Unlocking the Power of Life Insurance for a Secure Retirement: 4 Strategies Revealed

Posted on May 29, 2023 by James Paul

The much-discussed retirement crisis has transitioned from mere speculation to a stark reality, as inflation and interest rates have surged to unprecedented levels in recent months. In June 2022, consumer prices experienced a staggering 9.1% increase, marking the largest surge in four decades. This alarming trend coincides with a growing elderly population relying on fixed incomes, a situation exacerbated by the early retirements prompted by the pandemic. Consequently, a colossal problem has materialized before us.

Many older Americans remain oblivious to the fact that their life insurance policy possesses substantial value as a liquid asset. Contrary to common perception, life insurance serves a purpose beyond providing for loved ones upon one’s demise through the death benefit. In reality, permanent life insurance policies can offer a means to access funds for retirement planning and healthcare expenses precisely when they are most needed.

Regardless of one’s age or financial status, comprehending the genuine worth of your assets becomes crucial for realizing the retirement you truly deserve. Consider the following three methods through which your life insurance policy can contribute to funding your retirement aspirations.

#1 Explore the option of liquidating your life insurance policy via a life settlement

For millions of Americans that own a life insurance policy, selling it through a life settlement can be a great way to access cash when it’s most needed. A life settlement involves selling a life insurance policy for lump-sum cash payment that is more than the cash surrender value, but less than the death benefit. Despite decades of industry innovation and growth, some 200 billion dollars in life insurance is lapsed each year that could have been sold as a life settlement.

While the life settlement process once took 2-4 months, AI technology has expedited the process, making it easier than ever the get a life settlement valuation. Policyholders can now use a free life settlement calculator to instantly see how much their policy is worth based on a few simple questions. Just as you track the value of your house on Zillow or your car on Autotrader, understanding the value of your life insurance policy is critical to make the best financial decisions for you and your family.

#2 Acquire the monetary worth from a permanent policy’s cash value

When you make payments for your permanent life policy premium, only a part of it is allocated to cover the life insurance cost. The remaining amount is invested in an account that allows the cash value to grow without immediate taxation. As you get older, you’ll have the option to access the interest earnings from this investment account, which can help reduce the amount you need to pay out of pocket for your premium, while keeping your policy in force. In essence, the funds in this account serve as tax-advantaged emergency savings.

#3 Utilize a policy loan to borrow funds from your insurance policy

Americans with whole life insurance that have accrued enough cash value to cover the debt can also use their policy as collateral through a whole life loan program. One major benefit is the interest rate will be much lower than what you’d see with credit card debt or an unsecured personal loan. This allows the policyholder to get a one-time, tax-free distribution that can be paid off with interest in life or be withdrawn from your life insurance policy’s death benefit. Retirees might be able to go through their insurance carrier if whole life loans are offered or utilize a third-party whole life loan program instead.

This is a great alternative for seniors considering canceling their whole life insurance policy. While forgoing your policy will get rid of premiums, it will also get rid of your coverage. Whole life loan programs are a great way to avoid paying policy premiums without losing the death benefit.

#4 Retrieve the cash surrender value of an insurance policy

If you’re nearing retirement and can’t afford your policy premiums, you can choose to surrender a permanent policy, which immediately ends your coverage. Individuals who surrender their policy will receive a check that includes the cash surrender value of the policy minus the surrender fees. Cash-surrender value is the amount of money a policyholder receives by surrendering their policy to the insurance company, typically equivalent to the current cash value of the policy minus loans, interest, and surrender fees.

While surrendering your policy is an option, a life settlement will yield a significantly higher amount. Policyholders will receive one “take it or leave it” offer from their insurance companies if they choose to surrender, and only get a small return.

Your life insurance serves as more than just a protective measure—it holds significant financial value as an asset

As the senior population in the United States experiences rapid growth and is projected to comprise 20% of the total population by 2050, the challenges associated with retirement funding will persist unless adequate measures are taken. Life settlements have emerged as an increasingly embraced solution, particularly in light of recent economic instability. By unlocking the full value of your assets, you can achieve the retirement lifestyle you’ve long aspired to, without straining your finances.

5 Key Benefits of a Whole Life Insurance Policy

Posted on March 14, 2023 by James Paul

There are two broad categories of life insurance – whole life and term life. Essentially, term life insurance runs for a specified period of time, say 10 or 30 years and can be renewed depending on the terms of the policy. A whole life insurance policy, meanwhile, runs for the rest of your life.

Recently, term policies have been attracting more attention with consumers seemingly convinced that whole life insurance policies offer little value. We aren’t going to take sides on this. However, we believe that it’s in your best interest to make an informed decision.

