Life Insurance 2.0 » term life insurance quotes

Control Your Life and Your Insurance

jferris — Fri, 30 Jul 2010 15:07:11 +0000

Life insurance premiums are often affected by a person’s lifestyle choices. By making the right lifestyle choices, you can take control of your life and keep your insurance premiums low.

There are a great number of health aspects that can affect your ability to qualify for term life insurance, and these same aspects can have a profound effect on your rates. If you do not have a clear understanding of how these aspects of health can affect your life insurance premium, you may have a hard time figuring out why your rates may be higher than comparable policies for healthier people. It is important to understand how alcohol, smoking and weight can all affect term insurance and how they affect premium rates.

Alcohol consumption can have an effect on your insurance premiums. While many people may think it is impossible for an insurance company to judge their alcohol consumption, they have several ways to assess an individual’s relationship with alcohol other than by reviewing the health questionnaire. As many companies require a physical, they will use the information gathered during the process to assess your alcohol consumption. Another way that insurance companies look for unhealthy levels of alcohol consumption is through the individual’s driving record. If you have any alcohol related incidents on your record, most life insurance companies will see you as an elevated risk and will most likely adjust your premium for a policy as needed to reflect that liability.

Smoking habits can also have a great effect on your insurance premiums. To accurately assess your smoking habits, the insurance company will likely require a questionnaire as well as a physical exam. The medical evaluation will be the easiest way for companies to uncover your smoking habits, as smoking leaves behind numerous chemicals in your body. During the physical, companies look specifically for these chemicals and will use this information to determine how much of a risk you are.

Being overweight or underweight may cause you to see some form of increase in your life insurance premiums. Term life insurance premiums are affected by weight because of the health-related ramifications. If you are underweight or overweight, then you are potentially putting yourself into a health risk situation. The amount of deaths caused by obesity is rising and life insurance companies do not want to take risks on those who are obese. Maintaining a healthy weight can help keep your rates down, but straying too far away from that healthy size can cost you a lot.

By controlling these lifestyle habits that pose a risk to insurance companies, you can help control the amount you will pay for life insurance. You should consult an expert life insurance broker who can offer you advice on how to get the lowest premiums.

Lesley Reuben writes for Life Insurance 2.0. To learn more or to compare
life insurance quotes, compare term life insurance, or get an instant life
insurance quote, visit http://www.lifeinsurance2o.com

Bridging the Gap with Group Coverage

jferris — Thu, 15 Jul 2010 15:06:05 +0000

Sometimes, an individual life insurance policy doesn’t offer enough coverage to make you feel secure about your family’s future. Obtaining supplemental group life insurance coverage may be the best way for you to achieve peace of mind and secure your family’s future.

Individuals take out life insurance policies because they want to ensure that their families are protected even after their death. While most life insurance is secured with this good intention, sometimes the coverage in a single life insurance policy is not sufficient to meet all the needs of a family, especially when there are a large number of dependents and the financial commitments are high.

Fortunately, there are a number of options available to families that will increase their life insurance amounts. One of the most popular ways to get such insurance is through an employer. Most employers who offer their employees a benefits package will provide a basic amount of life insurance to all of their employees. This coverage is almost always guarantee issue that does not require any medical information. The employer may decide on a flat amount for all employees and may offer an amount that is equal to one times the employee’s yearly salary. While most employer-provided group life insurance does not cover more than one year’s salary, some policies may allow you to multiply that coverage at your own cost. You could, for example, choose to purchase additional life insurance that is three or four times your yearly salary. By obtaining the supplemental group life insurance your employer offers, you can provide extra financial security to your family.

The great benefit of securing supplemental coverage through a group life insurance policy is that you are likely to pay a lot less in premiums for the policy than you would if you purchased an additional individual life insurance policy or increased your coverage on an existing one. The premiums are substantially lower because the life insurance company is writing a single policy for a large group of people.

