Tuesday, September 30, 2008

Permanent Life Insurance

This article by Susan Roberts discusses permanent life insurance and why you should make it part of your estate planning. This article was written for dentists but it contains great advice that could be appropriate for anyone.

When it comes to estate planning, some people put it off much longer than they should. Other people think a will is enough to have them properly covered. The truth is you also need to have a proper permanent life insurance plan in place. It’s not even enough to just have life insurance; you need to also have the right type and the proper amount of coverage.

Here are some things to consider to help you choose proper permanent life insurance:

Compare the different types of life insurance available
Calculate how much life insurance you really need
Compare term and permanent life insurance

This article talked about why permanent life insurance is a good option for some people. While Canadian term life insurance also has its many advantages to many people, only you can make the decision about what is best for you.

Permanent life insurance is important for estate planning. Here are some of the reasons:

Helps your family cover taxes due at deaths
Helps cover funeral and other arrangements
Helps pay off debts so that your heirs receive the inheritance you intend for them to
Allows you to leave money to a charity with tax advantages
And more

While term life insurance is good for younger people, singles and families just starting out, it usually ends past age 65 or age 80. This is one reason it is not beneficial for estate planning. Weigh all the considerations and you can choose the best life insurance plan for you.

Monday, September 29, 2008

Seven Ways to Save on Life Insurance

I read this interesting article on 7 Ways to Save on Life Insurance and it got me thinking about other ways you can save on your life insurance policy. We all would like to save more money, right? But you don’t want to have to skimp by on your life insurance coverage, right?

Well, the good news is that there are ways you can save on your Canadian life insurance or term life insurance policy and you don’t have to go without coverage you need to achieve it.

Here are seven ways you can save on life insurance:

Consider term life insurance. You may have heard it said before but term life can give you the same amount of coverage but for lower premiums. There is no investment or savings options in term life but you can benefit from the lower premiums.
Compare life insurance policies and pricing to help find a better deal on the coverage you need.
Pay your annual premium all at once instead of on a payment plan to save money.
Avoid guaranteed policies if you know you are in good health. They will cost more and you don’t need the extra expense.
Buy only as much as you need. There’s no need to buy more life insurance than you need and doing so will only make your premiums higher.
Buy extra if you can get a discount or special deal for doing so. This is an exception to the rule above.
Buy a joint policy with your spouse to save even more.

These are some basic and simple steps that will help you save on your life insurance. Don’t sacrifice the coverage you need and deserve because you think you can’t afford it.

Sunday, September 28, 2008

Term Life Insurance Quotes for Canadian Singles

Single people need life insurance too. This article I read today discusses what you need to know about term life insurance quotes for Canadian singles. Many people are under the misunderstanding that life insurance is only for older people or those people with families and dependants. The truth of the matter is that everyone can use life insurance. When you’re not insured, you put a large burden on your survivors.

Here are some points to consider:

Mortgage life insurance can be helpful to single people as well
Single people don’t want their families to have to cover their death expenses
Term life insurance can help singles cover possible medical expenses, burial plot and other affairs
Term life insurance can also help cover car loans, credit car bills or other debts that don’t disappear when you die

If you’re a single person who does not own a home, you won’t need to worry about mortgage insurance but you do have to worry about the other expenses associated with your death that people in your family will have to cover when you die.

Most singles don’t plan ahead for these types of expenses. In fact, most don’t expect that they will die and since they don’t have dependants, they may not put thought into life insurance as they should. However, if you are single and you die with debts and death-related expenses, someone will have to pay for it.

This burden usually falls to the closest family members such as parents (if they are still living) or siblings. Someone will have to pay for this and if you don’t have any life insurance, the responsibility will fall to the people closest to you who are already suffering from the loss of your life.

Saturday, September 27, 2008

Term Life vs. Bank Life Insurance

What is the difference in term life insurance and bank life insurance? Many Canadians may be asking themselves this questions. Ivon T. Hughes attempts to answer it in this brief but informative article. There are many reasons why so many people are now looking for term life insurance over bank life insurance. You can find out for yourself whether or not it’s the right choice for you.

