Term Life Insurance - How to Pay Far Less by Buying More Coverage (Literally)

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Do you know that there is a way to get your term life insurance policy for a whole lot less by actually getting more coverage? Do you think I am laying it on a little too thick? Read on to find out...

When you buy coverage, you're charged per $1,000 of coverage. However, its NOT a fixed amount all the way through. That is, depending on how big your coverage amount is, the price will be lowered. Let me explain this with an example...

A company might charge $1.25 for each $ 1,000 to cover amounts from $ 100K and $ 299K. It could, however, $ 1.05 for each $ 1,000 fee for amounts between $ 300k and $ 499k and $ 0.92 for amounts between 500 thousand dollars and $ 1 million.

In short, you pay less for every $ 1,000 of coverage, if you buy more - but this is not the point I'm driving. Here's my number ...

The purchase of a limit of $ 295K (in this instance) are placed on your cost to $ 1.25 for each $ 1,000 of coverage. However, purchase of $ 300K will cover your costs of $ 1.05 for$1,000 of coverage. Let do the math...

$295k/1000 x $1.25 = $368.75

$300k/1000 x $1.05 = $315

Savings made $53.75 with an extra coverage amount of $5k.

Yes, the actually figures will certainly differ with different insurance companies. But I hope you've got the point here: At a certain point, you'll actually pay a lot less if you can increase your coverage amount into the next price range.

And, while you do this, don't forget that the difference in pricing with different term life insurance providers makes it imperative that you take some time out to get a wide range of quotes.

If you do this right, you'll save a lot by getting a company that favors your profile and getting the right coverage amount to maximize your savings -- All while enjoying superior coverage.

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Charitable Giving Life Insurance to use

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If people want to be in Canada, charity or a church with a life insurance deductible, a process can be done as a fee. It must be done correctly for the donor to receive tax benefits. There are two processes is made and be able to deal separately.

Life insurance is current.

If anyone have life insurance in force, you can choose an assignment absolute love her. TheDonors receive a tax receipt for the cash value accumulated in the course and dividend policy. This is issued as a cash donation and a receipt is treated. If the policy is a policy paid, no further premiums are paid and pay the proceeds after the death of the donor.

If there are to be paid the current annual premiums, the donor to make a tax deductible donation to charity for the cost of the annual premium. The donations were then used byLove to pay the premiums, which are still due and keep the policy in force. After the death of the insured person, the income from life insurance policy, the policy would be paid, in possession of a charity.

Life insurance is a new donor to the application and then given to love.

Before someone makes a commitment to a policy of leaving a donation to a charitable organization in the form of a life, they should ensure that insuranceavailable. It would be rather embarrassed to make a promise and then find out the insurance was not available. This standard can be applied to an insurance company for the amount you want to donate to the final.

Once the insurance is in force, the same task would have been declared as a place to make love. The cost of insurance may be deductible, but money needs to flow properly to get the tax cuts just for the donor. The donor must agree tocharity donation new monthly or annual amount to charity for a premium, costing the insurance would pay. The donation to charity cause a receipt would be issued and then the charity would pay the insurance when due.

Probably the best solution would be to use a Universal product life of the product, a period of 100, or other forms of life together. It may be tempting to use his product, a low-cost concept, but apart fromRuntime 100, all other insurance companies may have losses before the donor does not. Definitely a gift to charity is something that a donor wants to be sure, would eventually be paid. It must be clear that giving to charity must be absolute. The receiver will always love and ultimately, to pay the premium must be charity. After death, the entire amount of income and any excess deposits may be received with love.

Canadians are very in tune withNature and this is a great way to meet your long term plans to give love. " Make sure a qualified life insurance agents, the agreement is fully experienced in this type of first nature walk with any of these programs.

Author: John Kovats, CLU - Benefit Guys - April 2010

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Have full benefits after retirement with the purchase of affordable insurance life

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A time to decide it was when only one category of precedence, is now designated concept. Conditions of such a policy on previous occasions not to cross over a year in which the beneficiary is too benefit received was when the policyholder dies in that particular year. Assuming you survive - had to find new coverage areas for next year for the purchase. These strategies are still available with a new name, "annual renewable term policies. We also 'at the end'Policies provide coverage for more than a year. Term of these policies will take years for 5, 10, 15, 20, 25 or 30 This came in subsequent years, the now famous saying annual term insurance.

Overall, term to mean that, especially with term policies are the best and purest that insurance provides coverage for a fixed rate on the premium. Nominal value of these policies are the beneficiaries paid death benefit if the insureddies in the medium term, but will not benefit payment and term will be refused if the insured dies after the end. They have no current value and their prices are deliberately low compared to other insurance held on the market.

Term life insurance policy known as temporary is called a policy of protection. It has announced a series of other measures such as investment policy. They are also known as permanent policy, as these measures are validlife and, for the benefit when the insured event (place, ie death of the insured) takes. More over, these policies have cash value and therefore many purchasing policy as a vehicle for investment and insurance of his life. Some permanent measures are:

Or whole policy
Or the universal political
Variable O Policy

All measures to provide death benefits, but there is slight change in the bylaws. Nominal value of the policy remains less than the cash value accumulated over. There is the possibility of equal value to the present period of 100 years in this shift of policy. This can be understood in another way. This policy applies to all of life. Contractor waiver policy to obtain benefits from accumulated resources and is entitled to the cash value of the beneficiary. These guidelines provide minimum death benefits as investment opportunities. It 's the main reason why prices remain high, in contrast with> Effective in the short term, prices are cheaper. You pay more for the same performance in constant opposition to policies and long-term policies.

Among the permanent policy, the prices are the lowest around. Was to be paid with the market pressure, because people were created diet premiums and then get nothing from it. Although such a policy futures contracts are designed with premium payment level well above the traditional, most people found them insurancebe a reasonable policy. That beneficiaries receive their mandatory death benefit when they die, it was a comforting thought that buying such a policy has resulted in hordes.

All prices and variable universal life energy of living is even higher and there is no reason to buy as a cover for their life. They are good, as the investment policy. If you really want a policy of affordable, buy term life. They are 8 to 10 times cheaper, at least with respect to anypolitical standing and that the whole thing. Experts advise you to stay would be covered by term life until the age of 65 years at least. Until then, everyone should be able to organize the supply of life in a way that he or a life can not live without them.

Purchase term life, if they are half past five to ensure that the term policy for thirty years so the coverage is valid for sixty-five. Calculate all, including elderlyAge of children, debt, loans and mortgages to consumers with the purchase of policies and coverage decisions during the medium term. It 's interesting that you get the $ 500,000 life cover, paying meager monthly premium of $ 40 for the purchase and politics at a young age with the best of health, not body mass and no dependence on tobacco. What might be a policy of affordable?

