Input: Which Is Better Medicare Advantage Or Medigap?

Output: This depends a lot on the clients preference . Some like Medicare Advantage Plans because they have $ 0 or low monthly premium and prescription drug coverage can be included . However , these plans have large `` max out of pocket '' expenses and a person should know what that number is and compare it to other alternatives . There is also a network so you would need to make sure you stay within that network or risk paying more out of pocket . The network and benefits can change from year to year . A Medigap Plan -LRB- Medicare Supplement Plan -RRB- has a higher monthly premium but little to no out of pocket . There is also no network so you can go to any doctor or hospital in any state . If they take Medicare , they take the Medigap Plan regardless of who the carrier is . Also , the benefits can not change from year to year and the person can keep the plan their entire life if they want . No referral needed to see a specialist .


Input: Which Is Better Medicare Advantage Or Medigap?

Output: It depend on what the insured prefers . Co-pays and a lower premium , or no co-pays , but the stability of a higher premium . The expected health of the insured should be a factor in deciding which is best . I like to add up the premiums for the supplement and see how it compares to the maximum out of pocket for the co-pays and any deductubles on the Advantage plan . Sometimes that helps people to see what might be best for them .


Input: How Can I Make My Motorcycle Insurance Cheaper?

Output: One very good way to earn a credit on your Motorcycle insurance while also increasing your riding techniques is to enroll in a riders ' class . Many states have classes that are designed not only for the beginning rider but for those of us who are more experienced as well . Another way is to talk to your Insurance Professional to be sure you are taking advantage of all your company 's available discounts . Be sure to talk about bundling your Home and ca insurance with the same company that insures your bike .


Input: What Is Not Covered By Home Insurance?

Output: It is always best to talk with your Insurance Professional about the specific terms , conditions and possible limitations of your policy . However , there are usually two specific perils that are excluded from coverage under a Homeowners policy . One exclusion is damage caused by earth movement . These can include things like earth quake , sink hole and the like . This exclusion may be removed by the addition of an endorsement . The other common exclusion is damage causewd by a flood . This exclusion may not be covered by endorsement to your policy but only by the purchase of a sep -LSB- arate Flood Insurance policy .


Input: What Is Not Covered By Home Insurance?

Output: Polices can vary but assuming you have a special policy which is a policy that has the broadest coverage 's you are not covered for flood and your not covered for earthquake . Additional polices would need to be purchased to cover those perils . Other then that the best way to look at a policy in general is to ask yourself . Was the loss sudden and accidental . I recommend you discuss with your agent about the specifics of your policy .


Input: Does My Auto Insurance Cover Rentals?

Output: The coverage from your auto insurance usually extends to a rental car . Please check with your agent for particulars . Usually this eliminates the need to purchase insurance from the rental agency . There are advantages to the policies offered by the rental company but the policies arent cheap .


Input: Is A Pension Plan Qualified?

Output: If the defined benefit or contribution plan is sanctioned under Employee Retirement Income Security Act -LRB- ERISA -RRB- of 1974 , then yes its considered a qualified plan . The private sector generally offers defined contribution plans like 401 -LRB- k -RRB- s that are pretax contributions and tax deferred accumulations . Upon retirement , the distributions are taxable as ordinary income .


Input: When Is Term Life Insurance Best?

Output: Term life insurance is best when you have limited funds to spend on life insurance , when the need for your life insurance protection is temporary , and when you are not counting on the policy for cash value from which to borrow in the future . E.g. . If you want life insurance to pay off $ 200,000 of college loans if you should pass before your debt is paid , a $ 200,000 term policy would fulfill that need at a relatively low cost .


Input: When Is Term Life Insurance Best?

Output: Over the long haul , term life insurance is more expensive than whole life or universal life . That is because , your premiums increase with age and there is no leveling effect to keep premiums lower as you get older . Look at indexed universal life and compare the overall lifetime cost to term life insurance . You might be surprised . But , if your needs are short term , term life insurance will be cheap but not necessarily the lowest overall cost .


Input: How Long Can A Child Stay On Parents Auto Insurance?

Output: A child can stay on their parent 's auto insurance policy longer than you may realize . Each company is different , but if the car remains titled to the parents , and the child remains in the household -LRB- student status may be required -RRB- , there may be no specified age limit . Certainly , there may be advantages to staying on the policy , including taking advantage of multi-policy and multi-car discounts . Also , if the son or daughter is involved in an at-fault accident or receives a moving violation , the impact of any rate increase will be reduced . As an experienced car insurance broker , we provide information and rates to consumers that save time and money .


Input: Why Should I Buy Annuities?

Output: Non-qualified annuities that are annuitized for the life of the annuitant guarantee life time income based on the annuitants life no matter how long the annuitant lives . Part of the annuitized payment is return of basis -LRB- tax free -RRB- amortized to life expectancy with some of the gain as well . When the basis is exhausted then the payment is entirely gain and taxable as ordinary income . That can be a good idea . But product suitability is very important and one of the items of suitability is a establishing a risk tolerance assessment . Non-qualified deferred annuities have three basic crediting methods : fixed interest rate crediting in an annuity , indice crediting in index annuity and crediting or sometimes debiting in separate sub accounts in variable annuities . Was you determine which crediting method fits your risk tolerance , then you should decide how long your annuity position should be and does the policy have any benefits for maintaining it in force .


Input: Why Should I Buy Annuities?

Output: That is a great question ! There are several reasons why annuities can be a good investment , and some reasons why they may not be . The downside ? the purpose of an annuity is to save up for a later payout , so there are steep penalties for taking out the money early . Once you 've put your money in , you have to leave it there for a period of time , so you need to be able to leave that cash alone . You 'll need to have an adequate savings , and cash flow to cover whatever may occur before the withdrawal time comes . Depending upon the annuity , there might mot be the return that you might get from an alternative investment . The pluses ? There are great guarantees . You will know exactly what you have at risk , and what your potential gains will be . It 's unusual to lose money with the right annuity , and most will guarantee no less than what you started it with , so even if the markets and interest rates tank , you get back no worse than what you put in . Ca n't say that about bonds , money markets , or stocks . Annuities can also be structured to give lifelong payouts , and include the lifespans of both you and your spouse . Having an income that you ca n't out live is also a big plus . They are passive investments , which means you do n't have to keep track of what they are doing , you buy and let them roll , or look at them once a year and adjust , if you decide to . The security of knowing you will be receiving a lifelong monthly payment is a huge part of financial peace of mind . Thanks for asking !


