Common Life Insurance Terms
Have you ever found yourself totally confused about a certain life insurance term? You’re not alone, we all have at one time or another. Well, here is a quick guide in understanding many of the common life insurance terms.
Accelerated Benefits
This insurance term is a provision in a life insurance policy allows someone diagnosed with a terminal illness to receive part of their death benefit early. It can also apply to someone who is permanently restricted to living in a nursing home.
Convertible Term Life Insurance
A convertible term life insurance policy allows you to convert to a different type of life insurance policy, such as whole life, without having to medically qualify.
Decreasing Term Life Insurance
A decreasing term life policy decreases by a set amount each year for the duration of the policy period.
Evidence Of Insurability
The medical information about you that a life insurance company uses to determine if you qualify for life insurance. This can also include other information about you such as financial and credit information.
Face Amount
This is the total amount of life insurance that will be paid upon the death of the insured to the beneficiary.
Grace Period
This insurance term describes the period of time after the due date for the premium on the policy that it can be paid without penalty. The standard grace period is 30 days, but each company may have different conditions.
Guaranteed Insurability
This is a life insurance option that allows the insured policyholder to buy additional amounts of life insurance in the future without having to medically qualify.
Insured
This is the person who is covered by the life insurance policy
Lapse
The insurance term that describes the discontinuance of the life insurance policy from not paying the required premium.
Level Term Life Insurance
This is a fixed amount of term life insurance that remains constant throughout the life of the policy.
Loan Value
The total amount that can be borrowed against the the life insurance policy.
Mortality Table
A table showing the statistical death rate for every age.
Paid Up Insurance
This life insurance term indicates a policy that is completely paid off with no further premiums due.
Premium
The cost for the life insurance policy. This may be on a monthly, quarterly, semi-annual, or yearly basis.
Rated Up Policy
A life insurance policy that is issued with a higher than normal premium due to the increased risk involved from the insureds health, hobbies, or employment category.
Reinstatement
Restoring a life insurance policy that was previously lapsed.
Settlement Option
The options given to the beneficiary in deciding how they wish to have the policy benefits paid out.
Surrender
This life insurance term is used when someone voluntarily cancels their policy for the cash value.
Term Life Insurance
A life insurance policy that provides coverage for a specified period of time.
Waiver Of Premium
A policy provision that provides a waiver of future premium payments due to the disability of the insured.
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When You Are Looking For Auto Insurance There Are A Number Of Factors To Look At
When you are looking for auto insurance there are a number factors to look at. While the price of the premiums is always up most in most people’s minds you need to know that you are ensured for the right things. A lot depends on where one lives, as the circumstances are different in various areas.
The age of the driver is always a factor, insuring a teenager always costs more until they have built up experience and are more confident drivers. The age of the vehicle is also a factor. The replacement value of an old car obviously, is not the same as a new one.
When you shop around for auto insurance it can become very confusing as there are so many companies out there trying for your business. When you are trying to get the best price realise that there are ways of getting discounts on your insurance. Anything you do to minimise the risk of theft or accident to your vehicle will count in your favour and you are likely to get a discount for.
There are a couple of things to remember to keep your premiums low. When you get married you and your partner’s insurance covering on your cars can be combined.
You could install an antitheft device in your car or have your windows sketched. Taking advanced driving courses that enhance your driving skills, or purchasing a yearly policy at a time as apposed to a six monthly one, could all afford you a discount on your policy premiums. Check for insurance companies that offer discounts for being affiliated with particular organizations or companies.
This author writes informative articles on various subjects.
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Mobile Home Insurance Quote – What You Should Know
Ever think you would have trouble getting home owner insurance because you
own a mobile home? Well, think again! Getting a mobile home insurance quote is much like getting an insurance quote for any other home. When you begin your search for mobile home insurance, take these three factors into consideration: liability protection, your possessions, and the mobile home itself, including any structures that are adjacent to the home.
