By Sharon Taylor
As all industries are always trying to find a need that appeals to the mass markets, insurance companies have come up with a way of adding a disability rider to your term life insurance policy for those that desire the combined coverage. This type of coverage would be ideal for those who work in occupations that require and rely on the constant use of their bodies and frequent physical activity. Having some security in knowing bodily injury would not mean complete financial ruin makes a term life policy with disability rider an asset worth considering.
What Exactly is a Rider?
A “rider,” which may also be known as an “endorsement,” adds more coverage to an existing policy. You must purchase a rider at the same time you buy your term life insurance policy . Riders modify an original policy and its provisions override anything in an original life insurance policy. For instance, if you buy a term life policy and there is any conflict between the provisions of the term life and the disability rider, the rules of the disability rider would take precedent.
Riders may also exclude or remove coverage from your term life policy , but in most cases it adds to it. It is best to contact a financial advisor for a term life with disability rider quote as prices may vary. Riders, of course, will add to the premium of a regular term life policy because you are benefiting from extra coverage.
Adding a disability rider to a term life insurance policy will pay the owner of such policy a pre-determined amount of income after the insured has been disabled for a specified amount of time. The waiting period varies from carrier to carrier. The waiting period is the time immediately after the insured is determined to have the disability in their claim. No benefits are paid during the waiting period so it is always best to have some kind of emergency “cushion” in your bank account to cover yourself while you are unable to earn an income.
An important factor to consider when you buy term life with a disability rider is that you may not purchase a face value amount more than the average income you have earned over the last two year period before your disability is determined. With this coverage, you will not be paid more than you were originally earning prior to your disability. You are not allowed to make more being disabled than you were earning in a completely healthy state.
Additionally, the disability with term life rider will only kick in after all of the other benefits for which you are eligible take affect. For example, you will first be paid by worker's compensation, social security, lost wage policies and/or any other salary continuation plan of which you are eligible through your job. The disability rider will then compensate you for the remaining balance of what those other agencies do not pay equaling what your current average salary was over the last two years. You will have to check with your carrier as to how long your benefits will be in affect after you are determined disabled. Some carriers give you a two year limit of benefits and you may need to look into other options if you think you may need longer coverage.
Peace of Mind
Only you can determine if adding a disability rider to your term life insurance policy is worth the extra expense. If you rely on your body and your occupation is physically demanding, it may give you peace of mind knowing you have extra coverage in the event you should become disabled and unable to continue your employment.
Sharon Taylor writes life insurance articles for eQUOTE Life Insurance , a premier Internet resource for term life insurance quotes, rates and easy to understand resource information.
Article Source: http://EzineArticles.com/?expert=Sharon_Taylor
Saturday, November 10, 2007
Obtaining An Accurate Term Life Insurance Rate Comparison
By V. Michael Santoro
Using Internet technology, it's easy to obtain a term life insurance rate comparison with your home computer. Originally, your only option was to meet with an insurance broker who would visit you at home and review your needs. Times have changed!
Insurance brokers now provide an online service that instantly accesses the term life insurance products being offered. In seconds, you will receive a term life insurance rate comparison which includes the policy coverage prices from each insurance company. It is possible to save up to 70 percent using an online insurance quoting service.
Beware of the "Rate Factor" TrapOnline insurance systems do not all work the same way. Many will only quote you the lowest possible rate available to the general public. While this sounds good, a general quote that doesn't take your personal circumstances into consideration will result in you not qualifying for the lower rate. Welcome to the "Rate Factor" Trap. Insurance premiums are established based upon lifestyle and health related issues. Insurance broker systems that do not ask you this vital information up front will be trying to talk you into accepting the policy at the higher rate.
You will be urged to accept the outcome and they will encourage you to pay the much higher insurance premium - DON'T agree to this! You can avoid this trap by using the better quoting system that provides a fair term life insurance rate comparison.
A fair insurance quoting system provides an online form that requires you to include the important information that is pertinent. This will provide a more accurate quote. You will then receive the lowest cost term life insurance for your particular circumstances.
Finding the lowest cost life insurance available is easy - however if it is not applicable to your circumstances, you will not receive the quoted premium price. Providing you with the best value means that the insurance broker's system must provide an accurate quote. This ensures that you will receive the lowest cost term life insurance based upon your personal information. It is a better approach if an honest quote is provided to you upfront and not after the fact.
For additional information about obtaining a fair term life insurance rate comparison and how to avoid any hidden cost surprises, please visit http://www.termlifeinsurancequoteonline.xscoop.info/
Article Source: http://EzineArticles.com/?expert=V._Michael_Santoro
Using Internet technology, it's easy to obtain a term life insurance rate comparison with your home computer. Originally, your only option was to meet with an insurance broker who would visit you at home and review your needs. Times have changed!
Insurance brokers now provide an online service that instantly accesses the term life insurance products being offered. In seconds, you will receive a term life insurance rate comparison which includes the policy coverage prices from each insurance company. It is possible to save up to 70 percent using an online insurance quoting service.
Beware of the "Rate Factor" TrapOnline insurance systems do not all work the same way. Many will only quote you the lowest possible rate available to the general public. While this sounds good, a general quote that doesn't take your personal circumstances into consideration will result in you not qualifying for the lower rate. Welcome to the "Rate Factor" Trap. Insurance premiums are established based upon lifestyle and health related issues. Insurance broker systems that do not ask you this vital information up front will be trying to talk you into accepting the policy at the higher rate.
You will be urged to accept the outcome and they will encourage you to pay the much higher insurance premium - DON'T agree to this! You can avoid this trap by using the better quoting system that provides a fair term life insurance rate comparison.
A fair insurance quoting system provides an online form that requires you to include the important information that is pertinent. This will provide a more accurate quote. You will then receive the lowest cost term life insurance for your particular circumstances.
Finding the lowest cost life insurance available is easy - however if it is not applicable to your circumstances, you will not receive the quoted premium price. Providing you with the best value means that the insurance broker's system must provide an accurate quote. This ensures that you will receive the lowest cost term life insurance based upon your personal information. It is a better approach if an honest quote is provided to you upfront and not after the fact.
For additional information about obtaining a fair term life insurance rate comparison and how to avoid any hidden cost surprises, please visit http://www.termlifeinsurancequoteonline.xscoop.info/
Article Source: http://EzineArticles.com/?expert=V._Michael_Santoro
Whole Life Insurance Online - Five Things That Will Help You Get Lower Rates
By Chimezirim Chinecherem Odimba
Whole Life Insurance Online: Good things often come at a price. The security and peace of mind that a life insurance policy gives has costs. Thankfully, there are ways to lower your rates. Knowledge plays a very important role here.Here are things you can do to get better deals at a lower price.
1. A person who get his/her whole life insurance policy at 50 would pay much less than another you gets it at 60 all things being equal. Therefore get it while you're young. Life insurance policies cost more if you apply at an older age. This is simply because your risk to the insurer increases.
2. There are a few things you need to know about the insurer you finally decide to use for your life policy. You'll do well to look at their track record and how long they've been in business. You don't want to get hooked with a company that will leave you stranded midway. Remember, this is protection in case you pass on. The Better Business Bureau (BBB) online can help you in such research.
3. Smokers are more likely to die young. In whole life insurance it means one thing: You're a very high risk and so should pay much more.
4. Those who are involved in dangerous sports can't get low cost life insurance. If the most affordable life insurance rate is your target then you'd have to quit such sports.
5. Whole Life Insurance Online: The most vital key to massive savings in whole life insurance is comparison shopping -- That's if you do it well. The range of quotes returned in a query could be as wide as $2,000 for a given profile.
Now, that's exciting. You have to look beyond just the lowest price to the best price to value ratio. The lowest priced may not be the best price/value for you as a person. Different insurance companies may have adjustments in their coverage for similar policies.
It's a good idea to ask the agent what's included and what's excluded (You certainly don't want it to be a feature of much value to you). Life insurance involved your life so do ensure you are satisfied with the details of an insurer's policy coverage before paying. Remember, they are free and no obligation quotes. That's how to give your loved ones the best protection at the lowest price. You, too, can do it.
Here are my favorite sites for life insurance quotes...
Free Affordable Life Insurance Quotes
Hometown Life Insurance Quotes
Chimezirim Odimba writes on life insurance.
Article Source: http://EzineArticles.com/?expert=Chimezirim_Chinecherem_Odimba
Whole Life Insurance Online: Good things often come at a price. The security and peace of mind that a life insurance policy gives has costs. Thankfully, there are ways to lower your rates. Knowledge plays a very important role here.Here are things you can do to get better deals at a lower price.
1. A person who get his/her whole life insurance policy at 50 would pay much less than another you gets it at 60 all things being equal. Therefore get it while you're young. Life insurance policies cost more if you apply at an older age. This is simply because your risk to the insurer increases.
2. There are a few things you need to know about the insurer you finally decide to use for your life policy. You'll do well to look at their track record and how long they've been in business. You don't want to get hooked with a company that will leave you stranded midway. Remember, this is protection in case you pass on. The Better Business Bureau (BBB) online can help you in such research.
3. Smokers are more likely to die young. In whole life insurance it means one thing: You're a very high risk and so should pay much more.
4. Those who are involved in dangerous sports can't get low cost life insurance. If the most affordable life insurance rate is your target then you'd have to quit such sports.
5. Whole Life Insurance Online: The most vital key to massive savings in whole life insurance is comparison shopping -- That's if you do it well. The range of quotes returned in a query could be as wide as $2,000 for a given profile.
Now, that's exciting. You have to look beyond just the lowest price to the best price to value ratio. The lowest priced may not be the best price/value for you as a person. Different insurance companies may have adjustments in their coverage for similar policies.
It's a good idea to ask the agent what's included and what's excluded (You certainly don't want it to be a feature of much value to you). Life insurance involved your life so do ensure you are satisfied with the details of an insurer's policy coverage before paying. Remember, they are free and no obligation quotes. That's how to give your loved ones the best protection at the lowest price. You, too, can do it.
Here are my favorite sites for life insurance quotes...
Free Affordable Life Insurance Quotes
Hometown Life Insurance Quotes
Chimezirim Odimba writes on life insurance.
Article Source: http://EzineArticles.com/?expert=Chimezirim_Chinecherem_Odimba
Whole Life Insurance Explained - This Is How Whole Life Insurance Works
By Rick Stevens
Several people have asked me to explain how Whole Life Insurance works recently, so I decided to do it in an article so everyone could read it and I could answer everyone's question at the same time. Also, you can always refer back to this article if you ever have any questions. Fair enough? Then let's get started!
Whole Life Insurance is a type of policy that is meant to provide life insurance protection for a person's entire life or until they reach the age of 100 years, whichever comes first. This is a permanent type of life insurance policy, which means that you'll be paying on it for as long as you live, unless you happen to get a specific policy where you can pay it off early, such as a "Paid At 60" policy. These types of policies charge much higher premiums, however you'll only pay on them for a specified period of time and be finished. Anyway, I don't want to get too far off track.
A Whole Life Insurance policy requires that you take a physical exam, in most cases. Before a company is going to provide insurance coverage they're going to want to know if there are any physical ailments that they should be aware of first. Some of these may disqualify you from being covered, such as AIDS, Cancer, Heart Disease, Diabetes and more.
When you pay into a Whole Life Insurance policy, a portion of your premium payments go toward buying insurance, while the rest goes into a savings account that accrues cash value. This cash value will accumulate and begin to draw interest over time. This will actually build into an asset that you can use as collateral or borrow from. You must repay the loan in order for the entire face value of the policy to be paid out in the event of your death.
