What You Need to Know Before Canceling or Replacing
Your Life Insurance Policies -
There can be many reasons why you may be considering canceling or replacing your life insurance policy. Before you do, here are a few things that you
should consider:
'' Financial Academy School: Real tools, real resources, real social media pages for
growing a real business, to raise real fund, to promote a real enterprise, to provide real help
for people in serious need...
'' ''FREE STUFFS''- Here is a list of free online, Visionaire Business Center - Visionairebiz is
Showing You How To Find Free Stuffs Everywhere'',,
'' Entrepreneurship, Business Initiative - WHERE AND HOW TO FIND MONEY TO START UP
A BUSINESS. Entrepreneurship: How to become a successful entrepreneur. fb
If you decide to replace your life insurance policy, don’t cancel the old one until you have received and accepted your new policy.
Most people are unaware that you’re allowed a “free look” provision, which is a period of time immediately following the issuance of a life insurance policy, during which you may cancel your policy with a full refund. The free look period differs depending on the terms of your life insurance contract or the laws in your state, but is typically between 10 and 30 days. So if during this time you change your mind about your new policy, you can cancel it knowing that your old policy is still in effect.
If you feel that your current policy no longer meets your needs, you may not have to replace it.
Maybe you’ve been contemplating upgrading your term policy to a permanent life policy such as a whole life or universal life insurance policy. Or perhaps your permanent life policy death benefit isn’t enough. Whatever the reason, you may decide at some time that you need a policy upgrade. The fact is, you may be able to change your policy or add to it to get the coverage and/or benefits that you now want. Ask your insurance professional about life insurance riders or options that may be available for you to increase your policy’s limits
to meet your needs.
Before you cancel life insurance because you’re older and your health has changed, premiums for a new policy will often be higher.
Because insurance premiums are rated in part on age and health, canceling your policy and applying for new coverage at a later date to, let’s say, save money, means you could be paying even more for the same coverage in the future. Moreover, if your health has
significantly changed, you may be uninsurable and unable to get coverage.
Deciding whether or not you no longer need coverage or trying to trim your budget by temporarily canceling your policy may not be in your best interest in the long
run. The good news is that you may have other options available. In all cases, check with your insurance agent or life insurance company before making any significant
changes concerning your existing life insurance policy.
' Personal Finance - How To Improve Your Finance And Increase Your Income -
Moneymakinghow = Money, Make It Grow, Make it Fat And Even fatter with this Impressive, Prestigious Blogs..
'' Start your own business EASY & SIMPLE, be your own boss, make extra money, secure your financial future, obtain financial freedom. LEARN MORE! = MONEYMAKINGHOW: Is The URL For Money Making Network Organization Check us out on every social media page. fb
'' Wall Street Market Millionaire Traders, And Investors. How To Make Money - The stock market is mutually beneficial to businesses and investors because:
Companies raise money to (try to) make their businesses grow
Investors invest in businesses to (try to) make their money grow
======
Ways to Use Life Insurance in Estate Planning
Learn how life insurance can help provide funds to pay estate taxes and offer other wealth-protecting benefits The estate planning process is meant to help you manage and
preserve assets while you’re alive and to conserve and control distribution after your death in accordance with your goals and bjectives. But estate planning is unique in that it’s different for everyone — depending on your life stage, wealth, age, health,
lifestyle, and other factors.
For example, a modest estate might require only a simple will, while larger estates concerned with potential estate tax burdens require a more sophisticated strategy such as a trust. But
whatever your needs, life insurance can be a valuable element in your estate planning when used in conjunction with the protection of a will or trust to offer the following benefits:
===========
1. Estate Tax Funding Through Life Insurance
Federal estate taxes can be as high as 50 percent of your gross estate and must be paid in cash within nine months of your death. Quite often it’s the estate’s personal assets that are used
to cover tax debt. However, assets such as an IRA or a personal residence are not easily liquidated on short notice without substantial tax penalties. Proceeds from a life policy are typically received income tax-free and could be used by your beneficiaries immediately to fund estate taxes while preserving
assets.
===========
NeitherProtective Life nor its representatives offer legal or tax advice. Purchasers should consult with their attorney or tax advisor regarding their individual situations before making any tax-related decisions.
==============
'' Stocks Online Stock Trading Tools and Resources.. Your Financial Success Depends on
What you Know About Money.. LEARN MORE HERE..
'' Internet Blogs: The Most Interesting Blogs On The Web, The Most
Educative, Most Instructive..
'' Discover! How to Succeed in Business. Start your own business to maximize earnings
and create a legacy for you and your family...2. Preserving Family Assets
Most family businesses are started with a dream and built with hard work. If what you envision for your business after you die is to keep it in the family, you should first consider a discussion about which of your heirs has the interest in managing and ability
to manage the business. In many situations, families can use insurance benefits to “cash out” some of the other heirs if so desired, preserving family peace while continuing the viability of the business.
==============
3. Estate Equalization
Even if you have an estate plan, it could take a great deal of time before money is released and distributed to your loved ones.
