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A Few Reasons to Take Out Life Insurance after Turning 50

You might think that life insurance is for younger people but there are a few good reasons for taking out life insurance after turning 50. Each case is obviously different but many people benefit from a greater peace of mind after taking out a policy for one of the following reasons.

To Cover Loans

No matter what age you are you won’t want to leave the burden of an outstanding loan behind you. This is why a life insurance policy can give you great peace of mind. The amount you need to cover will determine the premium you need to pay and you might very well find out this type of insurance cover is a lot less expensive than you thought.

To Pay Inheritance Tax

If you are going to be leaving behind a substantial amount of property then inheritance tax could be a big concern for your heirs. One way of helping them out with this amount is with a life insurance policy. You may need to ask an expert in the field to help you work out the amount you need to be covered for but you will feel a lot better once you have the policy in place.   

To Pay Funeral Expenses

A worry for many of us is how our family are going to be able to pay for our funeral expenses once we pass away. As the figure involved in arranging in most funerals is relatively modest the policy in this case shouldn’t cost a fortune. Often you can start getting quotes beginning with the minimum sum insured on offer and take it from there. If you find that even the minimum amount on offer is pretty high then you will be in the pleasant position of being able to think about leaving being a bit extra for your family.

To Help Out Relatives

In other cases the person looking to get insured on an over 50 life insurance policy will simply want to leave some cash behind for their family. This is a fantastic thing to do and it is especially rewarding if you know that your family will find that the money comes in really handy. Organising your own life insurance policy isn’t always the most exciting or pleasing thing in the world to do but if you can at least think about the good things which the eventual payout could do then it will be something well worth doing.  

Insurance

The Quick Facts of the Different Types of Life Insurance

Life insurance is not a very fun thing to think about. When you think about life insurance and what it actually means, you are paying for a policy that will pay out money in the event that you die. It is sort of a morbid concept when you think about it. The key takeaway though is that a life insurance policy can make it easier for you to rest easy, knowing that your family will be well taken care of in the event that something terrible actually happens to you.

So do you need life insurance? Whether or not you need life insurance most likely depends on your personal situation. If you have no dependents, you most likely do not need life insurance. If, however, you are someone who has a family with a wife or husband, children, and so on, you may seriously want to consider it. Here are some tips on the types of life insurance available.

  1. The first type of life insurance that we will talk about is known as term life insurance. Term life insurance is basically a death benefit that has no cash value. If you have term life insurance, you will end up with payments being made out to your dependents on your behalf in the event that you pass away during the effective period of the policy. Term life insurance and the proceeds associated with it only come into play at the time of your death.
  2. Whole life insurance is a bit different from term life insurance. The big difference here is that with whole life insurance, it is more of a traditional life insurance policy. Over the entire life of the whole life insurance policy, you will pay a flat premium, which will be effective until your death. Once you pay the premium amount on the policy, you will pay into the policy and build up a cash value. When you actually pass away, there will be both a death benefit as well as a cash value benefit that will be paid out. Whole life insurance can be more expensive, but it can also mean your dependents are in a more comfortable position.
  3. Variable life insurance is different from the others and is also the life insurance policy that comes with it the highest costs out of all of the different types of policies. With a variable life insurance policy, you are paying in money in the form of your premium that builds up a cash reserve. With this cash reserve, you basically invest money that will either build up and grow at a percentage rate of return over time, or decrease depending on the performance of the investments. This can be risky, as you can lose money on the policy just as fast as you actually take in money.
  4. A universal life insurance policy is always a good option as it is a mix between term life and whole life. The administrative fees that go along with this type of policy are higher than the others. The real benefit here is through the flexibility that comes with it, as you can vary the amount of your payment that goes to your premium and to your actual cash buildup.
  5. When thinking about which policy to buy, you need to consider your situation, your health, and what you want your dependents to get out of the policy in the end.
  6. When thinking about the costs of a life insurance policy, if you are a healthy 30 year-old man, a life insurance policy will cost around $300 or so per year for term life insurance.
  7. Life insurance can be a very intelligent investment to save money in the event that you cannot care for your family.

