Lifeinsurancenoexam.biz Sponsors $100 “Why Life Insurance” Writing Contest

August 16, 2009 — nexam1

Lifeinsurancenoexam.biz announces its  “Why Life Insurance” Writing Contest to run through September 30th, 2009.

Life insurance is considered a necessity in today’s world by most financial experts. After all, what would happen to your family if you pass away and they no longer had your income for support?  In most cases it would mean economic disaster.  But merely explaining the need is not nearly as compelling as a real life example. That’s why Lifeinsurancenoexam.biz is sponsoring the “Why Life Insurance” Writing Contest.

Just describe how life insurance has impacted the lives of family, friends, or clients.  It can be any length.  Short is fine; the entries will be judged on how compelling the story is.  The winner will receive $100 through PayPal and their winning entry published on lifeinsurancenoexam.biz/blog.

Rules:

1. Entry must be posted on another blog or website.

2. Entry must begin with the following and include the 2 anchor links. “Lifeinsurancenoexam.biz has asked the following – How has life insurance impacted the lives of family, friends, or clients?  Here is my story:”

3.  Enter by emailing info@lifeinsurancenoexam.biz with notice of your entry posting and url.

4. You may enter as often as you like.

5. Deadline is midnight, September 30, 2009

6. Entrants give permission to http://lifeinsurancenoexam.biz to use and reprint entries on their website and any other promotional materials.

7.  Judges decision is final.

Please contact info@lifeinsurancenoexam.biz with any questions.  Lifeinsurancenoexam.biz gives free, online life insurance quotes.  Get instant term life insurance or whole life insurance without an exam.

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BABY ON BOARD CHANGES INSURANCE NEEDS

August 8, 2009 — nexam1

New Parents Need to Get Smart on Coverage Options
KANSAS CITY, Mo., Aug. 4 /PRNewswire/ — A new baby touches every facet of a family’s life, including their finances. According to the National Center for Health Statistics, more babies are born in August than in any other month. The National Association of Insurance Commissioners (NAIC) suggests these steps to help new parents protect their growing family.
Health Insurance
– Understand your coverage before the baby arrives. Review coverage options and find out exactly how your health care plan handles the costs of a new baby. Remember to consider prenatal vitamins, prenatal and neo-natal screenings and tests, emergency procedures, delivery (C-section and traditional) and pediatric care. — Notify your insurer of your new baby. Make sure you are aware of the deadline and requirements to register your newborn with your health insurance company. Similarly, if you are adopting a child, consult your employer and health insurance provider for the requirements to obtain health insurance coverage in advance. For more information, check with your state insurance department at www.naic.org/state_web_map.htm. — Evaluate your options. If both parents have employee benefit options, compare the health insurance policies to see which one best fits the needs of your family. Review the co-pay amounts and different options carefully to see exactly what is covered – and what isn’t – for both parents and children. Most companies will allow you to make enrollment changes when a baby is added to the family. Check with the benefits administrator at your office about your options.
– Make use of tax advantages. Check to see if your employer offers a flexible spending account or health savings account (HSA). These plans allow you to set aside pre-tax dollars for medical expenses and child care.
Life Insurance
– Plan the contributions of both spouses. Consider covering both spouses with life insurance, even if one is not employed outside the home. In the event of the stay-at-home parent’s death, the insurance policy can help the surviving spouse with the financial necessities of the household. — Account for child care costs. In determining the amount of life insurance to purchase, take into account your full child care costs (housing, education, child care, medical needs, etc.), especially for children under five years old or for kids with special needs. — Understand the types of life insurance. Understanding your life insurance choices will help you weigh the costs and benefits of whole life versus term life insurance as part of your overall financial plan. — Whole life insurance. Whole life insurance policies build cash value and pay a death benefit, but are more expensive. If you can’t afford whole life insurance right now but think you may want it in the future, consider term life insurance with a conversion option that will let you change to a whole life policy for a fee when you are ready. — Term life insurance. Term life insurance offers death benefit protection for a specified time period. For example, term life insurance may be appropriate during your child-rearing years or while paying off a mortgage. Term life premiums increase as you age. Term life is typically less expensive in your younger years than permanent life insurance, which covers you for your entire life and typically has level premiums.
– Keep your policy current. Remember to update your policy to include your children as beneficiaries. If your children are under the age of 18, name a trustee who would administer the benefit of the policy until they are adults.
Automotive Insurance
– Check rates before upgrading vehicles. Auto insurance premiums are linked to vehicle age and type, so if you decide to get a larger vehicle, like a mini-van or SUV, to transport your family, it could affect your premiums.
– Plan for carpools. Consider increasing your liability insurance in case of an accident when transporting other kids.
Homeowners Insurance
– Notify your insurer of major additions. Alert your insurance company when making any major home improvements (usually anything over $5,000) to prevent being underinsured.
– Protect the backyard. Inform your insurance company if you install backyard items for kids, such as a swing set, trampoline or swimming pool. You may consider increasing your liability coverage – that protects you in the event that someone is injured while on your property – with an umbrella policy.
More Information
If you have questions or are confused about your insurance coverage, contact your state insurance department. Visit www.NAIC.org to find contact information for your state insurance department.
Get smart about your insurance needs! For more information about auto, home, life and health insurance options – as well as tips for choosing the coverage that is right for you and your family – visit www.InsureUonline.org .
August 2009
About the NAIC
Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more consumer information, visit insureUonline.org .
Contact: Monica Charleston, 312-233-1317, monica.charleston@edelman.com
SOURCE National Association of Insurance Commissioners
2009-08-04 08:00:00

