Low Cost Life Insurance » Life insurance

Life Insurance Premiums Reduced – Really Reduced

Kathrine Woods — Thu, 24 Jun 2010 09:56:40 +0000

You pay a lot less for term life insurance today than you would 20 years ago.

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Kathrine Woods — Mon, 21 Jun 2010 17:18:21 +0000

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Smoker? Ex Smoker? How Smoking Can Affect Your Life Insurance Premiums

Kathrine Woods — Sun, 25 Apr 2010 09:30:54 +0000

If you smoke, the likelihood of dying from smoking-related causes rises dramatically. Therefore, life insurance companies typically charge smokers higher rates than non smokers. This is to compensate them for the additional risk they incur when extending a policy to a smoker. However, even if you do smoke, or are an ex-smoker, there are things you can do to lower your costs.

When You Quit Smoking Matters to Your Life Insurance Provider

Because smoking can have such a significant impact on a policyholder’s health, insurance companies use an assortment of classifications for smokers. These classifications are based upon the amount of time that has elapsed since the policyholder last smoked. A “preferred plus” policyholder is a person that has not smoked for 5 years or longer. For those who have avoided smoking for at least 3 years, they’re awarded a “preferred” status. Lastly, a “standard” designation is typically given to a policyholder that has not smoked for at least 12 months.

Life insurance companies use these classifications because policyholders who have stayed away from cigarettes for a longer period of time are less likely to die from smoking-related illnesses. “Preferred plus” policyholders are rewarded with lower premiums than those who are classified as “preferred.” People who have a “standard” status (i.e. having not smoked for at least 12 months) will typically have to pay higher premiums than the other 2 groups. This, of course, assumes that other factors such as blood pressure, weight and cholesterol levels remain equal.

Can You Lie To Your Life Insurance Company?

Millions of smokers are tempted to lie about their habit to their life insurance company. Some do so in the hopes of avoiding having to pay higher rates. However, it’s risky and often ineffective. While providers will start by asking potential policyholders whether they smoke, they can also require a physical exam. They may even request recent medical records. Lying on an application is easy; trying to cover up traces of nicotine in a urine sample is far more difficult.

Be honest about your smoking habit. Life insurance companies consider smoking a serious issue. They’re motivated to conduct due diligence to validate your claims.

Affordable Life Insurance For Smokers

While life insurance premiums can be substantial for smokers, there are affordable options. First, if you have quit smoking, ask your provider to reevaluate the status of your policy each year. Based upon the amount of time that has passed since you last smoked, they may be able to lower your rates. Second, consider term life insurance. You may still need to submit to a physical exam, but the premiums on a term life policy are usually lower than those on a whole life policy. And of course, get life insurance quotes from several different companies – it’s often quite amazing how different prices can be for essentially the same policy.

The Realities Of Smoking And Life Insurance

The costs of smoking expand much further than the price of a pack of cigarettes. The premiums you can expect to pay on your life insurance policy will be higher than the premiums for a non-smoking policy. That being said, it’s important to understand how your life insurance provider regards smokers. You may able to lower your premiums by being aware of the various classifications used. Having your policy status updated after each year can help you graduate to a “preferred plus” classification. In the end, having life insurance is critical. Don’t let your smoking habit prevent your securing a policy.

Why Your Life Insurance Premiums is Increasing

Kathrine Woods — Sun, 28 Mar 2010 05:28:17 +0000

Have you ever thought why your life insurance premiums rising? There are many factors for that. Someone with good health and lifestyle, their life insurance is normally lower. On the contrary, if some body with bad health and poor life style, he will obviously be paying more for their life insurance premiums. It may be helpful to consider these factors in its depth so you can see the cause you may be paying more as premiums for your life insurance.

For the last decade, statistics have proved that the cost of term life insurance has been lowering for both man and women who don’t smoke. This decrease is the direct consequence of the longer life span during the same period of time.

By examining your risk levels, life insurance companies decide what sort of premium they will charge you. For instance, if the company believes that you will die soon and within the policy limits, you will be charged more for the policy. Age, health and lifestyle are among the major factors that are considered when pricing insurance premium.

Sex: Life expectancy of man is lower as compared to women. Thus, men will pay more that women for their life insurance premiums.

Age: The earlier someone gets some sort of life insurance, better the chances that the individual will get a lower and best rate as premium. Premium costs will increase as one gets older.

Medical conditions: if an individual has some sort of medical condition, this might factor heavily into how much premium the person will pay for his life insurance. Some examples include obesity, high level of cholesterol, smoking, diabetes and hypertension. These factors obviously affect the life expectancy levels. These are major points considered by insurance companies to calculate premiums to be paid.

