You know you need life insurance, but how do you know which one is right for you?

Here are just a few scenarios when term life insurance may be the better choice…

  1. You want to pay as little as possible while ensuring that your family may stay in the same home without the expense of mortgage payments.
    • Buy a Decreasing Term Life policy otherwise known as Mortgage Insurance.

      As the amount due on your home decreases so does the benefit amount payable by the policy. (Not to be confused with PMI which is mortgage protection for the mortgage company in case you default on your mortgage. This is usually required if you owe more than 80% of the value of your home.)

      Note: Decreasing Term refers to the decreasing benefit amount not to the payments. Most policies are offered on a level-premium basis.

  2. You want to make sure your family is taken care of until your children have finished college.
  3. You can’t afford whole life and just want enough coverage until you can afford a permanent policy.
    • Get a short-term policy and if possible one that includes the Option to Renew or the Option to Convert or both. These options will increase your premium but they also ensure that you cannot be turned down from continuing your policy in the future even if you are uninsurable.

      This does not however prevent the insurance company from increasing your premiums nor does it limit the premium amount that may be charged, although the company may not charge you any more than they charge everyone else in your age group.

  4. You have other means of saving and just want to pay for life insurance only.
    • Purchase a term policy that should be long enough to cover you for your entire life.
  5. You want a certain benefit amount and coverage now but cannot afford the premiums of a level-premium policy. However you expect to earn more in the future.
    • Buy a 10-year renewable term policy that may be renewed every 10 years. Your premiums will increase every 10 years according to your age but you will have enjoyed a higher amount of coverage in your early years then you could normally afford.

Are you exploring different options to get an affordable auto insurance quote?You can navigate the websites of different auto insurance carriers to compare quotes. Almost all the good companies have their own websites where you can get a quote. The forms take only a couple of minutes to complete and will ask you to provide needed details about your car. Once you are done, wait for your instant online auto insurance quote.

If you repeat the same process for a few of the websites, you can get insurance quotes that can be compared. Settle for the one that will not only give you your money’s worth but will offer adequate coverage too. Often consumers look for cheap auto insurance coverage, but what they fail to realize is that a cheap auto insurance quote may not give you the protection or the compensation you look forward to in the event of an emergency.

A majority of states have made it mandatory for you to have a compulsory minimum coverage. If you are shopping around for a low auto insurance quote, make sure your coverage is adequate. It doesn’t make sense to buy a policy that will not suffice in the time of need. The money you save on your insurance premium will be drained out in the event of an emergency if you are not adequately equipped.

Once you settle for a vehicle insurance quote, there are different ways in which you can make your automobile insurance premiums affordable. Some of the methods are given below –

Maintain a good driving record
Avoid speeding or other traffic violations that can add points to your license and increase your premium.

Drive a car that isn’t expensive
Expensive cars cost more to repair and therefore carry a higher risk to the insurance company. So, if you drive a luxury car or a sports car, even one that has a high safety rating, your premiums will usually be higher than those of a cheaper model.

Do you live in a crime prone area?
If you reside in an area where incidence of criminal activities is high, be prepared to shell out more cash.

Maintain a good credit score
If your credit score is good, you are looked upon as a financially responsible person. It is assumed that you will be just as responsible in your driving habits, so, you are more likely to receive an auto insurance rate to match.

The reason why there are more chances of getting an affordable auto insurance quote online, as opposed to by other means is due to the fact that overhead costs are lower for insurance purchased online, thereby allowing you to pay lower and more affordable premiums for your vehicle insurance.

There is an old joke about life insurance. The agent tells the client “For someone your age, the yearly premium on a $5,000 policy is $8,000”.

Apparently, the old joke has become new. Health insurance, as we all know, is skyrocketing, but some know that better than others. For instance, Victoria Collier of the San Francisco Chronicle reported that one 59 year old man in San Francisco is facing a 38 percent increase in his monthly premiums. That is on top of the 41 percent increase he received last year, bringing his total increase to 94 percent in one year. Anthem Blue Cross stated the increase was due to fewer people in the health insurance pool, increasing medical costs, and a bad economy.

Working for an insurance broker, I am licensed with multiple insurance providers so we can offer policies with all the major carriers. So I know from experience that all medical insurance companies have had to raise their rates due to increasing health care costs. However, I know of only one that has consistently offered lower rates for the same quantity and quality of health care coverage.

There is a reason they can do this, and it’s not magic, and yes, they are for profit. In fact, they are a Fortune 500 company. It’s simply that they have been offering life insurance for individuals and individuals only for over 100 years. It is the one thing they do and they do it well.