Think about this and plan so that your investment is wise and intelligent. She believes that by the timeRetirement, there are several channels of income. They have a good balance as pension benefits and won. If you buy, but also permanent measures its purpose is to build capital. Investing in bond funds are another good way, but in the context of visual political life so that life is teeming with jobs after getting retired. Be careful and make smart decisions to save money.

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101 Life Insurance

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All types of life insurance policies fall into one of four groups described below, the type used depends on the type of risk you want to protect and the resources you have available.

Warranty Period

Cash lump sum paid on death

Straight-term quality assurance is still a very economical way to provide financial protection for your family or business. A lump sum is normally granted when a claim is made, paid into the Summer of the contractor.

To avoid complications with delays in the process of succession or inheritance tax, a trust is appropriate can be used so that the payment made directly to beneficiaries.

It 'also possible the terms must cover the inflation indexed, so that the level of cover remains the same in real time. There is nothing in savings, do not buy the plans of the surrender value. If you want to include this option, you can opt for convertible> Period of quality assurance.

Family income benefit

A regular income paid after death during the term of the plan

This type of plan provides a regular income, the policy will be paid on death of life insurance that during the period. With each passing month, the liability, the insurer assumes or a fixed sum. In this way costs a minimum and is often the least expensivePlan available.

The benefits can be written in trust, to avoid delays and possible legal
Subject to inheritance tax.

Mortgage protection.

This type of planning is a long-term policy that covers the declining balance of a repayment mortgage. In this way the costs are minimized, but make sure that the interest rate high enough figure for any increase in the loan.

total life coverage

Provides coverage for the rest ofYour life

The main disadvantage of term coverage is that the end of term coverage and listen to any new policy has a time to be determined according to age and health of contractor a. If a whole life policy is made, a life insurance policy guaranteed insurability for the rest of you, regardless of any change in their health.

This means that the premium quality which are likely to be higher than termCover but the plan has more flexibility. So it depends on your personal situation that the plan is probably best suited to your needs.

Illness Cover

Cash lump sum for those who die or suffer a critical illness

In recent years, the need is protection for those who survive serious illness or accident, become much clearer. It 'been described as "life coverage for the living.

Most plans provide the common conditions asHeart attack, stroke, and most forms of cancer, but there is more variation in rare conditions. In addition to certain diseases, it is common to cover permanent disability. If you are permanently disabled and unable to return to work are paid from the plan. However, there are marked differences in the definition of "return to work. Some plans only would be for you if you were completely unable to work. A. Have a particular profession Clause so that if you do not return to normalProfession, a question could be stated. This is a very important fact to keep in mind when selecting your insurer.

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Life Insurance Policies: Term vs Permanent

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When it comes to purchasing life insurance, deciding which kind of policy to buy can be a challenge. But by learning about the characteristics of available life insurance policies and working together with an experienced life insurance agent, you'll be able to choose the right policy to protect your loved ones.

Term Life Insurance

As the name suggests, term life insurance provides coverage for a certain period of time, as specified in your policy. This means that a death benefit will only be paid out if you die within your policy's term. Because of this central characteristic, term life insurance policies tend to be much cheaper than permanent life insurance policies--making it a very appealing option to young adults or families who can't spend a lot on life insurance.

Though term life insurance comes in two forms--level term (pays the same death benefit no matter when you die during the term) and decreasing term (the death benefit decreases throughout the duration of the policy)--level term policies are by far the most popular.

According to the Insurance Information Institute (I.I.I.) common types of level term policies are:

Annual (least popular)
5 year
10 year
15 year
20 year (most popular)
25 year
30 year

Many term life insurance policies are renewable, which means that you may be able to reinstate your policy after the term ends, although reinstatement may be contingent on passing a medical exam and will likely involve an increased premium. Additionally, the I.I.I. reports that most insurers will not renew a policy ending after 80 years of age.

Premiums for term life insurance are typically based on your age and health status at the time the policy is written. Some insurers guarantee your premiums to stay the same throughout the length of the term, but others may not make that guarantee (and increase your premiums throughout the term)--so be sure you're aware of premium provisions before signing a policy.

Life insurance tip: Buying life insurance when you're young and healthy will help you secure low premiums. Not a spring chicken? Take care of your health--stop smoking and exercise regularly to get the lowest insurance premium.

Permanent Life Insurance

Unlike term life insurance, permanent life insurance pays a death benefit whether you die they day after you sign the policy or 50 years later. Permanent life insurance policies are also appealing because of their ability to grow tax-deferred over a certain length of time--which can result in a large chunk of change. This cash value can be used in a variety of ways, providing additional benefits to policyholders and their families.

Because of these characteristics, permanent life insurance policies tend to be more expensive than term policies, which may not be conducive for young adults or families with income limitations.

Life insurance tip: Some term life policies can be converted to permanent life insurance policies, so if you're interested in a permanent policy but can't afford the premiums, ask your agent about term policies with this feature.

Permanent life insurance policyholders also have a wide array of policy options to choose from. The four common types of permanent life insurance are whole, universal, variable and variable-universal.

Whole life policies are the most common form of permanent life insurance and offer both a death benefit and the additional benefit of a savings account. If you buy a whole life policy, you agree to pay a certain amount for a predetermined death benefit. And, unlike a term life policy, whole life policies have the potential to earn annual dividends--which will earn interest if you let them accrue.

Universal life policies offer more flexibility, allowing you to vary how much you pay and when you make premium payments (with some limitations, of course). You may also be able to obtain a larger death benefit, provided you pass a medical exam, and like whole life policies, your universal policy may earn cash value over time.

Variable life policies incorporate a death benefit with a savings account that you can invest in stocks, bonds or mutual funds. While this may increase the value of your policy, it's important to remember that if your investments don't perform well, your death benefit will decrease. To avoid this, the I.I.I. says you can ask about variable policies that guarantee that the death benefit will not fall below a certain amount.

Variable-universal policies combine the features of variable and universal life policies, meaning that you have the investment options of a variable policy and the flexibility of premium payments of a universal policy.

Which Policy is Right for You?

Now that you have some idea of what policy options appeal to you, take the time to speak with a licensed life insurance professional that can answer questions and help you come closer to your life insurance decision. Because when you have all the facts, it makes finding affordable life insurance that much easier!

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Short Term Life Insurance

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Short term life insurance is a kind of life insurance that was designed with temporary job loss in mind, although it doesn't necessarily have to be for that (but usually is). Short term life policies are offered by insurers so that someone who has lost their job or is making a career transition can have life insurance coverage during their time between paying positions (assuming that these people only had group life insurance through their former employer and did not choose to convert it).

