Another issue with term life insurance is that your premium can go up after a period of time. It should be no secret that life insurance companies reward those who have an interest in their own mortality. The life insurance settlement broker converted the policy to whole life.
Diabetics now make up a large percentage of our client base and the number of people diagnosed as diabetic or pre or borderline diabetic on life insurance exams has sky rocketed. A life insurance trust fund is better than a simple life insurance policy because of the tax exemption. When a person decides on taking a life insurance policy there are basically two things he must note.
Only those who are reasonably healthy are permitted to buy life insurance. Though term life insurance comes in two forms level term (pays the same death benefit no matter when you die during the term) and decreasing term (the death benefit decreases throughout the duration of the policy) level term policies are by far the most popular. Despite these problems, the life insurance companies claim that thanks to more sophisticated underwriting procedures, premiums are lower today that they were a few years ago.
Subtracting your financial resources from your expenses will give you a rough idea of how much life insurance you should purchase. Life insurance correctly planned will on premature death provide funds to deal with monies due, mortgages, and living expenses. This includes everything about your finances - value of your home, any equity you may have in your home, investments, life insurance, etc.
Mortality costs are, obviously or not, the single most expensive portion of a life insurance policy. Make no mistake about it, when you purchase life insurance commissions are paid by the insurance company to somebody. Manley was a life insurance agent and loved the outdoors.
With what is known as "Level Term Life Insurance", the death benefit remains the same throughout the term of the policy, but since the insured person is getting older, the premium will gradually increase. The issue with term life insurance is that if you don't die within that period, the coverage ceases to exist and you are left with nothing. An alternative is the "Decreasing Term Life Insurance" policy in which the premium remains the same, but the death benefit goes down as time goes by.
You've got to have knowledge of all the products being offered at your fingertips to be successful in online life insurance sales. In 2001, life insurance members of NSSTA wrote more than $6. PIP is a "wide-blanket" of coverage and can provide Collision Coverage, Hospitalization, Social Security Disability, Workers Comp, and Personal Disability Insurance & Life Insurance.
Life Insurance although also true for single income households, the need for life insurance should particularly is evaluated when both spouses work. While we now know that taking a life insurance policy is very important it is the costs of buying one that deters many people. Money from your life insurance through a viatical settlement is a single lump-sum cash payment and can be used for any purpose.
This article discusses some other forms of debt consolidation loans: Borrow Off Of an Investment Account if you have a 401K or whole-life insurance plan, you may be able to borrow on the amount of money you've put into the account. Car insurance, fire insurance, life insurance, and even dental insurance have all crept into the world we live in. 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.
Different Types Of Life Insurance
,
Universal life insurance is a variation of whole life insurance. It is a blend of term insurance and a savings account. It earns interest at a money market rate, the policy holder paying an annual fee for coverage, which includes a fee for managing the policy. Funds not used for paying the life insurance earn a tax deferred interest.
With a universal life insurance policy, the premium can fluctuate. The policy holder decides how much to devote toward insurance and how much toward savings. The face amount of the policy can be changed as well as the amount of premium payments and how often they are paid. However, the insured must make certain their savings are large enough to cover the monthly premiums for the insurance as well as the policy expenses. If the savings are not sufficient enough, the monthly charges will consume the cash value and the policy will be of no value.
Universal life insurance offers two options. The first option is keeping the death benefits the same from year to year if the policy holder does not request any changes. The second option is having the death benefit at any time stay equal to the original face value in addition to the policy's cash worth.
Universal life insurance can often give an elevated interest rate when inflation rises, even if the insuring company guarantees a low rate. Because of this risk, premiums are lower for whole life insurance but pricier for term insurance for younger individuals. In addition, when the price for managing the policy is added to the premium, the policy holder will receive a lower return on their investment. It is crucial to keep in mind that changes in interest rates will affect both a policy holder's yields and premiums.
Variable Life Insurance
Variable life insurance is a type of permanent life insurance that allows the holder to target their premium to one or more detached investment funds. These funds can be fixed income investments, stocks, bonds, or money market funds. Depending on the company policy, the holder can change their investments from two to five times annually. Unlike universal life insurance, with variable life insurance the insured can manage the investment of their cash value.
The policy, however, can be risky because the investment has the ability to rise or fall. The cash value and investment will differ, depending on what the investment fund does. The death benefit cannot fall below the total amount of life insurance primarily purchased. As with traditional whole life insurance, the policy holder pays fixed premiums and can borrow against the policy at either fixed or variable rates.
Because an individual decides where to invest their money and put themselves at risk, variable life insurance should be considered. Insurers must, by law, offer variable life insurance by prospectus. A prospectus is a document that gives the prospective policy holder important facts concerning the company and the policy. Variable life insurance can often cost more than other varieties of cash value life insurance. According to current laws the cash value of variable life insurance, similar to those of universal life insurance and whole life insurance, cannot be taxed until the policy holder cashes in their policy.
Universal Variable Life Insurance
Universal variable life insurance is also commonly referred to as flexible premium variable life insurance. This kind of policy combines the flexible features found in universal life insurance policies and the investment alternatives of variable life insurance. As with universal life insurance, the policy holder can choose to raise or lower their premiums in a single policy. As with variable life insurance, individuals have the right to decide how their cash worth will be invested.
The insurance company does not have to make any kind of guarantee on the policy holder's cash value. With universal variable life insurance, the value of the cash fund is in direct relation to the market worth of the assets in the cash worth fund. Therefore, a policy holder could have $15,000 in net cash worth one day and $10,000 on the following day, dependent on market fluctuation. Thus, one of the central problems with universal variable life insurance is that the policy holder can lose their insurance coverage
.
With a universal life insurance policy, the premium can fluctuate. The policy holder decides how much to devote toward insurance and how much toward savings. The face amount of the policy can be changed as well as the amount of premium payments and how often they are paid. However, the insured must make certain their savings are large enough to cover the monthly premiums for the insurance as well as the policy expenses. If the savings are not sufficient enough, the monthly charges will consume the cash value and the policy will be of no value.
Universal life insurance offers two options. The first option is keeping the death benefits the same from year to year if the policy holder does not request any changes. The second option is having the death benefit at any time stay equal to the original face value in addition to the policy's cash worth.
