Life Insurance Riders

Life Insurance Riders

Life insurance policies can be very complicated documents at times, and that is why it is so important to always read the fine print. Understanding the terms of the policy will not only help you make the right coverage choice – it will also help prevent any unpleasant surprises down the road.

One of the most important, and most misunderstood, parts of the life insurance policy is the life insurance rider. In its simplest terms a life insurance rider is a modification to the policy. The rider is attached at the time the policy is written, and it can either add or limit the benefits of the policy depending on the specific provisions of the rider.

The life insurance rider is used in order to provide some sort of benefit that is important to the insured. In some cases these additional benefits will come with an additional cost attached, so it is important to weigh the cost and benefits carefully. It is always a good idea to ask the insurance agent to price the policy and the riders individually so that an intelligent assessment can be made.

The number of riders that can be added to a policy is almost limitless, but the riders that are most commonly used include:

Accidental Death Double Indemnity – this common rider means that the beneficiaries will receive twice the usual death benefit of the insured is killed in an accident.

Mortgage Protection – this rider is used to attach a mortgage life insurance policy to the main policy. The proceeds of the mortgage life insurance policy can be used to pay off the family home if the insured dies.

Waiver of Premium – this rider allows the insured to stop making premium payments in the event of a permanent disability. When considering this type of rider it is important to be clear on the life insurance company’s definition of disability. Some policies define a disabled person to be one incapable of doing any work at all, not just the job he or she previously held.

Guaranteed Insurability – this type of rider is often attached to a whole life or universal life policy, and it guarantees the right to purchase a new policy regardless of health status.

Accelerated Death Benefit – this rider allows part of the death benefit to be paid if the insured has been diagnosed with a terminal illness.

No matter what type of life insurance riders are desired it is always important to weigh their costs against the potential benefits they can provide. In some cases it may be possible to get the same type of protection through other means like outside investments and other insurance. . In other cases adding a life insurance rider will make an already valuable policy even more so. The key is to be an informed consumer – one who understands what riders are, how they work, and how they can be used to add value to the insured and his or her beneficiaries.

What to Look for When Comparing Life Insurance Quotes

What to Look for When Comparing Life Insurance Quotes

Buying life insurance can sometimes be a confusing and time consuming process, and it is all too easy to become overwhelmed by the complexity. There are so many types of life insurance on the market today, including whole life, term life insurance, universal life and so on, that it can be hard to know which type of coverage is the best. In addition there are so many different insurance companies out there writing policies, and it can sometimes be difficult to make the right decision and choose the right company.

Fortunately there is help available, and there are some guidelines life insurance shoppers can use to make sure they get the best possible coverage for the lowest possible premium. One of the best places to start is with the rating agencies whose job it is to assess the health and financial condition of the insurance companies they rate. Perhaps the best known of these rating agencies is AM Best, and a good rating from this company is typically a good indication of the health of the company in question. When shopping for life insurance keep in mind that the policy you buy is only as good as the company standing behind it. Keeping this caveat in the back of your mind as you shop is very important.

When it comes to purchasing life insurance coverage it is important to make sure you get the biggest bang for your buck, and that means carefully comparing life insurance coverage offers from a variety of different companies. When comparing these quotes it is important to compare both coverage levels and prices, and it is important to work only with companies that have been highly rated by the various rating agencies. Using a life insurance premium comparison service like USACoverage.com can take a lot of the leg work out of the process and streamline the whole process of shopping for life insurance coverage.

The internet has certainly made it a lot easier to shop for a variety of financial products and services, including life insurance. Before the internet comparing life insurance policies often involved weeks of phone calls, followed by more weeks of tedious waiting as the offers came in. Thanks to the power of the internet it is now possible to compare dozens of different offers in only a couple of hours.

When shopping for life insurance it is often helpful to obtain quotes for several different coverage levels. Many people are surprised at just how much coverage they can actually afford, and at how little difference there is in premiums as coverage levels go up. Many financial experts recommend that workers carry life insurance with a death benefit equal to between 20 and 30 times their annual salary, and that can be a good guideline when shopping for coverage. Comparing the monthly premium for coverage equal to 20 times, 25 times and 30 times current annual salary is a great way to determine how much coverage you can really afford. And comparing policies from highly rated and well respected life insurance companies is one of the best ways to make sure you get the most coverage for the least amount of money.