Input: Im 18 Where Can I Get Cheap Car Insurance?

Output: Cheap car insurance for 18 year-olds may be available through selected carriers . Finding the lowest rate is best accomplished when you work with an experienced broker . There is no cost or obligation , and the potential savings can be substantial . Although the least expensive rate is not always the best option , the combination of low rates and great coverage is what brokers -LRB- experienced ones -RRB- find the best . If your policy will be taken out by an adult , they should be consulted . As you get older , your cost will reduce , and save you quite a bit of money . But most importantly , having the most appropriate deductibles and liability limits may save you much more ! LIVE answer provided by Ed Harris - Premier car insurance broker with more than 33 years of experience and owner of several nationally top-rated websites that offer consumers the lowest available rates .


Input: Im 18 Where Can I Get Cheap Car Insurance?

Output: Cheap insurance isnt the policy with the lowest premium . It is the policy that pays the most when you have a claim . If your policy doesnt cover the cost of a collision , the balance must be met by you . If you need to pay out of pocket expenses because of a collision , the taste of low premiums might not be so sweet . I suggest you discuss your situation with a trusted agent and carefully evaluate the agents advice .


Input: Im 18 Where Can I Get Cheap Car Insurance?

Output: I would suggest first talking to your parent 's Insurance Professional , especially if you are still living at home . There may be premium advantages available to you if you insure your car with the same company . That company may extend multi policy and multi car discounts over to you which may substantially reduce the amount of your own car insurance premium .


Input: Can A Dying Person Get Life Insurance?

Output: That is a great question , and one that I sincerely hope you are only asking out of curiosity , and not need . The answer is that you can , there are companies with policies that are guaranteed to accept everybody , but there is a catch . To a one , every single one of them will have a period of time , typically two - three years , where the only benefit you will receive is what you paid in , plus some interest . If your death falls within that period , your only gain will be the interest . If this is a `` I need it '' question , then I truly wish that someone would have advised you to buy earlier in your life . I 'm sorry . Thank you though , for asking !


Input: Can A Dying Person Get Life Insurance?

Output: Yes , a dying person can get life insurance . It is called guaranteed issue life insurance . But in the first years of the policy , it will only pay back what you paid , in plus some extra . It 's return is much better than you can get in a savings account , and there is always a chance that the dying person might live long enough for the policy to pay in full . So it can be a consideration , unless death is definitely imminent . Buying a policy through a funeral home is also an option for those who terminally ill . Best wishes to you as you go through this trying time . Rather than use the quote engines , give one of us a call . It will save you time and frustration .


Input: What Does Home Warranty Insurance Cover?

Output: Great question ! Warranty insurance can cover a variety of things from insurer to insurer , so this is one type of policy that it really pays to do your homework on . Most will cover the basics : heating , plumbing , electrical , and built in appliances . As you pay more , the coverage expands from there . I can not advise you enough - find a good independent agent to help you find a policy that will give you the coverage you desire , at a price that is affordable . These policies can vary widely in cost and coverage , and the agent can save you from a lot of heartbreak later on . Thank you for asking !


Input: What Is A VUL Life Insurance Policy?

Output: What is a variable universal life policy ? A VUL is a type of universal life policy that has it 's investment pool in the stock market . Universal life normally consists of an insurance account and an investment account that make up the guts of the policy . Any funds collected above the cost of insurance are deposited in the investment account . Later on , those funds are used to help reduce the actual cost of insurance as Universal life is basically term insurance with an investment account . Variable UL is simply the same thing except the investment account is now based in market securities -LRB- usually mutual funds -RRB- which present the opportunity of higher returns . Be aware with the higher returns there also comes greater risk . A VUL should never be purchased and forgotten about . Chances are it wo n't be there if that 's what the purchaser does . A VUL requires oversight and adjustments over time to get the best use out of it .


Input: What Is A VUL Life Insurance Policy?

Output: A Variable Universal Life Insurance Policy , is a type of permanent life insurance , as opposed to Term Life Insurance . Term has rates which escalate after a stated number of years , but universal generally does not , for as long as you live . As Variable , its amount varies based on whatever market interest you have tied it to . The purpose is to grow its value higher than a standard universal policy would do . However , you run the risk that the market may go down , decreasing the value of the policy , up to a certain point depending on the policy terms . You can borrow against but be careful never to take too much or risk the policy lapsing leaving you no coverage and protection . It is for those who want to take a gamble with your life insurance and generally for younger folks who can make up for losses later . Thank you . GARY LANE .


Input: Does Homeowners Insurance Cover Vehicles In Garage?

Output: Insurance for your car is your auto policy . It isnt your homeowners policy . In fact your homeowners policy excludes automobiles . Where this gets tricky is when someone stores an automobile , thinking that the homeowners policy will cover a loss . It wont . If you are storing an automobile and want it covered , take out a policy that provides comprehensive insurance . Several clients do this and then activate the liability and collision parts of the policy when they take the car out for a spin .


Input: Why Does My Apartment Require Renters Insurance?

Output: More and more apartment complexes are requiring Renters insurance . Renters insurance provides liability coverage so if you are negligent and cause damage to their building they want an insurance policy to pay out . Most people renting an apartment do not have enough money to pay for the building so Renters insurance is a great way to cover this need and also cover your personal belongings .


Input: Can Long Term Care Insurance Premiums Increase?

Output: Yes they can . You individually can not be targeted for a rate increase , but across the board rate increases may occur . To lessen the possibility , do your research and make sure your coverage is placed with a company with a long track record of writing long-term care insurance with minimal rate increase history .


Input: Is Damage From Ice Dams Covered By Homeowners Insurance?