It is important to remember that group life insurance is not meant to provide for your family on its own. It is meant to supplement life insurance policies you already have. A group plan is simply a great way to supplement any individual policies you may have separate from your employer. If your employer gives you the opportunity to increase your group life insurance amount, you’ll want to carefully consider the cost as well as what coverage you already have before making a final choice.

Life Insurance for Singles

jferris — Wed, 30 Jun 2010 17:56:17 +0000

Many people believe that life insurance is not necessary for singles; however, this couldn’t be further from the truth. Singles may have substantial financial responsibilities that require a life insurance policy.

If you’re like many single men and women, part of a group that represents nearly 40 percent of America’s population, you may feel that you have little need for life insurance. After all, if you have no spouse to protect in the event of your premature death, you are not likely to have many financial obligations. While this may be true for some, many singles need and would greatly benefit from securing life insurance policies.

Just because you are single, does not mean that you are alone and do not have people who depend on you. Your death would likely have a profound financial effect on your family members and having life insurance can help reduce this impact. If you are a young adult, you may have accumulated student loans that will need to be paid off after your death. In these days, many education loans are taken out in the names of other family members, and parents are generally the co-signers. Under law, a co-signer would be fully obligated to pay 100 percent of a debt if the other signer is unable to do so. Obtaining a life insurance policy can help protect your family members from having to shoulder this financial burden on their own, in the event of your premature death.

When you pass away, there will be final expenses that must be taken care of. Sometimes these expenses can cost thousands of dollars. These obligations could fall on your parents and other loved ones and cause them undue stress. Securing a life insurance policy now can take this pressure off of your loved ones.

If you are a single parent, you should also make sure that you secure life insurance. As the sole breadwinner in your household, you are responsible for the support and care of your children. If something happened to you, other family members may step in to help, but this may place a significant financial burden on them. As a single parent, you already know the cost of maintaining your children’s standard of living, and when you die your income will die with you. A life insurance policy can ensure that your children will be provided for in your absence.

An expert life insurance broker can discuss your options with you and help you choose a policy that will provide an adequate amount of coverage.

Lost Confidence in Existing Insurer

jferris — Wed, 23 Jun 2010 17:55:28 +0000

Changes in the economy have caused some consumers to lose confidence in their life insurance providers. When considering finding a new policy, applicants should carefully consider their needs before exploring other life insurance options.

In today’s troubled economy, high-risk investment strategies have threatened the financial stability of some life insurance companies and thus the safety of policy benefits. As a result, many policyholders may be concerned with the company’s ability to pay out benefits. This nervousness may be enough to get them to choose another life insurance provider that can provide more stability and better coverage.

Another important reason that people lose confidence in their existing insurer is because their needs may change, and they may not feel that their existing insurer will be able to provide them with affordable options for increased coverage. Just be advised that any change in your personal circumstances since you first acquired life insurance may require a different strategy than the one originally pursued and getting increased coverage at an affordable price is not guaranteed.

When considering policy replacement, you may also wish to explore the possibility of amending or converting your current policy to a newer product within the same insurance company you have now without any loss of rights or accumulated cash value. If, however, you have already made the choice to switch to another life insurance company, be sure to check out the insurer’s industry rating, as determined by an independent rating service, before committing your funds to the company.

If you are considering replacing or changing your existing life insurance policy, you first should carefully assess your needs and determine what is in your own best interest for the long-term. You should also consider the interests of those you are protecting and factor this into your decision.

Deciding how much insurance you need, how long you will need it for, and which policy will provide the best coverage is crucial to your financial security and your loved ones’ future. If you’ve lost confidence in your existing life insurance policy insurer, it might be a good idea to shop around and carefully consider all of your options. An expert life insurance broker can help you find a new policy that will fit your needs.

The Cycle of Life and Life Insurance

jferris — Sun, 23 May 2010 15:17:22 +0000

When your life changes, so does your need for life insurance. As you experience these changes, you should carefully evaluate your financial needs and find policies that work for you.

