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If you’ve ever read a policy for term life insurance, you probably became confused with some terminologies and had to get a translation into plain English. Aside from questions on terminology, there may also be many questions regarding the policy inclusions and exclusions.

Here are some pointers on understanding life insurance quotes:

Online Quotes for Term Life Insurance

When you seek a quote online, you must provide accurate information about yourself to get a response. The process takes very general pricing structures and applies them for a quick assessment of your current age and health. A quote may end up varying somewhat once more extensive information is made available that effects the true cost of a policy, such as information from a medical exam.

You may be shocked to get a price that is higher than a quote you first received, and you may possibly get a quote that is lower that originally estimated. This is not because an insurance provider is attempting to give an erroneous number just to get your commitment; it’s just that a more in depth assessment of your health and living habits has an influence on premium amounts.

Why Rates Increase for Term Life Insurance

Most of what causes rates to increase are caused by the person insured. The insurance company prefers to insure healthy people who will usually live long lives, unless they are involved in an accident or diagnosed with a health problem, because they are a lower risk. Some of the causes for higher premiums include:

* High cholesterol – There is no industry standard on cholesterol, but above average levels will increase premiums.
* Height to weight ratio – The more variation from the recommended height to weight ratio, the higher the term life insurance rates because of the health problems associated with being overweight.
* High blood pressure – There are a number of health problems attributed to blood pressure, and each points to a shortened life cycle.
* History of family health – This is why your questionnaire asks about the history of disease and health problems in your family.
* Lifestyle activities – If you regularly participate in a dangerous sport or activity, it will increase your premiums, if you can get insured at all.
* Driving history – No one wants to insure someone with tickets for reckless driving or speeding.

Life Insurance Provider Choices

Price and performance are the two top reasons people give when asked what they want from a life insurance company. It is possible to get many varying prices for term life insurance based on the companies that quote coverage. Pricing comes from factors like the rating of the company and who underwrites the policies. A rating of A or A+ identifies high financial stability for an insurance company.

Because life insurance is for those who depend on the insured, their needs must be considered at the time coverage is put in place. As we go through life, needs change, which is why insurance agents suggest people stay current with all their insurance needs.

When a couple gets married, their prime concerns are one another. If they both work, they generally have a lifestyle that depends on two incomes, so if either were to die, there would be a financial burden, making it best if both have a life insurance policy. When children come along, it is even more important to keep adequate life insurance policies in force.

Investing and Income

Successful business people generally talk with investment professionals to determine how best to preserve and grow income, but at the same time, it is still important to be prepared to maintain life insurance for unexpected events.

Term life insurance is often more attractive because it allows for more monies to be placed in safe investments and applied toward retirement than paid out for insurance premiums.

Later in life, investments might cover the financial hardship should death claim the major wage earner, lessening the need for a life insurance policy. A term policy that is set for 30 years might be all that is needed for an individual, but if profits and investments don’t go as well as expected, the term policy can be converted to whole life should that prove the better way to proceed.

When is Life Insurance Unnecessary?

There is no clear answer about when a person doesn’t need life insurance coverage. A person who has invested wisely and owns their own home is less in need of life insurance than other people are.

If the children have their own lives and supportive incomes, they are less likely to depend on the parents for ongoing financial help. Under the right circumstances, a life insurance policy might not be as important to some as it is to others.

On the other hand, a policy that takes little to maintain and offers to pay handsomely upon the death of the insured is nothing to be considered lightly. Few people ever reach a status where money is of no consequence, and beneficiaries may find economic problems down the road that can be averted because of policy benefits.

There are few times in people’s lives when a life insurance policy doesn’t help out their loved ones in the event of their death. Weighing value versus the expense is the best way to look at life insurance policies and who needs them.

The loss of life often results in a hardship to the surviving family members in three different ways. The first is the anguish and personal loss whenever a loved one leaves this world. While there is very little money can do to relieve the pain of this loss, the other two hardships can be addressed with a life insurance policy.

The costs associated with a funeral and the loss of income of the deceased are the hard facts to be faced that often accompany a death, and life insurance is the financial buffer.

The Basic Concept of Life Insurance

In its very simplest form, life insurance is a contract between an individual and an insurance company based on what one does for the other. The individual promises to pay an insurance premium for the insurance company’s promise to release funds to designated survivors (beneficiaries) upon the event of the insured’s demise.

