It’s easy to ask around for advice on life insurance, just like it’s easy to find people with opinions on how to successfully make money in the stock market. Asking questions and getting educated is always a good thing, but the problem is that getting life insurance advice from nonprofessionals may very well result in conflicting advice and confusion on your part. You need to (more…)
What To Look For In A Life Insurance Quote
Are you looking to buy life insurance or renew the coverage you have? In this article I’m going to give you all the tips and information you will need to get a good life insurance quote.
What Are The Fees
With life insurance the fees can vary greatly from one policy to the next. For example when looking at a term life vs whole life insurance policies, term policies will hold the same cost of insurance through out the entire period of the policy but when you go to renew the policy the cost will usually increase depending your age and health.
(more…)
Life Insurance For Elderly People
It’s no secret that it becomes harder and more expensive to get life insurance as you get older. Life insurance companies prefer to cater to younger people who have a good chance of outliving their term life policies or paying into whole life policies for several decades. But this isn’t to say you have no options if you would like to use an insurance policy to take care of your final expenses while you are still alive, or leave a payout of some amount to your heirs when you pass away. (more…)
High Risk Life Insurance Guide
When it comes to purchasing life insurance, do you think that you are out of luck because of a medical condition or because you have a lifestyle that involves activities that might be considered ‘risky’? Well, think again, because high risk life insurance policies are sold every day to people who fall into one of these categories. I want to outline a strategy that you can use to (more…)
Your Guide To Different Types Of Life Insurance
Life insurance is an essential part of the financial portfolio of responsible adults who want to protect the interests of their loved ones in case something happens to them. With all the types of life insurance policies available, investing time to educate yourself about them is vital to making the right decision for you and your family. But this will take hours, not weeks, and the return on your time investment will be huge. All you need is a place to get comprehensive insurance information, and that is exactly what this site is. (more…)
How Does Life Insurance Work
Life insurance is not high on the list of things people walk to think about, or chat with friends about in their spare time. Anything that involves acknowledging our own mortality is by definition hardly a recreational activity! However, rather than letting it get you down or having the question of “How Does Life Insurance Work” in the back of your mind as something you are putting off, if you will take just a little time to find out how life insurance works, you can actually turn the whole prospect into something positive, and here’s how: (more…)
Different Types Of Life Insurance Explained
A life insurance policy is simply a contract between the policyholder and the insurance company. There is a wide variety of different types of life insurance policies but the concept is simple: by taking out a life insurance policy, you are transferring the risk of your death and the lost earnings this would represent for your loved ones, to the insurance company, at the expense of paying premiums over a certain period. Life insurance provides the policyholder peace of mind, knowing that people he or she cares about will be provided for should he/she die. It also provides those named as beneficiaries to the policy very real security if this happens. (more…)
It’s Time To Look At Life Insurance Policies
Does the process of getting a life insurance policy really have to be intimidating and time consuming? Not necessarily. Now, educating yourself well enough to make a good decision regarding the basic life insurance question, ie choosing between a term life insurance policy or a whole life insurance policy, is complicated. However, you and your family will (more…)
Burial Life Insurance For Final Expenses
The final expenses that a person is required to pay at their passing can seem somewhat ridiculous. Not only does the taxman want a share of your money when you pass, but there are a number of other people scrambling to get their share before you are completely cold. Now while final expenses are somewhat difficult for the family to swallow, they are often justifiable. It is not unreasonable for there to be costs associated with the death of a family member. Not only does it cost money to arrange the funeral, but it also costs money to bury a person. Sometimes a person’s general insurance contracts are not going to be sufficient or timely enough to help pay for the additional costs at their passing.
To help cover the cost of final expenses, an insurance product called burial life insurance was created. This is a specialty life insurance policy that’s sole intention is to help cover the funeral and burial expenses at death. While it can be offered directly from an insurance agent, it is often purchased through the funeral home in which you plan to make arrangements with.
Upon passing, the burial insurance policy is redeemable and often paid directly to the funeral home. This allows the funeral director to make all of the arrangements, and assists the family by keeping them out of the financial stresses of the funeral. The family has enough on their mind and must deal with their emotional stress without the burden of financial stress as well. The insurance policy covers the cost of the casket, funeral services, funeral director fees, burial plot, burial costs, and other final expenses associated with the passing of your loved one. At the time of the policy, you will be able to discuss the details of the coverage, and make sure that you sufficiently understand what is included in the policy.
Life Insurance Glossary of Basic Terms
Life insurance concepts and terms can be confusing! Before you decide to purchase a life insurance policy, you need to understand the definitions of a few basic terms. Below is a short list of the most basic (and most important) life insurance terms you need to be familiar if you are planning on having any sort of conversation with a life insurance agent.
What is the Beneficiary?
The beneficiary is the person who will receive money if the insured dies. For example, if you started a life insurance policy today, you would have to specify who you’d like the money to go to if you pass on. If you are married, you’d most likely choose your spouse to be the beneficiary. The beneficiary of your life insurance policy, however, doesn’t have to be your spouse. It can be a relative or close friend. The important thing is that you as the insured choose the beneficiary.
What is the Death Benefit?
As described in most life insurance policies, the death benefit is the money that your beneficiary will receive if you pass on. When you started your life insurance policy, you were required to attached an amount of money to the policy. This money is termed the death benefit. The death benefit can range from as low as $50,000 all the way up to $5,000,000 and even more! The most common amounts for the death benefit range between $250,000 and $2,000,000.
What is the Term?
The term is the length of time the insurance company is required to honor the policy (as long as you stay current with your payments). Terms can range anywhere from 5 years all the way up to 20 years and longer. The longer the term, the more expensive the insurance will be. Also, the older the insured, the more expensive the insurance will be. Most life insurance policies don’t have a term; term life insurance policies are the only type of life insurance that have an expiration date.
What is Cash Value?
Most life insurance policies have a cash value associated with them. This means if, for whatever reason, an insured needs to cancel the insurance, or possibly allow it to lapse, he or she will receive some money. The reason for this is because whole and universal life insurance policies couple as investment and savings vehicles. They provide a lot more benefit then just insurance against death. Payments for whole and universal policies are much larger than payments for a term life insurance policy, but with whole and universal life insurance, a portion of that money is being invested and saved for you.
What is a Rider?
A rider is a provision or addition added to the policy. Adding children to a life insurance policy is considered a rider. If your children die, you can receive a small amount of money if you added your children as riders onto your policy. Riders don’t have to be children. It is any provision that you choose to add to the policy outlining restrictions or limitations.