So, we want to bring your attention to several key advantages of whole life policies to help you make the right decision.

Enjoy permanent cover

As the name suggests, whole life insurance covers you for the rest of your life. Even if you buy the cover when aged 25 and live to 80 years, you will be covered for all those years. This is different from term life policies that cover you only for the duration of the term, say 20 years. Once the 20 years elapse, you’ll lose your cover and may be unable to obtain a new cover at a good price because of your age and health.

You’re guaranteed a fixed death benefit

As long as you pay your premiums in full, your listed beneficiaries are guaranteed a fixed death benefit upon your demise. This is a major advantage considering that benefits from other policies tend to change. Universal life insurance benefits, for instance, change over time depending on premium payments and personal choices made by the policyholder. Usually, this means that you’re not completely sure how much your beneficiaries will collect when you die. With whole life insurance, you live knowing what they stand to receive.

The cash value component is a major plus

In addition to a fixed death benefit, whole life insurance also comes with a Cash Value Component (CVC) that gives it a distinct advantage. This cash value component not only grows at a fixed rate but can be used as a source of savings or to finance short-term goals. Also, the CVC can be obtained as a cash withdrawal if you choose to surrender (terminate) your insurance policy.

Tax benefits

Whole life insurance is also famous for its tax benefits. The cash value component of the insurance grows tax-free, making it an excellent saving vehicle. If you’ve exhausted your tax-deferred investment options, for instance, you can turn to the CVC to pursue your investment goals. It gets better; you can even use the CVC to pay for your insurance with pre-tax dollars.

Whole life insurance can be combined with other investments

It’s a somewhat complicated process, but yes, whole life policies can be combined with other investment vehicles such as real estate, private lending, and auto financing to accelerate your wealth.

Hopefully these five advantages have tilted the scales in favor of whole life insurance policies. They are a great option.

Major Factors Affecting Rock Climbing Insurance Rates

Posted on August 4, 2020 by James Paul

Life insurance is closely related to the risk factors involved in human life. Rock climbing is also one of them. If rock climbing is your passion, you can go for a life insurance policy and take advantage of the related terms in case some unfortunate happens in the future.

While going through the process of underwriting some life insurance policies, related companies check various factors including health risks. Depending upon the types of rock climbing you are involved in, there are various types of insurances with different terms and conditions available in the market.

As rock climbing is a high-risk activity, the rates of premiums can be high, especially in the case of outdoor climbing. The installments and the actual amount you pay for such insurance vary from company to company. Some major factors that affect the rates of rock climbing insurance are:

Types of climbing:

A rock-climbing term can include all the important types of it. Mainly, it comprises – hiking, bouldering, alpinism, climbing unroped, etc.

Climbing alone or with others:

Mountain climbers can climb either alone or in a group. In a group, there is less risk to the life of climbers as other persons can help them in dangerous situations. But, while climbing alone the risk factors increase.

Frequency of climbing:

People like to climb a mountain frequently one after another year. This can be due to a hobby, challenge or to gain some awards. Some companies limit the times of certain climbings performed by a person annually.

Heights of mountains:

There are various types of mountains that a person would like to climb. Some of them are so high that their altitude can cause serious sickness to a climber.

There are several things an insurance provider needs to evaluate while underwriting the policy. Some of them are age, rock climbing excursion frequencies, the altitude of mountains, climbing experience, geographical conditions, etc. A health insurance policy has several terms with options for different individuals. Apart from covering a risk factor, a person can also explore other benefits related to health insurance. This can include things such as reasons, types, prices, savings, and the quoting process of a certain plan.

Often, the rates of indoor climbing are less in comparison to outdoor climbing performed in different parts of the world. To lower your rates of rock climbing insurance premiums, take care of the following things:

#1 Conditions of the policy:

Some insurance policy providers get ready to keep a person in the regular rate slabs on certain conditions. For example, many of them can do so if the benefits of death risk are excluded from the terms.

#2 Selection of a mountain:

Rates can increase or decrease according to the altitude of a mountain. If a person is going to climb a high mountain, the rates can also be high. This is because there is more risk to the life of persons climbing a high mountain.

#3 Time spent during mountaineering:

As much time people spend climbing a mountain, so the risks to their life increase. This is due to the low oxygen level in the air in a high altitude area. In such a condition where health risks are increased, the insurance companies increase their rates.

Keeping these things in mind, you can present your qualifications, credentials, knowledge, and experience of mountaineering to your selected policy providers. They can tell you the best ways such as using safety equipment at the time of climbing, choosing certain types of mountains to climb, deciding a proper number of climbing attempts, etc. Then, it will become easy for you to choose a specific policy term.

