Input: How Do I Determine How Much Life Insurance I Need?

Output: Complete a life insurance needs analysis - there are general worksheets that you can google for , however , to get the most accurate picture , you should sit down with a life insurance agent/broker . The purpose of the insurance is a driving factor in determining the need -LRB- e.g. income replacement , estate planning , family protection , etc. -RRB- . Realistically speaking , most people are not going to purchase enough coverage to cover every need that they have - many times this is because they ca n't / do not want to write the check for such a high amount . You should look at which are the most critical needs you want to meet , how long do you need to have each of them covered for - this will point you in the direction of how much coverage is appropriate and suitable for you . If I can be of assistance or if you have other questions , feel free to send me a message using the `` contact me '' button .


Input: How Do I Determine How Much Life Insurance I Need?

Output: The question , `` How do I determine how much life insurance do I need '' is one that should be asked by everyone and re-evaluated every year or so . Why ? Because things and circumstances change . There are a number of formulas that are popular with insurance sellers , so the answer you get will depend on who you ask . I would ask you , `` how much do you need for WHAT ? '' In other words : what is your goal for your insurance ? If you have over $ 5.2 million in assets you may want your life insurance to protect your heirs from the tax liability of your estate . If not and your mortgage and credit is all paid off , you may just want your beneficiary to be able to maintain the life style you 've provided for them for the rest of their life . If you still have a mortgage and credit bill you may want to make sure those are all paid in the event of your demise . Or your `` what '' may be a combination of things . That is why you need to work with an agent who will truly look out for your best interests and ask you the right questions .


Input: How Do I Determine How Much Life Insurance I Need?

Output: Well you will often hear 10X your salary which is a good guideline to go by . What you need to look at is what will be the financial loss to your loved ones if you pass away . So for example if your income is wiped out how long can your family survive without it . Do you have young children that you wanted to put through college . You would want to sit down and start adding up the cost from today going forward . You will be surprised when you really look at the numbers .


Input: How Do I Determine How Much Life Insurance I Need?

Output: Life insurance creates cash at death . Is the insurance needed to create an estate or to preserve one ? . For example if you are trying to create wealth to replace family income you can use a capitalization method or an annuity method . Total your assets and liabilities at death . The liquid cash that remains is available to generate income . The life insurance needed is the amount to cover liabilities and generate an income . Online tools can give you an idea . Suggest contacting an insurance broker for further clarification . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community .


Input: What Is The Best Renters Insurance Company?

Output: Most carriers are all the same no matter what state you are in . The average renters policy is 100 a year here in Montana . That is with 40,000 worth of contents coverage and liability limits of 100,000 and a 500.00 deductible . I would recommend talking to a local agent I am sure they can direct you to the best coverage and the best rate


Input: Will My Car Insurance Go Down When I Have A Baby?

Output: The presence of a dependent child is not a rating factor for auto insurance in California . The basic rating factors are year , make and model of the vehicle , driving experience and record of all the drivers in the household , number of miles the vehicle travels in a year and the location where the car is garaged .


Input: Will My Car Insurance Go Down When I Have A Baby?

Output: This really specific to the company and the state where you live . My company gives a discount to an insured that has no dependents . So , in this case , your car insurance would go up slightly -LRB- it 's not a very big credit -RRB- . Insurance companies are statistics machines , calculating the likelihood of just about anything and converting that into a cost or a surplus . In our particular case , people with no dependents cost less for the insurance company than people with dependents . That 's it , cold , hard statistics . Your company may be different . Find an agent you can trust and ask questions . If they 're a good agent , they 'll be happy to spend the time with you to explain how your coverage works .


Input: Is Life Insurance For Life?

Output: There are two basic types of life insurance . The first is whole -LRB- sometimes called permanent -RRB- life insurance which will remain in effect until the insured death as long as the premium and other requirments of the policy have been met . The other type of policy is term -LRB- sometimes called temporary -RRB- life insurance this type of policy is established for a set period of time ; typically ten , twenty or thirty years . Call a local agent to discuss any other questions that you may have .


Input: Is Life Insurance For Life?

Output: Life insurance is for life if it is a permanent policy , or if the insured person dies before the term policy ends . Since no one knows when they will pass away , the only way to be assured of having life insurance for life is to get a permanent life insurance policy .


Input: How Quickly Can I Get Car Insurance?

Output: In a matter of minutes if there are n't any issues . If you contact a local agent and are able to provide them with all the necessary information and make your initial as required by the carrier you could possibly have coverage with 30 minutes . Fast is not necessarily best . Try to set aside enough time for the agent that you are talking to provide you with the information necessary for you to make an informed decision about your coverage and the levels of that coverage .


Input: What Are The Benefits Of Having Renters Insurance?

Output: That is a great question ! The best reason to have renter 's insurance is that they pay to replace the things that you have that become stolen or destroyed . Most of us do not have that kind of money . Another is that if your apartment was unlivable due to damage , the policy often covers your stay at a hotel until adequate repairs have been made . The last , and probably best benefit is that it is one less thing to have to worry about . I hope that helps , thanks for asking !


Input: What Are The Benefits Of Having Renters Insurance?

Output: There are three benefits to renters insurance . In many cases it is required by your landlord and that satisfies the landlord . It gives you peace of mind knowing that in the event of damage from a long list of perils , your property will be replaced . If you are sued you know that the company will defend you to the limits of the policy . Then if you do have that claim you will be able to get on with life without serious loss .


Input: Who Can Sell Fixed Annuities?

Output: Fixed annuities are sold by life insurance agents . Because they are not invested in the stock market , the life insurance agent does not need a securities license to sell them -LRB- unless the person buying the annuity is using tax qualified funds to buy the fixed annuity , then someone with securities licenses needs to handle that part of the transaction -RRB- .


Input: What Is An Assignee On A Life Insurance Policy?

Output: An assignee on a life insurance policy is a person or entity to whom life insurance proceeds would be paid to cover a debt or other obligation . Usually , the beneficiary of the policy is stated as the Insured 's choice -LRB- e.g. spouse -RRB- . Then an assignment form is filled out which would assign to the lender the amount that is owed at the time of the Insured-borrower 's death . The remainder that is left after paying off the loan to the assignee , is given to the beneficiary .


Input: Does Renters Insurance Cover Damage To Carpet?

Output: That depends . Was the damage to the carpet caused by a covered loss , such as a fire . If it was , then the carpet would be covered under the loss . To know coverages are afforded through your policy and what exclusions it may contain , be certain to read it completely or contact your local agent to have them go over it with you .


Input: What Does Adjustable Life Insurance Mean?

Output: Adjustable life insurance : allows you to adjust the amount of premium you pay and the frequency or length of time you pay it ; enables you to dump in lump sums of premium or take out policy loans ; allows for the adjustment of face amount to suit your needs at any particular time in your life ; and is able to be set up to last a short period of time or for your whole life . Adjustable life insurance , or flexible premium adjustable life insurance , combines features of Term and Whole life . It is most commonly sold as Universal Life Insurance .


Input: What Does Adjustable Life Insurance Mean?

Output: Adjustable premium life insurance is another name for Universal Life Insurance or UL for short . UL is not whole life and it 's not term . It 's a third version . Adjustable Premium UL has a target premium that is illustrated but you have the option of paying more or less than target and can adjust the premium that you pay anytime you want to . The adjustable premium has a huge downside . There is no guarantee that your premium will be enough to carry the policy until your death . Many UL policies will terminate from lack of premium and you will lose your insurance and all the money you paid in . Even if you pay your target premium every month , your policy can -LRB- and often does -RRB- lapse when you get older . I do n't recommend UL for the average person . It has it 's place in estate planning if you are working closely with an advisor every year and you have a real understanding of how UL works . But for the average consumer that wants to set it and forget it ... It 's a time bomb policy . I would stick to either term , whole - life , or a GUL which is a UL with a secondary no lapse guarantee . If you get the GUL , do NOT adjust your premium down or you will have turned your policy into a non-guaranteed UL .


Input: What Does Adjustable Life Insurance Mean?

Output: The life insurance industry lacks some standardization in titling basic forms of life insurance . The term adjustable may simply refer to flexible universal life like current assumption universal life , indexed universal life and variable universal , life insurance . These types of flexible universal life have a set current company practice rates that can allow the policy owner to modify the death benefit or premiums .


Input: How Can I Find Out If A Life Insurance Policy Exists?

Output: That is a great question ! If it is for yourself , ask your parents or grandparents , as they are normally the ones who would have taken out a policy when you were a minor , and would n't have had to sign . If it is for a parent or loved one , there are a couple of good ways . Contact the MIB -LRB- Medical Information Bureau -RRB- , for a fee they will look ; look through the deceased 's financial records , and look for financial institutions that received regular payments . The third way is to contact local insurance companies and ask them if they have any knowledge of a policy . Good luck , this is a tough thing to try to do . Thanks for asking !


Input: How Can I Find Out If A Life Insurance Policy Exists?

Output: Finding an existing life insurance policy can be very difficult . You would really need to know the life insurance company name . There is no data base with of the life insurance policies in one place . Once you find the company unless you are the owner , policyholder , insured or beneficiary , the insurance company will not give you any information other than they do hold a policy . I 'm sorry that this is a very difficult time consuming task .


Input: How Can I Find Out If A Life Insurance Policy Exists?

