November 4, 2009

What to look for in a policy illustration

Description:

When purchasing a life insurance policy there are so many things to consider, such as the price and features of the policy. However, before purchasing a policy, you should take a close look at the policy illustration. In this podcast, Byron Udell, a life insurance and annuity industry expert talks about what you should look for in a policy illustration.

Size: 5.02 MB

Length: 5:29

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Did you know that there’s a great type of life insurance available right now that’s slowly being discontinued? It’s called Return of Premium (ROP) term life insurance and there’s no better time to take advantage of this type of life insurance. ROP is a type of life insurance that pays you back 100 percent of your premium payments if you outlive the length of your term. It offers the same amount of peace of mind as traditional life insurance coverage but with a money back guarantee.

How does it work? During the term of the ROP term life insurance policy, insurance companies invest the extra cost of the premium payments for capital growth. As a result, consumers are able to receive a full refund and life insurance companies still make a profit. For example, a 35-year-old healthy male (non-smoker) will pay about $725 annually for a 30-year $500,000 return of premium term life insurance policy. However, if he outlives his policy, he’ll get his entire $21,750 back. Keep in mind that ROP typically costs 25 to 50 percent more than traditional coverage, but if you can afford it, it’s definitely worth considering when shopping for the best term life insurance for your family.

But if this type of life insurance coverage interests you, hurry fast! So far this year, several top-rated life insurance companies have raised their rates and some companies have discontinued their ROP policies altogether.

The window may soon close forever, so lock in low rates while you still can now!

For more information on ROP term life insurance and how to apply, contact AccuQuote today. Our licensed life insurance agents will provide free life insurance quotes and answer all of your questions.

Life insurance is one of the most important purchases you’ll make to protect your family’s financial future. So naturally, there are some things you need to consider to be sure you’re adequately covered. Some of the things you should look for in a policy include riders. What are they? Riders are additions to a life insurance policy that provide extra coverage for specific circumstances.

Riders usually cost an additional amount, depending on what type and how much they cover. And although you can do without some riders, there are some that you should definitely consider adding on to your existing life insurance policy.

Following are common life insurance riders that may enhance your existing coverage:

1. Accidental Death & Dismemberment (AD&D) – In a previous post, we talked about the benefits of having an AD&D policy, especially if you’ve been labeled “uninsurable” by a life insurance company. But as a rider to a life insurance policy, it provides additional coverage if you were to die accidentally. It may double the amount of the original death benefit.
2. Waiver of Premium – If you become disabled, this rider allows you the flexibility to waive your premium payment during the entire time you’re disabled. With this rider, your life insurance policy will remain in force if you’ve experienced a loss of income due to a new disability.
3. Accelerated Death Benefit – If you’re diagnosed with a terminal illness while your life insurance policy is still in force, this rider gives you the option to collect all or part of the death benefit while you’re still alive. This may take away some of the financial burden of paying unprecedented medical expenses.
4. Guaranteed Insurability – For term life insurance, this rider guarantees your policy’s insurability at the end of its term. In some cases, you may not even be required to take an additional medical exam. This rider is worth considering if you think your term life coverage will expire before you die.
5. Family income benefit – When you die, this rider provides your beneficiary with a continuous monthly payment for a specific amount of time.

Fore more information about what riders you can add to you existing life insurance policy, talk to a life insurance agent at AccuQuote. By providing them with some general health and lifestyle information, you’ll receive a free life insurance quote and be able to discuss affordable rider options.

October 28, 2009

How to find the right life insurance professional

Description:

When shopping for life insurance, it’s important to trust your agent. In this podcast, Byron Udell, a life insurance and annuity industry expert, talks about how to find the right life insurance professional.

Size: 3.47 MB

Length: 3:47

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If you were denied term life insurance coverage due to a severe medical condition or other lifestyle factor, you may want to consider purchasing an accidental death and dismemberment (AD&D) policy. This type of policy is extremely affordable and offers protection for your family if you were to die accidentally. In addition, if you become injured or disabled due to an accidental cause, you’ll collect a lump sum that can help pay for medical expenses or make up for lost income if you’re no longer able to work.

According to the Centers for Disease Control and Prevention, accidents (unintentional injuries) are the fifth leading cause of death in the United States. That statistic is even higher for people under age 45. In fact, if you’re under age 45, you’re almost twice more likely to die in an accident than from a natural cause. In 2006 alone (most recent statistic available), 121,599 people died from unintentional injuries.

So if you’ve been labeled “uninsurable” by a life insurance company, don’t think you’re out of options when it comes to protecting your loved ones. You can typically get up to $500,000 in AD&D coverage that will give your family a financial cushion if you die accidentally.

