Tag: Life

Comparing life insurance quotes is important

Taking out a life insurance policy is probably one of the most important financial decisions you are going to make in your life, and it is purely because you want to make sure that your financial obligations are met in the event of anything happening to you when you pass away. As time goes by your responsibilities increase and you have to start looking out for people other than yourself. You get married and have children, you buy houses and cars and you need to pay all of them off as time progresses. If something happens to you while you are in the middle of all that, your loved ones will get left behind with all that debt and they will be put in tight position if they were dependent on your income to survive. A life insurance policy can take care of those concerns and you can leave them with a little nest egg to ensure that they have a roof over their heads and food on the table until they are able to look after themselves.

Until such time that they can fend for themselves your policy is all they have and you will need to ensure that it covers everything adequately.

For that reason it is important to compare life insurance on an apples-for-apples basis. You need to make sure that each policy you get a quote for is giving you the same payout amount, and that the amounts are also paid out the same. You often have the choice of a lump sum benefit or to have it paid out monthly and you may even choose both if your policy allows it. You need to make sure that there are no exclusions on your policy so that you can prevent in non-payments due to minor technicalities in your policy wording. If you are open and honest with your application then you won’t have to worry about that happening. All you need to do is consider how much money you need to take care of your financial obligations and then use that as a starting point for all of your policy applications. The insurer will take that amount, calculate your risk profile according to the information that you give them and they will give you a monthly premium that you can expect to pay.

Once you have the benefits lined up, you can compare premiums from insurer to the next and you will have an idea of what you are in for. You can make an informed decision based on the facts and affordability.

The author of this article, Jaxon Kelly, is a full-time author on the subject of Insurance firms. Also, he has a particular interest in life insurance planning and write on compare life insurance. On behalf of several web sites owners he spends most of his time writing contents for web publication for life insurance quotes Australia in return.

50

As part of the Administration’s ongoing work to implement Wall Street Reform legislation, the Office of Financial Research and the Financial Stability Oversight Council hosted a conference, entitled “The Macroprudential Toolkit: Measurement and Analysis,” on December 1-2, 2011 in Washington, DC. This conference brought together thought leaders from the financial regulatory community, academia, public interest groups, and the financial services industry to discuss data and technology issues and analytical approaches for assessing, monitoring and mitigating threats to financial stability. The conference will provide an additional opportunity for coordination and collaboration in the broader efforts to effectively implement financial reform legislation and help prevent future financial crises.
Video Rating: 0 / 5

[/random]

{check out these senior life insurance settlement products

Related Senior Life Insurance Settlement Articles

Bookmark and Share
Tags : , , , ,

Can You Find Low Cost Senior Life Insurance?

If you are over 65, or if you are taking care of an elderly person, you may have gotten some offers for senior life insurance. There are a lot of big companies, like AARP, that market a variety of life policies for older people. A lot of older people wonder if they should buy a policy to help provide cash for their families when they pass away.

Families may need cash when a loved one passes away. Funerals are expensive. Families also have other things to pay for at this time. Loved ones may need to take time off from their jobs, travel, and feed mourners. This can be a very stressful time for everybody. Nobody wants to add money problems to the stress.

However, older people will cost more to cover than younger people. While you can compare senior life insurance rates to find low cost alternatives, you have to decide if this is a good financial decision for your family.

Consider an example.

Keep in mind that the numbers I use are from one example policy, and you need to compare quotes to find the exact rates and policies for yourself.

A typical premium for a $ 10,000 whole life policy for a 70 year old would be about $ 75 a month. In our example, the policy will be paid up at age 95. After 95, the policy is considered paid up.

If that same seventy year old does live until ninety-five, premiums wuold have been paid for twenty-five years. This means that they would have spent nine hundred dollars a year for the insurance. This would add up to $ 22,500 over twenty-five years!

Paying over twenty thousand dollars for a ten thousand dollar policy does not appear to make sense. If the insured person would have takent that same $ 75 a month, and saved it at a low 2 percent interest rate, they would have almost $ 30,000 after 25 years.

Of course, that is one example of how life insurance companies profit. They do have to pay out death benefits when people pass away, but they also have the opportunity to invest the premiums while their clients are still alive!

If the covered individual only lives for a year or two, he or she would only have had to pay about one or two thousand dollars for that ten thousand dollars that the family will get. The insurer would, in this case, probably lose money. The insurer will be taking some risk when they issue a policy.

Buying insurance is all about mitigating risk. There may be some alternatives that would make more sense at this point though.

Senior life insurance can have some advantages. If you cannot save money well, you will never have the opportunity to grow a savings account. Some families have an easier time paying a bill than setting aside money to save. It may just make more sense to buy a policy.

The example that I used was just one common policy. If you shop around, you may be able to find senior life policies that are cheaper with better policy terms. For example, you may find a policy that will be paid up after 10 years, instead of being paid up at age 95. Please compare rates and policies before you decide to make a purchase!

Learn more about senior citizen life insurance and alternatives. Find out how guaranteed life insurance works. Also find out more about no medical term life insurance for people of any age.

50[/random]

I recommend these senior life insurance company products

The Avalanche Response Marketing System
Prospecting And Marketing Secrets
The Avalanche Response Marketing System

How To At Least Double Your Profits Without Increasing Your Sales.
A 440 Page E-book Which Will Show Any Company How To Double Profits And Dramatically Improve Cash Flow Without Increasing Sales. Includes Over 1,000 Proven And Actionable Cost Cutting, Expense Reduction And Income Producing Strategies.
How To At Least Double Your Profits Without Increasing Your Sales.

