Life Insurance Information USA » Buy Insurance

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 is Mortgage Life Insurance?

admin — Mon, 17 Dec 2007 14:51:40 +0000

If you own a house and have a mortgage, chances are that the lender included a letter when you signed your mortgage recommending that you buy a mortgage life insurance policy.

Mortgage Life Insurance is sold by insurance companies. It is called mortgage insurance but it is really a decreasing term life insurance that will pay off your mortgage if you die. You buy mortgage life insurance to protect your survivors from having to pay the mortgage.

The premium is structured where the policy begins with a death benefit that is equal to your current mortgage balance. The death benefit decreases at the same rate as your mortgage balance. The premium payments never change but may stop prior to the loan payment. The lender may agree to add the premium payments to your monthly mortgage payment.