Showing posts with label Life Insurance. Show all posts
Showing posts with label Life Insurance. Show all posts

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Tips to Benefit From Cheap Life Insurance for Old People

The life insurance industry has become more competitive. More insurance companies are disposed towards making more concessions for senior citizens. When looking for insurance, it is important to find a site that offers different products from different insurance carriers. This gives you the convenience of shopping from multiple carriers in a single website. From the site, you will be able to access insurance plans from several agencies, including brand names, local and nationwide agencies, etc. The following are some of the tips to consider benefiting from cheap insurance for seniors, including:

· Choose what you need

An insurance cover for seniors often attracts high premiums particularly when the chances of death are high. Many of the insurance companies place strict conditions that need to be met for the applicant to qualify for insurance. Therefore, when you are above 50, not everything that crosses your path is worth going for. It is important to draw a line between what you want and what you need. Therefore, an insurance plan can help you make the right decision. For many seniors, a high priced cover is a want- unless they can afford it comfortably. A term life policy provides a desirable reprieve to many people.

· Avoid smoking

To benefit from cheap insurance policies it is important to consider quitting cigarette smoking. If you fall within the category of Preferred Non-tobacco you will be qualified for affordable insurance for seniors. The Standard Tobacco User category attracts higher premium rates. If you are a non-smoker you stand to benefit from a policy that is twice as low when compared with that of smokers. The scale varies depending with the years a person quit smoking. Therefore, a person who quit smoking 5 years ago can end up paying cheaper premiums than a person who quit smoking 2 years ago.

· Manage your weight & cholesterol levels

A significant population of senior citizens are carrying excess fat and struggling with problems of high cholesterol levels. Any senior who is looking for cheap life insurance for old people should watch their weight and seek to attain "normal weight" which often varies between different underwriters. In addition, they should keep their cholesterol levels below 210.

· Avoid risky hobbies

Different insurance companies have summarized what they consider as risky hobbies. Therefore, if you enjoy travelling, the underwriter will normally specify countries they consider risky to travel for various reasons such as high crime rates, political instability, among others.

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Tips on Purchasing Life Insurance for the Elderly

Many people do not handle the issue of life insurance with the seriousness it deserves. However, it is important to purchase insurance with the understanding that your loved ones will benefit from the policy. It is important to ask yourself "What will happen to my family when I die?" It is important to look out for a comprehensive cover that offers maximum benefits. Hence, it is advisable to read the fine print. Some of the most important seniors' insurance policy tips include:

· Shop for insurance

Some of the insurance providers have been selective when offering senior policies. The older you get the more expensive insurance becomes. Therefore, it is important to shop around for life insurance for the elderly. Fortunately, advances in technology have made it easy to find affordable insurance for seniors. Although insurance agents play an important role in facilitating quotes, the internet makes it easy to find competitive rates quickly. When you check online, you will discover thousands of sites offering different rates. Your goal should be geared towards finding decent benefits at good rates.

· A good coverage

One of the most important benefits of insurance is to provide financial protection to the family. You need to consider the primary caregiver for coverage even if they do not work. If you have children who are not old enough to be independent, you need to have someone looking after them until they are old enough to leave the nest. Furthermore, there is the before/after school care, household and housecleaning chores that need to be performed. Therefore, insurance for the primary caregiver is recommended. If you are above 50, you need to look for a cover that lasts over 75 years.

· Be honest when applying

Insurance companies will normally provide coverage based on your responses. Therefore, it is very important to respond honestly to questions pertaining to your age, gender, height and weight when making your application. Furthermore, it is important to disclose any pre-existing medical conditions, smoking habits or risky hobbies you engage in. Make sure you read the contract carefully before signing up. This will ensure you are purchasing a policy that covers your health condition. You need to disclose that you are a smoker. This is because problems associated with smoking can arise and your health suffers. When you fail to disclose your information accurately and the insurance provider discovers, the company may fail to make any payouts when you make your claims.

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Tips for Getting Cheaper Term Life Insurance For Seniors

Life policies for seniors are not difficult to find. There are many more insurance companies that are willing to take up the risk because they have discovered many more people are living to the age of 90, looking strong and healthier than their counterparts a decade ago. Although there are many plans available to seniors, they fall into 2 basic categories: the whole life and term life policy. The term life insurance for seniors is popular among the elderly because it is less expensive than the whole life policy. Some of the ways of getting cheaper insurance for seniors include:

· Maintain a healthy lifestyle

Insurance companies are keen at finding out the health of their applicants. To do this they may require you to respond to basic insurance questions including your gender, health, weight, height and smoking habits. Therefore, if you are overweight, a smoker and/or diagnosed with a chronic pre-existing condition you can expect to pay higher premiums. Before shopping for insurance, it is advisable to visit your doctor who can recommend an effective health plan to help you quit smoking, treat/manage any pre-existing medical condition and/or regulate your weight. When you do this, your premiums will be trimmed down because the insurance provider does not consider you a risky candidate.

· Choose enough coverage

When you choose the right cover, you will end up getting value for your money. To pick the most appropriate amount of coverage it is important to consider your needs. Therefore, if you want a cover that caters for the remaining 15 years of your mortgage you can consider a 15-year term policy. On the other hand if you are interested in a death benefit to cater for your final expenses, including your medical and funeral expenses, it does not make sense to choose a policy that is worth hundreds of thousands of dollars.

· Good credit history

Many of the insurance companies seek to determine your ability to pay premiums by considering your credit history. If you have a good and clean credit, you will soon discover many of the service providers will be interested in accepting your application. This will provide you with an ideal opportunity to compare rates from different service providers to get the most competitive rates. Therefore, if you are planning to buy insurance it is advisable to consider improving your credit history by paying off your credit card debt to get a better deal.

· Contact a specialist

To get the right policy it is advisable to consider getting in touch with a professional insurance agent/broker who specializes mainly in senior products. Such a professional has enough information to recommend the best provider and plan at competitive rates.

