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Life Insurance: Pay Small Amount To Get Good Policy

There comes a time in our life when we think about our self if we need any protection for future like life insurance or not. It is not a big decision for all of us. No one likes to be reminded of their own mortality; after all, it’s a decision that comes to our life all at certain times especially if we have kids to give them good future.

Honestly, it is worthwhile if we consider of taking out life insurance at any stage of your life especially as we reach middle of age and start to amass mortgages and other financial commitments? The basic fact is that it does not matter if we have family to consider for or not but if we have some kind of financial commitments then we need to consider about what will happen if we die out of the blue. We have to remember that it does not matter how healthy we think of our self but we may die in a car accident or get run over by a train tomorrow while crossing the railway line!

We must consider few things, what would happen to our financial commitments if we die unexpectedly. Many people do not know that the money they owe on some kind of loans and mortgages does not necessarily pay for itself after their death. There must be somebody who will have to take care of its repayment. Finally, in the simplest of form we have to consider about who would pay for our funeral at the end of the day.

Life insurance may be worth thinking about at this stage. It is very important but if you have a family to add to the equation. If you have a partner and/or kids then consider about how they would meet financially if we did die and our salary died with us. This isn’t just about managing things like the mortgage, loans; it’s also all about working out how they will pay for life’s necessities never mind life’s luxuries after us. If we protect them with a strong life insurance policy then they could at least meet financially during what will be a very difficult time for them.

The important thing to remember in mind with life insurance is that it doesn’t have to cost the land. Life insurance policies these days are available at small cost; we really could be paying just a small amount dollar a month to get the right levels of protection with satisfaction. To make things easier and clear many industry experts recommend that we shop around for the best life insurance quote as the sector is extremely competitive these days and off course this is easily done – there are lot of web sites that can help us swiftly through competitive quotes so we can find the cheapest policies in just a matter of minutes. This is a great way of getting the life insurance cover we need without spending much time or money in the process.

The Importance Of Getting Life Insurance Online

There are many types of life insurance policies. Before you venture out for one, learn about them and see which one is applicable to your needs best. The following are the most common ones.

1. Term life insurance: This type of insurance is the most basic of all. It’s one and only function is to cover your life with an amount of cash which on even of your death will be given to your nominee. Here, the death benefit is equal to the policy limit. This is a good way to have mental peace in the conviction that you will provide for your family even in the event of death. This is good thing to have as a stand by any day.

2. Whole life insurance: This type of policy besides providing a fixed amount to your nominee on your death, it also gives you a financial gain over time as an investment would. The benefits you get out of this type of insurance are:

a. pays a fixed policy amount in event of death
b. gives you an investment amount that is free of tax
c. Protects you from rising prices – the premium is fixed for the life despite market fluctuation.
d. pays dividends as any good investment plan
e. offers you freedom to sell the policy back at any given time you choose

3. Variable life insurance: This type of insurance is much more flexible than the whole life insurance. The best benefit here is the fact that it allows the policy owner to borrow against the policy maturity amount. In this way, not only you are insured but you also have a very decent source of borrowing at a lower rate than the market price interest rates. The variable life insurance too offers the benefit of tax-free ash accumulation that is a great incentive for investing in insurance the world over. There is another benefit that accrues from this type of insurance, i.e. the amount that is to be paid as a benefit to the nominee of the policyholder can be varied according to the need of the beneficiary (in relation to the funds available in the account).

4. Universal life insurance: This insurance one of the most flexible of all types of insurances. It not only covers the death but also allows you a host of other benefits:

a. As all insurance policies, it pays the beneficiary a pre-arranged amount of cash in the event of your death
b. It provides a tax-free cash investment – which can accrue interest at market value
c. It allows complete flexibility on the premium making it easy for you to keep up with your payments even in lean times
d. At the same time this type of insurance allows amount flexibility

5. Universal variable life insurance: This is the ultimate among all the insurance policies. It allows you complete freedom on the way you invest and recover your investment. You have full control upon your cash at all times:

a. it pays the beneficiary a pre-arranged amount of cash in the event of your death
b. It provides a tax-free cash investment which can accrue interest at market value
c. It give you total premium flexibility
d. It allows to withdraw cash from your policy at any given time throughout your life time
e. It allows you to borrow against the maturity amount at subsidized rates of interest
f. It allows you to terminate the policy at any time, however, in that event your maturity amount will be reduced according to the time in question

Life insurance first and foremost role is to protect the near and dear ones in even of one’s death by providing an alternative source of income. Today, there are a number of benefits added to the main role. Check out the latest developments and choose well. Get value for your money.

