Category Archives: Life Insurance

Why is over 50’s life insurance different?

In some respects, over 50’s life insurance isn’t much different so some other forms of life cover – it exists to offer you and your family a degree of financial protection should the worst happen.

Yet in other respects it may be – and those differences relate to the typical nature of people’s lives, as they get older:

  • if you are in your younger years, perhaps with a young family and a heavy debt burden (mortgage etc), then you may typically be looking for a different profile of life cover than someone who is older and with perhaps less extensive long-term financial commitments;
  • by contrast, if you are over 50, you may incline towards a form of policy that you know is open-ended, in other words, it will pay out a fixed sum upon your death, at whatever age you die;
  • someone younger and with a larger debt profile to cover, may require a larger sum insured but one which is only in effect for a number of years (called the term of a policy and something that may typically be seen running in parallel with a mortgage);
  • over 50’s life insurance that is unconstrained by a term, is sometimes referred to as whole life cover or traditionally, life assurance, as assurance is against something that you know will happen eventually whereas insurance is cover for something that may happen in the future;
  • nobody can really decide what form of over 50’s life insurance would be suitable for you – only you can decide that having carefully reviewed your financial position and that of those you care for, however, it may be prudent to keep in mind just how expensive things such as funerals may prove to be;
  • unfortunately, death isn’t the only thing that you may need to worry about – if you are still responsible for supporting your family through income earning, then something such as critical illness may deprive you of the ability to continue working, so it might be sensible to consider loss of income cover insurance at the same time;
  • in our modern society, increasing numbers of people are living and working longer and that is something that implies that they may have longer-term financial commitments than was the case for the over 50’s of previous generations – that may be another reason why it may be sensible to look further at your options for over 50’s life insurance.

Why opt for serious illness cover?

Some forms of insurance cover, such as critical illness and life, are relatively well known. What is arguably less well known is serious illness cover insurance.

Here is a brief overview:

  • critical illness cover provides financial reassurance in the event you were diagnosed as having a critical and possibly life-threatening condition;
  • of course, it is not only very grave illnesses that may rob you of your ability to work and earn money for yourself and your family – there are a whole range of conditions that may do so but which may or may not be defined as being critical;
  • this is the domain where serious illness cover operates – providing insurance support against the financial effects of a very wide range of serious conditions;
  • it differs from critical illness cover in several respects, including the fact that it will pay out multiple times whereas critical cover is typically a one-off payment cover;
  • it is also based upon the concept of severity and the amount it pays may be linked to the severity of your condition;
  • this cover also typically pays out on your diagnosis, whereas critical illness cover may have a qualifying period of a few days and weeks after diagnosis before it will typically pay out;
  • traditional forms of life insurance cover will typically not payout in the event of illness as they are covering a different form of risk, however, it may be possible to combine life insurance cover together with serious illness insurance to provide a broader-based protection;
  • there may be a significant difference in the illnesses that a policy may cover and it is important to think-through your requirements before finally selecting a policy;
  • remember also that all insurance will bring with it, terms and conditions – for example, you may find it difficult to obtain cover for an illness that you have already been diagnosed with (though multiple payments from a single policy may be payable once it is in force);
  • if you are ill, the last thing you may want on your mind is money troubles – that’s one reason why it may be advisable to find out more about serious illness cover.

What Is a Life Insurance and Why You Need It

2011-04-22 Brooklyn spring 050
Creative Commons License photo credit: Violette79 

This is a guest post by Andre, who is part of the team that manages Australian Credit Cards, a credit card comparison service with an extensive personal finance blog.

 Life insurance is basically a policy that people purchase from a life insurance company. Think of it as a financial safety net; it contracts the insured and the policy owner, so that when the insured dies, the designated beneficiaries of the policy holder can have the claim to the agreed payouts.

 You’ll have to understand what life insurance is all about before you begin to realize why you need one. There are two types of Life insurance and each with its own subtypes:

 TERM INSURANCE

Term Life Insurance forms the foundation of every life insurance policy. It provides life insurance coverage for a specified length of time in exchange for a specified premium- in the event of death and nothing else. This means the insurance company only pays you the promised amount if you die within a fixed number of years. The policy does not accumulate cash value, and when the policy reaches its deadline, the coverage disappears.

