Life Insurance Journal

Term Life Insurance for Seniors

2008-08-07T06:04:00.000-04:00

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.

Banks to Buy Into Life Insurance Companies

2008-08-06T06:03:00.000-04:00

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?

These types of partnerships could mean more money available to policy providers.
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.

Some Life Insurance Providers Working to Meet Special Needs of Families

2008-08-05T06:01:00.000-04:00

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:

Cash out your policy to pay for medical expenses, in-home care and other basic needs?
Use your policy as a type of “collateral” to help you get medical loans or other assistance?
Partially fund a special needs trust with your life insurance policy?
Provide an alternative asset to help your family?
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.

Canadian Life Insurance Keeps You Protected

2008-08-04T06:00:00.000-04:00

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:

You may be eligible for immediate temporary coverage
You may receive temporary coverage while waiting to take medical tests to prove your current health condition
You could be eligible for a discount as a non-smoker
You could be eligible for a discount for making other positive life choices
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.

Which Life Insurance Policy is Right for You?

2008-08-03T17:57:00.000-04:00

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:

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

Life Insurance Scams and Schemes to Avoid

2008-08-02T14:06:00.000-04:00

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:

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.
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.
Find out as much as you can about them.
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.
Check their license. Make sure the company you are working with is properly licensed within the industry.
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.

Get a Free Canadian Life Insurance Quote

2008-08-01T14:05:00.000-04:00

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.

Term Life Insurance is Now Cheaper

2008-07-31T14:02:00.000-04:00

Life insurance, it's dropping in price. Can you believe in a world of growing prices all around us that something could actually be dropping in price? It may sound crazy but it’s true. Studies have shown that term life insurance rates are actually dropping in price which means cheaper premiums for you if you’re looking for a policy.

This article from TheStreet.com explains why these rates are dropping. These are some of the main reasons mentioned in the article:

People are living longer.
Companies are more efficient in the industry
There is more life insurance competition

You can take advantage of these lower term life insurance rates by getting your policy today. It’s never too late in life to get a policy but the sooner you act, the better chances you have of getting better rates and more coverage. The younger and healthier you are, the less likely you are to be denied for a policy.

These dropping prices are just another reason why you shouldn’t hold back on getting your term life insurance policy. There are many Canadian life insurance providers to choose from so it’s important to shop around get the best rates you can find for your coverage. You should look at term life insurance like shopping for a car. You wouldn’t buy the first one you come across, would you?

Do you purchase a car without asking questions first or looking into the details of the contract? If you spot what appears to be a good deal, do you buy without first finding out what you’re getting for your money? The same rules should be applied to shopping for term life insurance. There are many great deals available out there and prices are dropping for Canadian term life insurance as well as insurance policies in other parts of the world but you have to know what and how to look for it.

Life Insurance Myths: Don't Believe These

2008-07-30T14:01:00.000-04:00

This story by Kanetix reveals the top six myths about life insurance in Canada. Could you be making some of the same life insurance mistakes listed in this article? Is it possible that you have been holding back on coverage because you thought you don’t need it or maybe you think you can’t afford coverage?

Here are some reasons you shouldn’t avoid getting Canadian life insurance:

You think you don’t need it if you don’t work
You think you won’t need life insurance if you work at home
You think you can always get life insurance later
You think it’s too difficult to get a life insurance policy
You thin the life insurance you are offered from work will be enough

Then there are also people who avoid getting a life insurance policy because they simply don’t want to think about their own deaths. While the topic is often considered taboo, it is an inevitable fact that we will all die at some point. It’s important that you accept this fact and contact someone about a Canadian life insurance policy today. It’s fast and easy to get a free life insurance quote.

Once you become aware of the common myths about life insurance, you can be sure you don’t make the same mistakes. Get coverage and get it as early as possible so that your family will not have to suffer the added burden of financial worries after you pass. Don’t allow common myths like these to hold you back and prevent you from getting important protection that you need.

Universal Life Insurance Gives You More Freedom

2008-07-29T13:58:00.001-04:00

When searching for Canadian life insurance, it can be difficult to know which of the many types available is right for you. If you seek a Canadian life insurance quote, you will see that there are many different companies offering different types of insurance. One option for you to consider is universal life insurance.

