Archive for June, 2009
Monday, June 29th, 2009
by Susan Reynolds
Life Insurance is a means of catering to the financial needs of your spouse and your kids, in the face of your unexpected demise. You just need to register with a life insurance company and sign an agreement with them, promising to pay the insurance premiums periodically, in return for their services. After the agreement is signed, your family is financially secured because even in the event of your early demise, the company will pay the entire insurance sum to your family and they need not be dependent on anyone financially.
The first and foremost step is to shop around a little and compare the different insurance companies and the deals offered by them. You can either browse for information online, or contact your insurance agent and ask him for a comparative quote from different insurance companies. Discussing with relatives and friends whom you trust is also a good option.
It is very important to opt for companies which have a prominent online visibility and which have been in business for a long period of time because this will ensure that your money is in safe hands.
Mentioned below are some of the most common ways of obtaining a life insurance cover ?
Most people prefer to consult a qualified insurance agent or an experienced financial advisor to get some advice on which is the best insurance company from which you can obtain your life cover, and which are the best insurance deals available in the market. Being professionals from the finance and insurance sectors, these people are bound to know about the ins and outs of all the major insurance companies, and will be able to give the best suggestion to suit your needs.
It is usually seen that people in their late 30s with diabetes, hypertension, or any other debilitating diseases cannot get life covers unless they are ready to shell out huge premium amounts. Such employees can opt for group insurance programs sponsored by their employers. Such programs are meant for employees in a certain age range, such as 25 to 40, or so. Therefore, the premium amount is so adjusted that it suits everyone in that age range. Opting for such group insurance programs will not require you to pay as high premium as you would need to pay if you approach the life insurance company individually and therefore, many older employees are found to prefer this route to get their life insurance covers.
Purchasing life insurance online is the simplest and most reliable way of obtaining an insurance because with a simple click of the mouse you can instantly calculate your premium amounts (with help of the online tools) and the cost of the insurance. Moreover, all the discount schemes are laid down openly for you to check out. However, you would need to devote adequate time and energy to it. If this is not possible for you, then you can also use the services of online brokerage firms, who will do the customized research for you and come up with the best financial plan for you in exchange for a small fee.
About the Author:
Susan Reynolds is the content coordinator for a leading South African Insurance Provider who specialises in Life Insurance.
Tags: affordable life insurance, d, death, disability, e, f, family, finance, h, health, i, insurance, life cover, life insurance, n, p, people
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Sunday, June 28th, 2009
by Rob Ford
Life insurance can be a complicated product, Akron Ohio. As simple as term life policies are many elements must be considered carefully in order to arrive at the right type and amount. It is the technical aspects of life insurance that are less difficult for most people to understand. It is the calculating on how much life insurance coverage they need and why that causes them to wonder.
What you will read will briefly take a look the some of the most common myths pertaining to life insurance and the truths that they sometimes distort.
First Myth: The amount of life insurance coverage, I need, is equal to twice the amount of my annual salary. That depends. You need an amount of life insurance equal to the amount that is actually required. In addition to obvious bills and expenses, you may need to pay off larger debts such as the mortgage and provide an income for a number of years. A cash flow analysis is usually helpful in order to determine the actual amount of insurance that must be bought – the days of simply computing life coverage based only on one’s income earning ability is long gone.
Myth No.2: I only need an amount of life insurance coverage equal to twice the amount of my annual salary I earn in Akron Ohio. You need an amount of life insurance equal to the amount that is actually required. In addition to medical and funeral bills, you may need to pay off debts such as your mortgage and provide for your family for several years. A cash flow analysis is usually necessary in order to determine the true amount of insurance that must be purchased. The days of computing life coverage based only on one’s income-earning ability are long gone.
Third Myth: I have life insurance through my employer that is all I need. This could be. For a single person and few bills, employer-provided term coverage is probably enough. However, if you have a family and kids your coverage through your employer, will not be enough. Plus, in most cases, that employer plan does not go with you when you leave that job.
Myth No.4: At least the cost of my premiums will be deductible. Not in most cases. The cost of personal life insurance is never deductible unless the policyholder is self-employed in Akron Oh and the coverage is used to insure the business. Then the premiums are deductible on the Schedule C of the Form 1040.
