Do You Have a Universal Life Policy

What kind of life insurance policy do you have? Is it a �term� policy? Is it a �whole life� policy or �universal life policy?� If you don�t know what kind of policy you have, you could be in big trouble. Everyone needs to know what kind of policy they have, how much it is and the most important factor, how long it will last. But too many times in my career I have met with people that don�t know what kind of policy they have or I have heard this �My husband or wife takes care of that.� What are you going to do when you need to know this vital information? This information could be the difference between being able to pay estate taxes or landing in the poor house. The point is you need to know.

This article focuses on the �universal life� policy which came really into bloom during the eighties and was touted as a new way to fund life insurance right in between whole life and term life. The �universal life� or �flexible premium life� allowed you to do what it says, �be flexible� with your premiums, you could pay this much or that much and keep the face amount but the �cash bearing� aspect of the policy would be different depending on how much you paid into it. This kind of policy can be a powerful tool in insurance planning if done correctly but can lead to disaster as well and I have seen this one too many times.

I sat one time across from a gentleman just about to tu 70 and was reviewing his policy which was in fact a universal life policy. We were looking at it when we came to the part in the policy called the schedule of premiums and the contract outlay and low and behold, his policy was in default due to lack of premiums and cash value. Needless to say this man�s insurance policy was not any good and he was 70 years old. This can and will happen to you if you don�t look at your policy and know what you have and where your money is going. Age 70 is not a good time to start shopping for life insurance.

This is what happens in situations like this and it can and could have already happened to you. The agent has sold you an under-funded policy. By this I mean that you are not paying enough premiums to sustain the life of the policy. If you had an agent sell you a universal life policy without an illustration to age 100 showing the policy lasting through to this age, you might have made a mistake and more than likely you have an under-funded policy. This could have happened by either the agent looking for a quick sale or the premium was too much for you budget so you decided on the lesser amount. Either way this should have never happened.

Part of the monthly payment goes towards insurance and the remainder goes towards the cash account. What is usually not discussed is that the cost of insurance goes up every year. The earlier years it is not noticeable but as you get older those costs increase. Now as the years go by you are still making that $50 a month payment but the cost of the policy is actually $75, where is the difference being made up from? If you answered the cash account you are right. Every month, $25 dollars is being pulled from the cash account and every year that will increase as well. You will not get a call from the agent telling you that you need to increase your monthly premium. This is why it is called under-funded and you and your family will pay dearly for it with the cost of having no insurance when it counts.

The solution is easy. Most states now require an illustration because of this deception so make sure you get an illustration and the agent shows you where the policy last through age 100. More than likely when this happens a good agent will be able to show you that your policy face amount has increased as a result of good funding. Never the less you will then have the peace of mind knowing your life insurance will be in force and you won�t be one of the unlucky people shopping for life insurance at the age of 70. Actually the goal I have for each and every one of my clients is to have a universal life policy that when they retire they will never have to pay another premium again. Retirement is the time to stop paying bills, not increase them.

Raul Ramirez is a licensed agent in the state of Florida. He owns and operates Gulf Breeze Insurance Inc. http://www.gulfbreezeinsurance.com an independent Florida health insurance, Florida Dental Insurance and Life insurance agency. Please feel free to use this article on your website or newsletter so as you include the bylines.

Don t Just Accept Your Car Insurance Renewal Quote

UK car insurance companies make substantial profits every year because a large number of existing customers just accept the renewal quote from their car insurance provider.

Many people assume that because their first years premium was competitive they will continue to get good value for money from the same insurer. In fact, as an existing customer renewing your car insurance, you could be paying for discounts your insurance company offers to attract new customers.

This is a common way for car insurance companies to get new customers onto their books.

Become a New Customer
A simple way to ensure you don't pay more than a new customer for exactly the same cover is to become a new customer.

Instead of just accepting your renewal premium, get a quote from your current insurer as a new customer. This will expose any discount given by your insurer to new customers which you will be paying for if you renew as an existing policyholder.

Call the insurers advertised phone number or get a quote from their website, but don't use the contact details from your renewal pack.

