Life is getting cheaper.
Aging populations, the Internet and a number of other factors in recent years have forced down the cost of term life insurance. Yet many Americans are still holding on to more expensive policies bought years ago or simply haven't insured themselves highly enough.
Experts say the two- to three-times salary that many employers offer staff isn't enough to leave dependents, yet not enough people complement this coverage with other policies.
And yet it is cheaper than ever to do this.
Take Albert Perez, a lawyer living in Fort Worth, Texas: "I thought they would come back with what I was paying. I just did it as a long shot." While the cost of health insurance for him and his wife has climbed to nearly $1,800 per month, the premiums for his term life insurance have dropped. Even though Perez is now 61, six years older than when he purchased his last term life policy, his new rate will be $550 for the same 10-year, $750,000 coverage -- $300 a month less than what he was paying.
"It has been great for our customers," said T. Reilly O'Neal, founder and chief executive of www.QuoteRetriever.com, a Web firm that contracts with more than 125 insurance companies.
For example: In 1990, a healthy, 40-year-old man would have paid $1,405 a year for $500,000 in insurance for a 20-year period. That same policy now costs less than $400. If that person is healthy, he could save money by replacing the older insurance with a new, 10-year term policy for $525 per year or a new, 20-year term policy for about $1,000 per year. The savings typically are even higher for policies for $1 million or $2 million in coverage.
The decline can be attributed to a number of factors, including longer life expectancies and improved technology. Insurance companies have gotten more efficient at collecting information and assessing potential candidates.
The Internet also has made the business more competitive. With information so easily available, if a company is not competitive, it doesn't sell. Yet many consumers either don't have life insurance or don't have enough. About 24 million U.S. households (more than onefifth) have no life insurance. Among those with coverage, 40 percent think they don't have enough.
Consumers cite a number of reasons for not making the purchase, including procrastination, confusion and concerns about cost.
About 20 percent say it is unpleasant to think about dying.
People often mistakenly think the insurance they get at the office is enough. Employers that offer life insurance as a benefit typically provide coverage that would replace one- or one-and-a half-times annual salary.
That is far too little, according to those in the insurance industry. While the amount and length of coverage varies from individual to individual, consumers should consider purchasing enough to replace between five and 20 times the amount of salary, especially if the household has a lot of debt and young children.
Families often overlook the economic value of the stay-at-home parent when considering how much coverage they need. That person may not earn a salary, but a death could be financially and emotionally devastating.
The most common and affordable life insurance is a term policy. As its name implies, it is temporary. Most companies offer coverage for 10, 20 or 30 years. The only way to collect is if the holder dies during the term. In contrast, whole-life insurance is a permanent product, which has a guaranteed cash value, but is more expensive and frequently used for estate planning.
One relatively new product is the return of premium term insurance, or ROP. It generally has lower costs than whole life and guarantees the refund of the premiums at the end of the term, assuming the policy owner hasn't died. Peggy and Sam Lau, who live northeast of San Jose, Calif., are typical of many first-time insurance buyers. They have two young children and have been intending to get coverage for a few years.
"He got busy at work, and we never got around to it," said Peggy, 33, a stay-at-home mom. But when Sam's 71-year-old father died suddenly, it was a wake-up call. Fortunately, he recently had renewed his life-insurance policy before he passed away.
The Laus did their initial shopping on the Internet. They eventually used QuoteRetriever.com to get a $750,000 policy for Sam and a $500,000 policy for Peggy for less than $55 per month.
"I think as soon as I sent it off, I was relieved," she said.
Monday, July 24, 2006
Thursday, July 20, 2006
Save money on your homeowners insurance
Buying a home is a valuable investment. Along with providing a place for you and your family to build lasting memories, a home is a great way to plan for retirement. While many potential homeowners are understandably concerned with getting the best interest rate and lowest mortgage payment possible, other costs can be trimmed as well.
Perhaps the biggest area where most homeowners would prefer to trim some fat off their monthly bills is with their homeowner's insurance. While such a thought might seem like false hope, according to the Insurance Information Institute, there are a variety of ways homeowners can lessen the blow of their monthly insurance bill.
1) Raise your deductible. Raising your deductible is perhaps the quickest way to lessen your monthly insurance expense. Deductibles are the amount you have to pay toward a loss before your insurance company begins to pay. A $500 deductible means you would have to pay $500 toward damages to your home, and your insurance company would then pay the rest, if those damages were covered under your policy. A homeowner who chooses to raise his deductible from $500 to $1,000, however, might save up to 25 percent on his monthly insurance costs.
2) Make your home more disaster-resistant. Regardless of where you live, your home is susceptible to some type of disaster. Perhaps your region is prone to earthquakes, tornadoes or even hailstorms or hurricanes. These days it seems nowhere is safe from natural disasters. Therefore, making your home more disaster resistant is another possible way of cutting your homeowners insurance costs. Adding storm shutters and roof reinforcements might enable you to save you some money. Doing some inside remodeling with newer appliances can also reduce the risk of fire or water damage to your home, which should lead to lower monthly insurance costs.
3) Install or upgrade a home-security system. While the initial costs of installing
or upgrading a home-security system might seem costly, some insurance companies make it more than worth your while, slashing your premiums by as much as 20 percent if certain systems are installed. Typically, an insurance company will you give you the biggest discount if you install a fire or burglar alarm system that immediately notifies local police, fire officials or even a company with a monitoring system. The best way to determine if such systems are worth the investment is to speak with your insurance provider first and ask about which systems garner the biggest discounts.
4) Keep a good credit rating. This is sound advice even for people who aren't homeowners but would like to be someday. Though it hasn 't come without controversy, many insurance companies are now looking at credit ratings when determining prices for homeowners' insurance policies. Having and maintaining a strong credit history is entirely under your control and can save you money in the long run.
