Posted on Mon, Dec 26, 2011
With the holiday season fast approaching, you may be looking for the perfect gift for loved ones. You could spend days, or even weeks, searching for a gift that has the ideal balance of sentiment and usefulness. You want a gift that shows your loved ones how deeply you care about their comfort and happiness now, and in the future. The perfect gift isn’t always found in a shopping mall or department store. Sometimes, the perfect gift doesn’t even come with a bow.
This holiday season give your loved ones the gift of financial security and peace of mind by purchasing a life insurance policy for yourself. During the holidays, when so much of your time is already spent focusing on your family, it really is the perfect time to plan for your family’s future comfort and security.
Most people are familiar with the final expense benefits associated with a life insurance policy; however, the benefits extend far beyond those immediate costs. A well-rounded life insurance policy will take all outstanding debts into account, settling up with creditors and leaving your family free from harassment by debt collectors.
If you are the main source of income for your family, then life insurance coverage is an even more important gift. The loss of your income could leave your loved ones struggling to pay the rent and bills. If you have children in college, they may find themselves unable to afford tuition and expenses. By planning ahead and working with an experienced insurance agent, you’ll ensure that your family is always provided for.
You may be young, fit and have a family tree full of centenarians. However, you still can’t predict future illnesses or accidents that could strike before you’ve made plans for the future. There’s nothing wrong with hoping for the best, going through life with joyous optimism all while being prepared. The holiday season is about joy and happiness; it's also about doing all you can to make sure your loved ones are happy and cared for. Relax and enjoy the holidays with your family, knowing that you've given them the perfect gift to show how much you care about them.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Thu, Dec 22, 2011
Picture the following scene:
Autumn has announced her brisk arrival. Colorful leaves dapple sidewalks and frame neighborhood streets. Many a family gather out in the yards - rakes in hand. It's the annual Raking of the Leaves and conversations make their way toward the exciting topic of what the kids are hoping for this holiday season. Let's eavesdrop on the Perfect Family as they happily work together in their front yard:
Mr. Perfect: Well kids, your mother and I have been discussing what you might want to find under the holiday tree this year.
Mrs. Perfect: That's right, darlings. Any ideas you'd like to share with us?
The Perfect Kids: Yeah! We want you and mom to buy us life insurance coverage!
The soundtrack grinds to a halt.
Sound unrealistic? That's because it is. Life insurance coverage is a topic of conversation that doesn't come up often enough. It has probably been on your perpetual "to-do" list, but the box never gets checked off. As you and your family gather together this holiday season, consider the value of knowing you have finally "checked the box" and insured their financial well being, no matter what the future might bring. Do these excuses sound familiar?
We just can't afford it right now. Contrary to what you might think, life insurance coverage should always be affordable if you have a reputable licensed agent working for you. Your policy coverage is designed to fit the exact needs of your family. Your current debt loads, mortgage, plans for your children's college funds, funeral expenses, death 'taxes' on the estate, etc. are all considered when deciding what kind of coverage is right for you. Keep in mind that the younger you are when you get your policy, the more affordable your payments will be, so it makes financial sense to obtain a plan sooner rather than later.
I don't like to think about my death. It's true that while considering a life insurance policy, you might have to confront uncomfortable feelings regarding your mortality or undesirable twists of fate. But that is exactly the point. A sound financial plan is one that takes into consideration all of your plans and dreams for now, and also carves a path in case things don't go exactly as planned. While term life benefits are designed to provide for your family in case of an untimely death, whole life benefits are designed to pay out upon your death - even if you live to be 100! Some term policies can be renewed and amended to continue to meet your family's insurance needs. However, since renewable term plans are often times prohibitively expensive, another option is to purchase an entirely new term policy if the current term policy expires.
It seems like a waste of money if I don't die young. This is one of the greatest myths about life insurance coverage. Many people don't realize that certain life insurance policies pay out benefits if you become terminally ill, or disabled. Cash value policies are set up to work as a savings account you can draw money from should you need unexpected funds. Your payments can be withdrawn and your death benefits can be used as collateral. So life insurance coverage can end up coming to your rescue while you are very much alive.
It's understandable that your perfect kids might not jump for joy if they find a beautifully gift wrapped box of life insurance coverage under the tree. Real life rarely works out like a screen play. But New Year's resolutions create the perfect opportunity to reconsider those unchecked boxes.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Mon, Dec 19, 2011
Buying Life insurance is simple and hassle free. In order to help those who are learning about life insurance for the first time, we’ve created the following guide:
What is Life Insurance?
Life insurance is a financial product that guarantees your family and friends will receive a cash payout when you die.
