Guaranteed issue life insurance is exactly that, you are basically guaranteed this life insurance. However, there might be some things that you did not know about this kind of insurance, and where maybe you're a little scared to ask. Naturally, it's always best to walk into a situation with as much knowledge as possible, so it's about time you found out the things you did not know about guaranteed issue insurance.
No Medical Exam Needed
Unlike most life insurance policies, which require a medial exam, and a complete medical history of your family just to get approved, you do not need that for guaranteed issue. They will ask you a few medical questions, but you will never need an exam. You've probably seen those ads saying exactly that, and that is what those commercials were for.
Now, you may not need a medical exam, or a perfect medical history, but that does not mean you will have a good policy to walk away with. Just like getting a high risk loan, where you pay extra with the high interest rate, you almost do the same here.
What's the Trade-Off?
First off, you will pay a much higher premium for this type of insurance. And if you want do not pay the annual premium up front, and want it month to month, or quarterly, then you will pay even more.
Who Needs This Insurance?
This kind of policy is not an in case I die policy, it is a "when I die" policy. And instead of leaving your family stuck with the bills for a funeral, they will cover those costs, and that is just about it honestly. Most policies are actually less than $20,000. So if your estate as some bills still owing, those will most likely still fall to your family.
This is a very common type of policy for people over the age of 65, and usually up to the age of 80. They are high risk, and these policies tend to have a very high payout ratio.
There you have it, guaranteed issue life insurance, and what you might not have known about it. So, if you can not get any other policy anywhere else, this is your last best hope. Your only hope really. Is this policy for you? If you are already retired, and approaching 65 - 70 years of age, and are without a policy, and are more than willing to pay the inflated fees, then yes, this just might be for you.
You Won't Live Forever -- FREE Information on Finding the Insurance Right for You!
None of us likes to think about it, but we won't live forever. And that being the case, we need life insurance of some kind.
But what's the right insurance for you, so that your family is taken care of, but you aren't paying too much?
To find out more totally free information on different kinds of insurance options, click on over to compare term vs whole life insurance.
A little knowledge will help you get the one best life insurance for you -- and for your family.
Saturday, December 26, 2009
Transporting Teddy Bears Or Flamethrowers? Then You Need Commercial Vehicle Insurance!
Do you have a business that uses trains, planes or automobiles. OK, kidding about the trains and planes, but if your company uses autos (trucks, vans, etc.) then there is something you need.
And that "something" is commercial vehicle insurance.
Why Buy Insurance?
Let's forget the fact that you need it by law in most states. Let's talk about what it means to your business.
You (or your employee) is out driving during the course of your business and gets in an accident. Ouch! Now there's all kinds of havoc to deal with, the least of which is getting your commercial vehicle repaired and road-worthy again. And we won't talk (at least not yet) about fire or theft...
How Hard is it to Get Commercial Vehicle Insurance?
Actually, not too difficult. The biggest issue is probably cost, but that will depend on a few factors. One includes the probability of accidents in your location; are accidents common in general, or is road traffic light?
Other Reasons for Insurance
If you use your vehicle(s) a lot for transporting goods or people, commercial vehicle insurance is absolutely imperative. Not only do you need to protect your assets as far as the vehicle goes, but also the value of the goods...or people's life and health.
Other considerations; if you're transporting goods, what kind are they? In other words, are you transporting teddy bears to toy stores or flammable liquids to a manufacturing facility? Are you driving across town or across the country? The kind of goods and travel distance will have a direct bearing on the cost of the insurance.
Again, forgetting that you need the insurance (by law), you'd be in for an extremely rude awakening if you skimp on the insurance and got into an accident. I know, you don't want to think it will happen to you, but the more you're out on the roads, the more you need proper commercial vehicle insurance. Otherwise, the possibility of disaster (accident-wise or financially) could catch up with you.
Are You Accident-Prone? I Hope Not, But Here's Some FREE Information Anyway!
Whew! Not everyone has a business, so not everyone needs commercial vehicle insurance.
But you -- yes, you on the sofa -- do you have the right auto insurance for your own car?