Family medical history: Your premium cost may also be determined by your family medical history. Hereditary diseases like heart attack, cancer or diabetes that are found to be common in a family history will increase the life insurance costs although presently you don’t have any of these diseases.

Occupation: This is another factor that companies consider risky jobs like fire fighters. Risky recreational activities like auto racing and mountain climbing may also be included among.

When applying for life insurance coverage, give as much information as possible. Don’t hide any information about your health and lifestyle. In case you make a false statement, your policy can be cancelled. Thus it’s your loved ones who will pay for your negligence.

Life Insurance Policy – Key Differences Between Term And Whole Life Insurance

Kathrine Woods — Tue, 16 Mar 2010 05:12:49 +0000

Basically, all life insurance policies are either term insurance or whole life insurance, or a combination of the two. However, there are many different forms or variations of life insurance policies.
With universal life insurance, you are able adjust the premium and the policy to the amount you think you need.
For a person who wants to have control of the financial and investing aspect of their insurance policy, their option will be a variable life insurance policy.
So, What Is A Term Life Insurance Policy?
As the name suggests, a term life insurance policy provides insurance protection for a precise period of time, such as 5, 10, or 20 years. At the end of the term period, the policy expires with no accumulated cash value, and no benefits are payable. The death benefit is only paid if you die during the term period. Term insurance policy can also be defined as “insurance that is actuarially designed to expire before you do.”
Although the premiums on term insurance are generally low, they increase substantially as your age increases. Due to this reason, a term life insurance policy is the most economical when purchased at a younger age and when the term is longer. Although the short term renewable policies would initially be less expensive, the premiums start to increase significantly after middle age.
As an illustration, in an annual renewable term insurance policy with a $200,000 death benefit, the annual premiums might look something like the example below. Remember, these are just examples to show the difference of cost with age.

$300 / year age 35

$900 / year age 50

$2,500 / year age 65
What Is A Whole Life Insurance Policy?
Whole life insurance is the most common type of life insurance sold. A whole life insurance policy remains in force until you either die or reach age 100, as long as you pay the premium as scheduled. Whole life insurance is also known as ordinary life, or permanent insurance. The main characteristics of a whole life insurance policy are level premiums, level face amounts, guaranteed values, and a relatively high degree of safety. Whole life insurance builds a living benefit through its guaranteed cash value. This enables the policy owner to access this cash for emergencies, as a supplemental source of retirement income or for any other needs.
Another important feature of whole life insurance is that it includes both insurance and a savings aspect. Whole life insurances are often used for long term financial planning. The policy’s other positive feature is the level premiums. So basically you always know what the cost of insurance will be, and you never need to be worried about your monthly premiums going up, thus giving you some peace of mind.
The risk factor of a whole life insurance policy and company is much different than it is for something like an auto policy. When an insurance company issues an auto policy, it hopes that the policy holder will be a safe driver and will never be in an accident. On the other hand, when an insurance company issues a whole life insurance policy, it knows it will someday be called upon to pay the claim.
It is now very easy and convenient to shop around and compare the many different companies and policies online. This will ensure that you get the best premium that meets your needs. It is worth it to take time to get several life insurance quotes and check to see how they are rated with the BBB. It’s important to look into the financial standings of the insurance companies you are considering before you sign up for any type of life insurance policy. If you do your part of getting all the necessary information, you will easily get the best whole life insurance policy online.

American Life Insurance-one of the Most Trusted Company

Kathrine Woods — Sat, 27 Feb 2010 21:51:31 +0000

American Life Insurance the most trusted company which has a reputation of about 87 years. This company is one of the globally recognized life insurance companies and it has a number of branches all over the world which has a vast customer line following. American Life Insurance gives various tax benefits to all its insurance policy holders and it also takes care of all your life

insurance related policies like retirement insurance policy, wealth management policy, medical insurance, health insurance etc.

Life insurance basic terms as you know is an important factor in every person’s life and when it comes to life insurance age is not the main criteria when it comes to get your life insured. American Life Insurance also known as AIG insurance company and majority of Americans has insured themselves with this life insurance company. The market value of this company is high and you can find the companies ratings in the financial books due to their vast financial transactions with other financial institutes.

There are two major life insurance policies that this AIG Insurance Company deals with i.e. the Term Life Insurance and Whole Life Insurance. In case of Term Life Insurance the policy taken is for a short period of time and Whole Life Insurance is where you get yourself insured for your whole life.

AIG insurance company is one such life insurance company that charters to the needs of the common person. One of the benefits of getting insured in this life insurance company is that you reap a rich harvest of life insurance benefits on all your life insurance policies which no other life insurance company provides you as this company provides you with the benefits when you are still alive.