Output: If you are wondering if someone took out a life insurance policy on you , unless you were a child when it was purchased , you should know because your signature would have been required on the application . If you are wondering if someone had life insurance on themselves , you can consult this website : WEBSITELINK Also , try calling companies through which that person bought their auto insurance , where they knew an agent personally , etc. . Look through places where they kept their legal paperwork to see if there is a copy of the policy , certificate of insurance , or other evidence that a policy was purchased . After a few years , the policy may show up as unclaimed property by the state .


Input: Why Do People In The Us Need Health Insurance?

Output: The idea of insurance is to protect yourself in the event of a catastrophic financial event by shifting the risk to a third party -LRB- the insurance company -RRB- . Therefore , your only financial responsibility is to pay for a monthly premium and any applicable deductibles , coinsurance , and copayments stated under your policy . In the case of health insurance , a common catastrophic event is a surgical procedure . For example , if you broke your leg and and the procedure to repair the fracture cost $ 100,000 , you would be responsible for the entire bill if you do n't have any health insurance and most people can not afford to write that check . After the procedure , you may need the aid of equipment to assist you -LRB- e.g. crutches -RRB- , some physical therapy , or medications - these expenses can add up fast too . Maternity care is a big one as well - the birth of a pre-mature baby can cost over $ 1,000,000 in expenses for his/her care and development . Maternity care is one of the essential health benefits covered under every individual health plan in marketplace . I recommend consulting with an insurance agent/broker regarding your health insurance coverage . If you 'd like some assistance , send me a message by clicking on the `` contact me '' button .


Input: Can Life Insurance Cover Funeral Costs?

Output: Life Insurance does pay for funeral cost and in regards any other financial obligation that the benefit may be given to the beneficiary . Most important is funeral cost since there are many instances where no life insurance is purchased and there are no planned finances in the event of a sudden death in the family or there is nay other financial burden in place at that time . Many companies will pay the beneficiary24 hours after they receive the death certificate in a lump sum , and tax free payment . The money can be used for anything they choose , however , there is the extreme purpose to repair any financial burden , and pay for any instance that may cause any of these financial burden . Funeral costs has risen in the last decade and there is a forecast that they will remain rising making it non affordable so life insurance is where we can use the benefits including other costs that may cause hardship .


Input: Can Life Insurance Cover Funeral Costs?

Output: Absolutely ! Some folks who for whatever the reason do not want life insurance , still buy a very small basic policy , just to cover their final funeral expenses . Of course , life insurance can do so much more . It can even fund college , help buy a home , or pay for retirement or a pension . Just ask by calling , Gary Lane , Agent , New York Life , 949 797 2424 . Thanks .


Input: Can Life Insurance Cover Funeral Costs?

Output: Absolutley ! But think of FUneral Life Insrance for this Part . Life insurnace is ment to be used for the loved ones left behind , But what alot of people dont know you can pre-arrange your funeral and lock in todays prices with low monthly payments with a Fuenral life insarance and keep the other life insurance for your loved ones . This way you have purchases your funeral arrangements and your family wont have to guess what you want and when the time comes its less stress on the family and the Fuenral Home has all the information that is need . Victoria Reed , Mills & Mills Funeral Home and Memorial Park Tumwater , WA 360-791-0403 . Thanks


Input: Can Life Insurance Cover Funeral Costs?

Output: The key word in this question is `` cover '' . All life insurance can be used toward that purpose if the beneficiary chooses to use it that way . Policies can be made with a Funeral Home as the beneficiary but only one kind of policy will answer the question of `` will it cover '' . When I first entered the insurance profession in 1957 we sold a $ 1,000 or $ 2,000 ordinary -LRB- permanent , whole -RRB- life policy for a person wanting funeral expense coverage . As I increased my knowledge in the insurance industry I went to including a `` Final Expense '' amount in the practice of total planning of a persons insurance needs . At that time we figured $ 10,000 sufficient to meet the needs of final hospital expenses , taxes , burial , etc. . It was not until I was Executive Vice President of a company that was sold to a company that wrote burial insurance policies through the funeral home . I became licensed with the new company and learned , at a much older age , that there is only one policy that can REALLY say it will cover funeral costs at the persons death . That policy is available through funeral homes , it is an increasing whole life policy that the funeral home accepts for the purchase of a funeral at a specific time and then guarantees to give that equivalent funeral whenever the person dies without any further cost except some expense that might be beyond those spelled out in the contract . I began to teach classes for CE on this kind of policy for our state and for many insurance agencies . This is a completely different policy that can be of great benefit to a local independent agent working with a local funeral home . As I began to teach about this type of Life Insurance I found most Life Insurance agents had never heard of it or had been sold against it by companies writing supposed , last expense , death benefit policies . I have now written this type of policy for almost 20 years and the families of the deceased have nothing but praise for a properly planned REAL Funeral Policy . At 81 years old the death benefit of my funeral policy now exceeds the death benefit of the first policy I bought for total family protection . If I am blessed with a few more years it may equal what I used to think was a huge Life Insurance policy . I am still writing these policies on my friends . I have learned one thing over the years ! In the insurance business never close your mind to a type of policy until you have totally studied it yourself rather than being sold a bill of goods by a company that may not have the policy you are trying to learn about . Worry about that client , first and foremost , and do the best job you possibly can for that individual by increasing your knowledge of this business . I have covered some of the aspects of this policy in my recently published second edition of `` The Prophets Dollar '' , available on Amazon .


Input: Can Life Insurance Cover Funeral Costs?

Output: Yes , life insurance is a very good way to cover funeral costs . You must have a policy that is in effect at the time of death , and since none of us knows when that will be , it is best to buy permanent insurance vs term insurance . There are companies that sell small `` final expense '' policies , or you can even use a larger policy ; the remainder of the death benefit that does not go toward funeral costs can go to other people or expenses .


Input: Can Life Insurance Cover Funeral Costs?

Output: Coming up with the funds necessary to pay for a funeral and final expenses can be a problem for many families . Even if the deceased had sufficient life insurance , the funeral home often wants to be paid up front . In order to deal with this problem , most funeral homes will accept an assignment of the life insurance policy . The beneficiary can complete an assignment form where they are authorizing the life insurance to pay the funeral home for their services directly from the death benefit when the claim is paid . By doing this the funeral home is secure in knowing that their fees will be paid by the insurance company and therefor will not require prepayment . When the life insurance company processes the claim they will send a check directly to the funeral home and the balance of the death benefit will be paid to the beneficiary .


Input: What Does The Term In Force Mean In Life Insurance?

Output: This would be the total amount of life insurance you have on yourself or the company has on all of its policy holders combined depending onwhetheryou are speaking of an individual or the insurance company . In the case of the individual , gather up all of your insurance policies and add up the face amounts todeterminehow much life insurance you have on yourself . The insurance companies produce an annual report that shows the total amount of life insurance they have on all of there policy holders .


Input: What Does The Term In Force Mean In Life Insurance?

Output: Life insurance in force is the total life insurance coverage contractual active whether its personally owned , for business insurance and/or part of a group benefit . This also includes any life insurance policy you sold to someone else in a life settlement transaction . Future life insurance purchases will takeintoaccount the total life insurance in force .


Input: What Does The Term In Force Mean In Life Insurance?

Output: Life insurance in force means the sum of the value of all of your life insurance policies , including dividends paid . It also refers to the final stage of the life insurance application process . After the policy has been approved , issued , paid and all delivery paperwork returned , your life insurance policy is officially put in force .


Input: What Does The Term In Force Mean In Life Insurance?

Output: What does life insurance in force mean ? On a individual life insurance in force means how much death benefit a person has that is paid and active on a given day . For a life insurance company , in force means the total of all policis they have issued and that are currently paid . In force represents the insurance company 's obligation to policy holders .


Input: Can You Get Life Insurance If You Are Terminally Ill?

Output: You can get life insurance if you are terminally ill if you reside in a state that offers guaranteed issue life insurance and if you fit the age guidelines -LRB- most have a minimum age requirement of age 45 or higher -RRB- . These policies will normally pay 100 % from day one for accidental death , but for death due to illness they pay a `` graded '' amount the first 2-3 years . I have found that there may be more liberal age guidelines , and the graded part may be shorter , when you purchase your policy through a funeral home . Please do not hesitate to call if we can provide any other advice and our best wishes to you and your family .


Input: Can You Get Life Insurance If You Are Terminally Ill?

Output: There are a few guaranteed issue plans available that have no health questions . The problem would be your life expectancy . Guaranteed Issue plans will only pay a limited amount , either a percentage of death benefit or return of premium plus interest , for the first two or three years . If your life expectancy is below that two or three years it may not be to your advantage to take out a policy .


Input: Can You Lie On A Health Insurance Application?

Output: Great question ! You can , but it certainly is n't wise to do so . All that will get you is a policy that is rejected , and leave you where you started . I guess the better question is why would you want to ? The ACA allows for pre-existing conditions , so that should not be a reason any longer to try to mislead an insurer . Nothing is so bad that you need to lie about it . If you need help , please contact an agent , we are happy to help . Thanks for asking !


Input: Does Term Life Insurance Ever Expire?

Output: I know of some folks who bought 5 year term and still are paying after 9 years to keep it . That is just silly because the rates go up to be ridiculous . The smart thing to do is to get another term policy if you can , at least for 5 years more , and hopefully convert it during that time to whole life where the rates never go up . You need to talk with a professional . Call please . Gary Lane , Registered Representative , New York Life , 949 797 2424 . Thank you .


