Archive for the ‘Life Insurance’ Category
May 15th, 2011 | 
Author: If you apply for life insurance and application is rejected due to an illness reported on your MIB, how do you obtain life Insurance?
You go with a life insurance company that will accept the condition. The MIB isn’t the hurdle, the condition is. Call a Life Insurance broker and ask them if they can find you coverage for your condition.
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I am planning to buy an life insurance policy. I have heard about this new insurance product- term insurance. I wanted to know its benefits and how is it different from Life Insurance. thank you for your help. I would really appreciate your efforts if you can help me out with this as soon as possible. thanks!
Term insurance is life insurance.
You have 2 options, basically. Permanent insurance and term insurance.
Term insurance costs less up front. Its like renting an apartment. You get to choose a time frame from 1 year to 30 years. It’s a good policy if you need lots of coverage now but have little money, like a young family with lots of kids or someone with a mortgage and school loans, etc. It is cheap because it seldom gets paid out because most people live beyond the term of the policy.
Permanent insurance is there when you will most likely need it because it will never end as long as you keep paying or have paid enough into it that it will sustain itself. It is cheaper in the long run because if you cancel it after 20 years, you get all your money back. Its NOT an investment product, don’t let anyone fool you. But, it isn’t a bad product.
Your best bet, depending on your needs (consider if you want debt paid, income replacement, help with school, etc) is to purchase a combination. Give yourself $50K of permanent Insurance (cover burial expenses, final bills, etc) and take out term for the rest of your debt
Where can I learn about life insurance for estate planning online? I would consider both for a fee and for free. I am not interested in earning any sort of a degree or license.
All life insurance is a form of estate planning.
If you’re asking about life Insurance used as a funding vehicle to pay for confiscatory estate and inheritance taxes, as well as income taxes with respect to decedent (our estates get to pay income taxes after we die, including untaxed IRA and qualified retirement plans — these taxes can be substantial for almost everyone), then I’ve included some links below to several trade associations of life insurance agents that specialize in using Life Insurance for estate liquidity:
National Association of Insurance and Financial Advisors
Society of Financial Service Professionals