Shop Around
Armed with the best quote from your current insurer compare it against at least ten other car insurance companies. The inteet makes this far less hassle than it used to be and you can now get multiple quotes from major insurers using comparitive car insurance sites such as Moneysupermarket and Screentrade.

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Critical Illness Insurance Do you really need it or is it a waste of time

GREAT NEWS! There's now a one in five chance of you winning the lottery before you retire.

Getting excited? Think it's just a matter of time before you win? Think again, it's not going to happen - but it got you thinking!

Now think of the same odds but this time about bad news. There is a 1 in 5 chance for men and a 1 in 6 chance for women that a long-term critical illness will prevent them from working. Sorry - this time it's true.

Insurance cannot change those odds but it can alleviate the potential financial wreckage caused by being unable to work through long-term illness and still having a family and home to support.

Convention declares that every good family man should have life insurance. It's easily understood, it's accepted and your next door neighbour has it too. But what about it's close cousin critical illness insurance? You'll have to walk several streets to find someone who has it. Given the odds, why? After all it pays out a tax-free lump sum immediately an insured critical illness is diagnosed.

The usual reason given is its expense. Yes it is more expensive than life insurance but after all it's providing cover for a greater risk. You're much more likely to experience a critical illness than die before your normal retirement age. Indeed, the average age for a claim is 47. So clearly there is much more to the public's resistance.

Not understanding the risks or �head in the sand syndrome� are certainly major factors. After all a lzheimer's disease, bacterial meningitis, brain tumours and leukaemia plus the long list of other illnesses typically covered by critical illness insurance, are not matters we care to think of nor know much about.

Could there be another reason? Well there have been repeated newspaper articles about people who claim on their critical illness policy only to have it tued down on an apparent technicality � the inference being that the insurance company cannot be trusted. Indeed, Standard Life freely admits that it tus down around 20 % of critical illness claims.

The truth is that behind every story of rejection there's a harrowing story of illness, distress and sorrow - and potential copy for the joualist. But that in itself, is not evidence that the insurance company is guilty of devious behaviour.

Yes insurance companies do make mistakes, but more often than not the claim was invalid from the outset. There are two main causes. Firstly, the policyholder is claiming for an illness that is not one of the critical illnesses scheduled in the policy documentation. Regrettable, but it's a fact that if the illness is not listed it isn't insured and the policy won't pay out.

The moral is to closely compare the illnesses covered by competing insurance companies and buy the one with the most extensive coverage of illnesses. If you don't, sods law will prevail ��.

The second major reason for refusal is a failure to disclose all relevant matters on the original application form. For example, if the applicant fails to disclose in response to the insurance company's questions that his father a died of a heart attack aged 50 or that he is having medical tests for headaches, then the insurance company will wrongly assess the risks it is being invited to insure. Had the insurance company known this extra information they might have increased the premium, or asked the applicant to go for a medical examination, or waited for the outcome of tests, or even refused to provide cover. By failing to disclose, the applicant has effectively obtained cover on false pretences or at least on inaccurate information.

Thereby lies the second moral. Always provide the truth and the full truth on your application form. Anything remotely relevant to your medical condition must be disclosed.

All this points to the need for professional insurance advice. Critical Illness policies do vary and it can take an experienced eye to evaluate the best policy for your circumstances and pocket. This doesn't mean that you have to miss out on the discounted premiums available online - but do thoroughly talk it through with one of their telephone based advisers and do make sure you read the schedule of claimable illnesses when it arrives in the post. Then sit back knowing you've taken another important step to protect your family's finances. Lets all hope that you're one of the majority who are happy never to claim.

It's now time to concentrate on enjoying life.

Michael Challiner has 15 years experience in financial services marketing at senior level.

Michael now works as the editor of http://www.express-life-insurance.co.uk

Disability Benefits SSI Benefits for Children

Children who are disabled or blind qualify for Supplemental Security Income payments until they reach the age of 18. Here is what you need to know about qualifying your disabled child for SSI benefits.

Your child qualifies for SSI payments if they meet the disability requirements outlined by Social Security for adults, and your household income falls within the income and resource requirements. There are also citizenship requirements your child must meet; for the most part your child must be a US citizen to get SSI. There are special categories for certain non-citizens to receive SSI; if your child is not a US citizen you may be approved for benefits if your child were admitted to the United States as refugee.

