What are some of the reasons for buying Life Insurance?

Hal

Dallas, Texas

 Great Question Hal,

When you buy a life insurance policy, your beneficiaries can use the money to cover the bills you leave behind. Believe it or not, the costs associated with your funeral and burial will likely reach many thousands.

In addition, there may be costs involved in settling your estate. You may have medical bills that your health insurance did not cover or other types of debt. When your loved ones are grieving, they don’t need the additional burden of worrying that these expenses may potentially spell financial ruin.

Here’s another reason to consider. When you buy a life insurance policy it can be used as a way of leaving something of value to your heirs. All you have to do is name as beneficiaries the individuals you choose to inherit your policy.

Or, instead of naming individuals as beneficiaries of your life insurance policy, you could choose a charity as the beneficiary.

Given the above reasons, buying a life insurance policy just might make sense after all!

I’m not a cigarette smoker but I do smoke cigars occasionally. Right now, I’m planning on getting a life insurance here in Grand Prairie Texas and I just want to know if I have to pay smoker life insurance rates?

Steve

Dallas, TX

Steve,

Generally, smokers pay higher rates for life insurances than non-smoking people. This is mainly because of the high risk in mortality associated with smoking.

Smokers are categorized by life insurance companies in order to determine the amount of their premiums. There are moderate smokers or those who smoke 20 or less cigarettes a day, and heavy smokers or those who smoke more than 20 cigarettes a day. Life insurance companies commonly offer lower smoker life insurance rates for people who smoke less. A lot of questions are pouring out on how we should classify smokers of cigars, especially now that there is a cigar hype going on. Unfortunately, having a consensus within the industry regarding this issue on smokers is still far from reach. However, clients are usually asked about their smoking habits and their consumption of nicotine-containing products.

Usually, the way insurers classify or categorize cigar smokers varies greatly from one company to another. Some life insurance companies charge the same smoker life insurance rates for cigarette smokers and cigar smokers because they believe that all forms of tobacco are potentially and equally dangerous to one’s health. But also offers certain exceptions for occasional use, like smoking less than a dozen cigars a year. There are also life insurance companies that choose to be on the safe side by charging less for cigar smokers than the heavy cigarette smokers but higher than non-smoking people. There are even life insurance companies that classify cigar smokers as non-smokers and so charging them with lower rates. For those who are thinking of quitting, some life insurance companies reevaluate your rates if you quit smoking for at least a year.

Although you said that you only smoke cigars occasionally, it is still wise to contact your life insurance agent so you can learn more about smoker life insurance rates suited for you. So even if you’re simply joining the cigar bandwagon or a really heavy smoker, having first-hand information about policies and rates is definitely a must especially if you’re planning on getting life insurance.

Is Child Life Insurance important for my children? Is there an insurance company that can give me good options?

Stephanie

Dallas, TX

Hi, Stephanie!

Securing child life insurance for your children has both advantages and disadvantages. And in doing that, what you need is a good rationale. Generally, the working parent who supports the family is already insured. And if the parents or their legal guardians are insured, getting child life insurance for the children will guarantee more benefits for them.

There are certain reasons why you should consider buying child life insurances. For one thing, a life insurance assures insurability for your children. You can purchase a permanent life insurance, such as the universal life policy, and make sure that you sufficiently fund the premiums so that you’ll be able to provide money for your children’s college and other financial needs in the future. Keep in mind that the main reason for getting a life insurance is to guarantee that the final expenses are covered should anything happen to your children.

Informing your children about the importance of life insurance is a very wise thing to do especially because it teaches them to be responsible enough with their own finances in the years to come.

I’m sure that you can find a lot of insurance agencies that can give you reasonable options on which would be the best type of insurance to secure for your children. Or if you choose this website will give you great infomation as well.

I recently decided to get a life insurance policy and I’ve been asking some agents which would be suitable for me. They suggested that I get Whole Life Insurance Policy quote, what exactly is it?

Katrina

Dallas, TX

It is good that you understand the value of having a life insurance policy. And the fact that you’ve been asking around shows that you are a careful buyer.

Whole Life Insurance Policy is a type of policy that covers you for as long as you live. It is permanent as long as you keep paying the premium. Since it is a long term insurance, the premiums that you pay are fixed.

Unlike other life insurances, you get cash values with whole life insurance policy, which you can keep in case you surrender the policy before maturity. The cash value account works like a savings account. It lets you accumulate money over time and it also lets you take out loans. If at any time anything should happen to you that would cost you your life before you finish paying off the loan, the money that your beneficiaries will receive will be less than the cash amount that you have saved. For instance, you took out a $ 350,000 policy and over the years, you often borrowed from the cash money which amounted to $100,000, now in the event of your death, your family will only receive $200,000. This is because the policy will have to pay for the money that you borrowed over the years. To be sure, you can ask and clarify with your life insurance agent on how much your beneficiaries will receive upon your death.