Expenses such as funeral costs, business debt, and estate taxes can place financial burdens on your family that could mean delving into their own bank accounts or having to liquidate
assets. Funds from your life insurance policy could immediately help pay for these expenses by passing along a tax-free death benefit.
=============
4. Estate Plan Creation
Life insurance has a unique ability to create an immediate estate for your beneficiaries when you die, often for pennies on the dollar. It allows money to be passed directly to the designated beneficiary, essentially bypassing the complications created by probate. Moreover, the benefits are distributed tax-free and remain untouched by potential debts.
==========
The bottom line
Many people talk about how to use life insurance as part of their estate planning. The bottom line is that having a policy in conjunction with the protection of a will and/or a living trust
allows you to guarantee that a lump sum of money will be available upon your death, providing an effective way to transfer wealth to your beneficiaries.
Depending on the complexity of your estate, please consider consulting an estate-planning attorney to be sure the decisions you make are right for you
Life Insurance – What To Know
You may have considered getting a life insurance policy for some time now. Perhaps you’ve had a few discussions across the kitchen table, completed some online research, or went as far as to ask your insurance agent to run you some quotes. But while these are all
positive steps toward protecting your loved ones, you have yet to take the next step to secure a life insurance policy.
'' How Can We Know If We're Paying Too Much For Our Insurance, Or Under Coverage?''
'' ''Term Insurance vs Whole Life Insurance. Which Is The Best
And why? // THE PAGE //=
==========
We understand that the subject of life insurance can be complex and that you may be putting off purchasing a policy because you have unanswered questions. we don’t want the lack of information, or anything else for that matter, to prevent you from getting the coverage you need – today.
=========
==========
So if you don’t have life insurance because you’re stuck trying to figure out the difference between term life insurance and permanent life insurance, calculating how much life insurance you need, or how to go about shopping for quotes online, our learning center can
help. Here, we addresses key questions and concerns about:
Why it’s important to have life insurance How much life insurance you need
What type of policy is best for you What to expect from an insurance medical exam
How to budget for life insurance Understanding important policy riders …and much more
====
Life Insurance Rating System: Select, Preferred or Standard,
How Does Your Insurance
Company Rate?
'' Insurance Guide Of America; Learn Everything You Want About Insurance''
'' How To Make Money With The Insurance Companies''
'' History Of Insurance In America And Around The Globe''
'' How To Obtain An Insurance License For Free, Zero Cost And Start Making Money'
When you apply for a life insurance policy, the life insurance company begins what is known as the underwriting process. During this time, they review the information from your life insurance application and medical exam results. Some life insurance companies
might even decide to conduct a phone interview to gain more insight into your family health history or to ask you additional questions.
=======
Once this information has been processed, the life insurance company underwriter will determine what category you fall in based on your age, lifestyle, family health history, and overall health status. While the names for specific life insurance company rating
categories may differ between companies, the basic classifications are select, preferred, and standard. In addition, people who smoke will have their own category rating of either standard smoker or preferred smoker.
=======
What’s the difference in the basic categories?
It’s important to note that not all insurance companies follow the same rating criteria. Therefore, you could be rated as select by one company and preferred by
another, simply because of that company’s individual underwriting guidelines.
=======
A select rating is typically offered if you are in excellent health, fall into a normal height to weight ratio, and have a favorable family health history. For example, that no
immediate family members have died from cancer or heart disease at an early age. There may also be other criteria involved, but these are the basics for qualifying for a select rating. Some life insurance companies even have ratings such as super select
'' The 10 Commandments of Wealth and Happiness.. Ten Commandments Of Wealth
Building... Discover the Ten Key Principles to Build True Wealth...
' We at Knowledge Financial Group; We're delighted to bring very helpful information for
everyone who's interested.. Incredible wealth of information; Anyone regardless of
experience you can take advantage.fb..
.
=========A preferred rating is also associated with optimum health, however certain factors may indicate that you pose a slightly higher risk than someone who would qualify for a select rating. This can be attributed to a number of different factors, and depends on how the
insurance company differentiates between a select and preferred rating.
A standard rating doesn’t necessarily mean that you are in poor health. In fact, it typically means that you meet the life insurance company’s standard rating for someone of average health and with your specific family health history, weight, age, etc. Just as someone who
might not qualify for a select rating due to certain indicators, getting a standard risk rating just means that there are factors relating to your particular situation that make you ineligible for a select or preferred rating. These can be factors such as a less than ideal height to
weight ratio, past tobacco use, or even your driving history or occupation.
There are many factors that establish your life insurance
premiums. They include the types of insurance, the amount, length of coverage, as well as your risk rating. The ratings above are all based on nonsmoker rates. Therefore, if you smoke, your premium rates will be based on all the risks associated with being a smoker.
The most important thing to remember is to be sure to question the insurance company if you ever feel that you have been incorrectly rated. For more information on understanding life insurance risk ratings
'' Things Every New Employee, Investor, Business Owner Should Know About???