We agree with the article that term life insurance generally has many advantages over a bank or lender-backed mortgage life insurance plan. Here are some of those advantages:

It is more flexible
It has more affordable premium rates
You are the owner of the policy and have control over the plan
You have more control over the choice of beneficiary in your plan
You have guaranteed premiums- you can count on the amount to always be the same
You have a guaranteed death benefit so you know exactly what will be paid out to your beneficiary
Your term life insurance is portable – you can concentrate on getting the best rate
You can lower the amount of coverage or change the beneficiary whenever you want because plans are flexible

When you learn more about why Canadian term life insurance is a preferred choice, you will be able to make the decision about whether or not it is right for you. It is generally considered a good choice for the head of a household or a young person still becoming established.

When shopping for your own life insurance policy, consider Canadian term life as an option that night work for your needs. Then you can look into various quotes and find the specific company that you want. Independent life insurance providers are often a great choice for better rates and personalized service.

Friday, September 26, 2008

What is Canadian Term Insurance?

This article by Ivon T. Hughes discusses Canadian term insurance and what you should know. You may have heard it mentioned before that you can save when you purchase term life insurance instead of whole life insurance. Term life insurance can actually be a better option for many people for several reasons.

Term life insurance is in place for a set amount of time such as 1o years or 20 years or until the person reaches a certain age
Coverage amounts can be chosen to cover specific amounts for the family needs
Your premiums will never change
Term life is often more affordable with lower premiums than whole life insurance

The main difference in the two is that whole life insurance is in effect from the time the policy begins until the person dies and term life insurance is in effect for a specific period of time. This is usually why it is cheaper.

Otherwise, there are few differences and when your term life insurance policy is about to expire, you can renew it or extend it and keep the coverage and the same premium rate you’ve been paying.

Canadian term insurance is great for younger people, the sole breadwinner in the family and people in similar situations. If something unexpected happens to this head of the household, the family will have something to help them financially. Since your premiums never change, you always know how much will be due so it’s easier to budget for it as well.

If you decide you want to get Canadian term life insurance, you can begin searching for term life quotes in the comfort of your own home. Premiums for term insurance will vary according to different factors such as your age, health and lifestyle and more.

Thursday, September 25, 2008

Will Your Insurance Grow with You?

This article by Susan Roberts touches on the insurance of whether or not your insurance will grow with you. Many people are now aware of the importance of insurance and more Canadians are getting the life insurance that is so important to them. However, many people do not realize the need for insurance to grow with you.

As you get older and things in your life change, you will need to update your life insurance policy. You are never too young or too old to get life insurance but it’s important that you understand that as your circumstances change, so will your needs in a life insurance policy.

If you have children, you will then need to update your policy and possibly increase your coverage amount to ensure that their needs are taken care of if something should happen to you. If you purchase a home or get married, these are other factors that can change your policy as well as if you get divorced, your children are older and moved out of the home, etc.

Here are some reasons why your insurance coverage should change as you age:

To keep it fully effective
To update names, beneficiaries and other details
To insure your family is properly covered
To reflect changes in your career or business
To reflect retirement

To make sure your insurance policy is growing with you, it should be evaluated at least once every year. You may also need to make adjustments around your mid 40s to early 50s to adjust for life changes. When you take the time to update your life insurance policy and make sure it grows with you, you will be certain that you always have the best and most fully effective coverage available to you.

Wednesday, September 24, 2008

Life Insurance Should Be a Part of Your Financial Planning

Many Canadians overlook life insurance when they are planning their financial future but this is a big mistake. Life insurance is one of the best ways to secure the future of your family and loved ones. Of course, no one wants to think about their death but it is something that must be faced at some point. So why not take that extra step to ensure your family benefits from all the hard work you’ve dealt with throughout your life and get the coverage you need.

In this article it talks about how important life insurance is to you and your family. Since September is the “Nation Life Insurance Awareness Month” now is a good time to start thinking about how it can benefit you. Many people don’t carry life insurance and out of the ones that do, most feel as though they don’t have enough. You never know when tragedy will strike and once something happens, it’s too late to get the coverage you need.

It is for this reason that everyone, regardless of your age or where you live, should seriously think about getting life insurance. There are many locations throughout Canada providing Canadians with the opportunity to receive the coverage needed to secure their financial future.

Life insurance can help to ensure your loved ones will have the future you want them to have and there is no reason for any family living in Canada to do without it. Normally, you can get the coverage you need for a very reasonable price so don’t let that stand in your way. Don’t be caught off-guard and let your family suffer just because it’s an uncomfortable subject to talk about. Plan your financial future the right way and consider how important life insurance can be to your family’s future.