Myth No.5: I absolutely MUST have life insurance at any cost. In many cases, this is probably true. However, persons with no debt or dependents and sizable assets may be better off self-insuring. If you have no debt and medical and funeral costs are covered, and then life insurance coverage may be optional.
Myth No.6: I should ALWAYS buy term and invest the difference. Not necessarily. The cost of term life coverage can become prohibitively high in later years; therefore, those who know for certain that they must be covered at death should consider permanent coverage. The total premium outlay for a more expensive permanent policy may be less than the ongoing premiums that could last for years longer with a less expensive term policy.
There is also the chance of being uninsurable, which could be disastrous for those who may have estate tax issues will use life insurance to pay them. But this risk can be eliminated with permanent coverage, which can become paid up after a certain amount of premiums have been paid and then remains in force the rest of your life.
Seventh Myth: You will always better off buying term and investing the difference. Not always. Term life coverage can become very expensive as you get older, so those who know that they must have coverage until death should consider some form of permanent coverage. The overall premium outlay for a more expensive permanent policy may be less than the increased premiums that could last for years longer with a less expensive term policy.
Sub par market performance can also generate substantial cash calls inside variable policies that require additional premiums due in order to keep the life insurance portion of the policy in force.
Eighth Myth: Only the one making the money needs life insurance coverage. This is pure nonsense. The cost to replace the responsibilities that were provided by a deceased homemaker can be higher than you think; the costs for cleaning and daycare are higher than you think.
Ninth Myth: You should always add the return of premium (ROP) benefit in Akron Ohio. There are several different levels of ROP riders available for policies that offer this feature. Some financial advisors will tell you that this rider is not cost-effective and should be avoided. Whether you include this rider will depend on your risk tolerance and other possible investment objectives.
A cash flow analysis will reveal whether you could come out ahead by investing the same amount of the rider elsewhere instead of including it in the policy. Riders are available to provide additional benefits that help you customize your policy.
Tenth Myth: I will be better off investing my money than buying life insurance of any kind. Complete nonsense. Until you reach the breakeven point of asset accumulation, you need life coverage of some sort, barring the exception discussed in fifth myth. Once you amass $1 million of liquid assets, you can consider whether to discontinue, or at least reduce, your million-dollar policy. But you take a big chance when you depend solely on your investments in the early years of your life, especially if you have dependents. If you die without coverage for them, there may be no other means to provide for them after the use of your saved assets.
In closing, these are just some of the more common mistruths concerning life insurance. The key idea to understand is that you cannot eliminate life insurance out of your budget unless you have sufficient assets to cover expenses, several years after you have passed away.
Tags: affordable life insurance, Final Expense Insurance, Final Expense Insurance Akron OH, Financial Planning, Insurance Quote Akron OH, Insurance Quotes, life insurance, Term Insurance Akron OH, Term Life Insurance Akron OH
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Saturday, June 27th, 2009
by Michael M. Callender
Three big factors determine how much you have to pay for mortgage insurance protection. Even with the same policy, the premiums may be different based on how large the mortgage is, how old the insured is, and whether it is a smoker.
Whether it is mortgage life insurance (insurance to pay off your home in the event of your death) or mortgage disability insurance (insurance that will pay your mortgage if you are unable to work because of a disabling illness or accident we are talking about, the factors that fix the premium are the same.
As in most insurance policies, the health and age of the insured have the biggest impact since it determines the actual chance the policy will have to be paid. Many mortgage life and disability policies do not require a physical, only a statement of health condition. This can be chancy, since any statement that would infer good health can be used negatively if the claim is processed and it turns out a health condition (or smoking) was kept from the insurer. Don’t think you can claim that you are a non smoker and then collect on the insurance because the insurance company didn’t know. But if the reason for death or disability can be connected to the hidden condition, the policy can be voided, and the insured would have paid premiums for nothing.
There are two basic policies, regular, which includes smokers and non smokers, which does not (and also includes those who have not smoked over the last 12 months.) The smoker’s policy is of course going to be higher than the non smoker’s.
It also has to be realized that any policy that doesn’t have a health screening will have an automatic cost built in to cover additional risk. If you are in good health, you may be better off requesting a quote for a policy that requires a medical exam; you may quality for substantially lower premiums.
