Life Insurance Options for Older People

Life insurance is and will always be an important consideration for people of all ages, financial statues, the young and old and, single or married. It offers people feel the security and reassurance that their family members will be covered in an unfortunate event. This is something that probably is higher on the agenda for older people who wish to ensure that their spouse or dependants will be provided in the event of their death. Many companies now offer specific polices which are geared towards older people although the types of cover offered may vary. Different types of cover catered for different needs. This is why it is crucial to have a research around before you buy any type of insurance.

Whole Life Plans

This type of plan has no fixed end date and lasts until the policyholder dies. Then, as long as the payments for the plan have been kept up to date, a lump sum payment will be made to the policyholder's estate.

The main benefit of taking out a whole life policy is the fact that it has no fixed term. It is also possible to ensure that your estate can use the lump sum which is paid to cover any inheritance tax that may be incurred. This is done by putting the lump sum in trust and a specialist tax advisor will be able to provide detailed guidance on this issue.

There are several disadvantages to older people taking out a whole life policy. The payments must be carried on so that the policy does not lapse and this financial commitment may be difficult for people of an advanced age. Also the need for a high level of life insurance may decrease over time as dependents reach maturity and the need to provide for them lessens. Possibly the biggest disadvantage is that the payments for a whole term policy are often considerably higher than for a fixed term life insurance policy.

Fixed Term Plans

This type of life insurance policy runs for a set period, which is often about 25 years. If the policyholder dies within that period then a lump sum payment is made to the estate. However, if the policyholder dies after the policy has expired, even if it is only one day later, then no payment at all is made. Policyholders receive no return on their payments when the plan finishes.

The main advantage of a fixed term life insurance plan is the cost. The monthly payment will normally be quite low. It is also good if the policyholder is only looking to provide cover for dependents up to a certain point in their lives such as children completing university.

The disadvantage of taking out a fixed term life insurance policy is that it is impossible to plan exactly what will happen during the period of time that the policy will run and a longer-term policy may turn out to have been more suitable.

Whether you are interested in covering either yourself or a family member it is important to research on what is offered in the market. There are many different types of insurance policies and some may tick a few of the requirements boxes but not all. It is important to ask a person who deals with these issues before applying or purchasing a specific cover. Generally, an older person considering taking out a life insurance policy would be better opting for a fixed term plan unless they have genuine concerns over inheritance tax. If this is the case then it would be advisable to seek specialist advice before making a decision.

Life Insurance Tips if You’re Over 50

If you're over 50, the time has probably come for you to start considering taking out life insurance to keep things under control, should you unexpectedly die. 

Seeking out the best policy can be a little bit of a challenge however, so you might want some tips to get you going before you get begin, as you don't want to end up taking out a policy that you don't need, or one that costs you more than it should. 

Decide How Much You Need

It's often a good idea that you first understand just how much you're going to need, in terms of a payout, when organizing a life insurance policy. To find this out, you might want to take a look at your current costs, and what debts you currently have. As well as this, look at any people that depend on you for an income, as you might want it so they can carry on living as they do, even when you're no longer here to provide for them.

Take Steps To Reduce Policy Prices

Another thing you might want to consider, is improving your lifestyle. If your health is already in good condition, you'll already be at an advantage, as you'll be paying less than most, when insurance companies see you more favorably. 

If you've got a few unhealthy habits however, take this as a chance to kick them to the curb, and begin a new healthy life. 

Doing so could reduce the amount you're forced to pay, when it comes to finally taking out the policy you decide on.

Find the Best Deal

If you have not already considered the option, shopping around for a good deal is spectacular way to save on your life insurance policies. Back in the day you might have had to call up companies individually in order to find a good deal, however now you have the chance to find all that's on offer, just by looking at one screen. 

Different websites cater to different demographics, and so you'll want to find one suited to your age group. For instance, if you follow this link www.genesage.com/life-insurance-over-55-cover, you'll be able to find out about the options that are available to people of the age of 55 and over. 

Life Insurance...Because You Never Know What Could Happen

The fact that life insurance exists, gives you the chance to take care of those you love, and settle any debts you might still have, even in the event of your death. With so many different companies, offering so many different policies, knowing what's right for you can be a tiresome experience. 

The task can be made easier however, and by seeking out and following the proven tips available, you'll be able to pick the right policy for you, and make sure you're not paying an extortionate price in the process.

As long as you do what's needed ahead of time, you can sit back and relax, knowing that whatever happens to you, money will be the least of your worries, when it comes to taking care of those you love, should you no longer be here to do so.

Is Life Insurance Cost An Important Consideration For You?

It goes without saying that life insurance is an absolute essential but when it comes to choosing a life insurance company and the plethora of life insurance plans available, your mind may go for a toss. There are several things that you need to consider especially if you believe that the cost of life insurance plays a massive role in your decision making process. Sometimes, you may have to rely on the expert advice of certain financial representatives and brokers. However, you cannot always trust their opinions as more often, these opinions are rigged and not trustworthy. Therefore, you need to be alert and on your toes when making such decisions. Even if you can afford the cost of life insurance and the amount of your premium is not an issue, you must look into the given points to make sure that you make a smart decision that will benefit you and come to your aid in difficult times.

