Online Life Insurance Information & Resources

Annual Renewable Term Life Insurance

admin — Thu, 22 Apr 2010 12:42:01 +0000

Have you ever heard of Term Life Insurance? If not, well this is basically a type of insurance that is known for being the original kind of insurance. Not to mention that it is the only one that will allow you to purchase premium policies cheaply. Why is this so? It is simply because term life insurance do not provide the insured person any cash value, no savings or even a refund of your original premium. The said policy is created to mainly protect one’s life; hence there is no actual need for you to pay expensive premiums for it.

So now, let us talk about Annual Renewable Term Life Insurance. What is it? It only means that you can renew your term life insurance coverage annually, hence the name. The said term of insurance is good for a year only, but is renewable as well for another year and so on and so forth. Said benefits from this insurance is payable to your beneficiary, in cases of sudden demise while under the insurance coverage. However, if the insured person dies a day after the said 1 year allotted time, then the insured person’s beneficiary will get nothing in return.

The following are types of a Term Life Insurance:

Level Term – this is a fixed amount type of coverage with premiums that are fixed as well for a certain period of time. Usually it comes in 10 years increments.

Renewable Term – this included a provision for renewal that allows the policy holder the right to renew his /her coverage at the end of the given term without needing to provide another evidence of insurability.

Increasing/Decreasing Term – this is the type of an insurance which coverage either increases or decreases all throughout its term while its premium remains the same.

Group Term – this is usually being purchased by one’s employer which is intended to cover several people at a time, this then reduces premiums being paid by the company or employer.

Convertible Term – this is the type of insurance that will allow its policy holder to easily convert his/her term policy to a much more permanent one.

So what are the advantaged of the Annual Renewable Term Life Insurance? Well, first and foremost, this is a type of insurance that you can renew annually. This is also affordable compared to other types of insurance. Annual Term Life insurance will allow its member to renew his/her insurance policy for as long as they want, without giving addition proof of insurability. Now, where will you get something like this? Nowhere! So why go from one insurance company to another, if you can get yourself insured with an Annual Renewable Term Life Insurance company? Why choose to be turned down over and over again, when this is the easiest and the cheapest way to get an insurance coverage? If you want one that you can have for a year and renew it whenever you can, then choose this type of insurance, and get what you only need.

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.

Online Life Insurance Protection

admin — Thu, 01 Apr 2010 23:15:24 +0000

We all want to protect ourselves and our loved ones. Buying an insurance policy is one of the best ways to do it. Now, decades ago purchasing an insurance can only be done face to face with your insurance company agent, now this also possible and doable online. Applying for an online life insurance protection is something that the new era has given us.

Now, what are the actual benefits of an online life insurance protection?

The answer to that is simple, compared to decades ago; purchasing a life insurance policy is now made easier and faster. You can easily browse and search online of more than one insurance company. In just minutes, you will achieve more as opposed to visiting a couple commuting or by driving to one.

Why is it cheaper to purchase an online life insurance protection?

For one, they do not have to pay for agents who will actually roam around and get hold of several people for insurance. They can easily operate in a small area but are actually targeting a much larger market. Not to mention that competition is kind of steep, hence, more and more of them are fighting for their customers or patrons. These are some of the known reasons, why they come cheaper as opposed to the regular life insurance vendors.

What are the criteria that you must use in order to find the right online life insurance protection?

First and foremost, always look for contact details from their website. Without these, you are prone to dealing with a fly by Night Company, or basically someone who will run away with your hard-earned money. You must also try to compare prices or premiums and not just settle with the first one that you’ve landed in. That way, you will be given an idea on who actually sells the best and yet the cheapest insurance policies online.

Now, being given above stated ideas, you are now well-equipped to find the best online life insurance protection. Whether you want a whole life or term life insurance, it is all up to you. Just be sure to get the right insurance type for your specific needs.

If you also feel like they will only reject your application (after being rejected by a couple of companies), then you do not have to worry about that. There are a lot of insurance types online that will suit you. If you are a senior citizen and is way beyond the ordinary insurance age, there are always the Senior Term Life Insurance for you. If you are the daredevil type or the sick type of a person, again, there is the High Risk Life Insurance meant for people like you. You may end up paying more as compared to regular insurance premiums, but they are the only ones who will gladly take you in.

Truly there are insurance policies meant for every individual, whether you purchase it online or not, you will find the insurance policy that is tailored for your specific needs. So what are you waiting for? Start surfing the web and check out online Life Insurance Protection companies now.

