Don’t let your search for affordable life insurance in the state of Connecticut make you vulnerable to fraud. If you are contacted to purchase a life insurance policy and then immediately sell it, think twice. You may be the target of an insurance fraud.
The National Association of Insurance Commissioners and the Connecticut Insurance Department want policyholders to be aware that the sale of life insurance policies are being perpetrated illegally.
A little background: Insurance companies provide for the selling of life insurance policies. There are two types of sales and they are called life settlements and viatical settlements.
o Life Settlement occurs when the owner of a life insurance policy sells it to a third party. The third party now becomes the owner/beneficiary of the policy. The new owner must pay the premiums and thus will collect the benefit when the original policy owner dies (as the original policy owner is still the ‘insured’).
o Viatical Settlement: Viatical settlement is similar to the life settlement, except the original policyholder is terminally ill.
Why, you may ask, would anyone sell his or her life insurance policy? There are many reasons; one of them being financial. If the insured is running into financial difficulty, they may sell the policy to a third party for the cash reward. This is a legal practice and these policies may be sold through a life insurance broker. The third party (buyer) pays the brokers commission.
Rather than selling a policy, policyholders can exercise the accelerated death benefit provision of their policy, which could pay a substantial amount of the policy’s death benefit. Additionally, the cash value of a life policy can be used as security in obtaining a loan from a bank or financial institution.
Don’t let unscrupulous people talk you into purchasing a life policy and immediately selling it. If this does occur, it is important to contact the Connecticut Insurance
Department immediately. Do not become a victim.
Whichever way you look at life, life insurance is inevitably something we all need to think about purchasing. Whether you’re young or old, life insurance is important because while you might not be expecting to die anytime soon, life is unpredictable; and if you have dependents, you need to make sure they will be provided for in some way in the event of your death.
Hitherto, many people attribute their lack of life insurance to high cost. However, new research appears to suggest that the cost of life insurance premiums has decreased substantially over the past ten years. According to a study done by Barclays Life Insurance, living costs in the UK in the past decade have risen by 16%, but the price of average life insurance premiums has halved during the same period.
Mark Till, managing director of Barclays Insurance observed: “we all seem to remember our money going a lot further in the past than it does these days”. The main contributors to the higher cost of living in the UK include rising property prices, as well as increases in the price of petrol and tobacco; higher taxes and rising energy costs have also played a large part in pushing prices up.
This evidence of the steadily decreasing price of life insurance surely indicates that, if you’re planning to buy life insurance but haven’t yet been able to do so, now is the time. In fact, more and more people seem to be taking advantage of the decreasing price of life insurance; in early November, insurance company AXA SA stated that its nine-month revenue had risen by 11.6% from a year ago, due to the strong sales performance of its life insurance and savings business.
If you are thinking of buying life insurance, it’s always best to study the market and compare the different life insurance policies available so you can find the best policy to suit your own personal requirements. For instance, many people buy term or “protection-only” insurance, which pays out if you die within a specified amount of time; this is much cheaper in the short term, particularly if you have received news of a sudden illness. However, in the long term, it is always better to choose investment-type life insurance [http://www.barclayslifeinsurance.com/]; this builds up in investment value throughout your life, which you can even cash in on before you die. This way, the earlier you buy investment-type life insurance, the greater the accumulation of value during your lifetime, and the better the provision for your dependents!
My husband and I have made the decision to buy term life insurance. Why term insurance? It’s simple. Term life was developed to provide the average person with temporary coverage knowing the average person would be constrained by a limited budget. Term can be purchased in fairly large amounts for a relatively small premium payment when compared to other insurance types, making it very well suited for short-range goals. When they say temporary coverage they mean coverage for term lengths of 5 years, 10 years, 15 years, 20 years, 25 years and 30 years. When they say short-range goals they mean providing adequate insurance protection to cover the child-raising years.
Another part of the decision to go with term life insurance is that it is the simplest form of life insurance. I found enough to have to understand and think about with this uncomplicated insurance type and have no interest in having to take on anything more complex, like trying to leverage my insurance payments into an investment vehicle at the same time with cash benefits and payouts of differing amounts over varying amounts of time, depending on interest rate fluctuations and so on and so forth. Those are investment thoughts that, for me, don’t mix well with dead husband thoughts. And our limited budget really is a limited budget so this will have to be the most affordable type of insurance. Besides, as soon as it turns into an insurance plus investment decision we now will have to rely on the advice and opinion of a broker or agent. We were planning on using the internet for quoting and purchase. It is hard to develop a trusting relationship with someone dispensing investment advice in a chat room.
So since we are going to do our purchase online, if everything goes well we will start with term life insurance quotes, choose the best term life rate, make our purchase and continue on with our short-range goal of raising two children for the next twenty years.
