Insurance Website

What is life insurance?

Life insurance is a contract made between the policyholder and the life insurance company. The policyholder agrees to pay a certain amount at regular intervals and the company issuing a life insurance policy agrees to pay out a certain amount in the event of the death of the policyholder. If the policy owner dies, the payment from the insurance company is awarded to the beneficiaries of the policyholder.

Life Insurance Options:

Term Life Insurance:

A term life insurance policy provides benefits upon the death of the policyholder if the policyholder dies within a certain time period. Once the time period or “term” expires the policyholder is no longer entitled to any benefits. One benefit of a term life insurance policy is that it’s the least expensive type of policy you can get. Read the rest of this entry »

What is life insurance?

Life insurance is a contract made between the policyholder and the life insurance company. The policyholder agrees to pay a certain amount at regular intervals and the company issuing a life insurance policy agrees to pay out a certain amount in the event of the death of the policyholder. If the policy owner dies, the payment from the insurance company is awarded to the beneficiaries of the policyholder.

Life Insurance Options:

Term Life Insurance:

A term life insurance policy provides benefits upon the death of the policyholder if the policyholder dies within a certain time period. Once the time period or “term” expires the policyholder is no longer entitled to any benefits. One benefit of a term life insurance policy is that it’s the least expensive type of policy you can get. Read the rest of this entry »

Some people are skeptical, or just plain don’t take into account, the importance of having life insurance on every member of the family and not just the breadwinner. This type of thinking really makes no sense and, unfortunately, many people have had to learn the hard way by paying for their loved one’s funeral expenses out of their pocket, when they least expect it.

You may think that I’m being a bit “dramatic” or morbid, but you know what? These things are a bitter piece of reality that you must prepare for or else you WILL suffer the consequences when it happens. Could you come up with an extra ten thousand dollars in cash right now, if you needed to and without hurting yourself financially? May be you could and, if so, congratulations, but the fact is that most people can’t. Let’s take a look at each family member and break down the importance of their having life insurance coverage.

#1. The Breadwinner - This is (no offense ladies) usually the father. We’ve already established the fact that dad needs to have life insurance. The question here is “how much?” Well, you need to actually sit down with your spouse and add up every bill that you have from car payments to confetti and determine how much the family would need to maintain their current lifestyle over a specific period of time. Make certain to allow for funeral expenses and always estimate a bit higher rather than lower. It’s understandable that you may want to keep your premium payments down, but it’s better that your family have extra money in the event of your death than not enough. Read the rest of this entry »

Since all states have their own life insurance departments to regulate insurer activity and all insurers must be strong financially and must prove that financial strength, life insurance companies very rarely fail due to financial problems. A financially stable life insurance company is undoubtedly extremely important, but finding the most reliable life insurance company depends also upon the kind of coverage you want and the way in which you want to communicate that coverage to the life insurance company.

Before you start looking for a reliable life insurance company, you need to first decide whether you want term life insurance (which insures you for a certain period of time) or whole life insurance (which insures you for life). Once you decide, you can find out more information about each type of life insurance and the benefits offered by the various companies you compare.

You can get life insurance in several different ways. The most popular way to purchase life insurance is by meeting with a life insurance professional—an agent—who can provide information and an ongoing personal relationship. Many people feel safer using an insurance agent and the personal service that an insurance agent can provide. Read the rest of this entry »

If you are considering obtaining a life insurance policy you will have many questions that need to be answered. There are lots of different life insurance options to choose from and once you’ve chosen the type of insurance you want you also have to determine how much life insurance you need.

The question of how much life insurance do I need is not an easy one to answer and it’s certainly not one that I can answer for you in an article on the Internet. What I can do with this article however, is to give you some things you can think about and some general guidelines to help you determine what would be best for you and your family.

There are many factors that will affect the amount of coverage that you need. Are you healthy? Or do you have pre-existing medical conditions that put you at substantial risk? How many people are depending on you to pay the bills? You’ll need to have enough money to cover funeral expenses and estate taxes. You may want to have enough insurance to pay off your mortgage balance or credit card bills. If you have young children you may want to keep enough coverage to pay for their college education.

You’ll need to consider your current living expenses minus your surviving relatives income so that you can have enough insurance to cover your families living expenses. You’ll also have to estimate the number of years of income you will need. For example if your kids are in high school they will be getting jobs and moving out so you won’t need as much as if your children are still in diapers. You also need to consider various tax issues in your estate planning. Read the rest of this entry »

Millions of consumers could be placing themselves at financial risk, it has been suggested.