Various insurance companies offer term insurance based on three important factors: the face amount or protection benefit, which can remain constant or decline, the premium to be paid which can remain level or increase, and the term of the coverage term which can be for one or more years.

There are three common types of term insurance:

1. Level Term policy has the premium locked in for a period of time for more than a year and can be budgeted long term.

2. Annual renewable term is a policy that lasts for one year but the insurance company will issue a policy of lesser or equal amount regardless of the insured’s insurability and with a premium placed for the insured’s age at that time.

3. Mortgage Insurance is an insurance policy which protects the policy owner for losses due to the default of a mortgage loan. The face amount usually equals the mortgage amount on the policy holder’s residence, so the mortgage will be fully paid if the insured dies.

PERMANENT LIFE INSURANCE

Permanent life insurance is wherein the policy is the life of the insured; when the policy expires, the payout is assured and the policy increases cash value. The face amount of any life insurance policy is the amount of money the insurance company promises to pay as a death benefit if the insured suddenly dies while the policy is in effect.

 The four basic types of permanent insurance:

1. Whole life coverage. This policy protects you for your entire life and not just for a specified period. Your death benefit and premium will usually remain the same. It can also build cash value, and is tax-deferred until you withdraw or borrow against it.

2. Universal life coverage. Along with providing a death benefit, it also includes a savings vehicle. It’s like mixing a tax-deferred savings account, which also accumulates interests, with a term life insurance policy.

3. Limited-pay. In limited pay, the insured is given a specified period of time in which to pay the premium. When the time period passes, a premium will not have to be paid anymore, but the policy will still be in effect.

4. Endowments.The premium paying period in this type of permanent life insurance is shortened, and the insurance amount is paid within a certain period or when the insured reaches a specific age. This is why endowments are considerably more expensive than either whole life or universal life.

Now that you are oriented with the basics of life insurance, you will also have to know why you need it. Regardless if you have dependents or don’t really need to protect anyone or anything else, there are many reasons of how buying a life insurance can be beneficial to you. Here are some examples:

Mortgage protection

Taking out a mortgage is already a frightening prospect as it is. What more if you die suddenly, and you are the household’s only breadwinner. The person you are living with will have to continue the payments or they would be homeless. If you have gotten a mortgage insurance policy, which mostly are designed nowadays to pay out the entire amount of your original mortgage, regardless of how much you owe, you will not have passed on this problem.

Income replacement

When you die, your income dies with you. And with it goes the regular cashflow to pay your expenses. Protection insurance such as a life policy can be claimed to replace the lost income so the remaining dependents or survivor can maintain the same standard of living.

College funding

Life insurance can help fund your children’s college education even when you are already long gone from this world. If you die, the death benefit may be invested and likely grow the needed amount by the time your children enters college.

Other expenses

The last thing you want is to burden your dependents with all your present and future expenses. Your credit card debts, the car installments, and just the daily cost of living for your family, will be difficult to cover in the event of your sudden death. A Life insurance can be used to plan for final expenses such as potential medical bills, burial cost, and funeral expenses.

Peace of mind

Knowing that you have life insurance eases your mind and makes you confident that you can continue making your legacy even after your death.

What is critical illness cover? – FAQs

Here are a few FAQs on the subject of critical illness cover.

What is critical illness cover?

The term may mean slightly different things depending on the insurance providers concerned.

As a general rule, it implies a form of insurance that will pay out a tax-free lump sum in the event that you are unfortunate enough to be diagnosed with a critical medical condition.

What can I use the payment for?

The payment may be used for any purpose you wish, including things such as providing you with a replacement annual income, paying for specialist care or simply settling a few outstanding debts to reduce the stresses and strains on you and your family.

What conditions are covered?

This varies depending on the provider and the level of cover provided. Basic cover may protect you against six or seven core critical illnesses while higher level cover may provide more comprehensive cover against more critical diseases.

Are there terms and conditions?

All insurance policies (of any type) have their own individual terms and conditions. It is important that these are read carefully and understood.

Will a medical be required?

That depends on a number of factors including, of course, things such as your age and declared medical history.

The individual practices of different insurance providers may also influence this.

