START HERE!



Archive

Category Archives for "Term Insurance"

Do You Know What To Do When Someone Dies? Read This Guide

We all think we’ll be here forever, then one day there’s an accident or a diagnosis that changes everything in a split second. do we really know the important things to do when someone dies?


Death is no joke and we all get a turn, those with a diagnosis have a bit more time to prepare both emotionally and logistically.  There’s time, at the very least, to say goodbye to loved ones.  

For those left behind, that may very well not be solace at all, but for families who get a call in the middle of the night after an accident, most wish that they had able to say goodbye.  Not having a final conversation with a loved one before he dies can haunt people for the rest of their lives.

So, what can we do about the inevitable outcome at life's end?  We can’t control an accident and for the most part we can’t control a diagnosis, except for lifestyle choices, so what can we control?

 

We, as parents or employers or people with others in our lives we care about, can plan for the future by making sure that our financial house is in order with proper estate planning.

 

This sounds simple, and it is, but most people fail to organize their affairs properly in an on-going manner so that when their time is up it’s not a huge financial and administrative burden to those left behind to pick up the pieces. Where do we start?  well you’ve come to this site in search of term life insurance quotes or something related to life insurance because you know you need to protect your family financially. That’s generally the first and best place to start.

Life insurance is the bedrock foundation of any financial plan.  

For pennies on the dollar you can make sure there’s enough money available when your loved dies AND that it’s available immediately, or within a couple of weeks.  This is crucial because when a death occurs certain things need to happen.  

7 steps to take when someone dies laid out


  1.  First, we need to notify the insurance agent or broker that the client has passed away.  The Broker will notify the life insurance company and initiate the claims process.  If you have multiple life insurance policies, make sure that you call each broker with whom the deceased had a policy.  People can easily have multiple policies.  At this point it doesn’t matter what type of life insurance policy it was, whether term insurance or permanent insurance.  The benefit dollars are all the same color time of claim. Once the claim on the policy is approved, the insurance company, these days, will send the beneficiary a checkbook which has the benefit balance in an interest-bearing account with the insurance company.  
  2. In the old days, people would choose a “settlement option” either before or after death and they still can, but those options do not afford any flexibility. These options include an annuity payment structure, interest-only, periodic sum pay-outs and several others designs for “little old ladies” who didn’t understand finances.  Settlement options are pretty much a thing of the past.  The checkbook option allows you to write a check for the full amount of the policy, or write checks for chunks of the proceeds.  Very flexible.
  3. Call your estate planning attorney!  He or she probably drew up your wills and trusts and they need to know immediately that a death of their client has occurred.  She will “open and estate” and start the ball rolling from the legal end.  If you’ve handled your plans properly, most of your beneficiary designations will dictate where life insurance proceeds go as well as retirement accounts and certain types of real property.  In California where we live, most people have a living trust which would hold title to certain large assets, especially a home, and there would be much less delay in setting the estate.  Often times the insurance agent will know the attorney you have used locally and he can notify the attorney if you desire. 
  4. Make funeral arrangements.  This usually entails clergy.  In my practice, many times it’s the clergy who plays a major role in organizing the family support structure.  If not clergy, then notify your funeral home of choice first.  Funeral homes are in a very good position to help you with certain administrative tasks like ordering death certificates.  Get AT LEAST 10 death certificates! You will need more than you think for credit card companies,etc.
  5. Go to the bank to empty the safe deposit box. The lawyers might not agree with me on this, because the banks are not supposed to let anyone into the box after the death has been certified and they receive the proper permission from the probate court. However,  this minor step could save you a huge headache, especially since many people still keep their valuables, stock certificates(if you actually have the paper anymore), life insurance policies, and wills/trust documents in their safe deposit boxes.  Of course, I can’t give you legal advice, but these ideas are gleaned from my practice over 30+ years of helping people make sure that there is a smooth financial transition when someone dies. 
  6. Notify all of your financial institutions and Social Security of the death.  Remember the 10 death certificates?  They will all want a copy or a sealed original, so don’t forget to get more than you need.  If you are the beneficiary of a retirement account, then the custodian will certainly want a death certificate.
  7. Most important, find a fee-only financial planner who will help guide you with a comprehensive financial plan.  Your new financial life without your loved one will look completely different and rather than spend all of your life insurance proceeds without direction, make a thoughtful plan!  A good fee-only financial planner who does not take compensation on assets under management, but either charges hourly or project-based fees is best.  These planners, though few and far between, will operate without conflicts of interest in your new life insurance account.  

