Women receive more life insurance benefits than men, survey says

October 14, 2009 — nexam1

A gender gap exists in the amount of life insurance benefits received by men and women after the death of a spouse, according to a survey by MetLife.

SourcedFrom Sourced from: Group Life Insurance

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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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Study: Health, Life Insurers Ignoring Younger Generations

August 3, 2009 — nexam1

Age may determine how much health and life insurance companies spend trying to get people onboard. A new study shows health and life insurers pay much more attention to Baby Boomers than they do …

SourcedFrom Sourced from: Insurance Journal

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Mortgage Life Insurance is a Waste of Money

August 1, 2009 — nexam1

Informed Buying Guide at informedbuying.net says to think twice! While on the surface buying mortgage insurance appears to be a sound decision to protect your loved ones from losing their home in case of death. This may not be financially the ideal way to go if you are really serious about protecting your family and at the same time looking after your financial well being…Read the entire article entitled Mortgages – Information & Tips
Do you really need Mortgage Life Insurance?

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