Here are all the Top LIC Policies to Invest in 2020

Posted on March 14, 2020 by James Paul

Life Insurance Corporation (LIC) is the most trusted life insurance brand in India. This public sector insurance company offers a high range of products to its customers. Formed in the year 1956, LIC enjoys a monopoly in the Indian insurance segment. It is known for maintaining a high claim settlement ratio and is the oldest insurance company in India.

LIC policies often act as a family’s guardian during the unforeseen circumstances. It offers a large variety of insurance policies that can fulfil the individual demands of the customers. Therefore, purchasing a policy that would serve ones needs can be time-consuming and difficult. The following are the top LIC policies in India that you can consider for investment in the year 2020.

Top LIC policies to invest in 2020

LIC Jeevan Anand

LIC Jeevan Anand is a whole life endowment plan that provides coverage until the insurer’s death, even if the plan matures by that time. As the name itself suggests, Jeevan Anand is a non-linked participating plan and offers the benefit of protection as well as savings. The following are the key features of LIC Jeevan Anand:

The policyholder must lie between the age group of 18 to 50 years.
The maximum age of maturity is 75 years.
The premium has to be paid for the whole tenure of the policy.
The policy term can be of 15 to 35 years.
The term for paying the premium is equal to its policy term.

The LIC Jeevan Anand policy also offers the provision of tax exemption on the premium that is paid and added top-up covers.

LIC e-Term Plan

The e-Term policy of LIC is a life cover policy that offers financial security to the family of the insured. No agents are required during its application as it can be done through the online mode only. In this policy, the insured pays a certain sum assured for the event of his pre-matured death. The following are a few features of a LIC e-Term Plan:

It is available in LIC’s official website.
The application can be done only for one’s own life.
There is no availability of loans in this plan.
The policy term should be within 10 years to 35 years.
The policyholder must fall within the age group of 18 to 60 years.
The premium has to be paid on a yearly basis.

LIC e-Term Plan offers coverage at quite affordable premium rates along with a flexible mode of paying the premium.

LIC Jeevan Akshay VI

LIC Jeevan Akshay VI is a policy that can be bought by paying a round sum amount. This pension plan is non-unit linked and provides for the payment of the annuity of a fixed sum which extends for a lifetime. The following are the major features of a LIC Jeevan Akshay VI plan:

It covers individuals from the age group of 30 years to 85 years.
LIC Jeevan Akshay VI includes a single premium policy.
There are no maturity benefits
There is no loan option available.
No medical examinations are required.

LIC Jeevan Akshay VI offers benefits such as annuity payment and tax benefits.

LIC Jeevan Saral

LIC Jeevan Saral is an endowment policy which is only available with insurance plans that are unit-linked. It is usually associated with a lot of flexibilities and double death benefits. The following are the main features of the LIC Jeevan Saral policy:

The policyholder must lie between the age group of 12 to 60 years.
The policy term can be from 10 years to 35 years.
Payment for this policy can be done monthly, once a quarter, half-yearly or yearly basis.
A loan can be availed on this plan.
There is a provision for loyal additions after completing 10 years.

LIC Jeevan Saral has excellent features and provides numerous maturity benefits too.

LIC Amulya Jeevan 1

LIC Amulya Jeevan is an insurance policy whose primary function is to provide protection. In this policy, the nominee gets the entire sum after the death of the insured. On maturity of the plan, nothing is payable. The following are the key features of LIC Amulya Jeevan:

The policy can be purchased for a term of 5 years to 35 years.
The policyholder must lie within the age group of 18 years to 60 years.
The policyholders can enjoy income tax benefits.
The minimum value for which the policy can be taken is Rs 25,00,000 but there is no maximum limit.

LIC policies suit the individual needs of the person and provides lifelong financial assistance to the insured. It is the most trusted insurance company in India. As it offers a varied number of options to the people, one must make sure that they go through the features associated with every plan before opting for one. It will help an individual to choose a policy that will completely cater to their requirements and therefore, stay secured.

Insurance In Moncton NB – The Top Blue Cross Insurance Brokers

Posted on December 3, 2018 by James Paul

Blue Cross Canada is a trusted name when it comes to quality and affordable health insurance. It has proven its brand by delivering trusted insurance service to group and individuals for more than 50 years.

In Canada, there are brokers who are dedicated to promoting the services of Top Blue Cross Insurance as well as other companies. This dedication has made them the top provider in delivering health and life insurance packages for clients’ needs.