Liability insurance is insurance that will cover the costs of property damage or
loss as well as the costs to any physical harm that may be done to a person on
your property. Take into consideration any potentially dangerous areas of your
home as well as how many people usually frequent your home in order to decide
how much liability insurance you’ll need. You should also consider repairing any
dangerous areas in or around your mobile home before you set out to get your
mobile home insurance quote – repairs may help lower the cost of your mobile
home insurance quote.
Make sure to take inventory of all your possessions and valuables before you set
out to get your mobile home insurance quote. Dig up old receipts and hang on to
new ones. In addition to making a list of all your possessions and valuables as
well as their worth, you may also want to take pictures and videos as
documentation. An insurance company may suggest a floater policy.
Coverage for the mobile home’s structure, as well as adjacent structures, works
just like coverage for other homes. Unless otherwise stated by your particular
policy, your mobile home will be protected from the same kind of damaging
elements.
So, the next time you think there’s no point in trying to get a mobile home
insurance quote, think again! Just shop around for home owner insurance
companies that will offer mobile home owners the same insurance coverage as
offered to owners of other homes.
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Online Auto Insurance Quotes
Convenience at your fingertips is what online auto insurance is all about. When you access an insurance site, you will find that you can fill in your details and request for a quote from multiple insurance providers. This will allow you to compare quotes and decide on the most suitable one.
Before you fill in the online form, read all the information given. Keep ready your driver’s license, details of the make, year, and model of your car, your credit report, vehicle identification number, vehicle finance company, whether you have other insurance policies from any of the online providers, and details of any other car you may have.
Do some research and determine what discounts you are eligible for. For example, reductions are offered for anti-theft devices, anti-lock brakes, multiple car insurance, car pooling, single drivers, as well as membership in professional bodies and the AAA.
Factors that affect a quote are your driving record, the number of miles you drive each year, where you live in an urban or rural community, the make of your car, the kind of coverage you need, as well as your credit history.
Read through the form thoroughly. If you have any doubts send the site an e-mail. The alternative is to call a toll-free number if they have such a facility. Most FAQs are answered on insurance sites; you just need to surf the web. Many sites offer expert analysis and advice on your online quote. Make use of this service if you are uncertain about anything. Expert insurance professionals offer consultations on behalf of these sites.
Be sure to check the credentials of the insurance provider you choose to buy auto insurance from. Check whether there are any complaints registered against them. Be sure that they will keep all the promises they make.
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How To Get Cheap Whole Life Insurance Quotes
Whole life insurance quotes the most expensive kind of policies that are on the market due the fact of cash value over time. Whole life insurance is permanent life insurance coverage that lasts as long as you live and continue to make ontime premium payments. The reason that whole life insurance quotes are so much more expensive is due to the fact that the policy will have to pay out a death benefit when you die.
Whole life insurance quotes are available online from many insurance companies that have an online presence. Online life insurance quotes let you search for the life insurance policy that best suits your needs. When you log onto each site, you can read the information regarding the whole life insurance policies available and request free quotes. You should request at least three quotes so you can compare the different rates.
When you compare the online whole life insurance quotes, the cheapest is not always the best one to choose. They are quite affordable because the payment of premiums stretches out over a longer period of time. When you are comparing the online life insurance quotes you receive, you shouldn’t just think about the amount of the monthly premium but the length of time that you have to pay the premiums.
The death benefit you choose in the whole life insurance policy will never decrease and the premiums will always stay the same. With online life insurance quotes for term insurance, the benefit and the premiums remain the same for the term, but could change dramatically when you renew the policy at an older age.
In order to determine how much of a death benefit you need with whole life insurance, you should sit back and evaluate how much money your family would need to survive without you. You have to look at the fact that the bills still need to be paid and your income will no longer be available. The sum of the death benefit is one of the factors that does determine the price of the whole life insurance quotes you receive. Other factors include your age, occupation and health.