Short term life insurance policies do not build cash value and they last anywhere from one month to one year. The statistical risk of death, especially for a young person, during such a window of time is very small, but the point of life insurance is to protect loved ones against such unlikely or unforeseen incidents. Still, since life insurance premiums and underwriting criteria are based on likelihood of death in a given period of time, life insurance companies don't consider those seeking short term life policies to be significant risks. Thus, short term life policies are guaranteed issue policies that aren't overly expensive.

Short term life insurance can be acquired in less than a half hour and can be completely applied for online--even your "electronic signature" is valid. Coverage will begin that same day, and there are no medical questions or exams. Some companies will require a brief telephone interview just to verify your personal information. You can pay premiums monthly or by another periodicity such as quarterly, just as with "normal" life insurance. Your policy will be in force immediately and your physical policy is typically mailed out within two business days.

There are two types of these policies: term life policies that cover death for any reason (except suicide), and accidental death policies that only pay out if the insured is killed by some kind of accident as defined by the policy's stipulations. Accidental death policies have lower premiums. If you are not yet middle aged or older (if you are under the age of 45) you probably can just get away with accidental death insurance, although if you still owe a lot on your mortgage and/or have small children you may still want to go for a term policy even if you are still in your younger years. Short term life insurance policies can be bought for face amounts of $50,000 to $250,000.

Most short term life insurance policies have a conversion provision that allows you to decide to keep the policy for a new premium structure when its original short term expires. This may require you to prove insurability at that time.

As far as companies go, Guarantee Trust Life is highly respected for regular coverage, and Globe Life is renowned as a provider of accidental death coverage. You can also find other companies to compare rates with online or by contacting the insurance provider you had when you were on the job (or still have on the job if you know you will be leaving but haven't done so yet). Your current provider has an incentive to keep your business, so they might give you the best deal you can find on short term life insurance.

Once again, if you are going to be temporarily unemployed or you are transitioning into self-employment and you have no other life insurance coverage except your group plan, you should not skimp on getting short term life insurance just because the risk of death during the time in question is so low. Even a low risk is a significant risk when there are loved ones involved.

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Short Term Life Insurance

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Short term life insurance is a kind of life insurance that was designed with temporary job loss in mind, although it doesn't necessarily have to be for that (but usually is). Short term life policies are offered by insurers so that someone who has lost their job or is making a career transition can have life insurance coverage during their time between paying positions (assuming that these people only had group life insurance through their former employer and did not choose to convert it).

Short term life insurance policies do not build cash value and they last anywhere from one month to one year. The statistical risk of death, especially for a young person, during such a window of time is very small, but the point of life insurance is to protect loved ones against such unlikely or unforeseen incidents. Still, since life insurance premiums and underwriting criteria are based on likelihood of death in a given period of time, life insurance companies don't consider those seeking short term life policies to be significant risks. Thus, short term life policies are guaranteed issue policies that aren't overly expensive.

Short term life insurance can be acquired in less than a half hour and can be completely applied for online--even your "electronic signature" is valid. Coverage will begin that same day, and there are no medical questions or exams. Some companies will require a brief telephone interview just to verify your personal information. You can pay premiums monthly or by another periodicity such as quarterly, just as with "normal" life insurance. Your policy will be in force immediately and your physical policy is typically mailed out within two business days.

There are two types of these policies: term life policies that cover death for any reason (except suicide), and accidental death policies that only pay out if the insured is killed by some kind of accident as defined by the policy's stipulations. Accidental death policies have lower premiums. If you are not yet middle aged or older (if you are under the age of 45) you probably can just get away with accidental death insurance, although if you still owe a lot on your mortgage and/or have small children you may still want to go for a term policy even if you are still in your younger years. Short term life insurance policies can be bought for face amounts of $50,000 to $250,000.

Most short term life insurance policies have a conversion provision that allows you to decide to keep the policy for a new premium structure when its original short term expires. This may require you to prove insurability at that time.

As far as companies go, Guarantee Trust Life is highly respected for regular coverage, and Globe Life is renowned as a provider of accidental death coverage. You can also find other companies to compare rates with online or by contacting the insurance provider you had when you were on the job (or still have on the job if you know you will be leaving but haven't done so yet). Your current provider has an incentive to keep your business, so they might give you the best deal you can find on short term life insurance.

Once again, if you are going to be temporarily unemployed or you are transitioning into self-employment and you have no other life insurance coverage except your group plan, you should not skimp on getting short term life insurance just because the risk of death during the time in question is so low. Even a low risk is a significant risk when there are loved ones involved.

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Understanding Level Term Life Insurance

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There are so many different types of insurance plans, that you may become easily confused by the various options and benefits of the policies. However, they are not difficult to understand if you know what to look for and what to take into consideration when you are preparing to purchase your life insurance policy. One of the more common types of life insurance is known as level term insurance. This is generally an option that people consider when they are planning for the long term so many times it is one that is chosen by younger policy holders.

The reason for this is that level term insurance promises to payout a certain amount for the entire duration of the insurance policy. So, people who want to make sure that their loved ones and family members are provided for after their deaths will often decide to opt for a level term plan so that they can be sure that a certain amount of money will be paid out upon their deaths. The premiums for this kind of plan may be a little higher than those for other plans, but it does offer more of a stable and complete insurance than other policies.

For example, if you are a young person who is the sole provider for your family, then it is only natural that you would want to make sure that you take out an insurance policy that would provide for them in the event of your death. If you take out a decreasing term policy, then this means that as time goes on the amount of the policy would decrease in yearly increments. If your working life is still ongoing when you pass away and the insurance policy has decreased, then that means your family might not have enough money to pay all of the bills and funeral expenses.

If you are wondering how much level term insurance to take out, a good rule of thumb is to take your yearly salary and multiply this amount times five. You may also want to take into mind the amount of inflation and the potential growth of your family to make it higher than this amount, but it is not recommended that you take out a lower policy. Also, if you have a mortgage, then you will want to take the balance of your home into account as well and include it in your insurance policy. This way you can be sure that your family has a way to pay off the mortgage if you should pass away.

Other options that you can look into if you are considering level term life insurance policies include critical illness and premium guarantees. Critical illness coverage is usually an option in insurance company policies that allows you to collect a certain amount of your policy if you should be diagnosed with a qualifying illness and cannot work. While guaranteed premiums will ensure that you pay the same amount each month so that you can easily budget for your insurance.

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Life Insurance Policies: Term vs Permanent

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When it comes to purchasing life insurance, deciding which kind of policy to buy can be a challenge. But by learning about the characteristics of available life insurance policies and working together with an experienced life insurance agent, you'll be able to choose the right policy to protect your loved ones.

Term Life Insurance

As the name suggests, term life insurance provides coverage for a certain period of time, as specified in your policy. This means that a death benefit will only be paid out if you die within your policy's term. Because of this central characteristic, term life insurance policies tend to be much cheaper than permanent life insurance policies--making it a very appealing option to young adults or families who can't spend a lot on life insurance.