Insurance in Moncton, New Brunswick

Moncton is a busy city and the unpredictable can happen anytime. Therefore, it is important to have a safety net if accidents, injuries, or diseases happen. You might just be shopping around for insurance in Moncton. If this is the case, then, you should consider your life’s entire picture. Although price can be an important factor that most people use to evaluate whether they will get insurance in a particular company or not, you also have to look for coverage options, offers, and customer service levels of the company that you are signing in. For more information about insurance, click this link here.

Find the Right Broker for You

Brokers can provide you with a personalized insurance package as solutions to your problems. Brokers can be an excellent choice because they often recommend insurance from different companies that can be tailored to your needs. The needs of the client should always come first and a network of advisers should be available once a client needs clarification regarding the policies. If you consider Blue Cross but you don’t see a specific package that you want to be included on your insurance, then a broker can definitely help you with this.

Moncton’s Health Insurance Package

Even if you are healthy today, the body naturally deteriorates as you grow older. Therefore, you can make one of your best life’s decisions when you get insurance while you are still young and healthy. Note that some insurance companies generally reject people who are already sick, injured or have an upcoming major operation. Even if some people get accepted into an insurance policy, the premiums are generally higher compared to healthy individuals.

If you have a health insurance, you will be covered when it comes to strokes, heart attacks, and other illnesses. Prevent gum diseases and get dental cleanings, exams, and fillings through a comprehensive package that is specific to your needs. You can get eyeglasses and free check-ups if you have vision problems, and coverage for massage and physio services.

If you already have a government health plan, please note that they are only available when you have hospital confinement and doctor visits. An individual plan covers all preventive visits and you won’t have to spend any extra out-of-pocket costs. Regular visits to the dentist can prevent gum diseases and promote fresh breath. Annual routine health check-ups can detect early signs of cancer, lung diseases, or other health-related risks. Preventative care is not often covered by government health plans. It is still important to invest in a personal health insurance that can offer you a wide range of coverage not available with government plans.

With a comprehensive health insurance that is recommended by a qualified insurance broker, you can get covered in terms of health benefits, drug benefits, dental benefits, critical illnesses, assured access, and hospital cash. It is understandable that you won’t need all the services. The good news is that some of the coverage is optional and you can skip the other coverage that you don’t need. If you are unsure about the plans, then ask expert advice from Blue Country Insurance brokers.

Health Insurance During Retirement

As mentioned above, you should get insurance while you are young and healthy. This can make contributions lower every month, as well as greater health coverage when you make a claim. However, what happens to the insurance after retirement?

As Canadians, people enjoy several government benefits that they have gotten when they were young. However, the daily things that they need in order to cope s not generally covered by government insurance. These things can include chiropractic care, glasses, contact lenses, dental care, and massage therapies.

Although prescription drugs are essential for the elderly, it can be limited and it is determined by the whole family’s income level. This is not the case when it comes to private health insurance. You will be covered according to the policy that you have signed up for no matter the price. In summary, government plans are not as comprehensive as private health insurance plans. You might not get adequate coverage that you really need if you sign up to a plan that is built for the general masses.

Insurance for Group Coverage

If you have a company that includes you into a group insurance, then consider yourself lucky. However, keep in mind that upon retirement, your name will not be included in the policy anymore. This can be a problem since no one wants to start from the beginning when it comes to insurance payments when they are above 60. These changes can potentially occur to anyone. Blue Cross’ Assured Access is designed for this kind of scenario. You will have a guarantee that insurance will still be present even if you have retired10 years ago.

As the body ages, diseases and other existing health conditions may worsen. If you apply for insurance when you are old, then your existing condition may not be covered and you might pay for higher premiums. When it comes to retirement, it is important to plan everything in advance. You deserve to take vacations, be free of stress, and take long rests. If accidents, injuries, or diseases occur, you can rest easy that there’s an insurance that is more than adequate to cover for your needs. Find the best broker today and tell them your needs. You have to start right now because accidents in life don’t wait. They happen at the most unexpected of times. Get covered and feel the peace that only insurance can bring.

How To Pick The Right Life Insurance Plans Suitable For Your Needs

Posted on October 23, 2018 by James Paul

In the last couple of decades, the available options while buying an insurance plan have gone up by several folds. There are a plethora of life insurance companies and banks that are now providing you some of the best options in the insurance sector. These insurance policies are available with or without the investment plans and you can select one based on your insurance need and the money in hand.

While choosing the right insurance plan, it is very important to select the best possible company with a fair track record in clearing the claims. Also, the insurance policy should have specific benefits that secure you and your family’s future. The following are the points that you should keep in mind while opting for your insurance plan.

Where to begin?

You need to understand your current and future liabilities. If you are unmarried, you can start with a smaller plan and invest further with riders and top-ups.

