Insurance Info

When it comes to buying life insurance, it pays to be good, lean and healthy. Bad habits such as poor eating choices, an inactive lifestyle, smoking, flouting traffic rules, or a history of criminal offences can seriously inflate your life insurance rates. In contrast, turning over a new leaf can save you a fortune on life insurance. You can do this by adopting certain lifestyle changes for better health, by demonstrating that your DUIs are a thing of the past, and by proving that you’ve kicked the habit of smoking for at least a year, .

The underwriting process in life insurance will classify you in a particular rate class. A rate class is the price you have to pay for life insurance coverage, commonly known as premiums. Life insurance companies scrutinize your application, and look closely into the outcome of your physical exam, as well as into other supporting documents such as criminal offences, medical history, driving history, etc. Then taking your age and sex into consideration it brackets you into a certain rate class. Different life insurance companies have different names for their rate classes. However, the commonly used terms are Preferred Plus (the best rate only awarded to someone in excellent health, with no bad habits), Preferred, Standard and Substandard (for someone who has serious health conditions). Life insurance rates are cheapest for the Preferred Plus rate class, and increase for each lower rate class. That’s why qualifying for a better rate class can save you a lot of money. Continue reading ‘Changing Bad Habits Can Save You A Fortune On Life Insurance’ »

Debt is a part of life, but when debts careen beyond control to a point where you can no longer repay, filing for personal bankruptcy is a way out. However, before you file for bankruptcy, there are important repercussions you should consider, especially facts related to your life insurance premiums.

Bankruptcy and life insurance
If you own an existing life insurance policy, it is usually left untouched by the bankruptcy court, to protect the interests of your beneficiaries. If you own a permanent life insurance, you will be allowed to retain a portion of the cash value that has accumulated on it. How much you are allowed to retain depends on where you live, because the rules are different from State to State. If you have taken out a life insurance policy on someone else like your spouse or your kids, you will have to surrender the same to the court.

Bankruptcy will affect your life insurance rate.Most people file for bankruptcy because it wipes the slate clean and helps them to start over. It is common knowledge that a bad credit score will adversely affect life insurance premium rates. However, will bankruptcy improve the situation? Let’s explore the repercussions of bankruptcy on life insurance premium rates. Continue reading ‘How Declaring Bankruptcy Affects Your Life Insurance Rate’ »

When you apply for a life insurance quote online, or when you are filling up a life insurance policy application form, you will be asked which rate class you wish to apply for. What exactly is “life insurance rate”? It is the price you have to pay monthly, quarterly or annually for life insurance coverage.

The underwriting process and life insurance rate classes
There are several rate classes, and every person who applies for life insurance wants to qualify for the best rate class so that their premiums are kept low. However, other than going over the criteria for different rate classes, and determining which one you qualify for, there is little you can do than hope that you qualify for a good rate class. Continue reading ‘Understanding Life Insurance Rate Classifications’ »

When it comes to buying life insurance, it pays to be good, lean and healthy. Bad habits such as poor eating choices, an inactive lifestyle, smoking, flouting traffic rules, or a history of criminal offences can seriously inflate your life insurance rates. In contrast, turning over a new leaf can save you a fortune on life insurance. You can do this by adopting certain lifestyle changes for better health, by demonstrating that your DUIs are a thing of the past, and by proving that you’ve kicked the habit of smoking for at least a year, .

The underwriting process in life insurance will classify you in a particular rate class. A rate class is the price you have to pay for life insurance coverage, commonly known as premiums. Life insurance companies scrutinize your application, and look closely into the outcome of your physical exam, as well as into other supporting documents such as criminal offences, medical history, driving history, etc. Then taking your age and sex into consideration it brackets you into a certain rate class. Different life insurance companies have different names for their rate classes. However, the commonly used terms are Preferred Plus (the best rate only awarded to someone in excellent health, with no bad habits), Preferred, Standard and Substandard (for someone who has serious health conditions). Life insurance rates are cheapest for the Preferred Plus rate class, and increase for each lower rate class. That’s why qualifying for a better rate class can save you a lot of money.
Continue reading ‘Changing Bad Habits Can Save You A Fortune On Life Insurance’ »

Every year, the average American receives around $2500 in tax rebates (checks from the IRS with advance tax paid by you over the amount that you owe the IRS). With President Obama’s new stimulus tax breaks, this amount is likely to be higher in the coming years.

The average American treats the tax rebate check as free ‘spend’ money, not realizing that it’s his or her ‘forced savings’ money that the government is paying back. So instead of blowing it away, how about using it in more sensible, lasting ways? The most sensible thing you can do is pay for your life insurance with your tax refund. Continue reading ‘Use Your Tax Refund To Pay For Your Life Insurance Policy Annually’ »

Debt is a part of life, but when debts careen beyond control to a point where you can no longer repay, filing for personal bankruptcy is a way out. However, before you file for bankruptcy, there are important repercussions you should consider, especially facts related to your life insurance premiums.

Bankruptcy and life insurance
If you own an existing life insurance policy, it is usually left untouched by the bankruptcy court, to protect the interests of your beneficiaries. If you own a permanent life insurance, you will be allowed to retain a portion of the cash value that has accumulated on it. How much you are allowed to retain depends on where you live, because the rules are different from State to State. If you have taken out a life insurance policy on someone else like your spouse or your kids, you will have to surrender the same to the court.

Bankruptcy will affect your life insurance rate.Most people file for bankruptcy because it wipes the slate clean and helps them to start over. It is common knowledge that a bad credit score will adversely affect life insurance premium rates. However, will bankruptcy improve the situation? Let’s explore the repercussions of bankruptcy on life insurance premium rates. Continue reading ‘How Declaring Bankruptcy Affects Your Life Insurance Rate’ »