Without credit cards, many of us wouldn’t be able to buy the things we want or need. They are great financial tools, especially in emergency situations, but many Americans have too much credit debt and are struggling to get out any time soon.

If you have a permanent life insurance policy (the kind with a cash value), you can borrow against it to pay off your credit card debt. Sure, you’re basically borrowing your own money and paying interest to use your own money, but if you’re struggling to find other ways to pay off your debt, this might be a good option for you. In most cases, the interest rate will be a lot lower than the interest you are paying on your credit cards.

However, keep in mind that the money you borrow will be subtracted from the total death benefit amount. It’s important to consider your family’s overall financial situation and determine if the remaining amount will be enough to support them financially if you died today. Only use your permanent life insurance policy’s cash value to pay off your credit card debt if you’re absolutely sure that your family will have enough money to live on when you’re no longer around.

For questions about the uses of permanent or term life insurance, contact a licensed life insurance agent at AccuQuote.

There are some circumstances where you may have a hard time qualifying for traditional term life insurance coverage. For example, if you’re in poor health, live a risky lifestyle or your occupation doesn’t allow the time. However, there’s another option that will allow you to obtain some type of coverage so you can protect your family. It’s called a quick issue policy.  

If you can relate to any of the following situations, a quick issue term life policy may be just right for you: 

• You don’t want to get stuck with a needle
• You’re never home because your occupation is a truck driver, boat captain, offshore oil rig worker, etc.
• You’re a U.S. citizen who does a lot of foreign travel in dangerous countries
• You want a small coverage amount for a shorter term

There may be additional situations that make you eligible for quick issue life insurance, so if you think this is the right type of coverage for you, contact an experienced life insurance agent at AccuQuote for a free term life insurance quote.

But remember, if you’re young and relatively healthy, traditional term life insurance coverage is better because it allows you to purchase a large coverage amount for a longer term. The point of having any life insurance coverage at all is to make sure your family could continue living the lifestyle they’re used to should you die prematurely.

It may sound a little morbid, but have you ever thought about pre-paying for your funeral arrangements? We always talk about how term life coverage is an important part of your family’s overall financial plan, but we think you should consider adding this too.

According to the American Association of Retired Persons Web site (AARP.org), sitting down with a funeral director can accomplish the following three things:

1. Map out every last detail in advance
2. Free your family from making funeral arrangements in a time of grief
3. Provide the option of beating inflation by paying for the funeral in advance

Funerals are among the most expensive consumer purchases. According to the U.S. Federal Trade Commission, traditional funerals, including a casket and vault, cost about $6,000. And in addition to the funeral…flowers, obituary notices, acknowledgement cards and hearses can add thousands of dollars more to your tab. Actually…It’s not uncommon for a traditional funeral to cost well over $10,000! That’s a huge chunk of cash that your family may not have.

Luckily, there’s an easy way to make sure your funeral is taken care of, with no burden to your family. How? A term life insurance policy. With a term life insurance policy in force, your family will have access to a large sum of money that can pay for your funeral expenses.

Talk to an experienced life insurance agent at AccuQuote if you’re interested in receiving a free term life insurance quote today.

AIG is making huge strides to reduce its debt. According to CNNMoney.com, the major life insurer announced a completed deal that wiped out $25 billion of its debt to taxpayers.

Read the full article below:

AIG announced Tuesday that it completed a deal wiping out $25 billion of its debt to taxpayers by selling stakes in two subsidiaries to the Federal Reserve Bank of New York.

The troubled insurer gave the New York Fed preferred shares of two of its international life insurance companies, including $16 billion of American International Assurance Co. and $9 billion of American Life Insurance Co. The deal was originally announced in March.

The deal brings the New York-based insurer’s debt to the New York Fed down to $17 billion. AIG also still owes the U.S. Treasury $44.8 billion from a separate Troubled Asset Relief Program (TARP) loan, so the insurer still owes taxpayers just under $62 billion.

Continue reading “AIG reduces debt by $25 billion”

November 25, 2009

Double your coverage

Description:

Byron Udell, the nation’s foremost life insurance and annuity industry expert, talks about a great opportunity available for current American General Life Insurance Company customers. For a limited time, these customers can double their life insurance coverage with no labs and little paperwork.

Size: 3.79 MB

Length: 4:08

Click here to download

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If you need to double your existing life insurance coverage, now is the time. American General Life Insurance Company (AIG) is offering a limited-time opportunity for you to increase the life insurance coverage you already have with them. And guess what? There are no exams, no labs and minimal paperwork!

Why would you need to increase your coverage? If events in your life have changed since you first purchased your policy such as, getting married, buying a house or having a child, you may find yourself in need of additional coverage. And now you can increase your current policy by as little as $100,000, or as much as double your existing policy.

This opportunity is only available for a limited amount of time. But keep in mind – You must have an existing policy with AIG that was purchased within the past three years to take advantage of this offer. So if you’re interested in this chance to provide your loved ones with additional financial protection, call us today at 888-592-5566 to increase your current coverage amount.

For more information about this opportunity or for a free term life insurance quote, contact an experienced life insurance agent at AccuQuote. They’ll compare life insurance rates with top-rated life insurance companies to find you inexpensive life insurance coverage.