Universal life insurance can often give an elevated interest rate when inflation rises, even if the insuring company guarantees a low rate. Because of this risk, premiums are lower for whole life insurance but pricier for term insurance for younger individuals. In addition, when the price for managing the policy is added to the premium, the policy holder will receive a lower return on their investment. It is crucial to keep in mind that changes in interest rates will affect both a policy holder's yields and premiums.
Variable Life Insurance
Variable life insurance is a type of permanent life insurance that allows the holder to target their premium to one or more detached investment funds. These funds can be fixed income investments, stocks, bonds, or money market funds. Depending on the company policy, the holder can change their investments from two to five times annually. Unlike universal life insurance, with variable life insurance the insured can manage the investment of their cash value.
The policy, however, can be risky because the investment has the ability to rise or fall. The cash value and investment will differ, depending on what the investment fund does. The death benefit cannot fall below the total amount of life insurance primarily purchased. As with traditional whole life insurance, the policy holder pays fixed premiums and can borrow against the policy at either fixed or variable rates.
Because an individual decides where to invest their money and put themselves at risk, variable life insurance should be considered. Insurers must, by law, offer variable life insurance by prospectus. A prospectus is a document that gives the prospective policy holder important facts concerning the company and the policy. Variable life insurance can often cost more than other varieties of cash value life insurance. According to current laws the cash value of variable life insurance, similar to those of universal life insurance and whole life insurance, cannot be taxed until the policy holder cashes in their policy.
Universal Variable Life Insurance
Universal variable life insurance is also commonly referred to as flexible premium variable life insurance. This kind of policy combines the flexible features found in universal life insurance policies and the investment alternatives of variable life insurance. As with universal life insurance, the policy holder can choose to raise or lower their premiums in a single policy. As with variable life insurance, individuals have the right to decide how their cash worth will be invested.
The insurance company does not have to make any kind of guarantee on the policy holder's cash value. With universal variable life insurance, the value of the cash fund is in direct relation to the market worth of the assets in the cash worth fund. Therefore, a policy holder could have $15,000 in net cash worth one day and $10,000 on the following day, dependent on market fluctuation. Thus, one of the central problems with universal variable life insurance is that the policy holder can lose their insurance coverage
.
Common Life Insurance Traps and How to Avoid Them
,
Beware these common traps made with life insurance that can reduce its value to your family ... or leave you paying a bundle to the IRS.
Trap: Owning too much life insurance, too long. During the years you are working and raising a family, you probably need a substantial amount of life insurance to protect your family against the possible loss of your income.
But as your senior years approach - with your children grown, the mortgage paid off and retirement accounts funded - your insurance needs may be sharply reduced.
For many, the justification for owning life insurance is to finance estate taxes. But this need has been reduced by recent tax law changes that increase the estate and gift tax exemption amount for individuals to $1 million.
By paying for unneeded insurance protection, you pass up the opportunity to acquire higher yield investments.
STRATEGY
Review your insurance needs in light of changes in your personal circumstances and in your estate tax exposure. If you find that you own too much insurance, consider..
*Swapping your life insurance for a tax-deferred annuity issued by an insurance company to obtain an increased investment return. This can be arranged through a tax-free exchange, which enables you to avoid any taxable gain on the disposition of the insurance policy.
*Donating your insurance policy to charity. You'll get a tax deduction for the cost basis in the policy-generally, the amount of premiums you've paid into it.
*Making a gift of the policy to your child or grandchild. The policy benefit will be tax free to the recipient, giving the child a valuable head start on financial security. The gift also will remove the policy from your taxable estate, assuming you survive three years after the gift.
You can avoid paying gift tax on the transfer by utilizing your annual gift tax exclusion (currently $10,000 per recipient, or $20,000 when gifts are made by a married couple) and, if necessary, using part of your estate and gift tax exempt amount.
*Cashing in the policy. This will put cash in your pocket, but you will realize taxable income to the extent that the amount received for the policy exceeds what you paid into it through premiums.
Estate tax planning: If you find you still need some life insurance to finance potential estate taxes, consider using a second-to-die policy that covers both you and your spouse and pays its benefit on the death of the survivor.
The estate tax marital deduction lets all of one spouse's assets pass estate tax free to the surviving spouse, so it is on the death of the surviving spouse that a couple's estate tax liability becomes due.
A second-to-die policy can provide funds to finance such an estate tax bill at substantially less cost than that of buying two insurance policies to cover each spouse separately.
TRAPS
*Owning insurance on your own life. This can cause insurance proceeds to be subject to estate tax at rates of up to 55%, because when you die owning a policy on your own life the proceeds are included in your taxable estate.
Avoid this trap by having the policy beneficiary own it, or by creating a life insurance trust to hold the policy and distribute the proceeds according to your instructions.
You can still finance the premiums on the policy by making gifts to the policy owner (beneficiary or trust), using your annual gift tax exclusion to shelter the gifts from tax.
Benefit: When insurance on your life is owned by the beneficiary, the insurance proceeds will be estate and income tax free.
Related mistakes to avoid...
*Owning insurance on your own life and naming your spouse as your beneficiary. The insurance proceeds will escape estate tax on your death due to the unlimited marital deduction - but if your spouse dies owning the proceeds, they will be taxable in his/her estate.
*Owning insurance on one person's life and naming a third person as beneficiary.
Example: One spouse owns insurance on the other spouse's life, and names a child as beneficiary.
The trap here is that because the policy owner controls the designation of the beneficiary, the payment of the benefit to the beneficiary is deemed to be a taxable gift made by the policy owner.
Again, avoid this trap by having the beneficiary own the life insurance policy, or by having a life insurance trust own the policy.
Important: If you set up a life insurance trust to own insurance, be sure the trust is drafted by a specialist in the area. Trust documents drafted by nonspecialists can easily contain mistaken bad language that fails to comply with technical requirements, thus causing the trust to fail.
*Borrowmg against life insurance. It can be tempting to borrow against life insurance, because policy loans can provide a tax-free source of cash and carry a low interest rate.
But a couple of traps may result from borrowing against insurance...
*When you borrow against insurance you reduce the insurance benefit for which you presumably bought the insurance, leaving your family more exposed to financial risk.