Choosing the right one

There are four main types of insurance policies which are available with the life insurance companies in India.

The first one is the term insurance plan which is affordable and needs only a small amount of premium every time. This insurance plan is best suited for those who want good cover in case of demise but do not have enough funds to invest.
The second one is the Whole Life Insurance Plan which has a higher premium than the term insurance. These plans are best suited for those who do not want to invest,however,want good cover in case of the death of the policyholder.
If you want to invest for the savings and the bonuses, then the endowment plan is the best fit for you. The sum assured is either paid to the survivor of the policyholder or the holder if he or she survives.
The last option is the ULIP plan which is a combination of investment and insurance policy. There is a risk involved in this type of policy.Thus, it is always wise to have a term insurance plan on the side with ULIP plan.

For selecting the insurance agency, consider the best life Insurance companies.Always get multiple quotes with all options that will give you a clear idea of what is available and seek an explanation from the agent or company even in case of the slightest doubt. If you have chosen endowment or ULIP plan, make sure to keep an eye on the number and price of the units. If there are additional liabilities that happen to include in future, make sure to top-up the insurance plan to cover them up or add a new life insurance plan. For further questions, please contact us.

The Most Common Mistakes When Shopping For Life Insurance and How to Avoid Them

Posted on February 3, 2018 by James Paul

If you’re like me( or most people for that matter), it’s not that uncommon for you to say to yourself “if I only knew then what I know now, I would have done things differently”. Well, this is your opportunity to avoid some of most common mistakes people make buying life insurance.

Here’s your chance to be “in the know”, and avoid the 5 most common mistakes people make buying life insurance.

Follow the rules laid out in this article and you will be in better shape than 90% of all life insurance consumers.

Lying to Agent about Medical /Driving History

While it may seem like an innocent slip of the mind to not mention a prescription, hospitalization, or most often, a smoking habit, the consequences can be significant.

The first consequence is most likely that you won’t get away with it. The insurance carriers can access your medical records, prescription history, and even your driving record.

So lying to the agent only gets you an bad quote that has almost no chance of becoming an offer.

Being misquoted is just the start of what can go wrong when you are intentionally misleading.

Because different insurance companies have different underwriting rules for each condition (some are willing to make offers where others will not), it’s vital for an independent agent to know the true conditions he or she is working with.

If this sounds like an insurance agent whining about having his time wasted, you are partly right. However, the more serious result is to the applicant seeking coverage.

This is because, if an application is sent to a carrier that is a bad fit based on bad information (once the truth comes out) it may get graded substandard or even turned down.

A turn down or declination from one carrier can hurt a future application with another company that likely, would have accepted you.

The info gathered by the first company will be handed over to the to the Medical Information Bureau (MIB), this information (and maybe a note about a deceptive application) will be available to all insurers for 7 years.

Lastly, even if you get away with lying on your application and the company contests the benefit payment in court on the basis of a deceptive application, your heirs may find themselves in a position of having the benefit reduced to the premium payments you made plus interest.

Ultimately , the risks outweigh the potential gains.

Key Takeaways

Misleading an agent will only get you a better quote not a better offer.
Insurance carriers have access to your medical, prescription and driving history.
Carriers may context payment of a benefit due to material fraud on the application.

Choosing Permanent Insurance for a Temporary Need.

The fight between proponents of Term v. Permanent insurance continues to rage. Unlike most partisans, I think there is a place for both. However, the two kinds of insurance are designed to serve very different situations.

If you are looking to protect against a a declining obligation (like a home mortgage) term insurance is the appropriate solution. It is also a far less costly answer for the term it is needed.

Very often, people looking for for life insurance are “sold” cash value insurance at the cost of insuring a real need. While there are several advantages to permanent insurance that make it a useful and appropriate retirement planning tool, it should never compete for dollars with insurance that covers a need.

When structured to do so, cash value insurance is designed as a living benefit savings tool with the minimal death benefit necessary to keep it legally designated as insurance. This can be a very useful financial tool, but it is never appropriate as true “insurance”.

Most rules have an exception or two, the exception here is Guaranteed Universal Life (GUL) . GUL is hybrid permanent insurance that doesn’t gain cash value and is priced between traditional whole life and term insurance.

When people use permanent insurance for temporary needs, generally they either cut corners on the benefit amount they need to cover true needs or they overextend themselves, and wind up walking away from the big cash value policy.

Life insurance buyers should should look at these two products separate and not in competition with each other. Cover the insurable need first and then consider if cash value life insurance is an useful arrow in your financial toolbox.

Key Takeaways

Pure insurance is meant to insure a need.
Non GUL permanent insurance should be structured for cash value not insurance need.
Permanent cash value life insurance and term life insurance should not compete with each other for dollars.

