Do you recall that great classic song by the Fifth DimensionUp, Up and Away?
Well, not many folks are singing about how good things are on the economic front. Fear of rising taxes, a continued recession, lingering unemployment and low or anemic economic growth have many people scratching their heads and wondering how best to position themselves financially.
A just released LIMRA report indicates that sales of permanent life insurance policies for the first three quarters of this year are up 15% over the same period last year. Why are people taking a renewed interest in permanent life insurance? I see several reasons:
1. People are looking for guarantees.
Life insurance no medical exam. If you are in the market for life insurance but can’t seem to find the time to take care of the details a no medical life insurance policy may be what you need.
Life insurance companies realize that there is a large amount of business they would get from good intentioned people that otherwise is lost because these people are just simply too busy to take a medical.
They assume these people are in good health so they found a way to tap this extra business. Make no mistake these companies are very thorough. They ask the pertinent questions online and if the applicant qualifies they issue a policy.
The Wall Street Journal published some interesting statistics on aging the other day from the U.S. Census.
⢠40 million Americans are currently age 65 or older
⢠55 million are projected to be 65 or older by 2020
⢠72 million are projected to be 65 or older by 2030
⢠88.5 million Americans are projected to be 65 or older by 2050
⢠5.8 million Americans are currently age 84 or older
⢠19 million Americans are projected to be 85 or older by 2050
⢠There are 105,000 centenarians currently in the U.S.
⢠601,000 centenarians are projected by 2050.
⢠27% of Americans age 65 or older lived alone in 2008.
So what does this mean for you? It means you need to plan
Some life insurance companies have apparently cancelled policies belonging to the recently deceased and denied claims if their policies were less than two-years old. A recently investigative report from the Los Angeles Times revealed that thousands of life insurance policies deemed “too new” were not paid to deserving beneficiaries in 2009.
According to the report’s data, compiled by the National Association of Insurance Commissioners, $372 million in life insurance claims were withheld from beneficiaries last year after their loved ones passed away because the companies felt their policies were too new.
One example would be when American General Life Insurance Co. denied $2
Non medical life insurance, sometimes referred to as no exam life insurance, can ease the pain of buying life insurance. When you apply for a life insurance policy it is important from the insurance companies point of view that you are in good health, or in fairly good health. They don’t want applicants who have a deadly disease and know that they are going to die tomorrow. They don’t want applicants who are about to have major surgery. Insurance companies are not charitable organizations in the…”give away money” business. They are in the business of making money. Check out non medical life insurance quotes here: Life insurance companies select the risks they take on very carefully. Read full post…
By: Mike Prokopeak
With Thanksgiving upon us, it’s important to remember to trust in the people around you. Both you and your organization will benefit.
For many, the Thanksgiving holiday is a time to enjoy family and give thanks for the joys in their lives. For others, it’s a time to be endured, not enjoyed, peppered by awkward conversation around the dinner table.
In every personal relationship, there’s the equivalent of a trust account, said Stephen M.R. Covey, CEO of training company CoveyLink Worldwide and author of the business best-seller The Speed of Trust.
“Just like a bank account, you grow the account when you make a deposit and you deplete it if you take a withdrawal,” he said. “What’s a
There are many different areas of life that most people find it may be a good idea to protect against damages and other mishaps. For the most part the things that most people have the strongest desire to protect are generally large scale investments such as cars and homes. There are many different insurance agencies available to choose from and many different kinds of insurance for many different areas of life. There are even some kinds of insurance which are considered mandatory in most places. Car insurance is one form of coverage that is mandatory in most places and not having it is considered a jail able offense when operating a motor vehicle. Read full post…
Does the “term insurance or permanent insurance” debate still rage? Have people concluded which is best? It is the opinion of this author that there really is no contest. Term insurance and permanent insurance perform in different ways. They both have a death benefit that is paid to the heirs on the death of the insured. This can be paid in the form of an income or in a lump sum. You can add the waiver of premium rider to either type of insurance but that is about where the similarities cease. Term insurance or permanent…which do you prefer?The rise in popularity of term life insurance in recent years has caused the insurance industry to really look at themselves.
If you’ve been thinking about purchasing life insurance, you’ve probably received a lot of advice from people around you regarding the specifics of buying this type of policy–or even whether you should buy it at all. There are tons of life insurance myths out there, along with some real facts thought to be untrue. Let’s take a look at some of the common life insurance beliefs and whether they should make a difference in your decision to buy a policy.
#1: You Don’t Need Insurance If You’re Young with No Dependents
False. There are probably a lot of people who will tell you that you don’t need any type of life insurance coverage if you’re young with no dependents because there is no one relying on you to pay bills.
While you may have no one depending on you, if you die, someone needs to pay for your funeral and leftover bills, student loans, etc. Therefore, you