Dangerous scenario: Typically, interest on a loan against insurance is not paid in cash but is charged against the policy. If the loan is not repaid and the interest compounds, the loan can grow until it equals the policy's value. Then the policy will terminate, and you will realize taxable income in the amount of the unpaid loan (a "forgiven debt") minus your basis in the policy even though you receive no cash income with which to pay the tax.
*If you borrow against insurance and then transfer the policy to another person, the policy benefit may become subject to income tax.
Wby: When a policy that has been borrowed against is transferred by gift, the recipient is deemed to have purchased the policy by assuming the outstanding loan obligation, with the amount of the assumed loan being the purchase price.
And, under the Tax Code, when an existing life insurance policy is purchased the policy benefit becomes taxable income to the purchaser if the purchase price exceeds the donor's basis in the policy.
Example: A parent owns a $500,000 insurance policy on his/her own life that has a $100,000 cash value. He has a cost basis of $60,000 in the policy. He borrows $90,000 from the policy to reduce its cash value to $10,000, then makes a gift of the policy to a child.
The result is that the child is deemed to have purchased the policy by assuming the $90,000 loan obligation. Therefore $410,000 of the policy benefit will be taxable income to the child when paid out, instead of being tax free.
Trap: Owning too much life insurance, too long. During the years you are working and raising a family, you probably need a substantial amount of life insurance to protect your family against the possible loss of your income.
But as your senior years approach - with your children grown, the mortgage paid off and retirement accounts funded - your insurance needs may be sharply reduced.
For many, the justification for owning life insurance is to finance estate taxes. But this need has been reduced by recent tax law changes that increase the estate and gift tax exemption amount for individuals to $1 million.
By paying for unneeded insurance protection, you pass up the opportunity to acquire higher yield investments.
STRATEGY
Review your insurance needs in light of changes in your personal circumstances and in your estate tax exposure. If you find that you own too much insurance, consider..
*Swapping your life insurance for a tax-deferred annuity issued by an insurance company to obtain an increased investment return. This can be arranged through a tax-free exchange, which enables you to avoid any taxable gain on the disposition of the insurance policy.
*Donating your insurance policy to charity. You'll get a tax deduction for the cost basis in the policy-generally, the amount of premiums you've paid into it.
*Making a gift of the policy to your child or grandchild. The policy benefit will be tax free to the recipient, giving the child a valuable head start on financial security. The gift also will remove the policy from your taxable estate, assuming you survive three years after the gift.
You can avoid paying gift tax on the transfer by utilizing your annual gift tax exclusion (currently $10,000 per recipient, or $20,000 when gifts are made by a married couple) and, if necessary, using part of your estate and gift tax exempt amount.
*Cashing in the policy. This will put cash in your pocket, but you will realize taxable income to the extent that the amount received for the policy exceeds what you paid into it through premiums.
Estate tax planning: If you find you still need some life insurance to finance potential estate taxes, consider using a second-to-die policy that covers both you and your spouse and pays its benefit on the death of the survivor.
The estate tax marital deduction lets all of one spouse's assets pass estate tax free to the surviving spouse, so it is on the death of the surviving spouse that a couple's estate tax liability becomes due.
A second-to-die policy can provide funds to finance such an estate tax bill at substantially less cost than that of buying two insurance policies to cover each spouse separately.
TRAPS
*Owning insurance on your own life. This can cause insurance proceeds to be subject to estate tax at rates of up to 55%, because when you die owning a policy on your own life the proceeds are included in your taxable estate.
Avoid this trap by having the policy beneficiary own it, or by creating a life insurance trust to hold the policy and distribute the proceeds according to your instructions.
You can still finance the premiums on the policy by making gifts to the policy owner (beneficiary or trust), using your annual gift tax exclusion to shelter the gifts from tax.
Benefit: When insurance on your life is owned by the beneficiary, the insurance proceeds will be estate and income tax free.
Related mistakes to avoid...
*Owning insurance on your own life and naming your spouse as your beneficiary. The insurance proceeds will escape estate tax on your death due to the unlimited marital deduction - but if your spouse dies owning the proceeds, they will be taxable in his/her estate.
*Owning insurance on one person's life and naming a third person as beneficiary.
Example: One spouse owns insurance on the other spouse's life, and names a child as beneficiary.
The trap here is that because the policy owner controls the designation of the beneficiary, the payment of the benefit to the beneficiary is deemed to be a taxable gift made by the policy owner.
Again, avoid this trap by having the beneficiary own the life insurance policy, or by having a life insurance trust own the policy.
Important: If you set up a life insurance trust to own insurance, be sure the trust is drafted by a specialist in the area. Trust documents drafted by nonspecialists can easily contain mistaken bad language that fails to comply with technical requirements, thus causing the trust to fail.
*Borrowmg against life insurance. It can be tempting to borrow against life insurance, because policy loans can provide a tax-free source of cash and carry a low interest rate.
But a couple of traps may result from borrowing against insurance...
*When you borrow against insurance you reduce the insurance benefit for which you presumably bought the insurance, leaving your family more exposed to financial risk.
Dangerous scenario: Typically, interest on a loan against insurance is not paid in cash but is charged against the policy. If the loan is not repaid and the interest compounds, the loan can grow until it equals the policy's value. Then the policy will terminate, and you will realize taxable income in the amount of the unpaid loan (a "forgiven debt") minus your basis in the policy even though you receive no cash income with which to pay the tax.
*If you borrow against insurance and then transfer the policy to another person, the policy benefit may become subject to income tax.
Wby: When a policy that has been borrowed against is transferred by gift, the recipient is deemed to have purchased the policy by assuming the outstanding loan obligation, with the amount of the assumed loan being the purchase price.
And, under the Tax Code, when an existing life insurance policy is purchased the policy benefit becomes taxable income to the purchaser if the purchase price exceeds the donor's basis in the policy.
Example: A parent owns a $500,000 insurance policy on his/her own life that has a $100,000 cash value. He has a cost basis of $60,000 in the policy. He borrows $90,000 from the policy to reduce its cash value to $10,000, then makes a gift of the policy to a child.
The result is that the child is deemed to have purchased the policy by assuming the $90,000 loan obligation. Therefore $410,000 of the policy benefit will be taxable income to the child when paid out, instead of being tax free.