Life insurance is a great resource for families who are under financial pressure. A death benefit can help your family in the event of a tragedy with things like:
1. Living Expenses
2. Unsettled Debt
3. Outstanding Medical Bills
4. College Tuition
5. Funeral Expenses
Strictly speaking, a life insurance policy is the actual contract that sets out the cost of the policy and the amount of your death benefit. A life insurance policy also designates your beneficiaries -- the people who will receive the death benefit after your death.
The Cost of Life Insurance
Life insurance payments, also known as premiums, are the regular payments made to your life insurance company to ensure coverage.
The cost of buying life insurance can vary according to many factors, including:
1. The size of the death benefit
2. The case value of the policy
3. The term, or length, of the policy
Consult a licensed agent to evaluate your needs when buying life insurance. Many industry experts recommend investing in a life insurance policy that pays a benefit roughly seven to ten times your annual income.
The Types of Life Insurance Policies
When buying life insurance, be aware that there are two general types of life insurance policies: term and permanent. The former is insurance that will pay out if you die during a specified time period. The latter pays a death benefit regardless of when you die.
Buying Life Insurance
You can buy life insurance from a bank, brokerage firm, insurance agency, or
directly from a life insurance company. Usually, you will work with a life insurance agent who will review your financial situation and recommend a policy for you.
Comparing policies is important and at Efinancial we make it easy. Simply fill out our quote request form and your Efinancial agent will return a list of competitively priced life insurance policies. Our straightforward approach will help you understand and weigh your options. If you would prefer to speak to an agent now, call us at 1-866-765-4296. Our staff of licensed agents is on hand to answer your questions and to simplify the process of buying life insurance.
As always, please share your thought and remarks below.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Dec 16, 2011
Prospective life insurance applicants choose to buy life insurance for several reasons. Cited below are the top reasons they have for moving forward with life insurance.
• Replacement of lost income for the family
Most buy life insurance to protect their family from financial hardships in the event they pass away. As a replacement for a loss of income, life insurance can provide finances for a growing family, college tuition and retirement, etc.
• Protect home and business
For most families, the monthly mortgage payment is the largest item in their budget. Life insurance policies can be designed to include enough coverage to cover your mortgage in the event of a tragedy. If you are a business owner, a policy can also be designed for your family to buy out a surviving business partner.
• Savings or investment plan to create inheritance
The death benefit from your life insurance policy may be the only money you leave behind for your children and/or grand children. It is a safe and sure way to leave something monetary to go along with their loving memories of you.
• Funeral and burial costs
Expenses related to final arrangements can be daunting. Including enough coverage in your life insurance policy to cover these expenses will give your loved ones the funds needed to carry out your final wishes.
• Charitable gift
You may choose to allocate a portion of your life insurance death benefit to use as charitable donation to an organization you care about. Plan ahead. You can buy life insurance now and designate an organization of your choice as a beneficiary in your policy.
The death of the primary wage earner can be both an emotional and financial tragedy. Be proactive and protect your loved ones. Consult one of our licensed life insurance agents for more information on life insurance by calling, 1-866-765-4296. Or submit your application online to receive up to twelve policies for review. You can even buy life insurance online, all in one day.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Wed, Dec 14, 2011
The payment method you choose when purchasing life insurance can have a big impact on the value of your policy. You may choose a lump sum life insurance premium or to make regular premium payments. So which is right for you? Let’s take a closer look.
The Lump Sum Life Insurance Premium
A lump sum life insurance payment plan is also known as single-premium or one-time payment. A lump sum life insurance premium plan can mean a larger death benefit because life insurance companies use your premiums to fund investments that will pay for your death benefits. For a life insurance company, a larger initial cash investment means that they have more money to invest -- hence more money to be gained in investments and larger payouts for beneficiaries. The payout will of course vary according to the amount paid in as well as the age and health of the insured.
The Monthly Life Insurance Premium
Monthly life insurance premium plans have smaller initial cash investments, meaning profits will take longer to accumulate. Life insurance companies may charge high monthly premiums for older customers because their remaining life expectancy is shorter so, a single-premium life insurance plan may make more sense. However, a monthly premium may be a better fit for someone younger since they will likely have a longer lifetime investment period compared to a 65-year-old man.
Selecting Your Payment Method
Let’s take a look at an example. A 65-year-old woman may have to make large premium payments of $1000 a month for a fairly moderate payout. An older person can eliminate this with a large one-time lump sum payment. This same woman may be able to invest in a $30,000 lump sum payment to ensure her beneficiaries will receive a $60,000 death benefit that is income-tax free. On the other hand a monthly premium life insurance payment plan will likely work for a younger person because their payments are invested over time.
A top-notch life insurance agent can explain the benefits of both types of life insurance premiums. At Efinancial, we have a staff of highly qualified insurance agents available to help you select the right policy to fit your needs. To start the process, complete the quote request form. Your Efinancial agent will then contact you to explain your options and answer your questions. With no obligation to buy, why not start the process today?