Whole Life Insurance isn't as popular as it used to be. Many people are now choosing to buy Term Life instead because they're finding that they don't need to be covered for their whole life, because it's less expensive and because they prefer to invest their money elsewhere. You should get several free life insurance quotes and then talk to an agent to determine which plan is the best choice for you and your family.
You Can Learn More About Whole Life Insurance Options And Even Get Free Life Insurance Quotes Right Now At TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Explained Rick Stevens Is A Former Life And Health Agent That Now Works Helping Others By Providing Free Information. Visit His Website Today!
Article Source: http://EzineArticles.com/?expert=Rick_Stevens
Several people have asked me to explain how Whole Life Insurance works recently, so I decided to do it in an article so everyone could read it and I could answer everyone's question at the same time. Also, you can always refer back to this article if you ever have any questions. Fair enough? Then let's get started!
Whole Life Insurance is a type of policy that is meant to provide life insurance protection for a person's entire life or until they reach the age of 100 years, whichever comes first. This is a permanent type of life insurance policy, which means that you'll be paying on it for as long as you live, unless you happen to get a specific policy where you can pay it off early, such as a "Paid At 60" policy. These types of policies charge much higher premiums, however you'll only pay on them for a specified period of time and be finished. Anyway, I don't want to get too far off track.
A Whole Life Insurance policy requires that you take a physical exam, in most cases. Before a company is going to provide insurance coverage they're going to want to know if there are any physical ailments that they should be aware of first. Some of these may disqualify you from being covered, such as AIDS, Cancer, Heart Disease, Diabetes and more.
When you pay into a Whole Life Insurance policy, a portion of your premium payments go toward buying insurance, while the rest goes into a savings account that accrues cash value. This cash value will accumulate and begin to draw interest over time. This will actually build into an asset that you can use as collateral or borrow from. You must repay the loan in order for the entire face value of the policy to be paid out in the event of your death.
Whole Life Insurance isn't as popular as it used to be. Many people are now choosing to buy Term Life instead because they're finding that they don't need to be covered for their whole life, because it's less expensive and because they prefer to invest their money elsewhere. You should get several free life insurance quotes and then talk to an agent to determine which plan is the best choice for you and your family.
You Can Learn More About Whole Life Insurance Options And Even Get Free Life Insurance Quotes Right Now At TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Explained Rick Stevens Is A Former Life And Health Agent That Now Works Helping Others By Providing Free Information. Visit His Website Today!
Article Source: http://EzineArticles.com/?expert=Rick_Stevens
Whole Life Insurance Explained - The Pros & Cons Of Whole Life Insurance
By Joe Stewart
Whole life insurance is a type of policy that provides you with insurance protection for the rest of your life, from the time you actually purchase the policy, until the day you either pass away, you stop making the premium payments or you reach the age of one hundred years. At that point, the insurance company will pay the owner of the policy 100% of the face value, which will also be the cash value. Therefore this type of policy insures you for your "whole life".
One of the interesting things about Whole life insurance is that it also builds what is called "cash value" over time. This cash value should not be confused with the "face value" of the policy. Let me explain the difference between the two.
Face Value = the amount of money that the insurance policy is supposed to provide in the event of the death of the insured person. In other words, if the amount of coverage you're buying is for $50,000, then the face value is $50,000. If the person was insured for $100,000, then the face value of the policy would be $100,000. Whatever the amount is that the policy is supposed to pay is the face value.
Cash Value = the actual amount that the policy is worth. Cash value will grow over time within a Whole Life policy, however, it will never reach the Face Value amount of the policy unless the insured individual reaches 100 years of age. At this point the policy has fully "matured".
The way that Cash Value works is that a portion of the money paid into a Whole life policy goes toward buying insurance, while the remainder goes into an interest bearing account. This money can be borrowed against later in life, if you choose to do so and can be used for practically any purpose, however, just like any other loan it must be repaid.
Whole life insurance isn't as popular as it once was. These days many people are buying Term life instead because it's less expensive and also because that way they're buying only "pure" insurance and can make the decision to invest their money elsewhere. You can always start out buying Term and upgrade to a Whole life insurance policy later in life, if you choose to. The decision is yours.
Joe Stewart Has Worked As A Life And Health Insurance Agent In The Pacific Northwest. Learning About Life Insurance Has Never Been Easier. Visit His Website Right Now At TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Explained
Article Source: http://EzineArticles.com/?expert=Joe_Stewart
Whole life insurance is a type of policy that provides you with insurance protection for the rest of your life, from the time you actually purchase the policy, until the day you either pass away, you stop making the premium payments or you reach the age of one hundred years. At that point, the insurance company will pay the owner of the policy 100% of the face value, which will also be the cash value. Therefore this type of policy insures you for your "whole life".
One of the interesting things about Whole life insurance is that it also builds what is called "cash value" over time. This cash value should not be confused with the "face value" of the policy. Let me explain the difference between the two.
Face Value = the amount of money that the insurance policy is supposed to provide in the event of the death of the insured person. In other words, if the amount of coverage you're buying is for $50,000, then the face value is $50,000. If the person was insured for $100,000, then the face value of the policy would be $100,000. Whatever the amount is that the policy is supposed to pay is the face value.
Cash Value = the actual amount that the policy is worth. Cash value will grow over time within a Whole Life policy, however, it will never reach the Face Value amount of the policy unless the insured individual reaches 100 years of age. At this point the policy has fully "matured".
The way that Cash Value works is that a portion of the money paid into a Whole life policy goes toward buying insurance, while the remainder goes into an interest bearing account. This money can be borrowed against later in life, if you choose to do so and can be used for practically any purpose, however, just like any other loan it must be repaid.
Whole life insurance isn't as popular as it once was. These days many people are buying Term life instead because it's less expensive and also because that way they're buying only "pure" insurance and can make the decision to invest their money elsewhere. You can always start out buying Term and upgrade to a Whole life insurance policy later in life, if you choose to. The decision is yours.
Joe Stewart Has Worked As A Life And Health Insurance Agent In The Pacific Northwest. Learning About Life Insurance Has Never Been Easier. Visit His Website Right Now At TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Explained
Article Source: http://EzineArticles.com/?expert=Joe_Stewart
Whole Life Insurance - Protecting You 100%
By Peter Finch
Life insurance is a gift to those we care about the most. When we are no longer there to provide for our family, we can still make sure that our loved ones are cared for and can still live and thrive even when we can no longer be there to provide the money that we otherwise would provide for our families. Imagine how you would feel if your children could not go to university because the money was not available, or our family could not continue to live in their home because we are no longer there to provide the financial support they need and you can start to see why life insurance is so necessary.
There are broadly two major types of life insurance policy commonly available. Term life insurance is the cheapest form of insurance but has a limit, the term of the policy, for which it will provide protection. Whole of life insurance policies provide protection for our entire life irrespective of how long we may live and so they are vitally important for any financial protection plans that we set up.
Whole of life insurance policies combine life insurance with an investment fund that is attached to the policy. In the early years some of the premiums are used to pay for the life insurance cover while some is diverted and allocated to an investment fund. As a result the policy will start to build up a cash value. This investment fund can be used to help maintain premiums in later years or be used as an emergency or investment fund to provide monies as and when the policy holder needs to use them.
Typically, in the early years when the policy holder is younger, insurance costs are relatively low. As the policy holder ages, the insurance cover cost rises and premiums may be forced to increase. At some point the policy holder will be confronted with a stark choice of reducing the level of life insurance cover or paying the extra premium. If the extra premium cannot be paid, then the cover must be reduced unless the premium can be found from another source.
This is where the investment element comes into its own. The investment fund can be used to supplement premiums paid by the insured to ensure that even though the cost of insurance cover has increased, the cover can be maintained at no extra cost to the policy holder. In some instances, premiums can cease being paid by the insured policy holder as the cost can be covered from the investment fund alone.
Whole of life insurance contracts tend to be very useful when a policy holder must ensure that a lump sum is available upon death. With many of us falling into the tax bracket for paying inheritance tax, it makes sense to ensure that the tax bill can be paid directly from the proceeds of a whole of life insurance policy. This protects the estate from the ravages of the tax man who must be paid first before the estate can be released to those you really want to benefit - your family and loved ones.
Whole of life insurance contracts are very flexible policies providing a wide range of options. The ability to take premium holidays is available because there is an investment fund available to continue cover. The investment fund belongs to the policy holder so if there is a need for emergency funds or collateral to secure a loan or mortgage, extra avenues are open to the policy holder that are simply not provided by other non-investment based insurance contracts.
Looking for information on life insurance policies? If you are looking for advice on life insurance or whole life insurance policies, visit us now. Completely-Insurance.com is a goldmine for information on everything related to life insurance policies.
Article Source: http://EzineArticles.com/?expert=Peter_Finch
Life insurance is a gift to those we care about the most. When we are no longer there to provide for our family, we can still make sure that our loved ones are cared for and can still live and thrive even when we can no longer be there to provide the money that we otherwise would provide for our families. Imagine how you would feel if your children could not go to university because the money was not available, or our family could not continue to live in their home because we are no longer there to provide the financial support they need and you can start to see why life insurance is so necessary.
There are broadly two major types of life insurance policy commonly available. Term life insurance is the cheapest form of insurance but has a limit, the term of the policy, for which it will provide protection. Whole of life insurance policies provide protection for our entire life irrespective of how long we may live and so they are vitally important for any financial protection plans that we set up.
Whole of life insurance policies combine life insurance with an investment fund that is attached to the policy. In the early years some of the premiums are used to pay for the life insurance cover while some is diverted and allocated to an investment fund. As a result the policy will start to build up a cash value. This investment fund can be used to help maintain premiums in later years or be used as an emergency or investment fund to provide monies as and when the policy holder needs to use them.
Typically, in the early years when the policy holder is younger, insurance costs are relatively low. As the policy holder ages, the insurance cover cost rises and premiums may be forced to increase. At some point the policy holder will be confronted with a stark choice of reducing the level of life insurance cover or paying the extra premium. If the extra premium cannot be paid, then the cover must be reduced unless the premium can be found from another source.
This is where the investment element comes into its own. The investment fund can be used to supplement premiums paid by the insured to ensure that even though the cost of insurance cover has increased, the cover can be maintained at no extra cost to the policy holder. In some instances, premiums can cease being paid by the insured policy holder as the cost can be covered from the investment fund alone.
Whole of life insurance contracts tend to be very useful when a policy holder must ensure that a lump sum is available upon death. With many of us falling into the tax bracket for paying inheritance tax, it makes sense to ensure that the tax bill can be paid directly from the proceeds of a whole of life insurance policy. This protects the estate from the ravages of the tax man who must be paid first before the estate can be released to those you really want to benefit - your family and loved ones.
Whole of life insurance contracts are very flexible policies providing a wide range of options. The ability to take premium holidays is available because there is an investment fund available to continue cover. The investment fund belongs to the policy holder so if there is a need for emergency funds or collateral to secure a loan or mortgage, extra avenues are open to the policy holder that are simply not provided by other non-investment based insurance contracts.
Looking for information on life insurance policies? If you are looking for advice on life insurance or whole life insurance policies, visit us now. Completely-Insurance.com is a goldmine for information on everything related to life insurance policies.
Article Source: http://EzineArticles.com/?expert=Peter_Finch
How Does No Medical Term Life Insurance Work?
By Sharon Taylor
You may actually find yourself pleasantly surprised when you first find out that every company that offers term life insurance is different. What this means is that there are term life insurance providers that require medical exams, and there are insurance providers offering no medical term life insurance, too. These term life insurance providers do not require a potential
policyholder to undergo a medical examination of any kind in order to purchase the insurance that they need. This means you truly can find the perfect low cost plan for term life insurance without having to undergo a physical or medical examination at all whatsoever. Not all of the term life insurance companies out there are going to offer this extremely useful type of no medical life insurance, but there are companies out there that do and you might be surprised how many of them you can find.