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Questions To Ask Before Buying No Medical Exam Term Life Insurance

Life insurance was a simple concept when it began. With time, the concept has evolved teeming with different promises, products and premiums. As a result, there are many choices to choose from and hence, it is important to find an insurance agent and company that understands your concerns enough to provide products that cater for your needs. The term policy is a popular product that provides coverage for a stipulated timeframe often ranging from 1 to 30 years. The no medical exam term life insurance policy is highly recommended for every person regardless of his or her health condition. In order to get the best option, it is advisable to ask the agent the right questions. The following are some of the questions to ask an agent seeking to sell you their products:

· How readily can you be reached?

The internet makes shopping for different types of products easy, by simply clicking the mouse. Therefore, if you are planning to buy insurance, it is advisable to shop online. Many of the leading insurance companies have websites that provide important information about their plans and prices. Furthermore, you can buy a cover online. However, if you prefer dealing with life people it is important to find an agent who is accessible when you need them. The agent should appreciate the role of providing personal attention to their customers.

· What insurance carriers do you represent?

It is important to know what companies an agent represents. An experienced independent insurance agent often represents many leading insurance companies. As a result, they are better placed to shop for you by accessing different service providers. Therefore, you stand to benefit from more choices, opportunities, terms, premiums and more. Furthermore, knowing which companies the agent is dealing with gives you the opportunity to find out their financial strength, rating and integrity before committing yourself.

· How regularly will we talk?

Buying life insurance is not a onetime event. When you choose a no medical exam term life insurance, you will need to seek for a review every so often, particularly when change occurs. In the event that your health improves, you stand to benefit from a reassessment to get lower premiums. Furthermore, if you get married or have a new baby you can consider a wider coverage. The right agent will initiate the contact to provide assistance periodically, by evaluating your needs. This is important because you can easily forget to call your insurance agent every time a significant change occurs in your life.

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Tips To Get Competitive Term Life Insurance Rates

For many reasons, you can consider buying an insurance cover to cater for a limited period, for comparatively lower premiums. In case you are anticipating significant changes over your lifetime, you do not have to buy a policy that covers your entire life. However, the term policy does not provide for an investment component or savings and does not accumulate cash value. When you decide to buy a term policy, it is important to shop around and ask the right questions to get the best term life insurance rates. The following are some of the factors to consider when choosing a term policy, including:

· Stability of the company

It is very important to find out whether an insurance carrier is stable before choosing a policy. The purpose of buying insurance is to ensure your loved ones are well taken care of in the event of your premature death. Therefore, it is important to find a service provider who will be present longer than you are and able to meet its obligation in the long-term. In addition to having an excellent financial health, the provider should have a good rating.

· Convertibility of the policy

Your insurance needs do not always vanish when the term ends. Therefore, it is important to know the options at your disposal for renewing or converting your policy to a permanent policy, without necessary going through the rigor of applying for insurance, including undergoing a medical exam. It is also important to read the fine print to determine the time limitations imposed to facilitate a conversion option. Some policies may offer you the option of converting before the age of 65 or 70 or the option to convert within the first 15 to 20 years.

· Advertised rate

Many insurance shoppers choose the term policies because they are cheaper. Generally, the term life insurance rates advertised by service providers are based on applicants who have an exceptional health. In order to attract shoppers, the lowest price is normally quoted. Therefore, if you are relatively healthy or have a pre-existing medical condition for your age, the rates are likely to change. Therefore, to benefit from the lowest potential rates it is important to work on your health and improve your lifestyle.

· Income being replaced

It is important to determine the income needs of your dependents over the course of the policy. To do this, you need to consider the ongoing expenses on shopping, rent, tuition or mortgage. Also, factor in long-term goals like college education, medical bills and funeral costs. This will give you an idea how much income will need to be replaced to cater for the needs of the family, when you are no more. Therefore, if you have 20 years to go before retiring you can consider a 20-year term policy.

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Common Life Insurance Mistakes and How to Avoid Them

There's so much hype out there regarding life insurance and it can feel frustrating to try and read through the details to determine what's best for you. Let's walk through some very common life insurance mistakes so you can avoid them. If you haven't purchased a policy yet, the new year is a great time to tackle that New Year's Resolution to get your financial affairs in order.

Not Having Coverage

Too many people assume that they can go without life insurance coverage. This is a very common mistake that can end up costing you thousands of dollars. If you have not purchased a policy already, it's safe to assume that you believe you are a self insured individual. Unless you have 10 years worth of income socked away in the bank to help support your family, an accident that results in you passing away, could cause significant financial distress for your loved ones.

Many people make the mistake of assuming that life insurance is too expensive for them to obtain. There are so many life insurance companies out there, all with different categorizations of rates and treatments of various medical ailments. Simply doing some research and looking around can save you a lot of money. Don't hesitate to make a life insurance purchase because you believe that you don't need it or that it's too expensive. Both of these are common myths.

Not Getting Enough Coverage

So you finally jumped over the hurdle of purchasing a policy, but you're nervous about the bottom line cost. So, your response is to elect a policy with a smaller face amount, perhaps $100,000 or so. While of course is necessary to have some level of coverage, think about whether the face amount you've selected will actually cover your family and their expenses over time. Will that help pay the mortgage? Support children through college?

Every so often we see individuals come through with policies of $426,756 in coverage or some other odd number. This isn't because they randomly selected their lottery numbers as their face amount. These are the people we know spent the time calculating exactly how much coverage they need. Use a worksheet to take into account debts, income replacement, and future expense needs for your family. A one size fits all approach may not work for your family.

Not Paying The Premium On A Term Policy

Most life insurance carriers have a thirty-day grace period for you to get that premium payment in. Skip that, though, and you could be looking at getting the policy reinstated. Carriers have extremely strict rules about reinstatement. Some will allow you to reinstate within 60 days of the missed payment and others might require you to go through underwriting all over again. Life insurance is definitely the kind of purchase you need to make and then hold onto. Don't let your policy lapse without a major calendar reminder to pay that premium before the reinstatement period expires. If you can't reinstate, you have to apply for a whole new policy. Save yourself some time!