Understanding Instant Issue Life Insurance

Understanding Instant Issue Life Insurance

There are many different kinds of life insurance on the market, and it is important for those in need of insurance coverage to understand all their options. Shopping for life insurance can be a complicated and at times intimidating process. The more information you can gather the better off you will be. It is important to think ahead and determine the answer to some of the most commonly asked insurance questions such as how much of a death benefit is needed, how long the life insurance coverage will need to remain in effect and how the life insurance proceeds are to be paid.

It is also important to determine what type of life insurance coverage will be needed. There are many different kinds of life insurance available, and understanding the different kinds of coverage is the best way to ensure the optimum level of coverage for the lowest possible price.

One of the most popular types of life insurance coverage is known on the market as instant issue life insurance. As the name implies this type of life insurance coverage provides instant coverage, with no waiting period required. This makes it the perfect choice for those who need to have life insurance coverage in place right away to protect loved ones and family members.

Many people who need life insurance have put off this important purchase for many years, only to realize that they can no longer afford to live without the protection it provides. The reasons for putting off life insurance coverage are many, but the need for life insurance is universal. Some who need life insurance simply do not want to face their own mortality, while others fear that the price will be out of reach. Still others do not realize at first just how essential life insurance coverage really is. All of these reasons have a role to play, but it is important for everyone who needs insurance to overcome those obstacles and get the coverage they need.

After the need for coverage has been established, ,the next step is to find a quality policy. If insurance is needed right away an instant issue life insurance policy can be a great choice. While some life insurance policies may require a waiting period of at least a few months, an instant issue life insurance policy will require no such waiting period. This makes it easy for workers to get the coverage they need as quickly as possible, helping to protect themselves and their family without delay.

Term life Insurance VS Whole Life Insurance

Term Life vs. Whole Life Insurance – the Pros and Cons

There are many different kinds of life insurance on the market, but two of the most popular are term life and whole life insurance. These two types of life insurance are among the most popular and the most valuable kinds of coverage, but it is important for those in search of a new or replacement policy to understand the differences between the two. Both term life insurance and whole life insurance have their advantages and their drawbacks, and it is always important to shop carefully.

Term Life Insurance

Let’s start our discussion with a look at term life insurance. Term life insurance is the simplest, and typically the least expensive form of life insurance coverage, and it is a good choice for many individuals and families. Term life insurance is designed to provide a death benefit – and only a death benefit. Unlike other forms of life insurance there is no investment element. Term life insurance provides only a death benefit. Buying term life insurance has a number of important advantages, including:

1. Term life insurance is typically the least expensive form of coverage, making it a good choice for workers of limited means. Term life insurance also typically provides a higher death benefit for the premiums paid than other types of life insurance.

2. Term life insurance is easy to buy and simple to understand. Since there is no investment element there are no complicated investment decisions to make. Many life insurance buyers like the simplicity and straightforward nature of this type of coverage.

3. Term life is a great way to fill a temporary need. For instance many workers will purchase a term life insurance that covers the same time period as their mortgage. The purpose of this type of coverage is of course to pay off the mortgage if the breadwinner dies before the home is paid off. Term life is the perfect vehicle for this type of situation.

Of course no type of life insurance coverage is perfect, and it is important to understand the negative aspects of term life insurance as well. Some of the possible drawbacks of this type of coverage include:

1. Term life insurance is not permanent. As the name implies, a term life policy is in place for a set period of time. Once that time has passed a new policy must be written, and that policy may come with higher premiums.

2. If the policy is canceled or not renewed the insured gets nothing back. While many whole life policies provide a cash back provision, term life policies do not.

Whole life insurance

Whole life provides a different set of advantages and disadvantages, and it is important for shoppers to understand those pros and cons. Whole life insurance is designed to provide an element of investment along with a basic death benefit. Some shoppers will like the idea of combining investments with insurance, while others will prefer to keep the two separate. Let’s start with the advantages of whole life coverage.

1. Whole life insurance can provide permanent insurance. Unlike term life insurance, which expires after a set period of time, whole life coverage is typically in place for life.

2. Policyholders may be entitled to money back even if the policy is canceled. Unlike term life insurance whole life insurance provides the opportunity to take money out while the insured is still alive.

3. Whole life can be cashed out while the insured is still alive. This cash out provision is one of the most popular parts of whole life, and that cash can be used for all manner of expenses.

While whole life certainly has a number of advantages, it is important for shoppers to be aware of the potential drawbacks as well. Some of the potential pitfalls of buying a whole life insurance policy include:

1. Whole life policies can be expensive. Compared to comparable term life policies whole life insurance coverage can be quite costly. It is important for shoppers to compare policies carefully and be sure they can afford the extra costs.