The adult disability requirements that your child must meet are simply that your child has a disability that is expected to last for twelve months or longer and prevents them from doing substantial work. Social Security defines �substantial work� as anything eaing over $860 pre-tax, per month.

There are also income and resource requirements for the parents of the disabled child. Income requirements vary by State; however, if the parents have more than $2,000 in the bank the child will not be eligible to receive SSI benefits. To apply for SSI benefits for your child you will have to schedule an appointment to visit your local Social Security office; before you schedule an appointment you should visit the website Social Security Laid Bare to lea more about Supplemental Security Income benefits for your child.

Jack Burton specializes in helping people understand Social Security programs for Retirement, Medicare, Supplemental Security Income (SSI), and Disability Benefits. The website Social Security Laid Bare presents information on all of Social Security�s programs in an easy to read format, without technical jargon. For more information visit Social Security Laid Bare: http://www.socialsecuritylaidbare.com

Endowment Shortfall Are You Missing Out On Compensation

Millions of pounds of compensation have been paid out by insurance companies. Are you entitled to a share? Could a claim now help to get your mortgage repayments back on track for the future? But you must act quickly - insurance companies are only allowing claims for a limited time.

If you took out an endowment insurance policy with an interest only mortgage after April 1988, it is highly likely you were one of the millions of victims of Endowment Misselling.

It is possible that you have received a letter from your endowment company waing you that your endowment investment is not on track to pay off your mortgage and advising you to find alteative means to pay off your mortgage. This is called a "Red Letter" and from the date this is sent you only have three years to claim compensation.

If you were told the policy would certainly pay off your mortgage or were promised an extra lump sum at the end of the mortgage or have had to make extra contributions to keep it on track, then it's likely that you could successfully claim.

Endowment policies should have been sold to customers willing to accept the risks involved with them. If you are normally a careful or cautious investor then a less riskier repayment mortgage would possibly have been better for you. There always was a risk that your endowment would not cover the mortgage, but had you known about that risk at the time would you have still taken out a policy?

If the answer is "no", then you should not have bee sold the policy - you are a victim of misselling. Instead of an interest only mortgage, you should have been offered a standard repayment mortgage.

Finding out whether a claim is worthwhile progressing is quite painless - just contact a suitable solicitor. Many have tools on their websites that will quickly allow you to determine whether a claim might succeed and this, as well as talking to the solicitor is normally free.

If you might have a claim the solicitor will help you through the paperwork and deal with the insurance company for you. They will also check your compensation and make sure that the offer is correct.

If you want to know whether you can claim, look at www.endowment-claim.org.uk. It only takes a minute to find out the answer or you can just leave your contact details and someone will call you back.

Keith Lunt runs several financial sites including http://www.endowment-claim.org.uk. You are welcome to reprint this article as long as all links are included and work.

Group Term Life Insurance Three Questions To Get You Started

What is group term life insurance?

Group term life insurance is usually the kind of life insurance your employer offers. However, group term life insurance doesn�t have to be obtained from your employer; some people choose to by this kind of life insurance themselves if they are members of groups such as trade associations, unions, and associations for college alumni that offer term life insurance policies at group rates.

Why is a group term life insurance policy better than an individual policy?

We won�t say that it�s better, but it does have certain perks that an individual policy doesn�t have. For example, most group term life insurance policies don�t require medical standards, i.e., you won�t have to meet certain health criteria in order to be eligible for the group term life insurance policy.

If there a lot of people under the policy, or several people who are younger than you, there may be averaging and subsidizing that would make for lower death benefits rates.

Also, paying for your group term life insurance policy is easier than paying for any other kind of life insurance policy. Why? If you purchase through your employer, the costs will be taken out of your paycheck. If you purchase from a group with which you are affiliated, you can probably schedule credit card payments.

What other advantages does a group term life insurance policy offer?

If you ever leave the job or group that offers your group term life insurance policy, your state may allow you to transfer your group term life insurance policy into a whole life insurance policy. This means you won�t lose your life insurance, and you can stay with the same insurance company that provided the group term life insurance policy. Even better news � you won�t have to undergo a medical exam! This is an advantage for those who are getting on in years, and may have less than great health.