Not Shopping Around

Yes, you can easily identify some companies online that are the cheapest. But if you have a medical condition, make sure that carrier has a fair view of that condition before you apply. You may want to look into the company's financial rating as well. A little bit of research goes a long way. This often can't be done without an expirienced agent so make sure you pick an independent life insurance agency that can compare rates with many companies on your behalf and recommend the one most favorable to your situation.

If you have more questions you can feel free to visit InsureChance. We are an independent online life insurance agency that lets you compare Term Life and No Medical Exam life insurance quotes online.


Tips for Choosing a Life Insurance Provider

Life insurance is recommended highly, particularly for people looking for an opportunity to facilitate financial protection for their dependents in the event of their untimely death.

Furthermore, a business may want to offer insurance for its staff, with its efforts geared towards providing all-inclusive employee benefits. In order to get the most appropriate policy, it is advisable to pick the right life insurance company.

The process of selecting may not be an easy task because they are many players in the industry, all purporting to offer the best products. However, the following factors can make the process of choosing a provider easy, including:

· Rating

Knowing the rating of the insurance company can help a great deal in making a wise insurance decision. There are several rating agencies available online that compare an insurance company with its peers.

You need to be on the lookout for 'A' rated insurance carriers, because such companies are deemed to have a strong financial capacity to meet its obligations and commitments.

· Financial strength

During the 2008/2009 global financial crisis, several insurance companies went out of business, while others sold some of their divisions. Many other smaller firms merged with stronger companies.

Every time a service provider is declared insolvent, all the policyholders end up in a very serious problem, in the form of lost premiums. Furthermore, policyholders are often forced to buy replacement policies from different carriers, usually at higher rates.

· Reputation of processing claims

Consider the company's record for paying out and claim refusal. A company that has a reputation of delaying payments or refusing claims is suspect. By reading through the customer reviews and the local business bureau you will have an idea how fast a carrier pays out the claims.

The state insurance commission may also have a record of complaints. A company with a weak financial status may not guarantee payments. Therefore, scheduled payouts or savings held by the company may be frozen. To avert this problem, it is advisable to monitor the financial status of the company, periodically.

· Specialty

It is advisable to consider a company that has been operating for a long period. In addition, you want a company that has been selling a particular product of interest for a relatively long period.

A company that specializes in your preferred plan is better positioned to give you the best product. Furthermore, they have the necessary knowledge to recommend their clients accordingly, granting you the ideal opportunity to get a product that takes into consideration your financial needs.

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No Medical Life Insurance Questions Answered

People all around the world are settling in on the idea of getting life insurance covers. They are now seeing the importance of securing their lives and that of their loved ones. The companies are enjoying a growing profit margin, with their owners bagging in millions through securing insurance for their customers. It is a win-win situation for the companies and their clients and most people clearly see this.

Here is where the problem is: For you to get an insurance cover, you have to go through medical tests. This is not good music to many people's ears, as they would rather risk staying without an insurance cover than take a medical test. There are a couple of reasons to this, and one of the major ones being the fact that some of these people are living a poor health standards. If you constantly consume alcohol, or you are a smoker, you are more likely to score very low in a medical test. Insurance companies are well aware of this, and therefore comes the introduction of no medical exam life insurance.

Famous as it is, these schemes tend to be more expensive than their counterparts for obvious reasons. But if it works for you, then you can go ahead and apply for one.

What is the problem with this scheme?

They cost three times or more as much as the other policies that require a health examination cost. If you are willing to go for these, you can apply some tactics that will reduce the amount you need to pay

What you need to do to pay less

The first thing that you need to do is to make sure that you are in good shape. Living a healthy life requires discipline and consistency, and if you can be able to achieve this, the insurance company will consider you in their better books.

Another clever thing you can do to combat the hefty amounts is to apply for a traditional policy while at the same time applying for a simplified life policy. The simplified life policy is easier to obtain fast and while you await the paperwork for the traditional life policy to be approved, you can be using the simplified life one. Of course the companies need to know that you are doing this, as indiscretion will make the companies shy away from signing you in.

You will save a lot more by doing this. Information is power, and those who embrace it find life being better.

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4 Stages That You Need To Insure Your Life

The secret to living a life of fulfillment is by having a prepared mind. With preparation, you will be ready for every opportunity that comes knocking on your door. Chances are that things will work for you in majority of cases. In light of this, the same applies to managing insurance covers. The more you know about a policy, the better because you will make sound decisions that will influence your life positively. In life, everything happens in stages, a simple process that molds something to a great thing. Here are four crucial stages for insurance management that will make it easy for you to handle life insurance policies.

· Financial standing

For any business, it is barely possible to close a deal without any cash or asset. Therefore, if you have enough money in your account and are willing to go for life cover, nothing will by any means come in the way. However, if you have financial issues, it is good to seek advice from financial consultants, friends and families with regard to insurance. Friends and families, internet and other sources are places where you can get solutions that suit your financial position. For instance, life insurance no medical exam companies can save you the cost and time of obtaining a medical report.

· Professional aid

A doctor can only deal with matters that pertain to human body and such. Furthermore, in a different scenario, it is barely possible for a pilot to carry out a surgery. Similarly, when it comes to insurance the best way forward is working with an insurance agent who represents a good company. They play an essential role in breaking down all the details about a particular life insurance policy and its terms and conditions. After narrowing everything down to you, they leave you in a position where you can make crucial choices.

· Good companies

In any place, there is an innovative competition and only the best manage to elevate to the top. In other words, not every company out there will offer you services that will satisfy you. As you struggle to make ends meet, it is vital to go to any length to get a good company that will work with your current situation, whether good or bad. In the hands of a good and reputable company, you will not live to regret the choices you made.