Output: I am assuming by ice dams you mean the ice buildup around gutters . If that is the case the answer would be no . That becomes amaintenanceissue . Your homeowners policy will cover roofcollapsedue to weight of ice and snow but the ice dams around the gutters generally would not be covered .


Input: Is Damage From Ice Dams Covered By Homeowners Insurance?

Output: Depending on your carrier it may be covered . The carriers that we use they will cover it . As Mr. Ratcliff stated about the roof collapse yes and with the carries that we choose to use they also cover the ice build up around the gutters . In Montana this is the case . Depends on what state and carrier talk to your local agent and they should be able to direct you .


Input: Does Suze Orman Like Variable Annuities?

Output: Suze Orman has a piece posted online called Truth About Annuities . About half way down the post she addresses variable annuities . Her explanation has a few mischaracterizations , but all in all she lays it out in an understandable manner . She seems to question the economics of tax deferral , but her treatment of variable annuities isnt as negative as some of her 2009 and 2010 YouTube videos . WEBSITELINK


Input: Does Suze Orman Like Variable Annuities?

Output: No , Suze Orman does not like variable annuities . She does like single premium deferred annuities , and sometimes likes medical annuities for older persons . However , she does not like variable annuities . She feels they are too complicated and that the fees are too high , among other things .


Input: Does Geico Carry Homeowners Insurance?

Output: Geico does not write homeowners insurance themselves . However , they do offer it as an agent for other companies . So , if you call Geico , they can get you homeowners coverage but it will be with a different company . My advice is to find a local agent you trust who will actually sit down with you and coordinate all your coverages . As much as some companies will try to convince you that all insurance is the same , I assure you it 's not . It takes time and careful consideration to put together insurance coverages that will protect you and your family correctly . Be smart , find an agent you can trust and take their advice . You 'll save money and aggravation in the long run .


Input: What To Do When Employer Drops Health Insurance?

Output: When your employer drops your health insurance , you may be eligible for COBRA . You should ask your PR representative your status and if you are eligible.If you have existing conditions that are considered `` major , '' COBRA may be the best option . Otherwise , and experienced full-time broker can assist you in finding affordable healthcare coverage . The combination of the broker and their reputable website will allow you to shop top-rated carriers and discuss the best options .


Input: How Much Does Full Coverage Health Insurance Cost?

Output: `` Full '' health insurance is coming in 2014 whether you like it or not . Almost every conceivable preventive care procedure is `` free '' -LRB- as long as you do n't consider it is built into the premium -RRB- . All plans will have doctor and Rx copay 's and low deductibles . Unlimited annual and lifetime benefits . And no one can be turned down for any pre-existing medical conditions . Tobacco users will pay more than the rest of us , but extremely healthy people will also pay more . In some cases they will pay the same premium as someone who is 200 pounds overweight and on 15 medications . Oh , and everyone will have maternity coverage , whether you need it or not . How much does it cost ? If you have to ask you probably ca n't afford it . Rates are not available yet , but take current rates and double them , and that is just a start .


Input: How Much Does Full Coverage Health Insurance Cost?

Output: There is no way to answer this question with any accuracy . The cost of health insurance is a very personalized item , with many factors affecting the price . -LRB- Age , overall health , Pre-existing conditions , medications , etc -RRB- . You really need to sitdown with an agent and let them provide you with a personalized quote .


Input: Can I Get Car Insurance If My License Is Suspended?

Output: Typically , to legally drive , you need to have a valid driver 's license . A suspended driver 's licence can be reinstated and under certain situations , you may receive special limited driving privileges . When a license is suspended , it can be reinstated . However , there may be special fees and paperwork that needs to be completed , such as an SR-22 Bond . When first applying for coverage , your rate is based on your age , the vehicle and your license status . So it 's important to properly shop for the best type of coverage , at , of course , the lowest rate . As experienced brokers , that 's our job . We essentially do the shopping for you , so you can get the best pricing . Our websites are specifically designed to help you compare the lowest rates , and easily apply for coverage .


Input: Can I Get Car Insurance If My License Is Suspended?

Output: In order to obtain insurance on a suspended license you must have the ability to regain your license by obtaining insurance . The insurance carrier will issue you in most cases an SR-22 which will notify the DMV you have insurance therebyenablingyou regain your license . Otherwise you can not obtain insurance if yourlicenseis going to remain suspended .


Input: Can I Get Car Insurance If My License Is Suspended?

Output: This may vary greatly from state to state , however in PA you can purchase coverage through at least one carrier that I am aware of with a suspended license . They require evidence that the license has been reinstated within 30 days of the effective date . This does not address the legality of driving on a suspended license however . You may also want a comprehensive only policy which covers the vehicle for perils other than collisions .


Input: What kind of medical information is looked at when underwriting life insurance?

Output: Concealing information on an application for life insurance can result in a death claim being denied , particularly if the application is shortly before death . Most applications for life insurance ask if you are contemplating surgery , or have been advised to have surgery . Your attending physician will probably disclose this information if he or she is asked .


Input: What kind of medical information is looked at when underwriting life insurance?

Output: Medical history for yourself and immediate family is considered in the underwriting process . Insurance companies are really good at determining a persons mortality rate based on their health , occupation and avocation , and family medical history . So those parameters along with current age are the main factors that determine premium . The extent of medical testing is generally determined by the amount of benefit one is buying . Typically for a $ 200K benefit or less only a small blood and urine sample are taken along with a blood pressure check . Over $ 200K may also include ECG and additional tests .


Input: What kind of medical information is looked at when underwriting life insurance?