Visit our website if you're looking to find the best term life insurance company, get a home owner insurance quote, or find the cheapest car insurance. Article Source: http://EzineArticles.com/?expert=Elizabeth_Newberry

Compare Your Auto Insurance Quote Between Multiple Carriers In Your State

Compare your free auto insurance quote between multiple carriers in your state. An easy way to obtain these cheap auto insurance quotes is by going to a broker-style website and requesting a quote. I got an auto insurance quote really fast and secure. Follow this link to a site for a free auto insurance quote. Or click here for an auto insurance quote today. Click here to get a free auto insurance quote. *Complete each field below to receive a free auto insurance quote. We are your best source for auto insurance quote comparison. Quick and easy way to get you auto insurance quote FREE. After you receive your auto insurance quote, get a free no-obligation quote for homeowners or renters insurance. click to apply for an affordable auto insurance quote today! Get an auto insurance quote and save today. Fill out a request and get an auto insurance, health Insurance, or life insurance quote today. Requesting a higher deductible will help you get a cheap auto insurance quote.

We will also tell you what differences exist between one auto insurance company and another. You agree to pay the premium and the auto insurance company agrees to pay your losses as defined in your auto insurance policy. It is a contract between you and the auto insurance company. Go to the NYS Insurance Department web site to read more information about auto insurance and see a list of insurance company codes. Lea what AIG affiliated auto insurance company is in your state. Responsiveness & AvailabilityIt's critical that your auto insurance company responds when you really need assistance.

Auto insurance deductiblesOn my way to a company authorized seminar, a deer hit my car, causing considerable damage. SR-22A form which must be filed by the insurance company stating that auto liability insurance is in effect for a particular individual. Each auto insurance company weighs the factors differently to come up with a cost so it's critical to compare auto insurance companies. Tell your old company in writing that you are canceling your auto policy and have obtained new insurance. You might think that your auto insurance rate would be pretty much the same no matter which company you choose. You should check to see if the damage is covered by your auto insurance company. But while we're all pretty much stuck with auto insurance, you needn't be stuck with a lame auto insurance company.

Visit Answer Financial for car insurance, home insurance, life insurance, health insurance, auto insurance, vehicle insurance, boat insurance, renters insurance and more. Get car insurance rate comparisons, and buy your auto insurance policy instantly. Car Search - used cars, new cars, car insurance, used cars, new cars, new trucks, automotive classifieds new car prices and new car reviews. If you drive a car, you probably already have auto insurance, but may not be paying for it yourself. Collision insurance covers damages to your car from an automobile accident, regardless of who is at fault. If you lease a car, you still need auto insurance. If you already own a car and are paying auto insurance for it, then some things might be covered by your own insurance policy. If you already own a car and are paying auto insurance, then check with your policy to see what is transferrable.

The purpose of the articles in this section is to prepare drivers with the right auto insurance policy before it is too late. Public policy In many countries it is compulsory to purchase auto insurance before driving on public roads. Today, auto insurance is the most widely purchased of all property-casualty insurance, yet few drivers are familiar with the details of their particular policy. For changes to your AIG auto insurance policy or to ask customer service a question, call 1-800-241-1188. By taking one of these courses, you may be eligible for discounts on your auto insurance policy. After you have bought an auto insurance policy, you can service your policy online or through a customer service representative. The College's auto insurance policy may not respond to cover unauthorized drivers. A major reason why drivers overpay on their auto insurance policy is because they are not educated and don't look for auto insurance advice.

Whatever your need - travel plans, automobile purchasing, obtaining insurance or financial help, AAA is at your service! Thanks very much e have had USAA auto insurance in the past (for ~4 years) and were quite pleased with their service and prices. Insweb is the largest auto insurance quoting service on the Inteet. Unitrin Direct is dedicated to simplifying auto insurance with the right balance of competitive rates, proven stability, friendly and reliable service, and innovative processes. Amica's low prices and award-winning service give you a better deal for auto insurance. Today, we're still providing America's educators with quality auto insurance and professional, personal service.

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