I’ve barely touched the surface on the first things to do when someone dies, but it should give you an idea of where to start.  Stay tuned for some recommendations on how to “get your stuff in order” before something bad happens.  Make sure you get started by getting your instant term insurance quotes here.  See just how easy it is and how inexpensive it can be to protect your family with term life insurance!

7 Important Things To Do When Someone Dies-[Not Life Insuran
profile-pic

If you need an insurance professional who knows the industry, listens to your needs and works hard for you, Chris is your man.

If you need an insurance professional who knows the industry, listens to your needs and works hard for you, Chris is your man.

We have trusted Chris with all our insurance needs for several years. He always listens and understands our needs completely and then works hard to design a policy that best fits our needs. He is very personable and easy to work with.

Sanjeev Dharap Architect, Entrepreneur, Technical Advisor
profile-pic

Expert Advice and Honesty

Chris brings expert advice and honesty to every project we work on. He gets things done in a timely manner and does an excellent job following up.

Brad Branson Partner/Investment Adviser- Cornerstone Capital, Inc
profile-pic

Didn't Try To Upsell Me!

I found Chris when looking for life insurance brokers. I knew exactly what I wanted and told Chris and he was able to deliver without trying to upsell me on something else. It was very straightforward and exactly how I hoped it would be. I would definitely recommend him for anyone in a similar scenario.

Nathan Netravali Associate Director of Clinical Applications at Think Surgical
profile-pic

CB Acker Associates Is Extremely Responsive

Chris provided (and continues to provide) excellent service and support for our insurance needs. He is very responsive, knowledgeable and provides specific and efficient solutions to our insurance needs. I highly recommend Chris!

Antonio Altamirano Founder, CEO at Tangelo

2018– Hacks For Life Insurance For People With Health Problems!

I’ve Got Health Problems…Big Deal!  Well, it is if you think you need life insurance!

Sometimes, health issues creep up on us no matter what we do to prevent them. Life plays cruel jokes on the people who eat right, exercise, and live a clean life — none of which can override fate and our genetic code. Sometimes the healthiest people end up with the most problems while the 85-year-old next door sits on her porch smoking, drinking, and laughing, all while using oxygen and wearing diapers for incontinence!


If you’re one of those people who avoids excess, eats right, and lives healthy, only to develop health problems, finding life insurance can be a struggle. Working with a seasoned agent/broker will make it easier to find a policy to suit your financial goals and give you and your family peace of mind.

Are You Serious? my term insurance application was declined for a Hangnail!


A blister on your big toe is not the kind of injury or health issue a life insurance company is concerned about rating. Instead, most companies have a long list of pre-existing and chronic conditions that raise red flags…and insurance rates. Many everyday health issues do not affect how you live your life, but they may affect how much you pay for insurance.


Insurance underwriters will sift through your health history so they can screen for the major risks like heart and kidney disease, certain kinds of cancer, and high-blood pressure. However, people live with a variety of other more common health problems, injuries, and illnesses that may result in higher premiums:

  • Obesity
  • Lung disease
  • Diabetes
  • Hepatitis C
  • Broken bones
  • Surgeries

It’s important for term insurance buyers to know their medical history when shopping for life insurance. Providing a comprehensive health picture may be the difference between an affordable rate and a denial when you have health problems.

If you’re able to provide mitigating facts — like regular treatments, working out, dieting, or even the intent of healthy New Year’s resolutions — that will help control your medical issue, AND it can make a difference in the outcome of your application.

Be prepared to clarify any injuries or past health problems. For instance, if you’ve had a surgery to correct an issue or on-going problem, be sure to provide how long ago, results, and improvements. Involve your doctor if necessary to ensure that the insurer has a complete understanding of your unique health situation.

Healthy Ups and Downs

Life tosses us a curveball when we least expect it. Your health is no different and it can change from one day to the next — for better and, unfortunately, worse. When faced with a new health problem, or saying goodbye to an old one, our health  changes the way your life insurance company sees you.

People with health problems may not always get better, but their conditions can improve. When they receive treatment and have a plan to overcome their ailments, it makes a difference in their quality of life and ability to avoid complications.

If you’ve applied for a life insurance policy and have a questionable health history, demonstrate to the company that your problem has stabilized and that you’re healthy. Show them what steps you’re taking to control the problem and that you have a wellness plan.  Your life insurance broker will also write a strong COVER LETTER to paint as clear a picture to the underwriter as possible.  That’s her job and if she’s not willing or able to provide this important service, FIND A NEW BROKER!

