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Today’s News: States Implementing High-Risk Programs, Gen Y Knows Life Insurance and Esurance Offers New iPhone App

Posted in Auto Insurance , Auto Insurance Companies , Compare Life Insurance , Health Insurance , Life Insurance

July 21st, 2010
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Many states are getting ready to implement high-risk health insurance programs, Generation Yers are showing that they know more about life insurance than one would think and Esurance is making  a new iPhone application available.

States Implementing High-Risk Programs

This summer, many new programs will be implemented to offer high-risk health insurance to individuals with pre-existing conditions who have not been able to acquire coverage to date. States like South Carolina have already begun implementing this bridge program that is set to stay in service until states are required to create health insurance exchanges that will provide affordable insurance to everyone in 2014. Since the deadline to either expand existing high-risk pools or create new ones was July 1, many states are already accepting new patients (Columbia Free Times).

Gen Y Knows Life Insurance

Many assume that individuals born between 1979 and 1994, also known as Generation Y, don’t have enough experience and wisdom to make the hard decisions in life. But they were able to prove everyone wrong via a recent survey conducted by Prudential. In the survey, 68 percent of Gen Yers said that they intend to buy or add life insurance coverage within the next three years. The survey also discovered that this generation feels that life insurers don’t target them for purchases and hope that more purchase coverage despite this fact in the near future (Market Watch).

Esurance Offers New iPhone App

Many auto insurance companies have caught up with modern technology and developed their own Android and iPhone apps to make their insurance products more widely available and their services more accessible to customers. Esurance is the latest auto insurer to unveil its iPhone application available for free in Apple’s App Store. The Esurance mobile app offers features that are available to both customers and shoppers, including ID card access, quote estimates, coverage details, the ability to make payments and even an repair monitoring feature. The app will make features available 24/7 to enhance the experience (PR Newswire).

Today’s News: COBRA Subsidy Ends, U.S. Life Insurance Activity Flat and Toyota Wins ‘Top Safety Pick’

Posted in COBRA Insurance , Compare Life Insurance , Health Insurance , Life Insurance

July 6th, 2010
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For those who lose their jobs after June 1, they will no longer qualify for the COBRA health insurance federal subsidy, a new study shows that U.S. life insurance activity was flat in the month of May and Toyota vehicles have been chosen for “Top Safety Pick” by the Insurance Institute for Highway Safety.

COBRA Subsidy Comes to an End

The government has been offering workers who lost their jobs as a result of the recession a COBRA subsidy of 65 percent to help pay for the costs of this extended health insurance benefit from employers. However, after returning from their Memorial Day recession, House Democrats decided not to extend the subsidy to help bring down the cost of the jobs and tax bill that is making it’s way through Congress. Dropping the subsidy could save $7.8 billion but will likely leave hundreds of thousands who lose their jobs unable to afford health insurance. (CNN Money)

U.S. Life Insurance Activity Flat in May

According to the MIB Life Index, U.S. application activity for individually underwritten life insurance only increased by 0.2 percent year-over-year all ages combined. The index noted that this is consistent with seasonal norms. When it came to specific age groups, application activity increased for ages 45-59 by 2.1 percent and ages 60+ by 12.1 percent while ages 0-44 saw a decrease in application activity of 3.7 percent. MIB’s executive vice president noted that the continued increase for the middle aged represents a positive sign for the industry as a whole since this demographic helps life insurance compete successfully against other investments. (Insurance Net)

Toyota Models Earn ‘Top Safety Pick’ Status

The 2010 Toyota Highlander and Venza have been named by the Insurance Institute for Highway Safety (IIHS) as earners of the “Top Safety Pick” status. This is good news for the company that has recently suffered backlash for having millions of vehicles recalled that had brake and accelerator issues. The “Top Safety Pick,” which is the highest designation for safety awarded by the IIHS, is earned by having the “good” rating on the front, side, rollover and rear impact tests. Vehicles receiving this designation offer lower auto insurance. (Car Guide Web)

What are the Benefits of Group Life Insurance?

Posted in Compare Life Insurance , Life Insurance

May 4th, 2010
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Not only is there safety in numbers, but there is huge buying power as well. If you have been offered to partake in a group life insurance policy through your employer, you should think about taking advantage of it.

If you were part of the group, you family would get the benefit of a disbursement upon your untimely passing. That money could come in extremely handy, especially when it comes to funeral expenses and prevent your family from having to make your funeral arrangements in the local Wal-Mart.

What’s the Point of Group Life Insurance?

You may be wondering what the benefits of partaking in a group life insurance plan are, and they are plentiful.

