How to Collect on Insurance Policies
Posted on October 9, 2008
Filed Under Basic Information | Leave a Comment
Image Source: marieclaire.com
What if a family member or a close relative recently died and you found out that he had a life insurance policy, listing YOU as the beneficiary? What do you do? What are the things you need to know? Most of us do not usually bother knowing and understanding the terms and conditions of insurance policies. We might end up getting not a single penny from this ignorance. First thing to do is to look for the insurance policy fine print. If you find them, you have too know who or what company provided the policy. Next thing to inquire with the said company is if the insuarnce bills are paid. Usually, insurance policy claims are hassle and trouble free if processed within six months to a year from the time of the insured’s death. You need to make sure if the insured purchased a TERM or PERMANENT life policy. In the TERM policy, you will be able to get the death benefit if the death came before the policy term’s expiration. If the policy has expired before his death, you cannot claim the benefit. If the policy lapsed on a PERMANENT policy. It will fall on either status, Extended Term or Reduced Paid Up.
Return Of Premium
Posted on September 29, 2008
Filed Under Basic Information, Helpful Facts, Related Information | Leave a Comment
Return of premium (ROP) life insurance is a term life insurance policy that provides both death benefit protection and a return of premium insurance feature. At the end of the term, the owner of the life insurance policy receives the full amount of premiums paid during the term. Return of Premium Term is very appealing to some policy holders because of its guaranteed pay-out feature. If you die, your family receives a lump sum of money. But if you live through the term, the insurance company promises to return all of your premiums. Of course, the cost of Return of Premium Term policies is higher than for a regular term policy. Also, if you decide to cancel your policy before the end of the term, you won’t get the entire return of premium you’ve put in. Premiums are returned on a sliding scale that builds up to 100 percent at the end of the term. So, for example, if you cancel a 20-year policy, at year 15, you can expect to get back only about 50 percent of your money.
Why You Should Consider A Cheap Life Insurance
Posted on August 13, 2008
Filed Under Basic Information, Guide, Helpful Facts | Leave a Comment
Image Source: life-insurance-online-help.blogspot.com
Many people opt for cheap life insurance. It makes them feel that their dependents will have some financial resource to fall back on. And when it comes with the additional value of being cheap, you know that it is going to be friendly for your wallet too.
Cheap life insurance is simply a contract between you and your insurance agency which obliges them to pay a stipulated amount of money in the event of your death. In return, you pay them a sum of money called premium at fixed intervals- weekly, monthly or annually.
There are many ways how availing such a policy can help you. If you are salaried and your spouse is not, then your family will be left in the lurch in the event of your demise. The situation could become worse if you have mortgage claims on your house or any other loans which has not been repaid completely. This is just one scenario out of many that could happen. A cheap life insurance can step in and provide funds so that your family will be at least spared of dire consequences.
Second to Die Life Insurance
Posted on July 3, 2008
Filed Under Helpful Facts | Leave a Comment
A life insurance policy that generally protects the lives of two individual is called second to die life insurance. It is popularly known as Survivorship Life Insurance. Normally, this type of insurance policy is considered by couples like husband and wife. Since it is joint survivorship insurance, the beneficiary cannot claim the death benefit until the death of both parties insured. The reason for this is that this type of policy is premeditated to give assistance in paying estate tax. The Survivorship Life Insurance can be available either as whole or universal life policies and cost less than two separate policies.
The Cost of Life Insurance
Posted on June 2, 2008
Filed Under Basic Information | Leave a Comment
Policy prices are calculated with intent to fund claims to be paid, make profit and cover administrative costs. Mortality tables which derive life expectancy estimates are used as basis for cost. Three main variables in a mortality table are gender age and the use of tobacco. The mortality table provides the baseline for the cost of insurance. Newer mortality tables provide separate computations for smokers and non-smokers.
Administrative and sales commissions are part of the formula since this is a business. Taking into account all the risk factors, the insurance company can now give you a more accurate computation of the annual cost of your life insurance coverage.
The Life Insurance Selector
Posted on May 30, 2008
Filed Under Helpful Facts | Leave a Comment
Don’t know which Life Insurance is best for you and your family? Try out MetLife’s Life Insurance Selector. By clicking on the button, you will be asked a few questions that will tell you how much to pay for your life insurance and what kind of life insurance you need. Depending on your age, your planned age of retirement and annual income, you will be given the cost of the ideal payments for your life insurance. Based on your choices, you will be given the type (term or life insurance) that fits your needs. Check it out now and be a step closer to achieving your dreams for the future.
China Life Insurance Company doubles its profit
Posted on May 23, 2008
Filed Under Uncategorized | Leave a Comment
According to The New York Times, the China Life Insurance Company has exceeded the expected profit by more than a half. This was caused by investment gains in the stock market and rising premiums from the Chinese economy. In 2006, it has earned only 8.97 billion yuan but in the first half of 2007, it has earned 23.29 billion yuan or $3.08 billion. It has an increase of 17% in gross written premiums and policy fees, or 63.7 billion yuan in the first half. This is good news for China’s largest insurance company and the insurance industry as a whole: this means that more and more people recognize the importance of having life insurance and can afford buying one.
Is life insurance an investment?
Posted on May 18, 2008
Filed Under Basic Information | Leave a Comment
There are people who consider buying a life insurance in order to pay for their children’s college education plans or buy equipment and appliances in their homes. However this is not a good idea, because premiums are used to buy the coverage for the death benefit and pay for expenses that is used in the insurance itself. If you do buy life insurance, make sure you and your spouse have adequate cover before buying for your children. Also, avoid any extra coverage that you will not need. If you can’t afford permanent insurance that you do need, consider a combination of term and permanent life insurance policy.
Variable life insurance policy
Posted on May 15, 2008
Filed Under Helpful Facts | Leave a Comment
The variable life insurance policy is a type of permanent life insurance policy that offers the least gurantees but the greatest opportunity to maximize cash value. If you want to purchase this kind of policy, you have to research on it so that you will know what to do and when to do them. A useful article to read is ‘The Do’s and Don’ts of Buying Variable Life Insurance Policies’ written by Peter Katt. In here you will understand more about how variable insurance policies works, the misleading illustrations regarding this policy, defined-benefit designs, defined contribution, premium design, fund selection, policy expenses and helpful tips. Check it out on http://www.peterkatt.com/articles/AAII_jul1999.html.
Types of permanent life insurance
Posted on May 12, 2008
Filed Under Basic Information, Helpful Facts | Leave a Comment
There are different types of permanent life insurance and some of these are the traditional whole life, universal life and variable life. In traditional whole life, you can get the most guarantees and this type is best to purchase if you have trouble saving. In Universal life, you can be assured of premium flexibility in the first years of the policy; it is more flexible than traditional whole life and premiums can even be skipped. In variable life, you are offered the fewest number of guarantees and the greatest potential for cash-value increases, suitable for the risk-taking investor. In buying permanent life insurance, choose the type that best suits your needs and preferences.
keep looking »