5) Stay with the same company. Insurance companies typically reward their longtime customers with strong payment histories by offering them lower rates. More often than not, this works on a tier system, where customers who have been with a provider for X amount of years will get a certain percentage discount. That percentage typically rises with each period spent with the company. However, keep an eye on rates from other companies just to make sure you're getting the best rate possible.
Visit QuoteRetriever.com to review instant homeowners insurance comparison quotes online.
Perhaps the biggest area where most homeowners would prefer to trim some fat off their monthly bills is with their homeowner's insurance. While such a thought might seem like false hope, according to the Insurance Information Institute, there are a variety of ways homeowners can lessen the blow of their monthly insurance bill.
1) Raise your deductible. Raising your deductible is perhaps the quickest way to lessen your monthly insurance expense. Deductibles are the amount you have to pay toward a loss before your insurance company begins to pay. A $500 deductible means you would have to pay $500 toward damages to your home, and your insurance company would then pay the rest, if those damages were covered under your policy. A homeowner who chooses to raise his deductible from $500 to $1,000, however, might save up to 25 percent on his monthly insurance costs.
2) Make your home more disaster-resistant. Regardless of where you live, your home is susceptible to some type of disaster. Perhaps your region is prone to earthquakes, tornadoes or even hailstorms or hurricanes. These days it seems nowhere is safe from natural disasters. Therefore, making your home more disaster resistant is another possible way of cutting your homeowners insurance costs. Adding storm shutters and roof reinforcements might enable you to save you some money. Doing some inside remodeling with newer appliances can also reduce the risk of fire or water damage to your home, which should lead to lower monthly insurance costs.
3) Install or upgrade a home-security system. While the initial costs of installing
or upgrading a home-security system might seem costly, some insurance companies make it more than worth your while, slashing your premiums by as much as 20 percent if certain systems are installed. Typically, an insurance company will you give you the biggest discount if you install a fire or burglar alarm system that immediately notifies local police, fire officials or even a company with a monitoring system. The best way to determine if such systems are worth the investment is to speak with your insurance provider first and ask about which systems garner the biggest discounts.
4) Keep a good credit rating. This is sound advice even for people who aren't homeowners but would like to be someday. Though it hasn 't come without controversy, many insurance companies are now looking at credit ratings when determining prices for homeowners' insurance policies. Having and maintaining a strong credit history is entirely under your control and can save you money in the long run.
5) Stay with the same company. Insurance companies typically reward their longtime customers with strong payment histories by offering them lower rates. More often than not, this works on a tier system, where customers who have been with a provider for X amount of years will get a certain percentage discount. That percentage typically rises with each period spent with the company. However, keep an eye on rates from other companies just to make sure you're getting the best rate possible.
Visit QuoteRetriever.com to review instant homeowners insurance comparison quotes online.
Tuesday, July 18, 2006
When should you buy long-term care health insurance?
Long-term care insurance is designed to pay for extended stays in nursing homes and other lengthy health-care needs.
Long-term care health insurance should be part of your overall retirement planning and purchased in your late 40s or early 50s to protect your assets so that you can enjoy your "golden years." The American Council of Life Insurers estimates that one out of two women and one out of three men who live past age 65 will need nursing home care. Even more of the aging population will need home health care. An increasing number of people ages 18 to 64 are using long-term care services.
Would you be able to pay $50,000 to $60,000 out-of-pocket today for a year of nursing home care? How would this devastating cost impact your retirement savings? Medicare will provide only limited financial assistance with long-term health-care needs. If you needed home health care immediately, would you be able to pay $15 to $20 per hour to stay in your own home? If you wait to age 70 to purchase long-term care health insurance, you will pay more in premiums over your life expectancy for the same benefits than you would if you purchased it at age 50, even though you would pay the premiums over a longer period.
Why wait until you are older and ill to purchase long-term care health insurance at a time when you may not qualify for coverage and may not have the assets to pay the premiums?
Long-term care insurance premiums are based on your age. The earlier you buy the policy, the lower your premiums will be. Even though you may pay for a longer time, you can benefit from:
• Potentially lower total costs.
• Benefit amounts that increase over time.
• Decreased risk of being disqualified due to a change in health.
Genworth Financial's 2006 Cost of Care Survey reports that the average cost of a private room in a nursing home is $70,912, while a private room in an assisted-living facility carries an average annual cost of $32,294.
When you see these costs, consider how they would fit into your budget if you were to need care. The prudent move is to compare your sources of income and assets to your anticipated financial needs in retirement, then consider whether investing in long-term care insurance is appropriate for you.
If your resources are not sufficient to cover yearly costs of $32,000 to $71,000 on top of expected medical and prescription drug costs, then consider buying long-term care insurance. You will need income today to cover the premiums, but it may mean you can live comfortably in your golden years.
General guidelines: Stick with a top-rated company. Having limited coverage is better than none. Don't underestimate the likelihood of using this coverage. Today's plans pay for all levels of care and personal services like laundry, cooking, cleaning and transportation, where private health, Medicare and supplements do not. Some plans even provide you personal cash payments to use as you see fit.
Because long-term care policies contain a number of variables, such as length of coverage and limits on dollar amounts they will pay, buyers should compare policies carefully. Visit QuoteRetriever.com to receive a free no obligation comparison quotes from the top rated carriers in the country.
Long-term care health insurance should be part of your overall retirement planning and purchased in your late 40s or early 50s to protect your assets so that you can enjoy your "golden years." The American Council of Life Insurers estimates that one out of two women and one out of three men who live past age 65 will need nursing home care. Even more of the aging population will need home health care. An increasing number of people ages 18 to 64 are using long-term care services.