1.) Understanding the coverage that you will be requiring:

When looking for a life insurance, the coverage plays an important role as it is this amount that will ensure the safety of your family and any other impending payments after your death. Therefore, you need to contemplate the amount that will be required based on your current financial situation and the amount that you are willing to pay. This is one aspect that you cannot ignore and you need to be very sure that the life insurance that you pay for will be enough for the coverage.

2.) Weigh the pros and cons of each type of insurance policy:

Just because a representative recommended a policy to you does not mean that you need to jump the gun and go for it. You need to take your time and select a policy that will be beneficial for you, not the representative. Therefore, you must carefully go through every available policy that may appeal to you and weigh their pros and cons to ensure that the decision you make does not cost you an arm and a leg and at the same time offers benefits that will help you and your family. Term insurance and cash value life insurance may seem impressive but both have their own sets of issues and disadvantages, which you must look into closely.

3.) Understand the payment pattern of the premiums:

When choosing a life insurance company, look closely and try to understand how the premium amount has been divided and what the pattern of payment is. Premiums charged by insurance companies differ widely. However, this does not mean that you must select a company and insurance policy that asks for very low premium rates since there may be a hidden catch. However, this does not mean that you must select a policy with an exorbitant premium. To put it simply, the amount should be such that can be afforded by you and will not burn a hole in your pocket.

4.) Renewal policies have certain terms and conditions; understand them:

There is a possibility that at some stage, you may have to renew your policies. This holds especially true in events where your health condition goes about a change. Term insurance policies allow the insurance holders to renew their terms. However, this can come at a high cost in the form of premiums. Therefore, blindly going for a renewal without knowing their policies can land you in financial trouble. Know the rate of the premiums in the event of policy renewal. Besides, you must also know if the company allows renewal no matter what your age or is it restricted to a certain age group.

Paying for Peace of Mind: How to Cut Costs on Your Term Life Insurance Rates

Term life insurance is already pretty affordable, so why don't you have more coverage? If you're like most people, you just don't have the money. Sure, it's cheap, but even cheap insurance adds up after a while. A policy here, a policy there. Pretty soon, your insurance poor. Still, there's that nagging voice in the back of your head egging you to buy more cover. Here's how to do it without breaking the bank.

Lock In Low Rates When You're Young

It's no secret that life insurance is cheaper when you're young. Life cover rates are determined by your age, health, and lifestyle. When you're young, you're usually in pretty good shape. You're also at a low risk of all-cause mortality. Because of that, premiums will be low. For cash value policies, the cash value account will grow very rapidly. Those premium payments won't increase on permanent policies, either, so you'll never have to fight rising insurance costs. 

Don't Buy More Than You Need

You should never buy more than you absolutely need. Buy a lot - yes. Buy more than you need - no. Add up all of your financial obligations and even obligations you expect to incur over time, like college tuition, and even your child's first car. 
Factor in your income - does your spouse need money to live on after you're dead? That has to be calculated into the total death benefit amount. 

Select Coverage Terms Wisely

Here's where most people screw up. When you buy life insurance, don't just look at the lowest possible premium. Sure, you want to pay a low premium, but you might end up paying more if you choose the wrong policy type. How?

Let's say you have a 30 year mortgage. You need life insurance for those 30 years. The problem is that a 25 year term policy costs slightly less, and you figure you'll take the risk on the 5 remaining years of the loan because it'll be almost paid off by then.

You die just after the policy expires. The insurance policy doesn't pay out, and your spouse is left with a mortgage balance to pay off on her own. You paid premiums for 25 years and now your spouse still has to pay off the mortgage. 

Take Advantage of Banding 

Another mistake people make is not taking advantage of banded rates. What is banding? It's a sort of unadvertised sale offered by the insurance company. It's a discount for buying death benefit in bulk. When you purchase more than a certain dollar amount, you receive discounted premiums. 

Banding is often used to incentivise people to buy more insurance, but it can actually save you money. For example, let's say you get a quote for $100,000 because this is what you need. However, if you buy $150,000, the premium will be cheaper than if you bought $100,000. What should you do? You should buy more coverage and save money. 

Shop Around For Rates

Companies like Wealth Smart can help you shop around for the best rates possible. Really, this is the oldest "trick" in the book. But, it's not really a trick at all. 

The simple act of shopping for insurance allows you to force insurance companies to compete for your business. At the end of the day, you win - you get low premiums you can afford for the life of the policy. 

Andrew Harvey is an insurance advisor of many years. Now semi-retired, he still likes to help others by sharing his insights on the Web.

Five Reasons Term Life Insurance Is Right For You

Many people often confuse the different types of life insurance available and opt for the most common option that includes whole life insurance and permanent life insurance, hoping that it will work as an investment to acquire wealth overtime. Unfortunately, these types often have poor returns with inaccurate projections. Term life insurance is most recommended by experts due to the affordability each month and customizable plans. 

1. Affordable Rates

Whole life insurance can often cost an average of $100 a month, making it difficult to obtain for most households for an annual cost that adds up to thousands of dollars. Term life insurance costs as little as $7 a month, making it a more viable option that still has large payouts with a $100,000 policy. This makes it easier to purchase enough to cover all of the needs instead of getting the bare minimum since it's so affordable. Don't be afraid to shop around at SelectQuote.com or an easy online marketplace to obtain the best rate available for a long-term or short-term investment.

