Posts Tagged ‘Life Insurance’

Buying Juvenile Life Insurance For Your Child

July 5th, 2011 Christina Hall No Comments »

In a recent article I wrote about childrens life insurance I covered several ways for you to setup a policy for your child.  Some of those options included adding childrens insurance rider or additional insured rider to your policy.  These options are fairly inexpensive but what if you want to set up a stand alone juvenile life insurance policy for your child?

These policies can still be fairly inexpensive but did you know that not every company charges the same rates.  To prove my point in this article Im going to be comparing two companies and show how different the rates can actually be, and in the end I will show you which company actually has the better rates.

The first company is one of the most well known for selling juvenile life insurance policies, in fact they have a really solid and dedicated program for children.   Here are some rates I quoted.

The quote above is for a 3 year old child.  Take not on the monthly cost.  A $5000 dollar policy runs around $3.23 while a $50,000 policy runs around $30.98.

Now lets compare the cost against a competitor company.

The next company is a less well known company.  In fact I never heard of this company until I did a Google search for them.  Here is what kind of rates I got from this company

Take note of the rates they are charging.

Now that youve had a chance to look over the two quotes take notice how much a $25,000 juvenile life insurance policy cost from company number 1, roughly $15.49.

Now take note of how much a $25,000 policy cost from company number 2, roughly $7.99.

By going with company number one you will pay nearly double the cost over company number 2.  In fact company 1 is charging $7.50 more than company number 2 for the same policy.

So who is company number one you might be wondering?  Gerber Life Insurance.  Thats right you heard me.  Gerber Life is one of the top insurers for juvenile life insurance but most people dont know that they are actually twice as expensive as their competitors.

So who is company number 2? Globe Life I

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Tags: Child, Life Insurance

Fixed Term Life Insurance: A Lesson Learned The Hard Way

May 16th, 2011 Christina Hall No Comments »

Is your term life insurance policy fixed?  You may not even know what that means but after you read this article youre going to want to know for sure.  To illustrate my point Im going to be sharing a story of a client of mine who learned this lesson the hard way.

It all started one evening when I stopped out for an appointment to meet a couple to talk about their life insurance needs.  When I first meet up with them they claimed they had adequate coverage and that they were not interested in changing their policy.

However this is how things usually start with most clients I visit, but after gathering some basic info and looking over their current plan I discovered something irregular about their current policy.  I n

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Tags: Insurance, Life Insurance, Term Life, Term Life Insurance

The REAL Cost Of Life Insurance: A Story From The Trenches

March 19th, 2011 Christina Hall No Comments »

Back several years ago while working in financial services I ran into a couple that was interested in buying life insurance.  They were both in their mid 30s, had a few kids, and a pile of debt.  Because of this they decided that they should have some life insurance just incase the unthinkable happened.

So I drew up a few illustrations for them and found a couple of 30 year term policies with $100,000 in coverage for them that ran less than $20 each a month.  I figured based on their current situation that this was all they would be able to afford.

When the time came for them to make a decision they decide the cost of life insurance was to much for them and that they just couldnt afford it right now.  I explained to them that they didnt want to wait on something like this, but against my better judgement they decided not to do it.

A year later I got the news that she a severe stroke.  I couldnt believe it, if I had only tried a bit harder they could have had the coverage.  Thankfully though she didnt die but the chances of her getting life insurace are slim to none unless she can qualify for high risk life insurance.

The Cost Of Waiting

Every time I hear someone say, I dont need life insurance because its to expensive, I share that story with them and tell them, is it really worth the risk of waiting?

Truth is it isnt worth waiting, in fact the younger you buy a life insurance policy the cheaper it can be.  Below is a 30 year term with a $100,000 worth of coverage for a 20 year old male.

As you can tell the cost for a 20 year old is very cheap, starting out at around $14 a month.  However look what happens when you wait 10 years.