When you are young, single and on your own, you may not even consider purchasing life insurance. This is because life insurance is generally designed to provide income and security to those who are financially tied to the insured, such as children or a spouse. However, there are several reasons why you might consider a life insurance policy while young and single. For one, life insurance premiums are likely to be low when you are young and in good health. Also, you may have dependent parents you wish to provide for and obtaining a life insurance policy when you are young will offer them security.

After you get married, you will want to plan for your family’s continued security. It’s a good idea to secure life insurance at this point because you are now financially tied to someone else, and your death may have significant impact on his or her security. You and your spouse will need to decide what the right amount of coverage is and whether or not you wish to purchase whole life insurance or term life insurance.

Once you start a family, you will need to consider purchasing additional coverage that takes into account all of the expenses associated with raising a child. Raising a child can be expensive, and you should consider things such as the cost of college tuition when deciding on how much coverage to add to your policy. You may even wish to consider purchasing a small life insurance policy for the new addition to your family. This can give you extra piece of mind in case of a tragic event.

After your kids grow up and move out of the house, you may have different life insurance needs. You will no longer have to worry about providing for their college education and may wish to pursue a policy that has less coverage. You will, however, still need to retain life insurance to provide for your spouse and may even choose to keep the policy you had, so that you can use the benefits in your estate plan.

Once you reach retirement age, your life insurance needs are likely to change once more. You may just need to secure enough coverage to ensure that your spouse will be financially stable and to cover any remaining debts you might have. A larger amount might be necessary if you plan to leave this money to your adult children, or if you want to use it to help with your estate taxes.

As you go through the different phases of your life, your life insurance needs are likely to change. An expert life insurance broker can help you decide what kind of coverage is right for you right now.

The Happy Couple

jferris — Sun, 23 May 2010 15:16:21 +0000

Getting married is sure to be one of the happiest and most memorable moments in a couple’s lifetime. Marriage is a significant life change and will require couples to reconsider their life insurance policies.

When couples get married, one or both of them may already have an existing life insurance policy. If this is the case, you and your spouse should contact your insurance company immediately to inform them of your new status and to change your beneficiary. It is often the case that couples have existing policies through their employers. If this is the case, you may wish to speak with your company about what options are available now that you are married. Most group life insurance amounts are adequate if you are single, but they may not be able to cover your needs as a family. Also, these policies will not go with you if you change jobs, and this could jeopardize your family’s future.

If you have secured your own life insurance before getting married, most life insurance companies will allow you to add your spouse to your existing policy. Doing so is a good idea for families, as it ensures that the family is covered if either spouse passes away. Also, if both parents are included on the policy, it guarantees that any children will be well taken care of in the event that both parents pass away.

If you and your spouse did not have coverage at all before you got married, your change in status could actually help you find a low rate for you and your spouse. You and your spouse can plan for your future together and determine what kind of policy you need, and the amount necessary to secure your future. Young couples can often get better quotes than singles or older couples and should take advantage of this as soon as possible after getting married.

There are a variety of life insurance options open to newly married couples. Couples should consider their options by comparing policies and rates or consulting with a licensed insurance agent who can help give married couples the peace of mind they deserve.

Disclosure of Medical and Background Information

jferris — Mon, 03 May 2010 15:15:23 +0000

Disclosing your medical history and background information is a must when applying for a life insurance policy. Make sure that you provide your full history in as much detail as possible.

When applying for life insurance, your medical history and background will be of great importance to the insurance company. Depending on your age, you may have to complete a paramedical exam or a full medical exam. Regardless of whether this exam is required, you will first have to complete an application that asks for your full medical history and background information on your lifestyle.

Life insurance underwriters will take family history into account when considering whether or not to offer insurance to an applicant. Much of their concern will be with inherited diseases, like heart disease, diabetes, and various types of cancers, that pose a significant risk to the applicant’s health. The appearance of certain conditions in one’s immediate family (parents and siblings) can suggest a higher likelihood of the applicant contracting the disease. Therefore, it is imperative that you fully disclose all information about your family’s medical history, so that the underwriters can get an accurate picture of your health risks.

