Buying Life Insurance: A Shopping Checklist

When shopping for term life insurance, you want to find the right amount of insurance coverage at a reasonable price with a company you can trust. But for many people, getting started is the hardest part. That's where the following Life Insurance Checklist can help.

1. What you would like your policy to achieve?

Ask yourself what it is you want your life insurance to do. For example, do you want to have insurance coverage that will:

o Pay funeral arrangements?

o Pay the outstanding balance owing on a mortgage and other debts?

o Offset the loss of your income? And if so, for how long?

o Contribute to the future education of your children?

o A combination of all or part of the above?

Knowing what you would like to accomplish with your life insurance policy and approximately how much you need to achieve these goals will help you determine how much life insurance you should consider purchasing. Online life insurance calculators are available to help you put a dollar value on the amount of coverage you need.

2. Who would you like to insure under the life insurance policy?

Most insurance companies offer a variety of life insurance products to suit your lifestyle and family needs. You can get an insurance policy on your own life, or you can get one policy for both you and your spouse (called a joint life insurance policy). The most common joint life policy provides coverage when the first partner dies, leaving the life insurance benefit to the surviving spouse.

3. How long will you need life insurance?

Consulting a psychic isn't necessary, although it does require that you estimate the timing of your life insurance needs. For example:

o When will your mortgage be paid off? The amortization period of your mortgage will often determine how long your term life insurance policy should be.

o When will your children be finished school? One day they'll finish their education and having enough life insurance coverage to pay their educational expenses won't be necessary.

o When are you planning to retire? You will have less income to replace at that time.

Knowing how long you'll need life insurance coverage before you begin shopping will ensure you're comfortable with the life insurance product you end up purchasing. Online tools are available to help you figure out which term for your life insurance policy is most recommended for people with similar lifestyles.

So now that you've got the how much, who and how long questions answered, you're ready to shop.

1. Compare life insurance quotes from multiple companies:

It pays to shop around because life insurance rates can vary considerably depending on the product you choose, your age, and the amount of coverage you request. This is the easy part, because with the Internet you can compare life insurance quotes easily, online, anytime.

2. Which life insurance rate has been quoted - standard or preferred?

There are two basic life insurance rate groups you should know about when shopping for life insurance coverage: standard rates and preferred. Standard life insurance rates are the rates the majority of Canadians qualify for, while about one third of the population is eligible for preferred rates.

Preferred life insurance rates are typically offered to very healthy people and means you may pay a smaller premium than most. Usually preferred rates are offered only once the results of the medical information and tests are known. It will depend on your blood pressure, cholesterol levels, height, weight, and family health history. But preferred rates are worth it. They could save you up to 30-35% off your quoted premium.

When comparing prices, make sure you're comparing 'standard to standard' or 'preferred to preferred' life insurance rates. If you're not sure, ask the broker. It would be disappointing to find out you were quoted preferred rates at the beginning, only to find out you don't qualify for them later.

3. Review the life insurance broker's availability:

How easily can you get a hold of the broker? What are their hours of operation? Whether it is through their website or telephone, the life insurance broker should be easily accessible to you should you ever have questions or need to speak to them about a change in your life insurance needs. Look for toll-free numbers and extended hours of service as guides.

4. Review the medical information required to obtain the policy:

Typically the more medical information you provide, the better the price. For a policy that asks few or no medical questions, you can bet the premium is higher for the same coverage then a plan asking for more information. Depending on the company, your age, and the amount of coverage you want, you could be asked to provide blood and urine samples. To obtain the samples, a nurse will visit at not cost to you.

5. Consider a life insurer's financial stability and strength:

A company's financial stability is something to consider if you are planning on making a long-term purchase like life insurance. There are organizations out there, like A.M. Best, that evaluate insurers and provide a rating on their stability and strength.

6. Ask about renewal options and requirements:

Once the initial premium is set, it is usually guaranteed for the length of the policy (often 10 or 20 years). But what happens when the policy expires? Most policies are renewable until you are 70 or 75 so don't forget to ask your broker if you will have to take a medical to renew your policy. While your premiums will be higher on renewal, find out if they will also be guaranteed to remain level for the second term of the policy.

