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Universal Life Insurance Explained

What Is Indexed Universal Life, and is it good or bad? Bobby Samuelson addresses indexed universal life insurance to give you the tools to determine whether it can work in a bad market environment. Does it work? You decide. An indexed universal life insurance policy issued by an insurance carrier that has a minimum guarantee where crediting of any excess interest is determined by the performance of an external index, such as the Standard and Poor's 500® index. An Indexed Universal Life policy is considered a moderate risk/moderate return insurance product.

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What is ment by term life insurance?

Chart Of Life Insurance
http://en.wikipedia.org/wiki/Life_insurance


 

Fundamental Information About Life Insurance - Which is Best? Whole Life or Term Life?

An easy example of which to choose is based on a very hard to answer question. How long do I need the protection? One very basic thing to understand is that life insurance is not an investment, regardless of what an insurance agent tells you. Life insurance is for protection and protection only.

The two primary reasons for the purchase of life insurance is because of love or debt. You either love someone or you owe someone. Whole life is for your whole life. Term insurance is for a "term" period.
Here are some basics of whole life.

Whole life is the right solution if you're looking for permanent life insurance that will produce guaranteed cash value. This product is ideal for an initial life insurance purchase, to cover a child or grandchild or to assist in business situations. The cash value of this policy is accessible when you need it, such as an emergency or an unexpected opportunity.

Whole life provides a guaranteed premium, death benefit and cash value. Your premiums remain the same and are paid until age 90. Many whole life policies also will pay dividends which can be used to reduce premiums or to add to the cash value.

Whole life contracts offer guarantees such as nonforfeiture options.

Nonforfeiture Options

To protect yourself if you are ever unable to pay your policy premiums, you can choose one of our four nonforfeiture options.

o Automatic Premium Loan: Needed money is automatically borrowed from the cash value to pay overdue premiums and interest is charged until the loan is repaid. If this option is not elected, or if the cash value will not cover the premium amount, the nonforfeiture option will default to Extended Term Insurance.

o Extended Term Insurance: This keeps the full death benefit in force by using the cash value of the policy to purchase Extended Term Insurance.

o Paid-Up Insurance: This option will keep some level of protection in force by using the policy's entire cash value to purchase paid-up whole life insurance. The face value of the paid-up insurance will be less than the face amount of the whole life. The paid-up policy remains in force until the insured dies.

o Cash Surrender: The policy can be surrendered for the accumulated cash value. Any outstanding loan balance and accrued loan interest will be deducted from the cash value.

Other contractual benefits available are:

o Waiver of Premium: This provision waives the payment of all premiums that come due during the disability of the insured person. Most policies require a six month waiting period before the benefit begins.

o Indexed Protection Benefit: This benefit allows for an increase in the death benefit, it is generally tied to the Consumer Price Index (CPI).

o Additional Purchase Benefit: This benefit guarantees the ability to purchase additional insurance at future dates or events such as marriage or the birth of a child.

Term life insurance can offer benefits as well but they will be limited to a specific period of time. In deciding which policies to purchase consider how long the benefit may be needed to complete the desired need.
Term insurance is for a period of time, whole life insurance is for your whole life.

Bill Broich helps seniors with retirement planning. Visit his website for additional information: Free Annuity Booklet.

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Term Life Insurance or Whole Life Insurance: Which Should You Opt for and Why?

Term Life Insurance or Whole Life Insurance: Which Should You Opt for and Why?

What is life insurance? What is term life insurance? What is whole life insurance? Which one should I opt for? Which is the better one? These are common questions an amateur investor on the insurance front faces. The key thing to remember is that the purchase of term or whole life insurance not only depends on your individual financial goals but also on the financial wants of your family. In both forms, the policy holder's beneficiaries, i.e. loved ones, get a lump sum payment on the policy holder's death. This payment is called the death benefit. Let us understand each form below:

Term Insurance:

In term insurance, the policy holder's beneficiaries get a substantial payout in the event of the sudden demise of the policyholder, within a stipulated time period. In the event that the policyholder does not die within the given term, then the person does not receive any kind of payment from the insurance company. Hence the premiums for a term insurance are very low while the payouts are quite substantial.

Is Term Insurance for you?

Term life insurance is ideally designed to ensure that people who cannot buy a complete life cover can also avail protection for their loved ones. The low premium ensures that you can afford insurance and hence protect your family in unforeseen circumstances.

If you are in your thirties, have young children and are the sole bread winner, a term plan would be ideal for you to help your family in your absence. You can choose the term to cover the time period till your children start earning and become self-sufficient.

Whole Life Insurance:

Also known as a universal cover, this category is designed to not only pay the policy holder's beneficiaries in the event of his/her death but also to provide a lump sum payment to the policy holder at the maturity of the policy or at the policy holder's retirement. Thus this form of insurance ensures the policyholder with life benefits, peradventure the policyholder does not die till the maturity of the policy.

Should you opt for Whole Life Insurance?

If you have the financial bandwidth, then whole life insurance is the best option for you. Here it not only protects you but also ensures that you build a cash portfolio for your retirement which can aid you in your golden years.

Hence while you stand on the brink of buying life insurance, here are some questions you need to ask yourself so as to make a sound decision of choosing the right policy for yourself.

• Your age
• The age of the loved ones you want to cover
• Family expenses today
• Future family expenses
• Your current health
• Your retirement plans

Author is an Insurance agent with a Leading insurance Company in India.

Article Source: http://EzineArticles.com/expert/Ishana_Chaudhary/2306945

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Sh! Your Insurance Company May Be Spying on You!

Inside story about auto, workers comp and other accident insurance claims

So here's the scoop in regard to your auto, workers comp, disability or any policy that includes accident coverage.

Insurance companies, if you do not realize, are not willing to lose money. In fact, the real agenda behind being in business is to make money in the way of profits. Now, because related studies demonstrate the presence of significant insurance fraud - something that amounts to the tune of about $30 million in losses for the industry that is passed on as well as to the customers - insurance providers in general choose to do as much as legally permissible to thwart false claims related to liability.

To that end, the industry invests quite highly in several means that monitor a claimant's activities so as to verify the accuracy and validity of an injury call. Though the vast majority of those bringing a related claim honestly suffer from the injury that is cited, as a preventive course, anyone is subject to suspect.

After you submit a claim, your insurance company may do one or more of the following:

• Search your social media accounts for any reference to your accident
• Scrutinize your medical records to see if there are any inconsistencies
• Interview witnesses of the accident
• Speak to your employer to hear his take on your work activities and how it relates to your injury
• Hire professional investigators to spy on you and gather any evidence that indicates you are lying

Insurance sources will be on the lookout for any contradictory evidence. For instance, if you say your leg has been broken and investigators check in with your tweet about running in your kids' school-sponsored picnic race that features you winning the gold star after crossing first in the finish line, you will definitely find yourself in real hot water!

Of course, for the honest claimant, there should be nothing to be afraid of in regard to ongoing insurance inquiries. Nonetheless, it's important to go by the guidelines listed below:

1. Be as accurate as you can when describing your injuries in the claim, as well as when you describe them to family or friends
2. Don't post claim info online in full view of public's eye
3. Follow doctor's instructions regarding limited physical activity

For more about auto injury and workers comp claims, contact a qualified and experienced independent insurance agent that deals with many of the leading underwriters in the industry.

Providing all forms of nationwide coverage, including NJ cheap auto, low quote commercial umbrella, Houston, TX property, flood,, NY renters, PA homeowners, bonds, NJ workers comp, life insurance and more, PRIME Insurance can be reached by visiting https://www.primeins.com/ or by emailing PRIME@primeins.com or calling 732-400-5242.