Though term life insurance comes in two forms--level term (pays the same death benefit no matter when you die during the term) and decreasing term (the death benefit decreases throughout the duration of the policy)--level term policies are by far the most popular.

According to the Insurance Information Institute (I.I.I.) common types of level term policies are:

Annual (least popular)
5 year
10 year
15 year
20 year (most popular)
25 year
30 year

Many term life insurance policies are renewable, which means that you may be able to reinstate your policy after the term ends, although reinstatement may be contingent on passing a medical exam and will likely involve an increased premium. Additionally, the I.I.I. reports that most insurers will not renew a policy ending after 80 years of age.

Premiums for term life insurance are typically based on your age and health status at the time the policy is written. Some insurers guarantee your premiums to stay the same throughout the length of the term, but others may not make that guarantee (and increase your premiums throughout the term)--so be sure you're aware of premium provisions before signing a policy.

Life insurance tip: Buying life insurance when you're young and healthy will help you secure low premiums. Not a spring chicken? Take care of your health--stop smoking and exercise regularly to get the lowest insurance premium.

Permanent Life Insurance

Unlike term life insurance, permanent life insurance pays a death benefit whether you die they day after you sign the policy or 50 years later. Permanent life insurance policies are also appealing because of their ability to grow tax-deferred over a certain length of time--which can result in a large chunk of change. This cash value can be used in a variety of ways, providing additional benefits to policyholders and their families.

Because of these characteristics, permanent life insurance policies tend to be more expensive than term policies, which may not be conducive for young adults or families with income limitations.

Life insurance tip: Some term life policies can be converted to permanent life insurance policies, so if you're interested in a permanent policy but can't afford the premiums, ask your agent about term policies with this feature.

Permanent life insurance policyholders also have a wide array of policy options to choose from. The four common types of permanent life insurance are whole, universal, variable and variable-universal.

Whole life policies are the most common form of permanent life insurance and offer both a death benefit and the additional benefit of a savings account. If you buy a whole life policy, you agree to pay a certain amount for a predetermined death benefit. And, unlike a term life policy, whole life policies have the potential to earn annual dividends--which will earn interest if you let them accrue.

Universal life policies offer more flexibility, allowing you to vary how much you pay and when you make premium payments (with some limitations, of course). You may also be able to obtain a larger death benefit, provided you pass a medical exam, and like whole life policies, your universal policy may earn cash value over time.

Variable life policies incorporate a death benefit with a savings account that you can invest in stocks, bonds or mutual funds. While this may increase the value of your policy, it's important to remember that if your investments don't perform well, your death benefit will decrease. To avoid this, the I.I.I. says you can ask about variable policies that guarantee that the death benefit will not fall below a certain amount.

Variable-universal policies combine the features of variable and universal life policies, meaning that you have the investment options of a variable policy and the flexibility of premium payments of a universal policy.

Which Policy is Right for You?

Now that you have some idea of what policy options appeal to you, take the time to speak with a licensed life insurance professional that can answer questions and help you come closer to your life insurance decision. Because when you have all the facts, it makes finding affordable life insurance that much easier!

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Understanding Level Term Life Insurance

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There are so many different types of insurance plans, that you may become easily confused by the various options and benefits of the policies. However, they are not difficult to understand if you know what to look for and what to take into consideration when you are preparing to purchase your life insurance policy. One of the more common types of life insurance is known as level term insurance. This is generally an option that people consider when they are planning for the long term so many times it is one that is chosen by younger policy holders.

The reason for this is that level term insurance promises to payout a certain amount for the entire duration of the insurance policy. So, people who want to make sure that their loved ones and family members are provided for after their deaths will often decide to opt for a level term plan so that they can be sure that a certain amount of money will be paid out upon their deaths. The premiums for this kind of plan may be a little higher than those for other plans, but it does offer more of a stable and complete insurance than other policies.

For example, if you are a young person who is the sole provider for your family, then it is only natural that you would want to make sure that you take out an insurance policy that would provide for them in the event of your death. If you take out a decreasing term policy, then this means that as time goes on the amount of the policy would decrease in yearly increments. If your working life is still ongoing when you pass away and the insurance policy has decreased, then that means your family might not have enough money to pay all of the bills and funeral expenses.

If you are wondering how much level term insurance to take out, a good rule of thumb is to take your yearly salary and multiply this amount times five. You may also want to take into mind the amount of inflation and the potential growth of your family to make it higher than this amount, but it is not recommended that you take out a lower policy. Also, if you have a mortgage, then you will want to take the balance of your home into account as well and include it in your insurance policy. This way you can be sure that your family has a way to pay off the mortgage if you should pass away.

Other options that you can look into if you are considering level term life insurance policies include critical illness and premium guarantees. Critical illness coverage is usually an option in insurance company policies that allows you to collect a certain amount of your policy if you should be diagnosed with a qualifying illness and cannot work. While guaranteed premiums will ensure that you pay the same amount each month so that you can easily budget for your insurance.

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How to Choose Life Insurance Like an Expert

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At some point in everyone's life there will be a time when you will consider purchasing a life insurance policy to ensure that your loved ones are catered for in the event of your death. It can be an extremely confusing transaction because of the amount of jargon that is involved. Cheapest isn't always best though. In reality it could often be the case that a life insurance policy is cheap because there is small print that the provider hopes you don't notice. Instead please use these rules to identify value. Here I will show you the key points you should consider when setting up a policy:

Set the sum assured at the same level as your mortgage. If your mortgage is for £100000 then get £100000 worth of cover; if your mortgage is for £80000, then get £80000 worth of cover. There is no need to get any more than this.

Set the length of term until the age of 65 no matter how quickly you plan to plan to pay off your mortgage. The reason you should do this is that you may still require life insurance in later life. Having to go for a new life insurance policy after the age of 40 can be extremely expensive. The main factor in the cost of life insurance is age so a £100,000 policy at 25 is going to be a lot cheaper than the same policy at age 45.

Don't take the waiver. An insurance waiver is a clause that allows you to miss payments without the policy defaulting, should you ever be out of work. We already have emergency funds factored into our plan that mean this extra is unnecessary.

Always select level term. With level term the sum assured remains constant throughout the term (although obviously affected by inflation). The opposite of level term is decreasing term. Decreasing term life insurance goes down every year leading to the ridiculous situation where you are paying the same amount year on year for less and less return. Level term assurance will only be pennies more than decreasing term so don't scrimp on this one!

Couples should have separate policies. Insurance companies will never tell you this but it is possible to get double the amount of life insurance for only a small increase in price. Having a joint policy would mean that there would only be one payout should any of the two of you die but the slightly more expensive separate policy option would lead to twice the payout. No wonder insurance companies don't tell you this - it would double their liabilities.

