June 29, 2009

Don’t lose your life insurance and other benefits if you lose your job

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If you lose your job, you may lose your insurance benefits too. So what should you do? Byron Udell, a life insurance and annuity industry expert, discusses some tips to make sure you don’t lose your life insurance and other benefits if you should lose your job.

Size: 4.95 MB

Length: 5:24

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Most life insurance companies expect you to take a medical exam before writing you a term life insurance policy. The results of the medical exam will determine which insurance rate class you qualify for. By properly preparing for your medical exam, you can ensure that you qualify for the most inexpensive life insurance policy out there for your specific needs. In order to avoid abnormal test results, I have provided a few tips below to make sure you are prepared for your exam.

First, prepare to spend about 30 minutes with the nurse for your complete exam.

The week before your exam

• Eat healthy by avoiding foods with high salt and sugar content.

3 days before your exam

• Avoid drinking alcohol for 72 hours before your exam. If you do drink, your liver enzymes may elevate causing abnormal test results.

The day before your exam

• Avoid caffeine products – they will cause your blood pressure to rise.
• Do not take any pain medication.
• Participate in minimal exercise. Strenuous activity will cause elevated protein in the urine.
• Do not eat or drink anything 8 to 10 hours prior to the exam.
• Get a good night’s sleep.

The morning of your exam

• Don’t eat breakfast.
• Avoid tobacco use of any kind.
• Prepare a list of your doctors and their contact information.
• Relax.

By following all of these tips, you can avoid any inaccurate readings that would make your life insurance policy more costly.

The official start to summer means many things…”summerizing” your boating gear, replanting your garden and cleaning up the yard for all of those BBQs you’ll be having – but have you thought about looking at your term life insurance policy lately?

Too often, people buy a life insurance policy and never look at it again until the term runs out. The reality is that your life insurance needs have probably changed since you first purchased the policy. For example, if you have had a new child, received a promotion at work or experienced a change in your health. These factors will greatly impact how much life insurance is enough.

Check out the reasons I have listed below to reevaluate your life insurance needs:

New addition to the family – It’s important to ensure your life insurance policy will be enough to financially support a new family member. If not, increasing the current value will protect your family from financial burden if you were no longer around.

The paycheck is a little bigger – Congratulations if you have recently received a promotion at work, but make sure your current life insurance policy matches your new lifestyle. As your income increases, typically so do your spending habits, so make sure your family will be able to continue the lifestyle they are used to when you can no longer contribute financially.

Your health has improved – Factors such as your weight, cholesterol and blood pressure greatly impact how much you pay for life insurance, so if your health has improved, you may be eligible to receive cheap life insurance.

I’m passionate about protecting your family’s financial future, so just like you prepare for summer – prepare for that time when you are no longer around to ensure your family is taken care of.

Term life insurance rates are still the lowest they’ve ever been, but if you still feel like your term life insurance premium is too high or has simply become unaffordable, then this post is for you.

I’m passionate about providing families with the financial security they need. Don’t run the risk of losing your existing life insurance policy or becoming underinsured because the economy is taking a toll on your finances.

Did you know that you may be paying too much for life insurance if certain health factors have changed since you’ve purchased your policy?   Two factors that have the biggest impact are:

Weight Loss – if you’ve lost 20 lbs or more since you applied for coverage, you may be able to save money. However, in order to shed some weight on your rate, you still must be in overall excellent health to qualify for cheap life insurance.

Be Tobacco-Free – Generally, tobacco-users pay a significantly higher amount for life insurance than non-tobacco users. By being tobacco-free for just 12 months, your rates may greatly improve if your overall health remains good.

If you haven’t experienced a positive change in your health, you may want to consider the following to lower your premiums:

Reduce Term Length – Although I generally don’t recommend this I realize times are tough and some life insurance is better than none. Life insurance premiums vary greatly on the term length. By applying for a shorter term length, you may be able to save money on your annual premium. However, be cautious of buying a policy with a term length that may expire before the need for life insurance disappears, for instance when your youngest child is out of college. Also, keep in mind if your health has changed, your premiums may actually increase instead of decrease. And NEVER cancel an existing policy until a new one is paid for and in force.

Comparison Shop – Keep in mind that life insurance premiums are still at record lows. If you bought a policy in the last 10 years or more, you may be able to qualify for a lower rate even though you’re older.  However, you better act now because rates are beginning to increase.

Finally for those who don’t currently have a life insurance policy, here are some tips for finding affordable term coverage:

Buy Young – Take advantage of the fact that life insurance rates are lowest when you are young and healthy – You don’t know what tomorrow’s health will bring.

Shop Online – Getting term life insurance quotes online has never been easier! The agents at a multi-carrier brokerage firm, like AccuQuote, can help you get affordable term life insurance quotes from top-rated life insurance companies.

If you’re in the market for life insurance it’s important to shop around for life insurance quotes before you make a purchase. You’ll want to make sure you find the best type of coverage for your specific needs. Buying life insurance is an important decision so it needs to be considered carefully. This post is intended to give you an outline of the advantages and disadvantages of term and permanent life insurance.

Before I talk about the advantages and disadvantages of each type of life insurance, I’d like to quickly review what each type is…

In a nutshell, permanent life insurance provides coverage throughout your lifetime and also provides a savings element that builds cash value.  The policy never ends as long as you pay the premium.

Term life insurance is temporary life insurance. Each year, you pay the premium to cover the risk of death during that year. Term life insurance has no cash value. The only way for your family to collect anything is if you die before the term life insurance expires.