If you don't (or maybe even if you do), here's some free info on affordable auto insurance, for wherever you drive!
And that "something" is commercial vehicle insurance.
Why Buy Insurance?
Let's forget the fact that you need it by law in most states. Let's talk about what it means to your business.
You (or your employee) is out driving during the course of your business and gets in an accident. Ouch! Now there's all kinds of havoc to deal with, the least of which is getting your commercial vehicle repaired and road-worthy again. And we won't talk (at least not yet) about fire or theft...
How Hard is it to Get Commercial Vehicle Insurance?
Actually, not too difficult. The biggest issue is probably cost, but that will depend on a few factors. One includes the probability of accidents in your location; are accidents common in general, or is road traffic light?
Other Reasons for Insurance
If you use your vehicle(s) a lot for transporting goods or people, commercial vehicle insurance is absolutely imperative. Not only do you need to protect your assets as far as the vehicle goes, but also the value of the goods...or people's life and health.
Other considerations; if you're transporting goods, what kind are they? In other words, are you transporting teddy bears to toy stores or flammable liquids to a manufacturing facility? Are you driving across town or across the country? The kind of goods and travel distance will have a direct bearing on the cost of the insurance.
Again, forgetting that you need the insurance (by law), you'd be in for an extremely rude awakening if you skimp on the insurance and got into an accident. I know, you don't want to think it will happen to you, but the more you're out on the roads, the more you need proper commercial vehicle insurance. Otherwise, the possibility of disaster (accident-wise or financially) could catch up with you.
Are You Accident-Prone? I Hope Not, But Here's Some FREE Information Anyway!
Whew! Not everyone has a business, so not everyone needs commercial vehicle insurance.
But you -- yes, you on the sofa -- do you have the right auto insurance for your own car?
If you don't (or maybe even if you do), here's some free info on affordable auto insurance, for wherever you drive!
Friday, December 25, 2009
What is the Difference Between Term and Whole Life Insurance? Learn Which One You Should Get
The difference between term and whole life insurance is pretty significant, and if you get the wrong one, you might be in for a world for hurt. One policy does things the other doesn't and vise versa. Arming yourself with the right knowledge can lead to a happy life with your peace of mind intact.
Term Life Insurance
This is one of the most affordable types of policies that you can get. It is usually used in case you die in a predetermined amount of time. So if you have a higher than average risk job, or like to travel a lot, then it might be best to get term life insurance.
It does have an expiry date on it, hence the name "term", and once it does expiry, you will either have to renew, or get a different policy. It is not the kind of policy you would get if you think you will die of natural causes.
Whole Life Insurance
This is the kind of policy that last your entire life, and is paid out at the time of your death. There are 2 parts to whole life insurance of course; the death benefit, and the investment. The death benefit will always be paid out, however the investment part is basically a cash storage, with interest.
You pay above and beyond the actual cost of insurance, and this is put into a account, and you pay actually withdraw money, or even get a loan against the account, or just don't touch it, and leave your beneficiaries more money at your passing.
And the Difference Is...
So, the difference between term and whole life insurance is pretty straight forward I believe. With term, it is a fixed amount of time, and is usually used if you have a high risk job, and maybe even do some high risk hobbies. If this sounds like you, then maybe term life insurance is the best option for you then.
However, if you are expecting to live into your old age, then whole life is a much better choice. Another thing to note, there is nothing stopping you from getting both. If you have both, you are better secured that if you only had one, plus the pay out is much better with 2 policies than just one.
So, maybe even think of getting both of them, this may even give you a better peace of mind knowing you a really looking after your family even after you are gone.
Are You Whole or Are You Term? More FREE Information!
You now know a bit about the differences between term and whole life insurances are, but there's something else you need to know.
Term Life Insurance
This is one of the most affordable types of policies that you can get. It is usually used in case you die in a predetermined amount of time. So if you have a higher than average risk job, or like to travel a lot, then it might be best to get term life insurance.
It does have an expiry date on it, hence the name "term", and once it does expiry, you will either have to renew, or get a different policy. It is not the kind of policy you would get if you think you will die of natural causes.