Choosing a Term Life Insurance Provider
Whether or not you will actually be able to qualify for a no medical term life insurance plan actually depends more on which term life insurance provider you choose when you decide to purchase your policy. Every term life insurance provider has its own policies regarding whether or not you will have to undergo a specific medical examination or physical examination prior to being able to seek a life insurance policy. Most of these requirements are based on the underwriting guidelines that each term life insurance company has, which vary greatly from provider to provider.
Why No Medical Term Life Insurance?
The reason many term life insurance providers require a medical examination is because term life insurance is a popular option among people who already have illnesses or who are already expected to die within a certain amount of time. Insurance companies that are looking to protect themselves from having to pay out to these beneficiaries will require a medical exam to weed out people who are already sick before they purchase insurance. This is another reason why purchasing no medical life insurance is so important, especially if you are already ill, growing older or expected to die soon. No medical term life insurance is a great option for anyone who is only seeking life insurance for a specific amount of time, healthy or not.
Are you looking for options for no medical term life insurance? There are many different term life insurance providers available who may or may not require an exam, and the best way to figure out which leads to pursue is simply to ask around. Contact as many term life insurance providers as you can until you have a small pool of potential insurance providers who offer no medical life insurance. You should always make a point to research as many different options as you can before you sign on any dotted lines or make any purchases, because you may end up regretting it later if a better, cheaper, increased coverage policy is introduced somewhere.
Make sure that you know what you are dealing with before you sign up for anything. Some no medical term life insurance companies require a urine sample or a blood test even when they do not require a physical or a medical examination. These samples can also be used to determine what medical conditions already exist, regardless of whether you are aware of them or not. Term life insurance companies are good at protecting themselves from potential risks. You need to be prepared for this just in case. Find out what kinds of tests your potential insurance provider is going to require before you sign up for anything.
Sharon Taylor writes articles for eQUOTE Life Insurance. eQUOTE is a leading Internet life insurance company providing families with no-obligation term life insurance quotes and other helpful family insurance resources since 1999.
Article Source: http://EzineArticles.com/?expert=Sharon_Taylor
You may actually find yourself pleasantly surprised when you first find out that every company that offers term life insurance is different. What this means is that there are term life insurance providers that require medical exams, and there are insurance providers offering no medical term life insurance, too. These term life insurance providers do not require a potential
policyholder to undergo a medical examination of any kind in order to purchase the insurance that they need. This means you truly can find the perfect low cost plan for term life insurance without having to undergo a physical or medical examination at all whatsoever. Not all of the term life insurance companies out there are going to offer this extremely useful type of no medical life insurance, but there are companies out there that do and you might be surprised how many of them you can find.
Choosing a Term Life Insurance Provider
Whether or not you will actually be able to qualify for a no medical term life insurance plan actually depends more on which term life insurance provider you choose when you decide to purchase your policy. Every term life insurance provider has its own policies regarding whether or not you will have to undergo a specific medical examination or physical examination prior to being able to seek a life insurance policy. Most of these requirements are based on the underwriting guidelines that each term life insurance company has, which vary greatly from provider to provider.
Why No Medical Term Life Insurance?
The reason many term life insurance providers require a medical examination is because term life insurance is a popular option among people who already have illnesses or who are already expected to die within a certain amount of time. Insurance companies that are looking to protect themselves from having to pay out to these beneficiaries will require a medical exam to weed out people who are already sick before they purchase insurance. This is another reason why purchasing no medical life insurance is so important, especially if you are already ill, growing older or expected to die soon. No medical term life insurance is a great option for anyone who is only seeking life insurance for a specific amount of time, healthy or not.
Are you looking for options for no medical term life insurance? There are many different term life insurance providers available who may or may not require an exam, and the best way to figure out which leads to pursue is simply to ask around. Contact as many term life insurance providers as you can until you have a small pool of potential insurance providers who offer no medical life insurance. You should always make a point to research as many different options as you can before you sign on any dotted lines or make any purchases, because you may end up regretting it later if a better, cheaper, increased coverage policy is introduced somewhere.
Make sure that you know what you are dealing with before you sign up for anything. Some no medical term life insurance companies require a urine sample or a blood test even when they do not require a physical or a medical examination. These samples can also be used to determine what medical conditions already exist, regardless of whether you are aware of them or not. Term life insurance companies are good at protecting themselves from potential risks. You need to be prepared for this just in case. Find out what kinds of tests your potential insurance provider is going to require before you sign up for anything.
Sharon Taylor writes articles for eQUOTE Life Insurance. eQUOTE is a leading Internet life insurance company providing families with no-obligation term life insurance quotes and other helpful family insurance resources since 1999.
Article Source: http://EzineArticles.com/?expert=Sharon_Taylor
Cheap Term Life Insurance and Getting Cheaper! Competitive Term Life Business Helps You!
By Marilyn Katz
Gasoline is more expensive, food is more expensive, and housing is more expensive. However, along with personal computers, the rates of term life insurance have actually dipped in recent years. More term life insurance policies have also become available to applicants with no physical exam. Why? Well, Americans are living longer and healthier rates. When underwriters offer an insurance policy price they base it upon their statistics of how likely the person is to survive the term policy. Of course, and ironically, everybody wants you to survive your life insurance policy. The life insurance company wants you to live past the term of the policy, and you certainly want to live past the term too!
With the internet, life insurance has also become a more competitive business. So this makes it much simpler and easier to obtain valuable coverage. Since rates have dropped, and since it is easy to shop around for life insurance, this could be a very good time to do a quick premium check. Even if you have aged a few years since you took out your last policy, the rate drop may make up for that. It is certainly worth taking a look. Think about it. If you pay life insurance premiums for the length of a thirty year term policy as a monthly bank draft, a small change can make a big difference. Even twenty dollars a month, multiplied over thirty years, turns into more than seven thousand dollars!
Compare Life Insurance For The Best Prices
And it is worth it to compare life insurance prices. We compared the rates between ten of the top life insurance companies for one client, and found a $300 a year difference between top local policies! Even for a twenty year term policy that would be six thousand dollars in premiums saved! I am certain, that over the course of twenty or thirty years, all of us can find a use for six or seven thousand dollars that we do not need to pay for life insurance!
Keep Your Old Policy Until You Are Issued A New Life Insurance Policy
Of course, never give up your old life insurance policy until you have that new one in your hand. If you have developed any sort of health condition or been rated up, the price offer may be higher than the one that is quoted. Nowadays, some life insurance companies even consider your credit, which they did not do in the old days. Also, you do run a risk of not being handed a life insurance policy at all if you apply with a company that has very strict underwriting. So wait until your new policy has been issued before you give up your old one.
Compare Safely
We think that internet quote forms are great. You can fill out your information one time, and then sit back and let local insurance companies compete for your business. However, always look for a quote form that uses third party verification like the Better Business Bureau or the National Ethics Check, and that runs on a secure server so your information is private.
Sit back and Compare Term Life Insurance Quotes with No Medical Exam. Use our fast, safe, and free No Medical Exam Term Life Insurance Quotes. The system is Better Business Bureau Approved and runs on a secure server!
http://www.nomedicalexam.net/life.html
Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
Gasoline is more expensive, food is more expensive, and housing is more expensive. However, along with personal computers, the rates of term life insurance have actually dipped in recent years. More term life insurance policies have also become available to applicants with no physical exam. Why? Well, Americans are living longer and healthier rates. When underwriters offer an insurance policy price they base it upon their statistics of how likely the person is to survive the term policy. Of course, and ironically, everybody wants you to survive your life insurance policy. The life insurance company wants you to live past the term of the policy, and you certainly want to live past the term too!
With the internet, life insurance has also become a more competitive business. So this makes it much simpler and easier to obtain valuable coverage. Since rates have dropped, and since it is easy to shop around for life insurance, this could be a very good time to do a quick premium check. Even if you have aged a few years since you took out your last policy, the rate drop may make up for that. It is certainly worth taking a look. Think about it. If you pay life insurance premiums for the length of a thirty year term policy as a monthly bank draft, a small change can make a big difference. Even twenty dollars a month, multiplied over thirty years, turns into more than seven thousand dollars!
Compare Life Insurance For The Best Prices
And it is worth it to compare life insurance prices. We compared the rates between ten of the top life insurance companies for one client, and found a $300 a year difference between top local policies! Even for a twenty year term policy that would be six thousand dollars in premiums saved! I am certain, that over the course of twenty or thirty years, all of us can find a use for six or seven thousand dollars that we do not need to pay for life insurance!
Keep Your Old Policy Until You Are Issued A New Life Insurance Policy
Of course, never give up your old life insurance policy until you have that new one in your hand. If you have developed any sort of health condition or been rated up, the price offer may be higher than the one that is quoted. Nowadays, some life insurance companies even consider your credit, which they did not do in the old days. Also, you do run a risk of not being handed a life insurance policy at all if you apply with a company that has very strict underwriting. So wait until your new policy has been issued before you give up your old one.
Compare Safely
We think that internet quote forms are great. You can fill out your information one time, and then sit back and let local insurance companies compete for your business. However, always look for a quote form that uses third party verification like the Better Business Bureau or the National Ethics Check, and that runs on a secure server so your information is private.
Sit back and Compare Term Life Insurance Quotes with No Medical Exam. Use our fast, safe, and free No Medical Exam Term Life Insurance Quotes. The system is Better Business Bureau Approved and runs on a secure server!
http://www.nomedicalexam.net/life.html
Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
A Brief Guide to Life Insurance
By Andrew Regan
Taking out life insurance is a way of ensuring that should you die unexpectedly, your dependents will be looked after financially. Before buying a policy you need to work out exactly how much your family would need if the worst happened, and this would be your ‘sum assured’. That sum, together with your sex, age and your general state of health would be used to fix the amount of your ‘premium’ – how much you would pay each month to be insured.
There are two basic types of UK life insurance and the amount you pay would also vary depending upon the type you choose; term insurance or whole-of-life insurance. The cheapest and simplest form of life cover is term assurance. This is most often taken out at the time of your biggest financial commitment, for instance when you buy a house, and is for a fixed period of time. The purpose of the assurance is to ensure that should you die your mortgage is paid off leaving those left behind with no worries about housing. Once the policy expires it has no value, and you don’t get any of your payments returned. There are different types of term assurance, most commonly level term or decreasing term, but there are others that may be more suitable to your needs.
The other main type of insurance is whole-of-life and, as its name suggests will be in place for your entire life and guarantees a payout on your death. Because, with this policy a payout is guaranteed, premiums will be much higher than for life assurance. There are different types of whole-of-life policy; some are investment-linked and others offer a set sum from the outset.
Investment-linked policies tend to be popular and payouts will depend upon performance of the investment. But, with this type of insurance your policies tend to be reviewed every ten years, and premiums can go up or the company could choose to decrease the cover it offers.
If you are considering taking out life insurance it is best to get independent financial advice first. Your advisor will guide you, helping you to accurately compare life insurance policies, ensuring that you end up with the best one for you. Their knowledge of the UK life insurance market will be invaluable in your search for the right product, and the advisor will be able to fully explain everything that has been covered in only the briefest terms here.
Andrew Regan is an online, freelance author from Scotland. He is a keen rugby player and enjoys travelling.
Article Source: http://EzineArticles.com/?expert=Andrew_Regan
Taking out life insurance is a way of ensuring that should you die unexpectedly, your dependents will be looked after financially. Before buying a policy you need to work out exactly how much your family would need if the worst happened, and this would be your ‘sum assured’. That sum, together with your sex, age and your general state of health would be used to fix the amount of your ‘premium’ – how much you would pay each month to be insured.