7. Confirm the policy can be cancelled without penalty:

Most term life insurance policies can be cancelled at any time without penalty. Make sure to check with your broker to see if the life insurance company has any unusual cancellation policies.

8. Consider the conversion options and restrictions for the policy:

As your life changes so do your life insurance needs and you may want the option to convert your coverage some day.

To convert a term life insurance policy means to transfer all, or part of, the death benefit of the policy into a permanent life policy without a medical. For example, say you originally bought a term policy to protect a mortgage and child. Once the mortgage is paid and the child grown, you might find it desirable to convert the policy into one that will give you a new level premium for the rest of your life, and a death benefit that is guaranteed not to expire as you age.

When you purchase your life insurance policy, find out if there are any limitations on your age at the time of conversion. In most cases, you have the option of converting up until you are 60 or 65. As well, ensure you are given several options of the type of policies you can move into, the more the better.

Final tip - choose a life insurance broker you trust:

While it doesn't necessarily impact the type of policy you choose to purchase, a rapport with your broker is critical in feeling comfortable with the life insurance policy you buy and the information you've received.

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

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Home Security ideas if you buy for the first time

Are you a first time home buyers with much concern drawing to your attention? Entry in the transaction for the first time can be stressful, especially if you expect a child or have changed only for employment. Often you feel like a character in a Greek play, will be tested to see what you are made. It is important to calm and the "big picture" first attack items such as home security. Landscaping can wait; Here 5 ideas for always exist security plan your home.
1. Start long before you in move. If you actually have your move day, your thoughts in many different directions will fly. You should already a home alarm system set up by the time the truck deliver all of your order and your family is the first time of sleep. That means that you can size up your new home, so questions the seller, or real estate agent for any info they have on the system already. Even if you inherit a system, you can make adjustments.
Should wireless upgrades (2), of established wired systems. A common thing is first, that House and apartment owners will be exposed to in a House with a wired security apparatus move. After a careful review of the equipment, you and a security expert can decide that wireless home would complete alarm in the correct manner of your security plan. These extensions can be treated without much to do, because in this way common wireless components.
3. Speak area residents to the neighborhood watch. Each police (and almost everyone) knows that neighborhood watch programs can increase a range of security in a way, can any individual home technology. It is this ancient concept put more people on the front lines of the battle. In this case the fight crime is property so that it will not all be what dangerous. If it band program to in your new neighborhood, no watch set together with a few people and one start with the aid of the local police.
4. Search for discounts in homeowner's insurance. Did you know that you can get a break on homeowners insurance when you get to see a monitoring service companies in your home alarm? If the topic never came, you should know how these services often can be a compromise, you will find very beneficial. Ask it before the move, insurance agents so you can enhance security and save at the same time.
5. A for the family to say goodbye friend. A dog the icing on the cake can be get a new home. Everyone can in the new House, grow together make it the situation dream for many families. The advantage of a dog is that it can actually increase your general security quotient. Even if you prefer cats, there are some compatibility issues between these pets and have a final line of defense against intruders.

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Buying insurance online - is it a good idea?

Due to the rise of the Internet and the increasing credit card people have use of products and services purchase was without bags carry cash. Today's consumers, in particular American customers believe that online purchases is the secure and convenient way, were to acquire. Companies and groups have done this trend to expand their target customers. A new era in the services has been more progress in the technology and products sell initiated. Even insurance companies are adapting to Web based services, so that their customers buy their products at any time, anywhere.
How did the risk management industry become the online purchase important? Like other fields was another way to reach their customers in the Internet risk management company. Companies such as American International Group, Sun Life financial, and CIGNA have promoting their bonuses in their websites to their customers through the information risk management quotes decide before they can buy. With the use of the Internet, companies can reduce costs and ensure that their services are faster and more convenient.
Even if online shopping is very popular in risk management, make sure that the shopping option that you select is not only practical but also safe. It is in three selections that clients can choose to purchase quotes and policies that are online-shopping, local exclusive agent and local General Agent looking for risk management. Online shopping offer to choose customers with much of the risk management options. Want to buy it online, you can according to risk management companies through the use of smart phone and computer, and select the risk management solution, before you pay using your credit card. As for the other two, they are offline options, which sold the local exclusive agent and provides information on the risk-management products that are available only within the specific company that he/she is employed; during the local General Agent offers products and policies from different companies, what the agents are well trained.
Why are there 2 offline possibilities for shopping offers and policies mentioned? Sometimes, use of the Internet is not the best way due to privacy and security concerns. Because many companies compete online, certainly that means more and more customers have purchased, quotes and policies on the Web as well. Clients can then be targets of cyber criminals are their pieces of sensitive information such as social security numbers and bank account numbers in the what the thieves are after. The criminal can use these pieces of information, to robbing online bank accounts of the customers. Anti identity theft services are to solve the problem, but they can be expensive, to how you pay for more subscriptions, thus covered, as long as you want. Local agents consulting is a wiser choice, because they direct information, which may be proposed for insurance quotes and policies according to your needs. And because consultation is done face to face, the official company are easy time you identify and deploy, that risk management responses that you you have to get.