2. Simple Plans

The ins and outs of permanent or whole life insurance can often be difficult to understand, a risk for those who are inexperienced with the requirements that can be easy to get stuck in. Term life insurance is often more simple for basic coverage that can be easy to manage for those who may be new to life insurance.

3. Customizable Plans

Term life insurance is often considered a better option because the coverage can be customized by the individual, between the different term lengths of 10 to 30 years, to the different coverage amounts.

4. Invest Yourself

Instead of having another party invest your money, you can do it yourself for a better chance of earning more money and monitoring the investments more closely. It can also be easier to find better investment opportunities doing it yourself than trusting someone who may be less careful or wise with the money.

5. Coverage for Short-Term Needs

Many people do not realize that life insurance does not need to just be purchased for long-term purposes, but can also be used for a child's college tuition or to pay the mortgage after passing.

When choosing the best term life insurance coverage, it's better to obtain the plan when in great health at a younger age for more affordable rates. Most people choose to have coverage that is five to 10 times of their annual income to prevent a financial crises if an accident occurs. Although term life insurance offers extremely low rates, it's still crucial to shop around at SelectQuote and other online resources to ensure an ideal plan is chosen.

The Process For Acquiring Term Life Insurance

Life insurance can be one of the most important investments a person can make, especially those who have families that are at least half way financially dependent on them. Life insurance is often used to cover immediate costs for funerals and related processions, or to alleviate the burden of loss of income for a reasonable period of time until such income can be restored or adjusted to. The easiest and simplest type of life insurance is called “term” insurance. Many agencies offer flexible time, budget, and application options for term life insurance.

Why Choose Term Insurance?

The major benefit of choosing Term insurance lies in the fact that insurance premiums greatly increase as age increases and health decreases. Those who did not purchase insurance at a younger age will not be locked in at a reasonable rate. Term insurance is also very straightforward - a static rate pays for coverage, and that coverage remains static as well. Some prefer this over others which may start out low and slowly increase, or fluctuate up and down as markets do.

Step One: Research Companies

The first step in obtaining term life insurance is to find a company. Applicants should talk to several agents and visit many homepages. Compare rates, options, and reputations. Take the time to delve deeply into reviews and ratings on comparison websites, and if possible, try to find real customers to ask questions. Finally, determine the financial security of each company that is in consideration - they cannot provide coverage if they go bankrupt, after all.

Step Two: Decide The Term

Each insurance agency will differ in the time frame that they offer as a “term”, but most generally require a period of either ten, twenty, or thirty years of coverage. Choosing a term depends entirely on the needs of the applicant and will vary greatly in each case. Applicants should consider why they are acquiring the insurance, how long it is necessary, and which term fits their budget. The premium will not increase until the term is over - once this point has passed, it will increase every year.

Step Three: Choose A Type That Matches Your Term

There are various types of life insurance that provide different benefits. Some are offered in certain terms while others are not, and all agencies are different. One type is called a return of premium; the purchaser will pay the premium for the selected term, which increases every year regardless of the original term selected, and if he or she lives longer than the term the money is returned in full. If the purchaser chooses to extend the term, any premiums paid after the original term will not be reimbursed. Another type is a low budget, short term five year plan which is cheap to start and offers decent coverage, but the premium increases significantly. For this type, there is no “original term”.

Term life insurance is a great alternative to permanent insurance because it is cheap and simple. One should always fully investigate all available options when choosing any type of insurance and then choose the company and plan that fits their specific needs.

Author Bio
Terry Johnson practices bankruptcy law in Memphis, TN. He also blogs in his spare time and enjoys writing informative pieces about financial topics.

What Medical Exams are Required to Purchase Life Insurance?

Life insurance is a form of insurance that pays out a set amount of money either upon the death of the person that holds the policy or after a certain amount of time. There are several types of life insurance policies including term life policies and whole life policies. There are pros and cons of each type of life insurance policy. All of the best life insurance companies will require some type of medical examination before approving any type of life insurance policy. 

When it comes to choosing the top life insurance companies and policies there are several things to consider including:

• How much insurance do you need?
• Is a term life or whole life policy necessary?
• Cost

For most people the cost of the insurance policy is going to be extremely important. Term life insurance policies tend to cost much less than a whole life policy. However, there are some benefits of paying more for a whole life insurance policy including the fact that these types of policies can be used as an investment strategy to be used during retirement.

Most people choose a term life insurance policy because it costs much less. The main reason most people choose to have a life insurance policy is to protect the ones that they love should something happen to them. Parents of young children want to make sure that their children are provided for should something happen. Typically, a term life insurance policy will be for a set number of years that will cover the children until they are grown and can take care of themselves. 

Obtaining a Life Insurance Policy

There are several steps that must be taken in order to obtain a life insurance policy. Once a person has spoken with a life insurance agent the next step will be to schedule the required medical examination. The majority of life insurance companies will require some type of medical examination during the application process. This examination can be completed either at a lab or office or even in your own home. The entire process will take about fifteen to thirty minutes and is conducted by a medical professional.

The typical medical examination for a life insurance policy will involve providing a blood and urine specimen as well as a measurement of height and weight and a blood pressure reading. There will also be several questions asked about your personal and family medical history. 

Frequently Asked Questions about the Medical Examination

1. Who performs the exam?
-The examination is performed by a licensed medical examiner located in your area.

2. How much will it cost and who will pay for it?
-The provider of life insurance will pay for the examination. There is no cost to the applicant.

3. What does the medical exam include and how long does it take?
-The medical exam typically includes reviewing your medical history including any doctors that you have visited a basic physical examination, blood work, and a urine specimen. There are some life insurance companies that will require stress tests and EKGs. The entire examination will typically take less than half an hour. 

4. What information about my medical history will be asked?
-The examiner is going to ask you questions regarding any surgeries, medical conditions, medications or other treatment that you currently use or have used in the past and the names of your current physicians. 

5. What happens with the information provided in the examination? Can I obtain a copy of the report?
-The information provided during the medical examination is confidential and is sent to the life insurance company as a part of your application. If you would like a copy of the report you can request one from the life insurance company.

Conclusion

When it comes to making the right choice it is important to note that a medical examination is going to be required even for a short term life insurance policy. The medical examination will not take very long and most insurance companies will send a representative to your home in order to conduct the test. You may be required to fast for twelve hours before the blood work, but other than that very little preparation is needed. You will want to make sure to have your doctor’s names on hand as well as a list of your past and current medications. 

How Much Life Insurance Do You Need

No one wants to think about life after they are gone. Not many people feel the need to plan that far ahead. Canadians are very practical people and planning for the future is something that comes natural to them. Taking care of the ones that they love is deeply rooted in the fabric that makes up the Canadian pride.

So they ask… How much life insurance is enough? And when do you know you have enough? The average insured person has only 3.6 times his annual income in life insurance coverage, and that comes out to be around $166,800 at the time of pay out. See more statistics about life insurance in Canada. 

That may seem like plenty of life insurance now, but will it be enough for your family and loved ones when they need it the most?

An incorrect assumption… Is that 78% of people are thinking that they have enough or too much life insurance. But unfortunately this is not so, many people greatly underestimate their needs. That means only 12% of all Canadians have enough life insurance to take care of loved ones and ensure that all their future obligations are cared for without a significant reduction in their quality of life.




  Let’s take a look at the math… 
For many experts, it is recommended that you have at least ten times your annual income in coverage. For most people that have coverage, the insurance pay out amount will be around $166,800. 

While the recommended life insurance coverage is over $405,840 and even higher if you have a large family. This amount would ensure your family could maintain the mortgage and not lose the family home. Plus allow for future education needs and cover emergencies. But who’s to say that even this will be enough. Many families have more obligations and commitments, so customizing your insurance needs is important for the safety and security of the family you love. 50's plus finances has wrote about why life insurance is required! 

How much insurance do Canadians really need...? 
When you stop to consider all the things your family will need after your gone it can start to add up very quickly. And just when they need you the most, there will be funeral costs and possibly medical bills to take care of. There will be debts to pay off and money for everyday living expenses, plus the kids may need braces or want to go to college. 

The reality is you will need more than 10x your gross annual income in order to support your loved ones. But you still need to sustain a balance between what your family will need and how much you can afford to pay. 

By shopping online you can get the best rates by going to Insureye.com to compare rates and coverage plans. You can read reviews online for many different companies and get real consumer company reviews in order to make an informed decision about Canadian Life Insurance. 

Don’t be part of the 78% who think they have enough insurance. Shop today and get quick and fair rate quotes from people who care.

Life Insurance Options for the Over 50's

Even though you may not be officially considered a senior yet, it is still never too early to consider planning for your family’s future. It is still very possible to obtain life insurance even if you are fifty years of age or older, and there are a few particular implications to consider if you are thinking of doing so.

• It is clear that there will be plenty of grief upon your death, but there will also be a significant amount of costs involved.

Our mortality is an uncomfortable thing to talk about, but it is a reality that we all face. Therefore, life insurance can provide you and your family with a better sense of security for the future. It will be easier for your family to move on with their lives knowing that they have coverage in the case of your death. Having a good insurance plan can keep everyone protected during these hard times. This is especially useful considering how expensive funeral and estate taxes can be.

• Signing up for life insurance becomes increasingly complicated as we age. 

For senior citizens, obtaining life insurance is not quite the same as it is for younger people. Understandable, our bodies become more vulnerable to illness as we age, and life insurance companies take this factor into account and charge premiums depending on your age and health.

• Insurance may also be open for mortgage coverage. 

Sometimes a mortgage might not be paid off until well after you retire. Therefore, a life insurance policy that covers your mortgage may be open to you if you are over fifty. This helps to ensure that your spouse or significant other doesn't lose the family home upon your death.

• Insurance may also be open to pay for your child's education. 

You can take in a term life insurance policy to cover the expense associated with a child's college or higher education. This may work well if you are looking to find a policy that would benefit your children or others in your family.

• You can find lower insurance premiums by having a healthier lifestyle. 

People who live healthy and positive lifestyles are more likely to get better rates on their insurance policies or to even be accepted in the first place. This is generally due to the fact that a healthier lifestyle tends to improve life expectancy. In fact, getting a policy just might be the key to actually improving your lifestyle and giving you the best possible form of protection.

• Tax deductible policies are also available. 

You can find policies that are tax deductible, meaning that you may end up taking the premiums and having them cover some of the costs of your taxes. This should be particularly helpful for you in your older age as you become more likely to have less money to use as income, thus keeping the financial burden of taxes from being worse at your age.

