zTermLifeInsurance Blog
Tuesday, September 07, 2010
- 21
Apr
2010 -
Nothing But the Best for Your Term Life Insurance!
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Term life insurance is the best option for life insurance in many cases. However, it is very important to purchase insurance from a reputed source. This becomes all the more important in case of term life insurance, where you run the risk of leaving the dealing with unhelpful insurance company representatives to your family.
There are several industry standards that can help you purchase the term life insurance plan from a reputed company. There are financial services companies that rate insurance companies, similar to the ratings that financial plans and mutual funds receive.
One of the most well-known insurance company ratings are the A.M. Best ratings published by the A.M. Best and Company. Other standards include the Standard and Poor’s, Fitch, and Moody’s. However, it is important to know what the different ratings signify, and a mere rating may not mean much.
In the case of A.M. Best ratings, companies with the following ratings are considered “Superior”: A++ and A+, and the following are considered “Excellent”: A, A-. Experts would advise you to stay away from companies that are rated “good” (B++ and B+) or below. Remember that it is also important to add this information with that about how the experience of customers has been in dealing with the company.
- 19
Apr
2010 -
No Kidding: Factors To Consider when Buying Term Insurance
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Deciding to purchase term life insurance is only one side of the insurance coin. The more important question is, how long should I purchase term life insurance for? Common sense indicates that you should probably buy insurance for as long as it takes you to complete all your financial commitments.
The primary factor you would want to think about (and this has probably influenced your decision to purchase term life insurance in the first place) is the age of your children. You want to calculate how long it might take them to be reasonably independent (the average age is about 22) and purchase insurance for that period of time.
You also want to purchase term life insurance for those periods in life when you anticipate extra expenses, and want to ensure that your children are covered in case of your passing on. Examples of these might be college education and/or some wedding expenses of your daughter/son.
One other thing to remember is that you will be better off paying your insurance premiums before you retire. You want to reap the fruits of labor when you are retired, and not keep watering the trees still!
- 16
Apr
2010 -
Term Life Insurance - the Safest Way to Plan for Your Family’s Future
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It's great to have investments in mutual funds and 401k plans, but those are not risk-free ventures. They are predicated on the stock market, which we all know can be quite volatile. So while you may be able to make a lot of money from them, you also could lose your entire investment.
Term life insurance does not have the dangerous variable of the stock market at hand. You are simply purchasing a specified amount of coverage that will be distributed to your dependents in the unfortunate event that you pass away during a specified period. They will receive that money and in turn have the ability to pay off their expenses even though they no longer have the support of your income.
It is always a good idea to have a balanced portfolio, but term life insurance really is an essential investment for providing for your family's future. Hopefully nothing happens to you, but if it does you will want a stable resource to provide for their needs, and term life insurance offers exactly that.
- 15
Apr
2010 -
Who Will Benefit When You Die? Term Life Insurance Options
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For expats looking for reliable term life insurance, the IC+ Term Life Insurance plan offers a range of benefits. Many insurance companies will not insure a person living outside the United States, but the IC+ plan is especially designed to work internationally, and is valid even when the insured travels outside his/her adopted home.
Beneficiaries of the plan are usually specified during the application process itself. Read the application form carefully, and ensure that you fill in the correct beneficiary information. If you want all the benefits to go to one person, designate that person as the primary beneficiary. You can also specify multiple primary beneficiaries. You might want to opt for this in case you have children whom you’d like to designate as beneficiaries.
However, remember that if your children are minors, the benefit will be paid to their legal guardian. In the IC+ plan, you can also specify the share of each beneficiary so that you can tailor the insurance payout according to your wishes. If you do not specify shares, all your beneficiaries will share the benefits equally.
While there are options even when no beneficiaries are listed or when no listed beneficiaries survive, it is always best to fill in all the required information in the application form and ensure that the information is up-to-date, especially in matters of life insurance.
- 14
Apr
2010 -
Get Your Terms Right: The Insurance Choice
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Even with term life insurance on an upswing, you might notice that some insurance agents push whole life insurance plans as the best option for you, regardless of your specific situation. As you might imagine, in such cases, there is a lot going on behind the scenes.
When an agent pushes a particular type of plan without checking what your needs are, it is time to dig a bit deeper. And several times, the answer lies in the commission structure that the agent receives. While insurance companies pay their agents a high percentage of the insured’s first year premium (sometimes as high as 80%), term life insurance plans only yield a paltry 10% in comparison.
With experts advising delinking of investments and insurance plans, the obvious choice for many would be term life insurance. And with the proliferation of the internet, chances are that you can get reliable information on term life insurance and even quotes for term life insurance online.
For anyone looking for a hassle-free sign up for a term life insurance plan, online comparison web sites offer a great avenue for purchase or at the very least, information about the expected plan costs. If and when the need arises, whole life insurance can form a part of a person’s life insurance portfolio.
- 13
Apr
2010 -
Interest in Finances Shoots Up Term Insurance Popularity
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Term life insurance is one of the fastest growing segments in the insurance industry today. The reasons for this are many, and one of them is the fact that people are looking for more control over their finances and investments than ever before.
Let’s say Bob is a 33-year-old smoker who is expecting his first child. Research has shown that people generally start thinking about the future and financial planning right about the time they have a baby. Bob too, will probably look for investment and insurance options at about the same time.
In today’s scenario, however, with the myriad options available, insurance planning is tied to investment in most cases. Bob, for example, might want to dissociate his investment options from his insurance options, especially since his “smoker” status will directly translate into a higher premium for life insurance.
With term life insurance, Bob can plan for periods in life when he needs extra protection for his family, and then reduce the amount as and when the needs disappear. If Bob is ever deputed overseas, he will also be able to purchase appropriate international term life insurance through plans such as IC+ Term Life Insurance.