Would you be able to pay $50,000 to $60,000 out-of-pocket today for a year of nursing home care? How would this devastating cost impact your retirement savings? Medicare will provide only limited financial assistance with long-term health-care needs. If you needed home health care immediately, would you be able to pay $15 to $20 per hour to stay in your own home? If you wait to age 70 to purchase long-term care health insurance, you will pay more in premiums over your life expectancy for the same benefits than you would if you purchased it at age 50, even though you would pay the premiums over a longer period.
Why wait until you are older and ill to purchase long-term care health insurance at a time when you may not qualify for coverage and may not have the assets to pay the premiums?
Long-term care insurance premiums are based on your age. The earlier you buy the policy, the lower your premiums will be. Even though you may pay for a longer time, you can benefit from:
• Potentially lower total costs.
• Benefit amounts that increase over time.
• Decreased risk of being disqualified due to a change in health.
Genworth Financial's 2006 Cost of Care Survey reports that the average cost of a private room in a nursing home is $70,912, while a private room in an assisted-living facility carries an average annual cost of $32,294.
When you see these costs, consider how they would fit into your budget if you were to need care. The prudent move is to compare your sources of income and assets to your anticipated financial needs in retirement, then consider whether investing in long-term care insurance is appropriate for you.
If your resources are not sufficient to cover yearly costs of $32,000 to $71,000 on top of expected medical and prescription drug costs, then consider buying long-term care insurance. You will need income today to cover the premiums, but it may mean you can live comfortably in your golden years.
General guidelines: Stick with a top-rated company. Having limited coverage is better than none. Don't underestimate the likelihood of using this coverage. Today's plans pay for all levels of care and personal services like laundry, cooking, cleaning and transportation, where private health, Medicare and supplements do not. Some plans even provide you personal cash payments to use as you see fit.
Because long-term care policies contain a number of variables, such as length of coverage and limits on dollar amounts they will pay, buyers should compare policies carefully. Visit QuoteRetriever.com to receive a free no obligation comparison quotes from the top rated carriers in the country.
Thursday, July 13, 2006
Helpful Tips When Shopping For An Annuity
You're ready for retirement, or close to it, and you've got to decide how best to use that 401(k), IRA or pile of savings you've accrued over the years. One option is to buy an annuity; but you're a little sketchy on the details and you've heard stories of seniors being taken in by overly complex versions that weren't suitable for them.
Never fear. The immediate fixed annuity is a relatively simple tool to guarantee yourself regular income after you retire. You pay a lump sum to the insurer and in return you get a monthly check until you die. I say "relatively" simple because you still need to calculate an annuity's internal rate of return since each payment returns some of your principal to you.
That means a $300,000 lump sum that brings you a monthly check for $2,000 isn't paying 8 percent a year, which would be a good investment indeed. No, the rate it pays depends on how long you live. If you only live another 12.5 years, you've effectively earned a zero rate of return. Live 18 years from age 65 (the average life expectancy) and you're earning 4.16 percent.
Even so, peace of mind is one of the benefits.
The main attraction here is that you're looking to produce a monthly cash flow you cannot outlive. The potential drawback is you drop dead the very next day. Because of that, you shouldn't invest all your retirement funds in a fixed annuity. Instead, he recommends committing 25 percent to 30 percent to an annuity if you need the reliable income when you are 65 to 70 years old.
Expect your age, prevailing interest rates and how much money you can commit to affect the payments. If you're committing a huge amount of cash you might hire a CPA to calculate the returns, but you can also simply shop around.
QuoteRetriever.com recommends using their online comparison shopping tool to find the best annuity for your situation. They offer rates and information from over 65 leading annuity carriers, online.
Never fear. The immediate fixed annuity is a relatively simple tool to guarantee yourself regular income after you retire. You pay a lump sum to the insurer and in return you get a monthly check until you die. I say "relatively" simple because you still need to calculate an annuity's internal rate of return since each payment returns some of your principal to you.
That means a $300,000 lump sum that brings you a monthly check for $2,000 isn't paying 8 percent a year, which would be a good investment indeed. No, the rate it pays depends on how long you live. If you only live another 12.5 years, you've effectively earned a zero rate of return. Live 18 years from age 65 (the average life expectancy) and you're earning 4.16 percent.
Even so, peace of mind is one of the benefits.
The main attraction here is that you're looking to produce a monthly cash flow you cannot outlive. The potential drawback is you drop dead the very next day. Because of that, you shouldn't invest all your retirement funds in a fixed annuity. Instead, he recommends committing 25 percent to 30 percent to an annuity if you need the reliable income when you are 65 to 70 years old.
Expect your age, prevailing interest rates and how much money you can commit to affect the payments. If you're committing a huge amount of cash you might hire a CPA to calculate the returns, but you can also simply shop around.
QuoteRetriever.com recommends using their online comparison shopping tool to find the best annuity for your situation. They offer rates and information from over 65 leading annuity carriers, online.
Wednesday, July 12, 2006
New Graduates Should Consider Short-Term Medical Coverage
College graduates need more than a job and housing, they may also need short-term medical insurance. This is especially important for those grads who are no longer covered by their parents' insurance, but their employee benefits don't start immediately.
With college graduation season quickly approaching, the class of 2006 is busy finding jobs and places to live. But other needs may not be as apparent – like finding short-term medical insurance. Products like Assurant Health's Short Term Medical Plan is specifically designed to protect students and others who are waiting for coverage to be activated with their new employer.
This is particularly important because health insurance – either through parents or school – often ends at graduation. Without coverage for the gap between school and getting a job, new grads will be required to pay 100% of any expenses incurred for medical care, which could total thousands of dollars, depending on the accident or illness.