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How the 7 deadly sins to avoid when buying truck insurance

Deadly Sin #1

HIDDEN IN YOUR INSURANCE PROTECTION

As strange as it may seem, your biggest problem might be your current agent or broker. If they do not handle truck insurance on a daily basis, they are out of touch with our market! Keeping up with the truck insurance market is a full time job. If your broker is not independent or if they don't specialize in truck insurance they may not have the tools available to do a good job. You may be losing out in better protection and lower premiums.

Our business is driven by change. Today we are dealing with an increased supply of truck insurance companies and a lower demand for their products. There are now insurance companies entering the truck insurance market that do not have the expertise you need in an insurance carrier. You need a company that understands how a trucking company operates and what you need in the event of a loss so you can get back to work. It's a great time to get in on some lower rates but make sure you do this with a carrier (and agent) that specialize in truck insurance.

This is why it's best to ask a broker who specializes in truck insurance to quote your insurance. Why is it best? Because they represent many different insurance companies.

Here are a few insider tips to keep your rates down:
Slow down and keep your driving record clean. This alone can save up to 30% on your rates. Prove to your new company you are a good driver. Ask your present company for a 3 year loss history. Where you park your truck at night counts! Check with your broker if you have choices where to park. Protect your investment. Lock and remove your keys from your truck no matter where it's parked. Don't put a new driver behind the wheel until you have company approval. Routine maintenance and safety inspections are worth their weight in gold.

Deadly Sin #2

INSURANCE COMPANY RATINGS

Did you know that all Insurance Companies are given a report card? Do you remember the report cards you received when you were in school? The letter A was for excellent, B was for good, C was for average, and D was for poor.

Insurance companies are given a "financial" report card with these same letter grades. The company who grades them is called the A.M. Best Company. Their purpose is to protect you from buying insurance from a company in poor "financial" condition. When you buy insurance your broker should tell you the grade of the company he/she is quoting. It is safest to buy insurance with a company who has a letter grade of A or B at the lowest.

Here are some other reasons a company's grade might affect you:
Poorly graded companies can mean a poor financial risk for you. Some truck brokers might not accept proof of insurance from companies with less than an "A" grade.

Do you know if your sub-haul contract requires you to buy insurance from an "A" rated (grade) insurance company? It is better to know what you need before you begin shopping for a "good" price. Tell your broker you need an "A" rated company when you ask for your quote. The cost to cancel and rewrite a new policy is very expensive.
If you receive a quote from another broker and are not certain about the A.M Best Company Rating, then look it up at with AM Best online.

Deadly Sin #3

ADMITTED VS. NON-ADMITTED COMPANIES IN CALIFORNIA

The state protects you when you buy insurance from an admitted company. Admitted companies are companies that are licensed in the State of California. They contribute money to the California Insurance Guarantee Associate (C.I.G.A.) The State sets aside this money to pay claims in case an admitted company goes broke. Non-admitted companies do not contribute to the C.I.G.A. fund. If a non-admitted company goes broke, there is no guarantee your claim will be paid. However, non-admitted companies are not all bad. The most important thing about a company is their A.M. Best rating, but you should know that you're asking for trouble if you buy insurance from a non-admitted company with a bad A.M. Best rating.