I’m sure that you’ll find a life insurance agent who can give you a whole life insurance policy quote and offer the best suited Whole Life Insurance Policy for you. Good luck!

I am looking at buying a Life Insurance Policy, but the cost of some policies are to expensive. What do you think is the best thing to do?

Paul

Dallas, TX.

Great Question.

It is the cost of these insurance policies that makes some people decide not to go through with it. They have to pay a monthly or annual fee without being to able to see immediate results. This is something that makes people lose their determination. But this is not a very wise decision.

The solution is cheap life insurance. If you are wondering if there is such a thing, the answer is yes, there is. What you need to do to get it is to carefully analyze all the insurance companys’ offers. First and foremost, you need to think about your requirements - your own needs. You don’t need to accept the first big figure that the insurance company throws at you.

You need to take a look at the premiums, also. The premiums are in direct correlation to the amount of insurance you decide to pay. That’s why you need to choose one that will give you the financial freedom to also pay the premium.

How can I get low rate life insurance in Dallas?

George

Dallas, TX

George,

If you want to get low rate life insurance, here are some suggestion that will surely put your rate to the minimum.

1. If you are a smoker, your can expect a life insurance rates twice than those who does not smoke. It costs more a lot for life insurance providers to smokers since they are considered a high risk. Once you quit smoking for about 12 months you can tell your insurance company so that they can re-evaluate your life insurance policy and you will definitely get low rate life insurance.

2. Try to lose pounds if you are overweight because it is another way to get low rate life insurance if your weight is proportional with your height.

3. You may also be able to obtain a multi-policy discount if you get life insurance and other insurance from the same insurance provider. This will help you save a lot of many than getting your policies from several insurance companies.

4. I suggest that when you compare low rate life insurance, get at least three insurance quotes from different insurance companies because you will get a better chance of obtaining a low rate life insurance.

I was just wondering what information may affect my instant life insurance quote online? What will be asked during my life insurance application?

Louise

Dallas TX

Louise,

If you are trying to purchase instant life insurance quote online, this will be based on the amount of time for the coverage and the amount of coverage that you need the amount of coverage and how often you plan to pay your life insurance premiums (monthly, quarterly, semi-annually, or annually). In addition to that, your instant life insurance quote will be affected by your rating class (Standard, Standard Plus, Preferred, or Preferred Plus). This rating class is determined by your risk factor. The website you will be using to find for your instant life insurance quote will provide information or some kind of tool to assist you determine your rating class so you will not have to worry if you do not know your rating class.

The information you will be asked during your application for an instant life insurance quote online is personal information such as your gender, age, height, weight, tobacco use, and your location (the database needs to know life insurance policies available to people in your state).

If you have been diagnosed with cancer when is the best time to purchase cancer life insurance policy?

Jason

Dallas TX

Jason,

There is no specific time frame for those that have been diagnosed with cancer to get cancer life insurance policy. When looking for a life insurance provider, the cancer victim will usually be asked with the size of the cancer or tumor, the location of the cancer or the cancer stage. If the cancer victim is currently in the middle for cancer treatments, the chances of getting life insurance is usually slim. After cancer treatment, though, depending on the outcome of the treatment, radiation or chemotherapy many life insurance providers will determine qualifications for the cancer survivor on a case to case basis.

Nowadays there are many cancer related organizations who aims to provide guidance for cancer patients. This guidance does not have to focus on treatment. If you are trying to purchase cancer life insurance policy the best thing to do is to shop around for various life insurance providers to get reasonable cancer life insurance policy rate.

Cancer Life insurance policy not only provides income for after life expenses but a bit of relief about surviving cancer and being ready if the cancer comes back in the future.

What are the advantages or disadvantages of a Universal Life policy?

Tara

Dallas,TX.

 Tara,

Universal policies unnecessarily lock you in. You’re committed to paying a high annual premium. For instance, the annual premium on one million dollars of universal life for a healthy, 45-year old non-smoking male is around $8,000. That’s $8,000 each year—for the rest of his life.

On the other hand, the annual premium for one million dollars of 20-year term insurance is about $1400. That’s a difference of $6,600 each year. With universal insurance, most of that additional premium builds the cash value of the policy. But because of administrative and other fees, the amount added to your cash value each year is reduced. By the way, has your agent mentioned there is a way to buy no-load universal life insurance?

What are the differences in Whole Life Insurance and Term Life insurance?

Fred

Plano, TX.

Fred, 

Before you decide to buy whole life insurance over its counterpart, Term Life

Insurance, it is crucial for you to understand the basics about Whole Life

Insurance in Texas.

The first type of whole life insurance is non-par or non-participating,

whereas the second type is participating. The major difference between these two

types of policies is that you cannot change them. In terms of a participating

type insurance, the insurance firm will share the dividends with you.

Great Question.