The challenge is getting graduates to realize the importance of short-term medical insurance. There have seen too many examples of why this type of coverage is needed. Some graduates incur thousands of dollars in bills because of a fall on a rainy night. It’s nearly impossible to avoid this kind of accident, and new grads often don’t have the financial resources to cover the resulting bills.
QuoteRetriever.com makes obtaining short-term medical coverage easy. The application process can be completed online, with coverage starting as soon as the next day. Multiple coverage periods are available – starting at just 30 days – to make finding the appropriate length of coverage even easier.
Policy details vary by state. Visit www.QuoteRetriever.com to see complete information and rates based on age, gender and geographic location.
With college graduation season quickly approaching, the class of 2006 is busy finding jobs and places to live. But other needs may not be as apparent – like finding short-term medical insurance. Products like Assurant Health's Short Term Medical Plan is specifically designed to protect students and others who are waiting for coverage to be activated with their new employer.
This is particularly important because health insurance – either through parents or school – often ends at graduation. Without coverage for the gap between school and getting a job, new grads will be required to pay 100% of any expenses incurred for medical care, which could total thousands of dollars, depending on the accident or illness.
The challenge is getting graduates to realize the importance of short-term medical insurance. There have seen too many examples of why this type of coverage is needed. Some graduates incur thousands of dollars in bills because of a fall on a rainy night. It’s nearly impossible to avoid this kind of accident, and new grads often don’t have the financial resources to cover the resulting bills.
QuoteRetriever.com makes obtaining short-term medical coverage easy. The application process can be completed online, with coverage starting as soon as the next day. Multiple coverage periods are available – starting at just 30 days – to make finding the appropriate length of coverage even easier.
Policy details vary by state. Visit www.QuoteRetriever.com to see complete information and rates based on age, gender and geographic location.
Tuesday, July 11, 2006
Insure Your Lifestyle at a Cost That Makes Sense
Insurance is a very good thing but how do you determine when it's too much of a good thing - that is, when the cost of your insurance premiums or the types of coverage you have are out of line with your income, lifestyle, age or real needs?
That's a good question because there are literally thousands of insurance plans on the market. Here are a few insurance facts to ensure you have the right information to make the right - and most economical - decisions for your situation.
Life Insurance
There are lots of life insurance products, but there are actually just two types of life insurance: term and permanent.
Term insurance pays a specified amount should you die while the policy is in force, but premiums increase with each policy renewal (at the end of the term) and can become substantial in later years.
Permanent insurance provides lifetime coverage, usually at a level premium, and comes in two main varieties:
Whole life insurance is the "traditional" type of policy and usually the most expensive. It provides a guaranteed amount of insurance coverage for life and a guaranteed cash value.
Universal life has become the one of the most popular forms of permanent insurance in this country in recent years. It provides a combination of life insurance and tax-advantaged investment options in one policy.
Living Benefits Insurance
This category of insurance provides benefits while you are alive instead of to a beneficiary after your death and includes:
Disability insurance pays out a monthly income if you ever find yourself unable to work (as defined by the policy) due to an illness or injury.
Critical illness insurance usually pays a lump sum of money to use as you wish after the diagnosis of a specified life-altering illness such as cancer or heart attack.
Long-term care insurance pays out benefits that you may usually use at your discretion, often to cover the costs of health-care expenses.
Insure for the times of your life. Your short- and long-term insurance needs and amounts of coverage will change over time, especially during each of life's three main stages:
Under 40 - your insurance should be simple, providing a source of cash that can pay the mortgage or other debts and replace a portion of your income should you become unable to do so. Term life insurance can be an economical option at this stage, leaving premium dollars available to help purchase adequate disability insurance.
40 to 60 - as you mature and your life becomes more complex, you may consider converting some term insurance to permanent life insurance, perhaps with increasing protection for both you and your spouse. You should also ensure your disability protection is keeping pace with any wage increases you've received. Critical illness insurance becomes an important consideration at this stage, too.
Over 60 - you may want life insurance to pay estate liabilities like taxes, or as a source of tax-deferred retirement savings. In this case, permanent insurance should be your best choice. Consider long-term care insurance to protect yourself and your loved ones from the financial burden of a lengthy illness.
One of QuoteRetriever.com's professional insurance advisors can tailor an insurance program to provide economical coverage during every stage of your life.
That's a good question because there are literally thousands of insurance plans on the market. Here are a few insurance facts to ensure you have the right information to make the right - and most economical - decisions for your situation.
Life Insurance
There are lots of life insurance products, but there are actually just two types of life insurance: term and permanent.
Term insurance pays a specified amount should you die while the policy is in force, but premiums increase with each policy renewal (at the end of the term) and can become substantial in later years.
Permanent insurance provides lifetime coverage, usually at a level premium, and comes in two main varieties:
Whole life insurance is the "traditional" type of policy and usually the most expensive. It provides a guaranteed amount of insurance coverage for life and a guaranteed cash value.
Universal life has become the one of the most popular forms of permanent insurance in this country in recent years. It provides a combination of life insurance and tax-advantaged investment options in one policy.
Living Benefits Insurance
This category of insurance provides benefits while you are alive instead of to a beneficiary after your death and includes:
Disability insurance pays out a monthly income if you ever find yourself unable to work (as defined by the policy) due to an illness or injury.
Critical illness insurance usually pays a lump sum of money to use as you wish after the diagnosis of a specified life-altering illness such as cancer or heart attack.
Long-term care insurance pays out benefits that you may usually use at your discretion, often to cover the costs of health-care expenses.