The younger you are when you choose to get whole life insurance, the lower cost it will be to you. In your later years, you won’t have to budget for the premiums, because they will be paid up. You can also borrow against the amount of money you build up in the whole life insurance, but this part of the policy and doesn’t have any effect on the whole life insurance quotes you receive.
When comparing whole life insurance quotes there are quite a few things to think about.
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Long Term Care and Long Term Care Insurance
A person might need long term care (LTC) if he/she cannot perform activities of daily living such as eating, taking shower or getting dressed by him/herself anymore. Certain disease can also make long term care necessary.
Long term care is not the type of care offered by a hospital or a doctor’s clinic. Long term care can be received at home, in a nursing home or at an assisted living facility. About 55% of American who are 85 or older needs long term care.12 million older Americans are expected to require long term care in the year 2020.
Long term care is very expensive. Both nursing home care and home health care costs a lot. Unfortunately, a person’s health plan and disability insurance usually do not cover the cost of long term care. Also, in most cases Medicare can’t cover long term care either.
Long term care insurance is restively new, but nowadays there are more than 100 companies offering long term care insurance coverage, which is available through groups and to individuals.
Long term care insurance policies usually cover care in state-licensed nursing homes as well as certain home care services provided by certified home health agencies. Limits and exclusions of long term care insurance differ from policy to policy. Make sure you have a good understanding of what are covered and what are not before buying a long term care insurance.
About the Author
John Lee is a freelance Internet writher who has written articles for many websites. His articles on long term care can be found at 101longtermcare.com Long Term Care Helper ( 101longtermcare.com 101longtermcare.com).
Invest in Mortgage Protection
There are a couple of mortgage protection opportunities on the market today. If you are going to invest a large chunk of your income (and your life repaying the loan) to buy a house, then you need to take some time to look at the possibilities available to protect your decision. The key is to figure out the one that is best suited for you and your needs.
1. Term Life Assurance (Insurance) can be set up to cover the mortgage if the borrower dies before paying off the amount in full. There are typically two types: the yearly renewable policy and the level premium policy. The yearly renewable has a premium that rises as the insured gets older. The level policy premium stays the same for a specified time limit (usually block of 10, 15, 20 or more years).
2. Mortgage payment protection is set up to pay the mortgage payments if you can’t work due to sickness, unemployment, or even an accident. It can cover up to 52 weeks of payments ensuring that your home is secure for a full year, although most only cover about 36 weeks.
Mortgage protection can be more than just an insurance policy that will pay if something unexpected should happen. The best thing you can do is to save money and have six months worth of your current income in an emergency fund. Not only will you have protection against unfortunate events – should they arise – but you will be earning interest on the money.
Buying a home is a large investment. There are many ways to protect yourself and your family and to guarantee them a home no matter what you might face in the future. Mortgage protection can be in the form of an insurance policy or protection plan, or it can be in the form of penny pinching and saving. Either way, you are sure to sleep better knowing the mortgage is managed.
Kathryn is a freelance journalist writing for the UK mortgage industry. She has recently written news items on fairinvestment.co.uk/mortgage.aspx mortgage protection and also publishes financemarkets.co.uk/category/mortgages/ UK mortgage news for that market.
Life Insurance Company Performance
The performance of a life insurance company can make a big difference to anyone who buys a life insurance policy. The way some experts talk you would get the impression that all life insurance policies are the same regardless of which company you buy from.
If you were going to purchase an automobile you would visit a dealership that sells the kind of car you like, you would consider certain features that may appeal to you and you would pay special attention to the cost. If you don’t get your needs met you find another company and do the same thing all over again.
When you decide to purchase a home you have a pretty good idea of the neighborhood you would like to live in, the style and size of home and of course the amount you would like to spend. You contact a real estate agent and if that person does not find something to fit your needs you find another agent.
When you purchase life insurance you should also pay attention to the type of policy that would fit your particular need, the amount of insurance and of course the cost. There is one other thing that you should also give serious consideration and that is the life insurance company itself…
How strong, financially speaking, is this company? How long have they been in business? How well do they perform when compared with similar types of companies? Of course you also want to know how well their premiums compare with other companies.