Discover The Pros And Cons Of Life Insurance No Medical Exam

Are you in search of life insurance with no medical exam required? Have you been looking for life insurance online but maybe you’re frustrated with so many choices?

Why spend endless hours searching online when you already know buying life insurance is the right thing to do? And term life insurance offers you the maximum protection at the lowest rates.

Now it’s quick, easy and affordable for almost everyone to get term life insurance online without taking a medical exam. Actually, there’s a few insurers that offer instant approval life insurance if you qualify. You can apply online in about 5 minutes and find out if you qualify instantly. That’s right. No more paperwork. No medical exams. No more pushy agents. And no more delays of between 4 to 6 weeks to receive your policy.

Today, you can get life insurance online and print your policy immediately after you pay your first premium online. You can actually get life insurance coverage “In Force” today if you qualify. Not everyone qualifies for coverage though. You do have to be in good health generally. But even if you’re taking medication or may not qualify with other life insurers, you might qualify for no exam life insurance.

Okay, you should be aware that life insurance with no exam required may cost you a little more than coverage through other insurers. But the benefits outweigh the costs for some folks. Several benefits include Instant approval coverage “in force” today, no doctors, no invasive needles, no medical tests, no mailing delays, no pushy insurance agents to deal with. The list goes on. However, there are two drawbacks which is the premium may be a little higher. And not everyone qualifies for coverage.

It’s easy to find out if you qualify for no exam life insurance. You just answer a few simple health questions to get your instant quotes. Then, you decide if you like the rates and you can apply online in about 5 minutes. You usually get a response within 10 minutes as to whether you are approved for your life insurance coverage. Then you can pay your first month’s premium online and print your policy immediately. It’s that simple. No time delays, no mountains of paperwork and no dreaded medical exams.

Make sure to check the financial rating of your life insurer. It is usually provided on their web site. Also, paying an annual premium is usually less expensive than monthly payment options. Finally, when you buy direct online, you’re cutting out the uncomfortable sales person at your dinner table trying to talk you into the policy.

Life insurance no medical exam policies can provide the protection you need at affordable rates. It’s worth a few minutes to get instant quotes and decide if you want the coverage. There’s no hassle, and no sales pressure.

Life Insurance Mortgage Online Quote – How To Shop For Mortgage Protection Online

The purchase of a new home is one of largest investment that we make. The homeowner policy is almost always purchased when anyone purchases a home. The bank lending the mortgage money will require a homeowner policy and become the lien-holder on the policy to protect the loan. The mortgage loan is a major debt and should be covered by life insurance.

Mortgage life insurance can be purchased from just about any life insurance company. Shopping for mortgage life insurance online is relatively easy. The mortgage term policy is nothing more than a decreasing term policy. There are 10, 15, 20, and 30 year decreasing term policies and these policy periods can coincide with mortgage loans for the same time periods.

The mortgage term insurance policy is pure protection and has no cash value accumulation. There is another concept for purchasing life insurance for mortgage purposes. It is a mortgage payoff concept. The purchase of a sizable permanent life insurance policy can be used to pay the mortgage off sooner with the cash value accumulation within the permanent plan. This type of planning is best done with an insurance professional.

Shopping for mortgage protection insurance online is fast and easy. Look for policy rates that match your mortgage balance and length of pay period. There may be some added features that you may want to look for also. The waiver of premium rider is relatively inexpensive. The waiver of premium is a disability rider that will pay the premiums on your mortgage protection policy if you cannot work because of injury or illness. If you owe $100,000 on your mortgage and have 20 years left to pay off your balance then you go shopping online for a 20 year decreasing term policy for $100,000. It’s that simple. Mortgage term protection rates are relatively inexpensive. Shop with confidence and make sure that you obtain rates with and without waiver of premium.

Life Insurance Facts: How Can It Benefit You And Your Family?

Life insurance guarantees payment of a given amount to the insured person’s beneficiaries when the policy owner dies. While many people, especially younger people, don’t necessarily want to take the time to think about something as abstract as dying, this form of insurance is particularly important for parents or other persons with dependents.

The basic structure of most life insurance policies is relatively straight-forward: the policy owner pays a premium every month; upon the owner’s death, the insurer issues payment for the policy amount to the spouse, children, or other beneficiary (-ies) named in the policy. In practice, as with most forms of insurance, specific policies can be much more complicated than this fairly simple model.

