Basic Life Insurance

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If you are age 60 or older and currently have a Life Insurance Policy in force, you may have questioned if you are truly getting the best policy for your money. Do you have the highest death benefit available? Are you paying the lowest cost in premiums available? Are there any available financing options you should be aware of? When you purchased the policy, were the proper array of carriers and products presented - tailored to you, and even if so, have your circumstances since then changed? A recent study concluded that up to 70% of the currently in-force permanent (Universal, Whole, or Term with conversion options) Life Insurance policies for people over 60 years of age are woefully insufficient, given changes in the health since the issuance of the policy. The bottom line is that health does change, circumstances do change, needs change, and in fact the available product lines and pricing changes as well over time. A comprehensive analysis can be an invaluable undertaking for those who wish to be fully protected and optimize their coverage, maximizing benefit and minimizing premiums. A review by licensed professionals from a reputable non-partisan firm can yield amazing results, and is generally thought of as well worth the minimal time invested.

Insurance fraud is real. There are criminals who will cheat you and take your money, after having made you believe that you are sufficiently covered in the event of disaster. Insurance frauds range from fake policies sold by unlicensed companies; premium fraud where the broker keeps the money paid by the policy holder instead of passing it on to the insurance company; unlicensed agents who will urge you to buy more coverage than you need, thus, adding to the cost of your premiums; lastly, there are the insurance scams perpetuated by criminals who stage accidents in order to weasel money out of unsuspecting policy holders. Always check an agent or company’s credentials before you do business with them. Be wary of any insurance scheme which you feel may be targeting you; a smart costumer is a safe costumer.

In buying life insurance, it pays to be inquisitive. Don’t be shy about asking questions, wanting to know as much as possible about your policy is a mark of a smart customer. Here are some questions you may need to ask your insurance agent or company:
• When would my first premium payment be?
• How would being a smoker affect my premiums?
• How would changes in health affect my policy?
• Do the premiums or benefits change annually?
• Will my policy change or be cancelled in the event of disability?
• What are the things I should know if I want to change policies?

Before your application for life insurance is approved, insurance companies will require you to undergo a medical exam, mainly to determine which health class you belong to and in turn, this will be an important factor on what your premiums will cost. Below are some tips on how to ace that medical exam:

* Sleep well before the exam.
* Refrain from caffeine intake for at least an hour before you undergo the medical exam.
* Avoid heavy exercise a full day before the exam.
* Lessen your consumption of cholesterol-loaded and salty foods 24 hours before you take the exam.
* If you can, do not eat anything for at least 8 hours for more accurate results.
* DO NOT drink alcoholic beverages and smoke for about 8hours before the medical exam.
* Reschedule the exam if you have even the slightest hint of illness, as this will adversely affect the results.

Here are other ways with which you can save when shopping around for the right life insurance policy for you:

* For those in good health, avoid guaranteed issue policies, which do not require a medical exam. If you are in a good state of health, policies which require you to take medical exams are the way to go, as they will usually give you lower premiums based on your health.
* Buy only the insurance you need. Don’t skimp on your premiums as they will ultimately leave you hanging; don’t overspend on your policy either; you will eventually end up paying more than you have to.
* Purchase life insurance when you’re younger, as the premiums generally increase relative to your age.
* Watch your payment schedules, as insurance companies tend to lower your premiums depending on how you schedule your payments.

Yes, that’s true; there are actually a number of ways to save money when you buy your life insurance. The trick is to know the market and to familiarize yourself with what you’re buying. Here are some tips for the cash-savvy customer:

* If your reason in purchasing life insurance is for short-term goals only, then you might look into buying term life insurance. This type gives you the good coverage for the least amount of premiums.
* Keep an eye out for no-load policies on variable life insurance. These policies typically have less additional fees, which means that most of your payments will be transferred directly to your premium.

I have some tips that can serve as a guide for you in securing you life insurance:

• Review your needs and life circumstances, so that you may choose a life insurance policy which meets your necessities. Do not go overboard and buy more coverage than you need to.
• Don’t settle for one. Consult with a variety of agents and insurance companies in order for you to have more options.
• Don’t be a victim of fraud. Check out your chosen company’s background and license to operate.
• Read over the policy so that you are aware of everything in your insurance.
• Demand to have a copy of all written communication regarding your insurance policy; always ask for receipts for any payment you make.
• Go over your policy with your agent and review it every few years to adapt to any change in your income, lifestyle and needs.

Many people keep delaying purchasing their life insurance, because frankly, they don’t want to pay the premiums long before they think they would actually need it. In reality, though, availing of life insurance when you’re younger is a very wise choice, because premiums—and the monthly payments you make to your life insurance provider—are generally lower the younger you are. Also, you must take into account that negative events have a way of coming when we are least prepared, and being protected in these situations will prove to be a smart decision for both you and your loved ones.

by: Djai Tanji

Life insurance seems to be not as highly as needed when one is newly retired. But even though when your children are all grown up and on their own already, and maybe your spouse could live comfortably with his own retirement savings, there can still be certain circumstances in which many find themselves in need of financial support or back up. If a senior citizen has a certain illness, the tendency is to live with one of the children and this may bring financial dilemma on the affected family members. So better make sure that anyone who relies on your income is covered and that any debts you may posses will not be passed to loved ones in case of death.

by: Djai Tanji

If you are single, do not have a family or children and do not own a home, your life insurance needs are most probably not as high as they are in other stages of your life. It is because of the simple fact that who would assume the burden of paying for the final costs if you are to pass away. According to studies, single women often lack satisfactory life insurance coverage, 64 percent of American women do not even carry life insurance at all. In fact, most single moms who may be on a tighter budget than those of normal family with dual income, cannot afford life insurance so the tendency is they go on with different stages in their life risking death without any insurance coverage.