No Load Life Insurance

admin — Sun, 28 Mar 2010 08:20:21 +0000

If you are shopping around the internet for life insurance policies, you may have come across no load life insurance. You may wonder what it is, and what it is all about. Here, you will get to know all about this type of life insurance policy.

Conventional Life Insurance

We all know about these conventional life insurance policies. Honestly, a lot of us run and hide when we see an insurance agent knocking on our door. There are reasons why we do this. One reason is that we find them annoying. The other would be that we do not have enough money to cover the premium. They just turn out to be luxuries more than necessities.

What Is No Load Life Insurance?

This is a type of life insurance policy that has limited or no fees whatsoever. It is a complete life insurance policy, just like other complete life insurance policies. The only difference is regular policies come with a variety of fees. These fees include expenses, agent commissions, advertising, which is paid on an annual basis. With no load policies, these fees are greatly reduced, or are nonexistent at all. The result is a much lower premium.

On the flipside, there will be an initial fee charged to set the policy up. However, compared to the annual fees charged by conventional life insurance policies, the initial fees turn out to be much cheaper. In other words, you will be paying less for more.

What Are The Advantages Of A No Load Life Insurance Policy?

There are a lot of benefits that you can take advantage of with this type of life insurance.

Here are those advantages:

No Commissions Or Agent Fees

Commissions or agent fees are fees that are awarded to the agent that is successful in selling these policies. With a no load policy, you pay less of these fees or nothing at all.

No Fees For Advertising

Advertising fees is charged for advertising and marketing costs of the insurance company. With a no load policy, you pay less of these fees or nothing at all.

More For Less

Since the premiums of these policies turn out to be significantly lower compared to the conventional policies, the result is paying less money for a complete policy. The premiums turn out to be much less than normal. In other words, you get more for your money.

More Money To Spend

In today’s dwindling economy, more and more people are spending their money on where it counts the most. Normally, the majority do not have the money to spare for these policies. With no load life insurance, you can enjoy its benefits, and still have enough for your savings.

Prepared For The Unforeseen

Regardless whether we leave this world unexpectedly or in our old age, these policies assure our loved ones of a bright future. They get a significant amount of money on the event of our death.

In any way you look at it, these policies give you the opportunity to get more for your money’s worth. A no load life insurance policy will work to your advantage.

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.

The Level Of Care In Long Term Care Insurance Online

admin — Tue, 23 Mar 2010 10:23:01 +0000

If you are unsatisfied with your basic health insurance, and you need more assurance of care in the future, then you should check out the level of care in long term care insurance online. You will surely be satisfied with the level of care these insurance policies have in stored for you.

Two Types Of Care Policies

There are two types of care these policies provide. With the level of care in long term care insurance online, you will get detailed information on what they have to offer. For whatever you are worried about in the future, they will assure you that your welfare is their top priority.

Here are the two types:

Tax Qualified Policies (TQ)

Tax qualified policies are the policies commonly offered. There are conditions that are required for you to get the care that you require. The first condition states that you are provided care for at least 90 days if you are unable to do at least 2 of your daily activities of living. These daily activities include trips to the toilet, bathing, dressing, eating, etc. The second condition states that if you are suffering from a severe level of cognitive impairment (unsubstantial mental function); you are entitled to at least 90 days of assistance.

The benefits from this type of policy are non taxable. Both conditions require a specific care plan from a designated doctor.

Non Tax Qualified Policies (NTQ)

These policies require a medical necessity to trigger the care you require. This means that your doctor or a designated doctor from the policy states that you are in need of care. For whatever assistance you may need, the policy will cover the charges. If you are unable to do at least one of the daily activities such as walking, all you have to is have a doctor confirm this, and you will get the care you need.

Unfortunately, these benefits are taxable. You might end up paying a large amount of taxes for the benefits you require.

You will see that the level of care in long term care insurance online make use of a reimbursement scheme for covering costs. You initially pay for the services required, and are reimbursed in a certain number of days stipulated in the policy.

The Level Of Care Provided

When you check for the level of care in long term care insurance online, there are a variety of care options provided by these policies. These include Alzheimer’s facilities, nursing homes, hospice care, respite care, adult daycare, assisted living, and home care. If needed, these policies cover the costs for private duty nurses, therapists, housekeepers, companions, and caregivers. These professionals are provided 24/7, or as long as the policy holder needs assistance. This also depends on the maximum benefits provided by the policy.