The Building Blocks of Life Insurance
,
Life insurance provides protection against financial failure resulting from death. It is an insurance company's guarantee to pay a beneficiary a particular amount of money when an insured dies in exchange for appropriate payment of premiums.
What Is It Intended To Do?
Life insurance serves as refuge in the event of the insured's death. Life insurance gives financial fortification to survivors. It provides dependents with the needed funds to settle financial responsibilities and to compensate for the loss of income due to the insured's death. Life insurance policies are typically bought with a precise objective in mind - to protect a mortgage or an estate, to afford educational expenditures, for retirement, or for donations.
Why Is Life Insurance Essential?
People hold life insurance policies for countless reasons. Among the most frequent are to pay off a mortgage, or personal debts (car loans, credit cards), educational expenses for juvenile children, for beneficiaries to be able to uphold their present standard of living, for child care, for urgent financial needs, and for medical or funeral expenses.
How Can Life Insurance Needs Modify Over Time?
If an individual has completed raising their family, has paid off their mortgage and does not have any chief financial responsibilities, then their life insurance requirements will be less than when they were younger. A person may decide to no longer hold their policy or to decrease their coverage amount to a level just adequate enough to make certain that their survivors have sufficient funds to compensate final expenses upon the insured's death.
How Does Life Insurance Operate?
All aspects of life involve a certain level of risk, whether it is a fire, burglary, car accident, or injury. Insurance provides a way of shifting the financial penalties of particular risks from the person to an insurance company. When a person purchases life insurance, they are put together with other individuals who are comparable in age, sex, and health status, regardless of whether the company advertises a no medical exam term life insurance (http://www.equote.com/li/termlifeinsurance.html) plan.
Actuaries estimate how many people in each group are expected to die in a range of time. The more deaths expected in a group, the more funds will be required to pay death claims, and thus, more money will have to be gathered as premium payments. Since younger people are not as likely to die as older folk, premiums are normally lower at younger ages.
Annually, the insured pays the company for their policy. These funds are called "premiums." The insured also notifies the insurance company of who the beneficiaries of the insurance money are in the event that they (the insured) die. This is referred to as "designating a beneficiary."
If the insured dies during the active period of their policy, the life insurance company (http://www.equote.com/li/term-life-insurance-quote.html) will disburse the insurance money to the designated beneficiaries. Insurance companies can do this because only a small amount of people die annually, while many more individuals pay them premiums. The "risk" of death is allocated among many people to avert a financial loss to the beneficiaries of the people who do actually die.
What Is An Actuary?
An actuary is an individual who is professionally qualified in the technical facets of insurance, principally in the mathematics of insurance, such as measuring premiums, dividends, and appropriate policy reserves. Actuaries help in approximating the price of executing new benefits or benefit improvements and also perform statistical and financial studies. Actuaries in the U.S. attain professional status by passing a set of tests given by the Society of Actuaries (SOA).
Where Does The VA Insurance Program Get Its Actuarial Expertise?
The Insurance Actuarial Staff is situated at the Insurance Center in Philadelphia, Pennsylvania. The Actuarial Staff is accountable for the financial management and actuarial reliability of the life insurance programs that are managed and overseen by the Department of Veterans Affairs Regional Office and Insurance Center.
Among the staff's tasks are the calculation of premiums and dividends, measuring policy values, developing mortality and insurance knowledge studies, implementing suitable reserve levels and financial coverage. The Actuarial Staff is also responsible for the assessment of the financial impact of legislative suggestions that will influence life insurance programs.
The Actuarial Staff is accountable for the groundwork for financial statements released by the VA life insurance programs. These statements display the financial standing of each of the types of life insurance (http://www.youtube.com/watch?v=V5mRvPgZOn8) programs. Annually, independent auditors review these statements to make certain that the statements correctly reflect the financial standing of the various programs.
What Is It Intended To Do?
Life insurance serves as refuge in the event of the insured's death. Life insurance gives financial fortification to survivors. It provides dependents with the needed funds to settle financial responsibilities and to compensate for the loss of income due to the insured's death. Life insurance policies are typically bought with a precise objective in mind - to protect a mortgage or an estate, to afford educational expenditures, for retirement, or for donations.
Why Is Life Insurance Essential?
People hold life insurance policies for countless reasons. Among the most frequent are to pay off a mortgage, or personal debts (car loans, credit cards), educational expenses for juvenile children, for beneficiaries to be able to uphold their present standard of living, for child care, for urgent financial needs, and for medical or funeral expenses.
How Can Life Insurance Needs Modify Over Time?
If an individual has completed raising their family, has paid off their mortgage and does not have any chief financial responsibilities, then their life insurance requirements will be less than when they were younger. A person may decide to no longer hold their policy or to decrease their coverage amount to a level just adequate enough to make certain that their survivors have sufficient funds to compensate final expenses upon the insured's death.
How Does Life Insurance Operate?
All aspects of life involve a certain level of risk, whether it is a fire, burglary, car accident, or injury. Insurance provides a way of shifting the financial penalties of particular risks from the person to an insurance company. When a person purchases life insurance, they are put together with other individuals who are comparable in age, sex, and health status, regardless of whether the company advertises a no medical exam term life insurance (http://www.equote.com/li/termlifeinsurance.html) plan.
Actuaries estimate how many people in each group are expected to die in a range of time. The more deaths expected in a group, the more funds will be required to pay death claims, and thus, more money will have to be gathered as premium payments. Since younger people are not as likely to die as older folk, premiums are normally lower at younger ages.
Annually, the insured pays the company for their policy. These funds are called "premiums." The insured also notifies the insurance company of who the beneficiaries of the insurance money are in the event that they (the insured) die. This is referred to as "designating a beneficiary."
If the insured dies during the active period of their policy, the life insurance company (http://www.equote.com/li/term-life-insurance-quote.html) will disburse the insurance money to the designated beneficiaries. Insurance companies can do this because only a small amount of people die annually, while many more individuals pay them premiums. The "risk" of death is allocated among many people to avert a financial loss to the beneficiaries of the people who do actually die.
What Is An Actuary?