There are two basic types of UK life insurance and the amount you pay would also vary depending upon the type you choose; term insurance or whole-of-life insurance. The cheapest and simplest form of life cover is term assurance. This is most often taken out at the time of your biggest financial commitment, for instance when you buy a house, and is for a fixed period of time. The purpose of the assurance is to ensure that should you die your mortgage is paid off leaving those left behind with no worries about housing. Once the policy expires it has no value, and you don’t get any of your payments returned. There are different types of term assurance, most commonly level term or decreasing term, but there are others that may be more suitable to your needs.
The other main type of insurance is whole-of-life and, as its name suggests will be in place for your entire life and guarantees a payout on your death. Because, with this policy a payout is guaranteed, premiums will be much higher than for life assurance. There are different types of whole-of-life policy; some are investment-linked and others offer a set sum from the outset.
Investment-linked policies tend to be popular and payouts will depend upon performance of the investment. But, with this type of insurance your policies tend to be reviewed every ten years, and premiums can go up or the company could choose to decrease the cover it offers.
If you are considering taking out life insurance it is best to get independent financial advice first. Your advisor will guide you, helping you to accurately compare life insurance policies, ensuring that you end up with the best one for you. Their knowledge of the UK life insurance market will be invaluable in your search for the right product, and the advisor will be able to fully explain everything that has been covered in only the briefest terms here.
Andrew Regan is an online, freelance author from Scotland. He is a keen rugby player and enjoys travelling.
Article Source: http://EzineArticles.com/?expert=Andrew_Regan
How To Sell Your Life Insurance Policy - Get a Life Settlement
By John Weimer
1) First you should determine your current and future cash needs and financial condition. It is recommended that you consult a financial advisor or lawyer.
*Tip: If you are considering letting a life policy lapse because of future premium payments, it is good idea to get a quote. You may be surprised at the hidden value of the policy.
2) Contact the insurance company or financial advisor who issued/sold your life policy to determine if you can cash out(surrender) or if the policy has a accelerated death benefit and what penalties(if any) are involved. Depending on the type of policy and contract, it may be possible to surrender the policy for a net cash surrender value or use the accelerated death benefit option directly with the insurance company. This option may give you more money than selling the policy.
If you would like to get competitive quotes before you surrender your policy, you should obtain all the contract details and confirm the life policy can be sold, assigned, transferred to a new buyer. You will need this information to give to the potential buyer.
3) Search for a buyer of life insurance policies or life settlements. It is very important to feel comfortable with potential a buyer. Please see "Due Diligence" for tips on selecting a buyer.
There are a number of ways to find a potential buyer:
-talk to your financial advisor or lawyer, -use www.MyNoteMarket.com to identify potential buyers, -search the Internet, -talk to friends, family, or acquaintances who have sold a life policy.
4) It is recommended that you have as much information collected before you begin this process. The potential buyer will request specific information about your life policy.
*Tip: Request to see the buyer's privacy policy.
Information requests can include:
-Life insurance policy/contract - from the insurance company or payment provider -Insurance company contact information-Your personal information including driver's license-Your medical professional's contact information -Your lawyer's information, if needed.
5) Get multiples quotes for your life policy. Potential buyers will generally give you a free analysis and no obligation quote for your life policy. They should explain all potential options and provide an amount that you will receive. While the highest quote may be attractive, you should consider all the factors together. These factors include: reputation, experience, your comfort level, etc.
*Tip: Ask the buyer up front about all costs and who is responsible for paying them.
*Tip: Beware of potential buyers who ask for a fee up front. There should be no fee for a quote or analysis.
6) Once you have selected a buyer, they will continue an underwriting process. This process usually lasts between 2 to 8 weeks, depending on the buyer, the insurance company and complexity of your situation and life policy. They will contact the insurance company to work through the details and ensure compliance with the new contract.
*Tip: Ask the buyer up front about the process and time to completion. Be cautious of very short process times.
7) When the underwriting is complete, you will have to sign a contract (purchase agreement) with the buyer. This contract should outline the terms and conditions of the life settlement payment.
*Tip: It is strongly advised that you have your lawyer review this contract before you sign it.
*Tip: You generally have a minimum of 10 days to rescind the contract after you receive payment, it varies by state. Check the contract.
8) Once all paperwork and contracts are review and completed, they will be sent to an escrow agent or independent third-party. When all the information and payment is verified by the escrow agent or independent third-party, you will receive your payment.
Congratulations! You sold your life insurance policy.
*Please note: these are general guidelines; all situations are unique and vary by state and company.
* Please consult a lawyer, licensed insurance agent, securities broker, or other financial professional for advice regarding your personal situation.
John Weimer, CFAMr Weimer has almost 20 years of finance and investment experience working with major insurance companies and investment firms. He also co-founded TheBizMarket.com, an on-line business brokerage. He currently is CEO of PegasusPolo Ventures, LLC
For more information, please go to http://MyNoteMarket.com
http://www.PegasusPolo.com
Check out the guide from the National Association of Insurance Commissioners (NAIC) entitled: Selling Your Life Insurance Policy - http://www.naic.org/consumer_life_viaticals_seller.htm
Article Source: http://EzineArticles.com/?expert=John_Weimer
1) First you should determine your current and future cash needs and financial condition. It is recommended that you consult a financial advisor or lawyer.
*Tip: If you are considering letting a life policy lapse because of future premium payments, it is good idea to get a quote. You may be surprised at the hidden value of the policy.
2) Contact the insurance company or financial advisor who issued/sold your life policy to determine if you can cash out(surrender) or if the policy has a accelerated death benefit and what penalties(if any) are involved. Depending on the type of policy and contract, it may be possible to surrender the policy for a net cash surrender value or use the accelerated death benefit option directly with the insurance company. This option may give you more money than selling the policy.
If you would like to get competitive quotes before you surrender your policy, you should obtain all the contract details and confirm the life policy can be sold, assigned, transferred to a new buyer. You will need this information to give to the potential buyer.
3) Search for a buyer of life insurance policies or life settlements. It is very important to feel comfortable with potential a buyer. Please see "Due Diligence" for tips on selecting a buyer.
There are a number of ways to find a potential buyer:
-talk to your financial advisor or lawyer, -use www.MyNoteMarket.com to identify potential buyers, -search the Internet, -talk to friends, family, or acquaintances who have sold a life policy.
4) It is recommended that you have as much information collected before you begin this process. The potential buyer will request specific information about your life policy.
*Tip: Request to see the buyer's privacy policy.
Information requests can include:
-Life insurance policy/contract - from the insurance company or payment provider -Insurance company contact information-Your personal information including driver's license-Your medical professional's contact information -Your lawyer's information, if needed.
5) Get multiples quotes for your life policy. Potential buyers will generally give you a free analysis and no obligation quote for your life policy. They should explain all potential options and provide an amount that you will receive. While the highest quote may be attractive, you should consider all the factors together. These factors include: reputation, experience, your comfort level, etc.
*Tip: Ask the buyer up front about all costs and who is responsible for paying them.
*Tip: Beware of potential buyers who ask for a fee up front. There should be no fee for a quote or analysis.
6) Once you have selected a buyer, they will continue an underwriting process. This process usually lasts between 2 to 8 weeks, depending on the buyer, the insurance company and complexity of your situation and life policy. They will contact the insurance company to work through the details and ensure compliance with the new contract.
*Tip: Ask the buyer up front about the process and time to completion. Be cautious of very short process times.
7) When the underwriting is complete, you will have to sign a contract (purchase agreement) with the buyer. This contract should outline the terms and conditions of the life settlement payment.
*Tip: It is strongly advised that you have your lawyer review this contract before you sign it.
*Tip: You generally have a minimum of 10 days to rescind the contract after you receive payment, it varies by state. Check the contract.
8) Once all paperwork and contracts are review and completed, they will be sent to an escrow agent or independent third-party. When all the information and payment is verified by the escrow agent or independent third-party, you will receive your payment.
Congratulations! You sold your life insurance policy.
*Please note: these are general guidelines; all situations are unique and vary by state and company.
* Please consult a lawyer, licensed insurance agent, securities broker, or other financial professional for advice regarding your personal situation.
John Weimer, CFAMr Weimer has almost 20 years of finance and investment experience working with major insurance companies and investment firms. He also co-founded TheBizMarket.com, an on-line business brokerage. He currently is CEO of PegasusPolo Ventures, LLC
For more information, please go to http://MyNoteMarket.com
http://www.PegasusPolo.com
Check out the guide from the National Association of Insurance Commissioners (NAIC) entitled: Selling Your Life Insurance Policy - http://www.naic.org/consumer_life_viaticals_seller.htm
Article Source: http://EzineArticles.com/?expert=John_Weimer
Life Insurance Leads For Agents - The Ultimate Source
By Gerald Mackey
If you're interested in obtaining high quality life insurance leads for agents, be sure to take advantage of the opportunities certain Internet companies present. While the more time-honored methods for lead generation still work, such as the Yellow Pages, newspaper ads and so-forth, these don't always convert as well as leads generated online. In fact, when it comes to generating life insurance leads for agents, the best Internet lead generation companies offer higher quality leads in comparison to the more traditional forms of advertising. And here's why...
The typical consumer searching for life insurance online usually has a higher income, more acceptable credit rating and is often better educated than others without an Internet connection. These three factors alone make leads produced by other means somewhat inferior. Not only that, but life insurance leads generated over the Internet are worth more because they actually give you a higher return on the advertising dollars you've invested. When provided by a reputable company, Internet driven leads offer a safe, cost effective way to spend your advertising dollars and reap greater rewards.
As to other ways of marketing your business, there are no guarantees you will receive any leads at all. However, at the same time, consumers are more and more utilizing the Internet to shop for life insurance. This fact alone ensures activity that other forms of advertising do not. When it comes to life insurance leads for agents, the Internet is the ultimate source for a constant stream of new clients. And when you use a good Internet lead generating company that is attentive to your needs, you'll always have new prospects to call on.
Their is nothing like the internet when it comes to generating life insurance leads. For agents, finding a good source for leads is like walking into a goldmine full of rich veins, exposed and ready to be tapped. Have you found your good source for life insurance leads yet? If not, click the link below and discover for yourself what will become your most reliable source for affordable, high quality life insurance leads. You won't be disappointed...
Gerald Mackey writes articles to help insurance agents with lead generation.
http://best-insurance-leads.com
Article Source: http://EzineArticles.com/?expert=Gerald_Mackey
If you're interested in obtaining high quality life insurance leads for agents, be sure to take advantage of the opportunities certain Internet companies present. While the more time-honored methods for lead generation still work, such as the Yellow Pages, newspaper ads and so-forth, these don't always convert as well as leads generated online. In fact, when it comes to generating life insurance leads for agents, the best Internet lead generation companies offer higher quality leads in comparison to the more traditional forms of advertising. And here's why...
The typical consumer searching for life insurance online usually has a higher income, more acceptable credit rating and is often better educated than others without an Internet connection. These three factors alone make leads produced by other means somewhat inferior. Not only that, but life insurance leads generated over the Internet are worth more because they actually give you a higher return on the advertising dollars you've invested. When provided by a reputable company, Internet driven leads offer a safe, cost effective way to spend your advertising dollars and reap greater rewards.
As to other ways of marketing your business, there are no guarantees you will receive any leads at all. However, at the same time, consumers are more and more utilizing the Internet to shop for life insurance. This fact alone ensures activity that other forms of advertising do not. When it comes to life insurance leads for agents, the Internet is the ultimate source for a constant stream of new clients. And when you use a good Internet lead generating company that is attentive to your needs, you'll always have new prospects to call on.