These factors can have a great effect on premiums, and the premiums for a 50 year old, with the same size mortgage, can be more than twice as much as that of a 38 year old. Reducing the principal on the mortgage changes the premium by mere dollars, so it is easy to see that the actuarial tables are what drives this calculation. That age has the most impact should not be a surprise; the insurance increases its collection period and decreases its payout period.
The amount to be be insured is, of course the next prime concern of the policy. Up to about $250,000, the amount insured will not change the premium a great deal and will most likely fall within the quick quote easy application classes. It is the higher priced homes that command the higher premiums and will usually require an assessment of the property.
Tags: affordable life insurance, home, insurance, life insurance, mortgage, mortgage life insurance, real estate
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Friday, June 26th, 2009
by Susan Reynolds
The type of life cover is the most important aspect in your decision when you are scouting the appropriate life insurance policy. It is important that you understand the various types of life cover in order to accurately determine the most appropriate type of policy for your needs and circumstances. Thus, your decision on the kind of life insurance policy will be based on the cost of the insurance, and the amount and type of insurance coverage that you require from your insurance policy.
To be able to accomplish the above, you need to understand the life insurance policies pretty well. Many people plan their finances, but give very little consideration to their life insurance plan. In fact, the life insurance policy is the first thing you must consider when doing financial planning. You could take up the whole life insurance policy and be able to withdraw the amount upon maturity. Your entire amount along with the interest lies in safe hands with the company. The amount is however paid to the beneficiaries, in case you die before the maturity of the policy.
The life cover that we are getting can be classified as either a term or a life insurance policy. If you are searching for protection cover for just a specified time frame, then you are looking for a term insurance. This type of cover shall provide protection for just a specified period of time. The term starts from a short period of 12 months and can reach up to ten years. The protection shall be within the specified time frame and the beneficiary of a term insurance will get the full proceeds of the life cover with the death of the policyholder as long as it is within that specified time period.
There is also a special form of term insurance where the protection cover decreases over the entire period that the policy is in force. The protection cover is at its highest value at the start of the term insurance and gradually decreases over the entire spread of the insurance policy. Because of the limited period of cover, the term insurance is the cheaper of the two types of insurance cover. For a limited cover, the policyholder will pay lower premiums on term insurance policies. Further, you can not submit an application for a policy loan against a term insurance cover as it does not generate cash value over time.
A life insurance policy provides cover while at the same time generates cash value as you increase the number of premium payments made. You can look at the cash value as tax exempt form of savings that you retain as cash reserve of your policy. This cash reserve can be claimed as the cash surrender value if you decide to discontinue with your insurance cover starting from your policy?s first anniversary. In case the policyholder dies while the life insurance is in force, the named beneficiary or beneficiaries are entitled to the death benefit as stipulated in the policy contract. There are two types of life insurance cover; the universal insurance policy and the whole life insurance policy.
Further, you have to choose between the universal and the whole life insurance policy if you decide to have this type of cover. When you decide on the whole life insurance cover, this would mean that your premium payments will remain the same for the entire duration of the policy. Once you decide to get this type of life insurance cover, you will not have any control on how your premium contributions will be invested by the insurance company.
If flexibility is essential to you then the universal life insurance is the better option. The accrued savings can be used to reduce your premium payments. The policyholder is also given the option to submit a request for an upward adjustment of the life cover.
Tags: affordable life insurance, d, death, disability, e, f, family, finance, h, health, i, insurance, life cover, life insurance, n, p, people
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Thursday, June 25th, 2009
by Michael M. Callender
You can count on three main factors affecting the premium of your mortgage insurance. If you compare a similar policy, you may receive different quotes, based on the size of the mortgage, and the condition of the owner (age, smoker or non smoker).
Whether it is mortgage life insurance (insurance to pay off your mortgage in the event of your death) or mortgage disability insurance (insurance that will pay your mortgage if you are unable to work because of a disabling illness or accident we are talking about, the factors that fix the premium are the same.
Since the age and condition of the insured is one of the most critical determinants of when a policy will be paid, they are the most important determinant of how much it will cost. Many mortgage life and disability policies do not require a physical, merely a statement of health condition. This can be risky, since any statement that would infer good physical can be used negatively if the claim is processed and it turns out a health condition (or smoking) was kept from the insurer. Don’t think you can claim to be a non smoker and then collect on the policy because the insurance company didn’t know. The answer is, they will know; if you suffer a debilitating heart attack, the cause can almost always be found, and you will have paid all those premiums and still left your family unprotected.