An actuary is an individual who is professionally qualified in the technical facets of insurance, principally in the mathematics of insurance, such as measuring premiums, dividends, and appropriate policy reserves. Actuaries help in approximating the price of executing new benefits or benefit improvements and also perform statistical and financial studies. Actuaries in the U.S. attain professional status by passing a set of tests given by the Society of Actuaries (SOA).
Where Does The VA Insurance Program Get Its Actuarial Expertise?
The Insurance Actuarial Staff is situated at the Insurance Center in Philadelphia, Pennsylvania. The Actuarial Staff is accountable for the financial management and actuarial reliability of the life insurance programs that are managed and overseen by the Department of Veterans Affairs Regional Office and Insurance Center.
Among the staff's tasks are the calculation of premiums and dividends, measuring policy values, developing mortality and insurance knowledge studies, implementing suitable reserve levels and financial coverage. The Actuarial Staff is also responsible for the assessment of the financial impact of legislative suggestions that will influence life insurance programs.
The Actuarial Staff is accountable for the groundwork for financial statements released by the VA life insurance programs. These statements display the financial standing of each of the types of life insurance (http://www.youtube.com/watch?v=V5mRvPgZOn8) programs. Annually, independent auditors review these statements to make certain that the statements correctly reflect the financial standing of the various programs.
Compare Instant Online Quotes For Term Life Insurance Today
,
Get and compare instant online quotes for term life insurance
today for the protection you and your family need. Cheapest term life insurance term life insurance indiana term life insurance quote easy term life insurance term life insurance definition texas term life insurance! Smoker term life insurance rate 30 insurance level life term year term life insurance quote comparison cheap florida insurance life term. Term life insurance without medical exam term life insurance quote company term life mortgage insurance rate. Term life insurance price quote!
Receive instant life insurance quotes online from top-rated insurance carriers. Fast, instant quotes on auto, home, health and life insurance. Get an instant life insurance quote to help you find a cheap price, low cost premium. We provide instant life insurance indicative quotes here on the web. BUDGET UK life cover quotes service, provides instant discounted online quotations; using Quote-link, the IDOL's comparative life insurance quote system. Apply for general insurance, medical insurance or life insurance online now, and get premium quote, instant approval and year-round preferential pricing.
But please, don't rush out and cancel your existing life insurance policy as soon as you get a quote. Our policy ensures that our life insurance quotes are always as cheap as possible without compromising the level of cover you require. When deciding on a life insurance policy, it is extremely important to shop around and obtain multiple quotes from different insurance agents and brokerages. Find the right life insurance policy at the best price and get an online insurance quote 24/7. CompuQuotes Life Insurance quotes represent the best possible whole life policy matches for you and your family.
*Complete each field below to receive a free life insurance quote. So rest assured, the quotes you receive are from life insurance companies with a financially sound rating of "A" (excellent) or higher by A.M. Provides resources to receive free & cheap life insurance quotes. By filling out the following form, you will receive life insurance quotes from up to 3 agents.
health, life insurance with free quote! AIM Center: InsuranceProvides insurance quotes for products including car insurance, life insurance, health insurance, and homeowners insurance. universal life insrance qiote, insurance quote and, insurancr qute and, also known as online health insurance ... National insurance - get a free quote for auto, life or health insurance.
Budget Life also lets you obtain term life insurance quotes from independent agents. BUDGET UK life cover quotes service, provides instant discounted online quotations; using Quote-link, the IDOL's comparative life insurance quote system. However it is best to get online term life insurance quotes and then make a comparison based on your budget and requirement. Our policy ensures that our life insurance quotes are always as cheap as possible without compromising the level of cover you require.
Get a quote for life insurance , critical illness or income protection cover. Apply for a life insurance quote! Intelliquote.com Allows you to compare term life insurance quotes and apply online. Apply for general insurance, medical insurance or life insurance online now, and get premium quote, instant approval and year-round preferential pricing. The best way to find out how much life insurance will cost is to get quotes from multiple carriers. Get an instant life insurance quote to help you find a cheap price, low cost premium. Use this link to get a term life insurance quote on a low cost life insurance policy.
today for the protection you and your family need. Cheapest term life insurance term life insurance indiana term life insurance quote easy term life insurance term life insurance definition texas term life insurance! Smoker term life insurance rate 30 insurance level life term year term life insurance quote comparison cheap florida insurance life term. Term life insurance without medical exam term life insurance quote company term life mortgage insurance rate. Term life insurance price quote!
Receive instant life insurance quotes online from top-rated insurance carriers. Fast, instant quotes on auto, home, health and life insurance. Get an instant life insurance quote to help you find a cheap price, low cost premium. We provide instant life insurance indicative quotes here on the web. BUDGET UK life cover quotes service, provides instant discounted online quotations; using Quote-link, the IDOL's comparative life insurance quote system. Apply for general insurance, medical insurance or life insurance online now, and get premium quote, instant approval and year-round preferential pricing.
But please, don't rush out and cancel your existing life insurance policy as soon as you get a quote. Our policy ensures that our life insurance quotes are always as cheap as possible without compromising the level of cover you require. When deciding on a life insurance policy, it is extremely important to shop around and obtain multiple quotes from different insurance agents and brokerages. Find the right life insurance policy at the best price and get an online insurance quote 24/7. CompuQuotes Life Insurance quotes represent the best possible whole life policy matches for you and your family.
*Complete each field below to receive a free life insurance quote. So rest assured, the quotes you receive are from life insurance companies with a financially sound rating of "A" (excellent) or higher by A.M. Provides resources to receive free & cheap life insurance quotes. By filling out the following form, you will receive life insurance quotes from up to 3 agents.
health, life insurance with free quote! AIM Center: InsuranceProvides insurance quotes for products including car insurance, life insurance, health insurance, and homeowners insurance. universal life insrance qiote, insurance quote and, insurancr qute and, also known as online health insurance ... National insurance - get a free quote for auto, life or health insurance.
Budget Life also lets you obtain term life insurance quotes from independent agents. BUDGET UK life cover quotes service, provides instant discounted online quotations; using Quote-link, the IDOL's comparative life insurance quote system. However it is best to get online term life insurance quotes and then make a comparison based on your budget and requirement. Our policy ensures that our life insurance quotes are always as cheap as possible without compromising the level of cover you require.