You will be required to provide information regarding your personal lifestyle habits such as smoking and drinking, and these answers may affect your application for life insurance. The rational behind this is that unhealthy habits take a toll on your life. Most life insurance providers will ask about the amount that applicants smoke. The more you smoke, the greater your chances that you will be required to pay a higher premium.

Weight is something that you will also be required to disclose and will be considered in your application. You may be asked about not only your weight but also your eating and exercise habits. The increasing prevalence of obesity and its direct effect on other medical conditions means life insurance providers are now more likely to consider overweight people a greater life insurance risk and prone to higher premiums.

There are life insurance plans for those who may be considered too high risk to qualify for a standard life insurance policy. The coverage for these policies is usually smaller with limited benefits and the premiums may be higher.

While it may be tempting to lie about your health issues or lifestyle choices, it’s important to tell the truth when applying for life insurance. If the company discovers that you lied about a health condition or lifestyle choice, it can increase your premium rates, cause your policy to be cancelled, and even cause the beneficiary’s claim to the death benefit to be denied.

The Newest Addition

jferris — Sun, 07 Mar 2010 18:43:55 +0000

Having a new addition to your family is an exciting time, but one that requires parents to take additional precautions to secure their family’s future. Securing a child life insurance policy can protect a family against accidents and unexpected illnesses.

Having a new addition to the family is an exciting time in anyone’s life. While many parents may not want to interrupt this happy time by considering the possible tragedy of their new child’s death, accidents and unexpected illness do occur. Purchasing a life insurance policy for your newborn child is a way to provide added security for your family in the event that something tragic occurs.

Having a child life policy is one way to protect your family’s interests, and parents may want to secure a child life insurance policy as a financial gift to their child. Buying the policy when the child is young will ensure a low premium and will protect their insurability in the future. If, for example, a child experiences a serious illness or health issue in the future, it may very difficult for them to purchase a life insurance plan as an adult. However, if parents secure life insurance now, the child will have the option to extend this existing coverage as an adult.

One of the major advantages of having a child life policy is that it can be instituted before any major illness or disease takes place. That way, your child can be protected from the beginning. Having life insurance at a young age is important in today’s society, where many children are plagued with diseases such as autism and childhood obesity. These diseases can have devastating effects on a child’s adult life. Childhood obesity, for example, may lead to the development of other diseases later in life, such as diabetes, sleep apnea, and liver or gallbladder disease. Also, buying a child life policy may be a good idea for those families who have a history of hereditary diseases such as cardiovascular disease or cancer. Buying a policy now will offer children greater security, if they develop these diseases in the future.

Another potential advantage of buying a child life policy is that it would help ease the financial burden that a funeral would cause for parents. Depending on the size of the policy, the policy would not only help to cover the costs of the funeral, but it may also leave parents with enough money to take time away from work to deal with their grief. The death of a child can be emotionally devastating and parents may need to seek extensive counseling. Having a child life policy in place may give them the resources to do so.

While no parent wants to think about the death of their child, buying a life insurance policy for the new addition to your family can help your family feel more secure.

What Shall It Be – Level Term or Decreasing Term?

jferris — Sun, 07 Feb 2010 18:42:02 +0000

Choosing what kind of life insurance you want isn’t a picnic or a walk in the park. If you do your homework though, it’s easier.

It’s true, choosing life insurance is not all that easy, especially if you aren’t familiar with the terms. So, when it comes to things like the various policies you may see advertised online or other places, like term life insurance, permanent cover, whole life coverage, universal life insurance, or level term and decreasing term, knowing what these things mean is a good start.

First of all, you don’t want to be choosing life insurance in a hurry. If you do that, you may be running the risk of getting what you paid for if it’s a cheap policy and doesn’t have the right kind of coverage that you actually need. Why spend the money on a policy if it’s not the right one?

