Don't Wait! The time to buy Life Insurance is Now.
Special Report
Life insurance is going to get more expensive soon due to a NY State law
known as Regulation 147 or Guideline Triple X. It requires insurers in New York to
maintain higher reserves for policies that guarantee their premiums beyond 5 years.
Nine other states have already passed their own version of this law and many others plan
to follow suit on or about January 1, 2000.
Does this seem Familiar?
John and Lisa knew they needed more life insurance. They had some
coverage at work, but it was very small and only applied if they continued to work for the
same employer. They were planning to buy a home and put their kids through college
and knew their present coverage would not do the job. How much coverage would they
need? What type of policy should they buy? How could they know if they were
paying a fair price?
There has never been a better time to buy life insurance. The
options though can be overwhelming. Finding the right policy takes an effort.
Mistakes can be costly and expose your family to tragic consequences. This Special
Report is loaded with "Inside" advise and information on how to save money on
life insurance without sacrificing coverage. So let's get going and review different
types of Life Insurance.
Types of Life Insurance Policies
Term Life - This is pure life insurance protection with
no cash value. There are two basic variations.
Annual Renewable Term - You can renew this policy each year
without proof of good health by paying the premium. The annual premium increases as
you age.
Level Term - The premium remains level for the selected term.
You can buy it for 5, 10, 15, 20, 25, or 30 years. After the term expires,
you must re-apply for coverage based on your health and attained age if you wish to
continue this protection.
Whole Life - This is a basic cash value policy. It
combines life insurance with a fixed rate investment that builds Cash Value. The
death benefit, cash values, and premium are fixed at policy issuance.
Universal Life - This cash value policy combines life
insurance with a market rate of return investment that builds Cash Value. The Cash
Value usually has a minimum guaranteed rate of return.
Variable Life - This cash value policy mixes life
insurance with a stock or bond mutual fund investment. The death benefit will vary
depending upon how well the investment performs. The Cash Value is not guaranteed.
How much Coverage do I need?
Buying the right amount of life insurance requires that you ask yourself:
How much money would my dependents need if you were to die prematurely. The answer
can be anywhere between 8 to 19 times annual earnings.
You should consider lost wages as well as expenses associated with child
care if the surviving spouse is forced to enter the workplace. Then there are costs
associated with the funeral, income taxes, and possibly estate taxes. Look at your
family's long-term goals. You'll need coverage until your children have completed
their education and possibly to fund retirement.
How your Health Affects Rates
As you probably guessed, consumers who enjoy good health get the best
rates. However, companies vary on the criteria they establish for their various
pricing levels. Many companies have multiple rate plans. Some companies use
their lowest rates to attract prospects, but only a small percentage of applicants ever
qualify.
Generally speaking though, if you're healthy, don't smoke, have a good
driving record, and don't participate in risky sports like auto racing, scuba diving,
.....or flying, you will probably qualify for a preferred rate. Companies do differ
on the details of what health and lifestyle qualify for their best programs.
What type of Policy to Buy?
Unless you are very wealthy and face estate tax issues, you're probably
best off with term insurance. It's estimated that over 50% of all permanent
insurance policies (Whole Life, Universal Life, Variable Life) are surrendered during
their first 10 years due to the high cost of a cash value policy. It is estimated
that this occurrence costs policyholders over $5 billion a year in hidden costs associated
with sales commissions and administrative costs.
Should you Cancel your Permanent Life Insurance?
You've had a policy since you can't remember when. The Cash Value is
nothing to speak of. Should you cancel it and move on? The answer is not
always that simple. In many cases, you should have a professional analysis
performed.
Beware of Churning!
Many consumers have been victims of a practice called
"Churning". Agents misrepresent there products and induce the consumer to
surrender old policies with significant cash values for a new one with a higher face
value. After the value of the previous policy are used to fund the high cost new
policy, the consumer is then presented with a bill.
Over the past 5 years, companies including John Hancock, Prudential, and Transamerica have agreed to pay billions of dollars as restitution to
policyholders who were churned. More companies are expected to be exposed by State
investigation or civil actions.
So what's next?
Time to shop! To obtain a quick free quote from multiple
insurers, please click on the email address below and provide your Name,
Date of Birth, Smoker or Non-Smoker, Amount of Coverage, & term i.e. 10, 15,
20 ...years. Send E-mail mailto:Karsten@Insurance-Savings.Com.
I'll be glad to give my secrets away. You see, I've worked inside the industry
for a long time. I'm a licensed member of the "club". I've figured out how it
works. And I know things that would make a layperson's head spin. Just because I've been
around it so long. And I've got good news . The resources of the insurance industry are
vast. I can show you how to put them to work for you.
Why Would I Give Away My Inside Secrets?
That's a really fair question. And I want to answer it honestly and truthfully.
Because it's good for you -- and it's good for my business. Period!
You see, I'm willing to give away a lot of my knowledge to you, knowledge that's taken
me years to accumulate, organize and perfect. And I have found -- time and time
again-- that generosity and the willingness to provide really great services come back to
me. Tenfold.
In fact, that's how I've built my business. Right now, let's talk about three of the
most important things you can do to protect your financial well being and the future of
your family.
1. Have an insurance specialist conduct a review of your life insurance needs.
You could be setting your family up for for financial disaster -- unless you've had a
professional help you analyze your needs and put together the proper life insurance
program.
2. Use an independent insurance agent! I'll be blunt about this. I know how this
industry works. Like I said, there's a lot of money in the insurance industry, and you
want to make sure it works for you. So you don't want an insurance company employee for
your agent.
You want someone who's going to work for you! Not someone whose paycheck is tied to one
company.
But someone who can shop the market, compare price and get the most comprehensive
coverage for you. You want a good price? And you want the proper protection
when the time comes. Use an independent agent.
3. Don't trust the financial protection of your business to an insurance agent who is
not a life insurance specialist. Listen, insurance is a huge industry.
There's insurance for everything. Anything you can have, do, own, manage or whatever -
there's insurance for it. And nobody can specialize in all of it. In fact, a professional
independent agent can only specialize in a few niches -- and really understand them.
Insurance is a very technical business. Policies, coverage, endorsements, and exclusions.
It has a language all its own. And the insurance needs of each industry are highly
specific. If someone specializes in providing Auto or Homeowners insurance, that doesn't
mean they know anything about Life Insurance!
And just because you wife's cousin sells insurance, doesn't mean he's the guy to trust
the financial health of your family to!
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