5 Life Insurance Tips You Shouldnt Go Without
Readers Question:
What things should I know before I buy my first life insurance policy here in Missouri? Thanks!
Glenda
Springfield, MO
Everyone, especially first-timers, interested in getting the right kind of life insurance coverage at the best price, here are five essential tips to keep in mind:
Tip # 1: Know The Basics
In a nutshell; there are two types of life insurance policies, Term life and Whole life. Term is best for people only needing life coverage for a certain period of time in their life, such as while raising a family, or paying mortgage. This is the cheapest and simplest kind of life insurance. Whole life is for those who are investment savvy and would want a portion of their premiums going into a form of savings (cash-value), while having permanent coverage.
Tip # 2: Know How Much To Buy
Factor in the immediate needs of your family/dependents such as living expenses and financial obligations, and buy the life insurance coverage amount that would cover those needs for at least the next few years in the event of your untimely demise.
Tip # 3: Shop For Rates Effectively
Get the most competitive prices when it comes to your Missouri life insurance (or wherever you are) by using specialized websites called life insurance portals (youre on one right now). These allow you to compare prices and offers effectively; by giving you free access to the latest rates from a wider selection of providers in the market today./p
Tip # 4: Do Your Homework
Life insurance is a long-term commitment, so choose your provider carefully. Independent rating agencies such as A.M best and J.D Powers rates many different companies based on important categories, such as claims handling, financial stability and customer service. These are vital information to anyone who wants to make sure they choose a competitive and reliable insurer.
Tip # 5: Aim For A Healthy Lifestyle
Finally, nothing beats the perks of healthy living. Smoking alone can push rates up 300 - 400% higher than average, so there is definitely thousands of dollars to be saved annually if you decide to quit now. The longer you live, the lower your Missouri life insurance rates will become.
Car Insurance Rates In Missouri
Reader’s Question:
Are student car insurance rates in Missouri expensive? How can they be lowered?
Gabrielle
Kansas City MO
Students are normally given higher car insurance rates in Missouri because statistical data showed that young drivers are involved in many accidents because of recklessness and speeding. Although many young persons are careful and responsible drivers, stereotyping can’t be avoided. Insurers are very cautious since they stand to lose a lot when accidents occur.
Student car insurance rates in Missouri can be lowered for several reasons. One of these mitigating factors is the student’s performance in school. An average of B could result to a discount for the car insurance rates in Missouri. It can also help you get a lower insurance rate if your mileage is low since that would mean you are not on the road a lot of times. Being on the road exposes the student to a lot of risks that insurers do not like. Also, you may be tempted to beautify your car by changing your rims to alloys. Don’t do it since that could result to a higher premium. Do not add a spoiler to your car because it could also make your rate higher. If you are driving a fast and expensive car, you should consider changing it for a car that belongs to a lower group among insurers in Missouri.
Health Insurance Coverage for Retirees Missouri MO
Reader’s Question:
Hi I’m Ben, 58 years old, from Missouri. I’m about to retire very soon. The thing is I have to get myself another health insurance policy. I understand that it would mean higher premiums, but I don’t want to pay too much needlessly. Would you please give me some tips as to how to go about this?
Ben
St. Louis, MO
There are a lot of people with the same problem as you. Even though you are in perfect shape, your age is one big reason for health insurance companies to charge you with higher premiums. I believe it can go three times as high as what you used to pay when you were employed.
One way to prepare for this is to talk to your employer there in Missouri in advance and ask for an HRA or Health Reimbursement Arrangement. It isn’t in place yet, but it will be in 2010. Through this, you may utilize your unused sick leaves to pay for certain medical and dental expenses, including health care insurance premiums. Look for co-workers who have the same concern. Together, you have a better chance at negotiating this with your employer.
You may also try to enroll at health insurance pools, which are run by state departments. You may find one in Missouri, which the Missouri Department of Insurance supervises. This was created precisely for people who can’t get themselves approved for health insurance coverage. You would, however, need to present proof of this, such as a written letter from an insurer that you would have been rejected or uprated had you applied. This could end up being cheaper. Good luck, Ben.
Tags: health insurance, insurance advice
Equity-Indexed Universal Life Insurance Missouri MO
Reader’s Question:
I am a stock market investor here in Missouri and recently heard about equity-indexed life insurance. Is this a type of insurance that will cover my losses from stock market investments?
Liam
St. Louis, MO
There really has been a lot of confusion with this so-called equity-indexed universal life insurance. I even received an e-mail before which asked if equity-indexed insurance covers only death caused by the downturn of the markets. No, equity-indexed universal life insurance does not work that way. It is hinged more on life insurance than the Dow or the S&P or the Russell 2000.
Equity-indexed insurance is a fixed universal life insurance policy that was designed to offer higher returns compared to interest-sensitive universal life policies. For equity-indexed universal life insurance policies, you just have to look at the stock indices for a benchmark on how large your cash value will grow.
