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Good News for Life Insurance Policyholders

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November 17th, 2009
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Life Insurance for Mortgage Protection

Regardless of what name it goes by, one of the major selling points of life insurance is called “mortgage protection.” Primarily, your life insurance policy exists to pay off the value of your home in case of your untimely death. For those who have this type of protection set up, the standard interest rate that life insurance companies normally charge is around 10%. Since the decline in home values and the overall lowered interest rates, chances are that those previously contracted for this type of coverage are paying too much for their life insurance premiums. While the economy may be down, this is at least one positive that has come from it. Many life insurance policyholders will simply have to switch insurance providers in order to enjoy lower rates due to decreases in their home’s value.

How to Lower Your Premiums

Only by taking the time to review all your insurance policy information and then comparison-shopping for the best life insurance rates can you ensure that you have the appropriate level of coverage at the right price. If you are considering capitalizing on the lowered life insurance rates, you should:

• Review your current mortgage, budget and your overall financial situation to assess how much money is needed to provide for your family in the worst case scenario
• Refinance to take advantage of the lower interest rates if you need to.
• Adjust your insurance coverage level to address the current value of the debts you may leave behind and decide on a pay out amount in that range.

Ultimately, what is very bad news for the economic bottom line of insurance providers is turning out to be great news for life insurance policyholders. Only by speaking directly to your life insurance provider can you accurately assess if you can take advantage of your lower home value and realize lower insurance premiums. Since life insurance can be a complicated subject, make sure you consult with an industry expert.

Reevaluation of Rates When Health Improves

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September 17th, 2009
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You know you need to take better care of yourself so you can take better care of your family. After searching high and low, you managed to secure a decent life insurance policy, but the rates you are paying are so high. If you want to pay less, improve your lifestyle and notify your life insurance provider to potentially get better rates.

Better Health Means Lower Rates

When applying for life insurance, underwriters analyze your medical record, family and personal history to determine your risk. This subsequently affects your life insurance premiums. If you want to get better rates, then you should improve your lifestyle choices. There are some factors individuals cannot control. You cannot help it if your mother had breast cancer or your grandfather had heart disease. But you can help mitigate those factors by improving your behaviors and habits.

Life insurance providers want to know that you are doing your best to maintain a healthy lifestyle. Smoking, obesity, lack of physical fitness, high blood pressure and high cholesterol can all affect the price you are paying for your health insurance premium. All those behaviors increase the chance of you dying and the insurance company having to pay out your benefit sooner rather than later. Thus, all those behaviors have higher life insurance rates than their healthier counterparts.

Improvements You Can Try

If you stop smoking, get your weight into the proper BMI range, start working out and improve your other medical conditions, let your life insurance agent know. Life insurance companies favorably view every improvement made towards your health and longevity.

The cash savings on your life insurance rate should help motivate you to improve your lifestyle. But by taking your medication, losing a few pounds, quitting tobacco (in all its forms) and getting in shape you will not only feel better but improve your overall life expectancy as well.

New Morbidity Table Likely to Lower Life Insurance Rates

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June 22nd, 2009
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Those searching for lower life insurance rates in India will be happy to know that a new morbidity table to be released in the fourth quarter of 2009 will very likely help to reduce rates. The table, released byThe Mortality and Morbidity and Morbidity Investigating Centre (MMIC) is usually released periodically to provide new stats on life expectancy.

Replacing the current table, which reflects stats from 1994-96, the new table is said to show individuals having a longer life expectancy based on stats from 2006-08. With the masses in India having a longer life expectancy as a whole, experts expect life insurance premiums to drop.

How Life Expectancy Has Changed

According to stats from MMIC, life expectancy in India has increased and mortality has dropped considerably. In fact, mortality rates are said to have dropped by 25 to 30 percent in higher age brackets over the last 12 to 15 years. Because the rates have dropped so significantly, premiums are expected to finally lower. MMIC thinks the drop could translate in a reduction of 15 to 20 percent in some segments.