For example, the life insurance policy might have riders or additional clauses that pay off in the event of a terminal or critical illness or a permanent disability due to physical or mental causes. Also, there are different varieties of policies including term life insurance, whole life coverage, universal coverage and limited-pay policies. Understanding the difference between the different types of coverage and picking the appropriate one for your situation can be difficult and professional advice may be necessary to ensure the correct policy is in place.

Term Life Insurance covers the insured for a certain number of years after which, the coverage typically expires. Because the policy does not build any cash value and because it is typically based on a low likelihood of death for the covered person, term insurance premiums are usually relatively low. However, the length of the term, the amount of coverage (and whether it stays constant or decreases over time), and the premium amount (again, fixed or adjustable over time) will all affect the premium amount. The lower premium is a primary advantage of term life insurance; a drawback is that at the end of the term, the still-living insured receives no benefit from the coverage.

Whole Life Insurance is permanent life insurance which means the policy holder can withdraw money paid in or borrow against the cash value. Whole life has the advantage of a fixed annual premium and guaranteed death benefits. Premiums are much higher than term life policies at first but over the life of the policy the two policy types roughly even out in terms of total cost. While whole life insurance does build value over time, it may not be as strong as other savings options in terms of the rate of returns. Also, dividends are not guaranteed with whole life.

Universal life insurance is similar to whole life but it offers more flexibility in premiums and may offer stronger returns over time. It also has a cash account and accrues interest.

The variety of policies available is intimidating enough for many people. With dozens of optional riders available and variations even within individual rider classes, competent professional help is definitely recommended when selecting life insurance. It should be noted that the life insurance policies offered by many employers while an attractive benefit are typically not adequate to meet the needs of the insured’s family in the event of an untimely death. The total amount of life insurance carried should be enough to pay off any mortgages, car payments, credit card debt, and any other major outstanding debt, leaving the survivors in a solid financial
situation.

Why Choose To Buy Life Insurance For A Child?

There are a few of pro’s and cons’ about purchasing life insurance on children. Life insurance must have an insurable interest. There has to be good reasoning behind the purchase of life insurance on children. The first priority is to first make sure that the income producers in the household have an adequate amount of life insurance. Large amounts of life insurance on children with little or no life insurance on the bread winners will make little sense to an insurance company underwriter.

Life insurance underwriting departments will often require a certain ratio of life insurance on parents to children. There are advantages in purchasing life insurance policy on children after the parents are insured properly.

Most companies have children term riders that a very inexpensive. Children term riders will protect the insurability of the child. These term riders can be converted to permanent forms of life insurance when the child reaches the ages of 18-21. This is a valuable feature if the child is uninsurable because of health reasons.

Permanent Life Insurance on Children – Some parents have purchased permanent life insurance policies on children so that they can use the cash value accumulation later in life. Permanent life insurance is relatively inexpensive and should be considered on a child once the parents have taken care of their own life insurance needs.

Why Buy Life Insurance on a Child?

1. Protect Insurability – Purchasing life insurance on a child will protect the Childs insurability.

2. Cash Value Accumulation – Purchasing permanent life insurance and funding it with adequate enough premium to produce cash for college education or future needs. Universal Life policies are excellent policies for this purpose.

3. Final Expense – This is the basic purpose for all life insurance.

There is the added benefit of teaching the child about life insurance. Parents that show their children the benefits of life insurance prepare the child to take responsibility for their own financial future.

Life Insurance Quote – How Much To Spend And How Much To Avail

When a budget is tight, it is easy to dismiss the need for life insurance. Lack of knowledge can also make an individual put off purchasing a life insurance policy. And of course, planning for one’s own death and discussing it with loved ones is always difficult. However, the lack of life insurance can leave those you care about with burdens after your death.

Why is it necessary?

In the period immediately following a death it is much easier to arrange for a funeral if a life insurance policy is in place. The average cost of a funeral is more than $7,500.

Also, within a marital partnership, the death of the spouse does not relieve debt. Your partner will be liable for any payments that need to be made. Standard housekeeping expenses will need to be met as well. The ability for your loved ones to continue living in the same manner as they did prior to your death will also be important to you. Funding the education of any children will certainly be important.

What amount should be bought?

In order to calculate the amount of life insurance you need you must consider immediate and short term needs as well as long term requirements. Burial costs and existing debt would fall into the current needs category. Mortgage payments and child care would also fall into this group. College expenses would be an example of future expenses to be considered. Don’t forget taxes that may be due. There are many calculators available on the net which can help you to estimate the amount of life insurance you may need.

In a matter as important as life insurance, it is always good advice to get many quotes and compare them. Quotes are free and are the best way to compare plans, pricing and options. After receiving some quotes, it may be prudent to consult a life insurance professional or even an attorney. Many times, life insurance proceeds can be protected from taxation.