· Life savings

Staying on a safe side calls for good financial choices such as denying yourself certain things so you can make life savings no matter how small. With life unpredictable, having something that can back you up in the event something bad happens to the company that insures you is a good idea. When troubles knock at your door, you will open the door with a wide grin.

You Need Less Life Insurance at 35! Really?

Knowing when you need life insurance and how much of it is personal, because everyone’s situation is unique. That’s why the advice in the USA Today article “Knowing When You Need Life Insurance” is shocking.

In the article, Cary Guffey, CFP and financial adviser at PNC, says that from ages 35 to 55 your “need for life insurance wanes,” because … “Mortgage balances are starting to fall as the loans have been paid on for years. Meanwhile, college savings plans and retirement plans are probably well on the way at this point.”

“Say, what?!”

How many 35-year-olds have their mortgage just about paid off—or even close? Their kids college savings plans topped off—or even close? Their retirement plan fully funded—or even close? I’d venture to guess that if you took trust fund babies out of the equation, you could count the number on one hand. And it’s probably not too much higher for 45-year-olds.

Statistics might give us a clearer picture: 80% of those ages 30-54 believe they will not have enough money put away for retirement, according to statisticbrain.com.

The USA Today article then continues: “That’s not to say there’s no need for life insurance in this age bracket. There are cases when consumers might add a second home, have a child or adopt children later in their careers … Guffey says. These unique cases require protection.”

Unique? Nearly 14% of mothers of newborns were 35 or older, according to Pew Research. What if you had let your life insurance “wane,” and now you’re 40, with a newborn, and because of a health condition, can no longer get life insurance coverage?

What about this case: You’re a stay-at-home parent, age 35, and your spouse dies. Even if all these factors—mortgage, college savings and retirement plans—were “well on the way,” where would that death leave you financially?

Which of those funds—home equity, college or retirement savings—would you have to tap to meet the rest of your living expense over the long term if you wanted to continue to stay home with your children? With your working spouse deceased, how does that retirement plan get completed?

That’s why the best advice is to seek your own advice. Start by getting an estimate of your life insurance needs with the easy online Life Insurance Needs Calculator. Then, talk to an agent, who can walk you through your specific needs and recommend something that fits in your budget.

Understanding Life Insurance Ratings

Everyone who applies for life insurance is assessed for coverage. Insurers provide coverage and premium rates in accordance with an applicant’s risk level. To that end, insurance companies typically place applicants in categories relative to their risk which involves their health as well as lifestyle choices. Smoking, for example, as a behavior associated with health risks, will impact which category an applicant will be assigned. Sometimes a person, due to health issues or lifestyle factors, may not fit into standard categories and will, instead, be assigned a table rating. While obtaining a policy is still quite possible, table ratings are associated with higher premium rates.

Life Insurance Applicants and Basic Classifications
Upon completing a medical exam, your insurer will look at your test results as well as other factors such as family health history and lifestyle choices and fit you into a classification or category. Though the word choice might differ, most applicants seeking life policies like a term policy, for instance, will fall into categories such as preferred select, preferred, standard plus and standard. Moreover, smokers have their own classifications such as preferred smoker and standard smoker.

What Do Basic Classifications Mean?
Preferred Select: Sometimes referred to as preferred elite, super preferred, or preferred plus, this category is associated with excellent health, a normal weight and height profile, and no other factors that might suggest increased health risk such as the death of a family member due to heart disease before age 60, for example.

Preferred: This category is associated with excellent health, though there may be a few minor issues like a slightly elevated cholesterol level, for instance.

Standard Plus: While associated with optimum health, there may be some factors that prevent the applicant from falling into a preferred category like high blood pressure or being overweight.

Standard: This category is associated with average health as well as a normal life expectancy. Minor health issues may be present or, perhaps, weight is not optimum. Factors such as these coupled with the death of a parent due to disease before age 60 could also be relative to this category.

Preferred Smoker: This category is for a person who would otherwise fall into the regular preferred category but smokes. Some insurers will place an occasional smoker in this category such as someone who smokes cigars only from time to time.

Standard Smoker: A smoker who is in otherwise standard health will be placed into this category. Since some providers offer non-smoker rates, someone in this category is apt to pay more than a non-smoker for the same type of policy.

What Happens When an Applicant Doesn’t Fall into a Category?
Many applicants do not fall into these categories yet are still eligible for coverage. Their health issues or lifestyles may prevent them from falling into a standard classification, but they can still be rated in accordance with their coverage risks. Insurers call this further classification system table rating system. Instead of preferred or standard categories, an applicant might be given a table rating with a number or letter to designate their rating. Depending on that rating, the applicant will pay an additional percentage if approved for a life insurance policy.

Understanding Table Ratings
Table ratings allow an insurer to further assess an applicant in accordance with their risk level. The rating allows the insurer to provide coverage but at an increased rate depending on that applicant’s table rating. For example, an applicant that has a table rate of A can typically expect to pay the standard rate plus an additional 25%. Someone with a table rate of G can expect to pay the standard rate plus an additional 175%. Usually table rates are issued for applicants that have definite health conditions. If the condition is deemed stable, the insurer will provide coverage and charge the rate associated with that applicant’s table rating.

Determining Your Table Rating
Your insurer will assign table ratings in accordance with their findings. If you have had a heart attack in the last five years or have a condition like diabetes, you’ll have a table rating. Of course, these conditions must be deemed stable. An insurer can refuse to provide life insurance at any rate at their discretion. For instance, if you’ve suffered a heart attack in the past month, you’ll likely be turned down for a policy until enough time has lapsed for your heart condition to be deemed under control.

Table Ratings and Life Insurance
Table ratings carry a higher rate, of course, but they do help insurers assess risk. Moreover, they also allow someone with a health condition to obtain life insurance which can be immensely important to the applicant and their families. If you are assigned a table rating, your insurer can discuss how that determination was made and why the rate is priced as it is. These table ratings are mostly standard throughout the industry. However, some life insurance providers are well-known for providing coverage to people with existing health conditions and may have more optimum rates and different coverage criteria than other providers.

