Life Insurance Company

Life Insurance for Children

2009-11-29T03:33:00.001-08:00

Do children need life insurance coverage? When purchasing any kind of insurance, the consumer always needs to weigh the cost of the insurance against the potential risks. Thankfully, the risk of the death of a child is minimal under most circumstances.

Remember that the main purpose of life insurance is to cover the expenses of the surviving family members upon the death of the primary income earner. Since children do not have any dependents, logic would dictate that life insurance is unnecessary.

That is not to say that purchasing a life insurance policy for a child is always a bad idea, what if your child is earning a significant amount of income for your family as a model or an actor? This might be a circumstance were Child Life Insurance is warranted. However, as a general rule, many insurance and financial professionals agree that it is insurance you probably do not need.

There are people that look at Life Insurance for Children as a gift or annuity endowment for that child as they grow older. This way they earn some interest, and already have a life insurance policy in place that they can continue when they are adults, and may actually need it. However, most financial advisors agree that the money one would spend on a life insurance policy for their children could be better spent in setting up a college fund or some other kind of savings plan for them.

Accidental Death Life Insurance

2009-11-29T03:32:00.000-08:00

It is not anything anybody likes to think about. However, as the old adage says, “accidents do happen.” Did you know that more than one million people die each year in the United States from an accidental death? In fact, if you are young and relatively healthy, you are far more likely to die of a sudden and unexpected accident than any other reason. So if you have taken the precaution of buying life insurance, or are just realizing the need for purchasing Life Insurance to protect your family, you should go one step further and think about Accidental Death Life Insurance.

Quite simply, Accidental Death Life Insurance is a traditional life insurance policy with the added advantage of paying additional benefits; sometimes more than double—if the death of the policyholder is deemed to be an accident. You may have heard of such policies as paying “double indemnity.”

Life insurance professionals suggest that any one who is the primary or only income earner for a family should add accidental death coverage to any Life Insurance policy. Many Accidental Death Life Insurance plans are known as accidental “death and dismemberment” policies. As gruesome as that may sound, such Life Insurance policies provide income to your family for disabling injuries that are not fatal—such as the loss of limbs or eyesight.

An Accidental Death rider can usually be added to any life insurance policy, even a Term Life Insurance policy at any time.

Will you pay more for the addition of accidental death coverage to a life insurance policy? Yes, but for many, the additional piece of mind is well worth it.

Life Insurance

2009-11-29T03:26:00.001-08:00

LifeInsurance.org is a leading resource with objective information and advice for people looking to buy life insurance. In addition to providing information, LifeInsurance.org also provides a free search engine to find leading life insurance quote providers who can provide the right type of coverage for you and your family

What is Life Insurance?

A life insurance policy offers financial support to the dependents and beneficiaries of the person insured. In addition, it provides a measure of financial security to your beneficiaries (family, loved ones) so that upon death they will be able to meet financial responsibilities that were previously covered by your income. Payouts on policies can be paid in a lump sum or in several installments. The amount of money you pay to your company is called a premium.

These are the most common Life Insurance types:

Term Life Insurance
Permanent / Whole Life Insurance

There are other variations of policies, such as, Universal Life, Excess Interest Whole Life, Variable Life, Limited-Payment Whole Life and Single-Premium Whole Life.

Considerations

There are many considering in determining whether a policy is right for you.

What are the considerations when deciding whether you need life insurance?
What are your options?
How do you choose which option is right for your situation?
What is the process for buying the right policy?

Life Insurance Resources

Finding the right policy for your family and loved ones can be confusing. LifeInsurance.org provides several easy-to-use resources to help you make more informed decisions:
Some of the resources include:

General introduction into life insurance basics
Learn about the difference between term life insurance and permanent life insurance
Helpful tips for consumers on applying for life insurance
State guides (for U.S. readers)
An overview of the leading companies, including MetLife, Liberty Mutual, Prudential, New York Life and Gerber Life Insurance
Frequently-asked questions
Search engine to find life insurance quotes from leading providers

About LifeInsurance.org

The goal of LifeInsurance.org is to provide consumers with objective information and the tools so they make an educated decision on what product is best for them. LifeInsurance.org is neither a company nor an agency. We do not sell insurance policies to consumers, and so our focus is on both educating and providing you access to leading providers. As a service to our readers, we enable users of LifeInsurance.org to search for life insurance quotes from leading companies who sell life insurance and can provide you with life insurance quotes along with guidance in buying the right policy. The information presented on LifeInsurance.org is intended for general consumer knowledge. We do not provide advice on individual situations or legal issues.

How to Get the Best Child Life Insurance Quotes

2009-11-14T20:56:00.002-08:00

Getting child life insurance quotes on the net can be convenient, but are you sure that you are seeing the big picture?

