3 Term Life Insurance Tips During Rough Economic Times

1. Make sure you have enough term life insurance. –Term life insurance can be more important than ever to your family’s security if your savings and retirement funds have taken a hit.  With less savings, you may want to increase your insurance or buy an additional term life insurance policy.  Should something happen to you, the additional coverage makes up for the savings shortfall and helps assure your family’s security.
2. Be educated – Make sure you get the right policy and term for your needs.  You want to make sure you get the right policy to match your needs and a good value from a strong insurance company. There are many online resources that can help you learn about term life insurance such as www.lifehappens.org and www.iquote.com .
3. Talk to an expert – There is a lot of insurance information out there and some of it can be rather confusing and misleading.  Talking to a trained, knowledgeable professional can make it easier and make you feel more confident with the decision to purchase term life insurance.

This month is Life Insurance Awareness Month.  What better time to begin your term life insurance education?

Enough Life Insurance to Feel Financially Secure

Without enough life insurance, an early death can have a long-term, negative impact on the finances of the surviving spouse.

Having an amount of life-insurance that is three to four times household income can help the surviving spouse be more financially secure, according to a new study from MetLife.  Less life insurance than that and the surviving spouse can feel not only financially insecure but be forced to make numerous life changes immediately.

While the study found that 8 out of 10 survivors had to make financial adjustments, life insurance may help limit the number of changes that need to happen right away.

For example, of the individuals who participated in the life insurance study:

• 42% who received no life insurance benefits said they had to borrow money from friends and family compared to 25% of those receiving benefits.
• 36% who received no life insurance benefits relocated residences compared to 23% of survivors receiving benefits.

Term life insurance can be an affordable option for young families.  And it is important that both men and women have life insurance.  The survey found husbands who lost a spouse received significantly less in benefits because the wife had a small life insurance policy.  Life insurance is not just about being able to replace loss of an income.  It is also about having to pay for services that the individual may have handled, such as child care or elder care.

That’s why it’s important to regularly review your life insurance policy, both husband and wife, and make sure that the amount of the benefits is appropriate to at least continue your current lifestyle.

Term-Life Insurance Might Be the Best Deal

It will soon be open enrollment time at many workplaces.  As you sort through your health insurance options, you might also find an opportunity to purchase term life insurance.

Don’t check that box yet to purchase.

If this is a voluntary benefit – which means that you pay the full cost – it is smart to shop for term life insurance on your own first.  If you are young and healthy, you will likely find lower cost term life insurance if you buy on your own rather than through the workplace.

That’s because group insurance usually has very little underwriting – which means if you have existing health conditions, you still may be able to get insurance. That’s good news – and probably a good purchase – if you have health conditions. But it costs more.  So if you are generally healthy, you might find that buying term life insurance on your own can cost you a lot less. That’s because you are a better insurance risk than those with health conditions. Plus, you’ll have the policy no matter where you work, as long as you keep paying the premium.

Shopping for term life insurance online is easy.  Go to sites like www.iquote.com and simply fill out the information.  Match it as close as you can to your offer from work so you can get a good comparison. You’ll receive term life insurance quotes from a number of insurance companies. That’s another reason to shop on your own – term life rates can vary dramatically from company to company.  And you can always talk with an agent to make sure that you are selecting a plan that best fits your needs.

So before you check that life insurance box at work, find out if you can save or buy more coverage on your own for the same price by purchasing an individual term life insurance policy.


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Alright lets get down to the basics What is Term Life insurance?

Term Life insurance is A plan of insurance that covers the insured for a specified period of time (term) and not for his or her entire life. The policy pays a death benefit only if the insured dies during the term and if the policy has not lapsed for nonpayment of the premiums due. Just a quick definition of what term life insurance is.

India…… term life insurance ….. huh?

Looks like the big news in term life insurance is a possible alliance between Nomura Asset a Japenese co. and the UILP a India based co. Sorry nothing to crazy going on with term life insurance closer to home. That probably isn’t a bad thing at this point in time. Need a free quote www.iquote.com is quick and easy. By the way if insurance is your thing U.S Congress met today regarding medicare you can check it out by viewing our medicare blogs

How much term life insurance is enough?

The primary purpose of term life insurance is to ensure you have enough capital to provide adequately for your family when you are not able to provide for them. An unexpected death can have numerous economic repercussions on a family, some perhaps you may not have thought of. There are some major things you should consider in term life insurance planning.

• Expenses. Everyone recognizes the need to replace a lost income and provide for children’s education, but many forget potential expenses like death-related costs (probate, legal and accounting fees), the expense of hiring housekeepers and other service workers, the possibility of a former stay-at-home spouse needing additional schooling to return to work or the potential need to care for aging parents.
• Inflation. Coverage adequate to meet essential needs today may fall woefully short in a decade or two. It is prudent to initially buy some ‘excess’ coverage and then review your coverage periodically.
• Lifestyle Changes. Your family’s term life insurance needs will change as your financial situation and lifestyle changes. We suggest that everyone reviewing their policies in the event of major life changes, such as a marriage or divorce, additions to the family, purchase of a new house or paying off a mortgage. It is important that you make certain your protection continues to keep pace with your needs. At a minimum, you should have a professional review your circumstances at least every five years.
• Life Expectancy. Your life expectancy has two important characteristics which influence the way insurance companies price their policies. The first of these characteristics is that the probability of death rises with age. The second is that the probability of death eventually becomes a reality. In other words, insurance companies want to figure the average amount of time you will have to pay on an insurance policy before it is time for your beneficiaries to collect on that policy.

For more information about term life insurance visit www.iquote.com.

Term life insurance

Wow finally a site that does everything.  They provide information about term life insurance, give free term life insurance quotes, and let you easily compare some of the top rated companies in the industry. You can get there by following this link www.iquote.com. You wont be sorry