Their is nothing like the internet when it comes to generating life insurance leads. For agents, finding a good source for leads is like walking into a goldmine full of rich veins, exposed and ready to be tapped. Have you found your good source for life insurance leads yet? If not, click the link below and discover for yourself what will become your most reliable source for affordable, high quality life insurance leads. You won't be disappointed...
Gerald Mackey writes articles to help insurance agents with lead generation.
http://best-insurance-leads.com
Article Source: http://EzineArticles.com/?expert=Gerald_Mackey
How You Buy Life Insurance Shows Your Age
By Andrew Regan
The Association of British Insurers (ABI) estimates that one in three Britons are without any form of life insurance, and of those that do have cover a further one in three may be under-insured. However, those headline figures don't show the full picture as many industry experts believe the young to be more under-insured, and that may be because of the way that they buy life insurance.
Recent separate surveys into the UK life insurance market commissioned by Norwich Union and Sainsbury's Bank have highlighted that there may be a different approach between the generations when it comes to buying life insurance.
The Sainsbury's Bank survey found that young people tend not to shop around when it comes to buying life assurance and the majority simply choose to go with their mortgage provider. The reason given for this appears to be a form of attrition; that they are already so worn out and over-whelmed by the house-buying process that they readily agree to the cover offered by their lender; it is an easy option as they leave it to the lender to arrange all the details. But, taking this approach may not be in their best interest. A Sainsbury's spokesperson said: "Not shopping around is a big disadvantage for younger people as premiums stay the same throughout the life of the policy, so getting a more advantageous deal with more favourable premiums from the start could save thousands over the life of the policy."
However, a survey by Norwich Union showed that the opposite applies when it comes to those over 30 years old; they will shop around to make sure they have fully investigated the market before committing to a purchase. Norwich Union spokesman Darren Dicks said: "As people get older they become more responsible. They also tend to have children from 30 onwards forcing them to think about things like life insurance." He believes that the combination of life experience and the need to provide for their children means that the over-30s, on the whole, tend to be more financially aware. As a result they will take time to compare life insurance policies and the benefits that they offer, as well as the premiums charged. In addition, as people get older they also tend to have more experience of buying financial services and have more confidence in shopping around to find the best deal.
However, despite the survey's findings Sainsbury's Bank estimates that UK mortgage-holders are currently under-insured by a staggering £2.3 trillion, and that can't all be down to people under 30.
Andrew Regan is an online, freelance author from Scotland. He is a keen rugby player and enjoys travelling.
Article Source: http://EzineArticles.com/?expert=Andrew_Regan
The Association of British Insurers (ABI) estimates that one in three Britons are without any form of life insurance, and of those that do have cover a further one in three may be under-insured. However, those headline figures don't show the full picture as many industry experts believe the young to be more under-insured, and that may be because of the way that they buy life insurance.
Recent separate surveys into the UK life insurance market commissioned by Norwich Union and Sainsbury's Bank have highlighted that there may be a different approach between the generations when it comes to buying life insurance.
The Sainsbury's Bank survey found that young people tend not to shop around when it comes to buying life assurance and the majority simply choose to go with their mortgage provider. The reason given for this appears to be a form of attrition; that they are already so worn out and over-whelmed by the house-buying process that they readily agree to the cover offered by their lender; it is an easy option as they leave it to the lender to arrange all the details. But, taking this approach may not be in their best interest. A Sainsbury's spokesperson said: "Not shopping around is a big disadvantage for younger people as premiums stay the same throughout the life of the policy, so getting a more advantageous deal with more favourable premiums from the start could save thousands over the life of the policy."
However, a survey by Norwich Union showed that the opposite applies when it comes to those over 30 years old; they will shop around to make sure they have fully investigated the market before committing to a purchase. Norwich Union spokesman Darren Dicks said: "As people get older they become more responsible. They also tend to have children from 30 onwards forcing them to think about things like life insurance." He believes that the combination of life experience and the need to provide for their children means that the over-30s, on the whole, tend to be more financially aware. As a result they will take time to compare life insurance policies and the benefits that they offer, as well as the premiums charged. In addition, as people get older they also tend to have more experience of buying financial services and have more confidence in shopping around to find the best deal.
However, despite the survey's findings Sainsbury's Bank estimates that UK mortgage-holders are currently under-insured by a staggering £2.3 trillion, and that can't all be down to people under 30.
Andrew Regan is an online, freelance author from Scotland. He is a keen rugby player and enjoys travelling.
Article Source: http://EzineArticles.com/?expert=Andrew_Regan
Life Insurance - Making Sure You Buy Right
By Chimezirim Chinecherem Odimba
Good life insurance agents don't usually pitch life insurance to prospects. They do their utmost to sell it in light of its benefits such as mortgage protection or retirement plan. However, if it has a life insurance component in it, it's life insurance, period. That is, if it promises to pay something when or if you die.
A life insurance agent, like anyone else who sells anything, shows you the very best sides of the product or service being sold. It's your responsibility as the buyer to ensure you know the downsides too.
For example expect agents selling a whole life insurance policy to stress the tax-free accumulation of cash value. It's only if you ask well that you'll find out that although a whole life insurance policy offers such a benefit, it also has it own downsides like high commissions and penalties for cashing out early.
Don't buy any life insurance until any doubts are cleared. Know what you stand to gain and what you stand to lose. Take out some time to visit sites by life insurance experts and you'll be able to make more informed choices.
There are documents that an agent is bound by law to give you prior to signing a policy. Ask for your policy summary and do make sure you read through and understand it before you sign.
A free look period is something your insurer is bound by law to give you. You are free to terminate a life insurance contract within this period for a full refund. If you think a policy isn't right for you, return the policy to the insurance company by certified mail within the specified free look period.
Finally...
You can get the best rate for your preferred life insurance policy by getting and comparing life insurance quotes from up to five or more sites. You can save hundreds (or even thousands) of dollars by doing this. It will take you just a few minutes per site.
Here are my favorite sites for life insurance quotes...
Free Affordable Life Insurance Quotes
Hometown Life Insurance Quotes
Chimezirim Odimba writes on life insurance.
Article Source: http://EzineArticles.com/?expert=Chimezirim_Chinecherem_Odimba
Good life insurance agents don't usually pitch life insurance to prospects. They do their utmost to sell it in light of its benefits such as mortgage protection or retirement plan. However, if it has a life insurance component in it, it's life insurance, period. That is, if it promises to pay something when or if you die.
A life insurance agent, like anyone else who sells anything, shows you the very best sides of the product or service being sold. It's your responsibility as the buyer to ensure you know the downsides too.
For example expect agents selling a whole life insurance policy to stress the tax-free accumulation of cash value. It's only if you ask well that you'll find out that although a whole life insurance policy offers such a benefit, it also has it own downsides like high commissions and penalties for cashing out early.
Don't buy any life insurance until any doubts are cleared. Know what you stand to gain and what you stand to lose. Take out some time to visit sites by life insurance experts and you'll be able to make more informed choices.
There are documents that an agent is bound by law to give you prior to signing a policy. Ask for your policy summary and do make sure you read through and understand it before you sign.
A free look period is something your insurer is bound by law to give you. You are free to terminate a life insurance contract within this period for a full refund. If you think a policy isn't right for you, return the policy to the insurance company by certified mail within the specified free look period.
Finally...
You can get the best rate for your preferred life insurance policy by getting and comparing life insurance quotes from up to five or more sites. You can save hundreds (or even thousands) of dollars by doing this. It will take you just a few minutes per site.
Here are my favorite sites for life insurance quotes...
Free Affordable Life Insurance Quotes
Hometown Life Insurance Quotes
Chimezirim Odimba writes on life insurance.
Article Source: http://EzineArticles.com/?expert=Chimezirim_Chinecherem_Odimba
Term Life Insurance vs Permanent Life Insurance - Is Cash Value the Best Value?
By Raul Works
Our introduction to this topic will include the basics, which will be followed by a more in depth look at this topic.
When in the bazaar for life insurance, there are two types you can store around for: term life insurance or permanent life insurance. The chief superficial difference between the two is that term life insurance covers you for a set spot of time, where permanent life insurance covers you for the rectifier of your life. a although permanent life insurance overheads considerably more than term life insurance, it is just because when pleasing a faster look at each, permanent life insurance gives your statement the unproposened to soar its cash value, which ultimately means a better value and more money for your beneficiaries when you die.
Which is best for you?
Enduring life insurance may submit you a better payout in the long-run, but what if your fiscal obligations are only suddenly-term? When you actually just want the most quantity of coverage for the slightest quantity of money, its better to obtain a term life insurance statement. The money you keep from the premiums in term life insurance can be invested in stocks, mutual money, or bonds.
If you have completely read through the first half of this article, the second part will be a snap to understand.
The present that makes permanent life insurance so wanted is its ability to obtain cash value. A portion of the money you pay into your premium goes into a cash account that grows over time. With any kind of insurance you are considering, its important to do inquiries about the circle you may be purchasing your statement through, says David Roush, CEO of indemnity.com. You'll also want to be effective you smarmy understand how it facility and that there are no buried fees that may get you in the end, Roush says.
How does cash value work?
Currency value accumulates very hastily in the launch, because you are younger and your mortality charge is reducing. But as time goes on, your cash value begins to dense down, not from something that you've done, but because of time operation its course on you and your body. The unproposeneds of you vanishing soar every year, which in spin makes the cost of insuring you go up, as well as increasing your mortality cost.
The mortality cost (a certain quantity of money the insurance circle takes out of your payments per year to pay for insurance overheads and processing) typically doubles every decade. The more they take out, the excluding that goes into your cash value. Luckily, your premiums don't soar because the life insurance circle has full your mortality into consideration. The only time your premium could probably go up is if you have a worldwide life insurance statement with open payments if you pay too little in the launch, you may get hit with high bills later on.
On the regular, cash value can erect between four to six percent each year. If your money is in stocks, bonds, or mutual money, you are at the mercy of the cheap. At the end of the year, your cash value may be advanced than likely, or if investments aren't performing well, it may be considerably reduce. When you die, unexcluding you already specific that you want your cash value coupled into your killing payback, your beneficiaries will not get the cash value you accumulated. So be effective to read all the minute issue when applying for permanent life insurance, just to be effective there are no surprises when you die.
Is cash value a liquid asset?
A although cash value is like a liquid asset because you have the ability to vacate money, you will be penalized and electric a fee if you resolve to vacate money. A different array (and one that is not recommended) is unfair vacate. It should be eminent although, by pleasing out money this way, your killing help gets cheap on a buck-to-buck root.
A very ordinary way people take money out of their cash value is by pleasing out a lend obtains it. You don't have to pay it back, but the opening quantity, good the seven to eight percent gain that is tacked against it, will be full out of your killing help when you die. This may suddenly-change your beneficiaries depending on how greatly you allocated.
Another thing to keep in tend is when you vacate money from your cash value, it may become payable. If it is meaning more than what you have rewarded on your life insurance statement, it may be taxed. Also, if you take out a lend obtains it, and you forfeit the statement or it lapses before you pay it back, you will be taxed on the difference of the lend quantity and the complete quantity of the premium.
Enduring life insurance and cash value do take a while to accumulate, so if you're not very troubled about the cool outlook, a term life statement will be a better array.
When is undivided life insurance the best bet?
If you penury life insurance for the lean of your life, and you have a high proceeds, an undivided life insurance propose may be the right verdict for you. Many adult people like undivided life insurance policies, because they use their cash value to pay off their premiums. Their life insurance stays active and their killing payback is cheap, but the quantity left in the killing payback can be worn by beneficiaries to pay off their estate or taxes that have been incurred.
Making the array
The array is yours as to what kind of life insurance you should obtain, says Roush, deciding factors depend on what kind of time entice you're looking at, and how greatly you are agreeable to pay in insurance premiums.
