Online Life Insurance Information & Resources » Owning Life Insurance

Senior Term Life Insurance

admin — Sun, 09 Jan 2011 08:35:44 +0000

The following are some of the most frequently asked questions about Senior Term Life Insurance:

What is a Senior Term Life Insurance? – It is basically just your ordinary life insurance, only this benefit Senior citizen. It is a policy that will supplement any financial help that you will leave behind for your family’s use. This is whether or not you already have an existing life insurance policy, this will give you added full coverage to your beneficiaries.

How does Senior Term Life Insurance work? – Let us say that you are a senior citizen, which meets certain qualifications and is qualified to avail this type of insurance. You will end up with a much reduced insurance premiums, you will also be able to pay debts or other medical bills which you think you will be leaving behind to your loved ones.

Benefits that you will get in buying a Senior Term Life Insurance – As mentioned above once you qualified for this insurance, not only will you be able to pay for debts or medical bills that you will be leaving behind. You will also be paying for a much smaller premiums compared to whole life term insurance.

Now, that the following most asked questions are answered, it is now time to talk about why senior citizens must think of availing this type of insurance as opposed to other type of insurance.

Senior Term Life Insurance is targeted for people aged 50 to 85. The main goal of purchasing this type of insurance is to guarantee that in the event of the insured’s sudden demise, there will be something that you will be leaving your loved ones and not just debts from medical bills, etc.

Most term life insurance are greatly preferred as opposed to whole life insurance, this is because this does not require higher premiums. And it also gives its members the same benefits as everyone else.

What more is that term life insurances are often offered with someone with a tiny budget, ones that can barely afford to buy ordinary life insurance policies. It is also available in increments of 5 years. So, it is now up to you whether you want to renew it regularly or not. While other insurance companies will charge you steep premiums, said Senior Term Life Insurance will not. You being a Senior citizen can also cancel your policy without you losing your money. This will leave you with peace of mind that other type of insurance will not give you, as you are locked with them. More and more senior citizens are now choosing this over other type of insurance policy.

Now, just because you are someone with age, or should we say senior citizen, this does not necessarily means that you cannot decide for yourself. So if you want something that will make you pay medical bills or debts when you’re gone, and may be able to at least leave something behind to your loved ones, then the Senior Term Life Insurance policy is the one for you.

Life Insurance Riders

admin — Wed, 05 Jan 2011 08:34:28 +0000

What is are Life Insurance Riders?

The riders are basically an addition to one’s insurance policy that offers additional benefits normally not found in one’s original insurance contract. Or basically it is an amendment done to the original policy contract. Said additions are normally attached to the said policy and are in full effect. This may not normally found in almost all policies. This is simply because Riders do provide a sort of benefit to the said insurance policy owner, if this is chosen to be availed; an extra fee will be added to the said premium of the insured person.

How does it work?

Let us say that you currently have a policy under your name. You wanted to add added benefits to your current insurance policy. Then all you have to do is to pay for equivalent premium fee over your original premium fee. This will then give you instant benefits from your current amended insurance policy. However, when certain rider claim is made while your current insurance policy is still active, then a termination of your rider will follow. Bear in mind that insurance coverage, terms and condition and premiums for riders do vary from one insurer to another.

What are the different types of Life Insurance Riders?

Guaranteed Insurability Rider or Renewal Provision – This is the type that allows the insured person to purchase added coverage together with the original policy without the need of more medical examinations. This type is also known to be more beneficial if and when a vital change in your life happens, things like marriage, child bearing or increased in your income. One more advantage that this type brings is that it will allow you to apply for coverage without the need for providing insurability evidence. However, this type of rider can actually end at a certain age.

Double Indemnity or Accidental Death Rider – This is an addition that you can pay to protect you in case an accident will cause your death. However, this will only be given to the insured person once he/she dies from an accident related death.

Spouse Insurance Rider – This is being added and paid for your spouse.

Waiver of Premium Rider – Future premiums are being waived if the policy holder becomes disabled and loses his/her income due to his/her disability prior to a certain and specified age. Said premiums will be exempted until the person insured is ready to work again.

Child Term Rider – This gives the insured person a death benefit when his/her child dies on or before a given age. While, when the child reached age of maturity, the said plan can be turned to a permanent insurance coverage, and will multiply its face to about 5 times the original amount without needing medical examinations.

Long Term Care Rider – This offers a monthly payment to the insured person when he/she is compelled to receive a home care treatment of be required to stay in a nursing home.

Family Income Benefit Rider – This happens when the insured person dies. Said rider will give a regular and steady income to his/her family members. If you decide to get this rider, you need to specify the amount of time that your family will benefit from this.

Accelerated Death Benefit Rider – The insured person can use the death benefits under this addition once he/she is found out to be ill and his/her life expectancy is being shortened by his/her illness.

Return of Premium Rider – The goal of this rider is to return premiums paid by the insured person.

High Risk Life Insurance

admin — Wed, 22 Dec 2010 08:31:19 +0000

So you have tried to insure yourself for a life insurance, but for the nth time, you were turned down by another Life insurance company. So you keep on asking yourself, why is this happening to me? You are just a regular Joe who is active in sports like bungee jumping; sky diving; scuba diving; rock or mountain climbing; bike or car racing; and the list go on and on. If you are fond of doing the following, then most life insurance companies will see you as a High Risk Life Insurance type of a person. For many insurance companies, they would rather not have you as their customer. This is because you pose a big threat to their business. Lucky for you, there are a lot of High Risk Life Insurance companies that will not turn their back on you.