You should strongly consider a life insurance policy if you are to protect your family and your loved ones. Even if you are at least fifty years of age, you can still benefit from a policy. Be sure to contact an expert as soon as you can because it's often better for you to get your insurance plans organized and in place early so you won't miss a thing.

Considering getting life insurance even at 50 or older can be a wise decision because it can involve a good deal of coverage for all kinds of expenses upon death. Wealth Smart can assist you with finding insurance if you are in this age group.

Do You Need Life Insurance in Retirement?

When most people think of retirement they think of taking extended vacations to warm climates, lounging on the front porch with your grand-kids, and just flat out relaxing. What you might not realize is when you reach the retirement age, you are going to have a lot of things to think about when it comes to your health and finances. You want to make sure that everything is settled and ready as you age, which is possible. To make sure that there are not going to be any worries, you should invest in life insurance. As a senior, you know that you are getting up there in age. To make sure that you are not leaving anything behind and that your family will be able to cover all necessary expenses, you should have that money ready for them. This can give your family the chance to pay for the funeral and all other expenses after your death. 

Life Insurance in the Golden Years

At the retirement age, you might not consider it important or possible to get life insurance. Some people assume that life insurance for seniors is not worth the money, especially with the difficulties involved. The truth, however, is that life insurance seniors can get is actually very helpful. This gives you access to money and peace of mind, which you may not always have on your own. This will help your family to pay for all expenses after your death, allowing them to relax and grieve without stress. This is going to take a lot of pressure from your loved ones. If you are afraid that life insurance baby boomers can get is simply too difficult, do not worry. This does not have to be as hard as you might imagine, especially with the options available. You will be able to find something that matches your needs and that requires minimal effort. 

How to Make it Affordable

Beyond contrary belief, even in retirement getting life insurance can be affordable. Remember, you do not have to go for the most expensive or the longest. When you reach retirement, you may not be able to, want to, or need to get the biggest that you need. Short term is easier to get as a senior and a smaller amount would be better since you will not have as many expenses to be covered. This will give you the ability to have the money that you need and increase your chances of acceptance. If you have health issues that you think will prevent you from getting life insurance coverage, you still have other options. The most popular option is guaranteed issued life insurance. With this type of policy you can actually avoid the medical exam and get life insurance coverage simply by answering some basic questions. The "catch" with these type of policies is that the premium will be much more expensive that your typical term policy. 

Is Life Insurance in Your Future?

If you are still wondering if life insurance baby boomers can get is necessary, the answer is yes. Every person should invest in life insurance, especially with the high funeral costs and many bills left behind. If you want to be sure that your family is not going to be drowning in debt, you need to protect them. That is what life insurance does, and it does that incredibly well. You will be able to choose an amount and policy term so that it works for you and gives your family what is needed. For extra assistance, contact a professional right away. You need life insurance and you need more information about what you can get. Since life insurance seniors would qualify for is different from what someone younger would get, you should have all of the facts. This will help you to get the right one and to be fully protected. 

Jeff Rose is a certified financial planner and an Iraqi combat veteran. He runs the blogs GoodFinancialCents.com and LifeInsurancebyJeff.com.

Insurance – A Partner for Today and for Tomorrow

insurance (Photo credit: Alan Cleaver)

To be insured is to be ensured that in future no matter what the problem is financial problems can be met without a second thought. Whether it is about the bread earner who is no more or he suffering from long term disease, insurance is about both the facts. Insurance is a partner for today and tomorrow. A family is a bread earner’s utmost responsibility. He or she aims at ensuring a safe future for their family. They strive for the best. There are two untimely things which stop them from getting what they want, those are death and disability.

Death is inevitable but saving our loved ones from its effects is possible. Same is the case with disability. Disability can disable one physically but not economically. This is possible due to two policies - the first one is term life insurance and the other is disability insurance. For a better understanding the following subheads can be followed.

Affordability

Insurance is affordable. The coverage varies. The market offers a wide range. Comparison of policy range is very important. In order to get the best deals, knowing the options is the most important thing so that we get the best of what we want.

Quotes

The next important part is finding the quotes. This could be done by filling forms from any reputed firm. This ensures getting best of knowledge of deals. A disability insurance is generally filed by the person’s company itself but this can also be approached on an individual basis.

Agents

An agent is the one who is dealing with policies etc. He is a company representative. When you choose an agent care should be taken that he is trustworthy because the claims and coverage and other details and exchange of information depend solely on him or her.

Going for the Policy

While applying for the policy certain proofs and documents are required. Few of these include identity proof, income proof etc. The documents required vary from company to company. As soon as the policy is filed the customer receives a policy number also there is a bunch of official documents clubbed with it. These are sent to the buyer to ensure that the company has made him aware about all the needs etc. Along with the policy number certain other confidential points are briefed to the policy holder.

There are several more points to be taken care of while going for a policy. The company should be reputed and all the conditions etc. should be taken into account. Also it is the duty of the buyer to make sure that he / she have supplied the company with all genuine documents. There should not be any misleading document or discrepancies in the information, which may lead to legal problems in near future. The benefits of both the policies differ widely. In one the family is the nominee and gains the benefit after the decease of the policy holder.