There are many formats for life insurance policies, but the underlying theme of them all is that the holder of the policy contracts coverage for the express reason of protecting their survivors or beneficiaries from monetary losses or hardships related to the insured’s death.

In certain contracts, should the holder of the life insurance policy contract a terminal illness that incapacitates them, benefits may be paid in whole or partial installments to the beneficiary to help cover the cost of health care.

Understanding Life Insurance

Anyone entering an agreement for whole or term life insurance should understand the terms of the policy completely, and the insurance agent should make the details perfectly clear before an agreement is signed. Many variables affect the premium amount and the conditions of payment because the insurance company is at risk from the moment that the contract is officially in force.

Unlike some insurance policies, life insurance is almost a predetermined expense to the insurer. As long as the premiums are paid and there is no cancellation of the policy because the insured commits an act to void it, or any of the exclusions come into play, the insurer will, at some point, pay the benefits.

Default of the Contract

Most life insurance contracts have very strict policies about how a death may occur. Suicides and fraud are two of the top reasons for voiding a life insurance policy. Other exclusions concern the dangers people put themselves in because of acts they commit, such as involvement in riots, wars, or any type of civil commotion.

Because life is so unpredictable, it is a comforting assurance to know your loved ones will not be left in a hardship financially in the event of your death because you had the forethought and sensibility to obtain a life insurance policy to protect them.

The loss of life often results in a hardship to the surviving family members in three different ways. The first is the anguish and personal loss whenever a loved one leaves this world. While there is very little money can do to relieve the pain of this loss, the other two hardships can be addressed with a life insurance policy.

The costs associated with a funeral and the loss of income of the deceased are the hard facts to be faced that often accompany a death, and life insurance is the financial buffer.

The Basic Concept of Life Insurance

In its very simplest form, life insurance is a contract between an individual and an insurance company based on what one does for the other. The individual promises to pay an insurance premium for the insurance company’s promise to release funds to designated survivors (beneficiaries) upon the event of the insured’s demise.

There are many formats for life insurance policies, but the underlying theme of them all is that the holder of the policy contracts coverage for the express reason of protecting their survivors or beneficiaries from monetary losses or hardships related to the insured’s death.

In certain contracts, should the holder of the life insurance policy contract a terminal illness that incapacitates them, benefits may be paid in whole or partial installments to the beneficiary to help cover the cost of health care.

Understanding Life Insurance

Anyone entering an agreement for whole or term life insurance should understand the terms of the policy completely, and the insurance agent should make the details perfectly clear before an agreement is signed. Many variables affect the premium amount and the conditions of payment because the insurance company is at risk from the moment that the contract is officially in force.

Unlike some insurance policies, life insurance is almost a predetermined expense to the insurer. As long as the premiums are paid and there is no cancellation of the policy because the insured commits an act to void it, or any of the exclusions come into play, the insurer will, at some point, pay the benefits.

Default of the Contract

Most life insurance contracts have very strict policies about how a death may occur. Suicides and fraud are two of the top reasons for voiding a life insurance policy. Other exclusions concern the dangers people put themselves in because of acts they commit, such as involvement in riots, wars, or any type of civil commotion.

Because life is so unpredictable, it is a comforting assurance to know your loved ones will not be left in a hardship financially in the event of your death because you had the forethought and sensibility to obtain a life insurance policy to protect them.

The claims of high costs of insurance companies, insurance payments and loss adjustment expenses for the free combination of up to 80 percent of total sales of the insurer. To a stronger economy and more stable, will not improve the combined ratio (also known as composite or relationship) will be more easily achieved through the claims process to reduce costs and efficiency, increase profit insurance.

Improved Scaling toolsets regulator
Improving the efficiency of control in the field with mobile technology is the fastest method insurers use to escalate the process. Since the availability and performance of mobile missiles before, the costs associated with equipment has dropped significantly. Mobile devices can provide information and stories of events immediately before contact include claims history.

Accessibility to enhance security and records directly into the core of the system immediately to document progress and eliminates potential conflicts.