Types of Insurance Affected

According to reports, the type of insurance most affected by the morbidity table will likely be term coverage. Unit-linked insurance coverage is also likely to be affected.

For those who will benefit from this adjustment in life expectancy, lower rates should be expected inthe near future. There’s no news like good news, and in this case, a morbidity table may have just brought some policy owners they best news they’ve heard in a while.

Winning in the Game of Life: Finding the Best Life Insurance Rates

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June 18th, 2009
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If finding great life insurance rates is on your agenda, you’ll be happy to learn that you can learn how to track them down right here. There’s nothing worse than obtaining a policy, only to learn that someone you know obtained a similar one for a much better deal. Don’t let yourself feel like you’re the only one in the dark. Instead, take a few moments to learn how you can snatch up some great deals on life insurance rates.

Tips to Help You Win
Here are a few ways to make sure you can take advantage of better deals when seeking out life insurance:

• Apply at a younger age. The younger you are when you apply for life insurance, the cheaper your rate is likely to be.Ifyou apply in yourtwenties, thirties, or even forties, you have agreater shot at living longer, which means the company has more time to collect premiums before making a payout.
• Maintain better health. Another important factor in determining a life insurance rate is your health. As a matter of fact, those who smoke pay triple the amount of those who don’t. By quitting your smoking habit and getting your health together before applying, you might qualify for a much cheaper rate.
• Watch yourweight. Obesity is another major factor in determining how much your insurance will cost. The more you weigh, the greater the likelihood of having serious health conditions, which can lower your life expectancy. If you know you’re overweight, it’s good to sheda few pounds before applying.
• Stay on top of your credit. If you didn’t already know,applying for life insurance usuallyrequires a credit check. The worse your credit is, the more you’re likely to pay, which means bankruptcies and foreclosures can be major strikes. One way around this is to find a company that doesn’t check credit history. There are a few out there; you just need to find them.

A Few More Tips …
When applying for life insurance, you also want to consider whether anyone in your family has health problems, because insurers will look at hereditary issues like diabetes and heart disease as a possible problem with you. Also, a bad driving record or dangerous hobbies can affect your rate.

If you keep all of these ideas in mind – and always comparison shop – you can find the best rates out there in a snap. Visit Go Insurance Rates often as life insurance rates are subject to daily changes.

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

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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

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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!

What is a Life Insurance Quote?

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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.

What Are Life Insurance Risk Types?

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April 9th, 2009
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It probably comes as no surprise to you that life insurance companies will assess the risk of insuring your life when they decide to extend a life insurance policy to you. What you may not know is that, during their assessment, they will place you into a broad category of standard risk or preferred risk based on factors like your lifestyle, diet and family history. These life insurance risk types determine what the terms of your policy will be, and even whether you will be receiving a life insurance policy at all.

Most People are Considered Standard Risk Types

Most people fall into what is called the standard risk category. This category is reserved for people who don’t have serious life-threatening health problems, but probably are about average in their diet and exercise routines. If you are near a healthy weight and cholesterol level, and don’t jump out of planes for a living, chances are you will qualify for at least “standard” risk rates. People who are determined to be a “standard risk” qualify for the insurance company’s standard rates. “Preferred risk” individuals qualify for better rates on life insurance, because their health and lifestyle choices pose less of a risk to the insurance company.

How to Become a Preferred Risk Type

How do you get listed as a preferred risk customer? And is it possible to go from “standard” to “preferred,” even if you already have a policy in place? It is possible, with a few healthy lifestyle choices. Quitting smoking, for instance, will greatly improve your risk profile, as will losing weight and lowering your cholesterol. If you are in a profession which requires risky behavior, you may need to be out of that profession for one or two years before being listed as preferred. Some things, like a family history of cardiovascular disease, cannot be changed. But if you keep yourself in better than average health, and can demonstrate improvement over the course of a year, your insurance company may consider you for preferred status.