TopLifeInsurance

Mindful Home Insurance Shopping

admin — Sat, 07 Nov 2015 11:43:14 +0000

With the signing of papers on a new house, any financing is going to require mandatory home owners insurance before the deal is done. Often times, mortgage companies will have agreements in place with insurance companies, but most times this is not in your best interest. The rates are increased to provide a few points to the mortgage company for acting as a broker, and itâ€s you who ends up footing the bill. For a 30 year mortgage, this could mean an additional $50,000 in costs that you are paying simply because you didnâ€t do your research. To find the best deals, itâ€s a good idea to shop for home owners insurance just as you shopped around for your mortgage company.
Start With a Mindful Approach
When dealing with any salesman, it is important to remember that you are looking out for your own best interests, not theirs. Any initial offer is going to have extravagant points added on to make a profit for the company as well as commission for the salesman. When talking with them, use an amortization calculator to quickly see what your rates are going to cost you in the long run. Usually used for calculating how much a mortgage will cost you in the longer run, percentage-based calculators can also help you with determining dollar based payment plans if you know the interest rate ahead of time. Use the principal of the housing loan you are taking out, and make sure this is the amount your insurance is using to cover damages. If itâ€s within reason, then you are in a good place. If the numbers donâ€t match up to the salesmanâ€s pitch, something is off and ask for them to break down the details.
Know Your Risks
In relation to your monthly premiums, know what your deductible is. If you have a high deductible and this is something you are comfortable with, ensure that your coverage matches the cost. When the time comes for you to call in a claim against damages to your home, such as fire, flood, or act of god, make sure you are adequately covered. If your monthly premiums are extremely low on the other hand, make sure you understand how much you are covered for in case of an incident. If your insurance doesnâ€t cover what the overall expenses of repairs of replacement are, you will be required to make up the difference.
Make sure you understand your rights as a consumer, and always work with a reputable, national insurance company with ties to your community. The last thing you want is to be left out of the cold in case of an accident.

Do You Have Enough Life Insurance

admin — Tue, 29 Sep 2015 21:40:58 +0000

In the event of your passing from this mortal coil, are you sure your family will be able to get by with a minimal amount of struggling, now that your income and support have been stripped away from them? Each year, thousands die leaving their families swimming in debt and funeral expenses, simply because they didnâ€t plan ahead. In fact, statistics suggest that four out of ten adult deaths lead to financial hardship and burden for those family members left behind. By understanding the expenses related to your passing and what bills your family will have to cover without your income, you should be able to determine what the proper amount of life insurance is for them to survive on if you are not around to assist with the day to day expenses you have up till now taken for granted.
Recurring Expenses
First and foremost, the largest expense most families have nowadays is a monthly mortgage. With proper financial assistance and advice, many of these recurring expenses are within a reasonable realm for two incomes, but should one disappear with an untimely death, the burden doubles for the surviving spouse. There are also auto loans, credit card debt, as well as grocery bills, higher education costs, and general family expenses. With an income stream cut in half, a reliable life insurance policy is definitely a safety net should something happen. Determine the proper amount based on how many years it would take a family to readjust financially to a loved oneâ€s loss, and how the bills stack up annually. Many early-incurred life insurance policies plan between 20 and 40 years of payments on these factors, but you may wish to plan for more based on the comfort level you wish to leave behind for your family to live on.
New Financial Burdens
Not only are there the recurring bills, but now the added expenses associated with a funeral to deal with as well. It is not unusual for a simple funeral to cost over $20,000. This includes everything from purchasing of the casket, the funeral home expenses, and loss of income of the survivors during the grieving process. Be sure to factor in additional expenses as well. If the death was caused by a fire or an accident, there might also be damages to take into account for reparation. Each situation is different, but a good life insurance agent will be able to help you build a solid foundation in the untimely even of your passing. Your family will be grief stricken, but with proper planning, they wonâ€t be financially burdened as well.