People can take advantage of the provision of ‘online request and comparison’ of life insurance quotes. The help received from Internet technology and powerful search engines makes it possible for hundreds of insurance providers to be contacted and the best possible deals negotiated. Many websites obtain the necessary information from a user, illustrate the quotes from multiple companies and offer help in selecting the right policy. It is important for websites related with life insurance quotes, to furnish an unbiased opinion about comparisons and protect the user’s privacy. Most of the websites ask users a series of questions and provide information of the most competitive products, for the type of insurance selected by the user. It is recommended that after receiving comparisons, users should read them carefully and preferably print the documents.
While shopping for and comparing online life insurance quotes, it is important to note that the quotes paid for life insurance are usually not tax deductible. The reason for this is that the premiums are considered personal expenses. Dividends are deemed to be a return of surplus premium paid by a policyholder, and hence, they are not included as earnings for tax purposes. However, the interest gained on dividends and gathered by an insurer, is taxable in the year it is received.
It is recommended that people understand the features of the policies, such as ownership rights, conversion options, reinstatement clauses and contract clauses. They should identify whether they are protected by the policy?s grace period. While considering a new policy, it is important that agents assess each and every aspect of the coverage and limitations.
It is advisable for people to research and get themselves educated on the different details of life insurance policies, terms, coverage and the companies, before making any final decision.
I have divided this article into four different sections, each detailing its heading. I hope this makes it easier for you to get the information you require.
Auto Insurance in Alaska
The state of Alaska requires that every single motor vehicle registered there needs to have at least liability auto insurance. Under this State law; all owners of motor vehicles and/or drivers of the same must have the minimum amounts of liability auto insurance, which are:
– $50,000 for death or injury to any one person per accident
– $100,000 for death per accident or total injuries
– $25,000 for property damage per accident
In the event of an auto accident that resulted in property damage, personal injury or death amounting to more than $500; all drivers involved in the accident must show their auto insurance proof. Aside from auto accidents with damage greater than $500, the driver must also present proof of auto insurance any time they are requested to do so by an officer of the law and when comes the time to renew registration. If the driver fails to show proof of auto insurance for accidents with $500 dollars or more worth of damage, the drivers license will automatically be suspended for a period of 90 days to one year. The length of the suspension depends on the drivers driving record. Also, in case of an auto accident here, the guilty drivers auto insurance shall cover the expenses that were caused because of the accident.
Home Insurance in Alaska
You probably would not know this, but compared with to other states, Alaska pays more for home insurance. The reason for this is that they are always at a risk of floods and sub-zero temperatures. Though they have experienced a high increase in home insurance coverage in the past year, there are several ways to save on home insurance. The first is to compare the different insurance companies and see what each of them have to offer. This will enable you to get the right insurance at the price that fits your budget. Second is asking around about the different types discounts. You can ask your insurance company for the discounts you qualify for. And last is that increasing the deductible can save you a decent sum of money. By increasing the deductible, you are basically telling your Alaska Home Owners Insurance Agent that you are going to do everything you can to avoid any claims.
The most common home owners insurance coverages are:
HO-1 – This is for lighting, fire, vandalism, theft and smoke.
HO-2 – This is the same as the HO-1 only with additional perils, such as building collapse, water damage and falling objects.
HO-3 – This is “all perils”. Depending on your budget, you can choose between basic and all perils. But what is ultimately important is that you have home insurance which will protect you in case of disaster.
Health Insurance in Alaska
Alaska health insurance enables most residents to be able to afford the increasing cost of health care. Those who have health care are able to escape medical debt, which occurs in two out of five locals. Considering the statistics, it is important, and certainly more cost effective, to have health insurance. Although health insurance varies; most policies pay for hospitalization, surgery, medical tests, pediatric care, doctor visits, and maternity care. Generally the exceptions are cosmetic surgery, hearing aids, dental care, eyeglasses, preventive care and experimental treatments.
Those who are denied by private insurance companies because of medical conditions, the Alaska Comprehensive Health Insurance Association will offer them health insurance. Under the program of the association, those with medical conditions can get insurance on different terms.
Life Insurance in Alaska
When it comes to life insurance, the two most common life insurances in the State of Alaska are term and permanent life insurance.
Term life insurance protects the holder for short periods of time. This is usually over a period of one to several years. This means that the insurance pays only if the person dies during the covered period. Also, since the period covered is only of short duration, the premium is significantly cheaper than permanent life insurance.
Permanent life insurance protects the holder for the rest of their life by a guaranteed death benefit. This means that the coverage is for the entire life of the person. The premium for this type of insurance is of course higher than term life insurance.