Relying on Life Insurance Provided Through Employer

Having affordable life insurance through your employer is a great benefit. However, it should thought of as extra coverage , rather than yourmain life insurance. The reason is simply that at some point you will very likely change jobs.

After changing employers, you may not be offered life insurance at the new employer,and not be able to keep the insurance from the previous employer.

Most all group life insurance policies offer a conversion to permanent insurance for the individual leaving the employer. However, the terms are usually so expensive that no one takes up the offer.

So, in the worst case scenario, you leave your job after an economic downturn, are forced to take a position without group life insurance, and then find that your health won’t allow for inexpensive individual underwriting. So, you’d be forced to either pay far more than you had been paying or go without life insurance for your loved ones.

This situation came about often during the Great recession of 2007-2010. It would have have been avoided had folks not looked at their employer sponsored insurance as primary but rather “bonus”.

Many people in their thirties can get term life insurance that will last until retirement for the cost of a large pizza….and not have tobe concerned that the combination of a job change and age will make replacement unavailable.

Key Takeaways

Employer sponsored life insurance should be thought of as “extra” and not primary life insurance.
Employer sponsored life insurance does not transfer affordably to departing individuals.
Healthy people in their early thirties can get life insurance that last until retirement for the price of a pizza.

Not Using an Independent Agent

The use of an independent Agent is an issue that I touch on all the time. While it may be a bit self serving , it is also the unquestionable truth.

Because insurance companies have different risk appetites, the only way to get the most competitive deal is to be able to access to nearly all of them.

If you have a “captive” agent ( an agent who works for one company and has a financial reason to send all business to that company) represents a carrier who is severe in rating a health condition you have, you are in a bad spot.

Whereas, an independent agent/broker would send your application to the company who looks most favorably at your condition, the captive will be forced to send the application to his carrier…and charge you for the service.

While some “captives” have a limited ability to use an outside brokerage, the truth is that the financial imperatives to write business with the “home” carrier often trump this option.

Key Takeaways

Because different insurance carriers have different appetites for certain risks, access to more carriers will result in better pricing.
So called “captive” agents have a financial incentive to send all applications to their home company.
Only independent brokers have the freedom to offer the best deal at all times.

Not Taking the Exam Seriously

This is an easy one, but it gets fouled up more than you’d believe.

The paramedical exam that is a routine part of fully underwritten policies iis very straight forward. That is, blood draw, urine sample, weight from a portable scale and Blood Pressure (occasionally EKG). It is most often done in 20 minutes and you are back to your day.

Blood and urine samples provide a snapshot in time, so you cannot do a lot to improve things in a brief period of time. However, you can do surely hurt them for the “snapshot” taken.

The common culprits are:

Working Out
Excessive Alcohol
Fried Foods
Drinking Coffee
Lack of Sleep

While living “clean” will not help much in the short run , avoiding these thing for a couple of days is a good policy.

….And a Bonus Mistake to Avoid

It may seem contradictory that this article spends a lot of time on the subject of avoiding mistakes and saving money, and then says don’t be too cheap.

If you are confused, I understand. Let me explain.

While I’m a firm believer in getting the best deal, the best deal may not always be about the absolute lowest cost. The truth is, defining the best deal depends on what you really need and what you get.

Simply put, policies are not all apples to apples comparisons. As mentioned earlier, life insurance companies view different risks differently. So unless you know your underrating grade with a particular company the pricing is not precise.

There are other considerations that affect pricing that may entice you to pay slightly more than the absolute lowest price. These include:

Financial Ratings of the Carrier - Does the Moody’s or AM Best rating of the company matter to you? Are you willing to pay more for a higher rating?
No Medical Exam Option- Some companies offer policies with no exam. Is avoiding needles,urine samples, and possible unknown results worth a few dollars a month?
Riders/Conversion Options- Is the right to get more insurance without re-qualifying later of value to you? How about the right to convert a term policy to a permanent policy at a later date withno exam?

If these issues are important to you, then the definition of “best deal” changes from simply the least expensive. These are issues that can be addressed by an independent agent with access to multiple carriers.

Key Takeaways

The “best deal’ takes more into account than simply cost.
It may be worth paying slightly more if there is no exam or there is a strong permanent conversion product.
Only independent brokers have the freedom to offer the best deal at all times.

Conclusion

If you follow the advice laid out here you will be in better shape than nearly everyone else in the life insurance market. For help in deciding exactly what you want with regard to amounts, term, exam, rider & conversion options, you will always have the most options with an independent agent.