Obtaining Coverage
If you are turned down for life insurance by one company, you may still qualify for coverage from another. The key is to work with a knowledgeable agent. Also, health is not the only determining factor. Table ratings can be assigned for other reasons like a criminal background or history of DUIs. Again, investigate all of your options when seeking coverage; though one company may deny you another may be happy to insure you even if at an increased premium rate.

Do You Need Life Insurance When You Retire?


Once you hit 65 and retire, you don’t need life insurance, right? Not so fast!

The traditional thinking about life insurance is that you only need it when you have an income to protect, when you have a mortgage or when you have kids to support.

And while it’s true that having life insurance after 65 isn’t right for everyone, there are some good reasons you might want to consider it.

1. Supplement your retirement income. If you have an existing permanent life insurance policy, for example, you may be able to tap into accumulated cash value as a form of retirement income. You can incorporate the funds inside your permanent life insurance policy to complement other forms of retirement income such as Social Security, 401(k) plans and IRAs.
Drawing on the cash value of a permanent life insurance policy enables people to use other resources to guarantee lifetime income.
There also comes a point when people become concerned about outliving their retirement savings. Drawing on the cash value of a permanent life insurance policy enables people to use other resources to guarantee lifetime income, such as a longevity annuity or a guaranteed living benefit.

2. Transfer wealth. Life insurance can be an effective vehicle for transferring wealth to your heirs while avoiding inheritance taxes. While the federal exemption for estate taxes have been raised to $5.43 million for 2015, there are still state inheritance taxes to consider. There are several states where you wouldn’t want to be caught dead, from an estate-planning perspective.

Of course, such policies have to be set up correctly. Life insurance payouts are generally free of income tax, but they are still subject to inheritance taxes if they are owned by the insured. That is, if you own a policy on yourself, then it is considered part of your estate.

Here are three examples of how permanent life insurance can be used for wealth transfer:
  • Set up an irrevocable life insurance trust. You would then gift premiums to the trust—as long as the gifts are under the annual gift tax exemption, you wouldn’t have to worry about paying gift tax. The beneficiary of the policy would be the trust rather than your estate, so the policy wouldn’t be included in your estate for estate-tax purposes. The proceeds of the trust would then be distributed to your children or grandchildren, however you set it up. The downside of this approach is that, because the owner of the policy is an irrevocable trust, you have no access to that policy. You give up any access to it in exchange for the tax benefits.
  • Use a survivorship policy. If you might need access to the cash value of the policy, you can use a survivorship policy, one that covers multiple people and doesn’t pay out until the last person passes away. Initially, the policy would be owned by one of the insured, but when the first insured passes, the policy would then move into a trust. The trust becomes the beneficiary, avoiding estate tax because the survivorship policy pays the death benefit on the last death, not the first death.
  • Insure the children for the benefit of the grandchildren. This can be a very cost-effective way for people in their 60s or 70s to use life insurance for wealth transfer in a “skip generation” strategy. Generation 1 owns the policy, so they can have access to the cash if they want, but then when they die, the policy goes into a trust for the benefit of generation 3.
These are complex matters, so you will want to discuss these items with your financial and legal advisors to determine what post-retirement life insurance strategies make sense for you.

An Important Reason to Review Your Life Insurance Beneficiaries


Did you know that it may be possible for your money and assets to be tied up in probate court—a year is not uncommon—if you were to die?

That’s why it’s important to review the beneficiaries of your life insurance policies and to verify that they will be paid to a named beneficiary (a person) and not the estate. This will prevent the money from being part of the probatable estate.

Here’s why it matters.

Probate is simply the Latin word for prove, which means that the estate probate process is the process by which your will is brought before a court to prove that it’s a valid will. The courts charged with this responsibility are generally known as probate courts, which may actually supervise the administration or settlement of your estate.

The probate process is governed by state statutes that are intended to accomplish three primary objectives:
  1. To preserve estate assets
  2. To protect the rights of creditors in the payment of their claims before the estate is distributed to the heirs
  3. To assure that the heirs receive their inheritance in accordance with the terms of the estate owner’s will

Once the estate’s personal representative (executor or administrator, if the estate owner died without naming a personal representative) is approved by the probate court and posts any bond that is required, the probate process generally proceeds as follows:
  • The personal representative must “prove up” the will—prove that it is a valid will signed by the estate owner who was competent and not under duress or influence at the time of signing
  • Notice must be given by the personal representative to all creditors to make prompt claim for any money owned to them by the estate
  • The personal representative must prepare and file an inventory and appraisal of estate assets
  • The personal representative must manage and liquidate estate assets as appropriate to pay all debts, fees and taxes owed by the estate
  • Finally, the remaining estate must be distributed to the heirs in accordance with the estate owner’s will (or the state laws of intestacy if there was no will)
  • While it is not uncommon for the probate process to require a year or more and considerable expense before the estate is finally settled, proper planning can serve to minimize the impact of the probate process on your estate and heirs.
By ensuring that your life insurance benefits are paid to a named beneficiary and not the estate, you will prevent the death proceeds from being part of the probatable estate, saving both time and expenses in distributing proceeds to your beneficiaries.

Questions to Ask When Buying Life Insurance



You see it on TV, marketed mostly to an elderly generation. “Term life insurance … for just pennies a day … secure your family’s future.” If you’re like me, it goes in one ear and out the other. And that’s only if I can’t find the remote.

Believe it or not, life insurance is pretty important at any age, especially if you have a family that depends on your paycheck. So what is life insurance? It’s a policy you buy that protects the financial wellbeing of your remaining family members in the event of your death. In basic terms, it replaces your income when you pass away.

