Monthly Archives: August 2017

Increasing Coverage While Maintaining Low Cost Life Insurance

There are several good reasons why it is important to review your life insurance coverage periodically. For one thing, when you took out a policy your financial situation was different from what it is today. You may have got married, had additions to your family, got a new job or risen in rank and position at your place of work. Assessing your current financial position will help you adjust your life insurance coverage so that your death benefits will adequately cover your family’s financial needs and keep them well-protected even after you have gone.

Why should you consider increasing your life insurance coverage? Here are a few reasons to review your life insurance coverage:

Marriage. Many people choose to take out a life insurance policy when they are single. This works out to your advantage as the younger you are, the better chances you have of getting premium rates. When you get married, you should consider increasing your life insurance coverage to make sure your surviving spouse is protected against financial loss in case you die an untimely death.

Starting out your life together, you and your spouse may want to consider purchasing a house or beginning a family. You should increase your death benefit to cover the loss of your income, any outstanding debts you may have such a mortgage, and future expenses such as retirement. This may amount to paying a higher premium, but it will ensure that your spouse will not be left in dire financial straits trying to pay off loans and struggling to make ends meet.

Children. The first time you should consider increasing your life insurance coverage is when you get married and the next time you should consider an increase is when you have children. Having a child means a lot more joy in the home, but also a lot of added expenses. You should consider your child’s education fees and college tuition in your death benefit. This amount can be kept as an endowment for your child. With each additional child you have, remember to review your life insurance coverage and make the necessary increase. Your death benefit should include your salary for a number of years, the cost of day care along with education fees and other household expenses you incur within a year. If you cannot increase your coverage to include all of these expenses, you should try to increase the coverage as much as your budget permits.

Getting a hike in salary! A raise in salary should be followed by an increase in life insurance coverage. Why? When your salary gets hiked, you automatically begin enjoying a higher quality of life. Your death benefits should be increased to cover the higher lifestyle that your family will get used to.

Calculating your life insurance coverage

You’ll find online life insurance needs calculator an easy way to arrive at how much life insurance coverage you need. You will need to estimate costs of various categories of expenses. The categories are added up to give you the total amount of life insurance coverage your family will need. Subtract the amount of life insurance you already have. The balance left will give you the amount you need to purchase.

How can you bump up your existing coverage? Ask the life insurance company or the agent who sold you the policy to find out how you can add more life insurance coverage to your existing policy. But remember you do not need to add to your current policy. You could purchase a new policy from a different life insurance carrier. Many people have multiple life insurance policies through different carriers. You would need to mention the various life insurance policies you already own when applying for a new one.

Whether you add to your current coverage or purchase a new life insurance policy to your portfolio, you will need to go through an underwriting process. You may be required to go through a medical and disclose personal information regarding your finances, occupation, etc.

Getting low cost life insurance!

Remember, too, to shop around and buy life insurance online. This is the most convenient and quickest way to get low cost life insurance! Most people don’t realize that life insurance is a competitive business. Rates may differ from carrier to carrier. Some life insurance companies may also offer free riders that could save you money in the future. For instance, if you have a waiver option, your policy will not lapse if you miss a payment. Always shop around for the best bargains and purchase your policy from life insurance companies who have excellent financial strength and ratings to prove it.

Online insurance providers allow you access to instant life insurance quotes. You’ll get the best life insurance quotes from carriers who have an excellent reputation for payouts. Receiving multiple quotes allows you to compare life insurance rates and products. Many of these online life insurance providers also offer their professional services. They can answer any questions you may have about life insurance, identify important issues and present meaningful recommendations to you

Life Insurance Enables You To Give Your Kids A Head Start

One of the most valuable gifts that you can give your children is a head start in life. Life insurance is an important vehicle that you can leverage to plan for your children’s future. Life insurance increases your children’s financial options when they grow older and life insurance planning should begin when your children are young. The reason that life insurance planning should start when your children are young is because that is when insurance premiums will be their lowest.

When your children are older and starting out they will appreciate your foresight because they may have expenses that make it challenging for them to find the money to pay for their own life insurance premiums, premiums that will be higher once they’re older. Life insurance is not only used to protect people in the event of death. Whole life insurance policies offer tax benefits and can be used to establish savings that can be put towards education and other financial planning.

Arranging life insurance coverage for children provides guaranteed insurability. Many insurance companies offer options that guarantee an insured’s right to purchase additional insurance without having to submit to insurability testing like medical exams. We don’t know what the future holds so this can provide a massive sense of relief for someone who develops a medical condition as an adult that would make them uninsurable or make life insurance extremely costly. In addition, your children’s career and lifestyle choices can also impact their insurability later in life. Your foresight will mean that if they make choices that would have impacted their insurability that you have coverage in place for them.