Bookmark and Share
Tags : , , , ,

Getting More Out Of Life Insurance For Seniors

Purchasing life insurance for seniors, especially those beyond the age of 70, should not be as complicated as you may think. Although some insurers may ask for higher premiums and other fees, the extra charge may be very well worth it, as your insurance needs may be much more than the average worker 50 years old or below, for example. What you will have to identify before you buy a life insurance policy is similar as to what you would ask as a younger buyer: how much coverage is offered, and how long the plan will be in place.

If you are over 70, there are some things that you have to receive from your life insurance coverage. For one thing, the plan should be able to provide you with immediate coverage, which simply means that should the policyholder pass on soon after the policy is implemented, plan beneficiaries will receive the full value as stated in the insurance contract. Keep in mind that cash value can be a nice bonus, but it should not be the main reason why you sign up with a provider for a certain insurance policy. Some experts say that policies providing full endowment will give the senior or any plan beneficiaries the full cash value of the plan once the policy reaches maturity or end-of-term. However, this may not exactly be a prime advantage as the cash value, in comparison to the face value amount, may be subject to considerable taxes.

In this case, you or your beneficiaries may feel the disadvantage if an expected tax-free policy payout turns into a taxable amount if you live beyond the end of the term of the policy. If you outlive your whole life coverage, for example, you should try to request a coverage extension, rather than take the cash payout.

For older seniors who are more likely to require extensive assistance due to a chronic illness or serious disease that could be aggravated by age, purchasing an insurance policy that comes with a terminal illness rider may be beneficial. This rider often comes at no extra charge if you request for its inclusion in your coverage. This type of insurance policy rider that specifically applies to life insurance for seniors can give the insured retiree access to part of the face amount prior to his or her passing on if he or she suffers from a diagnosed terminal disease.

Katherine Smith is an author who specializes in financial topics concerning seniors. Puritan Financial Group gives seniors professional retirement income planning advice and life insurance products. For more information on how Puritan Financial Group can help you, please visit our website at http://www.puritanlife.com/products/life/life_insurance_for_seniors.

50[/random]

I recommend these senior life insurance company products

More Senior Life Insurance Company Articles

Bookmark and Share
Tags : , , , ,

Should Seniors Opt for Term or Permanent Life Insurance?

Life insurance policy needs are usually different at different stages of an individual’s life. When you’re just starting out as a young, single adult, you may see little use in getting your life insured.

As you grow older, so do your responsibilities. You may have dependents who rely on your income to subsist and you need to ensure their financial security in case you’re no longer around to care for them.

Then you reach a stage of greater financial stability where your kids have been through college, the house has been paid for, other consumer debts taken care of, and you probably have money put away for retirement.

At this time in your life, your need for life insurance could be significantly different and you could do well to revisit your policy.

The question you, as a senior, must ask yourself is whether it’s term life or whole life insurance that you need now.

Term life insurance, as the name suggests, provides coverage only for a specific period of time. Term life insurance is usually recommended for young families that are starting out and have dependents, mortgages, and other financial commitments, but limited resources.

As it’s relatively inexpensive, it allows younger people to buy considerable insurance on their life at very low premiums. The purpose of term life insurance is pure coverage in the event of the insured’s premature death and it has no “investment component”. The only way term life insurance can be cashed out is if the policy holder dies.

The biggest benefit of term life insurance is its affordability. However, the premium rates keep rising as you age. Therefore, if seniors were to purchase term life, they will lose out on its cost benefit as the rates offered to them would be considerably higher especially if they are not in the best of health.

They would also need significant amount of savings to live a comfortable life post retirement and meet any unexpected medical expenses associated with old age. That’s why whole life insurance policy is recommended for older people.

Whole life or permanent life insurance, unlike term life, offers coverage for your entire life as long as the premiums are current. In addition to providing coverage, whole life policy also builds cash value.

Because it provides continual protection and has a savings feature, whole life insurance policy is more expensive than term life. Even so, whole life insurance is believed to be a better bet for the retired or nearing retirement folk for several reasons.
Term life insurance provides coverage until the age of 75, where permanent life insurance remains in force for your whole life.
You need to have reached a certain financial ability to afford whole life insurance. Older people generally have lesser financial obligations and can afford higher premiums more easily than those who are starting out.
You can cash the policy out for the accrued value in case of an unplanned medical emergency or even use it as collateral for loan. In short, whole life insurance acts like an asset that can be used at the time of need.
Unlike renewable term life insurance premiums that generally increase with age, the premiums on most whole life insurance policies remain the same over the years.
The insured can have the peace of mind that whenever their time comes, which is more of a concern as you get older, there will be guaranteed coverage for their partner.
Most whole life insurance policies offer dividends that can be added to the cash value or death benefits.
Proceeds from whole life insurance can be used to pay for the funeral and other final expenses when the insured passes on.
Seniors can also buy a whole life insurance policy as an estate or legacy for their grandchildren.
A smaller whole life insurance policy would generally not require you to go through a health examination, which works well in case of declining health.

However, whole life insurance is a long term commitment that one should consider purchasing only if they are confident of keeping up with the payments. Letting your whole life insurance policy lapse because you’re unable to pay the required premiums can spell disaster for your financial plans and should be avoided at this crucial juncture of your life!

About AccuQuote:
AccuQuote is a leader in providing term life insurance quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.

50[/random]

I recommend these senior life insurance products

Find More Senior Life Insurance Articles

Bookmark and Share
Tags : , , , , ,

Powered by Yahoo! Answers