Are you recently married? Did you just expand your family? Did you buy a new house? If you answered yes to any of those questions, you have to accept the sad reality that you may not always be around to handle the financial responsibilities associated with those life changes. A benefit distribution from a group life insurance policy will make the financial burden easier for your benefactors to survive.

Life insurance is not always the easiest type of coverage to secure. Consumers must first decide between term and whole life insurance policies. Even though they may have the money all lined up to pay for the premiums, there is no guarantee that a policy will be issued. Consumers often have to pass medical exams to secure the insurance coverage of their liking. However, with a group life insurance policy, that process is automatically waived and coverage is a sure thing.

Overall, the benefits of selecting a group life insurance policy include:

• Lowered Premium Costs: Many employers not only kick in for the coverage, but even if you are asked to cough up money, it won’t be big bucks. Your HR department has already negotiated a huge bulk rate discount for you to take advantage of.
• No Need To Worry About Premium Payment: Many times, employers will automatically deduct the charge from your group life insurance policy from your paycheck so you never have to give the process a second thought.
• Protect Your Family: As with any type of life insurance policy, you get to choose who will be your beneficiary. That move can prevent any additional heartache caused by a worse case scenario.
• Pre-Approval: If you have always wanted life insurance but did not want to go through the process of a medical exam, group life insurance is for you. Your will automatically be approved.

The Realities of Life Insurance Policies

Posted in Compare Life Insurance , Life Insurance

February 22nd, 2010
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We’ve all seen the movies where star villains go on killing sprees. They drive through the streets striking vehicles left and right, open fire in crowds and make human body shields out of random people. While the scenes are exciting to watch, after the dust settles we rarely see discussions about who’s going to pay for the victims’ funerals or keep the grieving family afloat financially.

This, of course, is the difference between movies and real life. In the movies, a life insurance policy rarely gets mentioned – that is, of course, unless it is used as a malicious tool to kill off the loving spouse for financial gain. But in reality, because there is a possibility of accidental death or even murder being true for everyone, policies are important. So let’s take a look at the realities of life insurance.

“Say Goodnight to the Bad Guy!”

While Tony Montana of the movie Scarface was a fun character to watch as he evolved from a poor Cuban immigrant to a rich drug lord, we know that behind the charm was a cold-blooded killer (well, for everyone but children). He killed tons of people in the movie and even predicted his own tragic fate with the famous line he spewed as he leftthe restaurant inebriated.

Unfortunately, murders are just as common in real life as in the movie. In fact, according to statistics from a recent Census report, there were 14,831 murders in 2007. That’s a lot of people who had to succumb to unfortunate tragedies and leave loved ones without heads of households to lean on.

Of course, with a life insurance policy, the family would at least be able to take care of funeral and burial expenses and be able to manage bills or pay off debts after the fact. It may even be able to pay for counseling the family will need to get through the experience. But without it, life for everyone would be even more difficult than it already has become.

“I Didn’t Mean to Do It It Was an Accident!”

Vincent Vega in the cult classic Pulp Fiction said this famous line when he shot Martin on a car ride with Jules. Although Vincent was a hardened criminal, the shooting was an accident. Unfortunately, this probably doesn’t make the tragedy any less devastating for the family that lost poor Martin.

Statistics from the Centers for Disease Control and Prevention in 2006 showed that accidental deaths are quite common. In fact, unintentional injuries alone caused 121,599 deaths out of a total of 2,426,264 deaths for the year. In those statistics were also unintentional fall deaths (20,823), motor vehicle deaths (43,664) and unintentional poisoning deaths (27,531).

In all of those circumstances, if a person like Martin was covered with life insurance, they would be able to provide their family with financial security. But some have found that adding on supplement life insurance options (also known as riders) like the accidental death supplement makes such a tragedy a little easier to cope with.

The accidental death supplement pays twice the death benefit than the standard chosen benefit (i.e. beneficiary would receive $500,000 instead of $250,000) if the death was caused by an accident rather than complications from old age. This helps the family get through the unexpected tragedy financially.

Hashing Out Life Insurance Types, Costs and Discussing It with Your Spouse

Sometimes, watching movies can remind you of just how tragic life can be. But since they typically don’t remind you to purchase a life insurance policy, Go Insurance Rates will take on the responsibility.

When it comes to purchasing coverage, there are usually three major concerns: 1) what type to purchase, 2) how much it will cost and 3) how you will discuss it with your spouse. Let’s look at these ideas a little closer:

1.Types of Life Insurance to Purchase

There are a number of different types of life insurance to purchase; however, the main two categories are permanent and term life insurance. Permanent life insurance covers you for the stretch of your life as long as you make your premium payments. It includes the sub-categories, whole, universal and variable life insurance.