What exactly does this mean? What is universal life insurance and why might it be a good choice for you? Universal life insurance refers to a type of policy in which your terms are flexible throughout the life of the policy. With this type of life insurance, your premiums will be placed in an interest-building account and your policy will accumulate value over time.

You can then decide how much life insurance coverage you need. As situations in your life change and you decide you need more or less coverage, you can change your policy to reflect this. The flexibility of a Canadian universal life insurance policy prevents you from becoming locked into terms for the life of the loan.

Life insurance is a key part of the plan says a recent story in the Gazette. Paul Delean describes what the average Canadian family needs to know about life insurance and how the price paid can reflect medical history.

Here are the basics you need to know:

Determine how much Canadian life insurance you need
Get universal life insurance quotes from several different companies
Choose the one with the best options and most flexibility for you
Remember that you can alter your universal life insurance policy later if your situation changes

Smart shopping can get you the best Canadian universal life insurance for you. This way, you can enjoy the freedom that only comes with a universal policy that allows you more control over your life insurance terms.

Canadian Life Insurance Premiums: What To Know First

2008-07-28T13:54:00.001-04:00

Before you can properly choose a Canadian life insurance policy, you need to be familiar with the premiums and what they mean. Many people who are not offered life insurance through their place of business feel that they will not be able to afford individual life insurance coverage.

The fear of what could happen to your family in the event of your unexpected death is enough to drive many people to seek a life insurance policy anyway. However, without a clear understanding of Canadian life insurance premiums, you may not be getting the best deal available to you.

Here are some things to know:

* Know your options in your life insurance premium
* Know if you are able to pay a little less or little more in a month if you choose
* Know if your policy allows you to skip a payment from time to time
* Be aware of the penalties of missing a premium
* Be aware of what happens if you allow your policy to lapse

A mixed survey from Forbes shows that insurance premiums continue to grow globally. With so many people being asked to pay more, it has led to an increase in lapsed policies. Why do some people allow their life insurance premiums to lapse and what dangers could this mean for them in the event of tragedy?

Many people with life insurance miss their premiums and allow their insurance to lapse because they don’t realize they may have other options. If you are facing a financially tough period in your life and find yourself unable to make payments on your premium, instead of just allowing it to lapse, it’s important to look into your options.

Often it is possible to get an extension or to change the terms of your Canadian life insurance policy to alter the amount of your premium and prevent you from losing the entire policy altogether.

LIFE INSURANCE AND DISABILITY PROTECTION

2008-07-21T22:48:00.001-04:00

Life insurance is an essential tool that anyone (and everyone) should have. How much life insurance you should have depends on various factors. A good life insurance agent will help you determine the right life insurance policy for you. However, you should have a decent amount of information to make a decision regarding the amount of life insurance protection you need.

In a recent report, done by Market Watch, a number of great tips were produced by life insurance professional Frank Durras. In his tips, he describes how you can make the right decisions about the amount of life insurance you need.

He recommends calculating your debt and any ongoing financial obligations you have to be sure your term life insurance provides enough protection. Also, take into account the future value of your income. A variety of types of insurance is available to Canadians looking for life insurance. Long-term care insurance is purchased when you are about 50 but should be selected earlier if you have a family history of chronic illness.

When it comes to finding the best Canadian life insurance, and to learn the rates on term life insurance today, your best bet is to work with an insurance agent to get a personalized figure. Doing some of this comparison-shopping on your own is helpful, but an expert quote is the best route to take.

LIFE INSURANCE SHOULD NOT BE LAPSED BY SENIORS

2008-07-14T10:04:00.002-04:00

Life insurance is a lifeline for many people, and often, seniors are the people that need a life insurance policy most. Yet, according to this story done by MarketWatch, many seniors are slipping in their insurance coverage and even allowing their life insurance plans to expire. You should renew your life insurance or you could be risking various casualties along the way.

The fact is, life insurance helps provide a range of benefits to those that have it in place. Life insurance provides payment at the time of death. That payment can be used to pay medical expenses, to pay for daily living expenses and even to pay for your spouse's final years. Without this type of life insurance protection, many seniors leave their loved ones with little to nothing to manage daily life.