Input: Does Term Life Insurance Ever Expire?

Output: Term life insurance policies do eventually expire . Some expire at the end of the term . Some become annually renewable term policies at the end of the term , then expire some years after that . Whether or not your term policy expires , the price usually becomes unaffordable at the end of the term you originally took out . It is better to convert your policy to permanent insurance before your term ends , if you have that option . With many term policies , converting them to permanent will allow you to lock in a premium for the rest of your life .


Input: Does Term Life Insurance Ever Expire?

Output: As long as you pay the required premium , the term life policy will not expire until the end of the term . Even at the end of the term , most term policies are renewable on annual basis . Term life policies are guaranteed level with many companies so be sure you look at the policy premiums for the term you are looking for .


Input: Does Medicare Cover Mental Health?

Output: Medicare has limited mental health coverage . Medicare Part A covers inpatient care , while Part B covers outpatient care . Care provided by psychologists , psychiatrists , social workers and other qualified mental health practitioners are included . Individual and family therapy is included , as is psychological testing , counseling , medication management and some prescription drugs .


Input: How Do I Buy Life Insurance?

Output: The first consideration in purchasing a life insurance policy is to determine what planning goal you are attempting to achieve : indemnification , income or inheritance . Indemnification can be temporary or permanent . If the economic liability is temporary then term life insurance which -LRB- depending upon your age -RRB- can be purchased up to 30 years . If the economic liability is permanent then guaranteed universal life can be purchased to age 121 . Income and inheritance planning goals require permanent life insurance policies . Income goals with life insurance are generally considered because of the tax advantages and crediting method options : For market risk investing , variable universal life insurance . For domestic and foreign indice investing , indexed universal life . For interest rate investing , current assumption universal life insurance or participating whole life insurance . For inheritance , guaranteed universal life -LRB- GUL -RRB- insurance for singles and GUL survivorship for couples .


Input: How Do I Buy Life Insurance?

Output: The best wy is to sit down with a local independent life insurance agent and discuss your individual situation . The agent knows the plans available and can help you put together a plan that is affordable and covers your needs . This is hard to do online or through the mail or even over the phone .


Input: How Do I Buy Life Insurance?

Output: To buy life insurance , you must first pick out what type of policy and face amount will work best for you . Applying for life insurance requires an agent , so you will want to call a trustworthy website or local agent to help you in that decision . A good agent will also ask you a battery of health questions to find the company that will give you the best price . Once your application has been completed and your agent has submitted it to the life insurance company , you are in the underwriting stage . If you took a No Exam policy , this stage could only take a couple of days or weeks . If you chose a medically underwritten policy , the underwriting process could take several weeks or months . The latter will require a paramed exam to be done in your home or other location of your choice , and the exam usually entails a blood test and urine test . The underwriter might also order your medical records . Once the underwriter has reviewed your info , he/she will approve you at the rating that your health and other risk factors indicate per their guides . It is possible to be declined at this stage , but not common . We inform our clients of the approval and allow them to make changes to the policy if desired ; other agencies mail the policy to you as is and you can accept or reject it . You always have a month `` free look '' to read your policy and decide if you want to keep it . You accept it by paying for it . With a good agent , good advice , and good groundwork done ahead of time , most people end up with a good policy and are happy to have taken care of that important task .


Input: What Questions To Ask When Getting Home Insurance?

Output: First , go to a trusted insurance agent . If you dont have that relationship get a reference from friends , colleagues or neighbors . The agent should listen to you , offer sound financial advice and communicate clearly with you and the insurance company . Setting limits is the most important issue when writing homeowners insurance . Get the most liability protection possible . Make sure that the personal property limit meets your needs and investigate flood and earthquake coverage .


Input: What Questions To Ask When Getting Home Insurance?

Output: After you have discussed your needed coverages and coverage amounts with an agent , I believe the most important question to ask of the agent is `` How financially strong is each insurance carrier you are recommending ? '' You should ask the agent for the respective carriers ' Financial Strength Ratings & Financial Size Categories . Ask them to show you the A.M. Best 's ratings for each carrier . If the carrier is not rated by A.M Best 's , consider others that are rated favorably , depending on availability in your State These factors will be of particular significance in the event of wide-spread losses from the occurrence of a covered peril under a homeowner policy . Also , you should ask `` What is the claims paying history of each carrier in this State , especially during catastrophic occurrences , like hurricanes , tornadoes , etc. '' You may need to do a little searching on your own for the answer to this question but you wo n't need to get too creative to find search terms that will provide you with the first-hand experiences of people who have or had claims-handling experiences with the respective carriers .


Input: When Should I Cancel My Term Life Insurance?

Output: Term life insurance should be cancelled when the term expires because most carriers will increase the premiums aboutten fold . Another time when the financial need is fulfilled meaning all debt is repaid , kids grown and out on their own and the family wealth is built to the point a loved one left behind will not have to worry financially for the rest of their life . The last scenario would be to convert it to permanent life insurance .


Input: When Should I Cancel My Term Life Insurance?

Output: The best time to cancel your term life insurance is when the need for coverage ends , the term expires , or when the policy resets the premium rates . Life insurance is an important tool to provide security for your family . You can confidently cancel your policy when you have enough assets to provide for your family if you were to die . Most people never reach the point where they have enough assets to provide for their family without life insurance . When a policy reaches the end of its term you may be able to continue the policy , but at a much higher rate . If you are able to find an alternative policy at a lower rate , it may make sense to cancel then .


Input: When Should I Cancel My Term Life Insurance?

Output: Great question ! The easy answer ? When you have a better coverage , or have filled your need . For example - you took out the term policy to cover a child 's college expenses . They finish a year early , and you no longer have that expense to worry about . Cancel it , and be thankful it served its purpose . Or you find a whole life policy that better fits your long term needs , and will provide cash and coverage regardless of future health issues . Hope that helps , if you have questions , please feel free to contact me . Thanks for asking !


Input: When Should I Cancel My Term Life Insurance?

Output: It depends on the status of the policy , your need , and other available options to you . Most people will cancel a term policy when the initial period of premium guarantee expires -LRB- your term length -RRB- or they have replaced it with a new policy . Life insurance creates cash upon the death of the insured . Those that simply cancel their life insurance policy because they think they no longer have a need for coverage may not think about many of its other uses . Just because the big debts are paid off -LRB- e.g. mortgage , cars , etc. -RRB- does n't mean the need for life insurance is over . Many people want to have coverage in place for estate planning purposes , income replacement -LRB- so your family can continue their current lifestyle and not have to make drastic changes due to personal finances -RRB- , leaving a legacy to your loved ones , or paying burial expenses and unexpected medical bills surrounding the event of death -LRB- e.g. going to the hospital -RRB- that you just do n't anticipate . When a period of guarantee expires on a term insurance policy , one of two things will happen : 1 -RRB- the policy will change to annual renewable term insurance and the premiums will increase each year -LRB- based on age -RRB- or 2 -RRB- the premiums will remain the same and the death benefit will decrease each year -LRB- generally seen on term UL policies - term insurance on a universal life chassis -RRB- . Another reason to continue having life insurance in place is to protect your insurability . For example , if you 've got preferred plus rates and had a heart attack or cancer while your policy is active , you 're not gon na be getting those preferred plus rates again , meaning if you wanted to get another life insurance policy in the future , you would be paying a whole lot more in premiums because would be looking at a higher risk class -LRB- the risk class determines the premiums - the higher the risk class/rating , the higher the premiums are going to be -RRB- . Many people often look at converting all or a portion of the face amount to permanent insurance -LRB- if you 're still within the available conversion period on your policy -RRB- in that scenario because there 's no new medical underwriting and the rates are just recalculated based on your age and the type of program it 's converted to -LRB- universal or whole life -RRB- . Before canceling any life insurance policy , you should always discuss it with your agent to make sure it 's the right course of action for you so you do n't miss something or realize there was a need where you thought there was n't one . You do n't want to look back and say I wish I still had that coverage .


Input: When Should I Cancel My Term Life Insurance?

Output: The easy answer is when you do n't need it anymore . Let 's be specific . Do you still have children who are dependent on you ? A spouse who is ? Where would they be without your financial assistance ? Do you have enough funds in safe holdings to protect all of their needs/wants if you were no longer there ? If you can truly answer yes to all of these , and are not worried about the safety of those stashed funds , then it may be the time . But remember , if you cancel and later decide you want more insurance , it will either cost more , or no longer be available due to health concerns . Choose wisely ! Thank you . GARY LANE


Input: When Should I Cancel My Term Life Insurance?

Output: Based on my 33 years as a life insurance broker , there are multiple answers to your question . Since there are different types of policies -LRB- guarantee periods , conversion options etc. . . -RRB- different face amounts of coverage , and of course , no identical household financial situations , it 's critical to speak with an experienced broker -LRB- and their website -RRB- . Other variables include how your needs have changed , changes in family makeup , budget concerns and possible health issues . This is the type of issue we work with every day and to properly assess your situation , more information is needed . The ramifications of terminating a policy are substantial and the correct decision must be made .


Input: Can I Opt Out Of Medicare Part B?

Output: Most of the time medicare part B is required and necessary in most cases . It is also a feature that would benefit you so truthfully I would not opt out or considered opting out . If you have a group health plan this might be the only time that it is not necessary otherwise it automatically comes with Part A medicare .


Input: Can I Opt Out Of Medicare Part B?

