Sunday, August 10, 2008

Compare Life Insurance Prices like Car Shopping

When it comes to life insurance shopping, you need to take a similar approach as you would with car shopping. You wouldn’t just buy the first one you see or the cheapest one you find without looking more into what you get with it. The same can be said for Canadian life insurance. Not all policies are created equal and while you are likely looking for something affordable, this doesn’t mean you should buy the cheapest policy around.

This article on HowStuffWorks gives you great info on how to go life insurance shopping. Here are some tips you need to know:

  • Shop while you are still young- but not too young. It helps to have your first dependant when you sign up for life insurance. This shows you really have a need for the insurance.
  • Think twice about purchasing a permanent life insurance policy. A term life insurance option may be better suited to your needs.
  • Look into all the different life insurance types that are available to you before deciding on one.
  • Determine how much life insurance you actually need.
  • Then determine how much life insurance you will be able to afford.
  • Begin shopping and comparing premiums based on what you get for the price.
  • Research to find the best Canadian life insurance options for you.
  • Make your life insurance premium payments on time so your policy doesn’t lapse.

With these tips, you can help compare life insurance prices and policies just like car shopping and discover the one that is best for your needs. If you choose a flexible policy instead of a permanent one, you can make changes as your personal needs change.

Friday, August 08, 2008

Life Insurance Awareness Month

A non profit organization in the United States hold Life Insurance Awareness Month each year as a way of informing people about life insurance and increasing awareness for both consumers and life insurance agents. US statistics show that 68 million Americans have no life insurance at all and of those who do have insurance, most are not properly covered. We think this is a great idea to increase awareness that could be enacted in other parts of the world as well.

Should Canada have a life insurance awareness month? Many Canadians are also unaware of the importance of life insurance to help protect their financial future. So many people overlook the importance of life insurance or they think that there will always be more time to get a policy in place.

There are several mistakes in this way of thinking. For example:

  • Unfortunately, we never know when we could be in an accident
  • You never know when you will come down with an illness or condition making it difficult to obtain life insurance
  • The younger you are when you obtain insurance, the easier it is
  • Getting life insurance when you are younger typically ensures you better rates
  • Certain types of life insurance policies can be considered a financial asset even while you are living

These are some things that could be taught to Canadians through a life insurance awareness month each year. Making people more aware of what options are available to them, why they need life insurance and how to go about getting the right type of insurance is always a great choice.

Thursday, August 07, 2008

Term Life Insurance for Seniors

This article covers the need for term life insurance policies for seniors. There are many important facts here to consider and ponder if you or someone you love is in need of a quality life insurance policy. So what exactly is term life insurance and how do you know if this is right for you? Term life insurance is considered to be the simplest form of life insurance. The main features include:

  • Initial affordability
  • Adjustable premiums
  • Renewability
  • Conversion

Term life insurance gives seniors more flexibility with their policies and more options on their coverage. The adjustable premiums allow you more flexibility if you need to lower them at some point or if situations in your life change and you wish to increase your life insurance premiums for more coverage. With additional options to convert your policy, you have even more reasons to choose term life insurance for seniors.

One of the biggest problems for seniors seeking life insurance is that it is very difficult to get a policy if you are older and if you have been diagnosed with an illness or are currently on medication, it can be impossible to get a life insurance policy from certain companies.

Many Canadian life insurance companies are trying to offer more policies to seniors and term life insurance is one way in which this can be done. If you’re a Canadian senior needing a life insurance plan, you may consider a term life insurance policy to meet your needs. But don’t think you have to wait until you are a senior. In fact, it is better to buy a policy when you are younger and healthier.

Wednesday, August 06, 2008

Banks to Buy Into Life Insurance Companies

Some banks in China are buying into life insurance companies. This has also occurred in the UK, the US and other countries. What could this mean to your own life insurance policies if this were to happen in your country? Insurance companies can profit greatly from the bank buy ins but what will it mean to the ordinary policy holder and what could it mean for Canadian life insurance if this were to happen?

What could it mean if banks buy into Canadian life insurance companies?

  1. These types of partnerships could mean more money available to policy providers.
  2. It could mean better rates on a life insurance policy through a company with a bank as a partner.

What do you think would happen to the life insurance industry if more banks jump into this trend and begin buying into life insurance companies or partnering to open life insurance companies?

Many people are not aware of the fact that banks have long held relationships with insurance companies and vice versa. Insurance companies rely on the investments of banks to help them pay out on policies and also to help maintain the costs of running a life insurance company. Arrangements like this could be a good thing for all involved.

A downside to these types of arrangements is that many people feel they can trust their bank for their financial affairs but the insurance desk of the bank is lacking. These are usually staffed by larger staffing companies and you may not be purchasing your insurance from an expert who knows what is best for you. Ultimately, only you can make the decision about what is right for you but we can all expect to see more bank-insurance partnerships happening in the future.

Tuesday, August 05, 2008

Some Life Insurance Providers Working to Meet Special Needs of Families

There are some families who have unique or special needs when it comes to life insurance. This story by Scott Reeves talks about special needs and what some life insurance companies are doing to meet these needs.

Do you have a special needs child? Did you purchase life insurance years ago thinking that you wouldn’t need it but now find yourself with a terminal illness? People purchase life insurance hoping it will help them in an unexpected moment of crisis. The sad truth of the matter is that many policies are written in a way to only offer life insurance payouts under certain rigid circumstances.