Write your policy in trust. Writing the policy in trust means that the beneficiaries of your life insurance policy will not have to pay inheritance tax on the gain. Writing a policy in trust is a relatively simple process. A real expert will be able to set up a policy in trust free of charge.

If we take the example of an average young couple (and assume they are non-smokers) this is how much their policy will cost:

Mortgage Chantelle Preston
£80,000 £5.58 £6.92
£90,000 £6.07 £7.51
£100,000 £6.32 £8.10
£110,000 £6.80 £8.71
£120,000 £7.29 £9.32
I'm sure you'll agree with me that this is very cheap indeed - but more importantly, it serves the needs of the people involved.

In summary, use these rules to make sure that you get the best value for money life insurance available.

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Definition of Whole Life Insurance

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Would you benefit from buying a whole life assurance policy? If you think that you may need life cover for when you are 70 years and older, you may consider this type of life cover policy. We can now take a quick look at some of the basic features of a whole life insurance cover policy.

A Definition Of Whole Life insurance

Whole life cover offers death protection for the whole lifetime of the insured person. A whole life assurance policy has two parts. The mortality charge is the first part of your premium that pays for the insurance coverage. The second part or rest of the premium goes toward an investment component that earns interest. When the contract holder dies, the insurance payout is made to the contract's beneficiaries.

The Whole Life Insurance Premium

The policyholder typically pays a level premium for a whole life cover policy. This is a premium which does not go up as the person ages.

The Whole Life Insurance Investment

A whole life policy incorporates an investment component. This gathers a cash value that the policyholder can withdraw or borrow against. Life assurance companies traditionally invest insurance premiums in stocks, bonds and real estate in order to create boosts in cash value for policyholders. The policy's returns may rise and fall with the markets. It will typically gather less returns than those available from other investments such as equity mutual funds.

Whole Life Insurance Dividend Paying

Insurance Companies may credit the investment part with an annual dividend in addition to interest. This will depend upon the insurer's loss experience and investment performance.

The Cost Of Whole Life Insurance Whole life cover can be really expensive. You may not be able to afford all the insurance coverage you need if you are on a tight budget.

Other Whole Life Insurance

There are several types of whole life assurance policies. Here are 7 traditional forms:

Non-participating: The death benefits, cash surrender values and premiums of the policy are determined for the life of the contract when the policy is issued. It cannot be adjusted afterward.

Participating: With this policy the insurance company shares any surplus profits with the policyholder. These are the dividends the company may add to the policy investment.

Limited pay: Premiums are only owed for a certain number of years instead of paying annual premiums for life.

Single premium: The premiums are limited to a single large payment at the beginning of the life cover policy.

Indeterminate premium: The premium may differ from year to year, but it can never exceed the maximum premium guaranteed in the policy contract.

Economic: This is a combination of participating and term life cover. A part of the dividends is used to pay for additional term life cover.

Interest sensitive: The interest on the cash value of the policy fluctuates with current market conditions.

The Whole Life Insurance Guarantee

A life cover company will normally guarantee that the cash value of the policy will increase in spite of the performance of the company or the amount of death claims it receives. We have now finished taking a quick look at the definition of whole life insurance as well as some of the general aspects of whole life cover.

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Whole Life Insurance - Whole vs Term Life Insurance

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What type of insurance might fit you the best? Whole life insurance or term life insurance? Let us do a life insurance comparison between the two according to a few general criteria.

What is the difference between whole and term life coverage?

Whole life cover consists of life cover plus an investment on which you can earn interest. Term insurance covers the policyholder for the length of the policy and has no investment attached to it. Both will pay out a certain amount of money in the event of your death to your family members.

How much can you pay?

You should look at your financial budget, calculate how much you are able or willing to pay for a policy and then do a life insurance comparison. A whole life policy is much more expensive than term life coverage. This is because it combines a term cover with an investment component. You therefore pay part of your premium for coverage and the other part for the investment that earns interest. Term life cover costs less than whole life assurance since the premium you pay is for life assurance only. You are able to choose between two types of term cover premiums which can influence the initial costs: annual renewable or level term. A Level term premium stays the same for the duration of the policy. Annual renewable premiums might increase every year for the policy's duration.

What is your age?

Your age is might influence your policy choices. A person older than 50 will generally have to pay greater premiums for a term life policy. Also, if you are 65 and older, you may struggle to find an insurance company that is willing to sell you term assurance. Therefore, you may have no alternative but to buy whole life assurance. If you live longer than the duration of the term assurance policy, no money will be paid out to you. If this happens with your whole life insurance policy, you will still have the investment portion left. You may then borrow money against the investment or take the cash value amount.

How long do you want to keep the policy?

The cash value of a policy is the amount of money you could be paid should you decide to cancel your policy. If you think that you may have to cancel your policy sometime in the future before it's duration is completed, this might have an effect on the type of assurance you could buy. You could consider a whole life insurance policy if you are determined to pay the premiums for at least 20 to 30 years. This will usually ensure that you receive a worthwhile return. A Term life cover policy may be a better option if you are going to keep it for shorter than 20 years. The answer to your life cover needs is a personal and financial one that should be considered carefully before making a decision. That concludes this short life insurance comparison.

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Whole Life Insurance - Whole vs Term Life Insurance

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What type of insurance might fit you the best? Whole life insurance or term life insurance? Let us do a life insurance comparison between the two according to a few general criteria.

What is the difference between whole and term life coverage?

Whole life cover consists of life cover plus an investment on which you can earn interest. Term insurance covers the policyholder for the length of the policy and has no investment attached to it. Both will pay out a certain amount of money in the event of your death to your family members.

How much can you pay?

You should look at your financial budget, calculate how much you are able or willing to pay for a policy and then do a life insurance comparison. A whole life policy is much more expensive than term life coverage. This is because it combines a term cover with an investment component. You therefore pay part of your premium for coverage and the other part for the investment that earns interest. Term life cover costs less than whole life assurance since the premium you pay is for life assurance only. You are able to choose between two types of term cover premiums which can influence the initial costs: annual renewable or level term. A Level term premium stays the same for the duration of the policy. Annual renewable premiums might increase every year for the policy's duration.

What is your age?

Your age is might influence your policy choices. A person older than 50 will generally have to pay greater premiums for a term life policy. Also, if you are 65 and older, you may struggle to find an insurance company that is willing to sell you term assurance. Therefore, you may have no alternative but to buy whole life assurance. If you live longer than the duration of the term assurance policy, no money will be paid out to you. If this happens with your whole life insurance policy, you will still have the investment portion left. You may then borrow money against the investment or take the cash value amount.

How long do you want to keep the policy?

