Quick and Easy Term Life Insurance Answers

Consumer Reports: Save on your Existing Life Insurance Policy

2008-07-29T20:10:00.007-04:00

Recently, The Consumer Reports Money Lab found some hidden ways for regular people to save money at home while their gasoline and food costs rise. The study cited reduced Life Insurance Premiums as on of the best sources of savings. I have been saying this for years, and now I have Consumer Reports backing me up.

The simple fact is, life insurance premiums have dropped drastically over the last decade. Yes, it is almost a given you will find cheaper term life insurance now than when you invested in insurance 10 years ago. Changes in the industry have made life insurance affordable for everyone.

Even if you purchased term life insurance ten years ago, it will probably save you significant money to go ahead and get new life insurance quotes, and replace your old policy. You will find low cost life insurance from A Rated Companies even though you are older now than when you bought your policy. Just make sure your new life insurance policy is active before you cancel your old one.

Look at the example used in The Consumer Reports Money Lab report. It will blow your mind. This example will shows a 60 year old nearly cutting his life insurance premium in half.

"A $500,000, 20-year guaranteed level term from Prudential Life Insurance, for example, would have cost a 50-year-old man about $2,125 a year in 1998. Today the same guy, now 60, could pay Prudential $1,385 a year for the same coverage over the next 10 years, saving $60 a month."

Imagine how affordable life insurance is for someone age 50 or below. Even if you have universal life insurance or whole life insurance, you need to get a new quote.

Just use a service that will give you the lowest rates from A Rated life insurance companies in your local area. TermInsurance.com uses zip codes to give you instant access to online life insurance quotes in your area, and all the life insurance basics.

Cheap Term Life Insurance

2008-07-26T23:47:00.004-04:00

Today as usual I was cruising the net in search of Term Life Insurance news when it occurred to me that most of the offers I see appear to good to be true. I see a lot of "Insure your family for $1" and things like that.

Instead at laughing at these ridiculous statements I decided to begin reading the fine print. I went to my favorite site Term Insurance.com and got started. I love Term Insurance.com because it is very simple to use. I just put in my zip code and bam! A list of A+ Rated Insurance Companies available in my area pop up with clear and concise instruction on where to go and what to do.

So I found a local offer claim for $1 insurance and I started to rip it to shreds. It was an introductory offer for three months. So that's the catch, but I'm not easily fooled.

Insurance companies are smart and want our business. It is a highly competitive market and that means ADVANTAGE consumer. So I thought to myself that an A+ rated Insurance company, that has me on their home page ready to buy a policy for a buck, would never try and trick me with some bait and switch tactic.

Much to my liking, I was right. It turns out that Insurance Companies are starting to understand that we are smart too. Tool like TermInsurance.com arm the consumer with a lot of knowledge and a tremendous amount of choice. Term Insurance.com provides access to so many products targeted specifically for you that an insurance company cannot afford to make a mistake or they will loose the sale.

So, I looked deeper into my $1 introductory offer for a Term Life Policy and decided to choose a policy. It turns out that it wasn't too good to be true. It was just true.

Like most companies trying to get our attention, this particular company offered the first 3 months of for a dollar and thus lowering my cost over the life of the policy just a bit. So you can look at it any way you like, but I am looking at the savings over the life of the policy. Over a term of 10, or 20, years you might think it's peanuts, but premiums are so low in the first place, that there is not a lot of wiggle room when it comes to giving away things for free.

It is important to remember that when you are shopping for Term Life Insurance, you are already interested in a superior product with no fluff or hidden fees. With Term Life Insurance, you get what you pay for. You are insuring your life for the protection of those you leave behind. You will pay a specific premium for a guaranteed benefit. Unlike other products, this is not an investment for financial gain. It is an investment for financial protection and it makes all the sense in the world.

If I want to make an investment for future earnings, I can go to some stock broker, pay a ton of commission up front and hope my money grows. In my opinion, insurance products are not the place to try this method. Insurance is for Insurance. That's way I always say when it comes to insuring your life for the benefit of your family, it is term term term .

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Smoking can have a drastic effect on your Term Life Insurance Premiums

2008-07-23T19:49:00.008-04:00

When shopping for term life insurance we sometimes don't even realize how changing our habits can drastically reduce our insurance premiums. Perhaps the biggest reduction can come if we simply just quit smoking.

I know it is easier said than done, but the cost of a pack of cigarettes does not end at the convenience store. Studies have shown that a 35 year old male smoker will pay nearly double the monthly premium over 25 years than would the same 35 year old male had he not been a smoker.

That is a huge difference over a long period of time and it is one that smokers often will not or can not consider. If you are a non smoker, you really have no problem because by the time you are of an age to shop for your own insurance, you are not likely to pick up smoking as a habit.

However, the opposite case is quite interesting. People who stop smoking often forget to go back to the insurer and tell them the great news! To reclassify yourself as a non smoker, you will have needed to quit for at least one year. If you make it that for not only will you feel better but your insurance company will give you a discount. It is possible that you must cancel your current policy and start a new one from that point but it will be worth it. The reward is really double, because you will save nearly one half of your monthly premium and you will also be saving the money you traditionally spend on cigarettes.

Now that's a deal.