Insure for the times of your life. Your short- and long-term insurance needs and amounts of coverage will change over time, especially during each of life's three main stages:
Under 40 - your insurance should be simple, providing a source of cash that can pay the mortgage or other debts and replace a portion of your income should you become unable to do so. Term life insurance can be an economical option at this stage, leaving premium dollars available to help purchase adequate disability insurance.
40 to 60 - as you mature and your life becomes more complex, you may consider converting some term insurance to permanent life insurance, perhaps with increasing protection for both you and your spouse. You should also ensure your disability protection is keeping pace with any wage increases you've received. Critical illness insurance becomes an important consideration at this stage, too.
Over 60 - you may want life insurance to pay estate liabilities like taxes, or as a source of tax-deferred retirement savings. In this case, permanent insurance should be your best choice. Consider long-term care insurance to protect yourself and your loved ones from the financial burden of a lengthy illness.
One of QuoteRetriever.com's professional insurance advisors can tailor an insurance program to provide economical coverage during every stage of your life.
Monday, July 10, 2006
Disability insurance can protect finances
Individuals buy homeowner’s insurance in case the roof caves in, and collision insurance in case the car gets banged up.
But the money machine that pays for these things often goes uninsured, or under-insured.
That money machine is your ability to earn income, and if you are injured, become ill or disabled and are unable to work, the money machine will stop producing cash.
How, and for how much, you insure yourself depends on your earning power, your dependents and other insurance coverage you may have through your employer. But most people don’t understand the details of their group insurance plan. They may not realize until it’s too late that the plan falls short of their specific needs. A group policy is tailored to the average person, and it may not be adequate to meet your particular need.
The most important part of your group disability plan is sometimes difficult to find in all of the paperwork. It’s the definition of disability.
You are only covered if you are disabled as defined in the policy. Because different plans define disability in different ways, it is important to have an understanding of what qualifies as a disability under your plan.
Two common definitions in policies are "any occupation" meaning if you can do any work you are judged not to be disabled, and "regular occupation" whereby you are judged to be disabled if you cannot do your regular work. Many plans are a combination of the two.
If an accountant were to lose their short-term memory, they could no longer work as an accountant, but they might be able to get a job at McDonald’s. If they didn’t have the right kind of plan, their disability coverage might not kick in because they are still able to "work".
Also, if you change jobs, you won’t take that group coverage with you. If you are counting on a disability plan to replace your income, you may need to get a supplemental policy. The cost will vary depending on age, risk level of your job and the amount of coverage. Premiums for an oil rig worker will be more than for someone who works in an office.
While disability insurance is designed to replace regular income, if someone becomes seriously ill, there can be other financial demands that exceed day-to-day expenses.
These could include drugs or treatments that aren’t covered by provincial medical plans, treatment outside of the United States or home modifications to accommodate a disability.
Many people now are looking at critical illness insurance to protect themselves against the financial impact of a diagnosis of a critical illness. Young workers, especially, may find that in the event of a critical illness they do not have adequate resources they can liquidate in order to deal with the situation. Critical illness coverage provides funds — usually a lump-sum payment — if you are diagnosed and survive a specified illness. The money can be used for any purpose.
Nobody wants to accept a radically reduced quality of life in the event they become disabled. Insuring your income stream is one way to prevent that from happening.
It can happen when you least expect it. With life insurance, you’re buying it to protect somebody else. But with disability insurance, you will still be around to live with the consequences.
Visit QuoteRetriever.com to receive comparison quotes for all types of insurance discussed in this article.
But the money machine that pays for these things often goes uninsured, or under-insured.
That money machine is your ability to earn income, and if you are injured, become ill or disabled and are unable to work, the money machine will stop producing cash.
How, and for how much, you insure yourself depends on your earning power, your dependents and other insurance coverage you may have through your employer. But most people don’t understand the details of their group insurance plan. They may not realize until it’s too late that the plan falls short of their specific needs. A group policy is tailored to the average person, and it may not be adequate to meet your particular need.
The most important part of your group disability plan is sometimes difficult to find in all of the paperwork. It’s the definition of disability.
You are only covered if you are disabled as defined in the policy. Because different plans define disability in different ways, it is important to have an understanding of what qualifies as a disability under your plan.
Two common definitions in policies are "any occupation" meaning if you can do any work you are judged not to be disabled, and "regular occupation" whereby you are judged to be disabled if you cannot do your regular work. Many plans are a combination of the two.
If an accountant were to lose their short-term memory, they could no longer work as an accountant, but they might be able to get a job at McDonald’s. If they didn’t have the right kind of plan, their disability coverage might not kick in because they are still able to "work".
Also, if you change jobs, you won’t take that group coverage with you. If you are counting on a disability plan to replace your income, you may need to get a supplemental policy. The cost will vary depending on age, risk level of your job and the amount of coverage. Premiums for an oil rig worker will be more than for someone who works in an office.
While disability insurance is designed to replace regular income, if someone becomes seriously ill, there can be other financial demands that exceed day-to-day expenses.
These could include drugs or treatments that aren’t covered by provincial medical plans, treatment outside of the United States or home modifications to accommodate a disability.
Many people now are looking at critical illness insurance to protect themselves against the financial impact of a diagnosis of a critical illness. Young workers, especially, may find that in the event of a critical illness they do not have adequate resources they can liquidate in order to deal with the situation. Critical illness coverage provides funds — usually a lump-sum payment — if you are diagnosed and survive a specified illness. The money can be used for any purpose.
Nobody wants to accept a radically reduced quality of life in the event they become disabled. Insuring your income stream is one way to prevent that from happening.
It can happen when you least expect it. With life insurance, you’re buying it to protect somebody else. But with disability insurance, you will still be around to live with the consequences.
Visit QuoteRetriever.com to receive comparison quotes for all types of insurance discussed in this article.
