October 2007

Monthly Archive

Life Insurance27 Oct 2007 02:30 am

What to look for when buying life insurance?

Claims- Ask how it is handled, by whom and how quickly?

Advice- How often does the company you purchase insurance from review your policy?

Service- Who do you call when you have questions and how accessible is it to get answers to your questions?

Safety rating- check the safety/financial rating of the . One of my favorites the Weiss rating.

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Life Insurance24 Oct 2007 02:29 am

Types of Life Insurance

Term Life Insurance

Temporary Insurance. Level premium normally good for a certain term 5, 10, 20 and 30 year period. After term is up policy can be renewed or continued to a certain age but the amount of premium usually increases by a great amount.Initially Affordable

Conversion – May convert your Term Policy for a Permanent Life Insurance Policy

Short term goals

Permanent Life Insurance Provides death benefit for as long as you liveLong Term goals

Premium generally level

Earns cash value and may be eligible for dividends.

Growth in cash values is tax deferred under current federal income tax law. You may also borrow against the cash value as a loan but can reduce the death benefit and cash surrender value.Different types of Permanent life Insurance

Whole Life- Face amount (death benefit) and premium are fixed at the time you purchase insurance and remains the same thru out the lifetime of the policy.Universal Life- Cash value is based on interest rate

Variable Life/ Variable Universal Life- cash value is based on the performance of the underlying investment options you choose to invest in which fluctuate with market conditions. Cash value is not guranteed.

Which is best for you? Depending on your situation and your needs sometimes a combination of Term life and Permanent Life would be a good solution. By contacting an insurance agent they can give you the advice and help you with your decision.

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Life Insurance23 Oct 2007 01:04 am

How Much Life Insurance Do I Need

Have you ever sat down and considered how much life insurance you will need? Here are a few questions to help you consider how much you’ll need:

L- Loans/Debt – How much would your family need to pay off the Mortgage, continue to pay for rent, pay off any Loans and debts ?

I- Income Replacement- How Much will your family need to continue maintaining and living the same lifestyle?

F- Funeral Expenses

E- Education – How Much would you like to leave for your children’s education or for your spouse to continue their education?

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Life Insurance22 Oct 2007 01:04 am

Reasons Why People buy Life Insurance

  1. Help pay off mortgage, rent or any business debt
  2. To replace income so your family can continue to live and maintain the same lifestyle
  3. Provide a fund for education (Children or Spouse)
  4. Funeral Expenses
  5. Help with estate taxes
  6. Provide for a special cause

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