Output: You can opt out of Medicare Part B and in some situations you should opt out . Most people are automatically enrolled in Medicare Part A and Part B when they turn age 65 . And most receive Part B at no charge . Medicare Part B is optional and you may not need the coverage if you have a group health plan .


Input: How Many Different Types Of Life Insurance Are There?

Output: There are more than you can count . Every carrier has there own policies available with various offerings and exclusions . The basic types of life insurance are term -LRB- active for a set number of years -RRB- , whole life -LRB- permanent insurance -RRB- , and universal -LRB- flexible payment schedule may be available -RRB- . Term insurance typically does not build any cash value , where as whole life and universal life have the potential to build some cash value under the right conditions .


Input: How Many Different Types Of Life Insurance Are There?

Output: There are two main types of life insurance , term and permanent , The other types of policies fit into those two groups . Term insurance covers you for a period of time , called a term . Term insurance is usually , but not always , guaranteed not to go up in price for that term of years . It usually does not have any cash value . Permanent insurance can cover you for the rest of your life , or permanently . But you need to check on the terms of permanent insurance , as not all are guaranteed to cover you for the rest of your life , and for some , the premium is not guaranteed to remain level . Permanent insurance usually has some cash value . To be sure you are buying the best type of policy or policies for your needs , contact a licensed agent to help you determine which type of life insurance will cover the loss you intend it to cover .


Input: Can You Have Two Health Insurance Plans At Once?

Output: An individual can have two health insurance plans at once , but they probably wo n't receive any additional benefits . The most common time this occurs is when a person is covered with their own employer 's insurance and also covered by their spouse 's policy . In this case , the insurance with their own employer would considered primary and the spouse 's policy would pay little to nothing . Another instance may be a person that retires from the military and gets insurance through their new employer . The individual would need to speak to the veteran 's affairs office for details on this situation . The final way a person may have two insurance plans is when they are covered by Medicare and a secondary insurance such as a Medicare Advantage plan . In this example , Medicare would be the primary insurance and pay approximately 80 % of medical costs . The secondary insurance would then go into effect and cover the remaining 20 % according to the rules of the individual policy .


Input: What Is A Medicare Fcn Number?

Output: A Medicare FCN number is a Financial Control Number that is used to coordinate the handling of Medicare overpayments . The FCN associates an offset , the Remittance Advice and the DCN on the initial demand letter .


Input: Is Wood Rot Covered By Homeowners Insurance?

Output: Wood rot is something that occurs over a period of time . A loss must be sudden and/or accidental . Since wood rot would not occur suddenly this would fall under general maintenance and upkeep of a homeowner we often call pride of ownership . Any type of normal maintenance and/or wear and tear are not perils of a homeowners insurance policy . If you are not sure as to what caused the wood rot I always recommend to talk to your local agent about the potential loss .


Input: When Does Erisa Apply To Health Insurance?

Output: ERISA applies to employee welfare benefit plans that are established or maintained by an employerfor the purpose of providing its participants -LRB- & beneficiaries - eg dependents -RRB- benefits through the purchase of insurance or other benefit plans -LRB- eg disability , accident , sickness , vacation benefits , day care , scholarship funds , etc -RRB- . There are some plans that are exemptfrom ERISA . These would be government plans , church plans -LRB- unless elected -RRB- , plans specifically to comply with work comp , unemploymentor disability laws , and voluntary plans .


Input: What Happens If I Have A Lapse In Auto Insurance?

Output: This can be different state by state , but I can advise regarding Connecticut . If you let your car insurance lapse here , a couple of things will occur . First , because the CT Department of Motor Vehicles requires by law that anyone who registers a car here must have and maintain car insurance , such a lapse can cause you serious problems down the line . Here , insurance companies and DMV share information so when a policy lapses , DMV is notified by your insurance company . DMV will send a letter requiring you to provide proof that coverage was maintained and if you can not provide such proof , regardless ofhow long the lapse , you will be fairly heavily fined . Secondly , when you do decide to establish car insurance again , you may find that it will cost you more than it did before the lapse . This is because companies have underwriting requirements that stipulate that one must maintain continuous coverage for at least the previous 6 monthsin order to qualify for standard rating . If that can not be proven , you will end up with a higher risk carrier for at least 6 months and will pay a much higher premium that you have been used to paying .


Input: What Happens If I Have A Lapse In Auto Insurance?

Output: Like Tom , I can provide information for the state the I am licensed in which is Wisconsin . As of this point Wisconsin does not require proof of insurance when registering a vehicle of getting your license unless you have had incidents on your MVR then an SR-22 may be required . If you have had a lapse in coverage you will more than likely have to secure coverage with a carrier that accepts higher risk clients and pay a higher premium .


Input: Is Life Insurance International?

Output: I have lived in a number of countries . I think that life insurance companies existed in each country that I visited . Insurers are usually not interested in insuring people who do not reside in their country . The basis for the rate calculation is different because the life expectancy in different countries varies a great deal . There are novel distribution schemes . In England you could buy a life insurance policy from the service station attendant .


Input: Is Life Insurance International?

Output: Not sure I understand the question of `` is life insurance international ? '' If you live in the United States and purchase a US based life insurance policy , you are coveredfor business or leisure travel if you were to die regardless of the location . If you are moving abroad with a US based policy I would suggest contacting your insurance company and ask them . Depending on the policy and company there can be tax law changes per country .


Input: Is Life Insurance International?

Output: Is life insurance international ? There are many possible answers to that question and factors to consider . Purchasing life insurance from another country could have complications and you would be advised to check before you buy . If you are referring to coverage , then yes , life insurance is international . Insurance companies do ask travel and vacation questions when the policy is being underwritten -LRB- before issue -RRB- and will sometimes charge more for travel to certain countries and exclude coverage from death while you are in others . Another factor to consider are the tax laws of your country , the country the policy was issued in and the country the beneficiary is located in . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community .


Input: Is Life Insurance International?

Output: Life insurance companies sell their products in states and countries where they are approved to sell . However , citizens and legal residents are usually the only ones who can buy a policy in a certain geographical location . On the other hand , when it comes time for the death benefit to be paid , the deceased who was covered by the policy can usually be residing or visiting anywhere in the world , and the death benefit will be paid .


Input: Does State Farm Have Vacant Home Insurance?

Output: To find out if State Farm has vacant home insurance you would need to ask a State Farm agent . Your better off going to an independent agent who has access to not only multiple insurance carriers but is more familiar and skilled in dealing with vacant properties and their risks .


Input: Why Should You Purchase Renters Insurance?

Output: No one will require you to maintain Renters Insurance other than a current or future landlord but certainly good judgment would suggest this type of coverage be considered . Typical Renters or Tenant/homeowners policies provide coverage in three principal areas ; They cover damage to your personal property -LRB- clothing , furniture and/or household items -RRB- , Additional living expenses you might incur while occupying temporary living quarters should your apartment or building be damaged or destroyed by a fire , wind or some other covered cause and Your Personal Liability should certain acts cause injury or damage to someone , possibly your neighbors or even the building you occupy . Anyone responsible for maintaining a household should at least consider securing this type of coverage . It beats digging into your savings after a storm or fire or waiting for the Red Cross to give you a shirt , a cot or a hot meal . The cost for a basic policy would be in the $ 150-200 per year range . This type of coverage should be considered as important as maintaining comprehensive and collision insurance on your car . In fact , simply increasing your deductibles on your car insurance may reduce your premiums enough to permit you to secure a basic policy .


Input: Does The Army Have Life Insurance?

Output: Yes , the Army provides life insurance to persons serving as an active duty member of the Armed Forces -LRB- and others -RRB- . Eligible servicemembers are automatically enrolled for $ 400,000 of SGLI Life Insurance . There is a charge of 7 cents per thousand dollars of coverage -LRB- rate starting 7-1-2014 -RRB- . This can be reduced in increments of $ 50,000 down to $ 50,000 or declined altogether .


Input: Does The Army Have Life Insurance?

Output: Yes , the Army does carry group life insurance through the VA called SGLI -LRB- Servicemember 's Group Life Insurance -RRB- . Those individuals in the Uniformed Services are automatically enrolled for a death benefit of $ 400,000 but can choose to reduce or cancel that , if desired . For more information , call 1-800-419-1473 .


Input: What Does Life Insurance Medical Exam Look For?

Output: The life insurance medical exam is simply looking for clues as to how to rate/set the premium for your policy . Life insurance charges are determined partly by how long it will be before the death benefit is paid out . If you statistically have many years of life left , based on your health and other risk factors , your rate will be lower . The life insurance medical exam tests for evidence of certain health conditions , smoking , and drug use ... all risk factors that help determine how long you may live .


Input: How To Get Health Insurance With Lupus?

Output: Under the Afforable Care Act , you can not be declined for health insurance due to a pre-existing condition or other health-related issue - this includes lupus . You have the option to secure a bronze , silver , gold , or platinum level plan - please note , not every carrier offers a plan under each level -LRB- e.g. company XYZ may only offer bronze , silver , and gold plans , but not platinum plans -RRB- . Individuals under age 30 also have the option of securing a catastrophic plan . If you qualify for a subsidy , you would want to look into plans ON the health insurance exchanges . If you do n't qualify for one , you may want to look into plans OFF the exchanges as you will generally have more options available to you . I always recommend consulting with an experienced broker if you 're looking for coverage or want to review your existing insurance to see if a better option is available . Insurance brokers have an in-depth knowledge of products from many different carriers and can help you determine the plan that 's going to best serve your needs and your budget . Please feel free to contact me if I can be of further help . Thanks very much .