Friday, July 07, 2006
Money Matters - Whole Life Insurance
By Joseph Mattera
Two hundred thirty years ago, on Tuesday, we claimed our independence from Great Britain. More than 100 years ago, whole life insurance was invented, and it claimed its independence from term life insurance.
Whole life insurance is life insurance you retain for your whole life, unlike term, which covers you only for a predetermined period of time. Term life insurance has no cash value. Whole life insurance builds cash value.
Life insurance is considered the foundation of a strong financial plan. The more stable or guaranteed the insurance policy is, the more secure the plan becomes, especially in an estate settling situation.
Whole life insurance was designed with guarantees built into it backed by the full faith of the insuring company. Many people appreciate the simplicity that this type of insurance provides. Some of the components of whole life insurance are as follows:
-Whole life provides a secure framework for long-term planning.
-The death benefit is guaranteed never to go down, as long as the premium payments are met.
-Usually, the cash value will continue to grow until the policy matures.
-Some life insurance companies pay dividends (return of excess premium), although not guaranteed, that contribute to the cash buildup inside the policy.
If set up properly, the cash buildup in a whole life policy grows on a tax-deferred basis, and the death benefit is paid to the beneficiaries' tax-free a majority of the time. Money inside the policy is easily accessible through loans or withdrawals from the cash value. You need to sign a form and provide the company basic personal information.
A unique feature of certain whole life policies is a rider that can be attached to a policy. This rider allows for additional deposits into the policy, a sort of side fund where the money grows similar to a savings account, the difference being the cash grows tax-deferred.
Two other common riders that can be attached to a whole life insurance policy are as follows:
-A waiver of premium that pays the premium if the insured becomes disabled.
-An accidental death benefit rider that pays multiples of the death benefit if the insured dies because of an accident rather than natural cause.
Whole life insurance provides guarantees in a financial world where not many guarantees exist anymore. It could be the life insurance of choice, if you want a solid foundation to your financial plan.
If you decide that whole life is right for you, start by looking for a company that has a good rating by AM Best. This is usually a good indication of how stable the company is and also details its solvency (financial strength).
Because we live in America and have freedom, the choice of how to protect your loved ones is entirely yours. Take the time to investigate how whole life insurance can provide a solid base for your financial future and keep you protected for the rest of your life.
You can comparison shop whole life insurance policies by visting QuoteRetriever.com
Two hundred thirty years ago, on Tuesday, we claimed our independence from Great Britain. More than 100 years ago, whole life insurance was invented, and it claimed its independence from term life insurance.
Whole life insurance is life insurance you retain for your whole life, unlike term, which covers you only for a predetermined period of time. Term life insurance has no cash value. Whole life insurance builds cash value.
Life insurance is considered the foundation of a strong financial plan. The more stable or guaranteed the insurance policy is, the more secure the plan becomes, especially in an estate settling situation.
Whole life insurance was designed with guarantees built into it backed by the full faith of the insuring company. Many people appreciate the simplicity that this type of insurance provides. Some of the components of whole life insurance are as follows:
-Whole life provides a secure framework for long-term planning.
-The death benefit is guaranteed never to go down, as long as the premium payments are met.
-Usually, the cash value will continue to grow until the policy matures.
-Some life insurance companies pay dividends (return of excess premium), although not guaranteed, that contribute to the cash buildup inside the policy.
If set up properly, the cash buildup in a whole life policy grows on a tax-deferred basis, and the death benefit is paid to the beneficiaries' tax-free a majority of the time. Money inside the policy is easily accessible through loans or withdrawals from the cash value. You need to sign a form and provide the company basic personal information.
A unique feature of certain whole life policies is a rider that can be attached to a policy. This rider allows for additional deposits into the policy, a sort of side fund where the money grows similar to a savings account, the difference being the cash grows tax-deferred.
Two other common riders that can be attached to a whole life insurance policy are as follows:
-A waiver of premium that pays the premium if the insured becomes disabled.
-An accidental death benefit rider that pays multiples of the death benefit if the insured dies because of an accident rather than natural cause.
Whole life insurance provides guarantees in a financial world where not many guarantees exist anymore. It could be the life insurance of choice, if you want a solid foundation to your financial plan.
If you decide that whole life is right for you, start by looking for a company that has a good rating by AM Best. This is usually a good indication of how stable the company is and also details its solvency (financial strength).
Because we live in America and have freedom, the choice of how to protect your loved ones is entirely yours. Take the time to investigate how whole life insurance can provide a solid base for your financial future and keep you protected for the rest of your life.
You can comparison shop whole life insurance policies by visting QuoteRetriever.com
Thursday, July 06, 2006
QuoteRetriever.com Introduces The Next Generation in Online Insurance Shopping
The First Insurance Website to Offer Online Quotes for All Major Categories of Insurance
QuoteRetriever.com, a leader in online insurance, today announced the launch of their new insurance website which will completely change the way internet visitors shop for insurance.
“QuoteRetriever.com’s focus is to provide the opportunity for internet insurance shoppers to review quotes instantly online for all of their insurance needs including home, vehicle, life, health, annuity, business, travel,long-term care and even pet insurance at one easy to navigate website. This resource allows visitors to receive quotes and request an application at their own pace, rather than being bothered by salespeople at an inconvenient time. We will only contact a potential client if they request we do so by giving us a day and time that is best for them.” says CEO and founder T. Reilly O’Neal.
QuoteRetriever.com offers over fifty different types of insurance products, in forty-eight states, from over one hundred and twenty five insurance carriers and partners. Of these insurance products, forty types of policies such as travel, motorcycle, and accidental death generate instant quotes online. Additionally, the site offers instant comparison quotes for over twenty-five different types of policies such as annuities, health, auto, and life insurance. Even more convenient to visitors, twenty different types of policies such as instant term and homeowners insurance policies can be applied for instantly online.