There are several FAQs which come into mind while going for a policy. These can be dealt and understood by referring to the disability insurance quote available on TermLife-Insurance.com. One should be very keen in selecting such things.

Life Insurance – A Must in Today’s Uncertain World

Is it a Necessity? 

Life certainly is uncertain and it might just be the opposite of what it is today. So you need to be careful and make sure that you add a security to your life and of those who are close to you, your dear ones. The best part about opting for a life insurance is that it will help you to retain a peace of mind and allow you to live your life to the fullest. So it might be said that yes, Life insurance is certainly a necessity, considering the uncertainties of life.

How many times in life have we seen that when the bread earning member of a family or a key person of a business dies, their family or the business gets affected to a great extent. 

Probable Solutions

This can however be avoided if we opt for a life insurance policy. With the help of a life insurance plan you can add security to your child’s education or the outstanding loan that you are repaying. It can also offer enough for one’s day care costs. Hence these are some of the advantageous aspects that one can reap with the help of a life insurance plan.

Let us now go through the things that must be kept in mind in order to choose an appropriate life insurance plan. The most useful thing that can help you to do so is a life insurance quote. In order to understand the merit of an insurance plan you need to make a close study on its various aspects. For example the premium that is to be paid the term of the insurance and the other terms and conditions. All these are clearly stated in a quote. Companies offer individuals the opportunity to get free life insurance quotes. While opting for quotes, one needs to be certain that the information that provide is true or at least they are not misleading. Companies might ask for your smoking habits or the family health history and other such related things. These information are vital in offering the best life insurance plans.

These are a few important things that should be borne in mind while opting for a life insurance quote. On a concluding note it must be said that owing to innumerable insurance companies it is always a good idea to ,make a thorough research to find a plan that is cut to our needs.

Things You Must Ask Yourself Before Buying Life Insurance Policy

Universal Life Insurance Company (Photo credit: Thomas Hawk)

For all those who want to have a life insurance policy, it could be a difficult decision to choose the best plan. The main reason may be the terminologies related to life insurance plan as all these terms can be new to them. Well, the solution for this is proper research and the best way to figure out this situation is to ask yourself few important questions. Today, we will discuss some of questions that you should ask yourself before investing on a life insurance plan. 

One: Do You Really Need A Life Insurance Plan?

First of all think whether there is a need to buy a life insurance plan or not. Our peers and friends have a huge impact on our decision. Our lives are usually influenced by them. Don't go for an insurance plan just because somebody has suggested it. The basic purpose of a life insurance plan is to make all our dependents stable after us. Let’s say you are single having no family. In that case obviously there is no need of a life insurance plan.

Two: Which Type Of Policy Is Best Suits Your Needs?

Usually there are two main types of life insurance policies. One is Term Life Insurance Policy and the other is Whole Life Insurance Policy. You should know the basic difference between them.

· Term Life Insurance:

Basically Term Life Insurance Policy is for specific period of time. Once your plan is expired, it's up to you whether you want to renew the policy or to end the coverage. The term life insurance policy gives you benefit in case of accidental death or debilitating injuries. If you are purchasing term life insurance plan in earlier years of your life, you will find it cheaper. It means that try to purchase the policy right after your marriage. The reason is in earlier years the chance of death is relatively low.

· Whole Life Insurance:

Contrary to Term Life Insurance, Whole Life Insurance Plan is not for specific period of time. You can avail it from the day you bought till your death. There are two components of whole life insurance policy. One is insurance and the other is investment. The insurance component will pay stated amount upon your death. Investment accumulates a certain cash value that you can borrow or withdraw. 

Three: How Much To Pay for Insurance?

The answer to this question lies behind the potential needs of your beneficiaries. There is no need to follow the rules as you know better about your needs. Make an estimate of the needs and wants of your beneficiaries. Estimation is very simple to do. Just multiply the needs of your dependents with the numbers of years the support is needed individually. Then, add the estimated amount of all dependents.

Final Words:
These few core questions will definitely lead you to make a right decision of investing on life insurance plan. You can also save your time as well as your money, if you have complete knowledge about what plan you are going to choose.

Author’s Bio:
Lori Robinson is the leading contributor to Monkey Insurance, a car and life insurance comparison site. For every car insurance quote taken out, Monkey will donate a portion to your charity of choice.

Life Insurance Tips for Over 50s

If you have passed your 50th birthday and are beginning to worry about if your spouse will be able to maintain his or her current lifestyle after your death, you are not alone. Many people put off purchasing life insurance while they are young and spry because humans have the ability to think they are invincible until their bodies begin to show signs of aging. Thankfully, even those on the other side of fifty have some good options for purchasing life insurance coverage in order to secure their family’s future or help with the expenses related to a death. The following information may be helpful to those who need more clarity about their life insurance choices at this time: 

Least Expensive Life Insurance for Men and Women over Fifty 

Term life insurance policies are usually the most inexpensive way to get some protection. These policies offer a certain amount of insurance at a guaranteed monthly or yearly rate for a certain time period. For example, an individual might buy a $500,000 policy for a period of 20 years. If a person lives beyond this coverage period, the rates will probably rise significantly, but the hope is that the policy holder will then be in better financial circumstances. The idea behind this type of life insurance coverage is that by the time men or women reach age 70, most are no longer responsible for the expenses of children and have paid off their homes and other vital debts. Term life insurance may not be a good idea for parents who had their children later in life, for those with special needs children, or for those who will still have a home mortgage well into their later year. 