The cash value of a policy is the amount of money you could be paid should you decide to cancel your policy. If you think that you may have to cancel your policy sometime in the future before it's duration is completed, this might have an effect on the type of assurance you could buy. You could consider a whole life insurance policy if you are determined to pay the premiums for at least 20 to 30 years. This will usually ensure that you receive a worthwhile return. A Term life cover policy may be a better option if you are going to keep it for shorter than 20 years. The answer to your life cover needs is a personal and financial one that should be considered carefully before making a decision. That concludes this short life insurance comparison.

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Definition of Whole Life Insurance

Image : http://www.flickr.com

Would you benefit from buying a whole life assurance policy? If you think that you may need life cover for when you are 70 years and older, you may consider this type of life cover policy. We can now take a quick look at some of the basic features of a whole life insurance cover policy.

A Definition Of Whole Life insurance

Whole life cover offers death protection for the whole lifetime of the insured person. A whole life assurance policy has two parts. The mortality charge is the first part of your premium that pays for the insurance coverage. The second part or rest of the premium goes toward an investment component that earns interest. When the contract holder dies, the insurance payout is made to the contract's beneficiaries.

The Whole Life Insurance Premium

The policyholder typically pays a level premium for a whole life cover policy. This is a premium which does not go up as the person ages.

The Whole Life Insurance Investment

A whole life policy incorporates an investment component. This gathers a cash value that the policyholder can withdraw or borrow against. Life assurance companies traditionally invest insurance premiums in stocks, bonds and real estate in order to create boosts in cash value for policyholders. The policy's returns may rise and fall with the markets. It will typically gather less returns than those available from other investments such as equity mutual funds.

Whole Life Insurance Dividend Paying

Insurance Companies may credit the investment part with an annual dividend in addition to interest. This will depend upon the insurer's loss experience and investment performance.

The Cost Of Whole Life Insurance Whole life cover can be really expensive. You may not be able to afford all the insurance coverage you need if you are on a tight budget.

Other Whole Life Insurance

There are several types of whole life assurance policies. Here are 7 traditional forms:

Non-participating: The death benefits, cash surrender values and premiums of the policy are determined for the life of the contract when the policy is issued. It cannot be adjusted afterward.

Participating: With this policy the insurance company shares any surplus profits with the policyholder. These are the dividends the company may add to the policy investment.

Limited pay: Premiums are only owed for a certain number of years instead of paying annual premiums for life.

Single premium: The premiums are limited to a single large payment at the beginning of the life cover policy.

Indeterminate premium: The premium may differ from year to year, but it can never exceed the maximum premium guaranteed in the policy contract.

Economic: This is a combination of participating and term life cover. A part of the dividends is used to pay for additional term life cover.

Interest sensitive: The interest on the cash value of the policy fluctuates with current market conditions.

The Whole Life Insurance Guarantee

A life cover company will normally guarantee that the cash value of the policy will increase in spite of the performance of the company or the amount of death claims it receives. We have now finished taking a quick look at the definition of whole life insurance as well as some of the general aspects of whole life cover.

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The Growing Life Assurance Protection Gap

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Life assurance industry experts always bang on about the 'Protection Gap'. This is the difference between the levels of life assurance cover that we have taken out against the amount of cover that the industry believes we need. However, if the latest figure that has been produced by the UK life insurance experts is correct then, as a country we are massively underinsured as the gap stands at a whopping £2.5 trillion, and is growing every year.

We are mainly very good at ensuring that we have the mortgage covered by life insurance should the very worst happen, but it appears that we have totally forgotten all the other costs such as other debts, supporting children and even the mundane, such as living expenses. Of course, those with no dependents have no need of life assurance, but those who do should consider it very carefully.

Unlike most things today, the price of life insurance premiums has actually fallen. In fact, if you compare life insurance premiums to costs ten years ago, they are actually 50% cheaper, meaning that if price was a barrier for most people a few years ago then that situation has changed.

At this point, you may be jumping up and down saying that you are actually ten years older than you were and therefore even though premiums have dropped, because of your age it will still be more expensive. That is a common misconception. Because people are now living longer they pose less of a risk to life assurance companies, and that has helped drive premiums down. Plus, there is more competition meaning that those pressures also force down prices.

Re-visiting the level of your life assurance may also allow you to investigate additional benefit options such as critical life illness cover. Prices will also vary depending upon whether you opt for level term or decreasing term assurance. Level term, as its name suggests offers the same benefits in the case of death over a fixed period, whereas decreasing term reduces the benefits over the period, usually in tandem with your mortgage. As that is repaid, then the amount you would require in cover also reduces.

Recent research produced by the Daily Telegraph highlighted that almost one in three adults in the UK were found to have no life assurance at all. Even though statistically the vast majority thankfully will not require it, if the worst should happen then think of the financial impact on those left behind. Are you happy to live with your own Life Assurance Protection Gap?

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Life Insurance - Planning for the Future

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Life insurance policies pay some kind of benefit if your health suffers or if you are unable to work as a result. Life insurance premiums are calculated using information based on your age, health, lifestyle and occupation.

There are a wide range of similar policies now available through a wider variety of channels - from leaflets in the supermarket to insurance brokers and financial advisers - which mean that you can concentrate on searching for a policy, based on price rather than complicated added extras.

There are three types of life insurance available for purchase:

Level term assurance - a policy which is taken out over a period of time - known as the term - the length of the cover is set by the customer and the lump sum amount that is paid out remains the same throughout the term of the policy.
Decreasing term assurance - a policy in which the payment amount falls over time. These policies can be taken out in connection with a repayment mortgage, which allows for the amount paid out upon death gradually decreasing in line with the debt.
Whole-of-life insurance - this policy has no specified term, and pays a guaranteed amount upon death, however the premiums for such a policy can change.

When searching for a life insurance quote it is important to decide on what you'd like the payout to go towards - whether it is to pay off debts or a mortgage in order to provide your immediate family with a good standard of living or to cover funeral expenses.

Be sure to take into account any other insurance policies or employee benefits before taking out a policy, but there are other steps you can consider in order to improve the value you can get from life cover.

There are joint life insurance policies available for couples. If both parties are suitable for the same level of cover they are usually offered a policy which pays an equal sum if either partner dies. The price of joint policies is often slightly cheaper than taking out two separate policies.

Another step to consider when choosing a life insurance policy is to ensure that it is written 'in trust' - which ensures that the proceeds would fall outside an individuals' estate when they die, which would not affect any inheritance tax calculations.

It is advisable to seek consultation from a financial adviser before taking out a policy, they can offer an explanation as to the processes involved in your policy and can aid in a decision which can be daunting but not necessarily complicated.

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The Growing Life Assurance Protection Gap

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Life assurance industry experts always bang on about the 'Protection Gap'. This is the difference between the levels of life assurance cover that we have taken out against the amount of cover that the industry believes we need. However, if the latest figure that has been produced by the UK life insurance experts is correct then, as a country we are massively underinsured as the gap stands at a whopping £2.5 trillion, and is growing every year.

