Shopping For Term Life Insurance

May 21, 2013 by Leave a Comment
life insurance

One of the most affordable life insurance options is term life insurance. Term life insurance is simple to understand yet affordable for the average family needing life insurance just in case something happens. When you are shopping for insurance, you need to shop around and compare what types of coverage various companies offer so you can make a wise choice.

Some frequent mistakes people make when they are shopping for term life insurance are:

Not Buying Enough Coverage

When planning to purchase term life insurance you need to make sure the death benefit is enough to cover your needs and your dependents needs. The average amount recommended for a life insurance policy is 10 times the insured’s yearly salary, however this equation may not work for your family, especially if you have children heading to college or someone that may need medical care in a few years. If you are the family’s sole income earner you may want a higher coverage amount.

Choosing Too Short of a Term

Term life insurance is often sold in set year policies from 5 years to 20 years. Before you purchase your policy, think about what your future needs might be. Do you want this term life insurance to provide coverage until your oldest child goes to college? On the other hand, would you prefer it to last until all your children are moved out of the house? Make sure you get coverage for a long enough term to encompass your needs.

Not Buying the Best Value Term Life Insurance

Before purchasing your term life insurance, you need to make sure the policy fits all of your requests, not just the amount you want to pay. Life insurance policies can vary depending on their available riders, convertibility rights and guarantee period. Find out how flexible the insurance policy is and how much it will cost to renew the policy after your term if you choose. To compare prices you can find a site like www.termlife360.com and get some quick and easy term life insurance quotes. That will help you narrow down the list of potential insurance carriers you may want to contact.

Buying Term Life Rather Than Another Type of Life Insurance Policy

Term life is great if you are under 45 and in good health, it is very affordable for younger people. Someone who is older and has medical problems may want to explore other types of life insurance such as universal life. Investigate your circumstances and make sure you are picking the right type of life insurance to fit your requirements.

Filed Under: Life Insurance

4 Tips For Shopping for Medigap Insurance

May 1, 2013 by Leave a Comment
Because Medicare and Medicaid don’t cover exactly everything in the medical industry, there are definitely some things that they fall short on. This is where Medicare supplemental insurance, also known as Medigap insurance, comes into play. Medicare supplements can be purchased separately from a private company. However, it can be hard to know which companies are providing the best service as opposed to which ones that don’t. These are four helpful tips for shopping for Medigap insurance and getting the best Medicare supplement rates.

1. Are Pre-Existing Conditions Covered?

One of the first things you should be asking companies when shopping for Medigap insurance is whether or not pre-existing conditions are covered. Contrary to popular belief, many companies do not cover existing conditions at the time of purchase of the policy. Before making a big mistake and signing an agreement with a company that won’t cover an existing condition you might have, read the fine print.

2. Watch Out for Companies that Heavily Pressure You to Buy

Illegitimate private insurance companies have questionable methods for getting customers to buy their insurance policies. If an agent tries to scare you into buying or if you were contacted about the insurance policy via a “cold call,” be extremely cautious with the company in question. Don’t let insurance agents scare you into an expensive life insurance policy. These are all tactics to dip into your wallet; know how to recognize them.

3. Check for Unbiased Reviews of the Company Online

The internet is wonderful for many things. This includes uncovering the truth about practically any company you can think of. Customers are often willing to tell the world exactly what they think of a company, and this is even more true if they’ve been wronged. Check in unbiased consumer communities for reviews on the company in question. Check for talks on claim reliability, refund policies, and more.

4. Question Whether You Truly Need Medigap Insurance

There might be a chance that you don’t actually need Medigap insurance. Maybe your employer already offers an insurance option that covers your specific medical needs. Maybe you’re just ready to ditch the company you have now for some insignificant reason. Don’t make an unnecessary purchase without doing all the research first.

Overall, there are several things you should look out for when shopping for Medigap insurance. Don’t make the mistake of buying into a policy that you later won’t want. Do your research and compare companies/policies before making a decision.

Filed Under: Health Insurance

How Does Medicare Supplemental Insurance Work?