Output: A medical exam for the coverage typically consists of a paramedical exam -LRB- height/weight check and vitals checks such as pulse and blood pressure readings -RRB- , a blood test , and a urine test - sometimes an EKG and/or cognitive testing may be required for older age individuals -RRB- . Even if it 's not asked specifically on the application itself , the carrier will see the input regarding the wls -LRB- I 'm assuming stands for `` weight loss surgery '' -RRB- surgery in the APS from your doctor . For any fully underwritten life insurance program , the carrier will request a copy of an APS from your doctor , in addition to the completion of a medical exam conducted for the insurance policy -RRB- . An APS is an Attending Physician Statement - in short , it 's a doctor 's summary of your medical history records . For example , if you were being treated for diabetes , it would cite your A1C reading history , prescriptions prescribed for the condition , when it was diagnosed , etc. . In the APS , the carrier will see in the doctor 's notes that you have discussed getting the wls surgery -LRB- I 'm assuming that `` wls '' is supposed to stand for `` weight loss surgery '' -RRB- and ask if a surgery has been scheduled and/or completed . If it has n't been completed yet , a carrier will postpone approving you for the coverage because you have an outstanding medical procedure on the books that 's still supposed to get done . From a carrier 's perspective , their risk of a claim is greatly increased when they know a surgical operation is upcoming as complications can always occur during any surgery . Please note , after a weight loss surgery procedure and you 've ideally lost a large amount of weight and want to apply for coverage , part of that weight loss can be added in to a carrier 's calculation of height/weight profile . The reason for this is quick weight loss for people -LRB- whether via surgery , diet and exercise , liposuction , etc. -RRB- can often result in some individuals gaining a percentage of that weight back - unfortunately not everyone always keeps all of the pounds off . So if you apply for coverage within 12 months of that rapid weight loss , a carrier may add half the weight loss amount back to your total . For example , if you weight 300 pounds and loss 120 pounds after a procedure , now you 're sitting at 180 pounds . If you applied for coverage soon after having lost that 120 pounds , the carrier would add 60 back to your total and base the underwriting on a height/weight profile of 240 pounds -LRB- 180 +60 -RRB- . The purpose of the 12 month differential is to show stability in the person 's weight loss and that they have a good chance of keeping off the weight . Please also note , alternative options will still result in the same outcome -LRB- e.g. non-medical life insurance -RRB- because a question on almost every application will ask in some format `` are there any outstanding tests or other medical procedures outstanding or waiting to be completed '' . You would only be able to secure a graded policy with a low face amount -LRB- $ 25k or $ 50k maximum -RRB- , which does not appear to be in the ballpark of the coverage you 're looking to secure -LRB- you noted $ 900k in your question 's statement -RRB- . If you have a policy already in force , you can elect to convert all or a portion of it to permanent coverage . The conversion would keep the risk class that the original policy had and would simply just calculate the rates based on your age . I hope the information is helpful - please feel free to contact me for help with your coverage and if you have any other questions . Thanks very much .


Input: What kind of medical information is looked at when underwriting life insurance?

Output: There are a variety of reasons medical questions are asked . The obvious is to see if the applicant has an serious , life threatening ailments . This could be recent cancer -LRB- within 5 years -RRB- , heart disease , etc. . But another reason not often thought about , is honesty and truthfulness . Most applicants do not realize that the carrier can and normally will check your medical records . They will normally see what your health is like . Then then compare it to what you disclosed . If you falsified your information , do not expect to get covered . If it was minor , they may simply increase the premium from your quote . Either way , you should be telling the truth , just like mother told you to . Thank you . GARY LANE .


Input: What kind of medical information is looked at when underwriting life insurance?

Output: An underwriter will examine medical information that an applicant provides . Based on that information medical records may be ordered . Also , life insurance carriers access the MIB or Medical Information Bureau . Only codes and not personal information are provided to the carrier based on any past applications , and checking is simply part of due diligence to avoid fraud . Most policies require a paramedic exam as well . In addition , a medical history will usually include health questions on immediate family members . The elective surgery will most probably result in a `` postpone '' on the part of every carrier , especially if planned within a few months . After that they will want to wait until you have been released by your physician . While the question MAY not be asked in the application , it will fall under at least one question upon receipt of the policy .


Input: What kind of medical information is looked at when underwriting life insurance?

Output: It sounds like you have a decision to make : A. postpone or cancel your elective weight loss surgery so that you can get the life insurance now , or B.postpone getting life insurance until after you have your weight loss surgery . If you have found a policy for which you qualify weight wise , are not suffering health complications from your weight , and need $ 900,000 of coverage for a loan or other reason , you could probably qualify by simply postponing your surgery for a year . Of course , if your health is at risk , getting the surgery can not only help your health , but improve your life insurance rates in the future .


Input: How Much Is Renters Insurance?

Output: How much money would you need to replace your personal property ? If someone is hurt or property is damaged and you are legally liable , how much coverage do you want from your insurance company ? Your answer to these will set the price of a tenants policy . Tenants policies are quite inexpensive . For someone with $ 20,000 of contents living in an apartment in Fresno , CA , you could expect to pay around $ 10-20 per month .


Input: How Much Is Renters Insurance?

Output: Unfortunately this simple question needs a lot more details before it can be answered . One must consider first of all where they live , the amount of liability coverage they want -LRB- protecting you if someone get 's hurt in your space -RRB- , the value of your personal property -LRB- in case it needs to be replaced due to a fire -RRB- . There are more questions as well but those are the biggy 's . You should first contact your auto insurance agent , as you may qualify for discounts for having multiple policies .


Input: Would homeowner's insurance share in tree removal expense to potentially save money and decrease liability?

Output: Your insurance company provides a policy that specifies which hazards it covers . The company assumes that you as a homeowner will take every precaution to make your home as safe as possible . If they determine that there is a hazardous condition on your property they can make renewal of the insurance depend on your taking care of the situation . We see this most often with roofs ; however , a sick tree would be such a situation as well .


Input: Would homeowner's insurance share in tree removal expense to potentially save money and decrease liability?

Output: Great question ! The answer to the question really lies in the provisions of your specific policy . Most will help pay for the cost of a tree downed by a storm , the cleanup , and even the replacement tree , but a standing tree is another matter . Call your agent , and have them determine what your policy will cover . Another bit of advice - check with your local city or county commission , and ensure that you do n't violate any ordinances by cutting it down . You may need a permit first , even if it is on your private property . Here in Houston , you can incur very healthy fines if you cut down or trim one of the great oak trees that share space with any city owned property . If you need help , please feel free to contact me . Thanks for asking !