Some life insurance providers are taking steps to improve these standards and are giving parents of special needs children of families of the terminally ill more flexibility in their policies. What if you could:

  1. Cash out your policy to pay for medical expenses, in-home care and other basic needs?
  2. Use your policy as a type of “collateral” to help you get medical loans or other assistance?
  3. Partially fund a special needs trust with your life insurance policy?
  4. Provide an alternative asset to help your family?
  5. Help you avoid taxes on the assets so you have more to help your family?

These are just a few examples of ways that life insurance could be able to help families with special needs that have policies. If we as citizens continue challenging the rules and making new demands for life insurance, we may see more life insurance companies taking steps like these to meet the special needs of families.

When it comes to choosing a life insurance policy to help in special needs cases like this, it will depend on the specific needs of you and your family to help determine what policy is best for you.

Monday, August 04, 2008

Canadian Life Insurance Keeps You Protected

Will your life insurance policy protect you and your family members in the event of your death? It’s truly a scary thought to think that it might not. What if your life insurance refused to pay out to your beneficiaries in the event of your death?

We all purchase life insurance thinking that it will protect those we love but the sad truth of the matter is that often people are not getting the coverage they expect when they sign up for a life insurance policy. The blog, Reflections by J. Schenone, talks about cases where life insurance policies dropped the ball. We can use these as examples to why we need to learn as much as possible about our own life insurance before it’s too late.

While these examples happened in the United States, Canadians seeking life insurance policies also need to be cautious of loop-holes in their agreements. Be sure you are fully aware of the law in your province and what it says about making a claim. Here are some ways that Canadian life insurance can keep you protected:

  1. You may be eligible for immediate temporary coverage
  2. You may receive temporary coverage while waiting to take medical tests to prove your current health condition
  3. You could be eligible for a discount as a non-smoker
  4. You could be eligible for a discount for making other positive life choices
  5. If you are not on medication and your health is above average, you could be eligible for better rates

These are just a few of the ways that many Canadian life insurance policies are keeping your protected. Some agencies and companies also offer additional help to your family members or beneficiaries to make it easier on them to claim your life insurance policy in the event of your death.

Sunday, August 03, 2008

Which Life Insurance Policy is Right for You?

Life insurance is not often talked about and many people have confusion regarding which policies are best for them. There are many different types of insurance providing you with different types of life coverage and costing varying life insurance policies. Some types of life insurance policies include:

  • Whole life
  • Variable life
  • Universal life
  • Variable universal life
  • Term life

With many different Canadian life insurance types to choose from, it can be difficult to know if you are getting the right type. Your first step should be to do as much research as possible. This is how you will arm yourself with the tools needed to make a good decision about which life insurance policy is right for you.

This how-to guide from Yahoo! Finance talks about how to buy life insurance. As the article outlines, your research should include what kind of life insurance you need and how much. Next you will want to consider the types of life insurance policies like we mentioned above. Then you need to consider how much life insurance you actually need and how this will affect your premiums.

How much life insurance can you afford? Taking out a life insurance policy with life insurance premiums that you can’t really afford will only lead to a lapsed policy which defeats the original purpose of getting life insurance. To sum it up, here is what you need to know:

  1. Spend time researching available options
  2. Discover what type of life insurance policy you need
  3. Determine how much life insurance you can afford
  4. Calculate your life insurance premiums
  5. Secure your policy while you are young and healthy
  6. Make your premium payments on time

Saturday, August 02, 2008

Life Insurance Scams and Schemes to Avoid

An insurance broker was recently ordered to pay damages for defrauding senior citizens seeking policies. Don’t let this happen to you or someone you love. You can protect yourself by learning all that you can about life insurance and doing the proper research before signing up with someone.

Here are some important things to keep in mind:

  1. If it sounds too good to be true, it might be. While it’s true that rates are dropping, if something sounds too cheap for what you’re getting in return, it pays to take a closer look.
  2. Always do your background research. When seeking a life insurance policy, always look into the history and background of the broker or company you are seeking coverage with.
  3. Find out as much as you can about them.
  4. Look for red flags. Some red flags include if a particular insurance company or broker has been reported with a business bureau or reported online for fraudulent activity. Another red flag may be if they change their address, name and contact information too often or if they appear to move around a lot.
  5. Check their license. Make sure the company you are working with is properly licensed within the industry.
  6. Ask around. It never hurts to talk with people you know and ask about their life insurance policies, what companies they use and if anyone has ever heard of the particular agency or broker that you are considering.

Buying quality Canadian life insurance is one of the most important things you will ever do for yourself and your family but it is extremely important that you do so the right way. Shop around just like you would with any other important purchase. Make sure you know who and where you are getting your life insurance from.

Friday, August 01, 2008

Get a Free Canadian Life Insurance Quote

Did you know that you can get a free Canadian life insurance quote? There are many places to find free life insurance quotes online and this can give you a better idea of what you can expect when you go about finding your own insurance. Shopping for life insurance is not something you should take lightly. You should go about it in the same way you would shop for a vehicle or a new home. You certainly don’t sign a contract for the first one you come across so why would you do that with your life insurance policy?

When you get a free Canadian life insurance quote, it helps you in multiple ways. It’s not just about finding the cheapest insurance. This is a way for you to research and find out what options are available to you and how to get the most for your money. Here are some other benefits to getting a free quote:

  • Compare different options in life insurance
  • Get information about your benefits before signing on with anyone
  • Find a policy that fits your needs and budget

Are you talking with a broker to get a quote? Does this broker know what your needs are before offering you policies and quotes? It is important to remember that not all insurance leads are the same. This article, Are All Insurance Leads the Same, talks about this and what the broker should know when searching leads. Keep in mind as a consumer that this is what many brokers are thinking about when they go to offer you free quotes. Canadian life insurance quotes do not have to be difficult to get but be sure you are doing your research with all the facts.