April 23, 2013 by Leave a Comment

medigap insurancePeople who are newly eligbile for Medicare often feel overwhelmed by all of the Medicare supplemental insurance plans available to them. There are three primary parts of Medicare: Part A, Part B and Part D. Supplement insurance is designed to cover medical expenses that are not covered by Medicare, including copayments, deductibles and coinsurance. Medicare supplemental insurance policies can only cover medical expenses that have been deemed medically necessary by Medicare. Some plans offer additional coverage that Medicare doesn’t, such as coverage if you have a medical emergency in a foreign country.

Medicare supplemental insurance benefits are set by the government, but the actual policies are sold by privately-owned insurance companies. These policies are automatically renewed each year so that you are never without coverage unless you cancel it. Be aware that you may not be eligible to purchase a new policy if you drop your current Medicare supplement insurance policy.

There are 10 Medicare supplement plans that are considered standard, and each of these plans offers you a combination of medical benefits. They are standard in that if you are shopping around looking at Florida Medicare supplement quotes and your sister, who lives in Indiana, is looking at the same plan in her area, the coverage is going to be identical, even if it is offered by different insurance carriers. The prices may differ in different areas, but the coverage is the same.
The supplement insurance plans are labeled according to the alphabet. Every insurance company that offers any Medicare insurance options is required to offer Plan A. They must also offer Plan F or Plan C if other plans are offered.

Some people don’t need to purchase Medicare supplemental insurance, such as those who are covered by health insurance through COBRA or their employer. People who are covered by Medicaid also don’t need to purchase supplemental insurance because all of the medical costs that are not covered by Part A are paid by Medicaid. It’s important to note that there may be a penalty if you delay purchasing Medicare Part B coverage, so you should talk to the Social Security Administration about your individual situation to ensure that no penalty will be assessed if you delay coverage until retirement.

State and federal laws allow employees who have left their jobs to continue being covered by group insurance through their former employer for a set amount of time as long as they pay the required premiums. People who are covered through COBRA may not need Medicare supplement insurance until their coverage expires. You may still be subject to penalties if you don’t enroll in Part B coverage by the deadline because COBRA is not considered the same as employer-sponsored health plans.

Filed Under: Health Insurance

3 Benefits of Burial Insurance

April 22, 2013 by Leave a Comment

funeral insuranceWhen people think of insurance, they often think of life insurance, car insurance, and health insurance. Although these are all important, one type of life insurance often gets overlooked: burial insurance. It can be just as important and beneficial as well. This type of insurance gives you the opportunity to cover costs of your burial so no one will end up struggling with costs later on. Wondering how burial insurance can help you? Check out these top three benefits:

1. Easy payment plan:

When paying for your burial service in advance, you won’t have to pay thousands of dollars upfront. Instead, you can have an easy to handle burial service that won’t cost anyone else trouble or money by paying for your grave, land, and ceremony in small chunks every month. You’ll find that it’s affordable and easy.

2. Lower costs now than later:

If you pay for a burial before you are expecting death, you will end up saving tons of money. If a family member is planning and paying for your burial in a rush, prices will be much more than they are when you pay in advance and grab insurance. The insurance will give you the best cost and a great burial service whenever needed.

3. Renewable after death:

Whoever is paying is able to collect money after the burial service, and get a lot of what they paid back. Not only will someone get a safe, covered burial service but someone in the family will be able to renew the money. The benefits of burial insurance will never decrease and protection is up to 35,000 dollars, so you’ll be covered no matter what type of burial service you’d like.

These top three benefits should be highly considered when thinking about getting burial insurance. Not only will you be covered, but you’ll do someone a huge favor by not having to pay in a rush and alone.
Filed Under: Life Insurance

Thanks for Visiting

April 21, 2013 by Leave a Comment

matthew-owensThank you for visiting my new website. This is my first attempt at setting something like this up, so if we hit any hiccups along the way, please bear with me.

I have worked in the insurance industry for the past 9 years. Most of that time has been spent on the sales side of insurance, helping consumers match the right products to their needs. And that is really what I feel I do, match products to needs, whether those needs are perceived or unperceived. I do not consider myself the stereotypical pushy salesperson by any means. Rather, I simply have discussions with customers about their current financial state and future financial plans.

Once I understand where a client is and where they want to go, we identify goals and potential pitfalls along the way. From there, we simply match up ways some insurance products can help them and their family today and in the future either to reach their goals or to overcome some of those identified obstacles.

I hope you find my laid back approach beneficial.

Filed Under: Insurance