Input: How To Apply For Oxford Health Insurance?

Output: Oxford Health , which is now owned by UnitedHealthcare , offers individual insurance coverage in the states of New York and New Jersey . You can apply for coverage by contacting Oxford directly , or be contacting an independent agent that represents the company . I always suggest working with an independent agent , as they have your best interests at hurt , not that of some insurance company that may be their employer .


Input: Does Renters Insurance Pay For Hotel?

Output: That is a great question ! If your apartment is destroyed or damaged to the point that it is not safe to live in , your renters policy will provide for housing . You will want to check on the policy specifics , for some it is a per day amount , for others it is a number of days kind of thing . It is one of those things that makes renters insurance such a great thing to have ! Thanks for asking !


Input: Does Renters Insurance Pay For Hotel?

Output: Renters Insurance will pay for a hotel stay on a short term basis following a covered loss , the deductible will apply and the charge must be deemed normal and customaryand must not exceed the policy limit for Loss of Use . In order for insurance to pay for the hotel , the unit must not be in livable condition as a direct cause of the covered loss by the same policy contract . Renters Insurance is an inexpensive and important form of protection for one 's personal contents , loss of use and personal liability . There is a link providing an online format to obtain a quote and buy renters insurance online in multiple States ; may be useddirectly by Consumers . An exemplary online experience for all ! WEBSITELINK


Input: How Does A Loan On A Life Insurance Policy Work?

Output: There are several policy loan provisions used in life insurance contracts . Participating whole life insurance policies use spread loans and direct recognition loans . Current Interest Rate , Index and Variable Universal life insurance contracts use zero net cost loans , wash loans , spread loans and participating loans both fixed and variable loans . Keep in mind that the current company practice of loan charges may be different from the contractual maximum they could charge . So its important to purchase life insurance contracts with loan provisions that are favorable . After all it is your money . And we can help with that .


Input: How Does A Loan On A Life Insurance Policy Work?

Output: The way policy loans work vary by product and company but the basic idea is that you can borrow from an asset you own . If you own a permanent -LRB- cash value -RRB- life insurance policy , policy loans should be possible once it accumulates enough cash surrender value . Each policy contains provisions which explain how policy loans can function for that particular contract . You can ask your agent or the insurance company directly for the loanable value of the policy . Unlike most conventional loans however , repayment is actually not required . If the loan is not repaid prior to the death of the insured , the amount will simply be subtracted from the policy , reducing the death benefit . Taking a policy loan is not the same as withdrawing cash values . The insurance company will charge you interest on the money you receive from the loan . In most policies , dividends are not paid -LRB- or the interest rate credited is reduced -RRB- on the amount of the cash value impaired by a loan . In other words , there is usually a material net cost of borrowing which will add drag to the policy over the years . Usually , policy owners call up the insurance company , request a policy loan and do not repay it or the loan interest over time . In this case , the interest will be added to the loan , and loan will continue to accrue interest at an even greater rate . If the loan exceeds the cash value , the policy will eventually lapse . Whats worse , any gain -LRB- gross cash value minus premiums paid -RRB- becomes taxable income . Obviously , this should be avoided , so it is especially important to work with your life insurance professional to manage your policy carefully . Note that interest rates and loan provisions vary widely for policy loans : recent product innovations through loans have become quite complex . Since some policies are better than others for taking policy loans , your life insurance professional can help identify the best way to proceed whether analyzing a policy with an existing loan or planning the purchase of a new policy with the idea of taking policy loans in the future e.g. to supplement a retirement plan .


Input: What Are Annuities Used For?

Output: Annuities are used for many , many purposes and reasons . Some common things/reasons annuities are used for are : regular retirement income , receiving a lump sum of money in regular payments over time , wanting someone to manage their money for them , a safe investment , and the tax favorable aspects of annuities .


Input: Are Life Insurance Proceeds Taxable In West Virginia?

Output: Life insurance proceeds are taxable if they are left to the estate of the policy owner . However , if the beneficiary is a person , that person receives the life insurance benefit income tax free . If they decide to take it on payments , only the interest is taxed . Federal estate taxes will be charged if the estate -LRB- including life insurance proceeds -RRB- exceeds $ 5,250,000 in 2013 . West Virginia does not have a state estate tax .


Input: Does Renters Insurance Cover An Engagement Ring?

Output: A Renters Insurance policy , much like a Homeowners , is designed for broad coverage over more standard personal property . The best way to protect valuables , like an engagement ring , is to `` schedule '' it specifically either as a rider on the Renters Policy , or on it 's own . Bydoing this , you will be covering the piecemuch more completely . You will need to provide your insurance professional with an appraisalwhichincludes both a detailed description of the ring , setting and stone -LRB- s -RRB- along with the stated complete value .


Input: Does Renters Insurance Cover An Engagement Ring?

Output: A ring is personal property . Renters insurance covers personal property . The limits of the policy are stated on the declarations . Inside the policy there is a paragraph that describes the reduction in limits for personal property that is not on the premises at the time of loss . There is likely to be another paragraph that limits the companys liability for the loss of jewelry . The adjustment , however , will include a reduction for the deductible . Check the deductible on your policy . If the deductible is greater than the value of your ring you will probably be unable to recover very much of the cost of the ring .


Input: Does Renters Insurance Cover An Engagement Ring?

Output: Renter 's insurance vary a lot so the only way to know for sure is to file a claim . With that said the ring is probably covered with a small sublimit of $ 1,500 or so and you would have to pay your deductible . If you need coverage for more than that you need to call/email your insurance company and say `` I 'd like to specifically schedule my engagement ring for $ X with a deductible of $ Y. Special causes of loss , replacement cost please . I have a picture , receipt and appraisal ready for you '' . That will assure that your engagement ring is covered to it 's full value , minus the deductible you choose and for the widest coverage possible .


Input: When Is Medicare Projected To Go Broke?

