Monthly Archives: July 2017

Best Way to Find Affordable Insurance

It is everyone’s duty to insure themselves with the right insurance. It gives your family an assurance that no matter what happens, they will always be taken care of. With so many insurance companies available in the market, it is tough to go through each and every single one of their brochures and talking to all the sales representative in order to make a decision. It takes up way too much time and effort.

However, with access to internet, searching for affordable term insurance cannot be simpler. You no longer have to search and talk to individual companies. You can simply get a life insurance quote online.

Most importantly, through the internet, you can find the most affordable term life insurance available in the market with just a few simple clicks. This is because there are places for you to enter all your needs and give you a quote to not just one company, but quotes to all the major companies in the market.

With the convenience of having access to all of it online, you can easily get the most affordable term life insurance for the premium that you would like to have. And…you can have all of that in an instant. No more tedious and time wasting effort required.

Plus, with all the quotes available in one glance, you can simply pick the one that is suitable for your budget or choose the best policy that has the greatest benefit at the lower price.

So if regardless if you are on the first step to getting insured or am determined to get one today, you can have all the information you need in just a few clicks away by getting a quote online.

Insurance Life Settlements

Someone once said that change is the only constant in life. Life insurance, of all places, provides the underlying proof to this remark. Something called a Life Settlement has sprung up in this heretofore stodgy industry.

As one would expect, a Life Settlement is a financial transaction between the policy owner and an entity called a Settlement Provider. The policy owner sells his policy to the Settlement Provider. Thanks to the emergence of this relatively new financial transaction a person in possession of an unneeded or unwanted life insurance policy can sell his policy to a Settlement Provider for more than the cash value offered by the life insurance company.

People sell their policies for a variety of reasons. They range from premiums being no longer affordable to a beneficiary predeceasing the insured. Sometimes the policyholder owns multiple policies and wishes to eliminate one or more of the policies.

Maybe the insured needs money for long term care, ongoing medical bills or wants to replace the policy with a survivorship type of policy.

Estate planning may dictate a change in insurance coverage or the insured may wish to transfer the cash into higher paying investments. Charitable or family gifting arrangements may now be the best means to distribute assets or cash.

Some folks may have experienced bankruptcy forcing a complete revamping of their financial plan. Others may have become unemployed or under employed. The circumstances are as numerous and diverse as the population.

Businesses utilizing a key-man policy may find it is no longer necessary because the
business has folded or the individual is no longer integral to the business’s success.

All in all, the sale of the policy allows the policyholder to maintain a desired standard of living and live out his final years with dignity. Personal welfare and comfort rank high on the policy sale consideration list.

Generally speaking, people with universal life policies make up the bulk of current policy sellers. However because the industry has matured in its ability to perform accurate financial analysis and predictions, term insurance owners are now able to come to the table and receive consideration for what was once considered a worthless form of insurance.

Heretofore, their only options were to let the term-life policy lapse or convert at a premium increase. The only party benefiting from this travesty was the original insurance company. They received premiums for a certain number of years and because of the lapse, they faced no obligation to pay the face amount. Profit in its purest form.

This meant the policyholder simply lost everything no matter how much money he now needed to pay medical bills, living expenses or meet long term care obligations. Thanks to the secondary market, Life Settlement, the opportunity for term life insurance owners has improved. They too now enjoy a liquidity almost on par with whole life policy owners.

Since they can be sold with a life settlement as long as the policy still can be converted, their face value can be lower. This has transformed them from a worthless program to one gaining value in the eyes of the Settlement Provider.

Life Settlement is, and will remain, an individual choice. It may not be right for everyone but it is an important option on the personal welfare menu that could possibly increase the return on a policy owner’s life insurance program.

Beneficiary Insurance Life

A major issue in planning is who to name as beneficiaries on life insurance policies. The beneficiaries of a life insurance policy will generally receive the death benefit proceeds federal income tax free. A beneficiary is the one who receives the proceeds of a trust, retirement plan or life insurance policy. Most policies and plans will not directly transfer assets to minors until a trustee or a court approves a guardian. A trust may be a prudent beneficiary choice, if a surviving spouse cannot manage a large sum of money. It is of utmost important to name secondary beneficiaries. If an individual dies without a valid will then that state’s law specifies the order of legal beneficiaries to whom assets are distributed. Most of us tend to name minors as our beneficiaries when we buy a policy. For their sake, minors cannot receive or control proceeds.

In most jurisdictions, state law determines when children are entitled to receive the insurance proceeds. Remember, if you list descendants among your beneficiaries, you’ll need to add new children or grandchildren when they’re born. And divorce and remarriage should always spur a review of your policies and beneficiaries. Even updating relatively minor points such as changing a daughter’s last name after she marries should not be overlooked. Naming your estate the beneficiary of life insurance proceeds rather than naming specific individual beneficiaries is not the best option. It’s smart to name contingent beneficiaries in case something were to happen to your primary beneficiary. If you name children, you may want to address whether their children should inherit proceeds if they’re not living.

It is wise to consider a number of situations of your family when it comes to choosing beneficiaries. Moreover, it always better to consult your attorney or investment consultant for specific and unbiased advice.