You can see life insurance information child policies, but the words can be cryptic. The child life insurance coverage information could be well-hidden online too! Because child life insurance costs money, it's important to know precisely what life insurance coverage you can get. It may be best to talk to an authorized life insurance agent.

Question You Should Ask About Your Child Life Insurance

Is child life insurance really worth the premiums? Many question the importance of child life insurance. After all, if anyone needs to get insured, shouldn't it be the working parents? While this is indeed a valid argument, there are advantages to getting child life insurance.

It's not so much the benefits as it is about future eligibility. Child life insurance is especially important if your family has a history of medical illness. You see, if you get child life insurance, your child can automatically get any type of life insurance later on.

Most types of child life insurance are actually term life insurance. Child life insurance often does not build cash value and has small premiums. In order to be competitive, some life insurance agencies are providing child life insurance some features similar to whole life insurance. However, child life insurance ends when your child matures, so the cash value benefits are very minimal.

As a general rule, parents should first get themselves insurance, before their children. Because the main purpose of child life insurance is future eligibility, parents will do well to just get the cheapest child life insurance package.

Beyond everything else, they must make sure that the child life insurance will allow their children to have immediate access to life insurance later on.

Jon Butt's http://www.which-life-insurance.com is one of the web's leading independent Life Insurance resource sites offering genuine up-to-date advice on the different types, cover levels, the top life insurance companies and their plans, how to buy online or through local brokers. Business, family child and individuals are all covered in this easy insurance guide.

Article Source: http://EzineArticles.com/?expert=Jon_Butt

The Life Insurance Quote Business is Booming, but is the Insurance Quote Accurate?

2009-11-14T20:56:00.001-08:00

The life insurance quote business online is booming. Not only are life insurance agents quoting a more diverse portfolio of companies, but consumers are also now able to quote life insurance online for themselves. In this article, I will analyze the impact of the life insurance online quote on the insurance industry, the insurance broker, and the consumer looking for insurance.

In the not so distant past, life insurance was sold, not bought. The typical agent would travel door to door, network locally, and perhaps meet with potential policyholders for dinner at their home. The “debit” agent was also a common profession. These agents would actually go to their clients and collect the premium on a weekly basis. The life insurance quote came from a person back then, not a computer.

These days, consumers can go online for a life insurance quote. The ability to readily compare the cost of life insurance among hundreds of life insurance companies has dramatically changed the environment.

The biggest impact to the insurance industry is the fact that the cost of coverage has decreased significantly. This is good for the client, but is in effect shutting smaller companies down as the claims to revenue ratio is converging.

Another impact is the fact that when consumers get an online life insurance quote, they are rarely coached as to what is the better deal for them. Often times, term life insurance is the only product that they are offered. The customer is not being told about the advantages of whole life insurance or the flexibility of universal life insurance…they are often just given a term life insurance quote as requested. The life insurance agent of past would have talked to the client and done some fact finding before selling them something that may not fit their particular situation.

The online Life Insurance Quote industry has also affected the independent insurance broker. Often times, the local broker is not trusted with the quote because the consumer has gone online and gotten a cheaper quote from an online quote service. Misquotes are usually the result of the lack of fact finding on the part of the online insurance quote companies. Customers would be much better off dealing with a licensed life insurance agent (who can broker any company out there; whatever suits the customer best) for their life insurance quotes.

So the next time you go online looking for the best term life insurance rate, consider that you may be making a mistake by dealing with a “call center”. Consider that the life insurance quote that you are receiving is only from the companies that they carry. Consider calling on an independent life insurance broker for your term, whole life, and universal life insurance needs and information.

By: Ashley Brooks, CLTC

Ashley is the marketing vice president for the Family Life Insurance Brokerage Business and has a background in Health & Financial Underwriting, Insurance Plan Design, and "best deal" shopping. Brokerage Services carries only A rated (or better) companies in their product portfolio and has been serving the needs of Independent Insurance Agents since 1977.

Get a free Life Insurance Quote at my new website - especially for Whole Life Insurance, Term Life Insurance, or Universal Life Insurance!

We are currently seeking Insurance Agents to grant brokerage contracts to. If you are an insurance agent and you would like to work with an Insurance General Agent who cares about you and your clients, please contact us today!

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Underwriting Life Insurance For Diabetics and Diabetic Life Insurance Information

2009-11-14T20:54:00.000-08:00

Life Insurance Companies differ in their "underwriting philosophy" when it comes to diabetes. Offering life insurance for diabetics can be risky if the underwriters are not fully trained. Underwriters at the insurance companies that are fluent in underwriting diabetes have the ability to look at all of these factors and determine if the company will accept them as a risk. Moderately controlled diabetes cases would usually merit a "rating" or an increase in the premium, but not necesarily a declination for coverage. If the client with diabetes that is looking for life insurance is not controlled, then there are options - it will just cost them more for coverage!