Life insurance policies are very powerful tools that can be used in intelligent manners to help those that it protects and benefits.

Author Bio: This article was written by Larry Smith of Obares.com an informational website that provides great articles on loans and real estate.

Insurance

Six Top Tips to help Younger Drivers Reduce Car Insurance Payments

Are you paying more in car insurance payments than you need to be? This situation is particularly common for young people, who may not yet have established credit or a clean driving record. Yet no matter what your personal circumstances, it’s important to remember that there is a high level of competition amongst car insurance providers. It’s worth taking the time to shop around to find the best rates, rather than simply accepting your renewal quote. Recent options like “black box” policies which monitor your driving are one way to lower rates, as is beefing up car security or taking a defensive driving course. Take a look at the following list for more information about these and other ideas to help reduce insurance premiums.

1. Store car more securely.

Do you use your car for storage and park your car on the street? You are probably paying the price as a result. Clear out your garage to use it for its original intent and you can shave a good percentage off of your premium. Parking on the street increases the risk of theft and weather-related damage.

2. Choose a more insurable vehicle.

If you’re a young driver with a Lamborghini, you can probably afford not to worry too much about insurance rates. Yet it’s not just sports cars that incur higher premiums. Sometimes a small different in engine size can make a world of difference. Compare different models on listings sites like Carsales to see which models are available, and how they differ in terms of safety features and engine size. Switching to a similar model could yield a discount.

3. Sign up for a black box policy.

One of the easiest ways for inexperience drivers to prove themselves to an insurance provider is by signing up for a telematics system. These “black boxes” monitor your driving, through checking your speed and handling ability. They also record the times you drive, so insurers know if you’re driving during dangerous times of day when visibility is poor and how cautious you are. Although it does seem a bit Big Brother, you can save a good deal of money once you’ve proven your driving skills.

4. Use comparison sites.

Shopping around to compare insurance rate is a great way to lower your bills, no matter how old or experienced you are. The car insurance industry is deeply competitive, with many providers trying to undercut one another. However, be sure to compare like-for-like cover as you shop around. You don’t want to settle for a cheaper policy that doesn’t provide adequate coverage. Another factor to keep in mind is that each comparison site only searches a certain percentage of the insurance providers out there, so you’ll have to use several of them to get the full view of what’s available.  

5. Add another driver to your policy.

You could potentially lower your rates if you add a family member to the policy, but be sure to list yourself as the primary driver if this is accurate. Many insurers have been cracking down lately on fronting.

6. Drive less.

Finally, if you can stand to spend less time in the car you’ll save not only on insurance but fuel and other running costs. A reduction of 5,000 miles per year could drop the cost of your premium significantly. The type of driving you do will also impact your cover. If you use your car for personal errands rather than commuting, you’ll pay less. 

Insurance

5 Tips for Medicare Supplemental Insurance

Medicare supplemental insurance is something that is often asked about by those who qualify for Medicare. Medicare, for those who do not know, is a national social insurance program that is handled by the U.S. federal government. It has been in place since the 1960’s and has been helping seniors ever since. Medicare offers those who enroll a defined benefit plan. This benefit plan covers them under a few different plans. The majority of those who enroll in Medicare have traditional Medicare plans. There are other plans though, such as Medicare Advantage, which packs in several added factors. One common thing that people often run into though is how they should add on to their Medicare plan with added supplemental insurance. We have put together some tips on Medicare supplemental insurance to help you understand what it is and how you can make the most use of it.