A feature that is sure to be popular, the annuity section of the website, makes comparison shopping for an annuity easier than ever. A visitor can choose from CD-type, fixed, step rate, tax sheltered, single premium immediate, multi-strategy, and equity indexed annuities. The website offers comparison shopping instantly online from over sixty-five different annuity carriers, making it easy to find the annuity with the best rate. In addition, the visitor can view carrier ratings and specific annuity product information which allows the internet shopper to make sure they purchase the best annuity available for their needs.
For shoppers looking for a life insurance policy, QuoteRetriever.com offers instant term policies underwritten by RBC Insurance. In as little as ten minutes a visitor can purchase up to $150,000 in level premium 10, 15, or 20 year term life insurance without the need for a medical exam. An individual looking to protect or provide for their loved ones can actually purchase life insurance without any assistance from an agent and print out their policy before they leave their computer. For those that desire more than $150,000 in life insurance coverage, the website offers instant online comparison quotes for level premium term, return of premium term, and universal life insurance policies from over fifty highly rated carriers.
Auto, homeowners, watercraft, health, and travel policies are also some of the types of products that can be instantly comparison quoted and purchased online, adding even more value to an already resourceful and convenient website. However, there are some types of policies offered that are too complex to be quoted online. In these situations a quote form is completed by the visitor which is electronically sent to one of QuoteRetriever.com’s licensed agents. The agent will then manually comparison shop among multiple insurance carriers, using their knowledge of the plans and carriers available, to find the best value. After finding the best rate, the quotes are sent to the client via email and a follow up call is made by the agent on the day and time requested by the client, again, avoiding the chance that the client could be inconvenienced by the call.
For products such as disability insurance, agents will comparison shop the top ten disability insurance carriers in the marketplace, a valuable opportunity for those in need of disability coverage. This allows the client to avoid the need to call all ten of these carriers individually to get a quote, saving the shopper time and money.
“Another advantage”, says O’Neal, “is that many of the other insurance websites currently in operation actually gather information from visitors to sell to agents in the form of leads, instead of providing the opportunity for internet insurance shoppers to actually view instant insurance quotes online. While in many cases this is a way for the shopper to receive multiple quotes, it is not what the visitor had anticipated. This has led to frustration on the part of the shopper, as they feel that they have been misled into believing they were actually going to see instant quotes when they chose to give up their personal or contact information online. By allowing our visitors to view quotes online before we ask them if we may contact them -we provide a more useful and convenient way to shop for insurance online.”
While there are many insurance websites that offer online insurance quotes for one or maybe even a few types of insurance products, QuoteRetriever.com is the first to offer instant online insurance quotes for all major categories of insurance, without ever leaving their site. In addition to being a valuable resource, the website is designed to be very user friendly. The navigation throughout the site is organized to make it easy for a visitor to move from product to product. In fact, a visitor is always just two clicks away from anything on the website. This means even someone who may not be internet savvy could easily take advantage of this money saving tool. A description of each product type is available by simply holding the cursor over the product tab. Carrier ratings and additional product information are also available on the site. Their knowledgeable agents are able to answer any questions a visitor or client may have should they prefer to speak with someone directly or simply have a question that is not answered on the website.
“We feel like we have developed a website that will make it easier for individuals, families, and businesses to get the insurance that they need while putting the power in their hands to make sure they have found the best value and the best coverage. We are proud to be leading the way and plan to continue to find even more ways to use technology and creativity to be a better and more effective resource to our website’s visitors and to our clients.” says T. Reilly O’Neal.
Products Offered:
Vehicle: Auto, Watercraft, Motorcycle, and Recreational Vehicle.
Home: Homeowners, Renters, Condominium, and Flood.
Health: Individual, Short Term, Student, Dental, International, Critical Illness, Long Term Care, Medicare Supplement, and Group Health.
Life: Level Premium Term, Return of Premium Term, Universal Life, Whole Life, Instant Term Policy, Child Policy, Senior Policy, and Accidental Death.
Disability: Short Term, Long Term, and Group Disability.
Business: General Liability, Umbrella Liability, Worker’s Compensation, Group Health, and Group Disability.
Pet: Dog and Cat Protection Plans.
Travel: Business Package, Flight Accident, Medical Evacuation, Travel Medical, and Multi-Trip Medical.
Annuity: CD-Type, Fixed, Step Rate, Tax Sheltered, Equity Indexed, Multi Strategy, and Single Premium Immediate.
About QuoteRetriever.com
Founded in 2004, QuoteRetriever.com is headquartered in Raleigh, North Carolina and is a nationwide insurance brokerage company working with more than one hundred and twenty five highly rated carriers and partners. QuoteRetriever.com’s website is the first site to offer online insurance quotes for over forty types of insurance, in most cases from multiple carriers, without requiring the visitor to divulge personal or contact information prior to deciding which policy best suits their needs. This method allows the internet shopper to browse quotes for all their insurance needs, at one location, and without the sales pressure.
For more information, please contact:
T. Reilly O’Neal, President of QuoteRetriever.com
919-806-8081
reilly@quoteretriever.com
QuoteRetriever.com, a leader in online insurance, today announced the launch of their new insurance website which will completely change the way internet visitors shop for insurance.
“QuoteRetriever.com’s focus is to provide the opportunity for internet insurance shoppers to review quotes instantly online for all of their insurance needs including home, vehicle, life, health, annuity, business, travel,long-term care and even pet insurance at one easy to navigate website. This resource allows visitors to receive quotes and request an application at their own pace, rather than being bothered by salespeople at an inconvenient time. We will only contact a potential client if they request we do so by giving us a day and time that is best for them.” says CEO and founder T. Reilly O’Neal.