Your health is your greatest asset. Protect it and your family’s financial future and comfort by being a knowledgeable consumer. Buying life insurance when you are young and healthy is the best option, but who does that anymore?  When that’s no longer possible, know that an experienced agent can find alternatives that meet your individual circumstances.

i've got health problems for life insurance big deal!
profile-pic

If you need an insurance professional who knows the industry, listens to your needs and works hard for you, Chris is your man.

If you need an insurance professional who knows the industry, listens to your needs and works hard for you, Chris is your man.

We have trusted Chris with all our insurance needs for several years. He always listens and understands our needs completely and then works hard to design a policy that best fits our needs. He is very personable and easy to work with.

Sanjeev Dharap Architect, Entrepreneur, Technical Advisor
profile-pic

Expert Advice and Honesty

Chris brings expert advice and honesty to every project we work on. He gets things done in a timely manner and does an excellent job following up.

Brad Branson Partner/Investment Adviser- Cornerstone Capital, Inc
profile-pic

Didn't Try To Upsell Me!

I found Chris when looking for life insurance brokers. I knew exactly what I wanted and told Chris and he was able to deliver without trying to upsell me on something else. It was very straightforward and exactly how I hoped it would be. I would definitely recommend him for anyone in a similar scenario.

Nathan Netravali Associate Director of Clinical Applications at Think Surgical
profile-pic

CB Acker Associates Is Extremely Responsive

Chris provided (and continues to provide) excellent service and support for our insurance needs. He is very responsive, knowledgeable and provides specific and efficient solutions to our insurance needs. I highly recommend Chris!

Antonio Altamirano Founder, CEO at Tangelo

Smart Insurance Resolutions for 2018

2018 Resolutions-The New Year Is Always A Good Time To Review Your Life Insurance Plans

 

I came across this article on Nerdwallet's Advisor site last year and I thought that my readers should take note of some solid general insurance information because the New Year is always a good time to review your life insurance, as well as other types of insurance. 


It's also a good time to review our financial plans, especially insurance, once a year in order to make smart insurance resolutions--a pretty boring topic, I admit!  


Why not take a look at your own situation and review your life insurance while you're at it.  If you think you're paying too much for your policy, get some term insurance quotes to see where your policy stacks up.  The same goes for your homeowners policy, too.  Also, if you have kids in college who are living off campus in an apartment or house which is not school sponsored, then renters insurance would be a good thing to consider.  Whatever you do, make sure you use an experienced broker who can shop different markets and companies.  This will get you better coverage as well as save you money, or both.

Insurance is a financial safety net for when life just doesn’t go your way, but that doesn’t mean you should ignore it when things are going well. Here are 10 things you can do in 2018 to strengthen your net and avoid common insurance claims.


And, again, please make sure to review your insurance needs this season!  It only takes a few minutes and it can make or break your financial plans!

10 Smart Insurance Resolutions for 2017
Continue reading

High Cholesterol Life Insurance? No Problem Or Is It?

I Have High Cholesterol, but That’s Not a Serious Problem When Buying Life Insurance, Is It?



If you’re like many Americans, you probably have high cholesterol. It rarely has any early symptoms, and many people forget about it after an annual blood test — until it’s time to buy life insurance.


Insurers classify high cholesterol, or hyperlipidemia, as a pre-existing condition that can raise your premiums or even prevent you from purchasing insurance. Many Americans are unaware that their high cholesterol is a leading factor in life insurance denials.


If you have high cholesterol now, it can lead to a risk of heart disease and other health problems later. Additionally, when high cholesterol stops you from purchasing affordable term life insurance, it can be a financial burden with far-reaching consequences.


When you’re planning for retirement or providing for your spouse or children, being denied life insurance has a ripple effect that crosses generations. It leaves your family members without crucial financial resources to pay bills, mortgages, and other final expenses.


Luckily, understanding pre-existing conditions like your high cholesterol can be the first step in preparing for the future.

 

High Cholesterol is a Serious Pre-existing Condition

A benign pre-existing condition like high cholesterol can come as a surprise. No one “looks” like they have cholesterol problems and there may be no symptoms. Some physically fit adults are shocked to discover they have elevated lipids. None-the-less, insurance companies treat it as a serious health risk.


According to the Centers for Disease Control, millions of adults like you live with high cholesterol every day. They may never have serious complications, and they control it with diet, exercise, and medication.