Tuesday, September 23, 2008

Seniors and Life Insurance Scams

Senior citizens are the target of many scams these days including life insurance. You would think that anyone could buy life insurance without worrying about being caught up in some type of scam but unfortunately, there seems to be a scam for everything. This is something that all Canadians should be aware of and on the watch for. No one wants to be the victim of a scam but taking advantage of the death of a senior citizen is a horrible thing.

Life insurance scams for seniors have become such a problem that many states are trying to fight back. In this article you can read about how a new Ohio law bans life insurance scams from making money off of the death of their senior citizens. This law bans the use of STOLI transactions. STOLI stands for Stranger Originated Life Insurance and it allows anyone to invest in a life insurance policy of someone else that they don’t even know.

By investing in this policy they are entitled to the cash benefit of the life insurance when that person dies. The senior citizen is tricked into thinking they have a free life insurance policy that will benefit their family when in reality the benefits will go to the scammer. Companies that sell life insurance are required by this law to ask certain questions that will help identify scams. A five-year waiting period is mandatory in cases where a STOLI scam is suspected.

Ohio wanted to put a stop to this type of scam before it gets started in their state and it is something that everyone needs to be aware of, including Canadians. The first step in preventing seniors from being taken in by scams is knowledge. Everyone, including Canadians should learn as much as they can about the scams that affect senior citizens to help ensure they are not taken advantage of.

Monday, September 22, 2008

Experts Say Life Insurance Cheaper than Mortgage Insurance

This released from the Canadian Press says that people who are looking to wrap up a new home purchase may find that life insurance is more affordable more flexible than mortgage insurance obtained through a bank. Most everyone will agree that it just makes sense to protect yourself when making large purchases with proper insurance. This is what started mortgage insurance in the first place.

However, when it comes to mortgages, many people don’t give insurance the proper thought it should require and thus are not protected on these important purchases such as their home. Many experts agree that this could be a very expensive mistake.

Now that people are starting to understand that mortgage insurance is a very important financial decision, they need to know the right place to get their insurance from. Unfortunately, many people are searching in the wrong places for mortgage insurance and are not getting the proper coverage they need. This is why many experts are now saying homeowners should consider life insurance instead of typical mortgage insurance.

Most people wait and choose their mortgage insurance when they are making closing arrangements on the purchase of their home. They fail to shop around for the best deals on insurance and this can be a real problem.

What are some reasons to choose life insurance?

You are more guaranteed to get professional service
You can shop around for better rates and coverage options
You have “portable” insurance with other benefits

Overall, when deciding between life insurance and mortgage insurance, it is suggested that you go to a professional or financial advisor before just purchasing mortgage insurance from the bank. A professional can help you make the right decision with your insurance options and avoid any unwanted surprises later.

Sunday, September 21, 2008

The Stock Market Crash of AIG Insurance

This article discusses the stock market crash of AIG insurance and how the Federal Reserve bailed them out at the last minute with an 85 billion dollar loan. In exchange for this assistance the state now owns 79.9% of its shares. The main reason the Federal Reserve stepped in and helped with this crisis was because it was agreed that if AIG failed it would cause too much chaos and disorder in the global financial market.

AIG is one of the largest industries in Canada. Canadian life insurance policy holders with AIG have always felt safe with the knowledge that their future was in the hands of the world’s second largest life insurance company but now things have took a major turn and changes are being made fast. The company is expected to sell off its assets during the next two years to repay the loan. So what does this crisis mean for Canadian life insurance policy holders now?

Naturally, most of the policy holders are afraid and worried about what the outcome will be for them. Many are calling to ask questions and trying to find out all they can and others are even turning to competitors to see what option they are offering. However, to put everyone’s mind at ease the head of the AIG Life Insurance Company in Canada set out to reassure their life insurance policy holders that everything possible was being done to improve the financial performance of AIG and to secure the business. Basically, officials are saying it’s no need to worry because all obligations to policy holders will be honored.

Even with this reassurance many stock markets continued to suffer as shares began to drop. The Sun Life Financial Inc of Canada fell 8% and the Manulife fell 6% and this is just an example of how this crisis is affecting the world.

Saturday, September 20, 2008

Many Special Qualities Available from Life Insurance Companies

If you are on the lookout for Canadian life insurance companies, you probably want to know what kind of deals and specials are available for you out there. When you’re looking for financial products such as life insurance, there are many different resources you can turn to but how do you find the one that’s right for you?