Now that you know the difference between the two types, let’s talk about the advantages and disadvantages:

Permanent life insurance

• Permanent life insurance is a lot more expensive than a term policy, so if you’re on a tight budget, this type of coverage may not be for you
• If you’re interested in long-term savings and can afford to keep a permanent policy in place, it’s a good investment
• With permanent life insurance, part of your premium pays the cost of the death benefit, while the rest is paid into a separate account for savings
• Permanent life insurance is difficult to predict in terms of investing

Term life insurance

• Generally, term life insurance rates are lower than permanent life insurance premiums
• The lower rates allow you to buy larger amounts of coverage at a younger age, when the need for life insurance is greatest
• Term life insurance can be used to pay other financial commitments that will diminish over time, such as mortgage payments and loans

• In the event of death, the life insurance beneficiary generally collects the death benefit, free of income tax.

I’m passionate about making sure people protect their families. I’ve seen too many people buy permanent policies that they can’t afford over the long run and therefore dropped their policies leaving their families unprotected. Be sure to check out a multi-carrier brokerage, like AccuQuote, to compare life insurance rates from top-rated life insurance companies.

At AccuQuote, we’re passionate about getting people the life insurance protection they need.  In fact, here’s a story that illustrates just how passionate we are. Two of our account executives, Joe Murray and Jeremy Hewett, chose a good old fashion bet to encourage each other to get the most people they could insured. The winner got to shave the loser’s head!

Jeremy Hewett was the lucky winner. I’ve included photos of Joe Murray’s new look. He seems to be enjoying it! In fact he said that he feels more aerodynamic and cooler with the ladies! He also hopes his wife lets him keep the look.

I don’t know Joe – anyone willing to bet on that? What do you think?

Today, most households rely on dual incomes. So, why is it that many women still think that only men should have life insurance? And even more importantly, why aren’t more stay-at-home moms protected?

Check out some of the questions I recently received about life insurance from inquiring women.  I hope my answers provide you with the information you’re looking for in order to make the right financial decision for your family.

Do I need life insurance if I’m not the primary breadwinner? – Yes. Chances are you manage many of the household chores like cooking, cleaning, and driving your kids to soccer practice. All of these responsibilities would cost money if you weren’t around to do them. Having a life insurance policy would make sure that your family has the extra money to maintain the lifestyle they’re used to if you weren’t around.

As a single mom, I know I need life insurance to protect my child’s financial future – but how much? – Generally, the rule of thumb is to have a life insurance policy that is worth 10 to 15 times your annual salary. However, as a single parent, you may have more responsibilities so having a little more if you can afford it wouldn’t hurt. You should compare life insurance rates. I bet you’ll be surprised at how inexpensive it is.

My husband and I both make decent money. His life insurance policy would give our family financial security if he died. So why do I keep hearing that I should still have my own life insurance? – Remember, if you died, your husband and your family wouldn’t have your income to depend on. They would be living solely off his income. Keep in mind that your husband might also have to hire someone to take over some of the household chores you used to do, like cooking and cleaning. Proceeds from a life insurance policy can help fill that void.

I’m married, but I don’t have any children.  Should I have a life insurance policy? – Yes. If you were to become ill or unable to contribute to the marriage financially, a term life insurance policy could save your spouse the burden of paying outstanding medical expenses and funeral costs, which can often cost a family thousands of dollars.

Now more than ever, consumers are recognizing the need to spend quality-time with family – eating dinner together, playing catch in the yard, going on family outings,, and generally just taking an interest in each other’s lives.

Family bonding is important. And as your family’s bond grows stronger, the more chances you will have to create memories that will last a lifetime – so with all of the memories to be made, what are you waiting for?

But imagine if you were no longer around to create those lasting memories…

Instead of receiving yet another fancy tool or polo shirt – give your family a gift this Father’s Day. Provide your loved ones with a term life insurance policy.

No dad wants to imagine the thought of leaving his family behind, but in the unfortunate event that something devastating happens, make sure you are leaving them with financial security to continue the lifestyle they deserve to have.

June 18, 2009

How to choose a life insurance agent and company

Description:

Trying to find a life insurance agent and company that you trust can be an intimidating task. However, if you do your homework, you can rest assured you’ll be able to find a reliable company and agent. Byron Udell, a life insurance and annuity industry expert, provides helpful tips when choosing a company and agent.

Size: 4.75 MB

Length: 5:11

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In order to clear up any concerns you may have about life insurance, here are a few common myths that we can prove are just that – myths!

People in less than adequate health can’t get life insurance – FALSE! Many life insurance companies are willing to go the extra distance to ensure that your loved ones are taken care after you are no longer around. Although, you may not receive a cheap life insurance rate that someone who is in satisfactory health might get, there are many companies that will work with you in order to accommodate your needs.

All life insurance policies are the same – FALSE! There are many differences between your neighbor’s life insurance policy and your own. Don’t assume that because his/her life insurance offers coverage in certain situations that your policy does the same. Be sure to read the contract your life insurance company has issued you in order to grasp the meaning of your coverage. Life insurance companies are not trying to trick you – they want you to understand!

Only the family money-maker needs life insurance – FALSE!  Unfortunately, the cost of living is on the rise, which means that most homes require two incomes in order to live comfortably. Don’t assume that your life insurance will be enough to cover your beneficiary’s living expenses after you are gone. Everything from housekeeping to extra-curricular activities would cost your family extra money if you were no longer around to contribute. With more than one life insurance policy in place, your family would be protected if something devastating were to happen.

Obtaining life insurance is a difficult process – FALSE! Actually, obtaining life insurance has never been easier! With the internet, it is easy to compare life insurance rates in a matter of minutes. Sites, like AccuQuote can provide you with instant online quotes, from top-rated life insurance companies – leaving you with a hassle-free experience!