A properly equipped regulator directly takes the field for the start of the new notification request sent by e-mail. Calls can be made immediately be sent directly to the scene to engage appointment or control GPS navigation, to take pictures and statements presented. How to collect it directly back to the home office using data system damage.

One of several assessment tools then access that makes the location of the scene graph display with precise measurements automated laser damage or square footage calculator, assessment and reporting of depreciation.

Fast Track FNOL self-reporting
Provides clients with an opportunity to report the first notice of loss (FNOL) from your cell phone or other mobile device competitive advantage at a time when consumers are aware of the response time and the loss of how they are treated in the early stages .

Creating a client application, files, applications relevant keywords, GPS information, and even aerial photographs of the scene and then relay it collects on the media is also gaining popularity. Not only will this speed the process FNOL, but he appreciates the accuracy and timely submission of information on accidents, reduces the load on the controller box office collection of data and improved home.

N addition, preferred provider directories can (tow service provider car rental, service stations, etc.) are used to create displays and automatic e-mail invitations to plaintiff, combines the convenience for the customer to pre- certain leverage and cost reduction measures to achieve rapid solutions.

Optimization of debt collection
Another way to reduce costs is the collection of debts. Debt collection options, including emergency and first assignment was often hampered by the large number of insurance claims data in hand and the length of the resolution of claims. The use of early warning indicators of system analysis and alarm auto insurer priorities including potential.

Conclusion
Combined net increase in the current economic climate is likely to occur, efforts to reduce losses caused damages and costs, as premiums increase. Some insurers are already experiencing a significant improvement in comparison due to the use of new technologies to provide the best means of control by encouraging the reporting of mobile consumers and greater use of intelligence and warning systems to optimize recovery requirements .

High Risk Life Insurance is generally purchased for two reasons:

1. You participate in hazardous activities or avocations (i.e. scuba diving, rock climbing, vehicle racing, flying as a pilot, etc.).
2. You have a health condition that is hard to insure (cancer, diabetes, heart disease, etc.).

Both of these circumstances mean that you are a higher risk for an insurance company to insure. Because you are a higher risk, your insurance will cost more.

Luckily, there are insurance agencies specialize in higher risk and impaired risk situations.

Just because you have sleep apnea, diabetes, a coronary artery stent, or other serious illnesses, doesn’t mean you should get turned down or be charged significantly higher premiums for whole, universal, or term life. An experienced life insurance agent can help you find higher risk insurance company that will provide you with the benefits and coverage that you and your family need.

An experienced agent with knowledge of higher risk insurance carriers will help you survey potential providers to find the best high risk insurance companies and higher risk life insurance rates.

Most insurers use mortality tables based on 30-year-old data (mortality tables are used to determine rates). Luckily, a handful of others employ “clinical medical underwriting”-an underwriting philosophy which takes into consideration the latest medical advances and lifestyle choices that allow people with health problems to live long lives. This is great news for an insured that has applied with a local agent that may not specialize in risky insurance situations. If you are deemed a high risk to an insurance carrier, you need to deal with an insurance agency that specializes in high risk situation. You agent will be able to discuss possible carriers that will insure your case based on the finding of your interview. Call an agent that specializes in high risk life cases.

Not all people need life insurance. Life insurance policies are there to protect your family or loved ones who depend on you and your financial support. Generally you only need to have life insurance if you have dependents as this will help to ensure that they are covered and supported in the event of your death. There can also be circumstances where life insurance can still be beneficial to people who don’t have dependents for example, to cover funeral and other expenses.

The most common dependent that will benefit from life insurance policies are children that still live at home with their parents or students that have not graduated from college or university. Dependants can also be other family members like spouses, aging parents or siblings who are financially dependent on the insured.

The main purpose of life insurance is to replace and cover the value of the deceased after they have gone, which is why life insurance is mainly designed for younger, working families. For families the working parent’s salary is the most important part of their financial stability, so if that is taken away the family can suffer devastating effects. Life insurance policies aim to help replace the value of the insured person’s salary for a number of years so the family of the deceased does not have to suffer from financial instability and emotional worry.

Sometimes when people get married they also take out life insurance, especially if one member of the couple earns a considerably larger amount of income that the other spouse. Also the insured or the spouse may have other dependants like siblings or parents that are often taken into consideration.