So, let’s say you are considering level term or decreasing term and don’t know what would be the most suitable for you. This is where finding a premier website with all the information on it that you could possibly ask for comes into play. You want a site that is clean, crisp, clear and professional with a broker who responds instantly to your needs and answers your questions.

You’d start by asking the broker what term life insurance means and the answer would be that it’s a policy that covers a specific number of years for a premium. When it comes to term policies, they do “not” accumulate cash value and usually pay out only in the event of your death.

Take this one step further and find out that level term life insurance is a more simplified version of term life insurance. A monthly premium is discussed by you, the policyholder and the insurer. You talk about the amount to be paid out and perhaps what it is to pay off. For example if you die 7 years or 16 years into your “term,” the beneficiaries are still eligible to get the full payout so long as the claim is filed properly and the premiums have been paid.

Some customers prefer more flexibility and for that reason, some insurance companies will offer them an option called decreasing term life insurance. This is different than a level policy simply due to the fact that the pay-out ID is set up to decrease year after year. In other words, if the initial cover in the first year was $50,000, the policyholder might only be eligible for $25,000 after five years. Of course you will have tons of questions to ask about how this particular policy works, and well you should.

Knowing what you are asking for and what you get in response is crucial to your life insurance buying experience. In general terms, decreasing term life is often preferred because the premiums are cheaper. On the other hand, level term life does ensure a lump sum payment provided the claim is made anytime during the term of the policy. These are tough decisions, and definitely ones you want to discuss with that expert life insurance broker before making any decisions.

You Can’t Afford Not to Have Life Insurance

jferris — Thu, 07 Jan 2010 18:43:05 +0000

“I have a mortgage, college tuition and retirement to save for; we can’t afford life insurance.” I have heard that remark many a time during the course of my career selling life insurance. While I can certainly understand how the person feels; the reality, rather than the perception, is that this person actually can’t afford to “not” have life insurance.

In fact, if you set up your insurance the right way, get it early on in life (when the premiums are less), it will act to protect the family you will most likely have later in life. In most instances, life insurance isn’t just about the person buying it, but about their future; a future that generally includes loved ones who would be devastated if this person died and they were unable to cope financially.

Let’s discuss term life insurance, as it happens to be the least expensive kind of life insurance you can buy. You could even get a cheaper policy, provided you are completely aware of just exactly what you’re buying. That’s always the one thing you “really” need to know – what am I getting in this life insurance policy? Find out now, and save the hassle of a nasty surprise later.

If you opt for term life, this means you buy the policy for the number of years you want; e.g., term life policies range from 5 to 40 years based on how old you are when you buy your policy. They’re remarkably straightforward. You pay your premiums and if you die during the term of the policy, the full face value is paid out to your beneficiaries, unless you die under suspicious circumstances.

Check this out by talking to an expert life insurance broker. There are several term insurance policies with clauses that add money to your premiums. You read that right – add money, although, you might not want to pay extra for these benefits. The thing to understand is that you have options and choices when you go to buy life insurance.

You could ask for a benefit that doubles if you die in an accident; have benefits for acts of warfare or even suicide. In other words, you can have just about anything you want, provided you are willing to pay a higher premium. Beware though, some insurance companies will just add these benefits and you get the bill without being told what is in your policy. Hint: always read what is in your policy “before” you buy it. Declining various options may save you money.

Don’t waste your money on short term policies if you are young. Why? Because if you buy a short term ten year policy at the age of 25, you will be only 35 when the term runs out. Statistically speaking, your chances of dying are minimal, and buying a short term life insurance policy like this may be a waste of money for you. This is one of the reasons you need to speak to an expert insurance broker. Chances are you will have more value with a longer term policy.

At all costs avoid insurance companies that sell what we call “boiler plate policies.” This means that no matter who you are or what your medical issues happen to be, no one is turned away and everyone pays the same price. You will also be paying a much higher premium to cover for those individuals who have medical problems, but aren’t checked.

If you want quality, honest answers, and an insurance broker who tells you straight like it is, do your research online and make some calls. You will be glad you did.