For whatever care you or a loved one might need, there are so many options these policies are capable of providing. Upon checking the level of care in long term care insurance online, you will get to know more about these options.

Purchasing Life Insurance Direct From Life Insurance Company

admin — Mon, 01 Mar 2010 10:34:51 +0000

You may already know the fact that investing in life insurance is no casual task. You should be weighing different options at all stages of investment, right from choosing a plan, choosing a company, etc. Unfortunately, people do not attach much importance to the method of purchasing life insurance, which is also a contributing factor to its success. In fact, many of you even do not know what different methods are available in purchasing life insurance. So let us start with listing out some of the most common methods.

Direct purchase
Purchasing through agents and brokers
Online purchase
Other miscellaneous methods of purchase

Each method has its own pros and cons and it is up to you to decide which method is best suited to your needs.

Purchasing through agents and brokers

Of all these methods, purchasing through agents and brokers might be what are familiar with. This is what many people do, but you should also be aware of other modes of purchase, as your individual needs would be such that a different mode of purchase is best suited to you.

Direct purchase

For those who have enough time at hand and those who prefer to be in total control of all the transactions, direct purchase is the best choice. You are dealing directly with the insurance company and that would mean that you have to go through many hassles, but you can rest assured that you are not duped by any agent or broker.

Online purchase

An emerging trend that we see today is that of online purchase. If you are a typical busy person who has no time even to take a deep breath, then you should go for online purchase. This helps you to collect information, compare, make decision, and apply at your most convenient time without the help of any middlemen. This is also a cheaper method compared to other conventional methods of buying life insurance.

Miscellaneous methods

There are yet other modes of purchase, which are lesser known to most of you. One among them is to buy life insurance through your bank. Besides banks, other national financial institutions are also selling life insurance policies. However, many banks and financial institutions are finding it hard to compete in the market and are slowly losing popularity in this field.

You would also be interested to know how your agent gets remunerated for his services. Very rarely do the insurance company offers a basic salary. Instead, they are paid commissions and incentives. This commission differs according to the insurance company and the type of insurance sold, like whether it is a term life insurance or a whole life insurance. These brokers and agents stand to gain up to 90% commission on whole life insurance policies and around 30% on term life insurance policies during the first year of purchase. However, this rate substantially diminishes from the second year onwards. So now do you get the point why they prefer to sell you whole life insurance?

Choosing Type Of Life Insurance Cover And Size Of Life Insurance Cover

admin — Tue, 16 Feb 2010 10:59:35 +0000

Choosing right life insurance cover has become a Herculean task because of the wide range of insurance cover available. There are many important considerations attached to it. Among them, the two primary considerations are:

Type of life insurance cover

Size of life insurance cover

These are considered the decisive considerations because it is the type and size of your life insurance cover that is going to determine success of investment.

Type of life insurance cover

Let us take the first one and analyze it 360 degrees. What type of insurance to be chosen is still a debate among experts:

A term insurance or an insurance cover with cash value?

Term insurance does not offer any cash value, but offers a death benefit. If you have a strong family history of any fatal disease and/or if you are above 40 years of age, then it is wise enough to take a term insurance policy. However, if you do not belong to this category, then a policy that offers cash value is the best option.

Hybrid variety:

Then, there is another type of insurance called the universal type, which is a hybrid between term insurance and whole life insurance. Here, any payment above the cost of insurance is offered as cash value. This type of insurance is best suited to those who are looking for a policy that has chances of being enforced after 20 years or so.

However, these are only the broad types of life insurance cover. There are many variations to these types. Seek an insurance agent’s help who will explain you what they are and the pros and cons of each of them.

Size of life insurance cover

Next important consideration is the size of life insurance cover. This usually depends on two factors – your current liabilities and the size of fund you need to run your daily life. If your liabilities are high, then opt for a large size of life insurance that is sufficient enough to cover them. Otherwise, the insurance cover will be of no use to you. It will only be an additional payout. However, it should not be too large such that you are actually paying more than your current liabilities. This is a decisive decision to be made and need expert advice. Small size life insurance cover is suitable for those who do not have much of a liability and is looking for wise and risk-free investments. But do not be too cautious and opt for a small size that will not be of any help to you.

Be very careful in deciding on these two points. Take your time to arrive at a decision. Talk to people who have already taken life insurance cover. Learn from others’ mistakes. Do good research on your own. Because one wrong step in this direction would mean a heavy burden for the rest of the life. On the other hand, if chosen correctly, the life insurance cover can help your family remain financially secure even at the time of your death.