Get a quote for life insurance , critical illness or income protection cover. Apply for a life insurance quote! Intelliquote.com Allows you to compare term life insurance quotes and apply online. Apply for general insurance, medical insurance or life insurance online now, and get premium quote, instant approval and year-round preferential pricing. The best way to find out how much life insurance will cost is to get quotes from multiple carriers. Get an instant life insurance quote to help you find a cheap price, low cost premium. Use this link to get a term life insurance quote on a low cost life insurance policy.
How to Collect on Lost Life Insurance Policies
,
A relative has just died. He had a life insurance policy with you listed as the beneficiary. There's just one problem: the life insurance policy is missing. You have no idea which insurance company wrote it.
If you find the missing life insurance policy in the future, are you still eligible to receive the death benefit?
Hope they paid their insurance bills
If you're a beneficiary and you find the lost life insurance policy shortly after the insured dies (within six months to a year, for example), claiming the death benefit should be trouble-free.
First, determine if the insured had term or permanent life insurance. If the insured held a term policy, you'll receive the death benefit if he died before the end of the policy term. If he died after the policy expiration date, you would get nothing.
If the insured had a permanent life policy, you'll receive the money if the death occurred while the policy was "in force," meaning all premium payments were made up until the time of death. If the death was a while ago, you'll receive the benefit with interest from the date of death.
If the life insurance policy lapsed — meaning the insured stopped making premium payments before he died — there's a chance you might get nothing. When a permanent life insurance policy lapses, most insurance companies switch its status from permanent insurance to one of two options:
"Extended term" — The insurance company uses the cash value of the policy to buy a term life insurance policy for the same death benefit using the cash value of the policy. The death benefit will continue for the longest period the cash value will purchase.
"Reduced paid up" — The insurance company will keep the policy in force permanently, but will reduce the death benefit.
Gerry Brogla, an actuary for State Farm, says in the majority of the cases at his company, the permanent policy continues as extended term if it lapses. At State Farm, extended term is the default option for most permanent policies.
If the policy lapses, and the extended-term period expires before the insured dies, the policy is worthless and the life insurance beneficiary will get nothing. If the insured dies before the extended-term period is up, the beneficiary will receive the death benefit. If the policy lapsed because the insured died (thus ending premium payments and causing the insurance to be placed in extended-term status), the beneficiary will still collect the full death benefit, regardless of when the extended term was up. The beneficiary always needs to supply the insurance company with a death certificate to verify the date of death.
There is no time limit during which a life insurance beneficiary must step forward to collect the money, according to Jack Dolan, spokesman for the American Council of Life Insurers. "If a person shows up 30 years after [the insured's] death, the company still makes good on it," Dolan assures.
What happens if no one ever reports the death?
If the insured dies and the insurance company does not learn of the death, the policy lapses. Insurance companies will take steps to find out why a policyholder stopped making payments.
When an insurance company stops getting payments, it sends letters to the insured informing him the policy may lapse as a result of unpaid premiums. If the letters go unanswered, the company might initiate a search to find the insured. If that comes up empty, the company will then lapse the policy.
If a beneficiary to a policy never steps forward, it unfortunately means the insured paid money to a policy throughout his life and his beneficiaries never see a penny. This is why its a good idea to make sure beneficiaries are aware of any life insurance policies you have.
If you're lucky, the state may have your money
In some cases when a beneficiary fails to claim a death benefit for several years, the money is transferred to the state where the insurance policy was purchased under the escheat laws.
If a company knows an insured died and it cannot find the beneficiary, it must turn the full death benefit over to the state comptroller's department within three to five years of the insured's death. The money is transferred to the state where the insured bought the policy. The money is considered "unclaimed property" and gets lumped in with dormant bank accounts and uncollected rent deposits. The comptroller's department maintains a database that lists the names and addresses of lost life insurance beneficiaries.
Many states will try to contact life insurance beneficiaries in an effort to pay the death benefits. In Texas, for example, the names and addresses of the beneficiaries are published annually in each county in the state. In New York, the Web site of the New York State Comptroller's Office of Unclaimed Funds has an online search to find any unclaimed death benefits owed to you. You can find out the procedures in your state by contacting the office of your state comptroller or treasurer.
Keep in mind your chances of finding the policy with the state are slim. The insurance company has no obligation to hand the money over to the state if it's unaware the insured died. In most cases, it's the beneficiary who contacts the insurance company.
Also, the insurer only transfers the money to the state three to five years after it cannot find the beneficiary but knows the insured died. If the state doesn't have the death benefit, it's likely the insurer is still looking for the beneficiary or doesn't know the policyholder has died.
Unclaimed death benefits are rarely transferred to the state. Dave Potter, a spokesman for Hartford Life, says less than 1 percent of his company's death benefits go unclaimed.
If you find the missing life insurance policy in the future, are you still eligible to receive the death benefit?
Hope they paid their insurance bills
If you're a beneficiary and you find the lost life insurance policy shortly after the insured dies (within six months to a year, for example), claiming the death benefit should be trouble-free.
First, determine if the insured had term or permanent life insurance. If the insured held a term policy, you'll receive the death benefit if he died before the end of the policy term. If he died after the policy expiration date, you would get nothing.
If the insured had a permanent life policy, you'll receive the money if the death occurred while the policy was "in force," meaning all premium payments were made up until the time of death. If the death was a while ago, you'll receive the benefit with interest from the date of death.
If the life insurance policy lapsed — meaning the insured stopped making premium payments before he died — there's a chance you might get nothing. When a permanent life insurance policy lapses, most insurance companies switch its status from permanent insurance to one of two options:
"Extended term" — The insurance company uses the cash value of the policy to buy a term life insurance policy for the same death benefit using the cash value of the policy. The death benefit will continue for the longest period the cash value will purchase.
"Reduced paid up" — The insurance company will keep the policy in force permanently, but will reduce the death benefit.
Gerry Brogla, an actuary for State Farm, says in the majority of the cases at his company, the permanent policy continues as extended term if it lapses. At State Farm, extended term is the default option for most permanent policies.
If the policy lapses, and the extended-term period expires before the insured dies, the policy is worthless and the life insurance beneficiary will get nothing. If the insured dies before the extended-term period is up, the beneficiary will receive the death benefit. If the policy lapsed because the insured died (thus ending premium payments and causing the insurance to be placed in extended-term status), the beneficiary will still collect the full death benefit, regardless of when the extended term was up. The beneficiary always needs to supply the insurance company with a death certificate to verify the date of death.