How do you know who is best to meet your needs and your financial situation? You can now choose among banks, trust companies, mutual fund companies and life insurance companies. The lines that once clearly defined these companies from one another are blurred and it can be a difficult decision to choose the one that is best for you.

This article from the Edmonton Journal talks about the special qualities that are still available from life insurance companies. While there are other agencies and organizations available now to offer you the same types of services, life insurance companies still have qualities that those other companies can’t offer.

Here are some of those special qualities:

Creditor protection
Probate protection
Pension income credit
Experienced service

It’s very important you have safeguarding from seizure by creditors, guarantees with the insurance you are purchasing as well as probate protection in case you have to probate the estate at death. These are all the types of “extras” you can’t get with life insurance from another source.

Now that you are aware of the special qualities offered by life insurance companies, you can see why they are still your top choice for life insurance. While Canadians do now have many other locations they can seek insurance, it’s best to go to the original source. Life insurance companies will still be able to offer you unique qualities that you can’t get from those other resources.

Friday, September 19, 2008

Cut Insurance Costs, Not Coverage

This article discusses ways you can cut your insurance costs without cutting your coverage. Most of us can agree that we would like to save more on our insurance costs but we don’t want to have to cut back on coverage that we might desperately need.

Too many people don’t have the life insurance that they need because of the cost involved. While Canadian life insurance and term life insurance is relatively affordable compared to other countries, it’s still difficult for some people, especially low income, to find a way to afford their coverage.

However, it’s also important to remember the costs involved in not having life insurance. The expense involved in your death, particularly an unexpected death can be a real travesty to your family.

Here are some suggested ways to cut insurance costs, without cutting your coverage:

  1. Consider term life insurance to help you save. Typically, term life insurance will give you the most coverage for the least amount of money. With term life insurance, there is no investment or savings component but you can invest in other ways with the money you will save on term life insurance instead.
  2. Avoid guaranteed policies that are not needed. If you are in good health, you don’t need to spend the extra money on guaranteed policies. Because they usually don’t require an exam, they are usually more expensive. If you know you can pass the medical exam, why pay extra?
  3. Consider a joint policy when buying for two. If you and your spouse are both looking for a life insurance policy, a joint policy may save you some money. You can usually get a premium of 10-15% cheaper on a joint policy than two individual policies covering the same amount.

Life insurance or term life insurance is not the only way that you can save. Additionally you can save on other types of insurance as well such as auto insurance or health insurance. When you take the time to shop around, compare quotes, ask for discounts and take other steps, you can often find a cheaper rate than you had been offered before.

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Thursday, September 18, 2008

Canadian Insurance Benefits Improved

This article by Anna Dorbyk talks about insurance benefits that are tailored to the changing needs of Canadians today. While we all need life insurance, we don’t all need the same type of coverage. This article talks about health insurance but the same things can be said of Canadian life insurance.

The basic traditional life insurance packages are now being replaced with more alternative options for people looking for life insurance coverage. This is to give each unique individual a plan more designed for their personal needs.

Changes such as these are also making it easier for more people to get Canadian life insurance. They feel that no one should have to lack life insurance because they can’t afford it. This is why more flexible plans have been created even for people who may not have a lot of extra money in their budget for the premiums.

Here are some things you can do to get the best from your Canadian life insurance:

  • Shop around for life insurance quotes
  • Check the quotes from multiple companies
  • Shop independent life insurance providers
  • See what types of plans you have to choose from
  • Consider term life insurance to save

With new benefits and options for Canadians looking for life insurance, you can now choose from different packages and plans that meet your needs the best. You can have a feeling of protection and security in knowing you have a life insurance policy that you can afford and that meets your needs.

Giving Canadians more options in life insurance and other types of insurance also means that more people who did not previously have insurance but needed it, can get it. Canadians no longer have to feel like they don’t have many choices.

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Wednesday, September 17, 2008

Tips for Getting Insurance Quotes

I read an article today that offers tips for getting an insurance quote. This is great advice no matter what type of insurance you are searching for. You might be surprised to know that many people get into an insurance policy without really knowing a lot about it or their other options first.