When insurance prices go up there is a demand for lower prices. In the past this opened the door for scams and schemes. These offers are usually very low, and often they have names that sound like nationally known companies. If you get a quote that sounds too good to be true, be careful, it probably is. Ask questions. Ask for the name of the insurance company. Be certain to write the entire name down. Then call your broker and ask him to look it up for you. In the past these companies were not rated. They were called "off shore". Many truckers have been hurt by these scams.

If you are in doubt, remember your friends! The A.M.Best Company gives your insurance company a financial report card. The State of California protects you with the C.I.G.A. fund. And a truck insurance broker can help you avoid problems. If you are ever in doubt, give us a call. We'll call the Department of Insurance to check your company's status and A.M. Best rating. We promise not to play games with your business to make our living.

Deadly Sin #4

POLICY ENDORSEMENTS

Most people don't think about endorsements. If they do, they're not certain what that word means. People know that lawyers write them, which makes the words hard to understand.. Do you feel this way? Let's discover the loophole that will help us avoid this "sin". Endorsements remind me of yellow post it notes. You know, the little notes you stick on top of stuff. Endorsements are like that. They get stuck (attached) to the policy. They are legal contracts. They either add or subtract coverage to the policy.
All policies have endorsements. They are listed by form number on the Declaration page. The Declaration page is in the first part of the policy. Read it carefully. Does anything there look like it could cause you a problem? Call your broker if you are worried. Don't wait until there is a claim.

How do you know do you know if your policy is complete? That's easy! Each form has a number. Match up the form numbers on the front page with the attached forms. If you are missing one, your policy is not complete. You need to call your broker. Let them know someone made a mistake. People make mistakes, but you need a complete policy. Plus, you will impress your broker!

Insurance policies are not all equal! The basic policy is standard. However, endorsements change your protection. When you shop for the best deal, be careful. Sometimes lower prices subtract protection. Don't be afraid to ask questions. Listen to what the broker says. Does the broker give you a clear and direct answer? Or is the answer vague and rambling? Your broker should make you feel confident.

Here are some insider tips. The forms described will help you avoid "Sin #4" death trap:
Non-Reported Driver - What may happen? The company might deny a collision claim. The collision deductible might be doubled, and the policy might be cancelled or non-renewed. Radius Restriction - What may happen? The company may deny a physical damage loss if it occurs out of radius. Cargo Commodity - What may happen? There is a cargo loss. The type of cargo lost is not listed on the policy. Your claim is denied. For example. Your policy states you haul groceries. You have a loss and your load is steel. The load of steel is not covered. Bodily Injury & Property Damage Deductible - What may happen? You have an accident. The other party is hurt and so is their property. You pay this deductible to the other party. This payment is on top of your own collision deductible. Property Damage Only Deductible - What may happen? You damage another's property. You pay this deductible to the other party. Again, this is on top of your own collision deductible. Newly-Acquired Vehicle Limitation - What may happen? You buy a new vehicle and drive it home. You do not add it to your policy. The next day it is in an accident. Your claim is denied. Many dealers think you have 30 days of automatic coverage. Cargo Theft Limitation - Limited coverage on cargo target commodities. Target commodities consist of liquor (except beer and wine). Tobacco products including cigars and cigarettes. Seafood unless it's canned. Cameras or film; wearing apparel; computer equipment or components and software. Other items include fax machines, photocopies, VCR's, HI-FI's, stereos, compact disc players and televisions. Unattended Covered Vehicle - What may happen? This form excludes cargo loss by theft, unless at the time of loss the covered vehicle is garaged in a building or parked in a fully enclosed or fenced yard.

Before you hit the panic button, read your policy. If you have a problem with it, perhaps, one of three things happened.
You didn't tell your broker enough about your business. You did tell your broker and he/she wasn't listening. Your broker doesn't have enough knowledge about truck insurance. In any case, call your broker and explain the problem. Get it solved before a claim occurs. If your broker can't help, find another broker.

Deadly Sin #5

SUB-HAULERS

Does anyone ever lease their truck to you? If so, you may have a workers compensation exposure. You may be responsible for their injuries in certain situations.