Please also feel free to reach out to us directly at 1-866-765-4296.
As always, we encourage you to share your thoughts and questions below.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Mon, Dec 12, 2011
Also known as permanent life insurance, whole life insurance policies offer a number of investment opportunities. As you shop for and compare your options be sure to keep this in mind. If you choose to invest in a whole life policy it will remain viable as long as you pay your premiums.
Guaranteed Life Insurance Benefits and Set Premiums
With whole life insurance, your premiums and the life insurance benefits are set in stone, from the moment your coverage begins. That guarantee is both an advantage and a disadvantage. The premium amounts will not change, so the policy holder will not face any unexpected changes in insurance costs. The life insurance benefits are predetermined as well. Regardless of the way the financial market is performing, the policyholder can plan for the future with the solid guarantee of a fixed life insurance benefit. As a result, estate-planning professionals often recommend including whole life insurance in a portfolio of investment products. Life insurance benefits can be a hedge against riskier investment tools, such as stocks.
The guarantee does come at a price - guaranteed payouts are often lower than those of other types of life insurance. The internal rate of return (IRR) for whole life insurance is the gauge used by industry analysts to measure and then compare the profitability of investments like whole life insurance. IRR is a valuable resource to use when measuring life insurance benefits against other estate or retirement planning tools like annuities and pensions.
The Cash Value of a Policy
Many whole life policies offer cash value options. In other words, you can “cash out” your policy during your lifetime. Policies that offer this guarantee specific cash value amounts at certain milestones in the life of a policy. So for example, you may be guaranteed $30,000 if you hold a policy for 10 years and cash out. Wait another 10 years, and the cash value will have risen to $45,000. Strictly speaking, cashing out on the total value of the policy is the “surrender” of your policy. If you do not wish to surrender your policy you also have the options to take out a loan using your whole life insurance policy as collateral.
A trained, professional insurance agent can help you understand the intricacies of life insurance benefits and help you select a policy that will help you reach your financial goals. If you are in the market for life insurance coverage, review the life insurance tools and calculators available at Efinancial.com, and complete our quote request form. With no obligation to buy your Efinancial life insurance agent will contact you with a side-by-side comparison of your options.
As always, please share your comments and questions below.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Dec 09, 2011
Purchasing life insurance coverage is a key element in financial planning. If you have been unable to obtain coverage as a result of “impaired risk” you may still be able to purchase life insurance coverage.
Life insurance companies will often cite the “impaired risk” factor when turning down an applicant. They have the right to refuse life insurance coverage for any condition or issue listed in an application.
So what is impaired risk?
Each insurance policy has a “standard of risk” which is the probability of whether or not the insured person will die while covered under the insurance policy. Impaired risk can affect policy premiums and in some cases, an insurance company can simply refuse to insure an applicant they consider to have a high impaired risk.
What are some examples of impaired risk conditions?
- Heart problems - any history of heart attacks, heart blockages or valve replacements
- Diabetes - diagnosis of any type of diabetes
- Cancer – diagnosis or sometimes even a biopsy for possible cancer
- Drug and/or alcohol problems - this can include a stay in rehab or convictions for any alcohol or drug-related offenses
- Anxiety
- High Blood Pressure
- High Cholesterol
- Crohn's Disease
- Depression
- Hepatitis C
- Dangerous careers and/or hobbies like: pilot, scuba diver, race car driver
- Conviction for a felony
- Smoking and/or nicotine use
I have one of those impaired risk factors; does that mean I will be refused insurance coverage?
Not necessarily. Insurance companies can provide better premium rates if they get more detailed information about those risk factors. For example, there are different rates for cigar smokers and cigarette smokers. In addition, some insurance carriers charge lower premiums for certain risk factors than others. For example, insurance company A may have lower premiums for people with diabetes, while insurance company B might charge higher premiums for people with the same risk factors.
Do not assume that because you have been turned down by one life insurance company that you will be turned down by others. Each insurance company has its own policies for applicants. In addition, life insurance companies change their life insurance coverage rules over time -- if a life insurance company turned you down five years ago, it’s very possible that the same company will accept you now.
If you have one of these impaired risk factors, what are your options?
Some insurance companies will simply charge you higher premiums. You can seek out life insurance companies that specialize in life insurance coverage for consumers with higher impaired risk. Another option is going with a different payment plan than the usual monthly premium payment option. Folks with impaired risk may have to make a large lump sum payment for coverage. Or, a larger payment to cover the first year, followed by regular smaller monthly payments.
At Efinancial we can help you through this maze of options and help you secure life insurance coverage. Request a quote today and a qualified agent will contact you to discuss your needs.
Please also feel free to share your comments below.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com