It’s been said that you don’t ever buy life insurance for yourself; you buy it for the ones you leave behind. Take my family for example. I work, my wife works, and my kids are 13 months and 3. Let’s say that the powers that be decide that I’m due for a higher cosmic calling and I experience a catastrophic flap malfunction while wingsuit flying in the Peruvian rainforest, ushering my departure from this earthly realm.

Without life insurance, my wife would have to pay for funeral expenses and shoulder the financial burden of our household with just one income. People manage a household with one income all the time, but life insurance would make my wife’s and kid’s lives as comfortable as possible in my absence. Let’s take a look at a few very important questions you should ask before buying life insurance.

Do You Need It?


Let’s just say for a moment that you decided to go ahead and pull the trigger on buying life insurance. You’ve seen the commercials, everyone you know has it – when in Rome and all that – but you haven’t really considered one very important thing: Do you need life insurance?

The Zing blog has covered this before, but if you’re the sole breadwinner of a family of four, with dependent children, then the answer is pretty clear. Without your income, your family will struggle. Will they be able to pay your funeral expenses? Will they be able to pay the mortgage? Food, expenses, utilities? Will they be able to save money for things like college or a down payment on a car? Even if the answer MIGHT be no, chances are life insurance is a good idea.

If you’re a dual-income household without kids, or if you’re single, the need for life insurance might not be too high. Before your passing, you can offset the cost of funeral expenses with a little financial planning in the form of a low-risk savings account.

Motley Fool also recommends considering a plan that will pay for taxes on investments should the need arise to liquidate some investments to cover expenses related to your passing.

Simply put, if you’re a young breadwinner with a mortgage, college tuition or bills that would need to be covered in your absence, you probably need life insurance.

What Kind of Life Insurance Should I Buy?


Life insurance comes in several shapes and sizes. Depending on your need, there’s most likely a policy out there that will provide coverage on terms that fit your situation. To learn more about the kinds of life insurance policies available, be sure to talk to an insurance agent or a financial planner for the coverage that’s best for you.

Let’s take a look at the most common options.

Term Life Insurance


With term life insurance, you receive coverage for a specific period of time. When you stop paying on your policy, you’re no longer covered.

If you pass away during the coverage period, the benefit is paid out. Unlike other forms of life insurance, term life insurance does not build cash value, meaning you can’t cash it out or borrow against it.

Permanent Life Insurance


Designed to cover you indefinitely, permanent life insurance policies don’t expire. These policies offer protection to your loved ones as long as you pay your premium, and unlike term life insurance policies, they do build cash value.

Within these two categories, you have a few other options. Within permanent life insurance, for example, you have the option to buy a whole life insurance policy that combines your policy with an investment fund. Universal life is another type of permanent insurance that’s a hybrid of term life insurance and a money market fund that’s tied to the market rate of return.

Once again, consult an agent or a financial planner to get a policy that’s right for you and your family.

How Much Do I Need?


Short answer: It depends. No two families are the same, and neither are their financial needs. How comfortable do you want your family to be after you’re gone? How old will your kids be when it comes time for them to go to college? How much do you make now? What’s your earning potential? How many years until you retire?

All those questions require serious consideration. Fortunately, as with most things that are variable, there are calculations that help insurance agents (and you) determine the level of coverage you and your family will need to not only stay afloat, but to thrive and prosper if you depart.

The calculation is called the Replacement Income Need or the Human Life Value – both pretty morbid when you think about it. But, let’s be real, we are talking money, life and death. Personally, if I’m planning for my family’s life after me, I’d want to buy the biggest policy that would ensure they were gazillionaires if I ever kicked the bucket. Formulas like the Human Life Value calculation remove the emotion and look at real numbers when factoring a person’s worth.

Am I Willing to Put Up with the Requirements?


Nothing in life is free. Life insurance is no exception. In addition to a monthly payment to your provider, you’ll have to do a couple things upfront to ensure you’re insurable.

The first is the application. You’ll need to provide basic information about who you are, where you work, where you live – you know, the usual. The requirements that throw most people off, however, are the more personal questions.

Some providers accept a personal information questionnaire to determine your eligibility. It’s important to be honest in answering these questions, however. If you’re not truthful, your premium could go up or your beneficiary might not have a valid claim against your policy.

The other way providers gather information about your health is with an in-person medical exam. For your exam, a paramedical will interview you about your medical history, ask about your family’s medical history, get a blood and urine sample, check your blood pressure, listen to your heart, check your height and weight, and ask about lifestyle habits that could affect your health.

For a lot of people, the idea of a person coming to your house and asking personal questions and taking samples of your blood and urine is quite unsettling. But without it, your provider can’t get an accurate snapshot of your overall health.

From there you’ll be approved for coverage or denied. The results of your exam will determine how much your premium will be. The good news is, there are a few things you can change that can reduce your premium. They’re covered more in depth in this Zing blog article, but the first is cut back or cut out alcohol use. Drinking puts you at risk for several health-related illnesses, and if your driving record has any alcohol-related violations on it, it shows that you’re a higher liability to the provider.

Things like high cholesterol, high blood pressure and diabetes are all related to obesity. If you lose weight, you lower your chance of developing any or all weight-related conditions, and your provider will reward your healthier lifestyle with a lower premium.

Non-smokers live longer than smokers. A longer life means a provider has a better chance of making back their payout in the form of premium payments. That makes you a better candidate for coverage.

If you’re willing to put up with the minor inconvenience of an exam or questionnaire, your family could live comfortably should anything happen to you.

It’s a Good Idea


Once again, there are several options out there in the world of life insurance. Fortunately, an insurance agent can help you find out if you need life insurance and help you find the best policy for your needs.

Long-term security is hard to come by. But with the right life insurance plan, you can secure a worry-free future for you and your family.

Should You Get Life Insurance?

If you’re a homeowner, you have insurance for your house. If you have a car, you’ve got insurance for that too. And, if you’re like me, and you’ve got a life, and it’s the only one you’ve got, it might be a good idea to look into insuring that too. Life insurance is one of those policies that you buy for the benefit of others in your life, not yourself. There are different policies available to buy, and you can ask any life insurance company about their products, but as a general rule of thumb, life insurance pays out when you die, plain and simple.