Great Information,The power to succeed: Prosperity, Abundance, and Opulence - The
Secret Of Fortune...
'' BuyHereMarket Enterprise And Financial Academy School are Institutions For Teaching
Finance, Business, Investing, Accounting, and Economic.fb
= '' Financial Education: Things You Always Wanted to Know About Investing, Finance,
Insurance, stock market, real estate, retirement planning...
=======
7 Life Stages That Affect Your Life Insurance Needs
Did you know your need for life insurance changes as your life
changes?
Life insurance is part of a responsible financial plan. And while you should feel secure knowing it will be there to meet your financial responsibilities and protect your family, you should consider periodically re-examining your insurance needs — especially at certain life stages.
1. Marriage and Life Insurance
When you get married, financial obligations become a joint effort. If one of you dies, a life insurance policy can help ensure the surviving spouse has the financial stability to maintain his/her current standard of living. Additionally, as the cash accumulation in a permanent policy grows, more assets
become available to pay down a mortgage, eliminate business debt or settle outstanding tax obligations. Death benefits paid to the surviving spouse can also help fund a child’s education or supplement retirement.
2. Having a Child
When your children are young, having sufficient life insurance for each parent is critical. If you or your spouse were to suddenly die, life insurance limits need to be able to pay for daycare, help fund a college education and cover everyday living expenses.
3. Mortgage Protection
Life insurance is often purchased to cover the loan amount of a mortgage so that if you die, your beneficiaries will have enough money to pay off the balance. However, if you’ve moved into a more expensive home or have remortgaged, the amount you owe the bank may actually increase. Additionally,
you may have selected to extend your mortgage term at some point to reduce your monthly payments. So if you have a term life insurance policy with a 20-year limit (as opposed to a permanent policy), and you’ve now extended your mortgage another 10 years, your life policy could end before your home
is paid off. '' Financial Academy School: Real tools, real resources, real social media pages for
growing a real business, to raise real fund, to promote a real enterprise, to provide real help for people in serious need...
'' ''FREE STUFFS''- Here is a list of free online, Visionaire Business Center - Visionairebiz is
Showing You How To Find Free Stuffs Everywhere'',,
'' Entrepreneurship, Business Initiative - WHERE AND HOW TO FIND MONEY TO START UP
A BUSINESS. Entrepreneurship: How to become a successful entrepreneur. fb
==
4. Protect Your Business
If you’re self-employed, chances are the investments you’ve made in your business have been substantial. If the value of your business has recently changed (the purchase of a new
building, inventory or equipment), be sure your life insurance limits are set high enough to cover business debts that your family could be held responsible for when you die. Don’t risk them having to liquidate assets to cover outstanding debt.
5. Living Single
In the event of divorce, timely decisions should be made regarding the beneficiaries on your life policy. If you and your spouse don’t have children, then it could be as simple as having the beneficiary on your policy changed. However, if you do have children, you’ll want to consider steps that ensure the children are provided for when you die and this may not be through your former spouse. If you own the policy,
then you may only need to request to have the beneficiary changed. If your former spouse owns the policy, then you may need to purchase a new policy.
6. Estate Planning
Most people know that having a will or trust is essential in estate planning. But if you have enough wealth for your estate to be taxed — at either the state or federal level — you should consider the tax benefits of a life insurance policy to help provide funding to pay estate taxes by reducing or even eliminating them. This could remove the possibility of a forced sale of assets to generate cash. In addition, life insurance can provide immediate cash for outstanding medical payments from the last illness, burial expenses, administration and other settlement costs.
' Personal Finance - How To Improve Your Finance And Increase Your Income -
Moneymakinghow = Money, Make It Grow, Make it Fat And Even fatter with this Impressive,
Prestigious Blogs..
'' Start your own business EASY & SIMPLE, be your own boss, make extra money, secure
your financial future, obtain financial freedom. LEARN MORE! = MONEYMAKINGHOW: Is
The URL For Money Making Network Organization Check us out on every social media
page. fb
'' Wall Street Market Millionaire Traders, And Investors. How To Make Money - The stock
market is mutually beneficial to businesses and investors because:
Companies raise money to (try to) make their businesses grow
Investors invest in businesses to (try to) make their money grow
7. Retirement Planning
The cash accumulation benefits of a permanent life insurance
policy can help fund a more secure retirement, especially if you have maximized contributions to other qualified plans. When making a withdrawal, you don’t have to sell the asset as
with stocks, and if you borrow against the value, there are no capital gains or ordinary income taxes involved. Unlike most investments and financial products, life proceeds are passed on to your beneficiaries tax-free.
Always consult with an insurance professional who can provide you with a personalized assessment based on your unique life stage and who considers your current and long- term objectives, potential for risk, and financial goals.
Getting the life insurance coverage you need … today
As you age, it gets more expensive to buy life insurance. Moreover, certain health conditions can make premiums increase — or worse, make it difficult to qualify for life insurance coverage at all. For the same price of a weekly specialty coffee drink, you’d be surprised at how much term coverage you can easily afford.
