Saturday, September 29, 2007

Term Life Insurance for Those Who Work in Hazardous Occupations

Term Life Insurance for Those Who Work in Hazardous Occupations by Sharon Taylor


As overall lifestyle is taken into consideration when applying for term life insurance coverage, one of the principals that underwriter's evaluate when deciding to grant approval is your career. Applicants who risk their lives or are subject to potential disability on a regular basis will pay a higher term life insurance premium than the average person in relatively "risk free" occupations.



Hazardous Occupations

Many people must work in hazardous occupations as their primary source of income. Pilots, aviation or scuba diving instructors or firefighters are a few examples of high risk jobs. As unfair as it might seem, all these professionals can expect to pay higher term life insurance premiums. However, reasonable term life insurance coverage is still possible if you obtain necessary licenses and take safety classes. It is best to ask your insurance carrier about the necessary requirements so that you can meet them before applying for coverage.



Waiver of Premium Rider

For those of you who work in jobs that could potentially disable you physically, you may want to consider a "Waiver of Premium Rider." By adding this rider to your term life insurance policy, your premiums will be waived should you become totally disabled. This type of rider is ideal for those who work in jobs such as metal or iron work or any hazardous occupation where you have to deal with chemicals, fire or specialized machinery.

Usually waiver of premium riders change along with any term life insurance policy premium changes (such as an increase due to age). The waiver of premium rider terminates on the renewal date closest to your 60th birthday.



Choosing a Term Life Insurance Carrier

If you work in a hazardous occupation, it is important that you do you due diligence when choosing a term life insurance carrier since you are in the "high risk" category. Not only should you make sure to choose an A or A+ rated term life insurance company, but it is also important to check what kind of "mortality table" the carrier uses. Mortality tables help determine the premiums you pay by measuring what kind of risk you are. Many term life insurance companies use older tables, for example, on 30-year old data. If your insurance company stays up-to-date they will employ a method called "clinical medical underwriting." This method takes into consideration all the current medical advances and lifestyle choices that allow people with medical/disability problems to live long and productive lives.

Getting several quotes for insurance policies will ensure that you get the best term life insurance rates and coverage. Why pay more than you already do working in a hazardous occupation?


About the Author
Sharon Taylor is an expert life insurance writer and frequent contributor to eQUOTE Life Insurance. eQUOTE is a leading Internet resource for life insurance prices, quotes and comprehensive life insurance resource information.

Thursday, May 31, 2007

Why People Buy Life Insurance

Why People Buy Life Insurance
by Donald Lusan


Have you ever considered why people buy life insurance? I know the salesmen and the creators of the policies themselves have thought about it because if they didn't these policies simply wouldn't sell. Probably the greatest life insurance salesman ever once said that "selling is 98% understanding human beings and 2% product knowledge". Another question that is worth exploring is why do some people not own any life insurance at all. Why would you buy life insurance?

Love of Family
More often than not the reason people buy life insurance is because they care about what their loved ones will experience if they should die suddenly. This caring can be expressed in different ways. The Hawaiian people, I am told, have such a deep passion for the well being of their families that they will go to extreme limits to protect them. They tend to buy lots of life insurance as a result.

There are others who buy life insurance through a deep sense of responsibility. They love their families but they are driven more by the fact that the family relies on them so they have to live up to what is expected of them.


Tax Advantages
Some people, especially the business minded, buy life insurance for the tax advantages the purchase provides. The death benefit of the policy is paid free of Federal Income Taxes more often than not. If the policy is part of your estate the proceeds are taxable.

If you own cash value life insurance the cash value and dividends accumulate tax free. When you cash in the policy you will need to pay the taxes on the interest earned. The reason this is advantage is that these policies are usually cashed in round and about retirement time. Your income is likely to be less than when you were working so you would be in a lower tax bracket.


Tax Shelters
The most highly paid life insurance salesmen are the ones who know the tax laws inside out. Here is how they do it. They are usually qualified Financial Planners. Some are Attorneys or Accountants. What they do is to show well off people legal ways of sheltering their income from Income Taxes. They save them a lot of money. As a result these clients think nothing of putting some of the money in a life insurance policy that they need anyway. They need to buy life insurance to protect their families. A large portion of an estate can easily go to pay estate taxes. These people buy life insurance policies sufficient to pay the taxes upon death.

The reasons we buy life insurance may vastly differ but everyone needs to buy some sort of a policy...if it is even just to take care of final expenses.