How It Works


When you buy life insurance, typically a representative of the insurance company will either ask for access to your medical records or come to your house to draw blood, weigh you and generally assess your health. Since insurance companies calculate risk, they have to determine what it will cost them to insure you for the amount of coverage you’d like. If you’re in great shape, you’re likely to get a better monthly rate because you’re healthy in the eyes of the insurance company. You’ll live longer, and as a result, you’ll be able to pay more into your policy over the long term. If you’re in poor shape, the opposite is true. You’re at a higher risk of not being able to pay into your policy over the long term, and therefore your monthly premium will be higher. Additionally, you’ll be asked to choose a beneficiary. A beneficiary is the person or persons who receive the tax-free cash payout of your policy when you pass away. Typically, beneficiaries are your children or family who are most closely associated with your wellbeing.

Yes? No? Depend-ents.


Everyone will die. Sorry to just lay it out there, but it’s a fact. And because of that fact, there are certain inevitable expenses that are sure to come along. Life insurance can cover expenses like funeral and medical costs, but it can also cover much more than that, too. As a parent of a child or children, you’re buying life insurance to cover everything you might financially contribute to the family in your absence. Associated costs might include mortgage or rent or college tuition. You might even consider money you’d dedicate to your son’s or daughter’s wedding down the road. As a parent of grown children, you’re buying life insurance to cover everything you might need to settle any debts and costs that arise from your passing. Whether it’s money for medical bills, funeral expenses, outstanding credit card debt or even money to pay off the principle of your home, life insurance can cover it all.

What Do I Buy?


Rebecca Webber from Real Simple has a quick summary of what you should buy for different situations. “Consider buying a policy with a payout that’s large enough to cover your mortgage principle. If you have young children, make sure it also covers the cost of college tuition. Opt for term life insurance, which charges a fixed annual premium over a predetermined time frame, rather than a whole life policy, which includes an investment component (a portion of the policy is held in an investment portfolio) and whose premium can be about 10 times the price of comparable coverage.” She also suggests signing up for the longest term possible to save money on your rate. Another money-saving tip is to buy a policy with a renewable level premium. With a renewable level premium, your cost won’t increase from one year to the next after the age of 35.

You’re Paying for Peace of Mind


When you consider what life insurance is intended for, one might consider the whole concept pretty morbid. I mean, some go so far as to call it “death insurance.” In fact, it’s anything but. Think of it this way: A life insurance policy is a gift. Very nearly the best gift you could ever give a loved one.

Life Insurance Terms


When you’re shopping for life insurance, you might run into some unfamiliar terms. We put together a little glossary to help you educate yourself.

Why Is Life Insurance Considered a Financial Planning Tool?

When you consider financial planning, you might think of your household budget, your 401(k) for retirement and maybe even college savings accounts for your kids. What about life insurance?

You’re probably familiar with life insurance’s “death benefit” – the payout that can help provide for your family after you’re gone. But life insurance’s role as a financial planning tool kicks in as you choose the length of your policy and as you consider the savings components of certain policies.

Consider the different options in a life insurance policy as you make your family’s financial plan.
Term Life Insurance: For Coverage of Life’s Milestone Expenses

Young families have lots to look forward to, from buying a first home to watching children grow up. It makes sense to have a plan in place to cover expenses associated with these events, in case the unexpected happens.

That’s why the Insurance Information Institute (The III) suggests that families who need coverage for a specific period of time should consider term life insurance for one parent or both. Term life insurance enables you to select a length of policy that mirrors your needed coverage period.

For instance, if you have a 30-year mortgage that you want to ensure will be paid off if you’re gone, consider a 30-year policy. Parents with young kids who want to ensure funds are available to help pay for their college education if a parent should pass early might buy 20-year term life insurance.

One other benefit of term life insurance? This type of policy typically has lower payments than permanent life insurance, which can be more affordable for families just starting out.
Permanent Life Insurance: Built-In Emergency Savings

Permanent life insurance policies enable you to build cash value, separate from your death benefit. A portion of each payment you make to a permanent life policy goes toward insuring your life, while the other portion goes to building up cash value.

Your policy’s cash value can be withdrawn or borrowed from for life expenses.1 It’s important to know, however, that doing so could reduce your policy’s death benefit, cause the policy to lapse or result in a tax liability, so it may be best to consider the cash value as a source of funding only for unexpected emergency expenses.

A permanent policy’s cash value has another benefit – it can be used to pay premiums to keep the life insurance in force if you encounter financial difficulty and can’t otherwise make payments, the III says.

While permanent life insurance typically costs more than a term policy, its protection can last a lifetime (rather than for a certain time period) and it may offer the opportunity to build cash value (unlike term insurance). Additionally, you may have the option of choosing premiums that stay the same for the length of the policy, which means your budget for life insurance coverage remains steady until your policy pays out.

Life insurance can be a tough subject to talk about, but it can also help you protect your family’s financial future. Speak with a life insurance agent to better understand what type of life insurance policy can fit your needs.

This guest post comes from the editors of The Allstate Blog and Allstate.com Tools & Resources section, which help people prepare for the unpredictability of life.

1 Loans or partial withdrawals can reduce the policy’s cash value and death benefit, can increase the possibility of policy lapse, and may result in a tax liability. Consult a tax advisor for additional information on the tax treatment of loans or withdrawals from a life insurance policy.

Life Insurance offered through Allstate Life Insurance Company, Northbrook, IL; Allstate Assurance Company, Northbrook, IL; Lincoln Benefit Life Company, Lincoln, NE and American Heritage Life Insurance Company, Jacksonville, FL. In New York, life insurance offered through Allstate Life Insurance Company of New York, Hauppauge, NY.