The two types of policies on offer are regular, which includes smokers and non smokers, which of course, does not include smokers. Of course, the smoker’s risk is already calculated into that policy.
Needless to say, if insurance is going to cover anyone without looking to his physical health, there is a built in premium increase for that. So those who are in very good health should consider going for the physical to see if lower premiums are available for him.
Age is a big factor in the way premiums are calculated, and if you compared a quote for a 38 year old, same mortgage, same length left on the loan, it would be less than half that of a 50 year old. Even a substantially lower mortgage will not have that great an affect on the net premium for the policy. That age has the biggest impact should not be a surprise; the compant increases its collection period and decreases its payout period.
The amount that will be insured is, of course the next main concern of the policy. Up to about $250,000, the amount insured will not change the premium a great deal and will most likely fall within the quick quote easy application classes. But once the value of the property insured starts to go up, the insurer will require a full application and an individualized quote, and of course, the property itself will need to be assessed.
Tags: affordable life insurance, home, insurance, life insurance, mortgage, mortgage life insurance, real estate
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Wednesday, June 24th, 2009
by J Dan Fier Joe D Fiero Joe Don Franklin
Mortgage insurance leads are vital to any agent wanting to excel in the insurance business, and who wants to render proper service to clients.
However, not all leads are good leads and sometimes the agent has to work harder to close than anticipated. This is because people can change their minds about decisions depending on their current circumstances.
Most agents know that the insurance business is a hard sell and that prospects have the concept that they can get this vital piece of resource at a later date.
It is when they are caught in awkward situations such as losing a job, becoming permanently disabled or dying do they or other family members realize how important it is to get protection.
An agent who does not use mortgage protection leads likely has to do a good deal of cold-calling. When appointments are set, the agent has to use a personal vehicle to tread the long miles to the prospects home and there are instances where the prospect forgets the appointment and is not home.
If the client is home then the agent can educate and instruct him, yet that does not guarantee closing as a prospect must be ready to accept and decide to be protected.
Other Issues Arise
Current circumstances of the prospect are another factor. A good agent uses that circumstance yo help a prospect realize the legitimate need for insurance. With the current economy peole tensd to with draw and become risk-averse in their decision making.
The agent has the task of using that situation to let the prospect see how important it would be to have insurance and what would happen if they did not have that type of insurance.
Having mortgage protection leads affords the agent more flexibility and confidence in handling a prospect. The individual or family would probably have enough information to know the importance involved with insurance.
Educate Your Prospects
An agent can make the decision to provide information to the prospect without any sales aggression or coercion. If a prospect is initially reluctant, it does not mean that the agent has to give up with closing the sale. The prospect may need some time to think things over. There may be a spouse involved so the agent needs to make sure that the spouse will be home when the appointment is set. Both parties have to mutually agree before the agent can complete the sale.
The mortgage protection leads allow the agent to deal with prospects that are more willing to work with and are also willing to trust the expertise of the agent. If an agent appears to act in the best interests of the prospect, then the prospect likely will give him the chance to prove it.
People prefer an insurance agent who is a straightforward individual. If the agent provides all the information including the advantageous and disadvantageous aspect of having insurance, the prospect gains reassurance and confidence in making the appropriate decision.
Tags: affordable life insurance, business, insurance, lead generation, marketing, mortgage insurance, mortgage life insurance, mortgage protection, personal finance, sales
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Wednesday, June 24th, 2009
by J Dan Franklin
Important to any insurance agent who wants to do well in the business, Mortgage Protection leads are especially important for those who want to render good service to their clients.
Not every lead is good however, and the agent may sometimes expend more effort to close a sale than he first imagined. This is because people can change their minds about decisions depending on their current circumstances.
Most agents know that the insurance business is a hard sell and that prospects have the concept that they can get this vital piece of resource at a later date.
It is when they are caught in awkward situations such as losing a job, becoming permanently disabled or dying do they or other family members realize how important it is to get protection.
If an agent does not work with mortgage protection leads, then the agent has to do a lot of cold calling. When appointments are set, the agent has to use a personal vehicle to tread the long miles to the prospects home and there are instances where the prospect forgets the appointment and is not home.