As an illustration, let’s say that the S&P 500 closed at 900 and also, you bought an equity-indexed universal life policy today. Your insurance provider will record the closing value of the S&P 500 at 900. Fast forward to a year later, the insurance company will write down the closing value of the said index.
Now, let’s assume furthermore that the market did better the year after you bought the insurance policy, and it closed at 1,000. Your life insurer will then credit an 11% gain on your policy’s cash value. Good for you. Yay!
On the other hand, let’s say that the opposite happened, and the S&P finished down at the 800 level. This means an 11% movement downward. So, will 11% of your cash value be deducted? No, Liam. Your gains will be indicated as zero, as the risks will be shouldered by the life insurance company.
But this is should not be viewed as a moneymaking situation, as you only have a cap of 12% gain. So, gains above 12 % won’t be credited to you.
Liam, I hope this is clearer to you now. For more information, please contact your life insurance agent in Missouri.
Tags: life insurance, life insurance policy
Elderly Life Insurance Tips Missouri MO
Reader’s Question:
Our family is working to re-evaluate my elderly parent’s life insurance expenses in Missouri, do you have any helpful tips?
Lars
Independence, MO
There are many ways to approach what you are trying to accomplish for your elderly parents there in Missouri, however, the first advise you would want to get is to determine if their life insurance policy is still practical and cost-effective. Here are a few things to keep in mind to determine the best way to help your parents with their life insurance costs.
” Practicality - can they still afford the premiums they are paying? If they are forced to pay a thousand dollars a month just to maintain a policy that has been there since the 1950’s, it may be time to look for better rates. Competition between life insurance providers has become stiffer and they may find someone who is willing to provide the same level of benefits for much lower rates. This would be a good time to shop around the Web and get quotes Online.
” Know when to sell - if your parents are sufficiently aged, it may actually be a good idea to surrender the policy and get the total cash value amount they have invested. This is especially true for those that have whole life and universal life insurance since the said policies may have incurred substantial amounts of interest, enough to carry them further on without having to pay so much on premiums.
These are just general tips and it would be good if you can consult a financial professional or an independent life insurance broker to guide you further.
Tags: elderly life insurance, high-risk life insurance, life insurance for seniors, life insurance advise
Whole Life Insurance Missouri Mo
Reader’s Question:
I would like to know if my beneficiary for my whole life insurance here in Missouri will be affected by my last will and testament.
Terrence
St. Louis, MO
I see that you are still worried for your loved ones even if you already have a last will and testament and whole life insurance coverage. Good for you, Terrence.
If the beneficiary for your insurance and the person in your will slated to get your insurance money are two different persons, problems will arise. Ideally, there shouldn’t be any confusion as the insurance policy is a legal document in itself, and it clearly states who the beneficiary is or beneficiaries are, but when the insurance policy is counted as an asset in the will, and the will states a different beneficiary, there will be issues. Like in the movies, this little oversight could be the cause of family members trying to kill each other, or it could be the start of a long court trial.
So, to avoid feuds within the family, and so that your intended beneficiary gets the life insurance money, you should make sure that you update your will. Make sure that the beneficiary of the insurance money in the will and the life insurance policy itself is one and the same person, the person who will have control of the money coming from the insurance policy should you pass away.
Terrence, I guess it wouldn’t hurt to add one sentence to your will for the sake of clarity and for the sake of everyone you love. Call your lawyer in Missouri and update your will.
Tags: life insurance, whole life insurance, life insurance beneficiary
Life Insurance Policy Beneficiary Missouri MO
Reader’s Question:
Hi. I am the beneficiary of my mother’s life insurance policy who died last week here in Missouri. She was a single mom, and I’m her only child. I just want to know: Do I get my benefits whole and tax-free, or do I need to pay my mother’s debts if she has any? I actually have no idea what to do.
Debbie
Columbia, MO
Hi, Debbie. Please accept my sincerest condolences on your mother’s passing. Well, Debbie, as the recipient of your mother’s policy, the responsibility of arranging her funeral imperatively falls on your shoulders. For funeral expenses, it usually costs about $7,000. Generally, costs vary depending on the type of service, geography and other extra factors. Also, keep in touch with your mom’s lawyer; ask if she left a last will or testament. If she has no will but has properties, it’s important that you know.
You can use part of the insurance money to pay for the estate taxes. It may be the reason why your mother got a life insurance policy in the first place, so you will have funds to draw from should you have to pay the Missouri estate taxes, and so that you will not be forced to sell her properties.
And to answer your question whether you are obliged to pay debts incurred by your mom, the answer is yes and no. If indeed she does have outstanding debts, these will be taken from her estate, which include bank account deposits, stocks, bonds, real estate properties and other things in her name, before the proceeds left, if any, go to you. Now, when it comes to the life insurance policy benefits, you will not be liable to pay for any of your mom’s debts or loans as it is written in the law that all proceeds of an insurance received by the designated beneficiary or trustee shall not be subject to debts of the insured nor to estate taxes. Such proceeds are payable to the beneficiary and not the insured’s estate.