Term life insurance, on the other hand, makes sure you’re insured for a specified amount of time and only pays out if you die during the term of your policy.

2.The Cost of Life Insurance

The cost of life insurance can vary significantly depending on the company you work with and the type of coverage – and insurance riders – you decide on.

If you go with a permanent policy, there’s no doubt that your life insurance rates will be significantly higher than if you go with a term policy. The reason term policies are cheaper is because they are only guaranteed for a specific period of time (10, 20 or 30 years are all common).

In addition, they don’t offer the benefits of permanent policies – the biggest being an investment reserve set aside for retirement later in life.

3.Talking to Your Spouse about Coverage

Discussing life insurance with your spouse, while often difficult because it represents an unwanted departure, is one of the most important aspects of the process. By discussing types of coverage, costs and the appropriate benefit amounts to provide for the family – riders included – you can ensure that everyone is properly taken care of.

While we know that there are tragic scenarios out there to run into, we hope that we never have to face them. But if we do, there’s no getting up and washing the fake blood off like in the movies; we must actually be prepared for the worst.

So if you currently don’t have a life insurance policy, now’s the time to make that purchase. Because when the credits roll and you make your way into the sunset, you want to look back upon your family knowing that you’ve left them financially sound.

What Are Supplemental Life Insurance Options?

Posted in Compare Life Insurance , Life Insurance

February 10th, 2010
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Obtaining life insurance offers huge benefits, including the security of knowing that once you’ve passed on you can leave your family with financial stability. Recent studies show that life insurance is such an important asset that consumers have been willing to purchase or maintain their coverage despite the recession.

But what many policyholders don’t know is that there are supplemental life insurance options available that can enhance the existing policy. Of course, not all options are necessary, so before diving in and purchasing some, it’s good to know what’s out there to help you determine whether it’s needed.

Why Add Supplemental Insurance Options?

Many customers choose to add supplemental insurance options to their policies because they’ve purchased term life insurance. If you’re familiar with the permanent vs. term life insurance then you’ll know that term insurance is much cheaper because it allows you to maintain a policy only during a specific period of time.

For instance, if you purchase a 10-year term policy, you will only be covered if you die during the 10-year period. If something happens after that, you will no longer be covered. Also, it typically offers no additional benefits.

Permanent insurance, on the other hand, covers you for life as long as you make your premium payments. And while it’s usually much more expensive, it offers additional benefits including having some of your premium invested to create a reserve fund for you and maybe even being able to borrow against or cash out your reserves down the line.

Because so many people elect to purchase term insurance, they often add on supplement insurance options to help beef up their policies without having to pay as much as they would with a permanent policy. However, those with permanent policies (whole and universal) do purchase supplemental insurance options as well.

Breakdown of Supplemental Insurance Options and Costs

When purchasing life insurance, the costs can vary drastically depending on the company you work with, how old you are, whether you smoke and much more. However, just to get an idea of the benefit that you could receive for adding the supplemental options, let’s look at an example.

Consider that a 36-year-old single woman who doesn’t smoke, 5′ 4″, 140 pounds, wants a 10-year term life insurance policy with $500,000 coverage amount. Getting an average of quotes across the Internet, the one-year policy would cost $365 with a $32 monthly payment.

This means, upon this woman’s death, her beneficiary would receive $500,000 – as long as the death is within the 10-year term.

However, she’s decided to add on some supplements (also known as riders) to her policy. Here are the supplements she had to choose from:

1. Accidental Death Supplement (avg. $10/month): This benefit (also known as double indemnity) pays twice the death benefit if the death was caused by some type accident as opposed to complications related to old age.
2. Disability Waiver Premium ($4.17/month): This benefit pays your life insurance premiums if you become disabled and can’t work. The average cost for adding this rider depends on the age of the policyholder. In this case, the cost averages $0.10 per $1,000 in coverage for a 36-year-old. With a $500,000 policy, the annual cost would be $50 or $4.17 per month.
3. Accelerated Death Benefit (avg. $5/month): This rider allows you to collect all or a portion of your life insurance policy while you’re still alive. You may be able to claim it if you’re diagnosed with a terminal illness or require long-term care or admission to a nursing home and are unable to work. It’s good to note that some companies don’t charge for the rider upfront and instead add a cost when the benefit is paid.
4. Children’s Protection ($2/month): This benefit helps you cover your children in the unfortunate event that something happens to them. The cost for this coverage can run as low as $1 per month.
5. Family Income Benefit Rider (avg. $25/month): This rider guarantees that family will continue receiving the policyholder’s monthly income upon death.

