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The Life Insurance “Blend”

Term Life Insurance and Permanent Life Insurance Sometimes insurance agents can be so opinionated about term and permanent life insurance that they miss the right solution for the client. There are a lot of insurance agents who believe term life insurance is the only policy people should purchase, and then there are a lot of insurance agents who believe people should only purchase permanent life insurance. The bottom line… both can actually be the best fit. Term life insurance is great for temporary needs, such as one, five, ten, fifteen, twenty, or thirty years. If the personal only needs coverage…

College Funding Using Cash Value Life Insurance

With the rising cost of college, a great deal of parents are searching for ways to help pay for their kid’s tuition. Over the past decade the published in-state tuition and fees for public universities grew at an average rate of 3.5% per year above the rate of inflation. At the same time, the majority of families lack the correct amount of life insurance protection if the primary breadwinner dies unexpectedly. The right cash value life insurance policy can secure needed death benefit protection as well as be a funding source down the road for kid’s college tuition and expense….

Term Life Insurance with Critical Illness

A handful of life insurance companies offer level term policies with a critical illness rider built into the contract which can provide the policyowner with cash in the event of a heart attack, stroke, cancer, kidney failure, and organ transplant. If a physician certifies the insured has a qualifying critical illness within the last twelve months the policyowner (which is typically the proposed insured) can accelerate the death benefit and use the money however they want. Terminal Illness Most life insurance policies have a terminal illness rider which allows the policyowner to accelerate part of the death benefit if a…

Accelerated Underwriting Programs with Life Insurance Companies

Multiple life insurance companies have designed products over the last few years that offer accelerated underwriting programs where people applying for insurance can possibly get approved for life insurance without having to complete a paramedical exam. The sweet spot for these programs is for people between the ages of 18 to 50 applying for 1 million of coverage or less. After someone begins the application process life insurance companies have the ability to analyze people’s credit, driving history, prescriptions, and medical history. Currently about 25% of the time life insurance companies who have accelerated underwriting programs are able to assess…

How Much Life Insurance Do I Need?

The correct amount of life insurance depends on your specific situation and it is prudent to complete a life insurance needs calculator in order to make sure your loved ones are properly protected. There are multiple factors when calculating the correct amount of life insurance and it may require a little bit of homework to ensure accuracy. Click here to calculate how much life insurance you need. Settlement Fund When someone passes away there are typically final expenses for funeral costs and professionals to finalize the estate and transfer assets. The average cost in the United States to cremate a…

Understanding Life Insurance in Less than 10 minutes

Traditionally life insurance conversations involve a face to face meeting where the agent uses tacky old fashion sales techniques to talk people into buying whole life insurance and awkwardly ask for several referrals. If you do not want to go through the hassle of meeting with a life insurance agent in person and wasting two hours of your time, call Pacific Insurance Group based out of Bellevue Washington at 425-246-4222. In less than ten minutes an experienced life insurance expert will be more than happy to walk you through the free instant life insurance quoting system on the home page…

Term Life Insurance with Living Benefits

There are several life insurance companies who have living benefits on their term life insurance policies. These living benefits allow the owner of the policy to accelerate the death benefit in the event of a qualifying illness, such as terminal, chronic, or critical illness. It is highly recommended to see if your current policy or one you are about to purchase has built in living benefits you can accelerate before you die, and if the policy does not have these three benefit riders it could make a lot of sense to switch and replace your current policy. The price difference…

Understanding Annual Life Insurance Statements

If you have a permanent life insurance policy the life insurance company will generally mail out an annual statement around the month of your policy date. Unfortunately, most life insurance companies are still set up on archaic systems which makes the statements difficult to understand. Understanding the terminology of your statement is important. Some examples of commonly used words are clarified below: Insured– most likely you, but in some situations the policy could be owned by someone else or some type of business Death Benefit– amount the insurance company will pay to the beneficiary if the insured passes away while…

Does Your Indexed Universal Life Policy Have Riders to Protect You From a Tax Consequence?

If you are in the market for or have already purchased an Indexed Universal Life insurance policy, it is important to understand how distributions can leave you exposed to a major tax consequence if the policy lapses while you are alive. Multiple life insurance companies have certain riders built into the contract (are commonly called “Overloan Protections Riders,”) but the problem with these riders is that they are not automatically triggered. The policy owner still has to send a letter or complete a form in order to activate this rider and keep the policy from lapsing. An example could be:…