In the article, there is an explanation about why this is happening. The reasons are simple: many seniors just do not know what options they have in renewing life insurance plans. They just do not have enough information on what is available to them in life insurance to make a good decision.

Without having a reliable life insurance policy, though, many are risking costly financial situations. Life insurance information is readily available to seniors who may have an expiring policy. More so, these life insurance companies are available to answer essential questions.

Term Life Insurance Best Bet For Most

2008-07-13T10:03:00.000-04:00

If you are trying to determine which the best life insurance for your particular needs is, term life insurance may just be a best bet. In a recent response to a reader's question, the StarTribune.com, which is based in Minnesota, offered a great explanation of why term life insurance really is a fantastic opportunity for those who are looking for life insurance protection.

As the author of the story relayed the best reason to buy life insurance is to protect your family from long-term problems financially if something should happen to you while they are dependent on you for everyday life expenses.

There are plenty of benefits for term life insurance including low life insurance premium payments, good coverage and a directly payout of the insurance should you die before you should. When considering term life insurance, look at what it will cover for you. For example, if you are young, you may have a mortgage, credit card debt, and a family you are raising which life insurance can help cover. Because it is a simple, straightforward type of life insurance policy, it does just what you need it to. Term life insurance provides protection for your family when they need it the most.

Women Without Insurance: Michelle Obama Makes The Case

2008-07-12T10:01:00.000-04:00

Regardless of location, women need insurance. While Michelle Obama addressed this in a recent speech she gave, the need for all people, regardless of location (and even out of the country needs) for life insurance is just as great. The health insurance crisis is one thing, but there is just as large of a crisis in terms of quality life insurance.

Does it matter if you have life insurance? Term life insurance can be a saving grace for those that face disasters earlier in their lives than others. While people are living life longer, the risks are greater for death an earlier age, including heart related conditions, diabetes and cancers. Therefore, if you do not have term life insurance to help you, chances are good you do not have insurance to protect your family.

Health insurance is important, as the Obama campaign is talking about. Yet, women of all ages and countries need to focus on what could happen to their families if they did die suddenly. Life insurance provides the ultimate protection, smoothing away all the problems, concerns and worries of what could happen in life. If you do not have life insurance yet, now is the right time to talk to an insurance company about the options you have in life insurance policies.

Life Insurance Policies Are Not For Down Times

2008-07-11T09:59:00.000-04:00

Do you have life insurance? Recently, some people have resorted to cashing in their life insurance policies in the hopes of using the funds for the rough economic times they are facing. While some insurance policies do allow for this, with something called a life settlement, it may not be the best route to take, especially when those funds from your insurance policy will be necessary for their initial intended purpose for later in life.

In a recent article by MarketWatch, there are some harsh warnings about cashing in your life insurance, your 401k or other retirement accounts you may. The warning comes from the Financial Industry Regulatory Authority. The Chief Executive Officer of that organization, Mary Schapiro, had this to say, "Each of these should be considered strategies of last resort," the article quoted. "They may raise cash quickly, but each also carries long term consequences that can undermine financial security in retirement and post the potential for losing a significant, and sometimes irreplaceable, asset.” Life insurance is a protection for later.

Life insurance is a very important financial security right now, with a recession on the doorstep of the country. Yet, down the road, the value of the life insurance policy will be even more essential to the overall financial well being your family has. For those who need life insurance and do not have life insurance yet, now is the best time to get into the right life insurance policy.

Life Insurance's Role In Retirement Planning For Your Spouse

2008-07-10T21:55:00.001-04:00

Use life insurance as a life protection. Taking care of your spouse should something happen to you is something that life insurance can help with. Today, the demands on retirement income are high, and most people have not put away enough funds in their retirement plans to successfully build themselves a nest egg to protect both spouses. Life insurance policies can help provide some additional protection.

This need for life insurance becomes evident. In recent news article by Fox Business, outlined were various ways that spouses could add to their available assets (which life insurance should be one of) so that when one spouses passes away, the other is still financially stable. As noted in the article, even with a sizable IRA, there may still be the need for additional income. In these situations, considerations for life insurance should be made.