Output: Great question ! The answer to that will most likely hinge on the mid-term elections this fall . There is one party that believes that Medicare is a handout , and that it can not properly be funded , so it needs to be drastically cut . The other party agrees that funding is an issue , and with nearly 10,000 seniors turning 65 every day , and with many of them not covered by insurance through a workplace , it certainly will become a bigger issue . The party that wins the majority of seats in Congress this fall will probably tip the scales in their favor . Assuming things stay the same , Professor Michael Granof , Professor of Economics at the University of Texas says Medicare will be bankrupt by 2023 , and Social Security about ten years later . His statistical analysis of retirement aged seniors is quite sobering . If you would like the link to his lecture , please feel free to contact me , I 'm happy to share it with you . Thanks for asking !


Input: What Is The Waiting Period For Disability Insurance?

Output: The waiting period , also known as the elimination period , varies from plan to plan . For short term disability insurance , the common elimination periods are 7 and 14 days . For long term disability insurance , the most favorable ep is 90 days , but some policies are written with 180 or even 365 eps . The longer eps are usually to offset the cost as it 's cheaper when the waiting period is longer .


Input: What Is The Waiting Period For Disability Insurance?

Output: The Waiting Period for Disability Insurance is called the elimination period before benefits begin . You can design the waiting period from 30 days to a year , but the most popular is 90 days . Most Americans have 90 days of cash reserves stored up to pay domestic household expenses . Matching your cash reserves with the waiting period is a good way to determine how long the waiting period should be .


Input: Can Term Life Insurance Be Converted To Whole Life?

Output: Not all term life insurance policies are created equal . You must confirm that the policy allows for conversions to a permanent policy and the length of time the policy allows you to convert . Keep in mind that the life insurance company may limit their permanent life insurance policies to designated contracts and not their full inventory . Unfortunately many permanent products are not competitive , so its very important in your purchasing decision for term life insurance to also consider the companys permanent product inventory in the event that you need to convert .


Input: Can Term Life Insurance Be Converted To Whole Life?

Output: Yes , Term life insurance can be converted to Whole life or some other form of permanent insurance if : 1 -RRB- The policy you got has the option to be converted , 2 -RRB- you convert it within the time frame noted , and 3 -RRB- you can afford the premium for the converted policy . While a life insurance company may carry many types of permanent coverage , they do not always offer all of them to be used for conversions . Some companies only allow a term policy to be converted to one or two permanent policies , and those may not have all the guarantees or features that you might have chosen if the whole array of permanent products was available to you . Also , the permanent policy will be priced at the rates of that time , and at the age the insured person is at the time of conversion You can reduce the face amount to the minimum allowed for that permanent policy , but even $ 50,000 or $ 100,000 can be costly at an older age and for a permanent product . That being said , being able to convert a Term policy to Whole life or Universal life is a great feature , especially if someone has had a downturn in health after getting their initial Term insurance . There are no health requirements to convert Term life insurance , and the health rating for the converted policy will be the same as it was for the original Term policy .


Input: Can Term Life Insurance Be Converted To Whole Life?

Output: Can term insurance be converted to whole life -LRB- or permanent coverage -RRB- ? Only if it is a term policy with that provision . NOT every term policy is convertible . It can be a HUGE mistake to purchase a term policy without this feature . The conversion option is a person 's safety net if they find that they still need coverage beyond the period they bought the term coverage for AND no longer have the best health . The nice thing about the conversion option is it allows you to purchase a new policy at your old health condition . So if you were a healthy young person when you purchased the term policy , the insurance company keeps you as a healthy person rate , rather than what you might actually be .


Input: Can Term Life Insurance Be Converted To Whole Life?

Output: Term life insurance that features a convertible provision can be converted to a permanent life insurance product at the same insurer . The terms of the feature will be specific to your policy . Many convertible term products allow for conversions to occur , without evidence of insurability , during the less of the initial level term period or age 65 . This varies widely though by insurer and product . Also note that some insurers limit the choice of the permanent product to ones selected by them , rather than your choice from their current product portfolio .


Input: Can I Enroll In Medicare Part D Anytime?

Output: As a rule no , you can enroll in Part D when you first become eligible , during the Anual Election Period , or if you have a Special qualifying event such as losing your group coverage or the plan pulls out of the area , or you move out of the service area . If you qualify for Extra Help with your drugs from Medicare or if you are also on Medicaid you can swithch whenever you want .


Input: Can I Enroll In Medicare Part D Anytime?

Output: You should consider enrolling in a Part D plan when you begin Medicare Part B . If you have coverage under an employer group plan and that plan includes prescription drug coverage , you can delay enrolling in a Part D plan until your group plan ends . Be sure your group Rx plan is considered creditable coverage .


Input: Is Life Insurance Included In An Estate?

Output: When life insurance is left to a beneficiary who is a person or a life insurance trust , the life insurance does not normally go through probate , and no income taxes are paid . However , the policy proceeds will be included in the value of the estate when the deceased owned the policy -LRB- or if the deceased transferred ownership to someone else within three years before death -RRB- or when proceeds were paid to the executor of the deceased 's estate .


Input: How Much Does A 2 Million Life Insurance Policy Cost?

Output: A two million dollar life insurance policy can be purchased for $ 40 per month . But only if you are a perfectly healthy 21 year old non-smoker . And that rate will only be guaranteed for 10-years . Life insurance is sold at different prices to different people . No two people have the same health history , gender , smoking status , family history , etc. . Plus you may only need your term life policy for 2 -- years and your twin brother may want his for his entire lifetime . That will greatly affect the price .


Input: How Much Does A 2 Million Life Insurance Policy Cost?

Output: A 2 million dollar life insurance policy will cost much different rates for men and women , young adults and seniors , smokers and nonsmokers , those with perfect health and those who have multiple health conditions . The price also varies greatly according to how long the premium is locked in . Here are some examples of the cost of a 2 million dollar life insurance policy for a 40 year old male who has perfect health . 10 year term - approx $ 50/mo 20 year term - approx $ 100/mo 30 year term - approx $ 200/mo Permanent - approx $ 800/mo You can go to a website that offers instant quotes to see what a $ 2,000,000 policy costs at other ages , genders , etc. .