If you’ve been diagnosed with high cholesterol as a pre-existing condition, life insurance companies are most concerned about the associated health risks like:

Coronary artery disease

Heart attack

Stroke

High Cholesterol is a Serious Pre-existing Condition

The good news for you is that cholesterol is treatable and many insurers will not automatically exclude you because of it.


To assess your personal risk, insurance companies rely on many individual factors. The most reliable way to find affordable rates and approval is to speak with insurance professionals about your application and let them know that you take high cholesterol as seriously as they do.


Insurance Companies Assess Associated Risks

After you schedule a pre-insurance exam, be prepared to answer a long list of health questions. Insurance companies often consider positive lifestyle choices when assessing your health risks. During the screening process, you may be asked:

Do you exercise regularly?

Is your diet low in saturated fats?

Do you avoid transfats and include high fiber foods in your choices?

Do you smoke?

Are you taking medications to control your cholesterol?

What is your BMI and do you monitor your weight as part of a health regimen?

Is there a family history of related medical conditions?


You may already have high cholesterol, but you can reduce your risk of complications. Explaining how you control your cholesterol may have a significant impact on coverage or premiums.


In addition, insurers will examine related conditions like age, diabetes, hypertension, and liver disease, among others.

Insurance Companies Assess Associated Risks

You Can Still Find Affordable Options

Even if you have a pre-existing condition like high cholesterol, several companies continue to provide financial security and affordable term life insurance options. Before you assume you can’t buy coverage, always ask an agent familiar with insurance guidelines if you can qualify.

Every insurance company has its own acceptance standards and policies regarding pre-existing conditions. Never assume your pre-existing cholesterol diagnosis will prohibit you from providing loved ones with financial security.

I Have High Cholesterol, but That’s Not a Serious Problem When Buying Life Insurance, Is It?

Iphone or Life Insurance? Do You Really Need To Ask? Here’s Why!

A Term life insurance Policy is usually the last thing on parents' to-do lists

 

It’s truly appalling that so many people don’t consider term life insurance to be very important.


According to lifehappens.org, typical American families spend more money per month an Apple iPhone and Starbucks than they do protecting the important people in their lives with life insurance.  Most don't realize that for a 35 year old male who's in good health, monthly cost for $1M of 20 year level term life insurance is less than the payment on an iPhone with AT&T(depending on the model financed, of course)


They’re much more concerned with health insurance and auto insurance, since the need for such coverage is usually more immediate.  Not to mention that those types of coverages pay SOMEONE else!

 

 

Life insurance doesn’t seem important until it becomes necessary, and then it's too late--it's like asking an insurance company to buy fire insurance when there's smoke coming from the front door! That’s because you can’t buy life insurance after the fact. What’s almost ironic is that life insurance is generally one of the least expensive types of coverage you can have, at least when you buy term life insurance. And though most people don’t give it much thought, it’s actually the most necessary.

 

 

Why You Need Life Insurance

 

 

We usually tend to think of life insurance in terms of providing a death benefit that will help support our loved ones after we die. That’s one purpose, and maybe even the most important.

But there are a few more: 

 

Paying For Final Expenses

 

Though it’s possible to do a relatively inexpensive funeral, you can’t do one for free! Even a modest funeral will cost several thousand dollars. If you have no life insurance, and especially if you have a few liquid assets, this could create a deep hole for your loved ones in the event of your death.

 

Uncovered Medical Expenses

 

Since death is frequently preceded by an extended period of medical treatments, that can result in out-of-pocket expenses. For example, if your health insurance policy has a $4,000 deductible, and a maximum out-of-pocket of $6,500, your family could be stuck with those bills after your death.This is even more true in an age of Obamacare, where health insurance typically includes high deductibles and out-of-pocket maximums in order to make the coverage more affordable. But if you have no health insurance at all – and millions don’t – your family could be facing tens of thousand dollars in medical bills. Life insurance can prevent this.

Debts and the importance of life insurance

 

Any loans cosigned by a family member that are outstanding at the time of your death will become obligations to your family. And even if a family member didn’t cosign for it but want to keep the asset, like car or house, those loans also become the obligation of the family.  But of course, they will have to deal with those obligations without your income. This can stretch an already limited household income to the breaking point.Your life insurance should include a large enough death benefit to not only cover final expenses and outstanding medical costs, but also enough to pay for outstanding debts, particularly car loans and credit cards. If you really want to provide for your family, your death benefit will be high enough to pay off the mortgage on the family home.