QuoteRetriever.com offers over fifty different types of insurance products, in forty-eight states, from over one hundred and twenty five insurance carriers and partners. Of these insurance products, forty types of policies such as travel, motorcycle, and accidental death generate instant quotes online. Additionally, the site offers instant comparison quotes for over twenty-five different types of policies such as annuities, health, auto, and life insurance. Even more convenient to visitors, twenty different types of policies such as instant term and homeowners insurance policies can be applied for instantly online.
A feature that is sure to be popular, the annuity section of the website, makes comparison shopping for an annuity easier than ever. A visitor can choose from CD-type, fixed, step rate, tax sheltered, single premium immediate, multi-strategy, and equity indexed annuities. The website offers comparison shopping instantly online from over sixty-five different annuity carriers, making it easy to find the annuity with the best rate. In addition, the visitor can view carrier ratings and specific annuity product information which allows the internet shopper to make sure they purchase the best annuity available for their needs.
For shoppers looking for a life insurance policy, QuoteRetriever.com offers instant term policies underwritten by RBC Insurance. In as little as ten minutes a visitor can purchase up to $150,000 in level premium 10, 15, or 20 year term life insurance without the need for a medical exam. An individual looking to protect or provide for their loved ones can actually purchase life insurance without any assistance from an agent and print out their policy before they leave their computer. For those that desire more than $150,000 in life insurance coverage, the website offers instant online comparison quotes for level premium term, return of premium term, and universal life insurance policies from over fifty highly rated carriers.
Auto, homeowners, watercraft, health, and travel policies are also some of the types of products that can be instantly comparison quoted and purchased online, adding even more value to an already resourceful and convenient website. However, there are some types of policies offered that are too complex to be quoted online. In these situations a quote form is completed by the visitor which is electronically sent to one of QuoteRetriever.com’s licensed agents. The agent will then manually comparison shop among multiple insurance carriers, using their knowledge of the plans and carriers available, to find the best value. After finding the best rate, the quotes are sent to the client via email and a follow up call is made by the agent on the day and time requested by the client, again, avoiding the chance that the client could be inconvenienced by the call.
For products such as disability insurance, agents will comparison shop the top ten disability insurance carriers in the marketplace, a valuable opportunity for those in need of disability coverage. This allows the client to avoid the need to call all ten of these carriers individually to get a quote, saving the shopper time and money.
“Another advantage”, says O’Neal, “is that many of the other insurance websites currently in operation actually gather information from visitors to sell to agents in the form of leads, instead of providing the opportunity for internet insurance shoppers to actually view instant insurance quotes online. While in many cases this is a way for the shopper to receive multiple quotes, it is not what the visitor had anticipated. This has led to frustration on the part of the shopper, as they feel that they have been misled into believing they were actually going to see instant quotes when they chose to give up their personal or contact information online. By allowing our visitors to view quotes online before we ask them if we may contact them -we provide a more useful and convenient way to shop for insurance online.”
While there are many insurance websites that offer online insurance quotes for one or maybe even a few types of insurance products, QuoteRetriever.com is the first to offer instant online insurance quotes for all major categories of insurance, without ever leaving their site. In addition to being a valuable resource, the website is designed to be very user friendly. The navigation throughout the site is organized to make it easy for a visitor to move from product to product. In fact, a visitor is always just two clicks away from anything on the website. This means even someone who may not be internet savvy could easily take advantage of this money saving tool. A description of each product type is available by simply holding the cursor over the product tab. Carrier ratings and additional product information are also available on the site. Their knowledgeable agents are able to answer any questions a visitor or client may have should they prefer to speak with someone directly or simply have a question that is not answered on the website.
“We feel like we have developed a website that will make it easier for individuals, families, and businesses to get the insurance that they need while putting the power in their hands to make sure they have found the best value and the best coverage. We are proud to be leading the way and plan to continue to find even more ways to use technology and creativity to be a better and more effective resource to our website’s visitors and to our clients.” says T. Reilly O’Neal.
Products Offered:
Vehicle: Auto, Watercraft, Motorcycle, and Recreational Vehicle.
Home: Homeowners, Renters, Condominium, and Flood.
Health: Individual, Short Term, Student, Dental, International, Critical Illness, Long Term Care, Medicare Supplement, and Group Health.
Life: Level Premium Term, Return of Premium Term, Universal Life, Whole Life, Instant Term Policy, Child Policy, Senior Policy, and Accidental Death.
Disability: Short Term, Long Term, and Group Disability.
Business: General Liability, Umbrella Liability, Worker’s Compensation, Group Health, and Group Disability.
Pet: Dog and Cat Protection Plans.
Travel: Business Package, Flight Accident, Medical Evacuation, Travel Medical, and Multi-Trip Medical.
Annuity: CD-Type, Fixed, Step Rate, Tax Sheltered, Equity Indexed, Multi Strategy, and Single Premium Immediate.
About QuoteRetriever.com
Founded in 2004, QuoteRetriever.com is headquartered in Raleigh, North Carolina and is a nationwide insurance brokerage company working with more than one hundred and twenty five highly rated carriers and partners. QuoteRetriever.com’s website is the first site to offer online insurance quotes for over forty types of insurance, in most cases from multiple carriers, without requiring the visitor to divulge personal or contact information prior to deciding which policy best suits their needs. This method allows the internet shopper to browse quotes for all their insurance needs, at one location, and without the sales pressure.
For more information, please contact:
T. Reilly O’Neal, President of QuoteRetriever.com
919-806-8081
reilly@quoteretriever.com
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