What about pre-existing conditions?

Any serious existing medical conditions that you have, at the time a policy is put in place, will typically not be covered by the policy.

This may be a complicated area and one that is worth discussing with the insurance providers concerned.

Will it cover elective surgery?

The term ‘elective surgery’ is commonly applied to medical procedures that are defined as being optional and not necessarily directly linked to a health benefit. Examples may include cosmetic surgery etc.

As such, it is unlikely that a typical critical illness policy will cover such circumstances.

There may be ‘grey areas’ here in situations where serious illness has resulted in you being given an option for voluntary surgery.

Those situations may or may not be covered by ‘elective surgery’ definitions and you would need to discuss the principles with your insurance provider, however, the governing factor may be the nature of the condition that has necessitated the decision rather than the fact you are having surgery itself.

What conditions will insurance not cover?

Once again, it is imperative to read the policy documentation carefully.

It is critically important to note that this type of insurance is not general health insurance.

It therefore will typically not cover:

  • voluntary medical or surgical treatment where this has not arisen due to a critical illness;
  • illnesses that do not meet specified criteria for being defined as ‘critical’;
  • normal pregnancy or maternity related conditions;
  • pre-existing medical conditions.

How long will cover last and what pay out levels will it provide?

That is impossible to answer in isolation.

There is a very wide range of cover options available providing considerably different benefit levels. That is also the case in terms of the duration of your policy.

These things are typically assessed as part of your quotation process and you should not hesitate to ask for full details when asking potential providers “what is critical illness cover providing me with”?

Life quotes and protecting your interests

In the insurance industry, quotations for life insurance are sometimes abbreviated to “life quotes”.

What that term means is that you are seeking to ensure that, in the unfortunate event of your death, some money would be available to those you have left behind.

Life quotes come in all different shapes and sizes in order to make them suitable for many of life’s classic situations including:

  • someone seeking to protect their family home in the event they die before a mortgage is paid off – in the case of a standard interest and capital repayment mortgage, a decreasing term life policy may be suitable, as the amount you will require to pay off your mortgage, will decrease over time (often meaning that this type of life cover is typically lower cost than other options);
  • someone with the same objective but with an interest only repayment mortgage may find that a fixed lump sum payable upon their death would be more beneficial – that is typically described as level term life insurance;
  • if you are determined to leave a sum of money behind you, irrespective of your age at death, then you may wish to look at life quotes for what is called “whole term life insurance”.

There may be a range of variations on these themes and policies may be able to offer additional options to help you cope with some of life’s vagaries. For example:

  • the sum insured today may not be worth, in buying power terms, exactly the same in 15, 20 or 25 years time if inflation has taken its toll – so some policies may offer an indexing facility to ensure that your sum insured increases in line with various indices;
  • if you are ill and unable to earn, you may worry how you will be able to continue to make your premium payments – which is why some policies may provide a ‘waiver of premium’ facility whereby your payments would be covered in such eventualities;
  • if you become critically ill, having a separate but linked policy, may pay out an immediate sum that is not death related – it is called critical illness cover and it will typically be listed separately to life quotes. (Do note that a standard policy will only pay out once, so if you survive a critical illness and then die ten years later, your loved ones will not receive a payment. However, there are – more costly – combined life and critical illness insurance policies that may pay out for a critical illness and then death – this is called ‘double event’ cover).

In uncertain economic times, there may be a natural inclination to search for cheap life insurance quotes.

Keep in mind that what is cheap for someone else may not be cheap for you, if it offers a form of cover that is not suitable or optimal for your particular circumstances.

Cheap life insurance quotes may be attractive but it might be prudent to concentrate initially on assessing the cover provided by the policy.

Getting hold of appropriate life quotes might be the first step on the road towards increased peace of mind that you have protected the interests of your loved ones.

6 Effective Techniques To Generate Life Insurance Sales Leads

There are many ways to generate life insurance sales leads, namely, ask for referrals from family and friends, be active in the community, ask existing clients for referrals, train staff to ask for referrals, establish a relationship with relevant organizations, or you can buy leads from a reliable source.