Of course, they do not guarantee coverage for everyone but you may be surprised. Get a quote, then shop around. Compare policies and networks.

Check it out for yourself and let me know how it turns out, for the good or for the bad.

Save 800 calories...buy life insurance

The $25,000 Burger

Unlike any other insurance, with life insurance you know you will use it one day, it’s just a matter of when. Unfortunately, in today’s economy, few of us have money lying around to spend as we please. So how, then, can the average person afford to buy life insurance?

The answer is… buy term life insurance.

You may not be able to buy as much coverage as you should, but even as little as $25,000 makes a big difference when a loved one dies, (especially compared to $0) if only to provide some time to adjust to the new circumstances. And, one month’s premium could cost you as little as a burger at McDonald’s (see Note below). That’s with no medical exam, approval in minutes, and the complete application filled-out online. It’s like buying life insurance through the drive thru …except without the calories or the guilt.

Note: At the time of this writing:

  • a 20 year old male can get a 10 year policy for as little as $4.55 a month or a 30 year policy for $6.51 a month
  • a Bacon Cheese Angus Burger (BCAB) lasts about 15 minutes,
  • a BCAB costs around $4.23, and
  • a BCAB has approximately 790 calories.

BTW, life insurance has 0 calories.

For a free quote for up to $250,000 of coverage with no medical exam go to gfaexpressterm.com and apply in minutes.

On top of the woes of the present economy, it seems we are constantly bombarded with tales of fraud, corporate directors receiving exorbitant bonuses, and of failed government regulation of consumer industries, all at the cost of the so-called little guy. So, when I recently came upon an article regarding a health insurer forced to reprocess 600 denied claims for emergency services after a review by the Pennsylvannia Department of Insurance, I couldn’t help but feel all warm and cozy. After all, as difficult as it is to get health insurance these days or to pay the premiums required if you do have coverage, it’s nice to hear when the safeguards in place to protect the consumer, actually do work.

That’s not to say that insurance companies are the cause of all our woes or that regulatory agencies have failed to serve the purposes for which they were intended. It’s true that greed on an individual and corporate level impacts all of our lives. But, let’s face it when this report was picked up by the many blogs and websites commenting on it (including this one), how many, were focused on the positive aspects of the story? Diligence and integrity just do not make for good headlines.

So with that in mind, this is to the men and women at the Department of Insurance whose efforts helped over 600 patients get coverage for emergency care received, and to everyone out there who choose to do the right thing instead of just what may be in their own best interests…, and yes, many of them also work for insurance companies…

Thank you! We appreciate it!

By the way, for any of you out there who feel you have been wronged as a consumer bookmark http://www.consumeraction.gov/caw_problems_dont_giveup.shtml. It contains a list of local, state, and federal agencies, regulatory agencies, consumer organizations, BBBs, and media programs that exist for the protection of the consumer. Free consumer protection booklets are also available, in English and Spanish, and can be ordered from the site also.

These days doing it yourself and buying it online has become second nature for many of us. I speak from experience when I say that I tend to be a little less trusting if someone wants to sell me something. I am one of those that would rather spend hours researching and purchasing something online instead of taking the chance of talking to a salesman who might pressure me; although more often than not, by the time I’m half-way through doing the research I am too tired to buy it (not always a bad thing). But I have found, there are some products that, in general, are best purchased face to face, or at least person to person. Insurance, particularly individual health insurance, is one of them.

For that reason, I found it very interesting when I came upon the results of a study of 1003 persons having purchased individual medical (IM) insurance within the last 2 years. The study was commissioned by Assurant Health and conducted in May/June 2009 by the Chicago firm of Beall Research & Training, Inc. In short, the study found that 62% of those purchasing IM insurance did so through an agent and the majority of those purchasing through an agent were significantly happier with their shopping and purchasing experiences and their outcomes than those who purchased online.

In addition purchasing through an agent seems be a big time-saver. According to the study:

  • more than 75% of consumers who shopped through or purchased insurance through an agent talked to the agent for less than an hour before deciding what to buy,
  • of those who shopped and purchased online, only 36% spent an hour or less online, while 28% spent more than four hours, and
  • 31% of those shopping online described the experience as timeconsuming.

Whatever method you prefer to purchase insurance, the most important thing is that you DO purchase it. Even if you never have to use it, you still benefit from a certain degree of peace of mind, …something that is a little more difficult to find these days.

For free information about financial products such as life, health, disability, long term care, and retirement products, visit getfinancialadvice.com or for questions or referrals regarding insurance agents or products leave a comment or email support@getfiancialadvice.com.