Another time when life insurance is secured is when people get pregnant for the first time. This is normally when people have the first dependant to consider and they want to ensure that their young children will also be financially looked after.

It may seem that stay at home parents are not likely to need life insurance but this is not correct in all cases. Although they may not be bringing in a regular income each week or month they still have financial value to the family. If they were to die then someone will still need to care for the children but the other spouse will still need to work to bring in the income the family need to support themselves, which means the children will need day care or a nanny which has to be paid for. You may not need a big policy but life insurance policies can be purchased to suit each individual’s needs of the insured and their family.

For older people and people of retirement age the need for life insurance is less. By this time most dependants will be financially stable and independent. Older people do still take out life insurance though to provide their spouse with extra money or to cover medical or long term care expenses, as well as the basic costs of a funeral and burial.

If you’re thinking of starting a family, you will suddenly be faced with a load of responsibilities that you probably did not have before. One of these, which should not be ignored, is that of taking out a suitable life insurance policy. Why you need this in the first place is to ensure that your spouse can carry on financially without you, in case you pass away. How will he/she pay the expenses of the new baby? If you are the main earner, then your death will hit your household even more severely. This is why new parents must consider life insurance.

Here is a list of questions and queries that you should make sure you have answers to before deciding on any life insurance policy:

How much life insurance do you need? You want to make sure you don’t have too less that won’t cover your expenses or that you don’t buy something that is more than you need. There are many online calculators that work out how much life insurance would be sufficient for your dependents in case of your death. When deciding how much coverage you would want, you need to consider what kind of standard of living you’d want your loved ones to have after you pass away.

What type of policy do you need? Do you need it for a particular time period, say from when your baby is born till he/she graduates from college? There are two kinds of life insurance. Term life insurance is generally much cheaper than whole life and it is usually recommended for new parents. It lasts for a certain number of years. You may choose level term insurance if you want your premiums to remain the same throughout the term of your insurance or you may choose annual renewable term insurance that renews itself after the term is over – but the premiums increase.

Whole life insurance is comparatively more expensive than term life.

What company should I buy life insurance from? Make sure the insurance company is reputable and well known.

Carry out your own research so that you are aware of all your options.

Just before you start a family, this is a good time to get yourself insured. You have a lot more people depending on you now and hence the importance of making sure they’re okay is even more apparent.

Most people buy life insurance to ensure their loved ones are protected financially in the event of their death. But people don’t often realize that although paying funeral expenses and replacing income are two very important reasons to purchase a life insurance policy — you can also use life insurance to pay for a home, plan for retirement or prevent tax penalties when you transfer an estate.

Whatever your situation, it’s important to know which policy fits your particular needs and those of the people you love. The Life and Health Insurance Foundation for Education, a non-profit consumer insurance education organization, offers these tips for buying life insurance.

Tips for buying life insurance

Consider those who rely on you financially, including your spouse; children, parents or other loved ones. You should periodically re-evaluate your insurance needs whenever there is major life change, such as getting divorced, buying a home, or changing jobs.

“A life insurance policy should be reviewed when there are major times for financial change in your life,” suggests Jack Dewald, Chair-elect for the Life Foundation. “Even if there hasn’t been any major changes in your life, you should reevaluate every five to seven years to see what you have and what you need and what you don’t need anymore.”

How much is enough?Ask yourself how much money your family will need to cover living expenses and how much they will need over the long-term to maintain their standard of living. The Life Foundation provides an interactive calculator at

Does it fit your needs and your budget?Research term and permanent policies to figure out what kind of life insurance is right for you.

Find an expert that can explain the different types of life insurance available. You can find an insurance agent through referrals from someone you trust such as friends and family.

Have your agent or broker put together a life insurance needs analysis. A needs analysis is a personalized illustration of your current and future financial needs. The worksheet would include: Income needs, expenses, existing assets and insurance, new insurance amount needed, rate of return flowchart, summary of rates of return, a comparison between rates of return upon death, annual rates of return by age, assumptions or client and insurance policy information.

If you were to ask a single person if they have purchased life insurance, don’t be surprised if they look at you blankly. It’s true that singles who are young and healthy rarely think about their own mortality yet alone life insurance, but here are some sobering facts:

The top leading causes of death for people between the ages 20 to 34 in the United States in December 2009, were accidents, suicide, homicide, cancer, diseases of the heart and HIV, according to the most recent mortality data issued by the National Vital Statistics System.