Here are some things you can do:
a. You can buy Worker's Compensation insurance (expensive)
b. You can buy Occupational Hazard insurance (affordable), or...
c. You can call us and let us evaluate your circumstances and see if there is a legal way to work around the problem.

If you hire subs to haul your overloads, you will need special coverage. It's called "Hired and Non-owned Auto Liability". This coverage can be added to your commercial auto policy. Look at your policy. See if you have this coverage. If you get confused, call your broker. They will check your policy and tell you.

DEFINITIONS:
Non-owned autos are autos (or trucks) that you don't own, but for which you may be held responsible. Hired autos are autos (or trucks) that you rent or lease (short term).

Check to see if your subs are operating as true independent contractors.

Deadly Sin #6

MISREPRESENTATION - DO NOT LIE!

We live in a world that "plays" to win. No matter what the cost. People think it's OK to lie. It's no big deal. Everyone does it. People get away with lying everyday. Some get rich! But wait a minute! What if the company finds out that you lied? Can they do anything? Yes they can and yes they will. However, a lot depends on what you lied about.
Do you know what happens after you buy insurance? When the broker says, "you're covered," do you think, "it's a done deal?" Sure you're covered, but there is one more step to this process.

After you leave the broker's office he sends the paper work to the company. The company has 60 days to double-check it. If you lie about something important and they find out, you might be canceled. When this happens, people you work for are sent notices of cancellation. The notice tells why the policy was canceled. Would this bother you? What might happen if you have a claim? The answer depends on more than one thing such as, the company, the adjuster, case law, and the size of the claim. There is a risk the claim might be denied. This creates problems. One of which might be losing your job.

To be safe you better avoid that nagging sin that prompts you to lie. Tell your broker the truth. He knows which company will quote your insurance. Then you'll have peace of mind, and that's what insurance is all about!

Deadly Sin #7

CO-INSURANCE CLAUSE

This part of an insurance policy reminds me of a childhood, playground ride. As children, we went to a local playground. I especially liked one ride called a teeter-totter. Do you remember it? It was a long, narrow pole with seats at each end. A bridge in the middle held it up. The ride was fun, but only if both children were the same weight. The equal weight made it easy to go up and down. But, if one child was heavier than the other it wasn't much fun. The child who weighed less was left sitting up in the air. His legs couldn't touch the ground. It was a helpless feeling. The child on the ground controlled everything.

Why does this remind me of the Co-insurance clause? Because this clause works best when you insure your property for its true value. It's just like the teeter-totter. You tell the company the true value of your property. The company charges your premium on that value. This makes the weight even on both sides. It's a fair deal. If you have a loss, the claim is settled. You are happy because the claim is settled at the true value of your property.

A "Co-Insurance Clause" tells the company the correct value of your property. What happens if you understate its value? Several things happen. One is you pay less for your insurance. Another is you are out of balance with the company. You are on the teeter-totter with a heavier player. If you have a claim, you are out of control. The company will severely penalize you. Why? Because you are not playing by the rules. If you have a loss the claim will be settled but only at a fraction of the true value of your property. You will be very unhappy, and it will be your own fault because you were not completely honest with your company.

Usually, the Co-insurance Clause affects your physical damage, cargo, and equipment floater policies. A Truck Dealer will give you a good idea of your equipment's current value. Check your policy to see if you're insured for that value. Look at your sub-haul contract. Double check your cargo limits. Then look at your policy. Are the limits the same? Does the contract state that you do certain things, for instance, does it state that you "waive your cargo co-insurance clause?" The point is that what you actually do should match what the company says you do on your policy. If you don't understand this, fax your policy to your broker. Make him double check it. You do not want a penalty at the time of loss. Make your broker work for you and answer your questions.

Lisa Sherer is the President & CEO of Berrier Insurance Agency, Inc. ( http://www.berrierinsurance.com ) located in Northern California. We have specialized in trucking insurance since 1981, serving California, Oregon, Nevada, Arizona and coming soon to Texas. Please contact me at (888) 472-4915 or email me at lisa@berrierinsurance.com.

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

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