Having a life insurance policy could help prolong life by providing additional funds to the remaining spouse that can be used to give them access to quality healthcare and medications. A policy can offer additional help in remaining in their home, paying bills or just living the life they have come to know.

With this type of insurance, it becomes essential to consider insurance plans that will provide such an output before the policies become expensive to the couple. Therefore, a young couple is often in the best place possible for getting an affordable life insurance policy to care for their spouse through retirement. Those without such a policy should seek a solution sooner rather than later.

FAQ: What Is A Life Annuity?

2008-05-02T11:54:00.000-04:00

Frequently asked questions: What is a life annuity?

How Does Disability Insurance Work?

2008-04-25T11:27:00.001-04:00

Frequently asked questions: How Does Disability Insurance Work?

What Is The Difference Between Critical Illness and Disability Income Insurance?

2008-04-24T11:22:00.003-04:00

Frequently asked questions: What is the difference between critical illness and disability income insurance?

How Much Life Insurance Do I Need?

2008-04-23T09:35:00.001-04:00

Frequently asked questions: How much life insurance do I need?

How do I buy life insurance?

2008-04-22T11:36:00.000-04:00

Frequently asked questions: How do I buy life insurance?

Why should I buy life insurance?

2008-04-21T08:59:00.000-04:00

Frequently asked questions: Why should I buy life insurance?

FAQ: What Sort Of Life Insurance Is Best For Me?

2008-04-17T08:45:00.002-04:00

Life insurance frequently asked questions (faq): What sort of life insurance is best for me?
Play video to get the answer.

Term Life Insurance Advantages

2007-07-03T14:04:00.000-04:00

If you have a wife and kids, then there is no question about it that you should have a life insurance policy on you. Just think if god for bid something horrible happened to you and you passed on, what would that mean for your family. I know it’s hard to plan for your death, but you have to think of this when you have a family to protect and take care of. If you are the main source of income for your family then you must learn more about getting a life insurance policy.

There are two main types of life insurance – whole life insurance, and term life insurance. Both have their advantages and disadvantages. But today we are just going to discuss term life insurance. And before I go into the many advantages of having term life insurance I want to explain exactly what this is.

Term life insurance will provide you with death protection for a certain period of time, or often called certain term. It’s often used to provide temporary life insurance protection without the huge cost. This term life insurance will cover you for a predetermined period of time, such as five or ten years. And if you as the policy holder was to die during this time of coverage then your family will received compensation. When the term is near the end then you will have the option of renewing your term life insurance.

Alright so besides term life insurance being the least expensive form of life insurance it does have many other advantages.

Lower Premiums - Usually the main reason that people do not get life insurance is because it can be costly, and who has money to just throw away for the possibility of their death. It’s not something that you want to think of, but it is important. Term life insurance has much lower premiums than that of whole life insurance. And you get a lot more coverage at this lower premium, which leads me to the next advantage of term life insurance.

Higher coverage – This may sound like a dumb question, but there is logic behind it somewhere, it will become clear I promise you.

Would you rather your family have $100,000 if you should suddenly pass, or would you rather them have $500,000.

Seems obvious doesn’t it.

I can hear you right now, “Umm, well how much would it cost me now.”

Alright so you don’t plan on dying any time soon, so what is the difference for now. You’d rather save the few extra bucks. Well it’s true you don’t plan on it, but that’s why there is something called accidental death, these are not planned and you don’t expect them to ever happen to you, but they can and it happens everyday.

Term life insurance will give you a much higher coverage at a much lower cost then that of whole life insurance. So you can give your family more.

You have the ability to cancel or reduce policy at any time – This is something that is very important. You are not bound to anything, situations change things pop up at the most inconvenient times in our lives. So let’s say you lost your job and you can’t afford to pay the premium that you are paying right now you can simply reduce the coverage. It’s as easy as that.

As you can see there are many advantages of having a life insurance policy for you, and getting a term life insurance policy has even more advantages then you can ask for. So go and get a quote today and learn more about what you can give to your family by getting a term life insurance policy.