You can find out what term life insurance deals are being offered right now for smokers and non smoker by visiting TermInsurance

The advantage of using a site like this, is that they are partnered with almost every major insurance carrier writing term life insurance. Once you put in your information. You can do a comparative analysis between the companies, but better yet you can let them fight over you!

That way, you will never buy too much or too little insurance coverage and you will always pay the most inexpensive premiums. Sites like TermInsurance place the power in the hands of the consumer and let the big insurance companies sweat it out for business.

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Two New Universal Life Insurance Products

2008-07-21T18:14:00.000-04:00

West Coast Life Insurance Company and Protective Life Corporation have released two new universal life insurance policies, The Protective Centennial G II Universal Life Series and the West Coast LifeTime Platinum III Universal Life Series.

Both policies were designed to so consumers can have competitive universal life insurance options. Universal Life is a permanent policy unlike term life insurance which only covers the insured for a specific period of time.

These two products are meant for clients who want guaranteed lifetime death benefit protection at a lower premium cost. The Product features and availability may vary by state and the should be consulted for benefits, riders, limitations, and exclusions. The policies are subject to underwriting and a two-year contestable and suicide period.

The premiums with these products will be higher than term life insurance policies with the same amount of coverage, but there will be a cash surrender value so not all premiums are lost.

However, as is always the case with me, I suggest affordable term life coverage to any whole or universal policy. Term coverage gives you the most bang for your buck without paying high up front commission. Use your insurance to insure your life, and invest in other products to make money. For more information on great Life insurance companies and tools, just click the links on this page. If you simply fill in your zip code, you will be presented with several options to claim affordable life insurance.

How New York Families can claim Free a $50,000 Term Life Policy

2008-07-21T00:17:00.000-04:00

Massachusetts Mutual Life Insurance Co has developed a charitable program known as LifeBridge, and it is designed to provide some financial protection for working parents by paying for the education of their children should something happen to them.

The company is actually giving away $1 Billion worth of 10 year term life insurance policies spread over certain regions of the country. The latest roll out is in Buffalo, New York. The free term insurance policies are for $50,000 per family that qualifies. If a family's combined income is no more than $40,000 per year, they are able to claim a policy to cover their children. Children must be under 18 years old, and the entire $50,000 benefit can be spread over all the children in the family. This means each family is entitled to only a single policy.

The child or children will be the beneficiary of the policy and if anything happens to the parents, the money will go into trust and monies will be paid directly to the educational institutions where the children decide to go. No cash will be given directly to the families.

It is important to note that the insurer will absorb all the costs of these policies so they are 100% free to the qualifying families. This is no doubt a great thing Mass Mutual Life is doing and hopefully other insurers will follow their lead.

Insurance companies are getting a great bang for their buck here because even though it is a completely charitable program, Mass Mutual is exposing the idea of affordable term life insurance coverage to a demographic that does not traditionally take advantage of Life Insurance. In the long run, Mass Mutual will create new paying customers as a result of this program and giving away exceptional term life insurance to deserving families and receiving press is far better than paying for advertising in the traditional sense.

I applaud this effort. Residents of Buffalo, New York should contact their local Mass Mutual Agents for more information.

Don't Leave Your Insurance Needs in the Hands of Cavemen

2008-07-19T22:06:00.001-04:00

Discover why Life Insurance Companies blast your Inbox

2008-07-19T21:37:00.000-04:00

Discover why Life Insurance Companies blast your Inbox: "Let me first tell you I love Insurance, but I hate insurance companies. It used to bug me go get solicitations for Term Life Insurance, Whole Life, and Universal Life in my inbox. Now I embrace it. I read every ad and get to the bottom of each one. I will reveal the basic trends with you,both good and bad."

Lets Find Out How Term Life Insurance Works Because Life Happens

2008-06-02T18:58:00.000-04:00

Life Insurance Comes in many forms, but the most economical and sensible type of policy is definitely Term Life Insurance.

These Policy's are sold for specified terms, which are simply the amount of years the policy is good for. Most of the Term Life Insurance policies that are sold today are for 10 or 20 years.

Term life insurance policies are sold for a specific number of years. Ten- and 20-year terms are the most common. The "term" in term insurance means the following:

If a consumer chooses a 20 year policy, a premium is paid each month for the entire 2o year term of the policy and then the policy will lapse. If the insured dies during that 2o year period the specified benefits will be paid out.

Allot of people ask me, if a cash surrender value accrues in case you want to cancel your policy. Unfortunately, the answer is no, but that is one of the major reasons the premiums are so much lower than policies with that feature. I frown on using Life Insurance policies as investment products. They are commission heavy and give very little return. We are only trying to insure your life here so let's keep the costs down. You are better off in a CD, and if you want to throw some money down the drain, go see Fred at Ed and Fred's Used Cars.

Now, once your term insurance policy lapses, you are entitled to renew your policy but because time has passed and the you are a older, your premiums will rise. So when choosing your initial term, choose wisely. Make sure you are insured during the time when you and your family require the most income to survive.

Remember, you won't be around and you need to make sure those you leave behind will have enough money to maintain the lifestyle and life goals you have planned for them. It is less expensive than you think.

Take a look here and get some quotes in under 15 seconds. The important thing is to do it. Once you have addressed your future, it is easier to live in the present.