We are mainly very good at ensuring that we have the mortgage covered by life insurance should the very worst happen, but it appears that we have totally forgotten all the other costs such as other debts, supporting children and even the mundane, such as living expenses. Of course, those with no dependents have no need of life assurance, but those who do should consider it very carefully.

Unlike most things today, the price of life insurance premiums has actually fallen. In fact, if you compare life insurance premiums to costs ten years ago, they are actually 50% cheaper, meaning that if price was a barrier for most people a few years ago then that situation has changed.

At this point, you may be jumping up and down saying that you are actually ten years older than you were and therefore even though premiums have dropped, because of your age it will still be more expensive. That is a common misconception. Because people are now living longer they pose less of a risk to life assurance companies, and that has helped drive premiums down. Plus, there is more competition meaning that those pressures also force down prices.

Re-visiting the level of your life assurance may also allow you to investigate additional benefit options such as critical life illness cover. Prices will also vary depending upon whether you opt for level term or decreasing term assurance. Level term, as its name suggests offers the same benefits in the case of death over a fixed period, whereas decreasing term reduces the benefits over the period, usually in tandem with your mortgage. As that is repaid, then the amount you would require in cover also reduces.

Recent research produced by the Daily Telegraph highlighted that almost one in three adults in the UK were found to have no life assurance at all. Even though statistically the vast majority thankfully will not require it, if the worst should happen then think of the financial impact on those left behind. Are you happy to live with your own Life Assurance Protection Gap?

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How to Choose Life Insurance Like an Expert

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At some point in everyone's life there will be a time when you will consider purchasing a life insurance policy to ensure that your loved ones are catered for in the event of your death. It can be an extremely confusing transaction because of the amount of jargon that is involved. Cheapest isn't always best though. In reality it could often be the case that a life insurance policy is cheap because there is small print that the provider hopes you don't notice. Instead please use these rules to identify value. Here I will show you the key points you should consider when setting up a policy:

Set the sum assured at the same level as your mortgage. If your mortgage is for £100000 then get £100000 worth of cover; if your mortgage is for £80000, then get £80000 worth of cover. There is no need to get any more than this.

Set the length of term until the age of 65 no matter how quickly you plan to plan to pay off your mortgage. The reason you should do this is that you may still require life insurance in later life. Having to go for a new life insurance policy after the age of 40 can be extremely expensive. The main factor in the cost of life insurance is age so a £100,000 policy at 25 is going to be a lot cheaper than the same policy at age 45.

Don't take the waiver. An insurance waiver is a clause that allows you to miss payments without the policy defaulting, should you ever be out of work. We already have emergency funds factored into our plan that mean this extra is unnecessary.

Always select level term. With level term the sum assured remains constant throughout the term (although obviously affected by inflation). The opposite of level term is decreasing term. Decreasing term life insurance goes down every year leading to the ridiculous situation where you are paying the same amount year on year for less and less return. Level term assurance will only be pennies more than decreasing term so don't scrimp on this one!

Couples should have separate policies. Insurance companies will never tell you this but it is possible to get double the amount of life insurance for only a small increase in price. Having a joint policy would mean that there would only be one payout should any of the two of you die but the slightly more expensive separate policy option would lead to twice the payout. No wonder insurance companies don't tell you this - it would double their liabilities.

Write your policy in trust. Writing the policy in trust means that the beneficiaries of your life insurance policy will not have to pay inheritance tax on the gain. Writing a policy in trust is a relatively simple process. A real expert will be able to set up a policy in trust free of charge.

If we take the example of an average young couple (and assume they are non-smokers) this is how much their policy will cost:

Mortgage Chantelle Preston
£80,000 £5.58 £6.92
£90,000 £6.07 £7.51
£100,000 £6.32 £8.10
£110,000 £6.80 £8.71
£120,000 £7.29 £9.32
I'm sure you'll agree with me that this is very cheap indeed - but more importantly, it serves the needs of the people involved.

In summary, use these rules to make sure that you get the best value for money life insurance available.

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Given The Choice, Term Insurance Or Whole Of Life - What's Better?

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Trying to find the right life insurance policy for you can be very difficult. This is due mainly to the fact that you have to consider your personal circumstances and how they affect the choice of plan you ultimately go for. One person might need cover for the whole of their lives and someone else may only need cover for a set term. In this article I intend to point out the main differences between whole life assurance and term insurance and consequently which one might suit your particular circumstances.

The primary difference between term and whole life insurance is simple: term insurance offers only life coverage. A term policy does not build a cash value over time. When the person (or persons) covered by the term policy pass away, the death benefit of the policy is paid to a beneficiary.

As for whole of life cover, this works differently. Whole of life insurance is designed to provide a death benefit in the same way as term insurance. However whole of life insurance does this for the whole of the life of the person insured on the plan. It is for this reason it is known as whole of life and not term. Also, this type of plan will also build up a cash amount known as the fund. Making the choice as to which one is more suitable for your particular needs does need a lot more investigation, such as balancing what each plan offers against a persons own requirements.

It should be noted that whole of life insurance is generally more expensive that standard term, insurance. Owing to the fact that it will run for the life assured's whole life and the fact that the plan carries an investment element. In contrast term assurance which runs for a specified term and also has no investment element is proportionately cheaper.

Many people prefer term insurance because of the low premiums. They only need a simple policy that pays a death benefit if they pass away. Further, many believe that investing the amount of money saved through lower premiums, they can outperform any investment vehicle offered by a whole life policy.

Even though a lot of financial advisors would still rather recommend the whole of life insurance plans, they do appreciate that building up a fund value within the plan and the resulting higher premiums that task creates is not necessarily beneficial to all clients. This is due in no small part to the fact that most people have differing insurance requirements to that of others.

If a wealthy person is creating a complicated estate plan to shield various assets, there may be a need for a whole life policy that builds a cash value over time. Often, people who own and operate businesses need additional coverage to protect their families, their assets and themselves.

However if a parent just wants to protect their family in case they die level term insurance can be hard to beat with low premiums. When you factor the lower premiums versus those of the whole life insurance it does make it much more affordable. As has been said before in this article you can always invest any excess savings into an additional savings plan to produce a return.

Ultimately, the type of insurance policy to buy will depend upon your needs. While whole life is a better solution for some people, term insurance is better for others. Making a decision requires a deep consideration of your finances and your family's needs in the event that you pass away.

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Life Insurance 101

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All types of Life insurance fall into one of the four groups explained below, which type you use depends on the type of risk you wish to protect and the funds you have available.