Some so called experts would like you to think that all life insurance companies are the same. There is nothing further from the truth. Some companies keep their term insurance premiums lower than the rest because they simply are more efficiently operated companies…
Their expenses are lower than others and their investments yield them more. The interesting thing is that these companies have been performing well for a very long time. Their cash values on permanent policies are higher than the rest and so are their dividends. Dividends are not guaranteed but there are life insurance companies paying very high dividends for more than 50 years…some more than 70 years.
As a result of exceptional performance premium rates get reduced. Don’t believe the nonsense that all life insurance companies are the same. This is definitely not true. Do your own research through Consumer Reports and other companies that specialize in providing such information like the A. M. Best Company. The results may surprise you.
For additional information on life insurance companies go to:
How to Find Affordable Long Term Care Insurance in Washington
The Statewide Health Insurance Benefits Advisors in Washington State can help anyone considering purchasing a long term care insurance policy. These advisors are trained to help individuals understand what is covered and what isn’t covered in a typical plan. For those who want to find the most affordable long term care insurance possible, they really do need to give some careful thought to what coverage they’ll expect to need.
Each benefit generally adds cost to the insurance premium so think about what you will need on a daily basis:
• Some plans only offer coverage for in-home visits. These types of plans can actually be the most affordable. This is mainly because the individual is still paying for all their housing costs themselves. Some services that this type of long term care insurance policy may cover include help with bathing, dressing and grocery shopping.
• Nursing home plans tend to cost more. For someone who is in need of regular medical care they may feel it’s necessary to live in a nursing home setting. If the person is still mobile, they may want to consider seeking out long term care insurance that covers living with a group home or an assisted care facility. These arrangements cost less.
• If you can pay your own prescription and doctor visit costs your premiums will likely be less expensive. Having these benefits removed from a policy can substantially affect the cost.
No one who is maturing and facing health issues wants to worry about who will take care of them. Having a long term care insurance policy in place before the issue becomes a reality can make the transition from independent living to assisted living much easier. If an elderly person is unsure about what type of coverage is best suited for them, asking for the assistance of trusted family member is a wonderful idea. They can help provide some insight into what they feel is the best long term care insurance policy.
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Low Cost Car Insurance - Where to Cut Costs
Car Insurance can be simplified once you begin to understand the declarations page. The declarations page is issued every time your car policy renews. The information on your renewal declarations page will give you all you need to know about how your policy is rated. The actual policy is very complicated because it is written in legal language. The declarations page is a synopsis of your protection and is divided into sections.
Section I – Liability – This section indicates the bodily injury and property damage liability limits. This section of coverage protects you in the event that you are found liable in an automobile accident. Most car insurance policies have split limits. 100/300/50 is a common split limit. The first two limits are the bodily injury limits. The 100,000 refers to the amount per person bodily injury liability limit and 300,000 is the amount per accident limit. The third limit is the property damage liability limit of 50,000.
Tort Option – Some states have a tort option. Full tort gives you an expanded right to sue for pain and suffering. Limited Tort limits that right and also reduces your overall premium.
Section II – Physical Damage - This section is all about the physical damage to your automobiles. It is divided into two basic benefits. Collision insurance covers damage to your vehicle in an automobile accident. Comprehensive insurance covers your vehicle for theft, hitting an animal, glass coverage, fire, and several other miscellaneous occurrences.
Section III – First Part Benefits – This section applies to the first party insured and all resident relatives. This can vary from state to state. Medical expense, income loss, and life insurance are examples of first party benefits.
Cost Savings – Your greatest risk for financial loss is when you are liable in a car accident and so it is not wise to carry low limits for liability. Higher deductibles for collision and comprehensive are an excellent way to reduce costs. Make sure that your home policy is with the same company in order to qualify for the multiple policy discounts. The limited tort option can save you up to 20%. The tort discount is only available in some states.
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