Whole Life Insurance Policies for Seniors 

People who are still healthy and are able to afford a higher monthly premium may still be able to buy a whole life insurance policy, even if they have already celebrated their 50th birthday. Although the premiums never change, these policies cost more because companies must cover a much older population of people, and the risks are higher for their corporations. Most whole life policies require the applicant to submit to a physical before they can be accepted for coverage for this reason. 

Investment Insurance Policies for Middle-aged People 

Much debate has occurred about using insurance policies as a form of investment, but this is still an option available from some companies. It usually takes at least eight years of payments before any cash value begins to accrue, and most advisers feel the stock market is a better investment. It is important to remember that every year that you wait to purchase life insurance of any type increases the price of the premiums. Because it is impossible to guess the future, the best course of action for those over fifty is to look at their current circumstances and dependents and buy enough life insurance coverage to protect the things and people who are important to them. Claire Atkinson writes for the Kanetix.ca comparison service, where you can read more about life insurance.

Leaving Behind a Legacy that Lasts

As you grow older especially when you are retired, you have more time to think about the future and what legacy you want to leave behind to your children and grandchildren. Of course you would want to make sure your family is taken care of when you’re not around anymore. Finances is already a given. Beyond material wealth, there are other valuable things that would make your legacy a lasting one. 

Words of Wisdom

Do you remember the 1994 movie, Forrest Gump? Tom Hanks played the lead character Forrest Gump and one of his most memorable lines was, “Mama always said life was like a box of chocolates. You never know what you're gonna get.”

How many times have you caught yourself saying, “My Dad said...” or “Mom told me...”? Just like Forrest Gump, we hold what our parents’ words in high esteem. You may not recognize your parents’ advice as golden nuggets of wisdom then but when you become a parent or grandparent yourself, you realize the truth of those words. Your wise counsel is one of the best things you can pass on to your children and grandchildren. At first they may not realize its value but once they do, your words of wisdom will become a legacy that your descendants will live by.

Financial Stability

Do you remember the hearing the heartbreaking news about four innocent lives that were lost during a police chase gone wrong? It’s news like this that remind us of our mortality, of the fact that any day could be our last. It is a reminder to never go to bed mad and to try to never say hurtful words you don’t mean because that last angry encounter with a friend or a loved one could be the last time you will ever see him or her.

Life is so unpredictable that you never know what tomorrow brings or when you will meet your end. That is why it’s important to prepare for all contingencies and this includes investing in insurance to provide for your family’s needs should you meet an early demise. Consult a term life insurance company and get quotes that will fit your budget. If you have children who are still in school, insurance will help pay off tuition and allow them to finish their studies. It will also help your family get back on their feet after they grieve over their loss. 

Education

One of the best things you can give to your children as parents is education and I don’t mean the academics part only. You can offer financial support while your son or daughter is in still in school. But you can also teach them lessons that will help them grow to become good and responsible adults. Learning is an integral part of life and no matter how much time passes by, you are never too old to learn something new. You are not only a parent but also a teacher who must help your children to better understand the world and people around them. You can help expose them to new venues for learning through travel and activities like community outreach. The valuable lessons you impart to your children will someday be passed on to their own children in the future.


About the Author Based in San Diego California, Tiffany Matthews is a professional writer with over 5 years of professional writing experience. She believes it is better to be prepared than sorry. Tiffany also blogs about travel, fashion, and anything under the sun at wordbaristas.com, a group blog that she shares with her good friends. In her free time, she likes to travel, read books, and watch movies. You can find her on Twitter as @TiffyCat87.

Personal Finance After Hitting 50: Is It Too Late for Life Insurance?

For many of us, life insurance is something we only consider after a life-altering event such as marriage or the birth of a child. But for those who haven’t gotten around to investigating its possibilities as we reach retirement age, are affordable options still available?

If you’re in good health, the answer is yes. And you’re not alone: since so many people are getting married and having children later in life, the big questions are now announcing themselves later and later.

Understanding Your Beneficiaries

The first step in determining what kind of life insurance plan you need to get is figuring out who is financially dependent on you and to what extent they’ll need resources in the event you pass. Determine the amount of money that would be commensurate with what you are currently providing for them and calculate how long they’ll need funding.

Potential financial dependents may include your children, spouse, parents or a sibling you provide for financially. When you have your policy in place, you can choose to name multiple beneficiaries and give a specific number for each to inherit.

If nobody is financially dependent on you, you may still consider life insurance if you want to provide for someone after your death. For example, parents with grown children may pay a small monthly premium to know that their children will get a set amount of funds every month or to make sure their funeral costs will be addressed.

Can I Get A Plan?

For most applicants, the criteria for getting a life insurance plan include undergoing a physical examination and answering a questionnaire about your health and habits. When the company determines the current state of your well being, they will offer you their terms and prices.

There are many varieties of plan, most of which can be sorted into two main types: term life insurance and whole life insurance. In term life, you simply pay an annual premium for your coverage for a set duration, such as 20 years. Once the 20 years pass by, the coverage is no longer in effect.


Whole life or cash value policies operate in a variety of ways. Typically, your premium pays the cost of insurance and contributes to a reserved investment account. The policy lasts for your whole life (hence, “whole life”). Premiums are much higher than what one pays for a term policy, but the benefits are greater, too. For some, there may be a tax advantage, even though contributions are made with post-tax dollars.

Choosing A Term

For many 50-somethings, a 15- to 20-year life insurance plan may be the most affordable and effective way to shield your income and loved ones from financial turmoil after your passing. Keep an eye out for two key factors: the ability to convert to a permanent plan that will continue into your later years, and the plan’s policy on guaranteeing your insurability.
Regardless of the type you choose, the maximum value of life insurance is in the peace of mind that it provides. No matter what your circumstances, knowing that your loved ones will be provided for will allow you to fully dedicate yourself to the things you love. You can tend to your organic garden or woodworking project secure in your choices. 

Adrienne Erin is a writer with interests in education, personal finance, and health. To read more of her work, follow her on Twitter under the handle @adrienneerin.

Life Insurance Helps Take Care of Your Family

Universal Life Insurance Company (Photo credit: Thomas Hawk)

You take pride in caring for your family. You have provided them with all they need to live and prosper. How would they manage if anything happened to you? If you provided the right insurance, they would me able to be financially secure if you should die. 

There are many types of insurance and picking the right one for you is solely determined by your age. The insurance market place has so many companies that getting a good deal is easier then ever. So you should shop around to get the best price. If you want to pay the cheapest rate for life insurance you need to acquire while your still in good health. When we are in good health and young, death is the last thing on our mind. Coming down with a terrible disease may never happen to you but people die everyday from unforeseen accidents. It's unfortunate but it does happen.

If you do pass the first thing that happens to your family is figuring out how to pay for your funeral costs. After you pass,the last thing you want your family to worry about is the cost of a funeral. Most family's barely survive on their income, having a major financial event like a funeral would bankrupt most families. The enormous costs of funeral expenses are something a family doesn't need to worry about at such a stressful time. Making sure you have life insurance policy is the best way you can provide for your loved ones after your gone. 

At one time people paid off their mortgages by the time they were 50 but today most people are still paying their mortgage well into their 50s and 60s. This is one more reason that you need life insurance. Would your surviving spouse be able to make the mortgage payments if you were gone? Over 50s life insurance can help make the mortgage payment or even pay the house off completely if you should pass away. 

You may think that life insurance for the over 50 person is not affordable, this is not true. There are still great deals available, many even guarantee acceptance. The life insurance industry has many providers all competing for your business. With so much competition the cost for life insurance is more affordable. Click here for term life insurance quotes

Your Financial Life After 50. Are You Planning Right?

As you get closer to retirement age, you start to wonder if you are taking the right steps to prepare for your financial future. When it comes to preparing for your golden years, there is no such thing as too late. There are steps that everyone can take after the age of 50 to make sure that they are ready for the life changes to come.

Have The Proper Insurance

In most cases, couples have long-term financial plans that involve the two of them contributing funds to reach certain goals. If something were to happen to one of the spouses, then the other could be left in financial ruin. It is critical to have all of your plans insured to protect against any kind of potential disaster. Term life insurance can help protect a home while the mortgage is still being paid and it can also be used to make sure that a surviving spouse is still able to survive if the other is to pass away before financial goals can be reached. Life insurance will also help offset the costs of your final arrangements and help relieve your next of kin of any of the debt that you leave behind. Image via Flickr by moolanomy

Think Long And Short-Term

Good financial planning includes short-term and long-term goals that need to be achieved in order to maintain the lifestyle that you want. When people reach the age of 50, they start to think in terms of long-term needs as opposed to any short-term requirements. But immediate goals such as paying off your mortgage or buying a new car are just as important as providing for your retirement income. Be sure that you attend to all of your financial goals as you get ready to celebrate the next stage in your life. Image via Flickr by NRMA New Cars

Get An Expert Involved

Pride can sometimes get in the way of good planning. As we get older, we often feel that we have everything under control. For example, when we get a little tight on money, we know that we can use Arizona payday loans to take care of things until our paychecks arrive. But it never hurts to have a financial planner review your arrangements and make sure that you are doing everything you can to prepare for your future. An experienced professional can help point out areas that could use improvement and make sure you are on the right track. Image via Flickr by norfolkdistrict

Look To The Future

The biggest mistake that people make when they start discussing their financial goals after the age of 50 is to dwell on the past. Any decisions that were made years ago are done and over. If you want to make solid plans for your financial future, then let the past stay behind you and stay focused on the future.
You have plans for after retirement that will need to be funded in some way. As you draw closer to your anticipated retirement, it is essential that you review your financial plans and make sure that you are taking the steps you need to live the life you have always dreamed of. Image via Flickr by Nature Pictures by ForestWander

About the Author
Shaun Chatman is a well published author on many authority sites. He lives in Dunedin, FL, and spends his free time playing with his kids or advising friends on his pet subjects: tech, gadgets, travel and finance.


Resources:
http://www.realty-1-strategic-advisors.com/life-stages-of-financial-planning.html
http://moneyexcel.com/2991/new-year-resolutions-for-a-better-financial-life-2013
http://usatoday30.usatoday.com/money/jobcenter/jobhunt/salary/2002-11-14-financial-future1_x.htm