If you could take the main ideas from this article and put them into a list, you would a great overview of what we have learned.
Raul Works writes for http://www.life4insured.com where you can find out more about Life Insurance and other topics.
Article Source: http://EzineArticles.com/?expert=Raul_Works
Our introduction to this topic will include the basics, which will be followed by a more in depth look at this topic.
When in the bazaar for life insurance, there are two types you can store around for: term life insurance or permanent life insurance. The chief superficial difference between the two is that term life insurance covers you for a set spot of time, where permanent life insurance covers you for the rectifier of your life. a although permanent life insurance overheads considerably more than term life insurance, it is just because when pleasing a faster look at each, permanent life insurance gives your statement the unproposened to soar its cash value, which ultimately means a better value and more money for your beneficiaries when you die.
Which is best for you?
Enduring life insurance may submit you a better payout in the long-run, but what if your fiscal obligations are only suddenly-term? When you actually just want the most quantity of coverage for the slightest quantity of money, its better to obtain a term life insurance statement. The money you keep from the premiums in term life insurance can be invested in stocks, mutual money, or bonds.
If you have completely read through the first half of this article, the second part will be a snap to understand.
The present that makes permanent life insurance so wanted is its ability to obtain cash value. A portion of the money you pay into your premium goes into a cash account that grows over time. With any kind of insurance you are considering, its important to do inquiries about the circle you may be purchasing your statement through, says David Roush, CEO of indemnity.com. You'll also want to be effective you smarmy understand how it facility and that there are no buried fees that may get you in the end, Roush says.
How does cash value work?
Currency value accumulates very hastily in the launch, because you are younger and your mortality charge is reducing. But as time goes on, your cash value begins to dense down, not from something that you've done, but because of time operation its course on you and your body. The unproposeneds of you vanishing soar every year, which in spin makes the cost of insuring you go up, as well as increasing your mortality cost.
The mortality cost (a certain quantity of money the insurance circle takes out of your payments per year to pay for insurance overheads and processing) typically doubles every decade. The more they take out, the excluding that goes into your cash value. Luckily, your premiums don't soar because the life insurance circle has full your mortality into consideration. The only time your premium could probably go up is if you have a worldwide life insurance statement with open payments if you pay too little in the launch, you may get hit with high bills later on.
On the regular, cash value can erect between four to six percent each year. If your money is in stocks, bonds, or mutual money, you are at the mercy of the cheap. At the end of the year, your cash value may be advanced than likely, or if investments aren't performing well, it may be considerably reduce. When you die, unexcluding you already specific that you want your cash value coupled into your killing payback, your beneficiaries will not get the cash value you accumulated. So be effective to read all the minute issue when applying for permanent life insurance, just to be effective there are no surprises when you die.
Is cash value a liquid asset?
A although cash value is like a liquid asset because you have the ability to vacate money, you will be penalized and electric a fee if you resolve to vacate money. A different array (and one that is not recommended) is unfair vacate. It should be eminent although, by pleasing out money this way, your killing help gets cheap on a buck-to-buck root.
A very ordinary way people take money out of their cash value is by pleasing out a lend obtains it. You don't have to pay it back, but the opening quantity, good the seven to eight percent gain that is tacked against it, will be full out of your killing help when you die. This may suddenly-change your beneficiaries depending on how greatly you allocated.
Another thing to keep in tend is when you vacate money from your cash value, it may become payable. If it is meaning more than what you have rewarded on your life insurance statement, it may be taxed. Also, if you take out a lend obtains it, and you forfeit the statement or it lapses before you pay it back, you will be taxed on the difference of the lend quantity and the complete quantity of the premium.
Enduring life insurance and cash value do take a while to accumulate, so if you're not very troubled about the cool outlook, a term life statement will be a better array.
When is undivided life insurance the best bet?
If you penury life insurance for the lean of your life, and you have a high proceeds, an undivided life insurance propose may be the right verdict for you. Many adult people like undivided life insurance policies, because they use their cash value to pay off their premiums. Their life insurance stays active and their killing payback is cheap, but the quantity left in the killing payback can be worn by beneficiaries to pay off their estate or taxes that have been incurred.
Making the array
The array is yours as to what kind of life insurance you should obtain, says Roush, deciding factors depend on what kind of time entice you're looking at, and how greatly you are agreeable to pay in insurance premiums.
If you could take the main ideas from this article and put them into a list, you would a great overview of what we have learned.
Raul Works writes for http://www.life4insured.com where you can find out more about Life Insurance and other topics.
Article Source: http://EzineArticles.com/?expert=Raul_Works
No Medical Exam Term Life Insurance for Health Issues, Busy People, and You!
By Marilyn Katz
Why Term Life Insurance?
During the years when your family is young and growing, they depend upon you for food, shelter, and education. You do not expect to pass away, but it only makes sense to cover your family in case of tragedy. However since you figure that you will survive this period of time, you probably do not want to spend a lot of money providing this important coverage.
Term life insurance is the most affordable type of life insurance. You can usually select a large face value, the amount you believe your family would need if you passed away, at the lowest rate. You can also select a period of years to be covered, generally twenty or thirty years. The logic here is that after that time your children will not depend upon you any longer, and that you will have savings to pay for a lower amount of obligation. Also, if you are paying off a mortgage now, consider how many years it will take until your home is paid for.
Many financial experts urge their clients to buy term life insurance because it is cheaper, and it is purely insurance. If you want a savings or investment account, then you can probably get better returns on your money with other financial products than insurance.
No Medical Exam Term Life Insurance
Many people delay a life insurance policy because they just do not want the hassle. In the old days, many insurance companies required a medical exam before they would accept an application. Also, applying meant you had to meet with an insurance agent and fill out a complex application. Some people were concerned about meeting with an agent because they felt as if they would be sold a policy that cost more then they intended to spend. They did not want to go to the trouble of filling out a long application because they were concerned about privacy or minor to moderate health conditions!
The New No Physical Life Insurance
However, with the popularity of the internet, many life insurance companies are letting people quote and apply online. Applications are shorter, and you can find hundreds of thousands of dollars worth of term life insurance from companies that do not require a medical exam. Even if you have a minor to moderate health condition, you can still qualify for many large term life insurance policies. If you do have a more serious health condition, you will probably want to consult with an insurance agent though.
Shop For Term Life Insurance
I compared term life insurance policies in my area for one forty-five year old man. He wanted $100,000 worth of term life coverage. I found a $300 a year premium difference between top, highly rated companies. You will still want to do a little shopping for the lowest price from a top rated life insurance company. If you have to fill out a long application, and especially if you have to go through an insurance physical, this could take a long time. However, when you can fill out a life insurance quote form online, and then get back multiple offers, your shopping won't take long at all!
Get fast, safe, and free No Medical Exam Term Life Insurance Quotes from our Better Business Bureau approved online life insurance quoting system. Find out who gives the best deal on No Physical Term Life with a simple, four minute online form!
http://nomedicalexam.net/life.html
Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
Why Term Life Insurance?
During the years when your family is young and growing, they depend upon you for food, shelter, and education. You do not expect to pass away, but it only makes sense to cover your family in case of tragedy. However since you figure that you will survive this period of time, you probably do not want to spend a lot of money providing this important coverage.
Term life insurance is the most affordable type of life insurance. You can usually select a large face value, the amount you believe your family would need if you passed away, at the lowest rate. You can also select a period of years to be covered, generally twenty or thirty years. The logic here is that after that time your children will not depend upon you any longer, and that you will have savings to pay for a lower amount of obligation. Also, if you are paying off a mortgage now, consider how many years it will take until your home is paid for.
Many financial experts urge their clients to buy term life insurance because it is cheaper, and it is purely insurance. If you want a savings or investment account, then you can probably get better returns on your money with other financial products than insurance.
No Medical Exam Term Life Insurance
Many people delay a life insurance policy because they just do not want the hassle. In the old days, many insurance companies required a medical exam before they would accept an application. Also, applying meant you had to meet with an insurance agent and fill out a complex application. Some people were concerned about meeting with an agent because they felt as if they would be sold a policy that cost more then they intended to spend. They did not want to go to the trouble of filling out a long application because they were concerned about privacy or minor to moderate health conditions!
The New No Physical Life Insurance
However, with the popularity of the internet, many life insurance companies are letting people quote and apply online. Applications are shorter, and you can find hundreds of thousands of dollars worth of term life insurance from companies that do not require a medical exam. Even if you have a minor to moderate health condition, you can still qualify for many large term life insurance policies. If you do have a more serious health condition, you will probably want to consult with an insurance agent though.
Shop For Term Life Insurance
I compared term life insurance policies in my area for one forty-five year old man. He wanted $100,000 worth of term life coverage. I found a $300 a year premium difference between top, highly rated companies. You will still want to do a little shopping for the lowest price from a top rated life insurance company. If you have to fill out a long application, and especially if you have to go through an insurance physical, this could take a long time. However, when you can fill out a life insurance quote form online, and then get back multiple offers, your shopping won't take long at all!
Get fast, safe, and free No Medical Exam Term Life Insurance Quotes from our Better Business Bureau approved online life insurance quoting system. Find out who gives the best deal on No Physical Term Life with a simple, four minute online form!
http://nomedicalexam.net/life.html
Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
Senior Life Insurance - Affordable Life Insurance For the Elderly With No Medical Exam
By Marilyn Katz
Term life insurance policies are very popular these days, and of course, they can provide very valuable protection at a low cost for many people. However, the problem with term life insurance is that it expires just when the covered person would find it harder to find protection, after ten or twenty or thirty years, the term life insurance expires. The theory behind term life insurance is that by that time the insured person will have less obligations, and they will have enough money saved to self insure.
However, we find many senior citizens and retired people who have not had the good fortune to be free of obligations, and with sufficient savings to cover their debts, final expenses, and other obligations. Also, by the time we reach maturity, we may also have developed more health problems. As if an advanced age were not enough, health problems may make us very tough or expensive to insure at all!
However some life insurance companies have developed senior life, guaranteed life insurance, or final expense life insurance programs to meet these needs. These are, basically whole life insurance policies. This means that the policy will stay in force as long as the policy is kept in force. A policy is usually kept in force by paying premiums, or by having the policy "paid up". Yes, many whole life policies can be paid up over a period of years, usually ten to twenty years. In this case, an insured person can relax, knowing they will have life insurance for their whole lives, and not just for a period of years.
These type of senior life insurance or final expense policies come in two types that do not require a medical exam. For a face value that usually ranges from $2,500 to $25,000, many senior life insurance companies will offer simple issue and guaranteed issue life insurance policies. Because the face value is lower, and so the risk to insurance companies is lower, you can find some more relaxed requirements to gain affordable coverage for life insurance. Seniors can leave this money to a beneficiary, usually their spouse or children, to cover burial expenses, settle final debts, and leave some money as an estate.
Simple issue life insurance policies provide immediate death benefits. They do as health questions on the applications, but the great majority of seniors can qualify. They usually only declined applicants who have a terminal disease, or are in a nursing home. So smaller health issues will not prevent an applicant from obtaining coverage. Since the coverage is immediate, as soon as the insured person is notified that their policy has been issued, they will be covered.
Guaranteed issue life insurance policies do not ask any health questions at all! Instead they underwrite by delaying full coverage for a period of months, from 24 to 36, or 2 to 3 years. If the insured person passes away during this qualification period, they will refund all premiums with a specified interest rate. For an older individual with serious health issues, this is still a no-lose deal.
If you are an older person, or if you are concerned about paying final expenses for your parents, consider a senior life insurance policy. It will be much easier to pay an affordable monthly premiums than to come up with several thousand dollars for a burial and other expenses after the person dies.