I recently read a great description that explains why we’re passionate about being in the business of selling permanent and term life insurance. Although the original author is unknown, Marvin H. Feldman, CLU, ChFC, RFC^®, did an excellent job of revising some of the wording to make it more appropriate for today.

Read an excerpt from his article below:

By Marvin H. Feldman, CLU, ChFC, RFC^®

Financial pundits tell their readers they should only buy term insurance and invest the difference and never purchase permanent life insurance. Why? Because they say it is a bad investment. But how many of our clients actually invest the difference in wealth building accounts or products? Very few. Most spend the money to maintain their lifestyle.

What happens if the term insurance terminates at a time when the client’s health is not good, and he or she is not able to renew the policy or cannot afford the guaranteed premium rates? Wouldn’t the client have been better served with a permanent policy, which cannot be outlived?

If the client has been able to build wealth, but it is in bricks, stone and steel, or needs to be retained for a long period of time to achieve maximum value, do these same advisors recommend that these assets be sold at a loss? Permanent life insurance, the worst investment, becomes the best investment at death, because the cost has only been pennies for each dollar of death benefit provided. It pays the most at a time when it is needed the most, a time when financial certainty is of the utmost importance.

I am a Life Insurance Policy

I am a piece of paper, a drop of ink and a few pennies of premium.

I am a promise to pay.

I help people see visions, dream dreams, and achieve economic immortality.

I am savings.

I am property that increases in value from year to year.

I lend money when you need it most, with no questions asked.

I pay off mortgages, so that the family can remain together in their own home.

I assure people the daring to live and moral right to die.

I create money where none existed before.

I am the great emancipator from want.

I guarantee the continuity of business.

I conserve the employer’s investment.

I am tangible evidence that a man is a good husband and father, and a woman a good wife and mother.

I am a declaration of financial independence and economic freedom.

I am the difference between an old man or woman and an elderly gentleman or lady.

I provide cash if illness, injury, old age, or death cuts off the breadwinner’s income.

I am the only thing that you can buy on the installment plan that your family doesn’t have to finish paying for.

I am protected by laws that prevent creditors from assessing the money I give to your loved ones.

I bring dignity, peace of mind and security to your family.

I supply investment capital that makes the wheels turn and motors hum.

I guarantee the financial ability to have happy holidays and the laughter of children – even though father or mother is not there.

I am the guardian angel of the home.

I am life insurance.

Before buying term life insurance or any other type of insurance policy, it’s important to be aware of the company’s financial strength. By understanding your insurance carrier’s financial state, you can determine if the company will have the financial ability to pay-out when you or a beneficiary files a claim.

According to Insurance Networking News, eight insurance companies have recently been affected by financial ratings, released by A.M. Best Co and Fitch Ratings.

These companies include:

• Centurion Life Insurance Co. and Centurion Casualty Co.
• Fidelity National Financial
• Greenlight Reinsurance Ltd.
• International Energy Insurance
• National Life Insurance Co.
• Protective Life Corp. and its Subsidiaries
• Symetra Financial Corp. and its Subsidiaries

Get more information at Insurance Networking News.

For a free term life insurance quote from a top-rated life insurance company, call a licensed life insurance agent at a multi-carrier brokerage firm who can compare rates with the best life insurance companies. In a matter of minutes you can get quotes from dozens of companies you know and trust.

I’ve always understood the importance of life insurance, which is why it’s not only my job, but my passion to make sure the ones you love are taken care of after you are no longer around.

The recent deaths of iconic names, Michael Jackson, Billy Mays, Farrah Fawcett and Ed McMahon, have made me realize lately how much my job and the service that AccuQuote provides really does matter.

These stars did not die of unimaginable circumstances, they died of common illnesses that people like you and me are diagnosed with everyday. And just like you and me, they are leaving behind loved ones that did not think of them as household names, but family.

The point is…you never know. You never know what will happen tomorrow, so it’s important to be prepared if something devastating were to happen. So I suggest leaving your own legacy by getting term life insurance quotes online today.

For the first time since 1994, term life insurance rates are beginning to increase about 10-15% and we expect this trend to continue.  In addition, a popular term product known as return of premium may be disappearing. As you may recall, ROP products address many disadvantages of traditional term policies. They are a bit more expensive then traditional term, but they offer a full refund at the end of the term it. In recent years, consumers that bought ROP can expect a 4 to 6 percent return – a bit better than other safe investments these days.

Thus far, the following carriers have either pulled or raised rates on their ROP products and we expect more of the same in the coming months:

• ING is pulling its basic ROP
• Genworth withdrew its product
• AIG American General is raising its rates by about 50% making the product very unattractive

Reasons for these changes include:

• Pressure on reserves
• Depressed investment return
• Capital solutions that help fund guaranteed term and universal life products are more scarce, and where available, their cost has increased significantly
• A non-forfeiture rule Actuarial Guidelines 45 (AG 45) going into effect at the end of the year that will require an earlier increase in the cash value for ROP term products (NAIC)

The message is clear…if you are interested in affordable term life insurance or a return of premium policy, act quickly. And if you already have a discount life insurance policy, hold onto it with both hands.