There is no time limit during which a life insurance beneficiary must step forward to collect the money, according to Jack Dolan, spokesman for the American Council of Life Insurers. "If a person shows up 30 years after [the insured's] death, the company still makes good on it," Dolan assures.
What happens if no one ever reports the death?
If the insured dies and the insurance company does not learn of the death, the policy lapses. Insurance companies will take steps to find out why a policyholder stopped making payments.
When an insurance company stops getting payments, it sends letters to the insured informing him the policy may lapse as a result of unpaid premiums. If the letters go unanswered, the company might initiate a search to find the insured. If that comes up empty, the company will then lapse the policy.
If a beneficiary to a policy never steps forward, it unfortunately means the insured paid money to a policy throughout his life and his beneficiaries never see a penny. This is why its a good idea to make sure beneficiaries are aware of any life insurance policies you have.
If you're lucky, the state may have your money
In some cases when a beneficiary fails to claim a death benefit for several years, the money is transferred to the state where the insurance policy was purchased under the escheat laws.
If a company knows an insured died and it cannot find the beneficiary, it must turn the full death benefit over to the state comptroller's department within three to five years of the insured's death. The money is transferred to the state where the insured bought the policy. The money is considered "unclaimed property" and gets lumped in with dormant bank accounts and uncollected rent deposits. The comptroller's department maintains a database that lists the names and addresses of lost life insurance beneficiaries.
Many states will try to contact life insurance beneficiaries in an effort to pay the death benefits. In Texas, for example, the names and addresses of the beneficiaries are published annually in each county in the state. In New York, the Web site of the New York State Comptroller's Office of Unclaimed Funds has an online search to find any unclaimed death benefits owed to you. You can find out the procedures in your state by contacting the office of your state comptroller or treasurer.
Keep in mind your chances of finding the policy with the state are slim. The insurance company has no obligation to hand the money over to the state if it's unaware the insured died. In most cases, it's the beneficiary who contacts the insurance company.
Also, the insurer only transfers the money to the state three to five years after it cannot find the beneficiary but knows the insured died. If the state doesn't have the death benefit, it's likely the insurer is still looking for the beneficiary or doesn't know the policyholder has died.
Unclaimed death benefits are rarely transferred to the state. Dave Potter, a spokesman for Hartford Life, says less than 1 percent of his company's death benefits go unclaimed.
The Facts About Disability Insurance
,
Disability insurance is one of the most overlooked types of insurance. People will provide insurance for their cars and their property, but they often overlook the risks of everyday life on their families. Disability insurance provides you with funds when you cannot work to help pay for your household expenditures.
Why do the majority of individuals pass by this kind of cover?
While there is no way to know, it is often thought that people have the idea that they will not get hurt and they will be able to work as long as they would like. Unfortunately, this does not occur for most individuals.
People become ill or are involved in accidents without any warning, which could devastate a family that is dependent on their family for financial stability.
Disability insurance is often purchased as part of life insurance coverage, but can be sold separately. This is often called total and permanent disability insurance. It gives you finance to take care of your expenses if you cannot work.
There are also some disability insurance plans that provide for temporary coverage, but this may also be provided by your health provider or your worker's compensation (should you be hurt on the job). This type of temporary coverage is called income protection insurance.
Coverage Under Disability Insurance:
Coverage under disability insurance will range based on the policy you select to use. This type of insurance will range widely from lump sum payments to monthly payments. The payout will happen when you are unable to work. Yet, it often will take at least six months after you have been deemed to be unable to work again for the disability insurance to kick in.
When getting disability insurance, be sure to consider payments that occur over your lifetime as one of the best ways to manage financial goals when you cannot work. There may be lifetime limits on this type of insurance, and there may be restrictions on what type of disability will be qualified. For example, if you are unable to work at your current position, your insurance provider may not pay out unless you cannot work in any reasonable position.
Questions for Your Provider:
When talking to your provider for disability insurance, there are a number of questions to ask the provider to know what your policy will and will not provide.
* How do premiums change over time? Premiums for disability insurance will generally be the same throughout your life, but should be carefully considered against inflation.
* When are premiums paid? Some disability insurance companies allow you to choose how often you will make payment on your disability insurance. This is usually monthly or on a fortnightly routine.
* What restrictions are in place with insurance? The policy may have a specific amount that it will pay out as the maximum for your needs.
* What types of disability qualify for a claim?
These are just some of the questions you need to ask your disability insurance provider to get the best policy for you.
Ways to Save on Disability Insurance:
Disability insurance will range in price depending on the risks you have. For example, if you work in a position where there is more risk of you being hurt or injured severely, you may have to pay more for your insurance.
You may be able to lower the amount you pay in premiums on your disability insurance by combining the cost of this policy with others. There are several other types of insurance protection that could be included with your disability insurance. The most common type is life insurance.
It is also helpful to get quotes from several insurance companies to find out what the costs to you are for disability insurance. When comparing these types of insurance, be sure to compare like policies between companies. Also, lower or raise the cover amount to match your needs. While it is tempting to lower the amount you will receive at payout to get a lower payment on the insurance, this could be costly when you need to use those funds.
Beware Before Signing:
When it comes time to sign your disability insurance contract, read through it and understand all requirements, premiums, length of time as well as overall coverage. By law, it is required that the insurance company provide you with a thorough outline of what the policy provides. If you have questions about your policy, now is the best time to ask about it. Specifically request to discuss limits, costs and inflation.
Why do the majority of individuals pass by this kind of cover?
While there is no way to know, it is often thought that people have the idea that they will not get hurt and they will be able to work as long as they would like. Unfortunately, this does not occur for most individuals.
People become ill or are involved in accidents without any warning, which could devastate a family that is dependent on their family for financial stability.
Disability insurance is often purchased as part of life insurance coverage, but can be sold separately. This is often called total and permanent disability insurance. It gives you finance to take care of your expenses if you cannot work.
There are also some disability insurance plans that provide for temporary coverage, but this may also be provided by your health provider or your worker's compensation (should you be hurt on the job). This type of temporary coverage is called income protection insurance.