Input: How To Get Health Insurance With Lupus?

Output: You can get health insurance if you have Lupus . Thanks to the ACA legislation , during Open Enrollment , no medical questions are asked and most persons qualify for guarantee-issue plans . Also , a federal tax subsidy is available that could drastically reduce your rates . As an experienced health insurance broker with more than 33 years of experience , I handle situations and medical conditions such as this on a daily basis .


Input: How To Shop For Long Term Care Insurance?

Output: To shop for Long Term Care Insurance , it is perhaps simplest to use a broker that can show you quotes from several different companies and help you choose the best one . There are a number of contributors on this website that can help you with this , or you can use a search engine or Yellow Pages to find LTCI brokers . Using a specialist will be beneficial in getting the features you desire and price you can afford .


Input: Will My Health Insurance Cover A Hot Tub?

Output: No . Your health insurance will not cover a hot tub . If you are trying to purchase a hot tub , you would be responsible for paying 100 % of the cost out of your own pocket . I hope the information is helpful - please let me know if you have any other questions . Thanks very much .


Input: How Much Long Term Care Insurance Do You Need?

Output: Its difficult to quantify the amount of Long Term Care Insurance youll need without knowing the geriatric health and longevity history in your family . Those who can afford to purchase the maximum benefits with a cost of living or inflation riders generally do so . There is no question that the odds of the general public living longer is a certainty and that sometime in your retirement youre going to need assisted living at home or nursing home care . Full coverage for a non-smoking 60 year old couple in good health on the same long term care contract is about $ 300 a month in premium . If the average senior couple spends $ 250,000 in medical and extended care bills , then is that worth it ?


Input: How Much Long Term Care Insurance Do You Need?

Output: Without having a crystal ball , it 's impossible to know how much of any type of insurance you should have.Obviously , the more , the better . With Long Term Care , you buy a total pool of money and you pick the maximum amount PER DAY that will be paid from the pool of money . So again , the larger that pool is , the better . There are lots of statistics out there , but the main thing is that it must be affordable so you keep it over the long haul . A good average figure might be in the $ 200,000 range -LRB- pool of money -RRB- and $ 200/day . That amount would cover many situations including an average nursing home . However , most claims occur in YOUR home since most people want to stay in their home . So if the above is unaffordable , buy as much as you can . You may only need $ 80 for home health care . Something is always better than nothing - and this is especially true with Long Term Care .


Input: When Is The Best Time To Renew Car Insurance?

Output: qo to 30 days before the renewal date . This will allow you to give time to your current agent to shop for the best value * notice I did not say the cheapest ! This time will allow you time to do your own evaluations and not be in a panic if your current insurance company goes crazy on price increases or sets you up for non-renewal because they are having too many storms in your are or so may other misfortunate incides can happen -LRB- accidents , tickets , credit score , company surplus etc etc. .


Input: When Is The Best Time To Renew Car Insurance?

Output: Most carriers will send your auto insurance renewal notice forty-five to sixty days before your renewal and renewal is normally automatic with your current carrier if you are set up with an automatic payment program . If you feel that your rates are too high or you are not happy with your current carrier or agent , you do have the right to call other carriers to compare rates and possibly switch your coverage to them .


Input: How Much Does Life Insurance Cost In Louisiana?

Output: The cost of life insurance in Louisiana will vary according to the type of policy you get , your age , whether you use tobacco , and if you have any health problems . A small policy for which the premium is only locked in for a short term period can cost under $ 15/month , whereas a large policy for which the premium is guaranteed to stay the same for most or all of your life can cost hundreds of dollars a month . To find what your cost would be , you can start by looking for a website that offers a quote engine that quotes life insurance in Louisiana . Then call that agency to firm up your cost based on your individual details .


Input: How Much Is Medicare Rebate?

Output: Medicare does not rebate , so I am unclear on the purpose of your question . Some Medicare Advantage carriers say they will `` rebate '' your Medicare Part B premium -LRB- $ 147 in 2013 -RRB- but that is not the same as a Medicare rebate . The carrier is simply enticing you to buy their coverage in exchange for paying some or all of your Medicare Part B premium .


Input: What Year Was Medicare And Medicaid Established?

Output: Medicare and Medicaid was created by congress in 1965 under the social security act and signed into law by President Lyndon B. Johnson . It was created to help provide health insurance to people age 65 and up , regardless of their income or health status . Several major changes have been made to the programs over the years such as the Medicare modernization act , signed in 2003 , that added outpatient prescription drug coverage -LRB- as well as a number of other benefits -RRB- .


Input: What Kind Of Insurance Should I Get For A New Car?

Output: Talk to your insurance professional about your options , but your state will require that you carry Liability coverage , and if you lease the car , the leasing company will want the amount of liability coverage to conform with their requirements . Second , you will want to carry both Comprehensive and Collision physical damage coverage to take care of damages to your car . Look for optional benefits like OEM Parts Guarantees and Replacement value for the car .


Input: Why Buy Disability Income Insurance?

Output: Why buy disability insurance ? Well the best reason to buy disability income insurance is to prevent you from going through all of your savings and assets if a disability situation arises in your life . You either have the money on hand or the ability to liquidate assets or you purchase insurance to protect what you have .


Input: Why Buy Disability Income Insurance?

Output: Because the statically probability is youre going to need it . Disability insurance is paycheck protection , but it can also cover retirement contributions . In general terms disability benefits can generate 60 % of your earned income tax free or if your company pays for it and deducts , generate 80 % of your income , but its taxable . Then in addition to protecting your earnings , you can cover your annual contributions to your qualified retirement plan . And you should . Disability is one of the most neglected indemnification products on the market and it shouldnt be . The statistics are so overwhelming that you will experience a disability during your working life that may force you out of work for 30 months . Disability insurance is really paycheck protection and should be purchased in tandem with term life insurance .


Input: What is the cost of one year of homeowners insurance for an $800,000 home in Cupertino?

Output: Quoting the premium for a home is very specific to the home being insured . For a ballpark you could expect to pay around $ 2000 per year for an $ 800,000 home in Cupertino , CA . Of course there are a large number of variables that would change that premium , such as the age of construction , the location of firefighting capabilities , losses in the past three years , presence of trampolines or diving boards . This number is certainly not something that you can just take to the company and insist on coverage at that price .


Input: Why Is An Equity Indexed Annuity Considered To Be A Fixed Annuity?

Output: Because it a FIXED AND GUARANTEED RATEBOF RETURN . You ca n't lose your principle and average GUARANTEED rates are around 2 % on the low end to 4 % on the high end . You get a nominal/limited upside gain of the stock market along with knowing you ca n't lose any money . Somewhat fixed .


Input: Why Is An Equity Indexed Annuity Considered To Be A Fixed Annuity?

Output: An Equity Indexed Annuity is considered a Fixed Annuity because : 1 / crediting is not directly in the market but rather through Options purchased on the different indices used . 2 / you have a guarantee NOT to lose any money providing you keep the contract in place for the entire term .


Input: Why Is An Equity Indexed Annuity Considered To Be A Fixed Annuity?

Output: The word `` equity '' tends to lead to a bit of confusion in the definition . An equity indexed annuity is not actually invested in the stock market . An index such as the S&P 500 would be referenced over a specified period of time -LRB- such as one year -RRB- and if the index has increased in value , your annuity would be credited interest . One of the advantages of an indexed annuity is that if the referenced index declines over any year , you would not lose any value as a result . You would simply not be credited with interest for that year .


Input: Why Is An Equity Indexed Annuity Considered To Be A Fixed Annuity?

Output: That is an excellent question ! This type of annuity confuses a lot of people because of its ' link to the markets . It is easy to think that your annuity is based on the purchase of stocks , and thus subject to the gains and losses of that stock . In reality , with this annuity , you purchase nothing in the market . Your gains and losses are based upon the upward or downward movements of the market itself . The annuity has guarantees that help keep you from losing money when the market goes south , and pays a fixed interest amount based upon your contract specifics and the amount of upward growth the market has made . So like a traditional fixed annuity , you are guaranteed to not have less than you started with , and generally earn a guaranteed interest rate -LRB- that may change over time , but is defined in the contract through floors , caps and participation rates -RRB- . I hope that helps , thanks for asking !


Input: Does Renters Insurance Cover Natural Disasters?

Output: Typically , a Renters Insurance policy works the same way as any residential policy with respect to covered losses . For the most part , there are two loss causes that are excluded from coverage , namely Earth Movement and Flood . Coverage for Earth Movement may , in many cases , be endorsed onto the policy , but the only way to have coverage for flood damage is to have a Flood Insurance policy . It is important to discuss this with your Insurance Professional to see how your policy works . If you are renting a property in a coastal area , for example , there may be coverage limitations in your policy for damage caused by wind or hurricane .


Input: Does Renters Insurance Cover Natural Disasters?

Output: Renters insurance will not cover earthquake or flood . A separate policy will be required if you are looking to insure those risks . Renters insurance depending on where you live may exclude or carry a different deductible for wind . Wind would include a hurricane . Lava flow would be excluded as well . A big Forest fire would be covered if you wish to consider this a natural disaster .


Input: What Are The Advantages And Disadvantages Of Term Life Insurance?