A Detailed Study of Online Life Insurance Quotes

Posted on October 5, 2017 by James Paul

It is an undeniable fact that life insurance has now become extremely important in a person’s life. But unfortunately, many people tend to avoid it despite being fully aware of its importance. Most people stay away from availing life insurance because they just do not get into the complexities of the policies. They actually just cannot figure out from where to begin in order to avail a life insurance quote. However, one must not allow these reasons to stand as an obstacle to ensuring a secured future both for that person, as well as his family members. Getting free life insurance quotes is the first and most essential step for availing that insurance policy which is the most suitable one for you. There are various online insurance companies, whom you can get in touch with via the internet. There, you can access several insurance quotes, and you will not be charged anything for that. What these websites will also do is make a comparison between numerous insurance policies and thereby, helping you to select that one which is the most appropriate and cost saving.

What is term insurance?

Term life insurance is certainly one of the most commonly used types of life insurance quotes available online. A simple definition of this type is that it is a policy which offers death benefits after the death of the policyholder, within a specified policy term. This policy’s rule is that if a person lives for than the years that have been specified by the policy, the beneficiaries of the person will not be paid any amount by the company. There is no investment feature or cash value associated with this type of policy. It is this property of the policy which makes it very affordable, particularly during the initial years. But the cost of the premium can increase with the age of the policyholder, or when the policy is renewed. Along with that, some people can find it impossible to renew the policies because of change in certain conditions like the person’s health.

Types of Term Life Insurance Policies:

Guaranteed Level Term Life Insurance

Guaranteed term level insurance policies are the most common type of term life insurance that people opt for. Working with this kind of policy is pretty simple. You pay yearly premiums that are fixed and do not change with passing years. However, the renewal benefits of such policies are restricted. You can usually withdraw this policy after a certain period of time; say 10, 20, or 30 years as stated in the insurance policy. For longer-term policies, the premiums usually get higher with each year.

Annual Renewable Term Life Insurance

An annual renewable term life insurance, or ART, is a short-term life insurance coverage that can be renewed every year, but for a defined period of time. After the policy is renewed, the premiums go up and keep increasing with each year. The premium increases dramatically after a period of 20 or 30 years.

Return of Premium Term Life Insurance

The return of premium term life insurance is a special kind of insurance policy that refund the life insurance premium once the term period ends. If the insured person is still living, he/she gets the premium amount refunded after term period completion. Such policies are available usually in 15, 20, or 30-year terms. Compared to other term life insurance policies, the return of premium policy might look a bit pricier but is definitely cheaper than a whole life insurance quote.

Decreasing Term Life Insurance

In a decreasing term life insurance policy, there is a yearly fall in the cover level till getting to zero. This type of cover is mainly used for repaying the loans. It is typically designed to pay a lower claim as the policy ages. Death benefits keep decreasing in such kinds of policies. This is because a decreasing term life insurance policy is for individuals who have higher financial responsibilities and burden currently, which may decrease over time such as mortgages.

Modified Term Life Insurance

As the name suggests, a modified term life insurance is only a modification of the standard life insurance plan, with a twist. A modified term life insurance policy uses an alternative payment structure to the standard life insurance plan while offering the same protection. An individual has the flexibility of either paying increasing premiums over time, or modify the same like a decreasing term life insurance plan and pay lower amounts of premiums with time. This kind of life insurance policy is not feasible for everybody as careful planning and consideration of personal and professional life is required.

Final words:

When you’re choosing a term life insurance quote, do so carefully and wisely. But before doing anything, you must understand and be aware of what type of coverage you wish to go with and why. Understanding the kinds of term life insurance policies will help you determine the plan that is best suited for you and why such policies can offer you greater benefits than whole life insurance plans.

How Useful is a Term Life Insurance Quote?

Posted on August 20, 2015 by James Paul

It is a fact that all of us do not know what’s going to happen in the future. This is definitely true, however, the pessimists among us discern that the uncertainty we all experience in the future is what exactly the insurance agents are preying on; but, among the most rational and clear-cut policies available is the term life insurance. Due to the many information floating around the corner regarding term life insurance – especially term life insurance quotes, it is imperative to comprehend how it works and how it befits to people.

The Definition of Term Insurance

Certainly, insurance is a significant thing to obtain for all aspects of our life: may it be car, health or home. It is a form of securing our lives. The term life insurance is the first step towards making out life insurance quotes. In real meaning, this kind of insurance gives coverage only for a limited amount of time, along with fixed rate payments made until the policy matures. When that happens, it would be based on the holder of the policy whether to renew or choose differently. This type of policy varies from the usual policies since this policy is only temporary and actually not for life. For instance, if the term set is 30 years, so after 30 years the coverage would cease and only when the policyholder dies within the fixed period in which the insurer is responsible to use.