Coverage Under Disability Insurance:
Coverage under disability insurance will range based on the policy you select to use. This type of insurance will range widely from lump sum payments to monthly payments. The payout will happen when you are unable to work. Yet, it often will take at least six months after you have been deemed to be unable to work again for the disability insurance to kick in.
When getting disability insurance, be sure to consider payments that occur over your lifetime as one of the best ways to manage financial goals when you cannot work. There may be lifetime limits on this type of insurance, and there may be restrictions on what type of disability will be qualified. For example, if you are unable to work at your current position, your insurance provider may not pay out unless you cannot work in any reasonable position.
Questions for Your Provider:
When talking to your provider for disability insurance, there are a number of questions to ask the provider to know what your policy will and will not provide.
* How do premiums change over time? Premiums for disability insurance will generally be the same throughout your life, but should be carefully considered against inflation.
* When are premiums paid? Some disability insurance companies allow you to choose how often you will make payment on your disability insurance. This is usually monthly or on a fortnightly routine.
* What restrictions are in place with insurance? The policy may have a specific amount that it will pay out as the maximum for your needs.
* What types of disability qualify for a claim?
These are just some of the questions you need to ask your disability insurance provider to get the best policy for you.
Ways to Save on Disability Insurance:
Disability insurance will range in price depending on the risks you have. For example, if you work in a position where there is more risk of you being hurt or injured severely, you may have to pay more for your insurance.
You may be able to lower the amount you pay in premiums on your disability insurance by combining the cost of this policy with others. There are several other types of insurance protection that could be included with your disability insurance. The most common type is life insurance.
It is also helpful to get quotes from several insurance companies to find out what the costs to you are for disability insurance. When comparing these types of insurance, be sure to compare like policies between companies. Also, lower or raise the cover amount to match your needs. While it is tempting to lower the amount you will receive at payout to get a lower payment on the insurance, this could be costly when you need to use those funds.
Beware Before Signing:
When it comes time to sign your disability insurance contract, read through it and understand all requirements, premiums, length of time as well as overall coverage. By law, it is required that the insurance company provide you with a thorough outline of what the policy provides. If you have questions about your policy, now is the best time to ask about it. Specifically request to discuss limits, costs and inflation.
Auto Insurance Principles Should Apply To Health InsuranceGet Quotes Compare Online Health Insurance Quotation
,
When you get a health insurance quote, you are getting a quote on a certain kind of plan. Get a free group health insurance quote online and find out more about a low cost group health insurance plan. Self employed health insurance tesco insurance online insurance quotes california health insurance plan geico insurance electric insurance. The health insurance Quote Display allows users to view insurance company details, view plan benefits and exclusions, and compare many different quotes at once. Just select a plan that suits your need to receive health insurance quotes. to show you the options available with quotes that give you the health insurance plan you need at premiums you can afford. Get a free health insurance quote online and find an affordable, low cost health insurance plan anywhere in the United States.
here for a health insurance quote. Enter your zip code, select your state, and click "begin quote" to start your health insurance quote. Click here to get your health insurance quote. Click below to research individual and family health insurance, and get health insurance quotes. For immediate online health insurance quotes you can click on this link.
Also, understand what your budget looks like when getting an online health insurance quote. For the most part getting an affordable health insurance quote is fast and free online. Getting a health insurance quotes for is easier than... Save big on your health insurance by getting up to five competitive health quotes from companies who compete for your business.
You can compare life insurance, compare auto insurance, compare health insurance and compare home insurance quotes within minutes. Our services include auto insurance quotes, health insurance, life insurance, home insurance and more, all with a free online insurance quote service. Fast, instant quotes on auto, home, health and life insurance. Life insurance no medical exam state farm insurance global medical insurance healthcare insurance, veterinary pet insurance auto insurance quotes. Fill out a request and get an auto insurance, health Insurance, or life insurance quote today. Dental insurance affordable health insurance insurance sales dental insurance plan blue cross insurance auto insurance quote. Collector car insurance state farm auto insurance guardian health insurance auto insurance california insurance quotes dental insurance plan. National insurance - get a free quote for auto, life or health insurance.
here for a health insurance quote. Enter your zip code, select your state, and click "begin quote" to start your health insurance quote. Click here to get your health insurance quote. Click below to research individual and family health insurance, and get health insurance quotes. For immediate online health insurance quotes you can click on this link.
Also, understand what your budget looks like when getting an online health insurance quote. For the most part getting an affordable health insurance quote is fast and free online. Getting a health insurance quotes for is easier than... Save big on your health insurance by getting up to five competitive health quotes from companies who compete for your business.
You can compare life insurance, compare auto insurance, compare health insurance and compare home insurance quotes within minutes. Our services include auto insurance quotes, health insurance, life insurance, home insurance and more, all with a free online insurance quote service. Fast, instant quotes on auto, home, health and life insurance. Life insurance no medical exam state farm insurance global medical insurance healthcare insurance, veterinary pet insurance auto insurance quotes. Fill out a request and get an auto insurance, health Insurance, or life insurance quote today. Dental insurance affordable health insurance insurance sales dental insurance plan blue cross insurance auto insurance quote. Collector car insurance state farm auto insurance guardian health insurance auto insurance california insurance quotes dental insurance plan. National insurance - get a free quote for auto, life or health insurance.
Florida Health Insurance --- Free Florida Health Insurance Quotes
,
Free Florida health insurance quotes now offered at www.EasyToInsureMe.com Florida health insurance companies can be quoted and compared through their easy to use health insurance quote engine. The top rated Florida health insurance companies are Vista, Coventry, Aetna , Blue Cross Blue Shield , Celtic , Humana, and , Golden Rule . Apply online or download an application for instant Florida health insurance coverage. Compare Florida health insurance plans, rates, and benefits side by side in 30 seconds by simply entering your zip code.
Free Florida health insurance consultations will be done over the phone between the hours of 9 a.m. to 9 p.m. Feel free to call Chad Levin the owner of Easy To Insure ME at 215 944 3079.
Free Florida health insurance consultations will be done over the phone between the hours of 9 a.m. to 9 p.m. Feel free to call Chad Levin the owner of Easy To Insure ME at 215 944 3079.
Subscribe to:
Posts (Atom)