For more information about AD&D insurance, talk to a licensed life insurance professional at AccuQuote.com. You can discuss your coverage options with them and receive free life insurance quotes from the best term life insurance companies. Remember, having some life coverage is better than having nothing at all.

October 22, 2009

Permanent Life Insurance – Worth the money?

Description:

Byron Udell, the nation’s foremost life insurance and annuity industry expert, talks about the pros and cons of permanent life insurance, as well as provides tips to determine if this type of coverage is right for you.

Size: 6.14 MB

Length: 6:43

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When filling out your application for term life insurance on a comparison site, like AccuQuote.com, you may be asked what rate class you want to apply for. So what’s a rate class and how are you supposed to know yours? Easy. Your rate class is based on several health and lifestyle factors that may or may not affect your mortality. Life insurance companies use it to determine what your term life rate will be.

To ensure that you receive an accurate term life insurance quote, be sure to fill in the appropriate rate class. I’ve provided rate class descriptions below:

• Preferred Plus – In order to qualify for preferred plus rates you cannot use any tobacco and you must be in overall excellent health with no history of drug or alcohol abuse. In addition, you must not engage in hazardous activities.
• Preferred – Generally, to qualify for preferred rates you must be in excellent overall health and you must not participate in any hazardous activities.
• Standard – Standard risks refer to people who have had some minor health impairments. Examples of someone that would qualify for standard rates would include people who have elevated cholesterol levels or who are overweight.
• Substandard – This rate class encompasses people that have more than minor health problems. An additional charge will be added to these people’s premiums depending on the risk factors involved.

Keep in mind that underwriting guidelines vary among life insurance companies, but choose the rate class that you feel fits your health and lifestyle the best. Life insurance underwriters will decide if you fall under a different one. Who knows – you may qualify for a better rate class than you think.

For more information on how to determine your rate class, talk to a licensed life insurance professional at AccuQuote.com. They’ll conduct term life insurance comparisons at top-rated life insurance companies to ensure you get the best rate based on your individual information.

Most single people don’t need term life insurance because no one depends on them for financial support. But like everything, there are exceptions.

For example, do you financially support your aging parents or siblings? Or maybe you have an unprecedented amount of debt that you don’t want to pass on to your surviving loved ones. What about considering your future insurability? – If you’re young and healthy now you’ll most likely be rewarded with the best rates available.

You should also consider life insurance if you anticipate a future need for it. For instance, you see yourself getting married and having children in the future. Since term life rates are near record lows, now is a great time to lock in an affordable life insurance premium while you’re young, healthy and single!

Taking care of this important financial step now will ensure your future insurability. Did you know that if you develop a severe medical condition later in life you may be labeled “high risk” or “uninsurable”. By owning a policy in your younger years, you will usually never be denied life insurance coverage in the future due to health and lifestyle factors.

The fact is: life insurance will get you through all of life’s most important stages – from paying off your student loans to sending your own child to college. Let’s face it; you probably won’t be single and free from financial responsibility forever!

October 15, 2009

Life insurance can protect your business

Description:

Byron Udell, a life insurance and annuity industry expert explains how life insurance can protect your small business from financial devastation.

Size: 5.39 MB

Length: 5:53

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Smokers may be able to find affordable life insurance

The “do you use tobacco products?” question on a term life insurance application is one of the biggest determiners when it comes to your life insurance policy rate – obviously because most smokers have a higher mortality rate than non-smokers. So if you’re a smoker, be prepared to pay almost double what non-smokers pay!

So how do most life insurance companies define “smoker?” Is it someone who smokes a couple of packs a day or is it someone who has an occasional cigarette when they’re out with friends? The answer is BOTH. Even if you call yourself a non-smoker, meaning you occasionally smoke in social settings, chew tobacco or you recently quit altogether, life insurance companies will charge you a much higher premium if you’ve smoked in as little as 12 months.

If lying on your application sounds like a good idea at this point, don’t even think about it! The cost of lying will be much higher in the long-run and you may risk leaving your family unprotected. (Keep in mind – life insurance underwriters have access to your medical records).

But don’t worry – I’m not trying to discourage you from buying life insurance. If you’re a smoker, there are ways to find inexpensive life insurance coverage to protect your loved one’s financial future.

First, consider quitting for 12 months prior to applying for life insurance. You’ll save an unprecedented amount if your nicotine results from your medical exam are negative.

And if quitting is harder than you thought, shop online at multi-carrier brokerage firms, like AccuQuote.com. They compare life insurance rates at top-rated life insurance companies. Underwriting guidelines vary from one company to the next, so where one company will charge you an extremely high premium, another may give you a lower rate for showing an effort to quit smoking.

For more information on smoker vs. non-smoker rates or to get free life insurance quotes, call AccuQuote’s experienced life insurance agents at 800-442-9899.