Output: I disagree . It is the most expensive form of life insurance . Its advantage is price . The initial price cheaper because it only covers a specified number of years . The longer the term , the higher the price . By extension a permanent policy is one with unlimited term and is actually less expensive to purchase if you require coverage for a lifetime .


Input: What Are The Advantages And Disadvantages Of Term Life Insurance?

Output: This is a great question ! I 'll give you the two minute breakdown , but if you 'd like a longer version , please feel free to look up my Facebook page , Winkler Financial Group , and scroll back a week or so , where we discussed life insurance types , and their pro 's and cons . Term is cheap . -LRB- pro -RRB- Then it ends . -LRB- con -RRB- If you wish for it to continue , it becomes prohibitively expensive horribly fast . -LRB- con -RRB- It is perfect for protection from a short term debt , that allows for cancellation of the policy when the debt is paid . -LRB- pro -RRB- It has no perks , cash value , or extras . -LRB- con -RRB- . That 's a quick look , and I hope that it helps . Thanks for asking !


Input: What Are The Advantages And Disadvantages Of Term Life Insurance?

Output: By far the major advantage of term life insurance is cost . These policies are designed to protect the beneficiaries for a period of time , the longer the period , the higher the premium . Most term policies are convertible into `` permanent '' coverage . Some carriers will allow conversion into any permanent product they offer , while others severely limit your choices . The disadvantage of term is that many people choose inadequate time periods and concentrate on immediate cost versus longer term family needs .


Input: What Are The Advantages And Disadvantages Of Term Life Insurance?

Output: As Lenny said , the biggest advantage of Term life insurance is it 's relatively low cost -LRB- although this is not always the case -RRB- . Another advantage is that it is a simple product , with few bells and whistles , so less complicated to buy than some permanent policies . It is a good choice for those who need life insurance for a set period of time and do n't care about cash value . The biggest disadvantage of term is that the cost will jump very high after the term ends . Another disadvantage is , if you miss two monthly payments , you will need to qualify medically to get your policy back . Some people find it a disadvantage to have to make regular payments , as you can not pay it off ahead of time , as you can with Universal or Whole Life .


Input: What Is Covered By Medigap Policies?

Output: A Medigap policy covers `` gaps '' that Medicare does not cover . Some examples include deductibles , coinsurance and copays . Each contract must adhere to both Federal and State laws . Also , they must be clearly marked as `` Medicare Supplement Insurance . '' There are other benefits that some Medigap plans will cover such as medical treatment outside the US . Private health insurance companies issue these policies and typically rates are very affordable . They are available through brokers and also reputable websites online that can provide quotes from multiple carriers .


Input: What Is Covered By Medigap Policies?

Output: Any claim approved by original Medicare is a covered item under your Medigap plan . Keep in mind that only plan F reimburses all approved Medicare Part A and Part B claims . Other Medigap plans -LRB- A through N , except for F -RRB- will cover everything but may not reimburse for Medicare deductibles or coinsurance .


Input: What Is Corporate Owned Life Insurance?

Output: Corporate Owned Life Insurance -LRB- COLI -RRB- is life insurance that a corporation takes out on the lives of one or more employees , with the benefits payable to the corporation or the employee 's families . COLI can be structured to fund certain types of nonqualified plans , such as split-dollar life insurance that allows the company to recoup its premium with part of the death benefit and the rest of the death benefit going to the employees ' beneficiaries . Many corporations these days use COLI to insure key employees , with the corporation receiving the death benefit so they can find and hire a new employee , or as part of a buy-sell agreement so they can buy a partner 's share . of stock .


Input: Is It Illegal To Have Two Health Insurance Policies?

Output: No , there is nothing illegal about being covered under more than one health insurance policy . And , technically , as long as you were n't double dipping for premium tax subsidies on the government marketplace there is no prohibition on an individual buying more than one health insurance policy . This question most commonly comes up in the context of employer based health insurance plans though . What would be illegal would be trying to make a profit from having multiple health insurance policies . When you complete an application you are supposed to report at time of application or when any subsequent change occurs if you will be covered by other health insurance while you have this policy in effect . This is so the insurance policies can comply with and coordinate the payment status of the claim . In no case should your combined health insurance payouts exceed your paid health claims and thy willoften still be below the total depending upon factors such as state , plan designs , network usage , etc. . It rarely makes financial sense to consider paying for double coverage in health insurance . Maybe if your spouse worked at one of those rare companies that pays 100 % of the Family rate and you work for a company that pays all or most of your employee only cost , then , maybe it makes some sense . If you are concerned about the high deductibles , out-of-pocket maximums and network issues associated with many of todays new health plan designs it would be cheaper to look into supplemental coverage to fill in the gaps than to pay for a second health insurance product that would rarely pay out much in claims .


Input: Is It Illegal To Have Two Health Insurance Policies?

Output: Yes , a person can have two different health insurance companies . Is it worth it ? Not usually . You may seedouble coverage options when a husband and wife have each other covered through an employersponsored plan . You do not get to choose which one is primary . There are built in conditions to every policy , that says which is primary . AND , coverages do not STACK , they `` coordinate '' . Buying a BETTER plan with higher limits , lower deductibles , etc , is going to cost MORE . You ca n't buy one plan with a $ 1,000 limit for $ 50 a month , buy a second plan with $ 1,000 limit for $ 50 a month , and end up with $ 2,000 of coverage total . You still only have $ 1,000 of coverage total .


Input: Does Renters Insurance Cover Stolen Bike?

Output: If your personal property includes a bicycle , it will be covered under a renters policy . If the bicycle is stolen from your unit it will be covered to the property limit of the policy after satisfying the deductible . If you have a $ 400 bicycle and it is stolen , and if your policy has a $ 250 deductible , you can expect a settlement in the range of $ 150 . If the bicycle is stolen from the bicycle rack in front of the Biology building then the amount of coverage is reduced to about ten per cent of the personal property limit of the policy . Subject to that reduced limit the claim would be adjusted in the same manner .


Input: Does Medicare Start On My Birthday?

Output: Medicare starts when you apply for it . For most individuals , this is the first day of the month you turn age 65 . If you apply late , you may get a delayed effective date for your Medicare coverage . Medicare Part A -LRB- your hospital insurance -RRB- is premium-free for most individuals -LRB- you must have worked 40 quarters/10 years and paid FICA taxes over that timeframe -RRB- . Medicare Part B -LRB- your physician insurance -RRB- requires a monthly premium -LRB- $ 104.90 in 2014 for most individuals - for those with higher incomes , you may be subject to the high-income penalty -RRB- .


Input: Why Do You Get Renters Insurance?

Output: You buy a renters policy either because your landlord requires it , or you understand the risk of renting property and recognize the need to be protected . The risk is that you could lose everything in a lawsuit . The risk is that your accumulation of possessions could go up in smoke and you wouldnt have any recourse . There are other risks addressed but a renters policy addresses them at a low price .


Input: Why Do You Get Renters Insurance?

Output: Renters Insurance is an invaluable coverage for tenants of apartments , homes and condos . The coverage provides protection for the tenant 's personal property , provides personal liability protection and coverage for Loss of Use of the unit . There islink providing an online format to obtain a quote and buy renters insurance online in multiple States ; may be used by Escrow/Closing Professionals , Mortgage Professionals , Real Estate Agents and directly by Consumers . An exemplary online experience for all ! WEBSITELINK


Input: How Much Does It Cost To Add A Driver To Auto Insurance?

Output: The cost of adding another driver to your policy can vary greatly . The same factors that determined the rate for your auto insruance coverage will be used to determine the rate for the additional driver . Each carrier makes their own determination on how an additonal driver will affect the overall rate of the policy . Contact your local agent to determine the rate affect an additional driver would have on your policy . Your agent will conduct this for you at no charge to you .


Input: Does Homeowners Insurance Cover The Furnace?

Output: It is always a good idea to talk with your Insurance Professional about the specific terms and conditions of your policy . In general , however , if the damage is caused by a covered peril in your policy , then more than likely there would be coverage for such damage . Keep in mind , however , that a Home Insurance policy is not a maintenance agreement nor does it include coverage for normal wear and tear . In other woreds , if the liner fails resulting in water damage to your property or personal property , the water damage would be covered subject to your deductible , but not the repair or replacement of your furnace .


Input: Does Homeowners Insurance Cover The Furnace?

Output: All homeowners policies cover claims that result in the damage or destruction of covered property do to accidents . Your home policy does cover the damage to your home and personal property due to your furnace . But remember , the claim will not cover the repair or replacement of the furnace itself . Home insurance is not a repair and maintenance insurance . It only covers damage to your property as the result of an accident and will not cover the replacement or repair of items in your home . If you have any other questions about this subject please feel free to call me .


Input: What's Wrong With Fixed Annuities?

Output: Non-qualified tax deferred annuities that credited fixed interest rates for a fixed period of time generally beat the interest rates credited by banks . And keep in mind that bank interest earnings are taxed every year , but non-qualified tax deferred annuities are taxed when you take distributions . Non-qualified tax deferred annuities are generally for conservative savers and/or those in high tax brackets .


Input: What Does Life Insurance Maturity Mean?

Output: Life insurance maturity is the date at which the face amount of a permanent life insurance policy is paid to the beneficiary stated in the policy -LRB- in case of death -RRB- or to the policy holder -LRB- if the insured is still alive when the maturity date is reached -RRB- . In Whole Life , the maturity date coincides with endowment , or the accumulation of cash value to equal the face amount .