  1. If you are in the market for a Medicare Supplemental Insurance plan, the first thing you should do is to sign up for an original Medicare plan with supplemental insurance. If you are signed up for a Medicare Advantage Plan, you may end up with a plan that will simply not cover you in all of the areas that are needed. Government funding has been disappearing for Medicare Advantage program plans and many hospitals have stopped accepting them. A traditional Medicare plan with supplemental insurance is a safe bet for the future.
  2. You need to be on the lookout for the best coverage possible, you may want to consider something that is known as Medicare Supplement Plan F. Plan F is well-known as the most popular and most comprehensive plan that is available on the market. The idea with this plan is that it will cover pretty much everything after you spend money on the monthly premium. Out of pocket costs are kept at a minimum with Plan F, and that is a huge help to many seniors on a budget.
  3. Medicare Supplement Plan N is also an option when shopping for supplemental insurance. This is similar to Medicare Advantage Plans. What happens with this plan is that you pay a small annual deductible that goes along with co-payments when you visit a doctor or go to the Emergency Room. One of the great benefits here is that it is affordable.
  4. One thing that you need to take into account is that you need to get in touch with a specialist to get a Medicare Supplement quote that you can trust. You should contact a national Medicare Supplement insurance broker who knows all of the plans like the back of their hand. They can give you honest advice so that you can be informed.
  5. You also should get quotes from every single company that you can. Medicare Supplement Plans are consistent, meaning all insurance companies have the same plans available with the same benefits. However, not all insurance companies offer the same plans for the same amount of money. This means that it pretty much all comes down to monthly premium amounts and finding the best deal.

Utilizing the tips mentioned above it should be able to help you obtain the Medicare Supplemental insurance that you need to live happy and healthy lives. Shopping for Supplemental Medicare insurance can be quite confusing. When you take the time to gain the knowledge necessary about the plans though, you will benefit. The more knowledge you have the more power you will have in terms of consumer power. Knowledge is power and having the tips necessary at your disposal can ensure that you are ready to purchase the plan you need.

Author Bio: This article was written by Pete Higgans of MedicareSupplementalInsurance.net a company that provides great information about insurance related topics. 

Insurance

Top tips on buying Income Protection Insurance

Income protection is an insurance policy that will protect you against accident, sickness or unemployment that prevents you from working. 

Compare to other insurance policies, income protection can affordable and you can protect yourself for as little as £10 a month. 

Income protection can pay you a tax-free monthly benefit should you be unable to work due to illness or injury or if you have been redundant involuntarily. 

Income Protection Insurance Top Tips 

When you are considering income protection insurance there are a few things to look out to ensure you get the best deal that is right for you. 

Recent figures have shown that most leading income protection insurers have a higher than 90% successful claim rate. 

1)      Long or short term 

There are two main types of income protection and you can choose either a long or short term policy. A long term policy can cover you up until you are fit or healthy enough or work, retirement age of death. 

Short term policies will cover you up to a period of 12 months from the time you are unable to work. You should think about how long you would want to be covered for. Short term policies are more affordable but long term policies offer more benefits in the event of a claim. 

2)      Choose your waiting period 

There is period of time after you cannot work until you are paid your monthly benefit known as the ‘deferred period’. By choosing your preferred waiting period you can reduce your monthly premiums. 

For example, if you know you will able to support yourself financially for three months without working you may consider a deferred period of three months. You can choose a deferred period up to a year if you wish. 

3)      Decide how much benefit you want 

Insurers will let you decide how much of monthly benefit you want to be paid in the event of a successful claim. 

You can choose to cover as much as 70% of your gross income in your protection policy but if you feel you could pay your mortgage, utility bills and maintain your lifestyle for less then choose a lower percentage. By choosing a lower amount to be covered you can reduce your monthly premiums. 

4)      Compare quotes online now 

Looking for the right policy can be time-consuming and there are many different income protection insurance providers on the market.  You may find it easier to compare income protection quotes online now from the leading insurance providers at ActiveQuote.com. 

ActiveQuote.com is the UK’s leading comparison site for income protection, health insurance and life insurance. To compare quotes visit www.activequote.com or call us on 0800 862 0373.