One of the secrets to success in the business of selling life insurance products is to find a good and steady source of life Insurance Sales Leads. There are more than one way to generate insurance leads and this is what many people are not aware of. You can try some of these techniques:

Request that your family and friends give you referrals

This tip is especially helpful for people who are just starting out in the life insurance leads business. To gain more contacts, you can ask your acquaintances, friends, family and others for referrals. Write down each of their names and give them a call. If your potential client is not interested in insurance, they may still refer you to someone who is.

Be active in the community

People will start to recognize you as you become more involved in the community. Also if you make positive contributions that are worth something, they will start to trust your name. Begin by sponsoring a local youth sports team or organizing a donation event for a community, such as a barbecue.The more people that know your name, the more potential clients you will have to sell life insurance to.

Ask your existing clients for referrals

Some of the best things available to you are the clients you already have. Be sure to build strong referral pipelines among your client base. Referrals can be requested soon after your appointment has occurred. Referrals from clients to their friends and family is a great way to build business.

Your staff should be made aware of how to go about asking for referrals

If you have a secretary or an assistant who takes calls for you or manages your appointments, be sure to encourage them to ask for referrals.

Reach out to important businesses and clubs

Find out the organisations and busines associations, with which you can forge a relation. Cooperate with these organizations for your mutual benefit. For example, a real estate agent might be able to refer clients who are new homeowners to you. In addition, you may suggest your clients get councel from them in the even they wish to purchase or sell their property. You can also participate in organizations in your community to broaden your networking opportunities. Check and see if another insurance salesman has joined a specific club before attempting to join.

Buy leads from only a well-known supplier

A vast resource of potential clients can be bought from insurance lead servive providers. For a fee, some websites will give you access to their database of clients. Be sure to pick a credible and reliable website. You can ask your fellow agents or an established insurance agent who has no conflict of interests with you for suggestions.

The bottom line on finding a good source of insurance leads is to be resourceful and diligent in pursuing the opportunities and resources around you.

If you are looking for Insurance Sales Leads, then go to the following website: http://www.toppickleads.com/insurance_leads.html.

Term Life Insurance Coverage Has Turn Into Permanent – Practically

Life Insurance Types. There were two types of lifestyle insurance you might consider should you desired to get life insurance coverage…expression existence insurance or long lasting. Time period existence insurance coverage had a lot of variations and so does long term. Term was considered short-term insurance coverage and still is categorized in that way by a lot of individuals…especially those within the life insurance coverage industry.

In current many years, nonetheless, enhancements to term policies have produced them appear to become fairly long lasting to many an insurance purchaser. The popularity of the twenty year phrase life coverage has forced the lifestyle insurance providers not just to improve this policy however the 25 12 months and 30 12 months time period policies too…

Life Insurance Calculator. They have lowered charges considerably and in rear instances have offered the owners of these policies the choice of continuing them following the finish of the phrase period. A lot more often than not at a larger premium. These enhancements tend to give phrase lifestyle insurance policies a sort of permanence.

Although some existence insurance businesses have had time period to age 65, expression to age eighty and expression to age 90 to get a lengthy time they had been virtually mysterious to most men and women perhaps since the existence insurance agents never promoted them a lot…

The seeming permanence on the twenty year expression lifestyle insurance coverage coverage as well as that with the 25 year phrase existence insurance policy and 30 12 months term lifestyle coverage is right here to stay towards the terrific delight with the purchaser too as those that advertise these policies.

Senior Life Insurance. The issue of life insurance coverage must not be taken lightly if one includes a loved ones or dependents. While some men and women inside the United States are fed up paying all of the different sorts of insurances plus they figure that they do not want to shell out additional for lifestyle insurance coverage when they’re youthful, it is critical to understand that life insurance coverage can be a existence saver following a family members member, husband or mother or father dies.

How To Buy Health Insurance Online – With No Losing Your Shirt

 

 

Have you checked out the cheap Internet health insurance online quotes yet? Bad, you might have saved some funds…but then again…How does a person know if the health insurance quote you receive is a good deal? Are you currently like me and hate salesmen and saleswomen that phone you and want to “sell” you something? I mean, I understand they should make a living too…but can’t they certainly it at another person’s place on someone else’s phone? We have the “do not call” thing activated but I still get those telemarketer sales calls…You know the ones that begin with…”Is __________ in your own home?” And they pronounce your business wrong and right from the start, you know it’s a telemarketer. I usually am nice, unless they keep insisting…then watch out…But usually I’ll just say, “Please take me off your list.” I then just say goodbye. More than once I have had them say, “Wait I must contact (me, pronounced wrong again) and it really bugs me, oh oh and, they usually don’t call me back…Sometimes I really do think they get paid by how long they can keep you around the phone!