Whole Life Insurance
This is the kind of policy that last your entire life, and is paid out at the time of your death. There are 2 parts to whole life insurance of course; the death benefit, and the investment. The death benefit will always be paid out, however the investment part is basically a cash storage, with interest.
You pay above and beyond the actual cost of insurance, and this is put into a account, and you pay actually withdraw money, or even get a loan against the account, or just don't touch it, and leave your beneficiaries more money at your passing.
And the Difference Is...
So, the difference between term and whole life insurance is pretty straight forward I believe. With term, it is a fixed amount of time, and is usually used if you have a high risk job, and maybe even do some high risk hobbies. If this sounds like you, then maybe term life insurance is the best option for you then.
However, if you are expecting to live into your old age, then whole life is a much better choice. Another thing to note, there is nothing stopping you from getting both. If you have both, you are better secured that if you only had one, plus the pay out is much better with 2 policies than just one.
So, maybe even think of getting both of them, this may even give you a better peace of mind knowing you a really looking after your family even after you are gone.
Are You Whole or Are You Term? More FREE Information!
You now know a bit about the differences between term and whole life insurances are, but there's something else you need to know.
Which is the right insurance for you?
To find out more totally free information, click on over to compare term vs whole life insurance.
A little knowledge will help you get the one best life insurance for you -- and for your family
Antique Autos, Classic Cars, Vintage Vehicles - Insurance 101 For These Beauties!
No doubt about it, antique (vintage) autos have a huge fan base. But while auto insurance for vintage vehicles only covers part of the value, it is better than having nothing, in case of theft or damage. These classic vehicles are a passion for many people, saving some of our automotive past.
The Corundum of the Vintage
The value of classic autos increases each year. This is in contrast to newer cars, which decrease in value every year. It is rather difficult to accurately determine the market value of an antique car for insurance purposes.
To make matters even more difficult, there aren't all that many antique auto insurance providers available either. These vintage "works of art" are sought-after by collectors who are at times willing to pay much more than their actual value.
Computing Ordinary Car Insurance 101
In the case of an ordinary automobile that isn't old enough to be an antique (usually 20 years), the value of the auto is determined by taking the original cost then depreciating each year from that dollar amount. Of course, this assumes no major accidents, etc.
For antique automobiles, though, it's a tricky situations. The price can't be determined using normal methods. Especially since the value of a vintage vehicle increases over time, not decreases.
Computing Vintage Auto Insurance 102
There are three main methods for determining the value, insurance-wise, for an antique auto.
Method 1: The value is mutually agreed upon between the owner and the insurance company. This tends to yield a higher coverage amount than other methods.
Method 2: The antique's value is determined based on the current values for similar automobiles as listed in popular vintage automobile magazines and price indexes that are in vogue. In some cases, an independent assessor might be called in to help determine the value of the automobile.
Method 3: A lesser-used method is to calculate the value of the automobile as the total of the actual cost plus the many up gradations and enhancements and amount spent on repairs etc over the years. In other words, the value of the vehicle is the amount calculated after deducting the depreciation with age from the original cost price of the vehicle, then adding back in the upgrades and restoration work.
Insuring Your Vintage Vehicle
To sum it all up, antique auto insurance providers have their own set of rules they use to determine the insurable amount of the vintage vehicle. For example, these insurance providers usually require that the automobile being insured should not be used as a means of regular transportation. They may also require that the vehicle be garaged.
Additional requirements may include that the vintage auto cannot be used for racing, and that any other members of the household have proven access to other modes of transportation. Oh, and the owner has to have a spotless driving record, to boot.
Whether you call them antique autos, classic cars or vintage vehicles, they are a slice of history...albeit a slice that has to be insured!
Is Your Car Not Quite to Antique Status? Here's FREE Information on Insurance!
Your heart might thump hard at the thought of owning a classic, but even if you drive an ordinary car, it needs insurance, too.
The Corundum of the Vintage
The value of classic autos increases each year. This is in contrast to newer cars, which decrease in value every year. It is rather difficult to accurately determine the market value of an antique car for insurance purposes.
To make matters even more difficult, there aren't all that many antique auto insurance providers available either. These vintage "works of art" are sought-after by collectors who are at times willing to pay much more than their actual value.