Here are some things that everyone should consider:

http://www.lifeinsurancehub.net/estateplanning.html

And for the person who owns a business:

http://www.lifeinsurancehub.net/businesslifeinsurance.html


About the Author
For more than 40 years Donald has been known for his extensive knowledge of the life insurance business. He has represented some of the largest and most admired life insurance companies in the United States as well as Canada. His advice is invaluable.

Donald's website is: http://www.lifeinsurancehub.net

Wednesday, May 30, 2007

How to Sell Your Life Insurance Policy for More Than the Cash Value

How to Sell Your Life Insurance Policy for More Than the Cash Value
by Robert D. Cavanaugh, CLU


Most people do not know they can sell an insurance policy. There are companies that will pay you more than the cash value. Even term insurance, which has no cash value, is a candidate for purchase.

This transaction is called a life settlement. Life settlements have been on the scene since 1995; they are not new. While the purchase is facilitated by an insurance company, the buyers typically are pension and institutional funds which hold the policies in their investment portfolios.

Here are three common reasons why a person would sell their insurance policy...

1. The policy has outlived its usefulness.

78% of all insurance is purchased for family protection. Families with children insure the breadwinner(s) until they have had the time to build up an estate or an adequate 401(k) plan to provide for the family, pay off a mortgage and educate the children. Most people have been there and done that.

However, later in life these needs may have disappeared. The house is paid for, the kids have been to college and your 401(k) plan has a balance ten times greater than your life insurance face value.

Rather than continue to pay premiums, or surrender it for its cash value, you can sell it for more than the cash value. Buy a boat, take an extended vacation or go down to the dealership and plunk down cash for that car you have always wanted.

2. The policy has a large loan.

There are three common ways a policy can acquire a large loan.

First, at some point you simply took a maximum loan against your policy. It could have been to satisfy an emergency, take advantage of an investment opportunity--any number of things. But the loan was never repaid.

Second, you could have taken a modest loan years ago and never paid anything toward the principal. Every year, however, you received a bill for the interest due. If you are like many people, this goes in the round file and you never pay the interest. What happens is that the interest gets added to the loan. So what is originally simple interest turns into compound interest.

Over time, the loan and the unpaid interest can consume the entire cash value. That's when you get the letter from the insurance company telling you that to keep the policy in force, you need to come up with some astronomical amount of money.

But that's not the worst of it. When you call your agent to see what your other options might be, he or she informs you that if the policy lapses, there will be a gain (cash value less premiums paid) that the insurance company is required to report to the IRS. Worse yet is the fact that there is no money in the insurance policy to pay the tax (remember it lapsed for lack of premium payment and/or lack of any remaining values). So you are going to have to come up with the tax from someplace else. I don't think you would consider getting this information one of your better days.

3. You own Universal Life and interest rates have declined.

Getting this news is another bad day at the mail box. This time the letter from the insurance company says that in order to keep the policy in force, you have to come up with more than you could get for your first born.

How this occurs goes back to when you bought your policy. One of the major factors in determining the premium for a given face amount of Universal Life is the interest rate assumption made in the original proposal. Remember the double-digit interest rates? You could have bought your policy during this time frame. Most insurance agents would have suggested using a lower interest rate assumption to be conservative. However, interest rates have declined to even below these play-it-safe assumptions.

The sale of your insurance policy averts all three of these problems. In the first case, you don't have to pay any more premiums for coverage that is no longer needed. In the second, the problem you have with the loan disappears and is replaced by cash. And in the third, the probable lapse of the policy due to the fact that the premium to maintain the coverage is off the charts is offset by the cash received via a sale.

Robert D. Cavanaugh, CLU is a 36-year financial and estate planning veteran and author of the free newsletter, "The Estate Preservation Advisor". For cutting-edge, easy-to-understand financial planning resources and techniques to increase your income, reduce taxes and preserve your estate and to claim the free video, "How to Sell Your Life Insurance Policy for More than the Cash Value", go to http://theestatepreservationadvisor.com/rd/subscribe.htm




About the Author
Robert D. Cavanaugh, CLU is a 36-year financial and estate planning veteran and author of the free newsletter, "The Estate Preservation Advisor". For cutting-edge techniques to increase your income, reduce taxes and preserve your estate and to claim the free video, "How to Sell Your Life Insurance Policy for More than the Cash Value", go to http://theestatepreservationadviso

Friday, May 25, 2007

How To Compare Low Cost Long Term Care Insurance In Arizona

How To Compare Low Cost Long Term Care Insurance In Arizona
by Elizabeth Newberry


When comparing low cost long-term health insurance, Arizona residents must compare facilities on an apple-to-apple basis. To compare an Assisted living facility to a nursing home, will do nothing but frustrate you and may be the cause of making an uninformed decision. Below we'll discuss the differences of a few of the long-term care facilities. This is by no means an exhaustive list. Do your research to find out all of the different types of long term care facilities to help you to make an informed decision:

1. Adult Day Care: This type of care provides health-monitoring services such as checking blood pressure, ensuring the patient is getting adequate amounts of food/liquid. They also ensure brain stimulation by engaging the patient in social activities and physical activities. If necessary they will help with personal hygiene performing tasks such as helping with bathing, shampooing, shaving and toileting.