As we mentioned whole life insurance policies offer the benefit of carrying a cash value. This means that as you contribute to the life insurance policy you are in fact building up a source of funds that your child can use in the future. This can even be looked upon when the time comes for your child to come up with a down payment on their first home. If your child doesn’t end up using the cash, the investment portion of the life insurance policy will continue to grow, tax advantaged for use later on in their life.

Finally, life insurance provides crucial support to families. In the unlikely event that something did happen to one of your children, their life insurance will prevent you from dealing with financial hardships while you are dealing with your emotional loss. You will be able to plan for not only funeral expenses and outstanding medical bills but will also be able to afford to take time off work beyond your employer’s bereavement leave. Tax free insurance funds will give you the financial flexibility to get through the incredibly tough time that comes with the death of a loved one.

There really is no better time than when your children are young to start planning for their financial future, and working with a life insurance advisor can ensure that you come up with an insurance strategy that deals with today and issues that could present themselves in the future.

Managing Your Risk Is Vital To Lower Rates

What do we mean when we say risk? Well, we all know that when it comes to Auto Insurance, or any form of insurance for that matter, its about protecting you financially in the event of an accident. So with that said, think about it for a second, what does an insurance carrier think about when they take you on as being a risk customer? They think about ways to get you in the frame of mind to think about your actions more carefully so that youre not a financial risk to them. How will they manage risk? Here are some ways to think about.

Install A Car Alarm. Many things come into play here when owning a car. Young or new drivers dont tend to think about such things as installing a car alarm because they tend to think that bad things wont happen to them; it happens to everyone else. Thats a nice way of saying kids can be careless and not lock doors or leave the keys in the car. This is a great way to help curb the costs because an insurance carrier looks at that as an anti-theft devise

You can also reduce your auto insurance premium by actually taking a defensive driving course. This shows that you are knowledgeable to the laws and signals of the road. Hopefully learning that being a good driver means that you need to be considerate to others on the road and do just that; drive defensively, not recklessly.

You can always reduce your risk by taking on some of the financial liability. What I mean by that is for you to take on a higher deductible. If your current deductible level is $250 then you might want to consider raising your deductible to the level of $500 or $1000, an insurance carrier sees that as you agreeing to take on the risk of liability and therefore, it reduces your premium. Get it, less risk means lower premium. These are great tips to managing risk by you and by your insurance carrier.

Well here is an obvious point to make, if you just think about what it is that could cause you to a great to your insurance carrier then just simply avoid the things that would be. You know like receiving multiple moving citations, accidents, DUIs / DWIs. These are the things that make you such a big risk. How will you ever get a cheap rate if you dont? Its that simple. Try to avoid getting speeding tickets and steer clear of heavy traffic. Just be careful

Being that in most states its the law to carry auto insurance if you own a car. The kind of car you drive and the levels of insurance can vary greatly. If you stay careful and assume some of the financial liability you can find lower rates from quality insurance carriers. Its all about risk, for you and them so learn to manage it to be a successful driver.

What do we mean when we say risk? Well, we all know that when it comes to Auto Insurance, or any form of insurance for that matter, its about protecting you financially in the event of an accident. So with that said, think about it for a second, what does an insurance carrier think about when they take you on as being a risk customer? They think about ways to get you in the frame of mind to think about your actions more carefully so that youre not a financial risk to them. How will they manage risk? Here are some ways to think about.

Install A Car Alarm. Many things come into play here when owning a car. Young or new drivers dont tend to think about such things as installing a car alarm because they tend to think that bad things wont happen to them; it happens to everyone else. Thats a nice way of saying kids can be careless and not lock doors or leave the keys in the car. This is a great way to help curb the costs because an indemnity carrier looks at that as an anti-theft devise

You can also reduce your auto policy agiotage by actually fetching a defensive driving course. This shows that you are knowledgeable to the laws and signals of the road. Hopefully learning that being a good driver means that you need to be considerate to others on the road and do just that; drive defensively, not recklessly.

You can always dilute your risk by taking on some of the financial liability. What I mean by that is for you to take on a higher deductible. If your flow deductible level is $250 then you might want to consider raising your deductible to the level of $500 or $1000, an insurance carrier sees that as you agreeing to take on the risk of financial obligation and therefore, it reduces your premium. Get it, less risk means lower premium. These are great tips to managing risk by you and by your indemnity carrier.