Why Term Life Insurance Quote is the Best Deal

1. A great solution for all budgets

Getting a quote is not that tough if you know what you exactly desire. Determining your budget as well as your coverage will mean anything to your term insurance. It is simple to put the fact that term life insurance quote constantly stands out as the best deal against the many options of life covers available on the market. It’s because of two major reasons: first is the fact that payments are constantly affordable. The second one is the cover integrates each financial obligations that are greatly affected by death events. The lists of obligations frequently include consumer debt which possibly exists, medical care costs for families or dependents, the mortgage and the university education costs for dependents. Even when you obtain an insurance quote rapidly, it is imperative to carefully look at the lists and ensure that everything will go beyond the conventional costs of the funeral.

2. Crystal clear understanding of insurance quotes

Consequently, the key benefit is not just the reasonably priced fixed payments on the lifespan of the insurance policy, but the piece of information that virtually exists on every expenditure that may unenthusiastically influence the beneficiaries and family of the policy insured is covered.

3. Save more money on term life insurance quotes

Simply said, term life insurance plans are cheaper and less expensive than whole life insurance quotes. This is because term life insurance offers protection for a predetermined period of time, leading to the insurance company hoping that it will never have to pay out in case you outlive the term or the policy expires. Unlike whole life insurance plans that have higher premiums to pay, a term life insurance is comparatively sweet, crisp, and affordable.

4. Exercise great flexibility!

Term life insurance quotes present a number of options for individuals to make their payments. Coverage on such plans can vary from as little as 1 year to flexible 10, 20, or 30-term periods. Term life insurance also gives us the opportunity to lock in rates for as few as five years for short-term debt loans such as your child’s school/tuition fees.

5. Ideal for younger families

Term life insurance plans hold better value for young families as it doesn’t build up cash. Instead, it only covers a specific period and protects young families that are financially stressed, shouldering the care of small children, mortgage, auto loans, college and recruitment expenses, and more. Families can enjoy term life insurance quotes in the best way as it can provide peace of mind without burning a hole in your pocket.

6. It is as simple as ABC….

There is hardly anything to break your head upon when it comes to term life insurance. It is extremely simple to shop around, which makes it easier to compare rates amongst the different plans. You only need to keep paying premiums for as long as your term period is applicable.

Final thoughts:

The term life insurance quote is helpful in many aspects of our lives. It also helps the holder of the policy to take pleasure in a life insurance policy benefit without needing to pay large installments. In addition to, the family of the policyholder will enjoy the financial stability being provided by the term life insurance quote for term life insurance is a solid plan.

Relevant Life Policy: More about its benefits

Posted on December 20, 2013 by James Paul

As an owner of a small business you must have heard about the Relevant Life Policy from most of your acquaintances in your field. It is a new kind of policy (only around a year since it has become popular with the employers). You must have an idea that investing in a Relevant Life Policy implies that you will be entitled to certain tax advantages. But do you know about these advantages in detail? If not, then this article will aid you in acquiring due knowledge in this regard.

What is a Relevant Life Policy?

Before going in to the details of the kinds of advantages that you will be entitled to once you avail the Relevant Life Cover, you should have to acquire solid know how of the dynamics that rule the workings of this policy. Let us learn more on that:

A Relevant Life Insurance is a single life stand alone cover that is availed by the employer of a small company when he wants to establish a death in service benefit for his employee
The company must have at least 5 employees to take the scheme. But the the number of workers should not be large enough to justify a group life scheme.
The protection cover expires after the 75^th birthday of the client

The advantages that can be availed with this kind of insurance are listed below:

The premiums paid out for this cover are tax free as they are not something that are paid in kind
The high earning employees can keep it separate from their pension funds and annual allowances
The employers can receive substantial tax benefits by availing this policy as they are considered to be trade expenses
There are no P11D charges involved, thus the employer ends up saving substantial costs
As the benefits are payable through a discretionary trust, it ensures that the money reaches the right person and at the right time thus alleviating fears regarding the pay outs falling in wrong hands.
The benefits that are paid out are free of inheritance tax as well
It is not subject to the National Insurance purposes

Conclusion

Investing in a relevant life policy might find

You save up a lot than what you would have done, in case you had taken a personal life cover. Here you might as well would have paid from your post tax income or from your company’s account. But the Relevant Life Policy is paid through the discretionary trust, with several tax benefits mentioned above.

Author Bio: Sam Payn’s informative blogs and articles mainly center on the varied financial matters including home loans and bad credit loans. Recently he has diversified to writing about insurance.