Term Assurance

Cash lump sum paid out in the event of death

Straight term assurance is still a very cost-effective way of providing financial protection for the family or business. A lump sum is normally provided when a claim is made which is paid into the estate of the policyholder.

In order to avoid complications with delays in probate or inheritance tax, an appropriate trust can be used so that any payment is made direct to the beneficiaries.

It is also possible to have the cover indexed according to inflation, so that the level of cover remains the same in real terms. Since there is no element of saving, the plans do not acquire a surrender value. If you wish to include this option, you could opt for convertible

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Life Insurance 101

Image : http://www.flickr.com

All types of Life insurance fall into one of the four groups explained below, which type you use depends on the type of risk you wish to protect and the funds you have available.

Term Assurance

Cash lump sum paid out in the event of death

Straight term assurance is still a very cost-effective way of providing financial protection for the family or business. A lump sum is normally provided when a claim is made which is paid into the estate of the policyholder.

In order to avoid complications with delays in probate or inheritance tax, an appropriate trust can be used so that any payment is made direct to the beneficiaries.

It is also possible to have the cover indexed according to inflation, so that the level of cover remains the same in real terms. Since there is no element of saving, the plans do not acquire a surrender value. If you wish to include this option, you could opt for convertible term assurance.

Family Income Benefit

A regular income paid following death during the term of the plan

This type of plan provides for a regular income to be paid out in the event of the death of the life assured during the term of the policy. With each month that passes, the liability which the insurance companies is taking on decreases by a set amount. This enables the costs to be kept down to a minimum and is often the least expensive plan available.

The benefits can be written in trust to avoid legal delays and any possible
liability to inheritance tax.

Mortgage Protection.

This type of plan is also a term policy which covers the declining balance of a repayment mortgage. This enables the cost to be kept to a minimum but make sure that the interest rate figure is high enough for any possible increases in the mortgage rate.

Whole of Life Cover

Provides cover for the rest of your life

The main disadvantage of term cover is that at the end of the term, cover ceases and any new policy has to be underwritten according to the age and health of the policyholder at that time. When a whole of life policy is taken out, the policyholder has guaranteed insurability for the rest of their lives, regardless of any change in their health.

This means that initial premiums are likely to be higher than term assurance cover, but the plan has far more flexibility. It therefore depends on your personal circumstances as to which plan is likely to best suit your requirements.

Critical Illness Cover

Cash lump sum for those who die or have a critical illness

In recent years, the need for protection for those who actually survive serious illness or accident has become more apparent. It has been described as 'life cover for the living'.

Most plans cover the common conditions such as heart attack, stroke and most forms of cancer, but there is variation on more rare conditions. In addition to specific illnesses, it is quite common to have permanent disability cover. If you become permanently disabled and unable to return to work, the plan pays out. There is however, a wide variation in the definition of 'return to work. Some plans would only cover you if you were totally unable to work. Others have an own occupation? clause so that if you were unable to return to your normal occupation, a claim could be made. This is an extremely important fact to bear in mind when selecting your insurer.

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Getting A Term Life Insurance Quote

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At some point or another in our lives, we often find that there is the need for life insurance. Deciding which company to approach to find the best policy can be quite intimidating. To locate the appropriate insurance quote that best meets your needs is a daunting task. That is when using a specialist website that gives easy access to the marketplace that will help you find the best deal, is such a relief.

For those who have not encountered the life cover market before, the phrase 'term life insurance' maybe unfamiliar. This is simply the cheapest and most basic form of insurance. It provides you with cover for a fixed period of your choice (known as the 'term') and pays a one-off lump sum should you die during that term. Premiums are normally paid monthly although some policies allow annual payments. It is important to be aware that you are only covered for as long as you pay the monthly premiums. If you stop paying the premiums, the policy stops. In addition, as there is no investment element with this form of it, there is no maturity value payable at the end of the term.

Generally, there are two types of term life insurance available: level term assurance and decreasing it. Level term assurance pays a one-off lump sum upon your death if it occurs within the duration of the insurance term and the value of this sum remains constant throughout the period of the policy. Decreasing it also has the payment of a lump sum upon the event of your death but the value of the lump sum decreases during the period of the term. It decreases by a fixed amount, reaching a nil value by the end of the insured period. This insurance is usually used for mortgages or other loans where the amount owed decreases during its lifetime. You need to consider which type of cover you require when requesting your term life insurance quote.

There is a third type of cover called 'family income benefit', which gives your loved ones a regular income rather than a lump sum upon your death. However, the income is only paid during the lifetime of the policy. Therefore, if you die closer to its end, the fewer years it pays out. Some term policies allow you to increase the level of cover by including additional options, for example critical illness cover. This means the plan will make a one-off payment upon the diagnosis of a qualifying critical illness or if you die during the term of the policy.

Using this specialist website allows you to find the best quote quickly and easily. Having only to enter your details the once, it instantly provides information which can be organised in a format that best suits your needs. It can be saved and retrieved later at your convenience allowing effortless comparison the policy contents. This saves you both time and money and reduces the stress of finding the best life insurance quote.

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Fixed Term Life Insurance Explained

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The importance of having adequate life cover should never be underestimated - and the solution may be in taking out fixed term life insurance cover.

But first of all, why is life insurance so important? Sadly, many people see it as an unnecessary expense, thinking that once they die, why will they need the money? However, life insurance provides financial protection for the loved ones you leave behind.

For example, if you died tomorrow, would your partner be able to meet the monthly mortgage repayment and day to day bills on one salary alone? Would they be able to live the same lifestyle without your salary? Or would they need to sell up and downsize, possibly uprooting your children in the process?

It is unlikely that they would be able to cope financially on just one salary alone - and nor would you want them to be put under financial stress while coping with their grief.

The positive news is that the life insurance doesn't have to be expensive - and fixed term life insurance can be fairly cheap.

Fixed term life cover is insurance that pays out a lump sum should the life insured (ie. the policyholder) die during the term of the policy. It is a simple and probably the most inexpensive form of life insurance cover available.

This is because if the policyholder (or policyholders in the case of a joint life policy) survives the term of the policy, it expires and no payment is made. As the lump sum payment is only made on the death of the policyholder, this makes the life assurance premiums less expensive than some other life insurance plans.

Fixed term life insurance can also have additional benefits such as payment of the lump sum upon diagnosis of a terminal illness (such as cancer) during the term of the policy.

The term will normally fixed to match your personal financial circumstances - for example, if you have twenty years to go on your mortgage, then you need life insurance to cover at the least the period until your mortgage is paid off. Or you may want it to run up until you plan to retire.

As with all insurances, do shop around to find the right deal for you - you'll be surprised how much prices can vary from insurer to insurer even though they are offering the same level of cover and benefits.

Finally, if you are unsure about any aspect of your chosen cover, then speak to your life insurance provider or seek independent financial advice.

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