Computing Ordinary Car Insurance 101
In the case of an ordinary automobile that isn't old enough to be an antique (usually 20 years), the value of the auto is determined by taking the original cost then depreciating each year from that dollar amount. Of course, this assumes no major accidents, etc.
For antique automobiles, though, it's a tricky situations. The price can't be determined using normal methods. Especially since the value of a vintage vehicle increases over time, not decreases.
Computing Vintage Auto Insurance 102
There are three main methods for determining the value, insurance-wise, for an antique auto.
Method 1: The value is mutually agreed upon between the owner and the insurance company. This tends to yield a higher coverage amount than other methods.
Method 2: The antique's value is determined based on the current values for similar automobiles as listed in popular vintage automobile magazines and price indexes that are in vogue. In some cases, an independent assessor might be called in to help determine the value of the automobile.
Method 3: A lesser-used method is to calculate the value of the automobile as the total of the actual cost plus the many up gradations and enhancements and amount spent on repairs etc over the years. In other words, the value of the vehicle is the amount calculated after deducting the depreciation with age from the original cost price of the vehicle, then adding back in the upgrades and restoration work.
Insuring Your Vintage Vehicle
To sum it all up, antique auto insurance providers have their own set of rules they use to determine the insurable amount of the vintage vehicle. For example, these insurance providers usually require that the automobile being insured should not be used as a means of regular transportation. They may also require that the vehicle be garaged.
Additional requirements may include that the vintage auto cannot be used for racing, and that any other members of the household have proven access to other modes of transportation. Oh, and the owner has to have a spotless driving record, to boot.
Whether you call them antique autos, classic cars or vintage vehicles, they are a slice of history...albeit a slice that has to be insured!
Is Your Car Not Quite to Antique Status? Here's FREE Information on Insurance!
Your heart might thump hard at the thought of owning a classic, but even if you drive an ordinary car, it needs insurance, too.
Not to worry, here's some totally free information on finding affordable auto insurance, wherever it is you may live.
Universal Life Insurance Policy - Find Out How Universal Life Insurance Can Benefit You
A Universal life insurance policy is a permanent insurance, which is based off of a cash value. It is almost like making an investment, the way this type of insurance works. But can it benefit you? You maybe surprised.
When you invest in something, you pay into it, usually at a fixed rate, this is the easiest way to determine your potential out come over the course of your investment period. However, every so often you might change it up, and put a little more, or a little less. This changes things up, and creates a different out come at the end of your period.
This is a lot like how universal life insurance works, you pay a fixed amount in your premiums, like in any other policy. However, in this case, if you decide to over pay, this will actually increase the cash value of the policy, thus increasing your benefit payout in the long run.
Then, on the flip side of things, if you miss a payment, or underpay, this is automatically taken off the over payments that you made, almost like as if you created a buffer zone for your payments. Who knows, you might struggle one month, and this is a good way to make ends meet something, even if it is a little indirect.
Sounds pretty good doesn't it?
Basically, it's just another way of investing, and creating a bigger portfolio of investments, except this one gets paid out when you become deceased.
This is certainly not your every day insurance policy, but it does have it's merits, where you can increase your policy size, and give a better cash pay out in the end.
That is the main benefit to having universal insurance, is the fact that you can increase it as much as you want. What could be better than that? For an insurance policy, that would be hard to do.
Another thing to remember as well is the cash value gains interest as well for the entire length of the policy, thus giving you an even greater return when it is cashed in.
So having a universal life insurance policy would be pretty good, but only if you were going to take advantage of the over payment clause. If not, then maybe you should stick with a standard term, or whole life policy instead, as they may be more suited for your life style. Why bother choosing a policy with special features like that if you aren't going to use them?
Is Universal Right For You? FREE Information!
You now know a bit about what universal life insurance is, but there's something else you need to know.
Is it the right insurance for you?
To find out more free information, click on over to compare term vs whole life insurance and universal life insurance.A little knowledge will help you get the kind of life insurance best for you -- and for your family
Subscribe to:
Comments (Atom)