Having enough life insurance means Money to be able to step back and re-group

 

After your death, your loved ones will be traumatized. This can lead to reduced income, due to missing work. It could also increase health-care costs, as the family experiences more frequent illness, as well as emotional trauma. A life insurance policy can help to offset these expenses, giving your family extra money to adjust to life without you.

ok, so who Needs Life Insurance?


Up to this point we’ve been focusing on the need to have life insurance on your own life for the benefit of your loved ones. But you should also strongly consider having policies on each of them. Any of the financial situations listed above that your family can face in the event of your death, can also effect you should one of them die.So to answer the question, who needs life insurance?, the answer is everyone! That includes newlyweds, stay-at-home-parents and everyone in your family.It’s often felt that single people have no need for life insurance since they have no dependents. But if you are single, and you have family – parents, siblings, and even nieces and nephews – you should still have some life insurance.At a minimum, you should have enough to cover final expenses, medical costs that anyone has paid on your behalf, and especially any loans where a family member has cosigned in order for you to get a loan.Cosigned loans don’t disappear because the primary borrower dies. The lender can still go after your cosigner. Having life insurance will prevent that outcome, and keep your family member from being pursued for full payment of the loan.

Why People Don’t Have Life Insurance?

 

There are a number of reasons why people don’t have life insurance, but here are three of the more common ones:

Not Enough Money

 

If your budget is tightly stretched, it can be legitimately difficult to find money to pay for a life insurance premium. However, that should make you realize even more that if your household finances are tight while everyone is alive and well, it will be infinitely worse should one of you die.

In addition, there is a term life insurance policy that will fit virtually every budget. It’s worth cutting an expense or two to make room for this all important financial service.

I Have A Life insurance Policy At Work.

 

Many employers do provide life insurance for their employees, but it usually caps out at a relatively low level, generally no more than $50,000. At today’s cost levels, that’s a very minimal policy.

 

And then there is also the problem that you could lose your life insurance should you lose your job. And when that happens, it may not be so easy to find affordable life insurance, particularly with no job income.

 

Fear Of Death

 

Some people don’t like to even talk about life insurance because it’s like betting on your own death. They may even reason that just the fact that you are taking a life insurance policy increases the chance of your death.

But the reality is that you will die someday, whether or not you have life insurance. And the only fair course of action is to have a policy in place, for the benefit of your family members.

Why Term Life Insurance Provides The Best Coverage

 

Cost is a significant factor in making any purchase, including financial services like life insurance. But once you recognize the absolute necessity of having life insurance coverage, it’s just a matter of finding an affordable policy.

 

The best choice is term life insurance. It’s not just less expensive than investment type policies, like whole life insurance, but much less expensive. It’s possible to purchase a term life insurance policy for just 10% of what it would cost for a whole life insurance policy with the same death benefit.

 

That means that the $200,000 policy that will cost $3,000 per year for whole life, can be had for around $300 with a term life insurance policy.

 

The difference between the two premiums is that whole life includes an investment provision. The additional premium that you pay goes into the cash value of your policy, as well as payment of the many fees that are associated with whole life policies.

 

Term life insurance, on the other hand, is pure life insurance. If you buy a term policy, and invest the difference in premiums (between term and whole life) in an index fund, you will have better investment returns than you would by “investing” through a whole life insurance policy.

 

Term policies also provide you with the ability to match coverage with need. For example, your greatest need for life insurance is when your children are very young. Let’s say that you have preschool age children; you can take a 20 year term life insurance policy that will cover your family until your kids are adults. Once your kids are grown, you won’t need as much coverage.

 

You can do the same thing with your mortgage – match your life insurance with the outstanding balance on the loan.

 

The best way to shop for a term life insurance policy is through an online life insurance site like my term insurance site here. The advantage is that you can provide the information once, and then have the insurance companies come to you with quotes. This will give you the advantage of being able to make side-by-side comparisons, so that you can select the best policy for your needs at the lowest possible price.

 

If you’ve been delaying getting life insurance – or if you know that you don’t have enough coverage – start shopping today. Life insurance gets more expensive as you get older, which means now is the best time to get a policy. Go to the quote engine on the right side on this page and run private, instant term insurance policy options so you can see how much cheaper it is to buy term insurance than it is to pay for your iPhone!

Term Life Insurance Policy or Iphone? $1Million for Pennies- Failure!
1 2 3