Find No Medical Exam Life Insurance for Senior Citizens with our fast, safe and free Life Insurance Price Quotes!
http://nomedicalexam.net/no-medical-exam-life.html
Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
Term life insurance policies are very popular these days, and of course, they can provide very valuable protection at a low cost for many people. However, the problem with term life insurance is that it expires just when the covered person would find it harder to find protection, after ten or twenty or thirty years, the term life insurance expires. The theory behind term life insurance is that by that time the insured person will have less obligations, and they will have enough money saved to self insure.
However, we find many senior citizens and retired people who have not had the good fortune to be free of obligations, and with sufficient savings to cover their debts, final expenses, and other obligations. Also, by the time we reach maturity, we may also have developed more health problems. As if an advanced age were not enough, health problems may make us very tough or expensive to insure at all!
However some life insurance companies have developed senior life, guaranteed life insurance, or final expense life insurance programs to meet these needs. These are, basically whole life insurance policies. This means that the policy will stay in force as long as the policy is kept in force. A policy is usually kept in force by paying premiums, or by having the policy "paid up". Yes, many whole life policies can be paid up over a period of years, usually ten to twenty years. In this case, an insured person can relax, knowing they will have life insurance for their whole lives, and not just for a period of years.
These type of senior life insurance or final expense policies come in two types that do not require a medical exam. For a face value that usually ranges from $2,500 to $25,000, many senior life insurance companies will offer simple issue and guaranteed issue life insurance policies. Because the face value is lower, and so the risk to insurance companies is lower, you can find some more relaxed requirements to gain affordable coverage for life insurance. Seniors can leave this money to a beneficiary, usually their spouse or children, to cover burial expenses, settle final debts, and leave some money as an estate.
Simple issue life insurance policies provide immediate death benefits. They do as health questions on the applications, but the great majority of seniors can qualify. They usually only declined applicants who have a terminal disease, or are in a nursing home. So smaller health issues will not prevent an applicant from obtaining coverage. Since the coverage is immediate, as soon as the insured person is notified that their policy has been issued, they will be covered.
Guaranteed issue life insurance policies do not ask any health questions at all! Instead they underwrite by delaying full coverage for a period of months, from 24 to 36, or 2 to 3 years. If the insured person passes away during this qualification period, they will refund all premiums with a specified interest rate. For an older individual with serious health issues, this is still a no-lose deal.
If you are an older person, or if you are concerned about paying final expenses for your parents, consider a senior life insurance policy. It will be much easier to pay an affordable monthly premiums than to come up with several thousand dollars for a burial and other expenses after the person dies.
Find No Medical Exam Life Insurance for Senior Citizens with our fast, safe and free Life Insurance Price Quotes!
http://nomedicalexam.net/no-medical-exam-life.html
Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
Life Insurance and Estate Plans - Protecting Your Assets from Estate Taxes
By Alan Fernandez
Estates and estate plans have a mystique all of their own to the average observer. It is certainly a complex world of tax rules and regulations where inherited assets are taxed upon death. How might this affect you and the estate assets you now possess?
First of all what is an estate? Simply put it is the total of all of your assets including home, auto, pension and other retirement funds, collectibles and possibly the worth of a business minus liabilities constitutes your estate. Also included in the total estate is any life insurance owned by the estate owner.
When you purchase life insurance you own that asset and it becomes part of your estate. As an example, if you were to save $250,000 over your life and you wanted to leave it to your children that would be an asset. By owning a life insurance policy for $250,000 with your children as beneficiary you have created an instant asset; an instant estate. Same result.
Estate taxes came into play at the end of the 19th century as a means of redistributing wealth. As a result the estate tax system is now based on a tax on the recipients of the estate (children for example)due and payable within 9 months after the death of the second spouse in a typical family situation. The tax rate is anywhere from 18%-45%. A very large tax bill for anyone to pay.
There is a long list of entertainers, actors, singers and business people who did not have an estate plan in place at death. Joe Robbie was the owner of the football Miami Dolphins the year they went undefeated and won the SuperBowl. He was an attorney, sports enthusiast and savvy businessman. But when he died he left behind a huge estate with estate taxes due of over $47,000,000 and no estate plan. His heirs went through a nightmare of contentious family relations as a result and finally sold the football team at a bargain basement price......just to pay the tax.
In contrast, Jackie Onassis and Malcom Forbes through the intelligent use of trusts and life insurance left behind vast fortunes and little to no tax liability.
How does life insurance fit in? Once an estate is tallied up by the estate attorney and accountant, trusts are set up to remove assets from the estate (such as Charitable Remainder Trusts), a net taxable estate is arrived at and the projected tax rate and estate tax is calculated. For ex. an estate worth well over the annual estate tax exclusion of $2,000,000 is projected to pay $2.5 million in estate taxes.
The insurance underwriter produces what is called a survivorship life insurance plan or "second to die " policy that insures 2 people on one plan. Underwriting is usually simpler on 2 lives as opposed to one so a less healthy spouse can get a better premium because of the healthier spouse. The death benefit is written based on the projected amount of estate taxes payable, $2.5 million in this case and the named beneficiaries are the children; the ones who have 9 months to pay the estate tax.
An Irrevocable Life Insurance Trust (ILIT) is then created to protect the policy and remove it from the estate. Remember, ownership of a life insurance policy creates an immediate asset to the estate. The ILIT keeps the policy out the estate as an includible asset.
Upon the death of the first spouse no estate tax is due so no death benefit is paid. Upon the death of the second spouse, the estate tax is now due, the ILIT is dissolved and the proceeds of the $2.5 million life policy are released. The beneficiaries now have the liquidity to pay off the estate tax. They do not have to worry about selling off assets just to pay taxes, family relations are not changed because of taxes and the assets of the estate are conserved.
Can this happen to you? Possibly. Say you have a relative, say aunt Mary who has property of some kind. You have a home, a small business, retirement funds, collectibles such as art, jewelry, cars or stamps etc.. and you never considered yourself eligible for going over the $2 million estate tax exclusion because you thought to yourself, "Hey... I'm not rich!". Eventually, aunt Mary dies and leaves you with 100 acres of prime real estate in Maine and the current value of that property brings you well over the estate tax exclusion and now your children would have to pay an estate tax in 9 months if you died tomorrow. I've seen it happen.
Hopefully, this article has given you a snapshot of what estate planning can be. Using an estate tax team of an estate accountant, an attorney and a life insurance broker will further protect everything you worked so hard to set aside for your family.
Alan S. Fernandez is president of Foundation Financial Services with a BBA in Finance and Economics from Iona College, studied under the Life Underwriters Training Council and Certified Financial Planner programs and with 15 years in the insurance industry is a well known problem solver among businesses and individuals alike. He is also an insurance instructor with Citicorp. He can be contacted at afern109@optonline.net or visit the FFS website at http://www.foundationfinancialservicesny.com
Article Source: http://EzineArticles.com/?expert=Alan_Fernandez
Estates and estate plans have a mystique all of their own to the average observer. It is certainly a complex world of tax rules and regulations where inherited assets are taxed upon death. How might this affect you and the estate assets you now possess?
First of all what is an estate? Simply put it is the total of all of your assets including home, auto, pension and other retirement funds, collectibles and possibly the worth of a business minus liabilities constitutes your estate. Also included in the total estate is any life insurance owned by the estate owner.
When you purchase life insurance you own that asset and it becomes part of your estate. As an example, if you were to save $250,000 over your life and you wanted to leave it to your children that would be an asset. By owning a life insurance policy for $250,000 with your children as beneficiary you have created an instant asset; an instant estate. Same result.
Estate taxes came into play at the end of the 19th century as a means of redistributing wealth. As a result the estate tax system is now based on a tax on the recipients of the estate (children for example)due and payable within 9 months after the death of the second spouse in a typical family situation. The tax rate is anywhere from 18%-45%. A very large tax bill for anyone to pay.
There is a long list of entertainers, actors, singers and business people who did not have an estate plan in place at death. Joe Robbie was the owner of the football Miami Dolphins the year they went undefeated and won the SuperBowl. He was an attorney, sports enthusiast and savvy businessman. But when he died he left behind a huge estate with estate taxes due of over $47,000,000 and no estate plan. His heirs went through a nightmare of contentious family relations as a result and finally sold the football team at a bargain basement price......just to pay the tax.
In contrast, Jackie Onassis and Malcom Forbes through the intelligent use of trusts and life insurance left behind vast fortunes and little to no tax liability.
How does life insurance fit in? Once an estate is tallied up by the estate attorney and accountant, trusts are set up to remove assets from the estate (such as Charitable Remainder Trusts), a net taxable estate is arrived at and the projected tax rate and estate tax is calculated. For ex. an estate worth well over the annual estate tax exclusion of $2,000,000 is projected to pay $2.5 million in estate taxes.
The insurance underwriter produces what is called a survivorship life insurance plan or "second to die " policy that insures 2 people on one plan. Underwriting is usually simpler on 2 lives as opposed to one so a less healthy spouse can get a better premium because of the healthier spouse. The death benefit is written based on the projected amount of estate taxes payable, $2.5 million in this case and the named beneficiaries are the children; the ones who have 9 months to pay the estate tax.
An Irrevocable Life Insurance Trust (ILIT) is then created to protect the policy and remove it from the estate. Remember, ownership of a life insurance policy creates an immediate asset to the estate. The ILIT keeps the policy out the estate as an includible asset.
Upon the death of the first spouse no estate tax is due so no death benefit is paid. Upon the death of the second spouse, the estate tax is now due, the ILIT is dissolved and the proceeds of the $2.5 million life policy are released. The beneficiaries now have the liquidity to pay off the estate tax. They do not have to worry about selling off assets just to pay taxes, family relations are not changed because of taxes and the assets of the estate are conserved.
Can this happen to you? Possibly. Say you have a relative, say aunt Mary who has property of some kind. You have a home, a small business, retirement funds, collectibles such as art, jewelry, cars or stamps etc.. and you never considered yourself eligible for going over the $2 million estate tax exclusion because you thought to yourself, "Hey... I'm not rich!". Eventually, aunt Mary dies and leaves you with 100 acres of prime real estate in Maine and the current value of that property brings you well over the estate tax exclusion and now your children would have to pay an estate tax in 9 months if you died tomorrow. I've seen it happen.
Hopefully, this article has given you a snapshot of what estate planning can be. Using an estate tax team of an estate accountant, an attorney and a life insurance broker will further protect everything you worked so hard to set aside for your family.
Alan S. Fernandez is president of Foundation Financial Services with a BBA in Finance and Economics from Iona College, studied under the Life Underwriters Training Council and Certified Financial Planner programs and with 15 years in the insurance industry is a well known problem solver among businesses and individuals alike. He is also an insurance instructor with Citicorp. He can be contacted at afern109@optonline.net or visit the FFS website at http://www.foundationfinancialservicesny.com
Article Source: http://EzineArticles.com/?expert=Alan_Fernandez
Solving Inheritance Tax Issues By Using Life Insurance
By Adam Singleton
Originally devised as a tax on the super-rich, inheritance tax (IHT) is threatening more and more ordinary households in the UK. Indeed, over the last five years the estimated revenue from this tax has increased by 50% to annually yield £3billion into the HM Revenue & Customs coffers. It seems that in the future death will no longer be a valid reason to not pay tax for the majority of us. The chancellor will be pursuing 40% of your estate over the £300,000 threshold after your demise.
There is no shortage of financial advice on how to mitigate your IHT liability. That is because rising house prices combined with the government’s refusal to increase the nil-rate threshold in line with house price inflation means that this pernicious tax is now within the reach of many ordinary, base rate taxpayers: not just the super rich, as originally intended.