Tags: insurance advice, life insurance
Cheap Life Insurance Rates Kansas City Missouri MO
Reader’s Question:
Who can I name as my beneficiary in my life insurance plan here in Kansas City, Missouri?
Courtney
Kansas City, MO
This is a very smart question, Courtney; thank you for asking this.
More often than not, life insurance policies are acquired because parents are thinking of their children’s future and sometimes, these children may be quite young. Because of this, many people will commit the mistake of naming their children as their beneficiaries, which can create some problems for both the beneficiaries and the insurance company. Remember, Courtney that there is a certain age before children can enter into legal binding contracts. Say, if your child was only twelve when you passed away and she was your beneficiary, she will not be able to sign legal documents, as well as receive any proceeds from your life insurance policy. Because of this, naming children as beneficiaries are discouraged. You can name in their place instead, some guardians whom you fully trust to fulfill your wishes, if you can not name your spouse for some reason. By default, you see, spouses are the default beneficiaries of life insurance policies. Be careful also when you use descriptions to name your beneficiary. Some descriptions change over time such as “spouse” (which can be changed by divorce or annulment). Therefore, whenever you change your status, it is also a good idea to review your life insurance policy to ensure that it is updated. You can also add your children as your beneficiary when the right time comes, just make sure to inform your insurer from Kansas City, Missouri that you would like to do so.
I hope, Courtney, that I have shed some light on your query. Let me further invite you to look at how much life insurance policies cost by just entering your zip code on the space you see on this page. It will be harmless and you might even find the life insurance plan you are looking for!
Tags: cheap life insurance, cheapest life insurance, life insurance quotes, life insurance rates
Health Insurance Quotes Online Columbia Missouri MO
Reader’s Question:
I am looking for a health insurance plan in Columbia, Missouri but don’t know where to start. Can you please help me? Thanks in advance.
Rudolf
Columbia, MO
Hi, Rudolf, hope this reaches you in good health!
Getting health insurance plans may be one of the easiest things to do in Columbia, Missouri and there will be many resources available for you so you needn’t worry. Of course, I will also be very glad to give you a crash lecture on the subject. Health insurance plans can be found in two types – indemnity plans and managed plans. Indemnity plans require the policy holder to pay for the services first and will then be reimbursed by the insurance company afterwards. Although this does not sound too good, the upside is that the policy holder can choose the services he needs, including physician (or any other doctor) and hospital. He can go to the ones he is most comfortable with, whether or not it was recommended by the insurance company. Managed plan, on the other hand, is the complete opposite of indemnity plans. This can be viewed as a prepaid health care plan wherein the policy holder does not need to pay for the services employed.
The downside of this plan is that the health insurance company appoints the medical professionals and facilities for the patient or the policy holder. But this does not mean that it will be a limited choice, in fact, managed plans have a wide array of choices because insurance companies usually belong to a network of medical practitioners and they have access to more experts and facilities.
So, Rudolf, you just have to decide which health care plan appeals more to you, or you may want to look at the costs if you are still undecided. To get free quotes for health care plans, just enter your zip code on the space you see on this page and evaluate each proposal very carefully.
Tags: cheap health insurance, health insurance leads, health insurance quotes, health insurance rates
Cheap Health Insurance Rates Independence Missouri MO
Reader’s Question:
When I choose an insurance company in Independence, Missouri to buy my health insurance from, what are the factors that I should be looking at?
Tetchie
Independence, MO
Hello, Tetchie, and thank you for this question. It is a very basic issue and one that should be considered by everybody looking for a health insurance plan, whether in Independence, Missouri or Anchorage, Alaska.
Let us begin by reviewing why we ever bothered with health insurance in the first place. The most common and logical reason for getting health insurance is wanting protection against rising health care costs. As such, your health insurance should do just this precisely. When getting health insurance plans, always bear in mind that there are three items most commonly related to health care and these are : hospitalization, professional services, medications and treatments. Hospitalization bills usually are composed of room charges including services linked with confinement such as dextrose costs, meals, and medications while you are in the hospital premises. Professional services are usually the single biggest expense item in health care and this may range from merely monitor consultations (routine visits) to out-patient consultations to surgery (minor or major).
Insurers from Independence, Missouri will vary on the coverage they offer so better look closely at the proposal. The last item you would want to consider maybe rather small in value compared to the two other items mentioned but because this is usually on a sustained mode, it (sometimes) ends up being the most expensive item in health care and I am talking about medicines. I’ve heard of many cases when medication had to be stopped because the person cannot afford the expensive drugs anymore.
Tags: cheap health insurance, health insurance leads, health insurance quotes, health insurance rates