Tips for Getting An Affordable No Exam Life Insurance Policy

The purchase of a no exam life insurance plan is an important decision, particularly for people who have previously been denied the traditional life policy. If you have dependents, such as a spouse, children, parents or grandparents, it is advisable to get insurance coverage as soon as possible. Buying enough coverage can go a long way in providing financial support for your loved ones, in the event of your untimely death. Many people assume the cover they receive through their employee benefit plan is good enough. However, most of the group covers do not provide enough coverage. Therefore, it is advisable to consider buying an additional cover. The tips for getting an affordable plan include:

· Shop seriously for insurance

These plans are more expensive than the traditional insurance plans. Therefore, it makes a lot of economic sense to shop for this kind of plans. By visiting several independent brokers' websites and talking to several independent agents, you will discover top listed companies that offer various plans. The growing number of insurance carriers offering no exam life insurance plan has contributed significantly to competitively priced products. Therefore, you are borne to get a plan that fits your budget.

· Be keen on the life insurance company rating

An insurance plan is just as good as the company offering it. If you are interested in an affordable plan, the decision should not be based purely on the price. You want as much as possible to buy your products from a reliable company that will be around when you need them the most; a company that will be able to honor claims without unnecessary delays. When selecting an insurance carrier, take the time to consider the type of policies they sell. It is equally important to consider the carrier's financial safety, industry history & experience, license and reputation in handling policyholders.

· Special features

It is important to buy a plan that offers value for your money. Therefore, it is advisable to compare the features of plans offered by different insurance providers in order to determine whether you are getting an attractive product. For example, it is important to consider the amount of coverage. Generally, no medical plans offer limited coverage ranging from $200,000 to $450,000, depending with the company. Therefore, it would help to shop around for a plan if you need more coverage and this could fetch you a cover of up to $1,000,000 or more. Another important feature you may need is the renewability and death benefits of a plan.

We provide the best info about life insurance no exam. For further details on this topic, click to here to visit!





3 Reasons Why You Need a Life Insurance at 50

Most people would agree that it makes better sense to buy insurance at a young age, when you are more likely to have dependents and pay mortgage installments for a number of years towards the house you purchased.

By the time your kids have finished their education, the mortgage amount too would have reduced substantially, or you might have already paid it fully. As a couple, you would be passing through that phase of your career that brings maximum money, and your retirement money is secure. All this may leave you wondering if you could still require life insurance.

It may come as a surprise to you that even after you have reached the age of 50, you would need to protect many things. Let's see what exactly:

1. Some people may still be depending on you

In the present age, the decisions concerning the insurance of your earnings are not as straightforward as they were for the previous generation, as you could still have someone depending on your financial help for the next few years.

Consider your children first. Some may stay with you longer than expected, or even if they leave, they may come back to stay with you. The reason is not difficult to understand. For one, the cost of real estate has gone up, and coupled to that is the high cost of living that is making it rather difficult for many to leave their parental house and move to their own. Statistical data already points to that direction.

You may like to offer some financial help to one of your children who considers buying a house. You don't have many options. Perhaps you could withdraw funds from your personal home equity fund, meaning you'll need to borrow funds. Won't you require insurance to cover that financial risk?

2. The present state of economy

The recessionary trends that we are witnessing prevent most people to take their jobs for granted. The loss of job during the later years of your life can make your living really difficult. Other than the loss of your regular income, you may lose your life and health insurance if the only insurance you had was provided by your employer. At that matured age, it takes longer to get re-employed and to claim those benefits.

3. Hedging you funds

Usually there is some element of risk associated with making any investments. The market forces may reduce the worth of your assets. When you are young, your risk-taking capacity is higher, as you can look forward to recovering your investments in the years ahead, but when you are old, it will be quite challenging to recover the losses. You can secure your funds by buying a large insurance policy that covers the worth of your present assets against the market risks. You may leave that money for your inheritors or donate the same to any charitable organization of your choice.

There are more reasons that you must know in case you are thinking about a life insurance at 50 years. If you need more information about how to grab a life insurance for people over 50 then go through this article.


The Growing Need For Life Insurance

The need for life insurance is more acute today than it was a couple of years back considering the increasing threats posed by accidents, terminal illnesses and economic uncertainties. The insurance industry has been around for many years, but it is in the present era that people are realizing how important it is to take insurance covers. Society often lives in a false sense of security. People feel that nothing wrong will happen to them, even when misfortunes and deaths are striking their neighbors and friends. The insurance industry exists to remind us that we are not immune to untimely death, and that we need to make adequate preparations to shield our loved ones from the economic ravages in case we exit the stage before the expected time.

Life insurance is important because modern life is full of accidents and violence. Today there are more reasons than ever before for one to return home. There are more motor vehicles, machines and aerial threats that make our life uncertain. The possibility of dying while at work or traveling is higher, as human beings continue to mechanize their activities. Air transport, which was considered safer, has also experienced a number of accidents and events that make people feel insecure. The disappearance of the Malaysian Aircraft in 2014 is a case in point. Consequently, any person with dependents must take life insurance cover to ensure life continues relatively smoothly in case of any eventualities.

Secondly, there are many terminal diseases which are cutting short the lives of people in their prime. The most chronic and serious of these are lifestyle complications like diabetes, cancer and heart diseases. Prolonged suffering from such health problems is enough to keep one out of work for long. Moreover, many people die suddenly from strokes and heart attacks. Sometimes people go to bed early, but never wake up due to heart problems. In the event that this happens to a breadwinner who had taken a life insurance cover, the affected family will be cushioned financially.

Lastly, there are many economic uncertainties affecting society today. National economies are crumbling due to local and global reasons. Inflation, corruption and employee lay-offs are some of the resulting problems. Nobody is sure of what their futures hold. Most importantly, one's dependents may find themselves in poverty if nothing is done to prepare for it. The best strategy is to take a life insurance cover, to ensure that whatever the economic situations children can still eat, go to school and bills are paid.