2. Assisted Living: Assisted living facilities provide help for people that require assistance with their daily living activities, but do not require 24 hour 7 day a week help. In essence assisted living is the step in between living at home and moving into a nursing home full time. Depending on the facility, some of the services provided are cooking, bathing, laundry, dressing, housekeeping and medication.

3. Hospice: Hospice provides services to patients who are terminally ill. Hospice provides pain management, medical care, spiritual and emotional support. These services may be provided in the patient's home or in a facility. Hospice's philosophy is to make the patient's final days pain free, lived with dignity and provide the best quality of life as possible.

4. Nursing Home: Nursing Homes are in house facilities that provide both recuperative and non-recuperative long-term care. Although generally considered a place for the elderly, nursing home patients may range in age from young to old. These facilities provide 24-hour care for patients who are unable to care for themselves whether it is a result of aging, illness or physical disability.


About the Author
Fast Long Term Care Quotes in Arizona Cheap Long Term Care Insurance

Wednesday, May 23, 2007

Series "What the doctors aren't telling you about health". 1-The Loop

Series "What the doctors aren't telling you about health". 1-The Loop
by Clark Haroldson


Have you had your first heart scare yet?

It usually starts with pains in the chest, perhaps breathlessness or pains in the arm?

But you gave up smoking several years ago and you always keep fit,exercising two to three times per week. So what has happened?

You are now in the loop having all those tests and that cocktail of drugs the doctors has you on. Well you don't want to take them but you've no choice really have you?

You are feeling scared but you don't want to admit it.

Don't feel bad, you're just normal and something is happening to you that is outside your control and you are just trying to make some sense of it. Well that was my experience too pretty scary I can tell you. I've been very active all of my life. I played soccer from being a youth and then took to playing squash and racquet ball.

True I had smoked for years but it's more than twenty since I gave up.

I had chest pains down the middle of my chest. My doctor who knew my history and my activity levels checked my heart and said it's probably o.k. but I should go to the clinic for more thorough tests.

He was right of course but that was the start.

I entered the clinical process 'THE LOOP' as I like to call it. Getting into 'THE LOOP' was easy, getting out was the hardest thing in the world. After all the tests and the endless waiting and worrying (including an angiogram) I was told I had an artery that was 70% blocked. What did that mean? The doctors still hadn't related my pains to a heart condition. I told them I'd had a couple of injuries playing soccer but it made no difference.

It took six months for them to decide to just leave me on a cocktail of drugs and wait and see what would happen. The drugs of course were the insurance policy-the just in case whether I needed them or not.

The pharmaceutical companies would be grateful for that prognosis but I wasn't.

The hardest part of the whole process was getting to grips with the psychological aspects of the experience. Was I now subhuman? How were people looking at me? Had my life changed for ever? Would ever get my health back?

It is a very difficult thing to buck the system to take responsibility for your own health but you can do it.

Being an inquisitive kind of guy I asked the doctor "Is it possible to reduce this plaque buildup in my arteries". He replied emphatically 'NO'! But my searches on the internet told me different.

After my research I became convinced I could reverse the process of plaque buildup-in other words clean up my arteries. I tried to convince my doctor and the cardiologist and everyone I spoke to connected to the medical profession but to no avail.

Take the insurance policy they said; this time it was my reply that was an emphatic NO!

Here I am two and a half years later still playing squash twice a week and soccer once. I feel really fit. I have changed my lifestyle of course and discovered much about how to be healthy, learning the 'Secrets' I would like to share with you (more on that later). Heart disease is the leading cause of death in the western world today. What many people don't realize is that they can prevent it before it happens.

They just need to know what to do!

I have personally struggled taking responsibility for my own health, its difficult but well worth it in the long run.

In my next letter I will tell you what I did about taking responsibility and how it changed my life.

Talk to you soon and be well.


About the Author
I hope that you enjoyed this article if you did then sign up for my free newsletter at >>>> http://www.thehealthyu.com/ where you will learn health tips secrets and ways to build great health!

Hal runs several limited companies and consults on a diverse range of business aspects. He is a keen sportsman and has a sharp sense of humour.