This life insurance company in order to increase its relationship with their vast flowing customer’s have started life insurance online services which has made it easy and convenient for them to get themselves and their family members insured staying within the very comforts of their own house. AIG Insurance is one of the most sought of companies and it is a tough competitor to other life insurance companies.

Quote Devil for a hell of a quote!

Kathrine Woods — Thu, 25 Feb 2010 10:13:18 +0000

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How to Find an Affordable Life Insurance Policy Online

Kathrine Woods — Tue, 23 Feb 2010 11:56:26 +0000

You want to buy life insurance to protect your family in case of your death, but you don’t want to spend more than you have to. Fortunately, the Internet is a great source for finding an affordable life insurance policy.

Different Types of Life Insurance Policies – Skloff Financial Group

Kathrine Woods — Sun, 14 Feb 2010 03:44:25 +0000

Different Types of Life Insurance Policies – Skloff Financial Group Skloff Financial Group www.skloff.com

Understanding Permanent Life Insurance

Kathrine Woods — Thu, 28 Jan 2010 16:56:17 +0000

Permanent Life insurance is in essence a broad term for life insurance policies that do not expire. And unlike term life insurance, permanent life plans also combine the death benefits with a savings portion. This savings portion involves the building up of a cash value that the policy owner can borrow funds against, or even in some cases, can be withdrawn if funds are suddenly needed. Permanent life insurance is coverage for your entire life. There is no need to renew this type of policy and as long as you pay your premiums and keep the policy in force, your policy stays in effect for your whole life. The amount for which you are insured will then be paid to your beneficiaries at the time of your death – even if you live past 100. Permanent insurance operates differently from term life insurance. The premiums are always larger – often five to 10 times the size. The reason that premiums on a permanent policy are more than the actual cost of the policy is that a portion of that premium goes into a savings component known as the policy’s “cash value.” This is why permanent insurance is also referred to as “cash value” insurance. At the beginning, the cash value is very low because much of the early premiums go towards sales charges and agent’s commissions. But as time passes, the cash value accumulates and the insurer can pay the policyholder depending on the dividends or interest agreed upon. Permanent life insurance is therefore more like an investment than an insurance policy. Until your policy is redeemed, this savings will continue to increase and earn money. At the point of redemption, depending on the type of policy you have taken, the cash value is either surrendered to the insurance company or included your death benefits. But the savings portion of your permanent life insurance policy is more than just a way to increase your death benefits. The main advantage is that you have access to this money at any time during your life allowing you to cover any expenses that you otherwise might not have been able to afford. You can use the cash value component of your policy by requesting a low interest rate loan from your insurance company and use the cash-value account as a guarantee or by surrendering the cash value portion (completely or partially). Surrendering your policy in essence means that you are terminating it. A Full Surrender implies that the death benefits and any cash value accrued will be paid to you and the contract between you and the insurance company is over. A Partial Surrender means that only a portion of the death benefit and cash value will be paid to you. The remainder will be adjusted against your existing policy. Keep in mind that not all insurance companies allow you to partially surrender your policy, and if they do, it may be only under extreme circumstances. Another perk of permanent life insurance policies is that they enjoy favorable tax treatment. You pay no taxes on any earnings in the policy as long as the policy remains active. Money can also be withdrawn from the policy without being subject to taxes as such loans are not considered taxable income. How the cash value portion of your policy is handles is in fact the basis for the major differences in between the types of permanent life insurance available. Each type offers varying levels of freedom and flexibility in reference to premium payments and control of your investments. These include:

Whole life insurance Whole life insurance is a type of permanent life insurance that remains in effect throughout one’s life. Generally, the premiums for this type of policy remain level throughout the life of the insured. This type of insurance plan also develops cash values that can be accessed by the policy holder through surrenders or policy loans. Cash values in whole life insurance policies typically include two components. There is a guaranteed cash value, which grows on a pre-determined schedule and which equals the death benefit upon maturity of the policy. There is also a non-guaranteed cash value element that is made up of dividends, which add to the value of the life insurance policy over time.

Universal life insurance With universal life insurance, all three elements of the policy are differentiated. There is the protection element or the death benefits, the expense element, and the cash value component. Separating these elements offers the policy greater flexibility and allows the holder (within certain guidelines) the ability to modify the face amount or the premium in response to changing needs and circumstances.

Variable Life Insurance A variable life policy offer the most flexibility and control. The policyholder can decide how the cash-value portion is invested. But be warned, this type of policy should only be taken by people who have the experience and understanding of the markets and the ability to closely monitor and manage their policy portfolios. The rewards may be greater but the risks are high as well. Variable life insurance is also one of the more expensive plans available today.

About AccuQuote: AccuQuote is a leader in providing term life quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.