zTermLifeInsurance Blog
Saturday, September 04, 2010
- 09
Apr
2010 -
Planning is Key When Buying Term Life Insurance
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One important step is to not only identify total average monthly expenses, but also to account for unforeseen items. For example, things like tire replacement or braces for a child are significant expenses that you may not be able to predict. If you and your income are gone, can your dependents afford to $900 for four new tires? Or will that cost place undue stress on them?
Even little things like clothing budgets can really add up. So as you plan, do not just think of your family's costs in terms of basic utilities, mortgages, and car payments. Think of the quarterly, annual, and unpredictable expenses they may be faced with and purchase enough coverage to handle those items as well.
Investing in term life insurance offers your dependents a safety net in the event that a tragedy takes you from them. How effectively you plan your term life coverage will determine whether your family is simply helped by the policy or if they gain a measure of financial security.
- 08
Apr
2010 -
Paying Out Term Life Insurance in Parts
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With the term life insurance industry burgeoning in popularity, it is but natural that several plans offer the flexibility traditionally associated with traditional whole life insurance products. As a result, companies are thinking out of the box to provide customers with options for their term life insurance plans.
One of these options is the payout option that a plan holder can choose. Many plans offer the option of providing the death benefit as an annuity. This simply means that the death benefit is paid out on an annual basis. Since the company holds the money for a longer time, the payout works out to be more than if it were a one-time payment.
Lump sum payments are also an option with most plans, and the annuity payout is just an option. If, for example, you are looking at your term life insurance to help pay for sudden expenses that might arise from your passing on, the lump sum option may still be the best.
If you are looking at term life insurance as an investment, say, to provide an annual sum to your children, then choosing an annual payout may be a wise decision. Remember to check the deduction and fees that each option will entail. As always, it is best to check the fine print before signing on the dotted line.
- 06
Apr
2010 -
Cancelling Term Life Insurance
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Samuel King, an information technology expert, is on assignment in the Netherlands. Since the initial period of the posting was five years, King applied for and purchased term life insurance from the IC+ Term Life Insurance plan. Now, though, his posting has been cut short by a couple of years.
What are his options? Can Samuel recover any amount of the premium paid? His plan, according to the find print, ceases to cover him once he returns to the United States. As a matter of fact, the IC+ Term Life Insurance plan offers a refund when the member requests cancellation of the policy.
The terms of the cancellation are as follows: A member can request, in writing, cancellation of his/her term life insurance plan 60 days in advance. The underwriters of the plan calculate the prorated Short Rate Earned Premium at the time of the cancellation. If the plan holder has paid more than the calculated Short Rate Earned Premium, then the difference is refunded to the plan holder.
So, Samuel does have recourse to some refund if he has paid an extra premium. However, the final decision rests with the underwriters. Remember, though, that term life insurance premiums are not as high as whole life insurance premiums, and the prorated refund may not be very high.
- 05
Apr
2010 -
Bundling Up with Term Life Insurance
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In the life insurance world, term life insurance may seem like a risky investment. But latest trends in term life insurance plans ensure that it stays up-to-date with trends in the industry. Some companies are packaging other products along with their term life insurance products.
For example, insurance companies are bundling together medical insurance and long-term insurance along with term life insurance to make the proposition more attractive for customers. In these plans, the term life insurance component disappears after the duration of the plan, and the rest of the benefits may or may not continue.
However, remember that some of these plans turn out to be a bit more expensive than pure term life insurance. When offered a bundled plan, it is important to check whether the plans that are offered together feature coverage that you need. Sometimes, coverage in plans like these can include features that are not sought after much.
The trend of making term life insurance more appealing is encouraging. Some companies, however, are still hesitant about providing term life insurance to expatriates. Some plans such as IC+ Term Life Insurance offer plans for expatriates with affordable rates.
- 02
Apr
2010 -
Term Life Insurance is Ideal for International Workers
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Term life insurance offers your dependents financial protection in the event that tragedy occurs. Your dependents will be able to receive a predetermined amount of money to help cover ongoing financial obligations as well as the financial expenses related to funeral services.
When you are living abroad, you face the additional potential expense of repatriation of your remains, which can be quite expensive. That makes it even more important to purchase term life insurance. Otherwise your family will be stuck paying for this cost. And the last thing they need to worry about during the grieving process is trying to figure out how to pay for another bill.
Term life insurance will allow your family to focus on dealing with grief and moving forward with their lives, as opposed to coping with financial dilemmas. Only a small investment is required to purchase it, and you can quickly and easily purchase it online.
- 01
Apr
2010 -
Terrorism Exclusion of Term Life Insurance
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For expatriates starting a temporary life in a new country, term life insurance plans can be hard to come by. U.S. life insurance rates are typically lower than in most parts of the world, and are sought after by expats. However, many U.S. plans are not valid for those living overseas. The IC+ Term Life Insurance plan bridges the gap with its international term life insurance.
The plans can be purchased for a coverage amount as much as $2 million. However, certain conditions are exempt from coverage. Among the exclusions are death due to war, terrorism, and the use of biological, chemical, radioactive, or nuclear agent.
For the purposes of the term insurance plan, an act of terrorism is defined as the use of force or violence by a person or a group of people for political, religious, ideological or similar purposes. The plan also specifies that if the act is performed to induce fear in the people or the government, then it is considered an act of terror.
Most term life insurance plans exclude acts of terrorism, and it is best to check with the insurer what their particular definition of terrorism is. Also remember to always stay safe and follow common sense when working abroad. Insurance, especially term life insurance, is one product you buy that should ideally never be used.