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Lengthy underwriting can cause premium rates to go up

August 5, 2009 — nexam1

When you read the June 9, 2009 Wall Street Journal article, Insurers Raise the Premiums on Term Life, there’s a perfect example of what can happen when medical exams delay the underwriting process.

Steve Johnson, a 51-year-old business consultant in Lilburn, Ga., was trying to beat an impending price increase when he rushed in his application to online insurance broker AccuQuote.com for a new $500,000, 10-year term life policy from ING Groep NV’s ReliaStar Life Insurance Co. in April.  But a series of canceled appointments delayed the necessary medical exam by several weeks, Mr. Johnson says. In the end, his application arrived a day late, and his annual premium rose to $864 from the $744 he had been quoted.

Don’t let this happen to you!  Expedite  your underwriting  by making sure you have all medical records sent promptly from your physicians and be sure to quickly schedule and NOT cancel the medical exam!

You can get life insurance instantly by applying online at lifeinsurancenoexam.biz.  It’s a free online quote and application site.  There’s NO medical exam! Just answer a few yes/no questions and if approved, you’ll be instantly covered within minutes!

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From the Mailbag: Life Insurance Times 2

August 3, 2009 — nexam1

A reader asks:
Can I have more than 1 life insurance policy? What “gotcha’s” should I be aware of?
Yes, you can certainly have more than one life insurance policy. For example, lots of folks have one through work (usually as part of their group medical plan), and another they bought on their own. The advantage to the former is that the rates are usually low (since the face amount is usually only $10 or $15 thousand). The advantage to the latter is that it isn’t tied to your job, so you don’t give it up if you change employers.
Also, many people have more than one kind of policy: for example, a term plan to cover the mortgage, and a permanent one for longer term needs (income replacement, final expenses, etc). Some folks also find variable policies (which have sub-accounts that mimic mutual finds) to be useful in retirement planning.
If there’s any “gotcha” (and I’m not saying there is), it’s that carriers generally try to avoid over-insuring folks. That is, having so much insurance – in total – that one is “worth more dead than alive.” So they’ll ask about other plans already in place, and whether the new policy replaces or supplements those.
It’s also a good idea to review your policies on a regular basis. One’s needs, goals and desires change over time, and one’s insurance policies should reflect these. And that’s also a good time to make sure that beneficiary designations are appropriate and up-to-date.

SourcedFrom Sourced from: InsureBlog

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