By waiting till age 30 you can still get a policy for around $15 a month providing you in good health and dont smoke. However

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Tags: Insurance, Life Insurance

How Seniors Are Being Taken Advantage Of To Buy Life Insurance

December 18th, 2010 Christina Hall No Comments »

When it comes to life insurance for elderly people it’s a huge market. W

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Tags: Insurance, Life Insurance

The Type Of Life Insurance The Elderly Should Buy

December 14th, 2010 Christina Hall No Comments »

With so many different places offering life insurance for elderly people you might be wondering what type of life insurance policy should you really buy?  In this article I’m going to cover several different types of life insurance policies and show you which is the best to buy at your age.

Permanent Life Insurance

The first type of policy you may encounter is what is known as a permanent life insurance policy.  This is a policy that will last as long as you live and pay the premiums.  This would include whole life, universal life, index universal life, and variable universal life.

However this type of policy would not make a great fit for someone in their older years.  The reason for this because permanent policies usually run a bit pricier.  In fact they usually start out at around $50 a month.  To boot they also contain a cash value account within the policy itself.  A portion of premium payments made to the policy will go to fund the cash value.  The point of the cash value account is to cut down the cost of insurance over time.  For example if you have $80,000 in the cash value of a $100,000 universal life policy you would only be paying for $20,000 worth of life insurance as a result, but if your 60 and older you’re not going to have enough time to build up a cash value account.

Guaranteed Life Insurance

The next option is to consider a guaranteed life insurance policy.  You may have seen this type of policy on TV such as the Colonial Penn commercials, or the AARP.  This type of will give you a guaranteed life insurance policy no matter what, in fact you won’t be turned down.

However this may be a suitable choice if your age an health are to the point were no insurance company will accept you.  However if you’re above age 60 and still in good health it would be better to go with a traditional policy because with guaranteed life insurance you are much more likely to pay far more.  The reason for this is because with most traditional life policies you have to qualify by answering health questions and taking a medical evaluation.  However with guaranteed acceptance life you will more than like be graded at the lowest class possible which will result in paying more in the end.

Term Life Insurance

Finally, the last type of policy an elderly person should look into is term life insurance.  This is a life insurance policy that will protect you for a specific period of time.  The typically type of term policies range from as short as 5 years to as high as 30 years.

This type of policy can make a great fit for seniors because the cost is so much cheaper.  An elderly person who buys a term life policy will pay around half the price of someone who has a permanent policy.  In fact if you take out a lower term policy it can be cheaper yet.  Lower term policies like a 10 year term will be far cheaper than a 30 year policy.

In the end term is the way to go however if your looking for an insurance company that takes on seniors, most will.  In fact most insurance companies will work will people up to the age of 85 to 90 depending on the type of policy they get.

Tags: Buy, Life Insurance

4 Options To Getting Affordable Life Insurance For The Elderly

August 8th, 2010 Christina Hall No Comments »

In a recent article I wrote about how to find cheap life insurance for the elderly.  In this article I want to go a bit further,and I want to show you where you can actually find affordable life insurance for older people.

In this post I am going to show you four different options that you can take to find life insurance.  All of these programs are offer through the AARP so you will need to affiliated with them in order to take advantage of this option but the cost is only $16 a year for  a membership.  These life insurance options are all provided through New York Life so you will have to check to see if this program is available in your state as well.

AARP Level  Benefit Term Life

This is affordable life insurance for elderly people who will need as much a $50,000 of coverage.  The best thing about this policy is that their is no waiting period, no medical exam, and getting accepted into the program is based on your ability to answer 3 simple questions.

However one big down side to this policy is that the insurance rates can increase over time as you get older.  On top of that you must be between the ages of 50 to 74 to get the policy and it will last no longer than age 80.  Finally, not everyone will be accepted, if you have a preexisting condition you may not get this policy.  Below is a list of rate you could expect to pay.

Extra Protection Term Life

This policy is exactly like the last policy but can offer you between $50,500 to $100,000 in coverage.  In order to qualify though you will still have to answer a few medical questions,  and rates can increase over time.

However you again will have to do no medical exam, and to get this coverage you will have to be between the ages of 50 to 74 to apply and coverage will be dropped after age 80.  Below is a list of rates that you could pay.

AARP Permanent Life Insurance

Now of the last two options the big down side each of them was that they only lasted until age 80 no matter what.  With AARP if you want affordable life insurance for the elderly till the day you die you will want one of the last two option.  First, the AARP permanent life insurance policy.