Reducing Life Insurance Premiums

admin — Tue, 01 Sep 2015 05:27:51 +0000

It is often a struggle to maintain a family budget in this economy, but one steadfast responsibility no matter how lean the paychecks become is to maintain a life insurance policy. This ensures your loved ones will be taken care of in case you become incapacitated to support them, and the costs are completely negligible when considered from that point of view. However, there are ways to reduce your life insurance premiums, and all of these will help you build a solid foundation in case you are unable to be there for your family tomorrow.
Live Healthy to Reduce Life Insurance Premiums
When planning out a life insurance policy, take into account your general style for living. This could mean reducing your sodium intake, exercising more regularly, and making changes to how you drive such as reducing night travels. All of these quality of life changes are significant when reducing life insurance premiums for the simple fact that your life insurance agent will reduce your overall risk. Your insurance company is there for you, of course, but will base their rate calculations on your risk factors. You want to reduce these factors in order to reduce your life insurance premiums.
Speak With Your Family
You never have to go it all alone, so be sure to bring your family into the conversation about reducing your life insurance premiums. They will be able to provide support for the changes you have made for yourself, and will be able to provide critical feedback as to whether or not you will be making the right choices. After all, this insurance policy is in their best interest, and more assuredly they will want you around for a long time.
Your insurance agent will be asking you for a list of beneficiaries, and how you want the policy to be divided among your family members. It may seem macabre, but having your paperwork in order now will alleviate confusion when the policy comes into effect, as the presumption is you wonâ€t be there to offer explanations and guidance.
Start by determining the different scenarios, such as will your policy be used for school aged survivors to help with college payments, or for adult dependents to assist with mortgages or other bills. Your policy should also have a clause in it to deal with your medical bills and any unpaid debts when you leave, so take your time and plan your scenarios carefully.

In Case of Accident, Donâ€™t Forget These Steps

admin — Sun, 12 Jul 2015 01:29:38 +0000

A car accident is something we all prepare for, but keep our fingers crossed that it never occurs. However, a driver can never account for the actions of others, and eventually a fender bender or worse could happen when least expected. For times like this, itâ€s important to keep a cool and collected demeanor in order to remember the crucial steps needed to stay safe and file a successful accident claim. Skipping one or two might not mean a denial, but the more check marks you have in your claim process, the more likely it will be dealt with in a timely manner.
Triage the Situation
Safety is always the first consideration in an auto accident, so once one occurs, check yourself and your passengers for injuries. Then, if itâ€s safe to do so, exit your vehicle and check on the other driver. Tensions could be high if one of you is clearly to blame for the incident, but put those emotions aside and make sure everyone is ok. If someone is hurt, immediately call 911. If everyone is alright, the next step is to take a deep breath and pause- thereâ€s never a need to rush. Remember that you are on a roadway, and danger could still be around the corner. Take road flares from your vehicle to warm other drivers, and then step off the road.
Collect the Details
Once you have determined everyone is ok, place a call to the local police department so they can come and write up an official accident report. If the other driver tries to dissuade you, donâ€t listen to them. Everyone has a sob story when they donâ€t wish for police involvement, but this is about your insurance claim and you will need it in order to be compensated. While waiting for the police to arrive take a moment and review in your head what happened- try and stay away from the other driver and form your own accounting of the accident. If the other driver is at fault, they may attempt to bend the events to their advantage.
Survey the scene and note the damage as you see it. You may not be a mechanic, but you can note leaks, body damage, or other accident related evidence to help with the report. Once this is done, speak with the other driver to collect their insurance information and copy their information off their driverâ€s license. Donâ€t have them tell it to you- it might be false. When the officer arrives, be helpful and honest about what happened, then get the report number so you can request it the next day when you you file your claim.

Reducing Risk and Lowering Your Life Insurance Premiums

admin — Sat, 06 Jun 2015 04:41:29 +0000

Itâ€s a balanced though process of every person seeking a life insurance policy – the potential risk involved with a sudden change in health versus the rates charged by the policy underwriters. A person paying higher premiums at 45 might well have a longer wait to claim benefits, so adjusting the policy parameters to gain access to a lower rate is a positive step in the right direction. By focusing on improving your quality of life and health, you can look to have your payments reduced during your next required physical.
Eat Right
It seems like a no brainer, but physicians have proven that even slight adjustments in how a person eats drastically affects their risk of heart disease, high cholesterol, diabetes, and a whole host of controllable factors. Consult with your doctor, letting them know your reasons for adjusting your lifestyle in order to reduce your risk factor, and they can point you in the right direction where improved health is concerned.
Your diet doesnâ€t need to be radically changed, but by replacing one red meat dish a day with white meat or fish, you can significantly reduce your risk. Your next physical should show a reduction in fats and cholesterol, giving you evidence to take to your policy underwriter on your improving health.
Exercise Like You Mean It
Keeping a fir body is part of the insurance regimen, so an active lifestyle that records your actions through a membership such as a health club is a great step in the right direction of lowering your life insurance premium. Your added bonus is that most health insurance policies allow for a reduction in rate for simply having a gym membership, so taking advantage of the already paid for personal trainer only makes your reduction that more probable for being reduced further.
Utilize your trainerâ€s knowledge and focus on exercises that reduce cholesterol and body fat, while at the same time strengthening your heart and body. These acts not only give you the benefit of improving your health outlook at your next physical, but also doing what the insurance company wants it to do- keep you fit and healthy for a longer period of time.
Taking your health regimen seriously is a great way to save money in the short term, as well as keeping you fit and healthy for a lifetime beyond so you can enjoy your retirement.