Tuesday, May 22, 2007

Term Life Insurance With Disability Rider

Term Life Insurance With Disability Rider
by Sharon Taylor


As all industries are always trying to find a need that appeals to the mass markets, insurance companies have come up with a way of adding a disability rider to your term life insurance policy for those that desire the combined coverage. This type of coverage would be ideal for those who work in occupations that require and rely on the constant use of their bodies and frequent physical activity. Having some security in knowing bodily injury would not mean complete financial ruin makes a term life policy with disability rider an asset worth considering.

What Exactly is a Rider?

A "rider," which may also be known as an "endorsement," adds more coverage to an existing policy. You must purchase a rider at the same time you buy your term life insurance policy. Riders modify an original policy and its provisions override anything in an original life insurance policy. For instance, if you buy a term life policy and there is any conflict between the provisions of the term life and the disability rider, the rules of the disability rider would take precedent.

Riders may also exclude or remove coverage from your term life policy, but in most cases it adds to it. It is best to contact a financial advisor for a term life with disability rider quote as prices may vary. Riders, of course, will add to the premium of a regular term life policy because you are benefiting from extra coverage.

Adding a disability rider to a term life insurance policy will pay the owner of such policy a pre-determined amount of income after the insured has been disabled for a specified amount of time. The waiting period varies from carrier to carrier. The waiting period is the time immediately after the insured is determined to have the disability in their claim. No benefits are paid during the waiting period so it is always best to have some kind of emergency "cushion" in your bank account to cover yourself while you are unable to earn an income.

An important factor to consider when you buy term life with a disability rider is that you may not purchase a face value amount more than the average income you have earned over the last two year period before your disability is determined. With this coverage, you will not be paid more than you were originally earning prior to your disability. You are not allowed to make more being disabled than you were earning in a completely healthy state.

Additionally, the disability with term life rider will only kick in after all of the other benefits for which you are eligible take affect. For example, you will first be paid by worker's compensation, social security, lost wage policies and/or any other salary continuation plan of which you are eligible through your job. The disability rider will then compensate you for the remaining balance of what those other agencies do not pay equaling what your current average salary was over the last two years. You will have to check with your carrier as to how long your benefits will be in affect after you are determined disabled. Some carriers give you a two year limit of benefits and you may need to look into other options if you think you may need longer coverage.

Peace of Mind

Only you can determine if adding a disability rider to your term life insurance policy is worth the extra expense. If you rely on your body and your occupation is physically demanding, it may give you peace of mind knowing you have extra coverage in the event you should become disabled and unable to continue your employment.


About the Author
Sharon Taylor writes informative articles for eQUOTE Life Insurance, a premier Internet resource for term life insurance with disability rider.

Friday, April 20, 2007

Cheap Term Life Insurance Quotes - Where to Get Them

Cheap Term Life Insurance Quotes - Where to Get Them
by Brian Stevens


Cheap term life insurance quotes are easy to find. In fact, term life insurance is the cheapest kind of life insurance you can buy. Even so, you want to make sure you get the best deal on your term life insurance, which means taking a little time to decide how much insurance you need, getting several quotes to compare, then investigating the insurance companies.

Decide How Much Insurance You Need

You may have term life insurance through your employer, with coverage equal to one or two times your annual salary. This is usually not enough life insurance to protect your family. Instead, you may need five to ten times your annual salary, depending on how many children and how much debt you have.

Even parents who don't have jobs need term life insurance. If your primary job is to take care of your children, your spouse will likely have to pay someone else to take care of them if you die.

You'll also want to decide what term you want. You can buy term life insurance for periods of one to thirty years.

Get Several Quotes to Compare

The best way to know that you've found cheap term life insurance is to compare quotes from several companies. The Internet makes this task easy - you can go to insurance web sites, complete one form, and get fast quotes from multiple A+ rated life insurance companies.

On the best insurance websites you can even get quick answers to your insurance questions by chatting online with an insurance professional (see link below).

Investigate Insurance Companies

Once you have your term life insurance quotes, you'll want to check the ratings of the insurance companies. After all, you want a cheap quote, but you also want a company that's stable and will be able to pay your life insurance claim.

To check the ratings of an insurance company, your best source is a credit agency like Standard & Poor's (standardandpoors.com), or a financial rating company like A.M. Best (ambest.com). You can also check with your state's department of insurance website to see how many claims have been filed against a particular company.

Visit http://www.LowerRateQuotes.com/life-insurance.html or click on the following link to get cheap term life insurance quotes from top-rated companies in your area and see how much you can save. You can get insurance tips in their "Articles" section.




About the Author
The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written a number of articles on getting cheap term life insurance quotes.