With this policy you will be able to get as much as $50,000 of coverage and you can apply between the ages of 45 to 80 years of age.  You will again have to answer a few medical questions and will not have to take a medical exam.

Most people who apply for this plan will be accepted and rates will not increase unlike the first two options.  To learn more about the rates check the chart out below.

AARP Guaranteed Acceptance Life

Finally, what if you need a life insurance policy to last till you die that will cover all of your final expenses but you have a preexisting condition that prevents you from getting coverage as in the last three options then you will like this option.

The answer is the AARP Guaranteed Acceptance Life Insurance Policy.  This a policy that offers up to $15,000 of term life insurance and will last as long as you live.

It’s also very affordable life insurance of old people who want don’t want to burden others with funeral expenses.  With this policy you will have no required medical exams or questioning.  Everyone is guaranteed to br insured.  On top of that rates will never change once insured and you can enroll between the ages of 50 to 80.

However their is one down side to this policy I should mention.  If you happen to die within the first two years of owning this policy from natural causes you will only be paid a portion of your coverage.  This is due the fact that nobody can be turned down and they don’t want people to buy coverage while lying on their death bed and still get the full benefit.

On the other hand if you happen to die from an accident of some kind you will receive the full benefit and the 2 year rule will not apply.  To learn more about the premiums and how much this type of policy could cost you look at the chart below.

Is AARP Life Insurance For You

Now that I’ve covered each plan did you spot one that works for you.  To enroll for coverage you can check out the AARP Life Insurance website to learn more.
Finally, I should mention if do enroll for a policy and you decide that it not right for you can cancel anytime in the first 30 days you will be refunded 100% of your premiums.  So get started now.

Tags: Affordable Life, Elderly, Life Insurance

Whole Life Insurance Explained

June 9th, 2010 Christina Hall No Comments »

Today buying life insurance can be a complicated thing to do if you don’t know much about it.  Today their are several different types of policies to choose from, you have term, variable, universal, and even whole life.

In this article though I’m going to spend a few minutes today to explain whole life insurance, what it is, and how it can benefit you.

What Is A Whole Life Insurance Policy

Whole life insurance is known as a permanent policy.  The reason it gets this name is because it is meant to last your entire life, unlike a term policy which is only meant to cover you for a specific period of time.

These policies also have a premium payment that never stops but also never fluctuates or changes.  On top of that these policies also have what is known as a cash value, this is much like a savings account but instead is built right inside the whole policy, and is funded by a small portion of premium payments made to the policy.

The cash value account is a fixed account that earns a stable interest rate and can never be lost.  The reason these policies have cash values is to offset the cost of insurance as you get older.

For example if you have a $100,000 policy and you have $75,000 inside the cash value account you are in reality only paying for $25,000 worth of insurance instead of the full $100,000 like you would with a term policy.

How Whole Life Can Benefit You

The first benefit to this type of policy is that if you buy this policy at a younger age, say less than thirty, and your in good health you will pay a lot less and the premium payments won’t go up over the life of the policy, allowing you to keep the coverage and pay a smaller payment.

The next benefit to whole life insurance is that the cash values will in most cases carry a higher interest rate rather than bank CD’s and money market accounts.  In fact I’ve seen a lot of these policies carry around a 5% savings rate.

Finally, the biggest benefit to this type of insurance is that it will be there for you when you do pass away.  With term insurance you will most likely never use it and end up wasting all the hard earned money you stuck into it.  With whole life you will defiantly see the return on investment as the money will be passed on to your future generations.

Final Thoughts…

As a final thought explaining whole life insurance, I felt it would be good to mention who would be a typical candidate for this type of policy.  First off, if you are someone a bit younger you could benefit greatly from a policy like this because you would be able to get cheaper premiums

Whole life insurance for elderly people may not work as nice since you will have to worry about surrender penalties when getting this type of policy.  The penalties could last as long as 10 years and if your looking to have cash on hand in your retirement years this may not be the proper policy to get.

Finally, consider all of your options.  Don’t go into this process blindly, instead talk to several insurance agents and get illustrations to see what the best possible policy is for you.

Tags: Insurance, Life Insurance