Looking over her options, there is no need to purchase Children’s Protection or the Family Income Benefit because she doesn’t have a family. The Accidental Death Supplement won’t be necessary because the $500,000 policy will more than cover her final costs.

However, being on her own, the Disability Waiver Premium and Accelerated Death Benefits would help tremendously if she were injured and unable to work. These costs add her monthly premium amount to $41.17 per month or $494.04 per year.

If 60 months into her policy, she was injured in a car accident that left her unable to work for two years, the Disability Waiver Premium, for which she would have paid a total of $250.20 would have been paid back in six months and the Disability Waiver Premium that cost $300 would have been immediately worth the cost.

Of course, when choosing whether to add supplemental insurance options, you want to analyze whether you truly have a need for them. However, if you think you might, you see that the few extra dollars added on each month could make the difference between leaving you or your family in debt upon a tragedy occurring.

Long-Term Care Insurance Riders: 10 Years Paid or Premium Reduction at 65

Posted in Compare Life Insurance , Life Insurance , Life Insurance Riders , Save on Life Insurance

May 12th, 2009
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Everyone is looking for ways to save money. You might think that when it comes to life insurance there’s simply no way to save – the thought of the financial calamity that would befall you should you be without critical insurance is just too much to contemplate. So you do need to be insured. The good news, however, is that you do have payment options that can reward you with savings over time. When it comes to long-term care insurance, for example, you can opt for a payment plan that lets you pay your entire insurance policy in 10 years, referred to as 10 years paid-up, or you can pay your lifetime amount up to the age of 65, and never have to pay another premium again.

10 Years Paid

If you opt for 10 years paid up, you’re going to pay off your long-term care insurance in a total of 10 years, and be done with it. The advantage to this 10 years paid up plan is that you won’t have to worry about your premiums going up. Your rate will be locked in. This can save you a considerable amount of money since many long-term care insurers can raise their premiums whenever they like. You could see your long-term care insurance premium rise by $100 a month, or even more.

Paying Till 65

If you pay the higher premium up to the age of 65 you’re almost doing the same thing. You’ll have paid a premium that’s fixed, albeit a high one, up until 65. Once you turn 65 your premium will be reduced, sometimes by a lot.

To learn more about long-term care insurance, 10 years paid up and premium reduction at 65, be sure to contact an expert who specializes in long-term care insurance. He or she can walk you through all your long-term care insurance options and determine which riders are best for your situation.

Long-Term Care Insurance Riders: Joint Waiver of Premium

Posted in Compare Life Insurance , Life Insurance , Life Insurance Riders , Save on Life Insurance

May 11th, 2009
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To many people, the idea of being old and without the means to properly care for yourself is very distressing and anxiety-provoking. To be infirm, dependent on walkers and possibly in need of help maintaining your basic, private hygiene is a very uncomfortable thought. Add to it the idea that you don’t have the cash to pay for the support you need, and now you can easily see yourself as a burden to the rest of your family. And if you don’t have any family, then that raises the question of what your options will truly be. To prevent such a distressing scenario from ever materializing, many people buy long-term care insurance. They will also add all kinds of supplemental care to it, in the form of specific riders. You’ll be paying extra for these riders, but to say they’ll come in handy if and when you need them is an understatement. One such long-term care insurance rider is the joint waiver of premium.

Benefits of a Joint Waiver of Premium

When you purchase the joint waiver of premium rider, you’re adding on to the benefits offered by your long-term care insurance. Let’s say that you and your spouse or partner both have long-term care insurance policies. If one of you (and it only has to be one, not both) has purchased the joint waiver of premium rider, then if one of you see his or her premiums waived due to eligibility under his or her policy, then the other spouse or partner will see their premiums waived also. It basically translates into no more monthly long-term care insurance premiums for either one of you. That could save a lot of money to be spent on more care or whatever else you need.

To learn more about long-term care insurance, the joint waiver of premium rider, and other aspects of long-term care insurance, be sure to speak to an insurance industry professional who has a lot of experience with long-term care insurance.

If you are looking for more information on life insurance, be sure to fill out our form for free rate quotes from leading insurers. The process is secure and absolutely free!

How to Find the Best Life Quotes

Posted in Compare Life Insurance , Life Insurance , Life Insurance Companies , Life Insurance Quotes

May 5th, 2009
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When searching for life insurance policies, obtaining the best quote is an important factor for many but how do you get it done? There are a number of factors to consider when searching for a great price. You want to make sure that you don’t pay too much, but you also to make sure you receive the right policy.