Input: What Does Life Insurance Maturity Mean?

Output: All whole life policies have a maturity date but most people wo n't live long enough to see it . Modern policies use age 121 for the maturity date . Each year that you pay on your Policy you build more and more cash value and the insured amount that the insurance company has at risk reduces by the same amount . If you reach the age of maturity -LRB- or endowment -RRB- the cash value is equal to the entire death benefit . You are self insured at that point .


Input: What Does Life Insurance Maturity Mean?

Output: Life insurance maturity occurs when the policy 's reserve equals its death benefit and the reserve -LRB- also called cash value -RRB- is paid to the policy owner . Level premium life insurance policies have a charge that accounts for an investment portion of the policy to build a reserve that covers a portion of the policy 's death benefit . The purpose is for the cash value to eventually replace all of the death benefit , and this is the point at which the policy matures . When a policy matures the cash value -LRB- which is another and more common term used for the reserve -RRB- equals the death benefit , and the cash value is paid to the policy owner there are taxable consequences to the extent that cash received exceeds the total of premiums paid . Due to this taxable consequence , some more recently designed policies have an indefinite maturity date so as to avoid maturity prior to the insured 's death .


Input: What Is The Average Cost Of Life Insurance In Oregon?

Output: The average cost of life insurance in Oregon depends on many factors . One big factor is age . A $ 250,000 twenty year Term policy for a 30 year old male at the best health class averages about $ 200 per year . At age 50 , the average rate for that same policy is approximately $ 600 per year IF he still has excellent health . The length of the term is also a big factor . Shorter terms cost less , but as can be seen in the example above . locking in the premium for as long as possible is often a good idea . That is partly because health also greatly affects life insurance rates , and health is more apt to slip away as people age . To find the average life insurance cost in the state of Oregon for you , go to a website that offers instant life insurance quotes and test out some different face amounts and term lengths . Then give that agency a call so that you can be sure all your health details are taken into consideration . That will help you get a fair price .


Input: Will Medicare Cover Blood Pressure Monitor?

Output: Medicare Part B covers many DME -LRB- durable medical equipment -RRB- items including wheelchairs , walkers and hospital beds . As a general rule , blood pressure monitors are not a covered expense , but there are exceptions . If you are on home dialysis your BP monitor should be covered . If your doctor wants 24 hour readings , Medicare may cover an ambulatory monitor .


Input: Will Obama Cut Medicare?

Output: Cuts to Medicare have already been authorized in order to fund the cost of health insurance for those under age 65 who are currently uninsured . Obamacare cuts to Medicare as required by ACA law amount to $ 716 billion from 2014 to 2023 . By 2020 Obamacare will cut $ 100 billion per year .


Input: Can I Withdraw Money From My Whole Life Insurance?

Output: As long as the money you seek to withdraw is not part of the whole life insurance contracts guaranteed values , yes you can withdraw it . This would be money in the policy as a paid-up addition either because you used a paid-up additions rider or because dividends were used to purchase paid-up additions . Values that are part of the whole life contract 's guaranteed values can not be withdrawn and must be accessed through a policy loan .


Input: How Long Does It Take To Settle An Auto Insurance Claim?

Output: The general answer is you have to receive a response within thirty days of a valid claim . In other words , once you have filed a claim that is complete , accurate and in compliance with the conditions of your policy , the auto insurance company has thirty days to either pay the claim , investigate the claim or dispute the claim . So , if you have not heard anything back within thirty days and you have complied with all the conditions in your policy , you should notify your agency or the state insurance regulatory office .


Input: Can Debt Collectors Go After Life Insurance?

Output: Debt collectors can go after life insurance if the insurance proceeds go to the estate of the insured . If the insured person passes away with debts and their beneficiary is their estate , debt collectors can try to get their life insurance . If the insured person passes away with debts but leaves the life insurance proceeds to a person , debt collectors can not go after life insurance from that person . The only way they can go after life insurance proceeds from the beneficiary is if the beneficiary was a co-signer to the debt .


Input: Is it possible to acquire a new General Liability Insurance policy for a Small Business which will cover work that your firm has already recently completed without coverage?

Output: A liability claim has a time that it is discovered and the time that it occurs . There are two basic forms of liability coverage , occurrence and claims-made . If the claim has not been initiated , some insurer might assume the risk on a claims-made basis . It is unlikely they will do that if they suspect a claim is coming . On the very esoteric side , though , there are companies that insure after a known loss . These policies are written for tax purposes .


Input: Is it possible to acquire a new General Liability Insurance policy for a Small Business which will cover work that your firm has already recently completed without coverage?

Output: The vast bulk of general liability insurance coverage written for business is provided on an `` occurrence '' coverage form . The occurrence form of coverage is triggered by the `` occurrence '' of an event that causes a loss that is neither intended or expected on the part of the insured . If the event occurs during the policy period , it is covered without much limitation to when it is reported . On the other hand , another form of coverage is written for business that is referred to as a `` claims made '' form of coverage . Again , the trigger is the loss but now , rather than determining whether the loss occurred during the policy period , the question is when the claim first becomes known to the insured and when the claim is first made with the carrier . A claim on this form of coverage does n't necessarily have to be made during the dates of the policy coverage for coverage to available for the loss . Claims made coverage is usually written for doctors , lawyers , insurance agents , and others where the advice and professional interpretation and expertise is the product covered . Claims made policies are designed to keep only the current policy term the only limit of liability exposed to loss . Occurrence policies have often had years and years of coverage limits stacked upon the other to create large pots of money to settle losses that may have occurred through many years . Language was added to occurrence policies to identify that a loss includes `` continuous and repeated exposures to the same conditions '' to help connect the chain of events in an accident to avoid having each event serve to be a separate loss .


Input: Does Medicare Part B Cover Insulin?

Output: Medicare Part B does not cover the insulin prescription itself - that can be covered by prescription drug coverage under a stand-alone Part D plan . An exception to this to have insulin covered under Part B is when insulin is administered via a medically necessary insulin pump - under this scenario , an external insulin pump and the insulin may be covered as durable medical equipment . Part B can cover certain diabetic test supplies as durable medical equipment -LRB- DMEs -RRB- such as glucose testing monitors , test strips , lancet devices , and lancets . Medicare would pay for 80 % of Part B covered expenses - you would be responsible for the other 20 % . A Medigap plan can cover the other 20 % of expenses for you . If you 're looking for a Medigap plan or are interested in seeing if a lower rate is available compared to your existing plan -LRB- Medigap plans are standardized -RRB- , please feel free to contact me for help . Thanks very much .


Input: Does Medicare Part B Cover Insulin?

Output: Medicare Part B does not cover the insulin prescription itself - that can be covered by prescription drug coverage under a stand-alone Part D plan . Part B can cover certain diabetic test supplies as durable medical equipment -LRB- DMEs -RRB- such as glucose testing monitors , test strips , lancet devices , and lancets . Medicare would pay for 80 % of Part B covered expenses - you would be responsible for the other 20 % . A Medigap plan can cover the other 20 % of expenses for you . Consult with an experienced Medigap broker to see which plan would be most suitable for your specific needs . Please let me know if I can be of further assistance . Thanks very much .


Input: What Does A Typical Homeowners Insurance Policy Cover?

Output: A typical homeowners policy covers damages to or destruction of the residence , other structures on the property , and the personal property of the homeowner . It also includes coverage for the increased cost of living should the building become uninhabitable and miscellaneous coverages . The second major section is liability . In this section the policy covers you if you are sued for bodily injury or property damage . There is also coverage for medical payments should someone be injured on your property .


Input: Does Short Term Health Insurance Work?

Output: STM -LRB- short term medical -RRB- insurance is real major medical insurance ... but with some limitations . STM plans do not cover any pre-existing conditions . The application process is simple , usually 5 yes/no questions or less . A `` yes '' answer is an automatic disqualifier . Most STM plans have a simple design of a deductible then coinsurance . A few have copays . Every one I have seen includes an Rx discount plan and some have PPO networks . Benefit periods are on a month to month basis with most plans issuing a maximum of 6 months although a few offer 12 month policies . When the benefit term expires so does your coverage . There is no renewal . Instead you apply for a new plan with new underwriting and new pre-existing limits .


Input: What Is A Contingent For Life Insurance?

Output: A contingent in life insurance is a back up beneficiary or a back up policy owner . The policy owner has the option of naming a primary beneficiary -LRB- or beneficiaries -RRB- and may also wish to have contingent beneficiaries . Tertiary beneficiaries are the back up to the back up . While it may seem like overkill to have such layers , bear in mind that many contracts will remain unchanged for decades , despite best efforts for life insurance professionals to engage clients in policy reviews every three years . In that time , policy owners desires may have changed about who they want to receive proceeds , divorces happen , beneficiaries predecease insureds , etc. .


Input: What Is A Contingent For Life Insurance?

Output: What is a contingent for life insurance ? Contingent is a term applied to the seconary beneficiary . The contingent beneficiary comes into play on a life policy when the primary beneficiary has also passed prior to the death of the insured or decides to turn down the benefit offered to them .


Input: What Is A Contingent For Life Insurance?

Output: Great question . A contingent is the person or persons that would collect the life insurance in the event that the beneficiary has expired . So basically if the insured expires and the insureds beneficiary expires , then the contingent will be paid the benefits of the life insurance policy .