Input: How Much Does A 2 Million Life Insurance Policy Cost?

Output: The premium for a $ 2,000,000 ten year Term life policy would most likely cost far less than buying 20 ten year Term policies of $ 100,000 . There is generally a lower cost per thousand at higher `` bands '' of face amounts . Health factors , age , tobacco use and sex all weigh in heavily on the cost , as does the type of product and for how long the premium is locked in .


Input: Does Life Insurance Bypass Probate?

Output: As long as the life insurance policy is set up properly yes the proceeds are paid directly to the beneficiary . If the policy is not set up properly such as naming the estate as the beneficiary or not staying up to date and the beneficiaries are also deceased then the proceeds would be subject to probate and under control of the court . This is a very goodreason to use an experienced life insurance broker to stay on top of these types of issues with your life insurance policy .


Input: Does Life Insurance Bypass Probate?

Output: Great question life insurance does bypass probate since it does have a designated person to get paid on the death know as the beneficiary . Make sure its up to date and review your policy with your agent on an annual basis . You also might want to consider a trust if you have young kids .


Input: Does Life Insurance Bypass Probate?

Output: Life insurance will bypass probate if there is a living beneficiary or beneficiaries to receive the life insurance proceeds , as stated in the policy . If the death benefit is left to the estate -LRB- or if there are no living beneficiaries on the policy , which also causes it to go to the estate -RRB- , the life insurance proceeds will go through probate .


Input: Does Life Insurance Bypass Probate?

Output: A life insurance policy is a legal contract . It is not subject to probate unless it pours money into the estate of a deceased . This feature saves the family the embarrassment of public disclosure that is brought on by probate . It also shields these assets from the claims of creditors to the estate . The life insurance company can deliver money quickly and quietly , and that is very good !


Input: Can You Take Out A Loan On A Term Life Insurance Policy?

Output: NO , you can not take a loan out on a Term Life Insurance Policy , unless , you have a Return of Premium -LRB- ROP -RRB- Term Life Insurance Policy . Simply put , Return of Premium means you will get 100 % of the money you paid in at the end of the term . During the term period , a few companies will let you `` borrow '' the money that is building .


Input: Can You Take Out A Loan On A Term Life Insurance Policy?

Output: It is unlikely that you could take a loan against your term life insurance policy , because it rarely has any cash value . In the rare cases where it might have a small amount of cash value , gaining access to that cash value is governed by provisions in the policy . If you want life insurance that allows you to take a loan , you want a permanent life policy . Contact your life insurance agent for details .


Input: What Does Annuity Mean In Insurance?

Output: An annuity is a contract between you and your life insurance company in which the insurance company provides payments to you at regular intervals for the rest of your life -LRB- or for a set period of time , or in a lump sum -RRB- , in exchange for you putting in a premium -LRB- either in a lump sum or on a payment plan -RRB- . It is a form of retirement savings .


Input: What Does Annuity Mean In Insurance?

Output: There are two problems facing most people . Either they die too soon or live too long . Insurance for dying too soon is called life insurance . Insurance for living too long is called an annuity . They use the same data to determine the prices and benefits of policies but resolve two different issues .


Input: What Does Renters Insurance Usually Cost?

Output: Like other forms of insurance , premium is based upon coverage and other risk factors as applied by the insurance company offering the policy . Your Insurance Professional is a great resource to help you find the policy that best suits your needs and budget . In general , plan on a policy that will cover you properly that will cost only a few hundred dollars annually . Remember to ask about multi policy discounts too !


Input: What Does Renters Insurance Usually Cost?

Output: I 've seen renter 's insurance as low as $ 7.00 / mo. and the sky 's the limit on the upper side . The cost for renters insurance is based on many factors . Some of factors are geography , amount of coverage needed , and credit score just to name a few . To get a real idea of what renters insurance would cost you contact your local agent and discuss your needs with them .


Input: Does Home Insurance Cover Theft Outside Of Home?

Output: Yes , your contents are covered away from home anywhere in the world for 10 % of the value for theft . Subject to your deductible.If your contents coverage is $ 100,000 , then you would have $ 10,000 ofcoverage away from home . Read your policy though as there could be special limits on things like jewelry or other items .


Input: Does Allstate Offer Disability Insurance?

Output: Disability insurance is offered through Allstate Benefits . American Heritage Life Insurance Company is the underwriter of the plans . They also offer other types of policies , including cancer , critical illness , and vision/dental . The company -LRB- American Heritage -RRB- was founded in 1956 and available in most states . An Allstate broker should be able to provide additional details and discuss specific policy options .


Input: Is It Worth Getting Renters Insurance?

Output: Great question . Is it worth it getting renters insurance this question can be only answer by the person buying the policy . Do you have a lot to loose if your home gets broken in or catches on fire . Will you face financial hardship if you have to buy all new items .


Input: What Is The Penalty For Not Having Health Insurance Under Obama Care?

Output: Under the affordable care act , everyone will have to have health insurance or pay a penalty -LRB- also known as an `` individual shared responsibility payment '' -RRB- . If you choose to pay the penalty instead of securing coverage , you will still be responsible for 100 % of your medical care . The penalty is calculated in one of two ways -LRB- you pay whichever is the higher amount -RRB- . In 2014 , the penalties will be calculated as : 1 -RRB- 1 % of your yearly household income featuring a maximum penalty as the national average yearly premium for a bronze plan . 2 -RRB- $ 95 per person for the year -LRB- If under age 18 , then $ 47.50 -RRB- featuring a maximum penalty per family of $ 285 under this method . The penalty calculations will change each year . In 2015 , method one increases to 2 % of your yearly household income and method two increases to $ 325 per person . In 2016 , it will increase again to 2.5 % for method one and $ 695 per person for method two . The penalty methods will be adjusted for inflation in later years . I hope the information is helpful - please feel free to contact me for help with your coverage or if you have any other questions . Thanks very much .


Input: Can I Cancel My Aviva Life Insurance?