Other than daredevils like you, Travelers, Pilots, this type of insurance is also open to people who are inflicted with serious medical conditions in the likes of Sleep Apnea, Cancer, Heart Ailments, Diabetes, Etc. People under this category fit the High Risk Life Insurance policy. If another ordinary Insurance Company is to accept you, which only mean that you will have to pay a much higher premium policy. Of course the premiums vary, the higher you want to be insured the higher fees you will pay as well.

Ever wonder what’s the difference of High Risk Life Insurance with other types of Insurance? Well, first of all, this is nothing like your ordinary life insurance. This is the type of insurance that as mentioned above, only those who fall under the high risk category are being welcomed. They are also the only one who accepts people when others are turning them away.

Most High Risk Insurance patrons are well secured that once something happens to them or due to sudden demise or accident caused by their current illness or their activities, their family will be able to get total and full benefits and coverage. Premiums will also stay the same and active for as long as you keep on paying said premiums. Regardless of your activities or current illness, High Risk Insurance will make sure that you will get what you asked and paid for. That you too, deserve to get life insurance coverage even if you are living your life the way you are living it now.

So why continue on shoving yourself to famous life insurance company that will in the end just turn their backs on you. Why not settle for something that will not even hesitate to accept you and give you coverage and benefits that you can’t get from others.

Be with the one insurance group that will take you on board with arms wide open. Be with a reputable High Risk Life Insurance company that will basically do it all for you. Be with them when no other else wants to be with you, in times of you and your family’s needs. Try it now!

Return of Premium Life Insurance

admin — Thu, 08 Apr 2010 12:21:46 +0000

So what is a Return of Premium Life Insurance? You must be wondering what this type of an insurance is. You must have heard about it from your family of friends, but you want to know the answer for yourself. Then you have come to the right place, as this article is meant to tell you all the things that you need to know about Return of Premium Life Insurance.

This basically falls under the term life insurance category. Its main concept is to give back to you all of the premiums you have paid for over a fixed period or term once your coverage is unused. Let’s say you paid for a $500,000 premium policy that you purchased for $25,000 with a 30 year term or period, you will then received about $25,000 as the policy holder. Yes, the return is not the whole amount you have paid for, and it also costs more as opposed to getting basic or ordinary life insurance. However, said policy if cancelled any time, will result you to not getting anything in return. That was the original idea behind this policy, but a lot new policies will allow you a pro-rated refund in a given point during your policy’s duration. Now, policy holder benefits from this by staying alive long enough for them to get the entire amount they have paid for.

Again, you think you may be reading this wrong, but actually you’re not. Return of Premium Life Insurance solves one of the biggest problem brought about by most term life insurance Companies. This is by giving back what the policy holder paid for once he/she outlives his/her bought premium policy. Unlike other Term Life Insurance holders, they end up not getting a single dime from their policies.

Now, what makes this policy different from ordinary life or term insurance? Basically this is like a man or woman who is on their mid 30’s, then bought a 35 year policy worth let us about a million bucks. Said policy will cost them around $1000 per year or about $30,000 in the span of 30 years. If he/she got this policy from another insurance giver, and outlived his/her 35 year policy, then he/she will definitely get nothing in return. Imagine, paying for something that big and ending up with nothing in return, is something that most people would not be happy with. Yes, they’ve outlived their policy, that alone is enough for some, but for those who labored years and years for that policy, it is something upsetting.

While a Return of Premium Insurance may cost you more, hypothetically speaking about $500 more than the average insurance premium. That makes it about $1,500 per month or $45,000 per annum. Imagine, receiving $1,350,000 after 30 years (that is if you outlive your policy). No questions ask and all. Just by being alive you get back all of the money you paid for your premiums. Not only will it leave you a rich man or woman, you can also celebrate being alive at the same time.

So it is all up to you if you consider this as a sound or poor investment. But it is still considered way better than other options that are being laid in front of you by most insurance companies.

Ways Of Paying For Online Life Insurance

admin — Sat, 27 Mar 2010 01:40:26 +0000

There are a lot of options that you can take to pay for these policies. Depending on your preference, you are sure to get the benefits of these policies.

Here are those methods:

Annual Payments

Annual refers to yearly. Regardless of what method you choose to pay, this option allows you to make a payment once a year. The advantage here is that you do not have to worry about paying on a monthly basis and higher interest rates. The disadvantage is that you will have to set aside a significant amount each and every year until the whole amount is covered.

Monthly Payments

This method of payment speaks for itself. If this option is taken, you will pay fees on a monthly basis. The advantage of this option is that the amount you pay per month is not that big. The disadvantage is that in the long run, you are paying more.

Credit Card Payments

You can opt to use your credit card for monthly or annual payments. The advantage of using credit cards is that you do not have to have ready cash at hand, and you can pay from wherever you may be. The only drawback is if you have maxed out your credit card. This will not enable you to pay, and there will be late charges.

Direct Debit Payments

This is another ways of paying for online life insurance. When a payment is made, it is deducted from your debit card. The advantage here is the convenience of paying from wherever. The disadvantage is when you do not have enough money in your debit card. The result is a late fee.

Cheque Payments

One of the most practiced ways of paying for online life insurance, all you have to do is provide the account number and cheque number, and you can pay from wherever you may be. The disadvantage here is if you do not have enough in your cheque account. There will be a late fee, plus your bank will charge you for the bounced cheque.

Cash Payments

If all else fails this is the best way to pay. With ready cash on hand, nothing can go wrong. The only disadvantage is that it is time consuming.

With these ways of paying for online life insurance, there are so many options offered to ensure you pay the premium, and enjoy its benefits.