Diabetic Life Insurance can be obtained no matter how severe the diabetes condition is. If the proposed insured has well controlled diabetes and a history of compliance with what the Doctor reccomends, then the rate for insurance will naturally reflect that. The better the control, the better the rate. Clients with well controlled diabetes have a great chance at getting a lower rate from a regular insurance carrier and would qualify for a policy that is fully underwritten. If, at the other extreme, the client has very poor control over the diabetes, the rate will be higher and the client will have to go with a life insurance plan that guarantees acceptance. This type of life insurance is called "guaranteed issue life insurance".

Guaranteed issue life insurance for diabetics is more expensive than regular (fully underwritten) life insurance and is only sold as "whole life insurance". This type of insurance can be advantageous, though, because it builds cash value and is intended to cover the client for their "whole life" as opposed to a "term" period of time. Another provision of guaranteed issue is that the premiums paid into the policy would be paid to the beneficiary PLUS 10% interest if the insured dies within the first 3 years of the policy's inception. After that 3 year period of time, the guaranteed issue policy would pay the full death benefit to the beneficiary.

Fully Underwritten policies take the client's full medical records into account. The doctor's records are ordered, blood is drawn, a urine sample is taken, and a full screening is done to evaluate the client. If the insurance company decides to insure this applicant, it is after the company's underwriters look at the case. If the client is fully underwritten and passes through underwriting, then they would have more options than just whole life insurance (in the case of those who are in need of guaranteed issue whole life insurance). Term insurance, Universal Life Insurance, Survivorship Universal Life Insurance, and regular Whole Life Insurance would be available to these applicants that are fully underwritten.

When evaluating a client with diabetes, the underwriters at the insurance company take into account whether the client is a type one diabetic (type I diabetic, type 1 diabetic, type 1 diabetes, type I diabetes) or a type two diabetic (type II diabetic, type 2 diabetic, type 2 diabetes, type II diabetes). Another thing that the underwriters look at is whether the client is a juvenile onset diabetic or an adult onset diabetic. And yet Another determining factor is the Hemoglobin A1C level (this is a more comprehensive test, showing the blood sugar levels over about a 3 month period of time as opposed to a quick "snapshot" blood level test).

If the client's A1C level is below 8, then fully underwritten life insurance may be available subject to the client's full medical file. If the client's A1C level is above 8, then guaranteed issue life insurance is a more realistic goal.

One of the things that applicants fear in the case of insulin dependent type 1 diabetics is whether or not their insulin pump will prevent them from getting a life insurance policy. An insulin pump is actually a positive factor where life insurance underwriting is concerned because the client's insulin level is kept at a constant level.

How often the client monitors their sugar or glucose levels in their blood is another factor. If the client habitually monitors their glucose level, then this is seen as evidence of compliance on the part of the client. If, on the other hand, the client does not monitor these sugar levels, then this could be seen as a negative in the eyes of the insurers and underwriters.

Have there been any low sugar episodes? Have there been any high sugar episodes? Is the client taking glucovance, glucophage, insulin injection, or other type of medicinal treatment? Is the client controlling the diabetes with "diet and excercise"? These are all questions that will be asked during the underwriting process (unless you opt for guaranteed issue).

By the way...ANYONE can get guaranteed issue; you don't have to be "uninsurable". Guaranteed issue is available for clients between the ages of 46 and 80 and up to $35,000 in coverage. Again, this is the more expensive type of life insurance and it is advisable that if you CAN make it through an underwriting evaluation, you should try unless you just want to pay more and be done with it!

So what kind of companies will accept clients with diabetes? Personally, I broker only with "A" rated companies that have the right combination of price, customer service, product variety, and recognition in the market. I deal with companies that take clients on a case by case basis as opposed to categorizing them "by the book". I have fully researched the market, I am in touch with the underwriters personally, and I assure you that these companies have the proper credentials to back up their policies. My clients are provided with full company backgrounds and financial profiles. I deal with several companies that are in the market to insure diabetics. The reason why I am witholding exactly what companies I deal with is because I want to earn your business and represent you as your life insurance agent. Contact Me for a free consultation!

By: Ashley Brooks, CLTC

Ashley is the marketing vice president for the Family Life Insurance Brokerage Business and has a background in Health & Financial Underwriting, Insurance Plan Design, and "best deal" shopping. Brokerage Services carries only A rated (or better) companies in their product portfolio and has been serving the needs of Independent Insurance Agents since 1977.

More Information about Life Insurance For Diabetics and Diabetic Life Insurance.

Get a free Life Insurance Quote at my website, designed exclusively for those searching for a free, online life insurance quote.

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