Archive for March 14th, 2007
It’s always a good feeling for me when I do a project around the house and end up not needing everything I’ve purchased. Well anyway, it beats the feeling of coming up short and having to make another trip to the lumber yard or hardware store. At least this way when I make the trip I get my money back for the unused merchandise.
Return of premium term insurance does the same thing. If you don’t use it you get a refund. And since you can’t use part of your term insurance policy, it’s not a partial refund……you get the whole thing back. It’s better than a home project!
Return of premium term insurance may not be the right fit for everyone, but it is an option your independent life insurance agent should always throw on the table. It answers the most common objection to term insurance, that being that you have somehow wasted all that money if you outlive your term. That need to somehow avoid wasting money drives a lot of people to buy much more expenisve universal life or whole life policies just to ensure that the policy will outlive them. The downside to that idea is that then you have purchased a policy that is substantially more expensive and will likely outlive your need for the insurance.
Remember, term insurance is bought when we can determine the point at which we will no longer need the coverage. So, if I buy a $500,000 policy to cover the years when my child is growing up, once that child is grown and no longer dependent on me, do I want to continue to pay premiums on a permanent policy, or would I feel better about getting a refund on the term insurance I had but didn’t use. Worth thinking about!
Now, no games here. Return of premium term does cost more than straight term insurance. So, weigh the pros and cons. Crunch the numbers. There isn’t anything inherently wrong for paying for protection you don’t use. It’s peace of mind. If you can’t quite feel that peace, look at return of premium life insurance.
March 14th, 2007
The news from life insurance companies just keeps getting better when it comes to private pilots. More and more companies are softening their stance on the actual mortality risk that this group represents.
Of course airline pilots have enjoyed the best insurance quotes available for some time. What got them there? It’s their experience and training and an overall low mortality risk. What the life insurance underwriters are seeing more clearly now is that there are plenty of private pilots out there who have the experience and training, and fly enough hours to stay proficient, that they too should qualify for great life insurance rates, whether they need term insurance, universal life or whole life.
If you’re a private pilot looking for fair and affordable life insurance, seek out an independent life insurance agent with experience working with pilots. If they don’t ask about your ratings, total hours, annual hours and type of plane you fly, call another one because they don’t know what the underwriters will need to know.
Bottom line is the news for private pilots just keeps getting better, and it’s about time.
March 14th, 2007
Go figure how a website can make it to the top of Google under the search “Life insurance for diabetics” and be completely uninformative and actually misleading.
They start off with statements like this, “Once a person is diagnosed with diabetes, life insurance policies sold within the United States can become unaffordable or unavailable. This is because life insurance policies are allowed by state and federal law to charge a premium based upon an applicant’s health status. In addition, a plan can choose to not provide a policy based upon an applicant’s health status. If a person with diabetes wants to purchase a life insurance policy, the best option is to search for life insurance sold under the laws of another country. Most life insurance salespeople with large firms can help find international underwriters who will sell this type of policy in the United States.”
WHAT AN ABSOLUTE LOAD OF GARBAGE!!! Most people with either type 1 or type 2 diabetes need look no further than a reputable independent life insurance agent right here in the US for fair and affordable life insurance quotes. Just like any health situation, whether diabetes, cancer, coronary artery disease, etc, the only issue that life insurance underwriters look at in the United States at is how well controlled the medical situation is.
It is not uncommon for diabetics who show good compliance with doctor’s recommendations, monitor their glucose and A1C readings, and carefully watch other risk factors such as build and hypertension, to get better than standard rates with many companies.
This top seeded website then offers a place to click to get “diabetes life insurance quotes” which takes you to a search engine where there is no information on how to correctly quote yourself as a diabetic. Apparently in whatever country they are from, one quote fits all. In the US that is called bait and switch.
If you are diabetic and looking for life insurance, steer clear of any website with “Spectrum” in their url. If they start out with blatant lies, you can assume it won’t get much better the deeper you dig.
March 14th, 2007