In the unstable economy today, it is important to have life insurance for the family. This will enable those who are left behind to get on with their lives without financial difficulties. You might want to consider getting life insurance especially if your family depends on your financial contribution. Compare life insurance now and you might be surprised at how affordable it is and how easily you can squeeze it in to your monthly budget.
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What is Supplemental Group Term Life Insurance?
Supplemental group term life insurance is an added benefit if you are already covered under a group policy through your employer. Usually group coverage is not as comprehensive as you may desire as policies are written according to what would benefit the group as a whole. As an individual with a family of your own, you may have different needs that are not covered through a group plan. If you find yourself in this position, buying a supplemental term life policy would be a wise decision.
An employee is eligible for supplemental term life insurance if he or she performs all of their regular duties on a full-time basis (check with your employer as some companies consider “full-time” as 17.5 hours or more while other companies require you work the full 40 hour weeks). Again, you must already be covered under your company’s basic group term life insurance policy. Spouses and dependent children are also eligible for coverage if you buy a policy of your own.
What are the Benefits to Adding a Supplement?
There are a couple of benefits to purchasing supplemental term life insurance. The first is a waiver of premium. If you become completely disabled prior to your 65th birthday, the insurance company will continue to keep your policy intact and active until you become 65 years old. The stipulation is that your disability must last for nine consecutive months before the benefit can begin. If your disability continues indefinitely, the insurance company will not collect any further payments of premium from you. An individual is considered “totally disabled” when that individual is unable to work at any occupation collecting wages because of injury or illness. You must also provide proof of continuing disability annually.
A second benefit to taking out a supplemental term life insurance policy is the Accelerated Living benefit. If an individual is diagnosed with a terminal illness and given only 12 months or less to live, that individual may apply for a percentage of their combined basic group and supplemental term life insurance policies. The percentage is usually paid in a lump sum. Check with your carrier, as the benefit is usually 50% of the active face value amounts or $50,000.00, whichever is less. While an employee and their spouse are eligible for the accelerated living benefits, children of the employee are not. In most cases, coverage is portable — which means you can take your coverage with you if you retire, reduce your hours or change jobs.
The only exclusion is the standard waiver of benefit payment should the employee or their spouse/dependents commit suicide within the first two years that the policy came into effect. Check with your carrier as in some states this exclusion applies to both sane and insane individuals while some states only the sane.
How Age Affects Your Policy
While premiums for supplemental term life insurance are literally just a couple to a few dollars per month, the rates are affected by age. The premium is based on attained age and then increases at various steps. You would have to check with your carrier for their specific criteria. Age 70 is a defining milestone for supplemental term life insurance policies.
Beginning at age 70, your coverage is reduced to 65% of original certificate face value.
Beginning at age 75, you coverage is reduced to 45% of original certificate face value.
Beginning at age 80, your coverage is reduced to 30% of original certificate face value.
One thing to keep in mind is that spousal coverage terminates at age 70. If the premiums are current, your spouse may choose to convert their individual coverage to a term life insurance policy of their own. Your dependents may also choose to convert their policies after their dependent status expires. They can obtain term life insurance policies in the amount of $25,000.00 or $50,000.00.
Supplemental term life insurance is a wonderful benefit as you can give your family an additional benefit of up to $270,000.00.
If you have a family or loved ones who look to you for financial stability and who would be severely affected financially by your death then you owe it to them to make provisions for keeping them financially secure should you die.
The best way to do this, of course, is through a life insurance policy.
Before we look for ways to save money and get discount life insurance in Missouri let’s quickly review the two basic types of life insurance that you can buy: Whole life and term life.
Term life insurance is good for only a select number of years – the term of the policy. Once the term of the policy runs out, you must purchase additional insurance.
Whole life insurance, on the other hand is good for your whole life – plus a whole life policy generally builds a cash value over time, which can be easily borrowed if the need arises.
When you initially purchase a term life policy it will have a lower premium payment than a whole life policy. However, when it comes time to renew your term life policy you will have aged and you will now be required to pay a higher premium than you did the first time.
The premium payment for a whole life policy, on the other hand, remains the same for your entire lifetime.
No matter which type of policy you feel is right for you and your family there are a few things you can do to help keep premium costs down.
First, don’t smoke or use tobacco products. If you currently smoke – stop. If you are overweight do whatever you can to lose weight. The healthier you are, the lower your life insurance premium will be.
Keep your credit rating in good order. It may seem odd, but the fact of the matter is, the better your credit rating the lower your life insurance premium.
If you have a dangerous job or if you drive a high-performance vehicle your rates will undoubtedly be higher than if you didn’t. Consider making whatever changes in your lifestyle you can in order to bring down the cost of your health insurance.