Input: What Is A Contingent For Life Insurance?

Output: The word `` contingent '' `` dependent upon something else '' . In life insurance , the contingent beneficiary collects the death benefit if the primary beneficiary or beneficiaries predecease the insured person . In policies where the insured and owner are different people , the contingent owner would own the policy if the original owner died .


Input: Does Medicare Cover Nrt?

Output: Medicare does not cover NRT -LRB- nicotine replacement therapy -RRB- such as nicotine patches or gum because they are purchased over the counter . A prescription for a medication used to reduce nicotine cravings are covered under Medicare Part D. Part B will cover counseling sessions -LRB- a maximum of 8 per year -RRB- with the intent to help the individual quit smoking .


Input: Does The Color Of A Car Affect The Insurance?

Output: It may , it is really going to depend onthe formula that your carrier uses to determine your auto insurance premium . Each carrier will choose their own set of factors to use , i.e. geographic location , make and model of vehicle , age of drivers to be covered , claims history of covered drivers and driving history of covered drivers just to name a few .


Input: Does The Color Of A Car Affect The Insurance?

Output: In general the color of a car does not factor into rate calculation . I often hear this myth that red cars are more expensive to insure . If thief wants to steal they might often looks for a car that is easy to steal and could care less about the car 's color . If actuarial records could show that there is a higher propensity to steal certain color of cars then that might be factored into the comprehensive portion of the rates .


Input: Can I Buy Long Term Care Insurance For My Mother?

Output: Technically you can pay for it as long as she agree 's and signs the application . She will also need to qualify . If she is in good health there should be no problem . The premium will be based on her age . Sit down with an agent knowledgeable in Care Resource Planning and determine the best plan of action in planning for the care of your mother when she needs it most .


Input: What Are Medicare Part B Benefits?

Output: Medicare Part B covers most outpatient medical services after you have paid the deductible -LRB- $ 147 in 2013 -RRB- . Most people think Part B is for doctor visits , but it is much more than that . Other outpatient services include outpatient surgery , MRI , CT , X-ray , infusion therapy , DME -LRB- durable medical equipment -RRB- and more .


Input: How To Find A Good Life Insurance Company?

Output: When looking for a good life insurance company , you have the agency to deal with -LRB- that sells you the policy -RRB- and the company -LRB- that offers the policy -RRB- . For the agency , it helps to see if they have a website , facebook page , LinkedIn page , or other place where you can read about them . You can see there if they have credentials such as a Better Business Bureau rating , read testimonials , and see what their specialties are . When finding the actual company through which to purchase life insurance , you will want to look at their rating by AM Best and other rating agencies .


Input: How To Leave Life Insurance To Children?

Output: I agree , the safest way to leave your child life insurance proceeds is to set up a trust with a trusted attorney . It should only cost a few hundred dollars , but you will have total piece of mind that your children will legally be taken care of in the event of your death . Not only should you consider how the proceeds should be allocated while the child is a minor but may be rationing the proceeds as a young adult . You can only imagine what an 18 or 19 year old would do with a lump sum check of $ 500,000 or more . Within a trust you can allocate funds at different ages or life events , such as a home purchase or marriage , so the money is not spent or `` blown '' on parties or sports cars . A legal trust is your best bet and change the beneficiary to this trust .


Input: How To Leave Life Insurance To Children?

Output: Since minors can not control their life insurance proceeds , you could name a trusted adult who will make sure that the death benefit is used in a responsible manner for the welfare of the children . Or you can set up a trust and make the trust the beneficiary of the policy . In the trust , you can spell out how and when you want the proceeds distributed to the children , name a trustee , and have more control than by naming another person as beneficiary .


Input: What Is The Best Medicare Supplement Insurance In California?

Output: The best Medicare supplement insurance in California is the one that meets your needs and budget . All Medicare supplement insurance plans with the same letter are identical in every way except premium . Medicare supplement insurance premiums are determined based on your age , zip code , tobacco use and with some carriers , your height and weight .


Input: Why Is Suze Orman Against Whole Life Insurance?

Output: Suze Orman is against Whole Life insurance because she feels that people can do better by buying Term Life insurance and investing the rest . Technically , it is true that certain stocks or other investments will give a far better return on one 's dollar . But when one considers the risk and taxation on those types of investments , plus the fact that a large amount of medical expenses or just lack of self control might deplete one 's savings in the later years , buying Whole Life insurance can make sense for some people . No cookie cutter approach fits everyone .


Input: Why Is Suze Orman Against Whole Life Insurance?

Output: Suzi Orman is one of many people who recommend buying term life insurance and investing the difference . If this is done properly and IF the investments do well , you can come out way ahead that way . The problem is , many people buy term and spend the difference . Then at the end of their term they become uninsured and often have health problems and are very expensive to insure . Suzi is a financial entertainer . You can pick up good things from the financial entertainers but also a lot of things that do n't apply to you .


Input: Why Is Suze Orman Against Whole Life Insurance?

Output: Here is what Suze says about permanent insurance on her website : I HATE WHOLE LIFE INSURANCE I HATE UNIVERSAL LIFE INSURANCE I HATE VARIABLE LIFE INSURANCE THE ONLY TYPE I LIKE FOR THE PURPOSES FOR INSURING YOUR LIFE IS TERM INSURANCE ! If you are smart with the money you have today and you get rid of your mortgages , car loans and credit card debt and put money into retirement plans you dont need insurance 30 years from now to protect your family when you die . WEBSITELINK Lets think about this perspective for a second . She basically believes that family protection is the sole reason why people buy life insurance . Once the kids are out of the house , and you dont have any more debt , and you can afford to self-insure , you dont need a policy . This may be true for some people , but it is not true for many others . Consider some of the what ifs : What if your elder parents become dependent on you ? What if you need to secure a pension distribution ? What if you incur an estate tax obligation ? What if you want to leave a gift to your favorite charity ? What if you start a business when you retire as many people do and you need to indemnify a loan , or fund a partnership agreement ? These are all reasons for why people need life insurance after the family protection stage . They should be considered when people do their life insurance planning .


Input: What Exactly Is Whole Life Insurance And How Does It Work?

Output: Whole life insurance is financial protection for your life and your income . The purpose of life insurance is to replace income lost when you pass away . Your beneficiary -- the person you chose to receive the replacement money -- will receive a check or a series of checks when you pass . In most cases , a beneficiary is a spouse or a child . A beneficiary should always be someone who depends on your income to survive . Whole life insurance covers you for your entire life . A major difference between whole life and term life is that whole life grows cash value . Cash value is somewhat of a savings account within your insurance policy . In the first few years that you pay into the policy , the insurance company charges higher rates than is necessary to insure your life . The extra amount that you pay goes into the cash value account . Cash value grows over time and can be borrowed against if you need cash .


Input: What Exactly Is Whole Life Insurance And How Does It Work?

Output: Participating whole life insurance is manufactured by a mutual company where the policy holders own the company and elect board members who annual declare a dividend . A dividend is a return of unused premium and is not guaranteed . However , there are guaranteed cash values and death benefit that are contractual apart from the dividends as long as the stated and scheduled premium is paid .


Input: How Much Will I Pay In Medicare?

Output: Medicare Part A is free to most people , although you will pay co-pays for hospital stays . For the first 1-60 days of hospitalization in a benefit period , the cost is only $ 1,184 in 2013 . Most people pay a premium of $ 104.90 / mo for Part B . The Part B deductible is $ 147/year . There are also monthly charges for Medicare supplement plans that vary by the plan and the company offering it .


Input: Does Renters Insurance Cover Auto?

Output: Your renters insurance normally would not provide any coverage for your auto . Auto insurance is the best way to cover your auto . Renters insurance typically works the same way as homeowners insurance in that it extends some coverage for personal property away from your home . Please read your policy completely to understand what coverage is provided and what exclusions there may be or contact your local agent to have them go over the poilicy with you .


Input: What Is Medicare J Code?

Output: This is just a hunch , based on my 32 years of experience as an insurance broker , but I believe what you are referring to is a reimbursement code . It may have something to do with injectible drugs that can not be self-administered . It also may be referring to a form of chemotherapy .


Input: Can I Deduct Life Insurance Premiums As A Business Expense?

Output: In Canada , the regulations around deducting life insurance premiums are very restrictive . If insurance is required by a lending institution to secure the loan then a portion of the premium may be deducted as a business expense . The amount that can be deducted is the net cost of pure insurance -LRB- NCPI -RRB- , This amount comes from a table provided by the government . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community .


Input: Can I Deduct Life Insurance Premiums As A Business Expense?

Output: That 's a good question ! Generally the answer is no - if you are referring to premiums on life insurance for yourself . However there can be exceptions such as in Buy-Sell agreements . But in that case you 're buying insurance on someone else . There is a way to deduct for life insurance premiums however , but it 's not direct . If you pay bonuses to yourself or an employee equal to the amount of premiums you can deduct the bonus as a business expense , but of course you or the employee would need to pay income tax on the bonus .


Input: Can I Deduct Life Insurance Premiums As A Business Expense?

Output: Can you deduct life insurance premiums ? It 's going to depend on what type of life insurance you are talking about . If you are referring to group life the cost of premiums up to 50,000 in face amount can be deducted . Above that for group , no.For that type of plan the benefit is not taxed . The big issue for other coverage is if you take the tax deduction on the premium , you pay taxes on the benefit , which would be a much greater tax hit than the taxes on the premium .