Here are some tips to keep in mind:

  • Have your current insurance policy with you while you search for a new quote.
  • Look at the prices of deductibles and consider a higher deductible to get a better rate.
  • Consider your needs and compare them to what the insurance policy offers.
  • Place multiple insurance policies with the same company when getting a policy to get a discount rate.
  • Don’t be afraid to ask questions. A legitimate insurance provider will not have a problem with addressing your concerns.
  • Shop around. Don’t take the first offer that comes your way, even if it sounds like a good one.

In addition to these basic insurance quote tips, you also need to consider the different types of insurance and how to compare each one when looking for quotes. You can find advice for general insurance, car insurance, homeowner’s insurance, life insurance, health insurance and even long-term insurance quotes.

These tips for getting insurance quotes can help you search Canadian insurance providers for one that gives you the best rates for the best policy to meet your needs. A smart consumer will look into all their options and learn as much as they can about a particular insurance policy before signing up for one. When you do this, you take your own future into your hands and insure you are getting the best policy for your needs and situation.

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Tuesday, September 16, 2008

Getting Term Life Insurance Quotes Online

This news release discusses why it can be beneficial to get term life insurance quotes online. Many people do not have the life insurance they need for themselves but they are now learning why it is so important. An increase in public awareness has now led to an increase in people signing up for life insurance. The problem is that many people don’t know where to go for quality quotes and information about insurance.

You can get term life insurance quotes online and save yourself a great deal of time and energy. This is also an essential way to compare quotes and plans so you choose the one that is best for your needs.

As the article discusses, getting term life insurance quotes online can be easy, fast and efficient. You should use a rate comparison service that you feel comfortable with and one that has accurate and updated information for obtaining their quotes.

Here are some tips for getting term life insurance quotes online:

  • Compare as many companies as you can
  • Consider independent companies versus large companies
  • Compare preferred and standard rates side by side
  • Know what you are getting for the rate quoted (how much coverage, etc)
  • Use services that protect your privacy
  • Use services that allow you to shop anonymously

These basic tips can help you with getting term life insurance quotes online. This can help you get the best term life insurance policy for you. You can then feel confident that your family and affairs will be taken care of if something should happen to you. Remember also that once you have your policy, you need to be sure someone in your family knows about it and where a copy of it is kept. It’s also advised that you keep more than one copy of your policy and place them in separate locations (maybe in your home, in a bank deposit box, etc.)


Friday, September 12, 2008

Life Insurance Awareness Month Is September

In the US, September is Life Insurance Awareness Month. Even Canadian life insurance customers can learn something from this month. In this article, Pennsylvania Insurance Commissioner Joel Ario today urged consumers to look at their families' potential life insurance needs. This is a smart idea for anyone, no matter where you live or how old you are.

Too many families put off getting life insurance. They don’t want to think about their possible death and they think there will be plenty of time to deal with that later. Unfortunately, many families continue putting it off for later and some of us just don’t have the benefit of waiting. In the event that something unexpected does happen, will your family be covered?

And for those of you who do have life insurance, do you have enough? Do you know what your plan covers and what the stipulations are around it? Sometimes just having a policy isn’t enough. While no one wants to think about dying, you also don’t want your family to have to suffer because you were not properly prepared.

Here are some things you need to do even if you already have a life insurance plan:

  • Be sure your current policy covers all of your needs.
  • Make sure your family is aware of your policy and of your wishes.
  • Be sure your beneficiaries are updated and that they are notified that they are beneficiaries.
  • Re-examine your policy every year and keep it updated.
  • Make sure your family knows where to find your policy and who to contact to cash in the policy.
  • Keep backup copies of your life insurance policy in separate places.

These tips will help ensure your insurance policy gets used properly in the event of your death. Many people mistakenly think that the insurance company will contact their families and have a copy of the policy but most insurance companies do not. It’s your beneficiaries responsibility to claim.

Monday, September 08, 2008

Life Insurance Needs To Be Calculated

I had a different type of life insurance problem this week.

The couple, aged 62 and smokers, needed $210k to cover a mortgage as co-owners and co-mortgagees. Both have been told that they definitely should be covered by joint first to die life insurance policy.

However, the premiums were beyond their financial reach. And beyond their need also I soon calculated. One partner was contributing only a small amount to the financial pot each month, so why did this partner need coverage at all?

I reasoned and they both agreed, that the loss of this partner would be emotional, not financial. While it was preferable to insure both, it was just not financially feasible. Comments?