2. Whole life can be confusing. Unlike term life whole life provides an element of investment along with the death benefit. The insured will need to determine not only how much coverage is needed but how the premiums are to be invested as well.

3. The returns on the investment portion can fluctuate. Since the premium payments can be invested in a number of different ways the returns of the cash portion of the policy will vary. It is important for whole life buyers to understand the investments they choose.

By understanding the differences between term life and whole life insurance shoppers can be sure they get the coverage they need at a price they can afford. Life insurance is an essential purchase, and it is important for those in need of coverage to understand all their options.

Get the Coverage You Need with Smoker’s Life Insurance

Get the Coverage You Need with Smoker’s Life Insurance

These days just about everyone understands that cigarette smoking carries some serious health risks, and that quitting smoking can significantly reduce the chances of serious illness and premature death. Companies who write life insurance policies also understand the risks associated with smoking, and insurance shoppers can expect to see these risks reflected in their monthly premiums.

That is the bad news. The good news is that life insurance coverage is available even for those who are still smoking. The fact that family breadwinner is a smoker should not discourage life insurance coverage, and it is important for all smokers to understand that life insurance coverage is not out of reach. With a little bit of shopping around smokers can find the coverage they need for a price they can afford.

In fact many of the largest providers of life insurance provide life insurance coverage to those who smoke as a type of niche product or specialty line of business. These policies have some important differences from other types of coverage, and it is important for life insurance shoppers to understand how these policies work.

For instance some smoker’s life insurance policies will require a thorough medical exam prior to coverage taking effect. The life insurance company may use this medical exam to ensure that no serious illness is currently present. Smokers in need of life insurance coverage should be prepared to undergo such a medical exam.

In some cases life insurance companies may also require a waiting period before coverage takes effect. The length of the required waiting period will vary from policy to policy, and not all life insurance companies will impose such a waiting period. It is important for those in need of a life insurance policy to ask about any required waiting periods or exclusions before settling on a particular policy.

Last but certainly not least it is important to note that smoker’s life insurance will typically be quite a bit more costly than a similar policy for a non-smoker. This increased cost reflects the increase risks associated with smoking, and smokers in need of coverage should be prepared to shell out some additional money for the coverage they need. Of course it is still possible to save money by shopping around, any those in need of life insurance coverage still need to shop and compare policies very carefully.

Protect Yourself and Your Family with Seniors Life Insurance

Protect Yourself and Your Family with Seniors Life Insurance

No matter what your age it is important to have sufficient life insurance coverage in place. Life insurance is an important purchase, and it provides vital protection for your loved ones and those who will be left behind in the event of your death. While many people think of life insurance as something for workers in their prime earning years, there are many valid reasons why seniors still need this type of protection.

For instance, many seniors and retirees still have a mortgage on their homes, and life insurance coverage can provide the funds needed to pay off the home in the event of an untimely death. For many families the monthly mortgage payment is the biggest expense. Knowing that the mortgage will be paid off can provide real peace of mind for all members of the family.

In addition many seniors are still working and bringing in a weekly paycheck. That means that the income replacement protection of a life insurance policy is still important, yet another reason to look into the purchase of a senior life insurance policy.

Even though life insurance is an essential purchase for many seniors, many of those affected put off this important purchase out of fear of being rejected, or out of fear that the premiums will be unaffordable. While it may be true that senior life insurance is typically more costly than life insurance for younger workers, many of the policies can be quite affordable. By shopping around and understanding the different types of coverage smart shoppers can get the life insurance coverage they need without breaking the bank.

In fact many well respected life insurance companies are now catering to the senior market, and that competition can make senior life insurance even more affordable. Many life insurance companies have been looking for new niche markets and new lines of business, and senior life insurance is one of those important niches. These policies are written with the needs of senior citizens in mind, and they can be a great fit for many older workers and retirees.

Those in need of a great senior life insurance policy will need to understand the product in order to get the best possible deal on the coverage they need. And as with other types of life insurance it is important for seniors to determine up front how much life insurance coverage they will need. The amount of life insurance coverage needed will depend on a number of different factors, including the age of the insured, the age of any dependents and family members and the amount of any outstanding mortgage. Some seniors will require only enough coverage to pay off the family home. Others may need to provide a death benefit large enough to take care of dependent family members for the rest of their lives. Determining how much coverage is needed up front will make shopping a lot easier.