Next, get online and begin comparing policies and prices on several of the websites that are designed to help you find the best deal possible on discount life insurance here in Missouri.
It would be great if you could simply enter all of your information into one form on one website and be done with it – but if you really and truly want to find the best possible deal on discount life insurance then that simply is not an option.
Since each life insurance comparison website only looks at a handful of life insurance companies, the only way for you to really compare prices from a large number of companies is to take the time and effort to enter all of your information onto the form on at least 3 different websites.
It’s a lot of work, but once you are finished you will know for sure that you have found the best deal possible and saved money on discount life insurance in Missouri for years and years to come.
To begin with it is good to be clear on what life insurance actually is. When an individual dies, there are many financial burdens. Family expenses and mortgage payments are just a few. The primary function of a life insurance is to provide, upon death of the policyholder, an amount that is sufficient to pay for any or all of the expenses. The expenses that will be covered are predetermined in the insurance coverage. Term life insurance is a kind of insurance policy that is exclusively for death coverage. These policies are written out for a specified period of time. This is also called the term as in the name term life insurance. The most regular terms are one year, five years and ten years, although longer terms like twenty and thirty years are also available.
If the person who is insured dies during the period of the term of the policy, the death benefit is paid directly to the specified beneficiaries. However, if on the completion of the term the insurance holder is still alive, the protection ends.
Due to the fact that term insurance provides a benefit only if the insurance holder dies during the term of the policy, it?s premiums will be the nearest to the pure death cost. This is the reason why term life insurance is the coverage that is least expensive to buy at younger ages. However, at an older age, the price of a term policy will rise swiftly along with the rising death cost. This rising cost may soon become exorbitant for a number of senior citizens. The premium of a term insurance policy will stay put at the same amount during the course of the term. It then increases at every renewal.
Term insurance is the cheapest form of life insurance providing only risk coverage without any savings component. It is recommended if you have other savings and retirement plans in place.
Mortgage life insurance is a type of insurance that ensures the remaining balance on a mortgage is paid in case of death of the borrower. Cheap mortgage life insurance is available which the borrower can obtain with a little research of the market. Cheap mortgage life insurance refers to a policy with low rates. However, the rates depend on the type of mortgage and amount.
Mortgage life insurance is necessary for all borrowers who are opting for a mortgage. This is done to offer protection to the homeowners and their families against losing their income in case of unexpected death of the earner. The borrowers are required to fulfill their end of the bargain by making periodic fixed payments to the insurance company. These payments are known as the insurance premium and are determined on the basis of several factors. The insurance company in turn promises to compensate the beneficiaries named in the policy in the unfortunate event of the client?s death. This premium is usually included with the monthly mortgage payment. The borrowers do not have to worry about making another monthly payment towards the insurance policy.
Mortgage life insurance provides peace of mind to the borrowers, as they do not have to worry about their families or other dependents losing the house in case of a premature death. Further, getting a life insurance policy for protecting the mortgage is usually not very expensive. As the amount of the coverage goes on decreasing with the mortgage amount, the insurance also gets cheaper. To find out the best and the cheapest mortgage life insurance, borrowers must compare the life insurance prices of as many carriers as they can. This task has become quite easy as it is now possible to request multiple quotes over the Internet by filling out a single form.
There is a remarkable growth in the number of life insurance companies. The help received from the search engines and many websites enables a person to be able to get the best rates and policies, to suit his need. In fact, the net is credited with the availability of realistic life insurance quotes.
There is more specialization in the life insurance industry, today. People are generally eager to reap the benefits with lower life insurance premiums. The net is an effective vehicle for them to acquire information on the affordable life insurance quotes.
Various flexible, reliable and affordable life insurance products are available in the market that helps the customers to protect the future of their families. The Globe Life And Accident Insurance Company offers an affordable life insurance solution for individuals and families across the United States. In a broad sense, the options available are Term Life Insurance, Universal Life Insurance, and Whole Life Insurance.
Term Life Insurance is a temporary low cost solution that provides insurance, without a cash value. Whole Life Insurance offers permanent security, including a cash value you can borrow against. Universal Life insurance combines stable insurance protection like Whole Life, with flexible premium payments.
It is recommended to consider economic stability and longevity of the company providing life insurance quotes.
It is better to evaluate the company?s renewal rates and check if the medical examination is necessary for those rates. Nevertheless, security and confidentiality of personal information is of top priority. It should be noted that no guarantee can be given that insurance carrier will at all times issue a policy. It mostly depends on the current medical condition of the person. Some occupations are more at risk than others and persons working in hazardous environments should reconsider and analyze their specific insurance needs.