Using a Life Insurance Broker and Agent

admin — Tue, 09 Feb 2010 11:00:01 +0000

When you want to take out a life insurance policy, you may require the services of a life insurance representative. The representative can be an agent or a broker. This is absolutely necessary because they will explain the fine points of different types of insurance policies. An insurance agent represents only one insurance company while a broker is an independent agent. The broker can represent as many companies as he/she wants.

How to choose

A life insurance broker can offer you premium rates for different products of several insurance companies. The broker can provide you with a comparative study on the offers of different companies. You can select the one best suited for you. On the other hand, the insurance agent can offer you the products of only one company. He/she is not interested in selling the products of other insurance companies. If you have already decided on the insurance company with which you are going to insure, there is no harm in going to the agent of that particular insurance company. The agent is specialized in the products of that company.

Whoever you select, an agent or a broker, you have to make sure that they have some basic attributes. One is that they must have a license to do the business. Secondly, they must have some reasonable experience in life insurance business. You can ask this question directly to the agent or broker. They must also be able to provide you with some references about themselves. The agent or broker must furnish all insurance proposals in writing with supporting documents. This is required under law. Make sure that the agent or broker is registered with the Financial Industry Regulatory Authority. A good agent or broker explains to you until you understand it and are satisfied with it. He/she never pressurize you into taking a particular or any policy.

Commissions

Commissions are paid by the company to both agent and broker. An additional retention fee is also paid to the agent for working with a particular company alone. The premium you pay includes the commission the company pays to the agent or broker. Even if you go directly to the company to take out the policy, no discount is offered for the commission they save. If you go to the agent or broker the added advantage is that you get expert advice. Some brokers charge an extra fee on the insured.

Types of agents and brokers

Life insurance agents and brokers do not do business in life insurance alone. They also sell annuities that provides for retirement benefits. Another field they work with is mutual funds. Both the agents and brokers are experts in their field.

You are getting the services of the life insurance agents and brokers for free. They are paid by the life insurance companies. It would not be wise not using this free service and taking out the best policy which suits you. They listen to you patiently and give their advice because that is their profession. Even if you go directly to the insurance company you do not save anything.

Purchasing Disability Insurance Online

admin — Wed, 03 Feb 2010 12:21:57 +0000

Ever thought of how you gonna support your family in the event of a disability or illness? True, the very thought itself is a sobering one, but one has to be very clear about these things, as disability can come to anyone at anytime.

So, if you are wondering what you gonna do in that situation, then the answer is disability insurance. Disability insurance provides you enough income to support yourself and your family during the period of your illness or disability. The time period, however, varies from case to case and is determined by the insurance provider.

Now you may think whether disability insurance is that important. In fact, it is.

Because when you are disabled, there are two things that make your situation worse. One is the disability itself. The other is the financial burden that a disability carries with it. On one hand, you have expenses to incur that are related to the disability. These include the medical bills, equipment bills, bills related to repair of your vehicle, etc. On other hand, you have to meet the daily cost of living. Unfortunately, you cannot work during the disability period and thus you are devoid of your regular income. Therefore, you definitely need income from an alternative source. Here is where disability insurance can come in handy. It helps you to pay off all the abovementioned bills and keep cool even when you are disabled.

Having understood the significance of disability insurance, the next query that could have popped up in your mind is how does this stuff work? The answer is simple – you are insuring yourself against disability, and in the event a disability occurs, you get money. It is the best thing around for workmen, laborers, etc. who are involved in risky jobs.

An important thing to decide whether picking disability insurance is the amount of insurance you may need. This depends on a lot of things. A simple way to calculate this is to prioritize your financial requirements into basic and luxury needs. This will help you to arrive at the minimum amount you need in terms of disability. But don’t forget to consider future basic needs like college education, etc. The key point here is that in no way should you end up being underinsured.

If you thought that the only way to purchase such disability insurance is through an agent, then you are wrong. The best method is to embrace the online method. This helps you to know whatever you want without wasting time, money, and energy. The most important thing to know is the coverage. So, visit various websites, make a comparison on important considerations like coverage, premium, period when disability starts and ends, premium etc. Make full use of online quote comparisons and finally decide on the company from whom you are gonna purchase. Online purchase makes it possible to get the cheapest offer on earth.

Disability insurance is not just an insurance against injury or illness, it is also a good way of planning your finances for the future and ensuring peace of mind.