Ways to help reduce your liability include reducing the size of your estate by using trusts, although the HMRC has been quick to close the loopholes over the last few years. Under certain conditions you can give your assets away, although if done within seven years of your death, this may ultimately not reduce your tax liability, and there are other complications that may nullify this charitable way of distributing your worldly goods.
Another answer could be life assurance, which provides a tax-free cash sum on death, capable of paying the IHT bill. For those who are married or in a joint civil partnership, taking out a joint-life second death policy would be the solution, as their estate is not subject to IHT on the first death. However, it is essential that this life insurance is written into trust, otherwise it will be taxed as part of the taxable estate - so rather than reducing the tax liability it will increase it.
Part of the planning challenge for this solution is being certain that you will expire before your policy does. There is no point having a sum assured to meet your tax liability if you outlive the policy. As a result, many would consider a whole-of-life life insurance product as the best alternative to the second death policy. This type of UK life insurance product pays out upon death and not after a fixed period. However, premiums tend to be higher with whole-of-life policies and can increase significantly over the period of the insurance.
Inheritance planning is very important and, before taking out any policy, it is important that you compare life insurance products, as the premiums will differ depending upon the cover and the company. In any case, get professional independent financial advice before committing to any life insurance purchase.
Adam Singleton is an online, freelance journalist and keen amateur photographer from Scotland. His interests include travelling and hiking.
Article Source: http://EzineArticles.com/?expert=Adam_Singleton
Originally devised as a tax on the super-rich, inheritance tax (IHT) is threatening more and more ordinary households in the UK. Indeed, over the last five years the estimated revenue from this tax has increased by 50% to annually yield £3billion into the HM Revenue & Customs coffers. It seems that in the future death will no longer be a valid reason to not pay tax for the majority of us. The chancellor will be pursuing 40% of your estate over the £300,000 threshold after your demise.
There is no shortage of financial advice on how to mitigate your IHT liability. That is because rising house prices combined with the government’s refusal to increase the nil-rate threshold in line with house price inflation means that this pernicious tax is now within the reach of many ordinary, base rate taxpayers: not just the super rich, as originally intended.
Ways to help reduce your liability include reducing the size of your estate by using trusts, although the HMRC has been quick to close the loopholes over the last few years. Under certain conditions you can give your assets away, although if done within seven years of your death, this may ultimately not reduce your tax liability, and there are other complications that may nullify this charitable way of distributing your worldly goods.
Another answer could be life assurance, which provides a tax-free cash sum on death, capable of paying the IHT bill. For those who are married or in a joint civil partnership, taking out a joint-life second death policy would be the solution, as their estate is not subject to IHT on the first death. However, it is essential that this life insurance is written into trust, otherwise it will be taxed as part of the taxable estate - so rather than reducing the tax liability it will increase it.
Part of the planning challenge for this solution is being certain that you will expire before your policy does. There is no point having a sum assured to meet your tax liability if you outlive the policy. As a result, many would consider a whole-of-life life insurance product as the best alternative to the second death policy. This type of UK life insurance product pays out upon death and not after a fixed period. However, premiums tend to be higher with whole-of-life policies and can increase significantly over the period of the insurance.
Inheritance planning is very important and, before taking out any policy, it is important that you compare life insurance products, as the premiums will differ depending upon the cover and the company. In any case, get professional independent financial advice before committing to any life insurance purchase.
Adam Singleton is an online, freelance journalist and keen amateur photographer from Scotland. His interests include travelling and hiking.
Article Source: http://EzineArticles.com/?expert=Adam_Singleton
Stop Smoking and Save on Life Insurance
By Chris Johns
For insurance companies, deciding how much to charge any given individual for life cover is all about calculating the level of risk involved in insuring them. Insurance companies assess this risk by taking medical histories and collecting information about lifestyles, physical health and other factors. Looking after your health, therefore, is one of the best ways of reducing the cost of life cover-and the smoking habit is one of the single biggest lifestyle factors that drive the cost of insurance up.
The Higher Cost of Life Insurance
The average smoker will pay at least 40% more for life cover than they would if they were a non-smoker. Some insurance companies are more forgiving than others, but depending on the company you choose, you could pay up to 55% more for your life insurance. Being a smoker affects all forms of life and health based insurance, including critical illness cover and income protection.
Quitting cigarettes can amount to huge savings on your life insurance premiums. For example, a 35 year old male smoker with a policy benefit of £100,000 might pay £19 per month for the cover, whereas a non-smoker might pay only £10. Over twenty years, the non-smoker pays £2,400 for their life cover, while the smoker pays £4560 - that's an extra £2160 over twenty years. That may not seem like much, but when you consider that the average British smoker spends £1,500 a year on cigarettes, quitting smoking for any reason adds up to sizable savings and lower insurance premiums are the icing on the cake.
Getting your Premiums Reduced
If you're currently a smoker paying these astronomical prices for life cover, you can still reduce your premiums to a more affordable level. Most life insurance companies require that a smoker who has recently quit must remain a non-smoker for a full year before requesting an evaluation of their premium to take their new non-smoking status into account.
Don't think you can fool your insurance company into thinking you're a non-smoker when you haven't given up, however. Ex-smokers who want to switch to a non-smoking premium rate will have to fill out a new application form, go through another medical exam, and relate their recent medical history as well. Your insurer may even request that you take a cotanine test to prove your non-smoking status. Any false information invalidates the policy, and as with all types of insurance, absolute honesty is the only way to go.
Take the Opportunity to Shop Around
Remember that if you decide to have your status as a non-smoker evaluated to reduce the premiums on your current policy, this will be a good time to shop around and see if you can find an even better policy elsewhere. The best savings might not even be with your current insurance provider, and you might be able to save even more money by checking out your options.
Interestingly enough, kicking a smoking habit can even save you money on your home insurance. With more than half of home fire claims attributable to cigarette-related causes, non-smokers can save on home insurance premiums, too.
It only takes a few minutes to compare term life insurance quotes from as many as twenty insurers with premiums calculated at discount rates. We sacrifice most of your commissions to reduce the premiums you pay to major insurers like Norwich Union
Article Source: http://EzineArticles.com/?expert=Chris_Johns
For insurance companies, deciding how much to charge any given individual for life cover is all about calculating the level of risk involved in insuring them. Insurance companies assess this risk by taking medical histories and collecting information about lifestyles, physical health and other factors. Looking after your health, therefore, is one of the best ways of reducing the cost of life cover-and the smoking habit is one of the single biggest lifestyle factors that drive the cost of insurance up.
The Higher Cost of Life Insurance
The average smoker will pay at least 40% more for life cover than they would if they were a non-smoker. Some insurance companies are more forgiving than others, but depending on the company you choose, you could pay up to 55% more for your life insurance. Being a smoker affects all forms of life and health based insurance, including critical illness cover and income protection.
Quitting cigarettes can amount to huge savings on your life insurance premiums. For example, a 35 year old male smoker with a policy benefit of £100,000 might pay £19 per month for the cover, whereas a non-smoker might pay only £10. Over twenty years, the non-smoker pays £2,400 for their life cover, while the smoker pays £4560 - that's an extra £2160 over twenty years. That may not seem like much, but when you consider that the average British smoker spends £1,500 a year on cigarettes, quitting smoking for any reason adds up to sizable savings and lower insurance premiums are the icing on the cake.
Getting your Premiums Reduced
If you're currently a smoker paying these astronomical prices for life cover, you can still reduce your premiums to a more affordable level. Most life insurance companies require that a smoker who has recently quit must remain a non-smoker for a full year before requesting an evaluation of their premium to take their new non-smoking status into account.
Don't think you can fool your insurance company into thinking you're a non-smoker when you haven't given up, however. Ex-smokers who want to switch to a non-smoking premium rate will have to fill out a new application form, go through another medical exam, and relate their recent medical history as well. Your insurer may even request that you take a cotanine test to prove your non-smoking status. Any false information invalidates the policy, and as with all types of insurance, absolute honesty is the only way to go.
Take the Opportunity to Shop Around
Remember that if you decide to have your status as a non-smoker evaluated to reduce the premiums on your current policy, this will be a good time to shop around and see if you can find an even better policy elsewhere. The best savings might not even be with your current insurance provider, and you might be able to save even more money by checking out your options.
Interestingly enough, kicking a smoking habit can even save you money on your home insurance. With more than half of home fire claims attributable to cigarette-related causes, non-smokers can save on home insurance premiums, too.
It only takes a few minutes to compare term life insurance quotes from as many as twenty insurers with premiums calculated at discount rates. We sacrifice most of your commissions to reduce the premiums you pay to major insurers like Norwich Union
Article Source: http://EzineArticles.com/?expert=Chris_Johns
Life Insurance UK - Proven Ways to Gain the Most
By Allan Elvin
The insurance industry in the UK is one thriving arena that is bustling with the activities of numerous insurance companies offering their unique services under varied categories of the arena. The life insurance segment is one of these categories, which is quite popular among a huge user base, owing to a string of benefits up for grabs. The insurance scenario in the UK is known for comprising some of the most wisely acclaimed life insurance companies in the world who offer their valued service for the seekers.
One of the biggest advantages of a life insurance UK is ensuring the financial security of your family members through a periodical premiums that finally mature to enshroud your loved ones in a blanket of safety. Most of the life insurance policies come equipped with additional perks like healthcare cover, critical illness cover and even cash backs. Moreover, your insurance policy also aids you in getting a loan for the education of your children, mortgages and other purposes. If that's not all, even your demise doesn't stop you from ensuring the safety of your family, as the matured amount is inherited by your loved ones.
However, getting hold of an ideal life insurance UK policy would require you to follow some simple steps without putting the wrong step forward. Retrieve several insurance quotes from various companies and filter out the most profitable for the purpose. You need to furnish necessary personal details about yourself, taking care that the information is completely authentic and can be vouched for. Your health details, in particular need to be precise.
Once you have completed these steps, you can be rest assured that your Life Insurance UK policy is bound to bring a whole lot of goodies your way. The Internet is usually the best place to survey through all the insurance companies existing in the country.
Allan Elvin is an MBA in Finance and has a rich experience of writing on topics related to finance. He professes special interest and expertise in Life Insurance uk and in guiding you on its various details.
Article Source: http://EzineArticles.com/?expert=Allan_Elvin
The insurance industry in the UK is one thriving arena that is bustling with the activities of numerous insurance companies offering their unique services under varied categories of the arena. The life insurance segment is one of these categories, which is quite popular among a huge user base, owing to a string of benefits up for grabs. The insurance scenario in the UK is known for comprising some of the most wisely acclaimed life insurance companies in the world who offer their valued service for the seekers.
One of the biggest advantages of a life insurance UK is ensuring the financial security of your family members through a periodical premiums that finally mature to enshroud your loved ones in a blanket of safety. Most of the life insurance policies come equipped with additional perks like healthcare cover, critical illness cover and even cash backs. Moreover, your insurance policy also aids you in getting a loan for the education of your children, mortgages and other purposes. If that's not all, even your demise doesn't stop you from ensuring the safety of your family, as the matured amount is inherited by your loved ones.
However, getting hold of an ideal life insurance UK policy would require you to follow some simple steps without putting the wrong step forward. Retrieve several insurance quotes from various companies and filter out the most profitable for the purpose. You need to furnish necessary personal details about yourself, taking care that the information is completely authentic and can be vouched for. Your health details, in particular need to be precise.
Once you have completed these steps, you can be rest assured that your Life Insurance UK policy is bound to bring a whole lot of goodies your way. The Internet is usually the best place to survey through all the insurance companies existing in the country.
Allan Elvin is an MBA in Finance and has a rich experience of writing on topics related to finance. He professes special interest and expertise in Life Insurance uk and in guiding you on its various details.
Article Source: http://EzineArticles.com/?expert=Allan_Elvin
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