Shopping around will also make it easier for seniors to get the coverage they need at a price they can afford. The premiums for the same type of coverage can vary quite a bit, so it definitely pays to shop and compare. Consider a Universal Life Insurance policy as opposed to a standard Term Life Insurance policy. Senior life insurance can be an affordable purchase – the key is to shop around and understand your options.

All About The Life Insurance Medical Exam

All About The Life Insurance Medical Exam

Life insurance provides important protection for family members, and it is protection no one can afford to go without. Buying life insurance is the responsibility of everyone with a family to protect, and it is important for each individual to seek out the highest possible level of coverage for the lowest possible price.

In order to provide the best coverage and set the right price many life insurance companies will require their new applicants to undergo a thorough medical exam. The results of this medical exam will be used to set policy premiums and conditions, and it is important for anyone applying for life insurance for the first time to be prepared for this requirement.

In some cases even those who currently have life insurance may be required to undergo a medical exam. For instance the life insurance company may require a medical exam for policyholders who wish to significantly increase their levels of coverage. Anyone considering raising their life insurance benefit level should ask about this requirement. Some life insurance companies will require a medical exam anytime the level of benefits is raised, while others will require such an exam only in extraordinary circumstances.

No matter what the impetus for the exam, it is important for the applicant or policyholder to be prepared and to know what to expect. The life insurance company will typically subcontract out the medical exam to one or more medical providers. In some cases the life insurance company will give the proposed policyholder a list of medical professionals that can be used, while in other cases there will be only a single doctor assigned to the case. In either case the person applying for the life insurance policy will need to make an appointment and undergo the required medical tests.

In most cases the life insurance medical exam will be similar to a yearly physical. The applicant will typically be required to provide a blood sample, a urine sample and other samples as required. These samples will be used to test for common diseases, ailments and conditions. Applicants will also typically have their weight and height evaluated to assess obesity levels and help in the determination of overall health. It is important for all life insurance applicants to be prepared for this exam and to understand the reasons behind the decision.

After the examination has been completed the doctor in charge will prepare a report that is sent to the life insurance company. The life insurance applicant is also typically entitled to a copy of the report, but it is important to make that request at the time of the exam. After the results have been analyzed the life insurance agent should provide the applicant with the relevant information, as well as the proposed monthly premiums and any applicable exclusions. It is important for the applicant to review this paperwork carefully and ask questions if necessary. The life insurance agent should be able to answer any questions and provide the information required.

If there is no way you are taking a medical exam then consider a no-medical exam life insurance policy.

How Life Insurance Works

How Life Insurance Works

Life insurance provides important protections for those left behind, but it is important to take the right steps when filing the claim. Dealing with insurance companies at the time of loss can be extremely difficult, but it is important to start the process as quickly as possible.

The first step is to locate the insurance policy itself. Hopefully the original life insurance policy had been placed in a safe deposit box or other safe place. If not it may be necessary to contact the insurance company for the proper paperwork. After the policy has been located the real work of filing the claim can begin.

Before getting started it is a good idea to obtain several copies of the death certificate. These copies will make it easier to file the claim, so be sure to ask for several extra copies. The death certificate is the standard form of documentation that will be required by the insurance company. If a death certificate is not available it is important to ask the insurance company if another form of documentation can be used in its stead. The representative handling the claim should be able to provide the necessary information regarding what types of documentation are needed to move the claim forward. The funeral director handling the services should be able to provide certified copies of the death certificate.

In some cases the insurance policy will have been provided by a former or current employer. If that is the case it is important to contact the deceased’s employer as quickly as possible. When making that contact it is important to provide as much information about the insured as possible, including their date of birth, dates of employment, annual salary and other important information. Having this information at hand will make it easier to get the claim process started.

Before actually filing the claim it is a good idea to contact the agent who originally placed the policy. The insurance agent should be able to provide more detailed information regarding what types of documentation are needed. He or she should also be able to provide the necessary paperwork. It is important to complete all the forms accurately. Any inaccuracies or incomplete documents could cause a delay in the payment of the claim.

After the claim has been submitted the next decision to be made is how the policy benefits are to be paid. Most life insurance policies will provide a number of payment options, including lump sum payments and lifetime recurring payments. It is important for the family members named as beneficiaries to determine the best type of payment options for their needs. Some families will prefer to take the lump sum payment and invest it on their own, while others will be more comfortable knowing that they will receive monthly or annual payments for the rest of their lives.

Taking these important steps as soon as possible following the death of the insured is the best way to get the ball rolling on a life insurance claim. Dealing with life insurance is never a pleasant task, but it is important that the beneficiaries of the policy receive the proceeds of the policy their loved one worked so hard to provide.