The following is from the Life Foundation’s website. It provides some really great information.

The answer isn’t really how much life insurance you need, it’s how much money your family will need after you’re gone. Ask yourself:

• How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts?

• How much money will my family need to maintain their standard of living over the long run?

Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes and other lump-sum obligations such as outstanding debts and mortgage balances. They can also help your family cover future financial obligations like everyday living expenses, money for college or your spouse’s retirement, and so much more.

But how do you know if you need $100,000, $500,000, $1 million or more? The most common way to determine your life insurance needs is by conducting what’s called a Capital Needs Analysis.

Here’s how it works. Start by evaluating your family’s needs. Gather all of your personal financial information and estimate what your each of your family members would need to meet current and future financial obligations. Then tally up all of the resources that your surviving family members could draw upon to support themselves. The difference between your their needs and the resources in place to meet those needs is your need for additional life insurance (see diagram below).

This may look simple enough, but calculating one’s life insurance needs can actually get pretty complicated. To make it easy for you to get a general sense of your needs, check out our life insurance needs calculator. It’ll walk you through the process and provide you with an estimate of your insurance needs in a matter of minutes.

To add a business insurance rider to your homeowner’s insurance policy will usually only cost you a few hundred dollars a year in extra premiums. If you work from home, have a home office, or have a home-based business, these few hundred could ultimately save you thousands, if not your entire business.

For example, an average policy will provide for the contents of your office including furniture and file cabinets up to about $15,000, computers including their hardware, components and software for up to $10,000, and half a million for liability when you have clients, employees, or delivery people on the premises. Your policy may even provide for the staff needed to recreate destroyed documents and the income lost during equipment failure. All this will cost about $300 in premiums every year.

The same applies if you’d like to add-on a business rider to your auto insurance policy if you take your tools to work everyday or use your car for your business. Ask your insurance agent what riders they offer and if they don’t have anything to suit your needs, start shopping!

We wanted to take a moment to wish you and your family a Happy New Year. The New Year is a time to reflect on the past year as well as focus on the upcoming year. At AccuQuote, we’re focusing on the following New Year’s Resolutions. Read them and tell us what you think!

The New Year is a time to reflect on the past year as well as focus on the upcoming year. At AccuQuote, we’re focusing on the following New Year’s Resolutions. Better late then never, right? Read them and tell us what you think!

Disability insurance isn’t just for individuals. If you own your own business, you stand to lose a lot more than just wages if you are injured or fall victim to a serious illness. Hopefully you have a manager or partner you can trust – and who can handle – some of your responsibilities in addition to their own while you are out. But for many small businesses that are home-based or family owned, resources are already stretched to the breaking point, including man power.

Disability insurance is often called income insurance and this is why: most policies will pay you 60 percent of your current earned income during the period that you are too sick or unable to work due to physical disability.

But don’t look at disability insurance as an unemployment check or failsafe in the event of an accident. Coverage usually lasts for no more than a year and your loss in profit must be proved. If you own a business, this may be difficult if the slack is easily picked up by other partners, colleagues, or employees. But as is necessary for any insurance policy buy, shop around. You can find policies that allow for extensions up to five years for extended illnesses. Choose carefully and if you have questions, just ask.

This is a great post from the Life Foundation, a non profit organization, which offers six tips to help make sure your personal insurance plan keeps up with the times and all the changes in your life.

There is someone selling everything online and insurance is no exception. Aside from the policies you can purchase directly from individual providers, there are brokers who specialize in helping you find the best policy for your individual needs. That means that they help you find the best provider and policy combination for you rather than a provider trying to force a match with one of their policies.

There are a few things to keep in mind when you purchase your insurance online. First of all, you need to have everything organized before you begin the purchasing process. Your current (if any) insurance forms, the needs of your business (liability, employee-related insurance, auto, property, et cetera), and all questions you have.

Next, choose a broker who offers customer service assistance by phone or live chat. If you need help in the middle of your purchase or questions about how much coverage you should purchase, this is the best way to get it.

Also, be patient. Just because you’re buying your insurance online doesn’t mean that your new insurance policy will instantly appear in your inbox. Unless it’s auto insurance, all other policies could take anywhere from 3 weeks to 8 weeks for a quote and to finalize. This is better than moving too fast – the goal is to make sure that you are completely covered, not to get mediocre coverage instantaneously.

With so many life insurance quote services available, what should you be aware of? We recommend these quick and simple reminders:

• Find a web site that asks detailed questions
• Be truthful about your medical history
• The lowest price may not always represent the best value
• Before buying any insurance, you should check the strength of the company
• Look for a phone number – it’s always best to speak directly to a life insurance agent
• Remember, the quote you receive online may not be the one you get in the end

One of the best, most overlooked pieces of advice applies to your insurance shopping whether or not you own a business but especially so if you are developing a relationship with your insurance agent. It’s simple: choose your insurance agent. Don’t let your insurance agent choose you. Don’t let the insurance company randomly assign you an agent. They aren’t generic. The right insurance agent can save you a lot of money and time with the right information when you need it.

Some analysts recommend changing insurance agents every three years. Others recommend changing insurance agents when your business grows or expands. Either way, it’s clear that the agent and his or her expertise should suit your business. One size does not fit all.

Even if you have a wonderful homeowner’s insurance agent or an ace car insurance agent, this may not be the best person for your business. Your business insurance agent should understand the nature of your business, asking specific and pointed questions that demonstrate his or her familiarity. If you are unsure of your agent’s expertise, ask pointed questions that pertain to your business. If your answers aren’t at the ready, switch agents.

According to the Prostate Cancer Foundation, this year alone, 234,000 men will be diagnosed with prostate cancer. In fact, prostate cancer now affects 1 in 6 men.

If you are one of the 2,000,000 men who are said to be living with prostate cancer today, the good news is you may still be able to qualify for life insurance. If you have prostate cancer, here are some important factors that will help determine whether or not you’re able to qualify for life insurance:

• Are you in remission or cured of the prostate cancer?
• Has at least six months past since your last treatment?
• Are you in general good health?

These are simply guidelines. The best advice is to speak with a life insurance agent that works with companies that deal with “impaired risks”. Impaired risk is a specialized area in the insurance underwriting business. It requires knowledge and experience in medical implications of a disease and associated underwriting trends.