 

So, yah, I really do have a problem with realtors, water conditioner salespeople, phone calling mutual fund brokers, kirby vacuum sales people, and door to door sellers. Oh and let’s remember those people which go around providing pamphlets. But, I really do hate the insurance sales people the worst. Why? Because I don’t like being pressured to get something. Maybe you have been in an outlet and had a salesperson greet you and follow you around the store like a dog? I have, I hate it, bet you do too and now we can’t wait to get out of the store, right? So that brings me to insurance sales, especially medical health insurance sales people.

 

Recently I lost my job. My job was having a great company for just two years. Used to do a good job or so the boss said, but I obtained downsized anyway, like a lot of people in America today. I was agreed to try to keep my health insurance but checked and couldn’t spend the money for Cobra insurance premiums; heck exactly what do they expect? You could afford to cover the health insurance fees that your employer was paying? Mine was $585.00 each month for a single person! Can’t really swing that on what I get for unemployment now…so what is a person to complete? Not eat? Well, I figured maybe I would chance lacking health insurance for some time…Then I stood a close friend that failed to have any health insurance. He had cardiac arrest, got a stint and the man got hit with a huge medical bill for angioplasty and i also freaked! I cranked up my PC and when off to the Internet in search of: “the best, original, cheapest, bet your bottom dollar we’re the greatest, health insurance plan” that we could find! Without losing my shirt, mind you…

Check out my other guide : best auto insurance companies, business car insurance and car insurance calculator

Life Insurance No Exam: Providing Outstanding Services To Everyone

Not all are given the chance to own a life insurance because of some necessary requirements that were not met.  This has been the problem of many life insurance companies before.  Their market is only limited to those people who can pass the requirements.  This made them to look for other ways to accommodate those individuals who did not qualify.  They have developed the life insurance no exam to get the market of everyone

The people who are not able to get the life insurance of this type enables then to acquire. A life insurance no exam is a general type which is not restricted to a particular group of people and so, every person can apply for this. An applicant who is anxious for insurance can apply for this type provided he has means to pay the premium for a certain period. Every insurer must compulsorily follow the rules, failing which made to face certain problems

Policy holders who pay the premium lately, needs to pay penal charges. Penal charges are basically computed based on the type of life insurance policy chosen. If the policy holder stopped paying his monthly charges, then his life insurance coverage will cease to exist. To seek the benefits of the life insurance coverage, the policy holder should submit a reinstatement application. But at this point of time, he will be forced to pay additional reinstatement charges. On the other hand, the policy holder continues to ignore the policy, the company will forfeit his life insurance

Getting a life insurance no exam has some obligations. If it is a known fact that he has no means to pay the premium, he cannot apply for the policy. All insurers are advised to observe the rules of the company. Because of uncertain happening the beneficiary gets the benefit out of the policy. Also if the insurer dies within the term of the policy, the beneficiary can claim the amount

The obtained cash may be enough to support the surviving family even for a certain period.  It can be used to start a new life with the nonexistence of the main source provider.  It may be used to pay for the monthly expenditures of the family which the insurer used to provide.  It can also be used to pay for the kid’s school tuition fees.  Some of it might accommodate the payments of their home mortgage

The claim will only happen if the insurer discontinues finishing the term due to an unavoidable event.  If for some good reasons the insurer survives and finishes the term, the beneficiary will no longer claim any cash benefit.  The company gives the insurer an opportunity to renew his life insurance without taking any medical examination

New life insurance which is offered contains better features when compared to the previous one and it also commands a higher premium rate. It is left to the discretion of the policy holder to accept or reject the offer provided by the life insurance company

Listed below, are some of the points on how to get a life insurance no exam policy: -