Know the Difference between the Types of Life Insurance

One major factor in obtaining the best life insurance quotes is taking the time to learn the difference between the types that are out there. There are two major types: permanent and term. Let’s look more closely at the two:

• Permanent. Permanent life insurance policies are typically more expensive than term because they encompass a feature allowing you to invest in the financial markets while also investing in your death benefit through your monthly premium. The three types of permanent coverage are whole, universal, and variable.
• Term. Term coverage is cheaper because it only lasts for a predetermined amount of time and only encompasses the death benefit that pays out at face value.

Once you have an understanding of the two types of insurance, and why one might cost more, and consider extra features, obtaining the best quote can be a little easier. But you’re not done yet. The next step is to shop around with different companies.

Comparing Life Insurance Quotes

Shopping around for life insurance is easier than ever with Internet access. There are tons of sites offering free life insurance quotes after you enter personal details. The important part of this process is to obtain multiple quotes, preferably from the same source to make things easier for you. Another great way to take advantage of deals is to work with a broker that can connect you to companies offering cheaper prices.

Obtaining the best life quote requires diligence on your part, but can be done. So as you search through life insurance policies, if you don’t see what you want, don’t give up until you find the right policy for you.

Using a Life Broker for Quotes

Posted in Compare Life Insurance , Life Insurance , Life Insurance Companies , Life Insurance Quotes

May 4th, 2009
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The process of obtaining a life insurance quote can be an extremely time-consuming one, which is why many people decide instead to work with a life broker for their quotes. Using a life broker can be beneficial in many ways, but it’s not for everyone. To determine if it’s a good route for you to take, consider just what it is and what it can do for you.

What is a Life Broker?

A life broker is a person or company that links individuals with numerous life insurance companies to help them decide which policy to choose. This type of assistance is great for a person who doesn’t want to go through the trouble of calling around to different companies for policy information and quotes. By providing the brokerage with your personal details and insurance desires (helping you choose between universal, term, whole, and variable), it can make your life much easier by obtaining a life insurance quote that best suits your needs.

Obtaining a Life Insurance Quote from a Life Broker

One of the best aspects of working with a life broker is the simple process of obtaining a life insurance quote. If you were going to obtain a quote from multiple agents on your own, you’d have to visit several sites then compare their stats to determine who to purchase a policy from. But many brokers allow for you to complete this process via their website, after which, you are given access to their comparisons, leaving the hard work in their laps. You can also receive multiple life insurance quotes online for free. Usually, the information you provide can get pretty detailed to make sure you get an accurate quote. So be prepared to disclose name, age, gender, DOB, whether you smoke, detailed medical information, and your desired coverage type. Once this information is provided, you could receive several competing life insurance quotes from leading insurers in only a few minutes.

There is no doubt that using a life broker can simplify the process of obtaining a life insurance quote. It’s just up to you to get the process started!

What is a Life Insurance Quote?

Posted in Compare Life Insurance , Life Insurance , Life Insurance Companies , Life Insurance Quotes , Save on Life Insurance

May 1st, 2009
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In the past, obtaining a life insurance quote was very time consuming, with having to decide between the various types of policies, as well as the features within them. But now, getting your quote for life insurance is very simple. Let’s look more closely at what this process entails.

Finding the Type of Coverage You Want

Before you can reasonably obtain a quote for life insurance, it’s important that you first understand the type of coverage you want. Some of this decision may have something to do with the price, but if you don’t understand the basics of these types of life insurance policies first, the prices won’t mean much to you.

There are two overarching types of life insurance: term and permanent. Term insurance stands on its own while permanent houses whole, universal, and variable. If you’re looking at a term policy, it’s good to know that it only lasts as long as you’re making your premium payments, and only pays the face value of the policy when you die. However, permanent goes a little deeper to not only offer a death benefit, but also a savings/investment component that allows you to save money in a separate account. Because there is more to the permanent policies, they cost more than term. This is good to keep in mind when finding a quote for life insurance.

Locating a Life Insurance Quote

So now that you know the basics of life insurance, let’s look at what a quote is exactly. Basically, it’s no different than receiving a quote for any other type of insurance, except that it incorporates what you could anticipate for a life insurance policy, state/zip code, personal information (DOB, gender), insurance amount and term, and maybe a few medical questions such as whether you smoke. The good news is that you can easily get multiple life insurance quotes from leading insurers online – best of all, it’s a secure and free process.

Purchasing life insurance is not a task you want to take lightly because it so heavily affects the ones you love. So before you even obtain a quote for life insurance, it’s good to research about the different types of policies available to you.