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Buying Auto Insurance (part 3 of 4)
Continued from part 3 Insurance Company Advertisements Deceive (part 3 of 4) If some of the millions of dollars spent on advertising auto insurance would be devoted to fair payment of injured insured's' own claims against their own company, we...
Don’t Be Taken In By Unauthorized Insurance Entities!
Insurance fraud costs consumers—businesses included--an additional $1,500 per year in increased premiums. In fact, it can inflate premiums by as much as 30 percent -- National Insurance Crime Bureau Small-business owners often have trouble...
How To Lower Auto Insurance Costs
It seems these days that it costs more and more to keep your car. With most new cars in the $22,000 + range, the monthly payments can be high. The cost of gas is now over $3.00 a gallon for regular and we're in a time where a lot of people drive...
Insurance Glossary of Terms
Assured - Those insured under the terms of an insurance policy. Benefit - The money paid to the policyholder when a claim is made. Bid Price - The selling price or cash-in value of your unit holdings. Bonus - Relates to a with-profits policy. The...
The Importance of Medical Insurance
A medical policy is an essential product to be considered in managing risk in lives. Anyone can be a victim of critical illness/dread disease and it can happen at the most unexpected time and the person can be in deep trouble, not knowing what to do...
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What is Term Life Insurance?
There are two different types of life insurance, term life insurance and permanent life insurance. Term life insurance is the easier of the two plans. This plan supplies you with death protection for a pre-determined amount of time, anywhere from one to 30 years. If you happen to die while paying on this type of policy your beneficiary will be paid the amount of money you specified when purchasing the policy. If at the end of the term you are still living your death protection coverage will cease unless of course you renew the policy. You can purchase this policy on a minimum budget and it is particularly perfect for providing coverage while your children are still in the home or while paying off a mortgage or other large loans.
This plan is merely a “quick fix.” It is similar to leasing a vehicle. You pay a lower cost for the privilege of driving the car knowing you will return it after a short period of time. However, just like when leasing a vehicle there is an option to buy. If you are purchasing term life insurance because you need protection now but can’t afford the higher payments of permanent protection in most cases you can switch your plan over to permanent protection when your situation changes (be sure to verify this before purchasing any policy). You can also look at term life insurance as an efficient means of protecting your family while using your remaining finances for savings or other investments.
Although this type of coverage is less expensive than permanent life insurance your premiums will increase at renewal periods as you grow older. Normally at renewal periods you will also be required to obtain a physical in order to qualify for the lowest rates.
There are four different types of term life insurance policies one
of which is renewable term insurance. This policy will delete your need to submit to a physical when renewing your policy. The company agrees to renew your policy even if your health has declined however, be prepared to pay higher premiums with each renewal when purchasing this plan.
Convertible term insurance will allow you to switch from term to permanent life insurance without succumbing to a health exam first. Of course this convenience will more often than not come with the expense of higher premiums. On the bright side once you convert to permanent your premiums will not increase as with the renewal of the term plan.
Level term insurance presents a permanent premium for a pre-determined number of years, usually 10 or 20, and the death benefit remains the same. With this policy you will lock in a particular price for the duration of the policy. The down side to this plan is that the rate will rise significantly if you decide to renew with subsequent level policies.
The remaining plan is the decreasing term insurance policy. Throughout the term of this policy the death benefit will decrease. You may start out with $250,000 worth of coverage however for the first 10 years each year your benefit will be reduced by $10,000. The premiums on this policy will also vary over the term of the policy, it is for these reasons that this policy is not highly recommended nor sold very often.
About the Author
Timothy Gorman is a successful Webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers free money saving auto, home, health and life insurance quotes that you can research in your pajamas on his website
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