
So “term life insurance no physical” is a good idea for all parties concerned, as long Join honest
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The advantages of term insurance.
by wqeqw on August 29th, 2010
filed under Term Insurance
Term insurance benefits vary greatly, depending on the agency offering the coverage, amount of premium dollars, coverage you have chosen, etc. Some of the benefits may include, but not necessarily limited to: consumer debt, college education for beneficiaries / dependents, dependent care, funeral costs and mortgages.
If you are looking for insurance coverage for a short period of time, you can make it work to your advantage. Although there are some policies which will cover you for only a year, there are those which you can avail of in 10, 20, and 30 years. You can even opt to for a term entailed to a specific age (usually at 65 years or at retirement age.)
People often use it as a guarantee for their children college education or house mortgage. For example, parents would buy term insurance that would expire only when their children graduate from college, or homeowners would buy the same policy that matches the term of the property’s mortgage. This is simply to assure beneficiaries that if something untimely happens to the insured, educational fees / mortgage will be paid still via the policy.
Also, term insurance is a lot easier to understand than other life policies. Basically, you choose a low monthly premium depending on the insurance term length and what kind of coverage you have chosen. If something happens, your coverage may amount to anywhere between $100,000 to millions of dollars.
Term insurance also allows you to choose how to invest your money afterwords. You can either have it go to your childrens education, their life long care or to the payment of your mortgage, etc. This liberty is non-existent with other policies (i.e. whole life insurance) because the insurance company usually handles these matters themselves, delegating your money as they see fit.
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Term Life Insurance – a description.
by wqeqw on August 28th, 2010
filed under Term Insurance
Term life insurance pays a tax free lump sum in the event of death within a specified period of your choice (known as the ‘term‘). Fixed monthly or annual premiums are paid for the duration of the term. Most terms are typically 25 years in line with one’s mortgage or the time period associated with other forms of borrowing. There is no investment value in a term life insurance policy, hence if no claim has been made there is no maturity value payable at the end of the term.
It is the simplest and cheapest form of life insurance. A few pounds per month can provide cover for a payout of tens of thousands of pounds. You are covered for as long as you continue to pay the monthly premiums. If you stop paying the premiums, the policy terminates.
Different types of cover are available:
‘level’ – a lump sum is payable on the event of death. This lump sum remains constant throughout the period of the life insurance term.
‘decreasing’ – a lump sum is payable on the event of death. This lump sum decreases by a fixed amount during the period of the term, decreasing to nil by the end of the insured period. This form of cover is usually used for mortgages or other loans where the amount owed decreases year on year.
Single and joint life plans are available. A single life plan insures one life. A joint life first death plan insures two lives but only pays on the first death.
Premiums typically depend on the sum to be insured, the period of insurance cover, your age, your sex and whether you smoke or not. A non-smoker is usually defined as someone who has not smoked for at least twelve months. Premiums for women are generally lower as on average they tend to live longer.
Medicals are not normally required, although in some circumstances a report may be required from your doctor. Always complete any application honestly as failure to do so will result in the insurer refusing to pay on the event of death.
Additional options can be added to increase the level of cover, although this in turn increases the monthly premium.
Additional options to be considered include:
Critical Illness: a lump sum is paid in the event of diagnosis of certain critical illnesses. You can save money by combining term insurance with critical illness cover. However, depending on the policy type, this may provide a single payout should death follow a critical illness diagnosis, rather than two payouts if cover is obtained separately.
Terminal Illness: the lump sum is paid early on diagnosis of a terminal illness. This allows you to make arrangements for your dependents whilst you are still alive.
Waiver of Premium: if illness prevents you from working your monthly premiums are paid on your behalf for a predetermined period. Check your policy for the permissible period of premium non-payments.
Counselling: counselling may be included to help your family cope with your death.
Guaranteed Premiums: guaranteed premiums ensure that the premiums remain the same throughout the duration of the policy term. Alternatively ‘reviewable premiums’ require the premiums to be reviewed periodically, typically every five years, meaning that premiums can increase dramatically following review.
The terms and conditions of policies vary significantly, so make sure They understand the scope of protection before you ever have a professional and independent financial advice before life insurance policies.