GARYANDLANA

Term insurance provides coverage for a pre-specified period. You pay the term insurance premium each month and as long as you pay the premium your policy will stay in force. A portion of your monthly payment pays the insurance and the life insurance company that provided the insurance invests the remainder. While the life insurance company controls the savings in a whole life policy, the savings in a universal life plan are owned and controlled by the policyholder. The major advantage of a universal life policy is tax-advantaged growth. When you pay the policy premium, a portion of the premium pays for the insurance and a portion is invested. Universal life insurance provides a powerful combination of life insurance and tax-advantaged investment opportunities. Investors should realize that universal life insurance premiums work twice as hard as other premiums.
(more…)

Accidents, injuries, and old age can deprive you of physical health.  If you’re just starting to think about insurance coverage, it can all seem a little confusing. There are so many different types of insurance available, and an even bigger variety in the types of policies you can get.  The biggest challenge in finding the right insurance policy can be in figuring out what you really need.

A few types of insurance are required by law – if you own a car, for example, the law requires you to have auto insurance. Many other types of insurance, such as life, renters, and travel insurance, are optional. Two common types of insurance are health insurance and home insurance.

Shopping around for insurance is much the same as any other type of shopping.  First, it’s good to consider whether or not the insurance policy meets your needs.  What risks, items, and events does it cover? For example, if you insure your home contents, are you covered if you leave the house unlocked? (more…)

Insurance involves transferring a risk that you bare, onto an insurance company, so that you no longer have to worry about the event occurring. So what is the risk that you are transferring with life insurance? The insurance company will then pay out to the named beneficiary once the event occurs, and this is usually a family member or business associate of the insured.

The thing that insurance companies will be looking for is insurable interest. The insurance policy will have two important details defined right at the outset. The first is who is to be paid out under the policy. While this seems obvious, it is important to think carefully about it as, unlike in most insurance contracts, the purchaser of the policy is rarely the beneficiary under a life insurance policy.

When considering purchasing life insurance, it is very important that you get to know as much as you can about the company you are planning to purchase from, about the policy you plan to purchase, and the rate at which you plan to purchase the policy. Knowing as much information as you can will help you make the best decision when it comes to life insurance policies. Tools like a life insurance calculator and information from an insurance agent or the insurance company will definitely help in your decision making process. (more…)