If the client is home then the agent can educate and instruct him, yet that does not guarantee closing as a prospect must be ready to accept and decide to be protected.
Other Issues Arise
One more factor is the current state of mind of the prospect. A good agent uses that circumstance yo help a prospect realize the legitimate need for insurance. With the current economy people tend to with draw and become risk-averse in their decision making.
An agent’s task is to use the situation so a prospect can visualize the importance or insurance, and the likely outcome if they did not.
Having mortgage protection leads affords the agent more flexibility and confidence in handling a prospect. An individual would likely have enough information to realize the importance of insurance.
Instruct Your Prospects
Agents sometimes choose to present information without coercion. If a prospect is initially reluctant, it does not mean that the agent has to give up with closing the sale. Your prospect may require a little time to consider things. A spouse is usually involved so make certain they will be present when an appointment is set. Both parties must agree prior to completing a sale.
The mortgage protection leads allow the agent to deal with prospects that are more willing to work with and are also willing to trust the expertise of the agent. If the agent seems to have the best interest of the prospect at heart, the prospect will give the agent the opportunity to prove that.
People like to know that an insurance agent is not a shady individual. If the agent provides all the information including the advantageous and disadvantageous aspect of having insurance, the prospect gains reassurance and confidence in making the appropriate decision.
Tags: affordable life insurance, agents marketers, insurance, jobs, mortgage life insurance, mortgage protection, personal finance, protection insurance, sales
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Wednesday, June 24th, 2009
by Susan Reynolds
One of the most standard phrases in business these days is “Let the buyer beware? and this is exactly what you need with cheap insurance quotes. It used to be that you would have to physically go to each insurance company and sit down with an agent to get an insurance quote, but today you can do it online or over the phone and you need to use caution when looking at cheap insurance quotes. Don?t get caught up with a quote for a low monthly payment because, unless you are careful, it can end up costing you big time down the road.
Competition in the business arena keeps everyone on their toes, but the insurance business is extremely tough, which means that it will drive some people to do thing which are less than ethical in order to get your money. One thing you do need to be aware of with insurance is that there could be many different companies that effect your policy, and they can be completely different from the one that sold it to your with the under-priced quote. Be sure to check out each of the companies that deal with your policy with the Better Business Bureau (BBB) for charges or complaints.
Now, don?t get me wrong here. There are a lot of insurance companies and insurance agents who do provide good, honest service and have you, the customer in mind, but there are also people who are driven by greed and will use shady, dishonest and unethical techniques just to take your money. One of the ways these people will draw you in is with a dramatically low insurance quote, which they get by applying every available discount, even the ones you don?t qualify for. When the policy is written, the discounts that you are not eligible for are not applied and your payment is significantly higher than the quote. Your old insurance is canceled, the policy is written and they are counting on you just paying and staying. Usually, they will blame you for not qualifying for the discounts, which many will just accept.
You are taken in by the low quote and the plan is that once your old policy is canceled, your old insurance company will not want to take you back, so in order to keep your coverage you are stuck paying them a whole lot more money than you had originally thought. When the technique is analyzed, it is a completely dishonest way of doing business, but it works or they wouldn’t do it. You have become their customer by default.
Chances are, if it looks too good to be true it probably is. Check any quotes you get very closely for things such as extreme deductibles and discounts for things which you aren?t eligible to get. Examples of these types of discounts might be a multiple policy discount, which you don?t have, or a good driver discount and you know you got a speeding ticket last year. Look for these kind of warning signs when you look at an insurance quote and if you see this kind of unethical practice, then immediately cross this company off your list and get a quote somewhere else.
Tags: a, affordable life insurance, b, business;finance, c, car insurance, d, Disability Insurance, f, finance, h, Household Insurance, i, insurance, l, life insurance, Money, n, o, personal finance
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Tuesday, June 23rd, 2009
by Susan Reynolds
A life cover would be the first option for any person who cares for the present and future of himself and his family. A life cover is a must for every family person. Now the question here is not if you need a life cover or not, but how much cover you need to fulfill all your requirements. A life cover not only gives your family the security, but even financial help after your death. It is necessary to have the right amount of cover that suits your daily requirements. The amount of cover for you and your family depends on the monthly income and the monthly savings you make. The amount of the cover may differentiate between people. To know about your amount of life cover you may continue reading this article.