Tom Currey, President of the National Association of Insurance and Financial Advisors (NAIFA) understands this trend.

“The fact is, young people don’t feel they need life insurance,” says Currey. “It’s better to take a longer view because if you decide to get married in your thirties, you could have a health condition by then that may affect your life insurance rates. Also, you would not want the financial burden of your burial to fall on your family in the event of your death.”

Term is best

A 2006 survey by the National Association of Insurance Commissioners (NAIC) found that 35 percent of young singles have a life insurance policy. In addition, only 28 percent know the difference between term and whole life, while 27 percent are aware that buying life insurance now will guarantee coverage when they get older.

“Young singles should consider at the very least purchasing a term policy with guaranteed renewal,” suggests Al Lurty, Senior Vice President of Business Development at ING. “Term life insurance is still very affordable even though there has been a slight upward movement in rates recently. You can get rates that are .20 to .25 per $1,000 of coverage for a young, healthy single female on a 10-year plan.”

Brant Spesshardt, CFP and financial advisor for Dave Ramsey ELP, says that singles without children shouldn’t consider life insurance — unless there is a legitimate need.

“If their debt would fall on someone else who shares financial responsibility with them, then that would be a good reason to purchase life insurance. Also, if someone is relying on them financially [this doesn't necessarily have to be a child] then they should have a term policy,” says Spesshardt. “If none of this applies to their situation, they should focus their efforts on becoming debt-free rather than paying into an insurance policy they really don’t need.”

If you are single and in your 20s or 30s, here are few factors to think about when you consider owning a life insurance policy:

Health can be fleeting with age

If you purchase a term life policy now, you will be guaranteed insurability in the future. Life insurance policies increase in price with age, so if you lock in a policy while you are young and healthy, you can convert to a more permanent policy later when your circumstances change. Also, as you get older there is a possibility of developing a pre-existing medical condition that may affect affordability. In some cases, depending on the severity of the medical condition, you can be denied life insurance altogether.

Funeral costs

The National Funeral Directors Association (NFDA) reported that the average cost of a funeral in 2010 was $7,323. Term life provides coverage starting from as low as $10,000 to more than $1 million. Term life would adequately pay for the cost of burial.

College loans

A 2009 National Postsecondary Student Aid Study published by the National Center for Education Statistics, found that between 2007 and 2008, two thirds of college graduates with four year degrees turned their tassels to the right side and left school buried in considerable loan debt. In four years, the average amount undergraduate and graduate students borrowed ranged from $27,000 to $114,000.

While Federal loans are forgiven in the event of death, a private loan may not have the same provision. Private loans are often taken out as a supplement to Federal loans and other sources of financial aid. If you are still a dependent and you’ve taken out a college loan from a private banking institution (Sallie Mae or a bank) with your parents as co-signers, keep in mind that if you were to die, they would be saddled with paying off the remainder of your the loan debt. A life insurance policy can be used to pay off the debt in full. It’s best to discuss with your lender if your school loan comes with debt cancellation at the time of death.

Long-term goals

Life insurance can also be used to fund long-term goals.

“If they purchase a term policy and lock in rates at a young age now they are guaranteed insurability and will be able to convert the policy into a whole life insurance policy if their needs become more permanent such as opening a business or purchasing a home. If you were to die, life insurance can help pay off your business loan or mortgage obligations,” explains Brian Ashe, spokesperson for the LIFE Foundation.

Ashe adds that utilizing the cash value of a life insurance policy can be very attractive in terms of making loans available to the policyholder.

“You can accumulate substantial cash value through a life insurance policy and avoid having to deal with the typical loan approval process at a bank,” says Ashe. “You can also choose the terms of repayment and pay off the loan at any time. If you have the policy open for 10 years or more, the monies in the cash value would accumulate and you would have a sizeable down payment for a home or car loan.”

Home mortgage debt

What’s more, if you had a relative co-sign on a home mortgage and you died, they would be stuck with trying to pay off your mortgage. Co-signers are responsible for 100 percent of the debt, if something were to happen that might cause the loan to default. Life insurance can be used to cover the costs of a condo or home loan.