According to the Fair Investment Company, many Britons may discover that the expensive gifts that they received over the Christmas period may not be covered by their insurance policy. As a consequence, homeowners could face financial difficulties should they be a victim of burglary if they do not take the time to amend their cover, which in turn may put pressure on various demands on their spending that they are facing at this time of year, such as loans and credit and store cards. Indeed, getting adequate insurance could well be advisable as the firm pointed to research by Halifax revealing that the average consumer spent some 384 pounds on gifts over the festive season. In addition, the firm noted research by Cornhill Direct indicating that an extra 2,200 pounds 48 pence worth of goods are in consumers’ homes after the Christmas period.

Meanwhile, out of the three million privately-rented homes across Britain, just under three-quarters (72 per cent) of people lack home contents cover. With such consumers having more than 50 billion pounds of items in their properties, should they find that they have been a victim of burglary, replacing the likes of laptops and plasma screen televisions may impact upon their ability to meet various demands on their finances such as personal loans and credit cards.

James Caldwell, director for the Fair Investment Company, said: “Christmas is meant to be a time of enjoyment and these days, the gifts we give are more expensive than ever before. However the good times can quickly go bad if there is a breakage or, worse still, a burglary. The amount of money lost can really mount up, especially if you don’t have a policy that covers all your new purchases.” Read the rest of this entry »

Of all things created, life is the most sacred, the most important and also the most perishable. For this reason, commercial insurance companies have thought of coming up with life insurance plans that will subsidize the loss of life. However, with so many varieties available, a number of requirements are also needed. Hence, term life insurance with no medical test becomes a better option.

Life insurance plans had always been a feasible means of securing financial stability for the future. Some people may say that purchasing life insurance is expensive in the first place and would eat up huge portion of their finances. Yet, many people still believe that getting life insurance is one of the most practical investments you can make in your whole life.

There are two types of life insurance: whole life and term life insurance. Between these two, term life insurance is more economical in terms of premium rates. Even if it covers only a particular period, hence, the word ‘term’, many people are still opting for term life insurance because it can give them comprehensive coverage without giving up other things. Read the rest of this entry »

All Life Insurance Prices Are Not The Same

This may really surprise you, but we shopped around for life insurance for a single client in our area. We found price differences of $300 a year for the same $100,000 life insurance policy! These were all large, highly rated life insurance companies too. What we learned, is that it pays to do some shopping.

It used to be hard to call around, giving multiple life insurance agents your detailed information. However, now you can find lots of credible, online life insurance quote forms. After you fill in your information one time, you can sit back and let the companies duke it out for your business!

Don’t be Insurance Poor

Do you really need to replace 20 years of income with a life insurance policy? If you are a little older, or if you have a health issue, the premium may not be practical. Even if you are the sole supporter of your family, five years of income may be enough to give your spouse time to retrain him or herself to either bring in more income or cut bills down. Maybe just leaving enough money to pay off your home, pay for the funeral, and cover several months of your income would be reasonable.

Look. If you are young and healthy, and can replace 20 years of your income for the price of a couple of restaurant meals, I would tell you to do it! But if you will find it challenging to find money for the premium, I would assume that would be the first bill you would stop paying during hard times anyway. Buy a reasonable amount of life insurance, but buy what you can afford without strain. Read the rest of this entry »

Term life insurance policies are very popular these days, and of course, they can provide very valuable protection at a low cost for many people. However, the problem with term life insurance is that it expires just when the covered person would find it harder to find protection, after ten or twenty or thirty years, the term life insurance expires. The theory behind term life insurance is that by that time the insured person will have less obligations, and they will have enough money saved to self insure.

However, we find many senior citizens and retired people who have not had the good fortune to be free of obligations, and with sufficient savings to cover their debts, final expenses, and other obligations. Also, by the time we reach maturity, we may also have developed more health problems. As if an advanced age were not enough, health problems may make us very tough or expensive to insure at all!

However some life insurance companies have developed senior life, guaranteed life insurance, or final expense life insurance programs to meet these needs. These are, basically whole life insurance policies. This means that the policy will stay in force as long as the policy is kept in force. A policy is usually kept in force by paying premiums, or by having the policy “paid up”. Yes, many whole life policies can be paid up over a period of years, usually ten to twenty years. In this case, an insured person can relax, knowing they will have life insurance for their whole lives, and not just for a period of years. Read the rest of this entry »

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. Read the rest of this entry »