Tips For Choosing The Most Suitable Life Insurance Policy

admin — Sat, 02 May 2015 21:24:18 +0000

Tips For Choosing The Most Suitable Life Insurance Policy

You can get easily overwhelmed when searching for life insurance. There are so many different options offered by many different providers. Fortunately, there are a few basic things that you can use to determine whether a policy is good.

First of all, one thing you have to realize is there is no such thing as insurance policy that will be best for everyone. Everybody has different needs, health history, financial means, desires, as well as other aspects in their lives. So, there’s no single policy that can answer all these different needs. What you need to do is to find a life insurance that can suit your specific needs.

There are actually only two factors that you should consider when searching the best suitable life insurance policy for you, which pretty much make it so much easier for you to make your decision.

1. Premium

The first thing to consider is how much you have to pay for your premium. Life insurance is a long-term investment, so paying for expensive premiums constantly can be a burden especially if you’ve been experiencing some financial difficulties. So before you go out looking for a life insurance policy, it’s good to calculate how much you can afford to pay for the premiums, considering everything that can occur in the future that can affect your financial situation.

Having a pre-determined amount for your life insurance premium is really beneficial in helping you choose the right life insurance, while eliminating many available options that charge higher than your budget.

2. Exclusions

The second step is to examine what the policy covers and what are the things being excluded from the coverage. There are some standard exclusions that you can find in just about all kinds of life insurance policies, such as death that has been confirmed to be a suicide. However, there are other exclusions that are different from one provider to another.

So when you’re searching for the right insurance policy, you have to make sure there isnâ€t too much exclusion in the policy, plus you should also consider the deductible amount.

When you’re practicing these two steps, you’ll see that finding the right life insurance policy is actually not really complicated.

Whole Life Insurance Policy – How Does It Work?

admin — Mon, 06 Apr 2015 08:21:50 +0000

Whole Life Insurance Policy – How Does It Work?

Basically there are two types of life insurance policies, and these two types of policies work in very different ways, also with different rates. The first type is commonly called a temporary policy, which gives coverage for about 5-30 years, and most of the time the premiums don’t change too much. The other type of life insurance policy is permanent life insurance, which provides coverage for life.

These two basic types of life insurance policies also come in several different types, but we are not going to discuss all of those sub-types of life insurance policies. Whole life insurance is part of the permanent life insurance.

Whole life insurance policy provides you with coverage for your whole life. Part of the premiums you pay to the insurance provider will go to a savings that can accumulate over time. Your cash value is tax deferred up until the beneficiary withdraws the fund, additionally you can also borrow against it. So this type of life insurance policy actually accrues your money after the premiums are paid.

Whole life insurance policy is also divided into six different types:

Non-Participating Whole Life Insurance – This type of policy has a fixed premium that usually quite affordable for most people. However it doesn’t provide any dividends when the insured dies.

Participating Whole Life Insurance – This is pretty much the opposite of the first type. Participating whole life insurance pays dividends when the insured dies, and the premiums also a bit more expensive. But the great thing is, the dividends can be used to cover the premium payments because besides it can be accumulated with a certain interest rate, it can also be paid in cash.

Level Premium Whole Life Insurance – This policy has the same amount of premiums to be paid throughout the entire span of the policy. The initial amount of premiums will be enough to cover the services given plus to cover extra charges in case there is a rise of insurance cost in the market.

Limited Payment Whole Life Insurance – This type of policy only requires you to pay premiums in certain period of time as you specified. So you can decide to pay your premiums for the next 20 years or until you reach certain age or so.

Single Premium Whole Life Insurance Police – This is a very popular type of whole life insurance policy. It requires you to make only a single large payment at the time of the policy signing. It has cash and loan value, and usually attracts investment-oriented people.

Indeterminate Premium Whole Life Insurance – This is the most common type of whole life insurance policy. The company will set the amount of premium you need to pay based on how the company is doing financially, so the premium could fluctuates over time