The best way to learn and save money on life insurance cost is to collect as many quotes as possible in order to compare services and rates.

Learn More About Life Insurance Coverage

The subject of life insurance can be a confusing one and we spend a lot of time discussing various ways to buy life insurance. How much do I need? How much will it cost? Will my beneficiaries have enough to live comfortably? What is the difference between cash-value and term life insurance? Which is the cheapest to buy?

Cash value in life insurance policies

Cash value life insurance such as universal and whole life combine a death benefit and a tax deferred saving element. Occasionally referred to as permanent life insurance, these types of policies are intended to cover you for your lifetime.

Annual premiums for cash value policies generally are higher than those of term life policies as part of each premium pays for life insurance and the remainder is invested. Cash value is what you can borrow from the policy or receive by surrendering it. These funds are ideal for retirement planning and college funding; among other goals because they accumulate tax deferred until you withdraw them and then may be partially taxable. Loans and withdrawals will reduce the policies cash value and death benefit.

Life insurance made easy

Term life insurance is the most fundamental type of life insurance. You purchase coverage for a designated period, from one up to many years and the policy will provide a death benefit if you die during that period. Many polices let you renew your coverage for repeated terms until age 65 or even 100.

Term life insurance is popular with younger people because it provides the maximum amount of coverage for the lowest cost. Early premiums are low and increase as you become older. For example, a $250,000 death benefit will cost less in your thirties than it will in your fifties. For this reason, term life insurance is usually a better value for shorter term or finite life insurance needs.

Life Insurance – One More Step On The Insurance Ladder

LifeInsuranceThe recently over 60’s are the post-war baby boomers. Their life insurance needs are very different from that of a young family or someone just starting out in their first job.

A typical 60 something couple will have raised their family, finished paying off their mortgage and are into or nearing retirement. More and more of this age group of people spend part of their year abroad or maybe are planning to move to the sunshine on a permanent basis.

Maybe it would be a good idea to assess their insurance needs at this stage in their lives. Something that is almost certain to crop up is the worrying matter of inheritance tax. House prices have risen considerably over the past years and the family home that suited their lifestyle some years ago will probably be worth an amount approaching or over the inheritance tax limit. Even if they downsize their property, they may invest in something like a holiday home and the actual capital is still there.

Inheritance tax is charged on taxable estates with a value of more than £300,000 in the 2007/8 tax year. This amount rises annually – 2006/7 was £285,000 for instance.

To work out the value of their estate, they will need to take the value of their home, savings, investments, life insurance policies, any business interests and any other assets which they have accumulated. When the total of this has been reached, any liabilities will need to be deducted. Typically, this will be any mortgage outstanding, loans and other debts. The remaining figure, less the amount exempt from Inheritance Tax is the one that Inheritance tax will be calculated from.

Inheritance tax would be charge on the death of the second partner. There is no inheritance tax between spouses.

To put it simply, if their assets minus their liabilities worth around £400,000, then using the 2007/8 allowance of £300,000 there would be £100,000 which would attract a tax of 40%. That’s £60,000 to their beneficiaries and £40,000 to the taxman.

You may think this is a fairly large estate but do consider what your home could be worth at today’s values. Now this couple may be quite happy to potentially give £40,000 of their hard earned money away but we think probably not.

The couple would be advised to take some specialist advice at this stage but a solution could well be to take out some whole-of-life insurance cover. An amount that would cover the estimated inheritance tax bill would relieve their beneficiaries of any worries when the inevitable time comes. The policy must be written “in trust” and the result will be that the payout will not be counted as part of the estate. By using these important provisions, there should be no delay in the payment of the policy to beneficiaries.

Most policies designed to help with inheritance tax dues are investment linked and offered on a reviewable basis. The plan will be reviewed at five or maybe ten yearly intervals. If the investment part of the plan has not performed as hoped, then the cost of the premium could rise and our couple needs to be aware of this.

For an easy way to get some advice on this important subject, an on-line broker will be able to steer our couple towards the right product for them, at the right price.

Ways To Save On Your Budget While Availing For Life Insurance

LowCostLifeInsuranceMore and more people are buying life insurance online and the numbers seem to be doubling every two years. The reasons are clear. Prices are lower on the Internet and life insurance is fundamentally a simple insurance product.

Despite the underlying simplicity of life insurance, most web sites channel their online clients through a telephone based help and advice service manned by experienced personnel. They represent your safety net so if a little technical knowledge is called for, help is at hand.

But it’s always a good idea to have a few Top Tips in your back pocket when you’re shopping online for life insurance. They’ll help you ask the right questions and find the best policy.

1. Always have your Life Insurance policy “Written in Trust”.

This means that in the event of a claim, the money goes directly and immediately to the person(s) you nominate when you first take the policy out. It also avoids all possibility of your estate having to pay Inheritance Tax on the proceeds of your policy and that could represent a 40% tax saving!

All you have to do is tell the online brokerage organizing your policy that you want your policy “Written in Trust” and the names of the people who the life insurance company pays in the event of a claim. They will then sort it all out for you. The extra good news is that this service is invariably free of charge. So it’s a win-win situation and there aren’t many of those around these days!

2. In the early years a Reviewable Life Insurance Policy will be cheaper but a Guaranteed Policy will work out a better buy in the longer term.

With a “Guaranteed Policy” the insurance company guarantees never to increase your policy’s premium.

With a “Reviewable Policy” you agree that your insurance company can review the cost of your policy at regular intervals. But don’t be folled – in our experience a “review” is just another word for a price increase. After all, who’s ever heard of an insurance company passing up a chance to charge you more! The review intervals are usually between 2 to 5 years but this does vary between insurance companies. You will find the details of the review intervals on the documents sent to you before you accept the insurance – these are called The Key Features Documents.

So, comparing otherwise like for like policies, in the early years the premiums for a “Reviewable Policy” will undoubtedly be lower than the premiums for a “Guaranteed Policy”. Thereafter, the premiums for a Reviewable Policy increase eventually catching up with and overtaking, the premium for a “Guaranteed Policy”.

In our experience, you can expect the monthly premiums for a Reviewable Policy to exceed those of a guaranteed policy in about 7 to 10 years and then within the following 10 years more than double again. If your budget is currently tight then by all means choose a Reviewable Policy – after all, your salary may increase in coming years and ease the strain. On the other hand, if the premiums for a Guaranteed Policy are affordable, we think they represent your best buy.

Many life insurance companies have stopped offering “Guaranteed” rates for standalone critical illness insurance policies. This is because they have experienced much higher claim rates than they initially expected. However, you may still find a guaranteed life insurance policy that also provides critical illness cover. As we have explained, “Guaranteed” rates are especially good value and if you can get a quote for a guaranteed life policy that includes critical illness cover, you may have a real bargain.

3. Thinking about a Joint Life Insurance Policy?

A Joint Life Insurance policy is usually written on a first death basis. This means that the policy will pay out on the death of the first policyholder, subject to the policy being in force at the time. This leaves the second person uninsured and older. Older people can struggle to get life insurance at an affordable premium rather than a Joint Policy consider taking out separate policies now. Overall it will work out a little dearer – but you get twice the cover and double the peace of mind.

4. Taking out a Life Insurance Policy? Now would be an ideal time to include Critical Illness cover.

Are you likely to need Critical Illness Insurance in the future? Yes? Then consider adding it now to the life insurance policy you’re arranging. Why? There are three reasons.

First, a Life Insurance policy combined with Critical Illness cover will work out significantly cheaper than buying two separate policies. Second, as we have already explained in the footnote to Tip 2, you may be able to buy a combined Life and Critical Illness policy with a guaranteed premium. That could be a real bargain. Finally, premiums for critical illness cover increase rapidly as you get older – so the sooner you take it out, the cheaper it will be.

5. Don’t confuse Terminal Illness cover with Critical Illness cover.

There’s world of difference between Terminal Illness and Critical Illness cover so it’s important to understand the difference.

Terminal Illness cover pays out the insured lump sum if a Medical Doctor diagnoses you with an illness from which the Doctor expects you to die within 12 months. Most good life policies automatically include Terminal Illness cover at no extra cost. It’s basically an early and welcome policy payout.

A Critical Illness policy pays out the insured lump sum if you are diagnosed with one of a wide range chronic illness and there are no life expectancy criteria. Indeed, with many of the insured illnesses you could expect to survive for many years. For example: certain cancers, heart disease, stroke, multiple sclerosis, loss of speech, sight or hearing, onset of Parkinson’s or Alzheimer’s disease, third degree burns etc. Say you were an engineer aged 40 and you lost your sight. A Critical Illness policy would pay out immediately and that money could well be vital in helping you and your family through many difficult financial years ahead. If you just had Terminal Illness cover there’d be no chance of a payout.

So as you can see, Critical Illness cover is far more comprehensive than simple Terminal Illness cover and for that reason critical illness cover always costs you extra.