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Archive for the ‘Life Insurance’ Category

Helpful Tips For Buying Term Life Insurance Online

Friday, July 31st, 2015

Term life insurance is very simple, and can easily be purchased online. For this reason the number of people buying term life insurance online has doubled in two years. There are some advantages and disadvantages to buying term life insurance online.

Advantages

· Term life insurance is simple, there is no cash value, so it is easy to comparison shop for the right policy for you

· There are numerous websites that will compare hundreds of different policies. This makes it easy to take advantage of a policy that you otherwise would not have found

· You eliminate salesmen that may have been able to convince you to buy a more expensive policy that you don’t really need.

Disadvantages

· There is no personal service. If you have questions it is often hard to find someone you feel comfortable talking to

· Often agents can offer special rates or deals, and that is lost when you are working through comparison shopping online

When you buy online, there is no one to walk you through the process so you need to be sure that you know how much coverage you need and what type of term life insurance you want to buy. There are three basic types of term life insurance: Decreasing Term, Annual Renewable Term, and Level Term.

Decreasing Term

This policy is set up for a specific number of years usually between ten and thirty years. The face amount decreases over that period of time. This is a good type of policy for a couple that will have fewer financial responsibilities as time passes.

Annual Renewable Term

This type of policy has the same level of death benefit, but the rates increase each year. You have to renew the insurance each year. This is the most temporary life insurance coverage you can get and may be useful for a person whose situation changes often.

Level Term

This is usually the most common type of policy. It has a level death benefit and a fixed rate for a specific amount of time. Most allow you to renew the policy when the term is up if it is desired. This is most popular because the premium remains low, especially if the policy is bought when a person is young, for the life of the policy.

Good things to ask about or include with your policy are:

· Make sure the insurance is “written in trust.” This insures that the money goes immediately to those you list. It also makes sure that those who receive the money do not have to pay taxes on it.

· Consider having the policy also include critical illness insurance. This will provide money for your family if you suffer from long-term illness. Buying it with an insurance policy is usually cheaper, but be sure not to confuse this with terminal illness coverage.

· Be sure that you can easily find contact information for the company you are buying the policy from.

· Before buying a policy do a little research about the company and make sure it is legitimate.

Learn More Before Purchasing Life Insurance

Friday, May 4th, 2012

In simple terms, life insurance can be defined as a contract agreement between an insurance corporation and a person. The agreement states that if an person dies, the insurance company will pay a definite amount of money to his or her family. To limit the liability of the insurance company, the contract provides specific exclusions of coverage. The most general exclusions are suicide, war, riot, fraud and civil turmoil. In other words, life insurance is a contract that is legal in nature, where the terms of the agreement stipulate the limitations of the vents insured. Before one can buy life insurance policies, it is probably best to be familiar with the different types offered in the market. There are two main categories, which are:

1. Investment policies- The main principle of these polices is to aid the growth of capital by single or continuous premiums. Common examples of these policies are variable-life, whole-life and universal-life policies.

2. Protection policies- These kinds of policies aim to offer reimbursements in the event of specific incidents, in form of lump sum recompense. A common form of a policy of this nature is term insurance

Numerous policies govern life insurance. For example, ‘whole life policies’ provide people with cover during their entire lives and not for fixed terms. Depending with the nature of the agreement, the insurance company might need the policyholder to make ongoing contributions to support the life policy. In most cases, these contributions increase as the person gets older, due to the increased chances of facing death. Usually, the manufacturers base whole life policies on investment thus future benefits will keep fluctuating depending with the economic performance.

If you are thinking of buying a life insurance policy but do not know where to begin, there is no need to despair. The most suitable way to being is by assessing as many forms of life insurance as you can manage. One of the best ways to find this information is online, where you will find sites dedicated to helping you find the most suitable policy. A good rule one should apply before making a purchase is that the policy has to be worth at least seven times your yearly income. That will ensure that the benefits will be sufficient to protect your loved ones after you are no longer in this world. A number of factors that determine the prices of these policies include: