How Much Life Insurance Should I Get?

November 7 2008 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

I am in the process of getting life insurance from an insurer I am comfortable with in Tallahassee but I don’t know how much I should apply for. Do you have any tips on this?

Amelia

Tallahassee, FL

Hello, Amelia, how’s it today in Tallahassee Florida?

Amelia, what a very smart question indeed! When applying for life insurance, what you really have to do is do a very objective accounting of your expenses and the income of the family. Remember that the idea is to maintain the collective income of the family even when you are no longer around to contribute to the income. So you should take stock of your expenses and subtract the other income of the family. Expenses can be categorized as immediate, ongoing and future. Immediate expenses are one-off expenses but are quite expensive and these are those that need to be settled in the immediate future: funeral and burial costs, outstanding loans, taxes, estate settlement. Ongoing expenses are what you might call operational expenses, or the expenses incurred in running the household and daily living activities, these are utilities, food, transportation, clothing, housing, allowance, entertainment and relaxation. Lastly, you should also calculate your family’s future expenses; generally considered is education for the kids. It can be quite tedious but it will tremendously help your family. You need to estimate how long these expenses will last and take that into consideration. If there are other member in the family who contribute to the income, you may deduct that so that you have an option for a lower death benefit. After all, higher death benefit commands higher premiums.

You are lucky because you have already found an insurer in Tallahassee Florida with whom you are comfortable with. He should be able to assist you with the calculations but the inputs will definitely come from you alone.

You can also come up with several lists if you are working on a budget. This page will offer you several quotes for life insurance when you enter your zip code on the blank space.

How to Compare Life Insurance Policies Effectively

August 19 2009 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

How do I know I have the best life insurance coverage for me? I want to compare offers but I don’t have the time (and frankly, the will) to spend hours on the phone calling different life insurance agents. Is there any easier way to do this?

Ricardo

Tallahassee, FL

The good news is that these days you don’t have to spend hours on the phone talking to different agents. You won’t even have to hire a broker anymore. The Internet can be a very useful tool to help you find the best life insurance coverage. Here are some useful tips for you:

Step 1: Start by Knowing the Kind of Insurance That Suits You

There are many kinds of life insurance out there, but they mainly fall into two categories: Term (temporary) coverage and Permanent (whole life, universal life, etc.) life insurance. The former is a great choice for those only needing coverage for a certain period of time only whereas the latter is great for accumulating wealth. Find out which one fits your needs.

Step 2: Calculate the Amount of Life Insurance You Should Buy

Factor in death expenses, costs of living for your survivors for at least the next several years, and enough money to settle long-standing debts as well as any future finances you’ve had in place for your beneficiaries (e.g. college tuition).

Step 3: Look for the Best Companies

Independent rating agencies (e.g. Moodys, A.M. Best, J.D. Power) can help you find the best life insurance companies to go with. These agencies rate the performance of different companies and allow consumers the chance to see which carriers are the best in your state/area.

Step 4: Compare Life Insurance Quotes

Using insurance comparison portals (like this website) can maximize your chances of getting the best rates. You can run a free quote check and get the latest offers coming from many different insurers. This can save you a lot of time and effort.

Affordable Life Insurance Rate Tallahassee Florida

July 27 2009 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

What’s the sure way of getting affordable life insurance rate Tallahassee Florida?

Randy

Tallahassee FL

 

With the emergence of various life insurance companies, you have more options to choose from now. Since these insurance companies aggressively compete with each other, they also offer packages at very competitive prices that it’s easy to get an affordable life insurance rate nowadays.

With the presence of various life insurance companies in Tallahassee FL, comes also the flock of insurance brokers or agents who are also competing to give you the most affordable life insurance rate to be able to get a deal from you.

Then, with the internet, searching for the best life insurance deal is just a few clicks away. Finding an affordable life insurance rate is no longer a big task. The problem is if the insurance companies can sign you up for an affordable insurance policy.

As much as the insurance companies or agents would like to give you a lower insurance rate but if there are contributing factors that would result to a negative underwriting, it is impossible for them to do so. The insurers have not much choice but to give you a higher premium rate or worse, they will deny your application.

To avoid that kind of scenario, go and get a life insurance while you are still young and healthy. Do not smoke. Do not drink too much alcoholic beverages. Do not take illegal drugs. Be a happy person. Do not be an overweight. Do not engage in unsafe and unprotected sex. Make exercise a part of your daily routine. Maintain a healthy lifestyle because it is a sure way of getting affordable life insurance premiums.

Aside from maintaining a healthy lifestyle, you should avoid engaging in extreme sports or any hazardous activities as insurance companies consider these as risk factor. Therefore, they would assign an additional premium for these resulting to a higher life insurance rate.

What is a Life Insurance With No Medical Exam

June 26 2009 by visitor in No exam life insurance |Comments Off

Reader’s Question:

I know quite a few people that apply here in Florida for life insurance with no medical exam who are in fairly good health? Why do you think they do that and what do these kinds of policies involve?

Hayden

Tallahassee, FL

Some people, including those in Florida, who are fairly in good health, apply for life insurance with no medical exam simply because they don’t want or even hate to undergo a medical exam. Some of them also want a quicker process of getting their life insurance with less hassle. So long as a person doesn’t have major health conditions such as AIDS or cancer, he/she would be eligible for life insurance with no medical exam. What they have to do is fill out a medical questionnaire and their life insurance policy could be effective the very same day they apply for it.

There are a few things to remember about no medical exam life insurance such as these plans only give limited death benefits. But this amount could still be somewhat considerable and it depends on the age of the policyholder. The majority of this type of plan requires that the policyholder take the least amount of coverage, like $50,000 or less if the person is of pretty advanced age. Also, no medical exam life insurance plans would cost more than a life insurance plan that has medical exam for the same amount of death benefit.

Applicants of life insurance with no medical exam also have to bear in mind that the life insurance companies can alter or even terminate the policy within one or two years. They can do this if they find out that the person had been dishonest on the questionnaire that he/she had filled out. Life insurance companies can check national databases if you have had medical tests in the past.

Types of Life Insurance Policy Florida

April 14 2009 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

What are the types of life insurance policy in Tallahassee Florida? Why do I need to purchase one?

Peter

Tallahassee, FL

Life insurance covers up a financial loss to survivors in the event of a breadwinner’s premature death. It provides a death benefit, under a specified amount, to the named beneficiaries when the policy holder dies.

People purchase a life insurance in Tallahassee Florida for many reasons. Among these reasons include: substituting an income loss, funding retirement plans, paying off debts or mortgages or paying for college educations.

Regardless of the reason for purchasing, everyone else needs a life insurance in Tallahassee Florida of one type or another. There are two types of life insurance that can be obtained in Florida. One is a Term life insurance and the other one is a permanent life insurance.

A term life insurance is the simplest and most inexpensive life insurance. It is known for providing financial protection for a temporary period of time. There is no investment involved in this type of policy. A policy holder may or may not renew his or her term life insurance.

Term life insurance is normally recommended for those individuals who need large amounts of coverage over a specific time period. Examples for these are those individuals that are paying mortgages or college education. They may no longer renew their term life insurance after college graduation or when a mortgage payment ceases. Initially, term life insurance premiums are much cheaper than the permanent life insurance. However, term life insurance may increase each year over the specified period.
Permanent life insurance, on the other hand, provides a long-term financial protection. This includes both a death benefit and in some cases, cash savings. Permanent life insurance payments builds over time yet premiums are costly than that of a term life
insurance. Rates usually are fixed or remain the same. This is recommended for those individuals with long-range financial goals.

Choosing The Right Life Insurance Policy In Tallahassee Florida

April 11 2009 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

I’m from Tallahassee, FL. I am a single working mom of 35 and have two kids. What kind of life insurance policy is best for me?

Chelsea

Tallahassee, FL

Excellent question! Getting to choose the right life insurance plan is important as it saves you money and gives you the peace of mind knowing your dependents are covered just in case something happens to you. In your case, I would highly recommend getting a Term life insurance policy.

A Term life insurance policy is a temporary kind of coverage – usually only meant to be kept for 10, 15, 20 years or so – and can give you a very big coverage amount or ‘face-value’ for a relatively cheap price. This kind of coverage is ideal for those raising a family, for people who are relatively young and healthy, and for those responsible for long-term debts such as mortgage.

You will pay far more money on a whole life insurance plan for the same amount of face-value, and it takes decades for whole life insurance plans to accumulate enough cash-value to match what you can get right now from term life coverage. This is also a very good time to buy term life, as rates and prices have dropped to an all-time low, thanks to Americans living longer, more sophisticated and accurate underwriting methods, and the state of the economy itself.

Here are a few things to keep in mind when buying term life insurance:

• Unlike whole life plans, don’t expect any lump sum of money waiting for you at the end of the coverage period. This is purely coverage and not much else.

• Smoking can make you pay rates up to three or four times higher than average. Smoking is a big risk to your health and anything that poses a risk to your life will make your life insurance Tallahassee policy to stay expensive.

• Use the Web to find the most competitive life insurance rates and maximize your savings. With the many online life insurance portals available (such as this website) it only takes minutes to shop and compare prices from a wide range of insurers available. The savings you can get can be worth hundreds of dollars a year.

Getting Personal Life Insurance Policy in Florida

January 2 2009 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

I have a good life insurance policy as part of my compensation with my company here in Tallahassee, Florida, are there still any reasons I should consider getting a life insurance policy of my own?

Polly

Tallahassee, FL

The answer to this would depend on your life insurance needs. If you feel that you have adequate life insurance coverage from your employer there in Tallahassee, Florida, then you might no longer need to get a personal life insurance of your own since it would probably just give you redundant coverage. A lot of people take advantage of the group life insurance policies that are either offered and subsidized by their company, or as part of their employment compensation package. In these times, that is definitely a smart move. It also may prove to be more of a hassle to have to go through medical and physical exams just to prove your insurability for a separate life insurance policy.

Even if you decide to leave your job in the future, or is otherwise retrenched by your employer, most group life insurance policies offer an option to convert the coverage into a permanent individual policy within a 30 day notice period. Do check with your employer’s human resources or compensation department to see if that is an option for you.

So unless you feel that you are not getting enough coverage, or feel that the “Face Value” of your group life insurance is too small, you want to think very carefully about getting this additional expense. If you find out that your current group insurance is not convertible to an individual policy, you could always use this website to run free life insurance quote checks and comparisons to help you get affordable insurance rates, should the need arise in the future.

The Right Choice for Life Insurance Policies in Florida

December 12 2008 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

Until recently, I did not know that there were different kinds of life insurance policies. What would be the best kind to get for myself here in Tallahassee, Florida?

Taylor

Tallahassee, FL

Your right, there are at least four major types of life insurance policies available. And choosing the right kind of policy is a matter of understanding your purpose for life insurance as well as current and future financial obligations or needs that you or those who depend on you may have. So before agreeing on the first offer you get there in Tallahassee, Florida, let us give you some helpful tips and advise:

1. Understanding the different life insurance policies, namely: Term Life Insurance, Whole Life Insurance, Universal Life Insurance and Variable Life Insurance, would be to your advantage. There are a lot of resources Online (including this website, of course) that can help you identify which type is for you.

2. Term Life insurance is a good choice if you only need coverage for a limited period of time (five, ten, twenty years) until you have fulfilled some long term financial obligations such as paying off loans, debts, or mortgage or after your kids graduate from college. This policy is temporary (but renewable) and is very cheap in the short-run.

3. Whole Life Policies are good for those looking for lifetime protection and would want a part of their money to be “saved” for future use. This type of policy is usually expensive initially since you would be building up the cash-value of your policy but would become more affordable later on as compared to term life.

4. Universal and Variable Life insurance are geared toward investment-conscious individuals who would like to take advantage of the stock or money market to increase the value of their life insurance policies.

 

What is a Guaranteed Acceptance Life Insurance in Florida?

December 6 2008 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

I’ve been battling a life long illness and my friend suggested that I get a “Guaranteed Acceptance Policy” if I want to get life insurance here in Tallahassee, Florida. What is a “Guaranteed Acceptance Policy”.

Hogan

Tallahassee, FL

A Guaranteed Acceptance Policy is just what it sounds, it is a life insurance policy that guarantees you coverage regardless of your age, medical conditions or health background. This kind of policy is also available without having to go through the hassle of undergoing a physical or medical examination or having to answer any extensive questionnaires regarding your habits and lifestyle. The only real requirements would be your pertinent information as well as information regarding your beneficiaries. This is also the type of life insurance that gets approved more quickly.

This kind of policy is beneficial to those who have found it hard to get approved for quality life insurance coverage. It could be due to conditions similar to what you have there in Tallahassee, Florida or due to the nature of their jobs or activities they participate in. One of the cons with this kind of policy would be higher life insurance premiums, especially under the first several years under the policy. Since these companies are assuming a fair amount of risk providing life insurance to an individual that has virtually no form of information to base how long they will live, it would be natural for them to include clauses, such as no benefits if the insured dies within the first couple of years, to minimize their expenses. It would be to your advantage to understand the conditions of the policy very carefully before agreeing to get this kind of life insurance.

Tips for Getting Life Insurance Coverage for Smokers?

December 1 2008 by visitor in Smoker Life Insurance |Comments Off

Reader’s Question:

I’m a smoker but I would need to get a life insurance policy here in Tallahassee, Florida soon. Any tips for me?

Ramon

Tallahassee, FL

Admittedly, life insurance rates or premiums are significantly higher for people who smoke as compared to what non-smokers can get for the same type of life insurance policy and “face value” amount (the amount the life insurance company pay the beneficiaries in the event of your untimely death). Try to speak with a life insurance agent there in Tallahassee, Florida or go to the internet and utilize the online quoting systems of most life insurance portals and you will notice the huge discrepancy of rates or premiums between a smoker and a non-smoker, and you will notice its to the non-smokers advantage.

Here are a few things to keep in mind when searching for a smoker’s life insurance policy or provider:

1. There are life insurance companies that offer competitive smokers life insurance policies. Competitive, in a sense that they have relatively low premiums for a smoker’s life insurance policy. You will have to do some research on the net or speak to a well-connected or well-affiliated life insurance agent to be able to get these affordable rates.

2. Some companies can give you discounts if you quit using tobacco products when you sign up under the policy. Most will make you prove yourself by keeping clean for two or three years before you can have your rates re-evaluated to a more affordable, even to a non-smokers life insurance premium.

3. Not all companies will charge the same amount so always shop around for the nest rates available to you.

Whole Life Insurance Vs Term Life Insurance

November 21 2008 by visitor in Term Life Insurance |Comments Off

Reader’s Question:

My husband and I are thinking of choosing between a term life insurance and a whole life insurance. What I only know is that life insurance is renewable while the other is not. Other than this, how are the two different from each other?

Pamela

Tallahassee, FL

The two basic types of insurance are term life insurance and the whole life insurance. The coverage of life insurance or term life insurance is on a specific term period of time. It may be 5, 10, 20 or 30 years. Generally, this type of insurance policy provides the most protection in a lowest price. On the other hand, whole life insurance policy covers death benefits with a component of cash value and offers a lifetime
protection. Although this type generally has higher premiums, you can use it as investment and retirement.

Under the term insurance, the policy can be renewed once the period ends or expires even though your health may have changed because you have aged (you could have purchased the policy 20 years ago). In this case, the premium may have
increased on the time of renewal. There are term policies that allows you to convert from term insurance to permanent without any evaluation. This term policy is called convertible. You can contact your insurance
agent for other information on this.

To sum up, term life insurance policy can protect your loved ones in a smaller premium payment while the whole life insurance or permanent life insurance policy provides financial protection and future savings.

 

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