Most insurance agents would recommend a life cover of four to eight times your salary. It implies that if your annual salary amounts to $40000, your cover must be around $16000. The formula may roughly work for most people, but may not suit you the best. You would know the requirements of your family better than any one else, and must calculate your cover on your own.
The basic idea behind the life insurance policy is to provide monetary support to the surviving family. Many policies also cover the burial expenses that can sometimes accumulate to more than $10000. The amount that remains is then passed on to the family.
A support of that huge lump sum amount of money can mean a lot to your family. As of now, you might have to strive a little hard to manage that extra amount of money to pay your premiums. However, the output of same means a lot to your family. The sad part is that many people have no knowledge about these lucrative life insurance policies and hence they never opt for them. Some people get to know about them quite late, and at a higher age the premiums are high too. Also, the policy at that age may not cover you for everything. It is therefore very imperative for you to act soon.
Once you have a clear picture in your mind, about the amount of cover you need; you can then look for a right policy for yourself. There are far too many companies offering a variety of schemes, and you can choose a scheme for yourself. You would need to compare the different policies and evaluate the one that suits you the most. This exercise is worth the effort. You do not need to go places physically, but simply use the internet sitting at home. There are a plenty of websites, offering information about various policies. Comparisons are already done and displayed for your understanding. Once you have satisfied yourself with enough information, you may buy a policy of your choice.
You need to be careful about choosing the right policy. The best way to go about it is to compare some of the best policies on offer and finalize on the one that clicks your needs.
You can even pay a low premium through out your life by getting a policy at a younger age. And the policy bought at an older age can prove to be expensive. So the earlier you get a policy the better it is.
Tags: affordable life insurance, d, death, disability, e, f, family, finance, h, health, i, insurance, life cover, life insurance, n, p, people
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Tuesday, June 23rd, 2009
by Amy Nutt
Car insurance is necessary for every person who owns and drives a vehicle. In just about every jurisdiction, the law requires that you own auto insurance. It protects both you and other drivers from loss that may arise due to the negligence or actions of others.
Some people believe that price is the most important factor when considering car insurance. Although the price of the policy is an important factor, it is not necessarily the most important factor. What you pay as a rate is based on the risk assessment that the insurance company performs during underwriting. The assessment involves a process of evaluating you as a driver and making a determination of the probability that you will cause a loss.
Insurance is a contract of indemnity. What this means is its purpose is to indemnify, or restore you to your original value at the time of loss. The principle of indemnity means that the policy covers the insurable interest you have as policy owner, namely the vehicle you drive. Without this insurable interest, there would be nothing to insure. For example, a person that is involved in an automobile accident who is in no way related to you does not create a situation where you are exposed to loss. Therefore, no insurable interest exists and there is no need for insurance.
Based on the concept of indemnity and risk assessment, the insurance company wants to know some things about you. How old are you? What is your driving record? What are your driving habits? How far and how often do you travel by car? All of these factors, as well as others are important for the insurer to consider as they consider your premium rate. They are also the most common rating factors used to calculate your premium.
Insurance companies employ actuaries whose job it is to mathematically determine the probability of loss. Another concept regarding insurance is that it is an aleatory contract. This word is derived from a Latin word ‘aleator’ which literally means ‘dice thrower’ or ‘chance.’ This means that your premium is a hedge against a probability or the chance that a loss may occur. It also means that if that loss occurs, as long as you have met all of the conditions of the contract, the insurance company must pay the claim.
The more times that you are exposed to loss, the higher the chance that loss will occur. It is like determining the likelihood of drawing a queen out of a standard deck of 52 cards, which is a 1 in 13 or 8% chance. If you were going to draw a queen out of a deck of two cards, that probability jumps to 50% or 1 in 2. The greater the probability of something happening, the less ideal it becomes as an insurable risk. The more you drive, the longer you drive, coupled with having a lot of speeding tickets indicates that you are a larger risk to the insurance company – a 1 in 2 as oppose to a 1 in 13 – and will be charged more premium. There are other factors that go into premium calculation, but understanding loss exposure gives you an ideal as to why an insurance company charges what it does.
Tags: a, affordable life insurance, auto, automobile;truck, business, c, car, car insurance, e, f, family, finance, h, home, i, insurance, l, legal, life, n, o, p, params, personal, r, roadside assistance, s, society, V, variables
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