Life Insurance Information USA » Term Life

Why do I need to buy life insurance?

admin — Mon, 21 Jan 2008 15:26:36 +0000

If someone depends on you financially, the likelihood is that you need life insurance. Its is easy and quick to purchase a no exam term life insurance policy. Life insurance provides cash to your family after you die. The money your beneficiary receives can be an important financial resource. It can help cover daily living expenses, pay the mortgage and other outstanding loans, fund tuition, and ensure that your family is not burdened with debt. Having a life insurance policy could mean your spouse or children wouldn’t have to sell assets to pay bills or taxes. Another advantage is that beneficiaries won’t have to pay federal income taxes on the money they receive.

How To Buy Life Insurance

admin — Wed, 26 Dec 2007 16:39:10 +0000

Only a few insurance companies sell life insurance policies through the mail. If you choose to purchase your policy through the mail, all you have to do is mail in your completed application directly to the insurance company. The company who sells life insurance through the mail usually does not have an agent in your hometown.

The internet has become a very popular way to purchase life insurance policies. Remember all state laws and regulations regarding selling insurance apply to the Internet and insurance-based Web sites. Do some research and make sure the company is authorized to do business. Call the Insurance Consumer hotline before signing any policy.

Most people prefer to buy life insurance through an agent or broker.

Agents represent one or more companies. The agents job, is commission based to sell your policies of the company they represent.

Brokers represent and work for you. You would describe to the broker the type of coverage you want and the amount you want to spend. The brokers job is to survey the market and bring back options for you to review. The broker also receives a commission of the sales they arrange.

It is very wise to choose your agent or broker carefully.. Choose some who is an established business person in your community. If you have concerns about an insurance provider contact the Insurance Consumer Hotline.

What Do I Do To Resolve a Dispute?

admin — Wed, 26 Dec 2007 16:22:55 +0000

Certain steps should be taken to resolve a dispute with your insurance company.

You do not need a lawyer to resolve disputes in most cases, most insurance companies will generally be willing to work with your to straighten out any problems.

First contact your insurance agent. If your concerns are not addressed contact the company’s customer service office. If customer service fails short of your expectation ask about the company’s procedure for appealing decisions.

If your self-help efforts fall short then the next step is to contact the Department Of Insurance Office of Consumer Services, and speak to a life insurance analyst. Your analyst will answer your questions over the phone and explain any additional steps you should take to resolve your problems. The staff will give you an honest and unbiased answers to all your questions.

If this explanation does not satisfy you, you can then request a complaint form which your insurance analyst will mail to you with instructions of how to fill the complaint form. Your analyst will review all the facts to make sure the company follows its contract with you as well as Insurance Regulations.

The most frequent complaints about Life Insurance are:

Misrepresentation
Information requested
Coverage question
Claim denial

Shopping For Cheap Term Life Insurance?

admin — Tue, 18 Dec 2007 13:48:47 +0000

Term Life Insurance is the simplest form of life insurance, the terms are the easiest and the cheapest to shop for. Ask yourself and your agent a lot of questions and here are some suggestions:

Decide how much you need (the amount of death benefits)
How long you want the life insurance to cover you (1, 5,10, 15, 20, or more years)
Compare insurance premiums with other companies
Find out if the insurance policy fees are built into the premiums
Ask is the life insurance policy is renewable
Find out if it is convertible to whole life insurance
Ask if participating life insurance policies are available (potential for dividends)

You can purchase term life insurance from an insurance agent but some companies market term insurance through the mail, internet or TV.

What is Term Life Insurance?

admin — Tue, 11 Dec 2007 14:26:32 +0000

Term Life insurance does not build cash value. It provides coverage for a limited period of time and usually has to be renewed on an annual basis and the insurer can decide to pay annually increasing premiums to continue the coverage or drop the policy. This insurance is for a term of 1 year.

If the insured person dies during the term, the death benefits will be paid to the beneficiary. It is the most inexpensive way to purchase a death benefit on the coverage amount.

Because Term Life is a pure death benefit, its use is to provide for covering financial responsibilities to the insured such as: to cover consumer debt, dependent care, college education for dependents, funeral costs and mortgages.