1.       Any person is free to apply for this policy

2.       People who failed in the medical exam

3.       People who are bound to work in dangerous jobs are qualified

4.       Drivers who cannot secure good driving record, even though they are driving for a longer period

5.       A smoker who cannot give up smoking

Your close friends or colleagues who have obtained a life insurance, may advise you to seek life insurance quotes. The quotes primarily will help one to decide whether the rates will fit in one’s monthly budget. It can help you to confirm whether you will be able to pay the premium amount on a monthly basis. Thus it is suggested that one should seek as many quotes as possible for a better selection. Search various websites which provide life insurance quotes for free of cost. Searching on the internet is the most convenient way of dealing with this situation. Thus don’t waste any more time, obtain a life insurance no exam and secure your and family’s future immediately

 

 

 

 

Article by David Livingston of www.equote.com – a site that has the widest selections of instant term life insurance quotes in the country.

Living A Wonderful And Secured Life With A Low Cost Life Insurance

Obtaining a low cost life insurance will help in the financial assistance of a certain family if a particular unavoidable occurrence take place.  This kind of phenomenon is but natural.  We have to be prepared for this moment.  Look for the right life insurance and apply for it.  This is for the benefit of our family in times of great need.

Different types of low cost life insurances is also found through the means of the internet.  When you are to use this method it is very faster and with high accuracy of results.  Its comfort ability and effortless in the search need not have a mention.  Thus it can help you to save a lot of time.  A prospective insurer during the search of these types of life insurances will definitely encounter sites which are to offer free life insurance quotes.  Take advantage of these services because it will determine which type the insurer will fall in.

When you are to get the quotes it will also determine the insurer’s capability to pay the life insurance charges.  At the same time the insurer needs to pay attention to the duration of the term that he has to pay.  He has to pay more care to all his monthly payments because this new expense will be an additional expense aside from his present household and personal expenses. Monthly income of a certain insurer must also be cross verified as all the insurers are mainly encouraged to settle all accounts on the specified pay date.

In case the insurer is failed o pay the premium then he will have to pay the penalty. You can surely avoid this unfavorable expense if you are to pay the accounts on the date that was specified for him.  It is paradoxical situation as the insurer to look for a low cost life insurance but the same insurance will allow him to pay for penalties.  In case the payments are never settled, then the insurer’s life insurance will also get forfeited; but still he has an option for a reinstatement.  The insurer will be subject to any consequences like paying for additional charges. 

Here are some of the necessities in obtaining a low cost life insurance:
1. Applicants should submit a medical proof or pass the medical requirements of an instant term life insurance which offers lower costs.
2. Ideal types of insurers to acquire lower costs are younger individuals.
3. Regular cigar smokers must have quit smoking for at least one year to avail of lower costing life insurances.
4. People must not have dangerous type of work for they cannot qualify for a low costing life insurance.
5. Long time drivers should have a very good driving record to avail of a term life insurance.

A very good example of a low costing life insurance is the instant term life insurance.  This offers low premium rates that last until the end of the term.  An insurer who dies within the coverage period will allow his beneficiary to receive a certain amount of cash that may be used to assist the family with any means of financial support upon the permanent absence of the insurer who is more likely to be the husband or the wife.  The beneficiary can only claim the cash benefit if there is a proof that the insurer has already died.

There will be no cash benefit for the beneficiary if the insurer is to live and finish the term. At the same time he is offered another option that is he can renew his policy without undergoing any medical examination by the insurer.  Such renewed life insurance will be a better type like a whole life insurance.  It has higher premium rates and for this type is also needs additional financial resources.

When you are to apply for the instant term life insurance or any other low cost life insurance it is a very easy process.  Get some information will help any body to start an application.  One of the most important part in the application is the getting the approval. The applicant will surely have to pass the medical requirement to continue with his application.  If he does not pass the medical verification, his desired life insurance will be out of reach

For this kind of situation there is an alternative. In this case it will require a life insurance no exam.  If you are a person with certain health problems and for those who do not wish to take any medical examinations then life insurance no exam is exclusively recommended for them.  When you are to use this type of life insurance, lot of insurers are given the chance to acquire a life insurance just like anybody else does.

 

 

 

Article by David Livingston of www.equote.com – a site that has the widest selections of instant term life insurance quotes in the country.