Output: You can cancel your Aviva life insurance policy by calling their customer service number , 800-800-9882 . When you call , ask if there are any other options for your policy besides cancelling it . You may be able to save some premium by reducing the face amount , or quit paying premiums but still retain some of the death benefit by turning into a reduced paid up policy .


Input: Can I Cancel My Aviva Life Insurance?

Output: A life insurance policy can be cancelled by the policyowner . For term insurance policies , many people will simply stop paying the premiums and allow the policy to lapse on its own since there 's no cash value involved . For permanent insurance programs , there 's usually some buildup of cash value inside it that you may want to cash out -LRB- the cash value is subject to any remaining surrender charges -RRB- . If you 're looking to cash out the policy , there 's usually going to be a form to fill out and send it - you can contact the insurance company or your agent to get a copy of the form .


Input: When Do We Have To Buy Health Insurance?

Output: No , you do n't have to have health insurance . However , underthe Affordable Care Act , if you do not want to buy a health plan , you will have to pay a penalty -LRB- also known as an `` individual shared responsibility payment '' -RRB- . Many individuals have options for group insurance through their employer or they are on Medicare or Medicaid . If you decide to buy a health insurance plan , then you would either need to buy it on or off the health insurance exchanges . Buying on the exchanges is beneficial if you qualify for a subsidy . Subsidies can only be used for on-exchange plans - they can not be used towards plans sold off the health exchanges . If you choose to pay the penalty instead of securing coverage , you will still be responsible for 100 % of your medical care . The penalty is calculated in one of two ways -LRB- you pay whichever is the higher amount -RRB- . In 2014 , the penalties will be calculated as : 1 -RRB- 1 % of your yearly household income featuring a maximum penalty as the national average yearly premium for a bronze plan . 2 -RRB- $ 95 per person for the year -LRB- If under age 18 , then $ 47.50 -RRB- featuring a maximum penalty per family of $ 285 under this method . The penalty calculations will change each year . In 2015 , method one increases to 2 % of your yearly household income and method two increases to $ 325 per person . In 2016 , it will increase again to 2.5 % for method one and $ 695 per person for method two . The penalty methods will be adjusted for inflation in later years . Please let me know if I can be of further assistance . Thanks very much .


Input: What Is A Ten Year Term Life Insurance?

Output: A ten year term life insurance policy will stay the same price for 10 years . After that , the price will jump very high and is no longer locked in , unless you have purchased a rider that allows for continuation of coverage at a level price . It will go up in price every year after that . Otherwise , the policy will simply end after 10 years .


Input: What Is A Ten Year Term Life Insurance?

Output: A ten year term life insurance policy is a life insurance policy that will typically remain active for 10 years from the policy issue date . Please read your policy completely to know what coverages are provided and any exclusions that there may be within your policy or contact your local agent to go over the policy with you .


Input: Why Does Life Insurance Cost More For Men?

Output: Life insurance costs more for men simply because men die sooner than women on average , according to actuarial tables . The difference in rates between men and women is not as much at younger ages and for short term insurance . It is in longer term and permanent policies , and policies purchased at an older age , where the price increases for men show up more . That is because the policy is insuring the male to an older age , and the chances of mortality are higher .


Input: Does Medicare Cover Care Outside Of The US?

Output: Medicare supplements and/or Medicare Advantage Plans will generally cover emergency care outside of the country . There may be stipulations such as `` within the 1st 60 days of travel '' or there may be a lifetime maximum of perhaps $ 50,000 . In addition , you should be prepared to charge the care to your credit card , then submit the bills to get reimbursed from your carrier upon your return .


Input: Does Cigna Health Insurance Cover A Gym Membership?

Output: I do not know any carrier that will in CA that will cover a gym membership . There are some carriers such as United HealthCare that will reimburse an insured for part of a gym membership based on how many times they attend . My suggestion is to check the carrier website to see if they have any discounts or reimbursements under wellness .


Input: Can You Get Life Insurance After Skydiving?

Output: Yes , you can get life insurance after sky diving . If your sky diving was a one time experience , or a hobby you had in the past that you are not going to participate in again , you can get a regular life insurance policy that excludes sky diving . If you plan to keep on sky diving , read Matt 's answer .


Input: Can You Get Life Insurance After Skydiving?

Output: Yes , you can get life insurance after you skydive . You will have to fill out a questionnaire providing details of your experience , how high , how often , and more . Your rating will definitely go up meaning the premium you pay will be more than what you would pay if you did not skydive . Be prepared for some companies to decide not to take the risk hence declining coverage . Or another possibility might be an insurance company may offer you coverage excluding skydiving which means if you die from this activity , they would nit pay the claim . I would recommend you talk with your agent to get your best shot at the coverage you desire .


Input: What Is The Federal Government Retirement Plan?

Output: The is the federal employees retirement system , the FERS , for federal government employees . Most of these retirement plans are defined benefit retirement plans , but some offer defined contribution plans , which are becoming more popular like a 401 -LRB- k -RRB- in the private sector .


Input: Does Renters Insurance Cover Everything I Own?

Output: Yes renters insurance covers all the personal property that you own -LRB- typically anywhere in the world -RRB- - UP TO the policy limit for personal property coverage on your policy subject to your policy deductible . There are typically $ 1000 to $ 5000 maximum limitations for property such as jewelry , furs , silverware , goldware and home computers , so just check your policy wording and have those items insured on a personal articles floater .


Input: Does Renters Insurance Cover Everything I Own?

Output: Everything you own is a very vague statement . Insurance companies insure described property against loss from covered perils . If the property that you have in mind is described in the policy and the loss is the result of a covered peril then file a claim . Your claim will be adjusted by the deductible . Most renters policies have a significantly lower limit for property that is not on premises . For example if you lose your wallet on campus , the adjusted claim can not exceed a percentage of your total coverage -LRB- normally 10 % . -RRB- As was mentioned there are internal limits for jewelry , firearms , money and other high value items . In the end you might own something that the policy will not cover . What is more important is to consider the items that the policy will cover . If you can not afford to lose them , consider insuring them .


Input: What Are Considered Pre Existing Conditions For Health Insurance?

Output: A pre-existing condition for health insurance is a medical condition that you have/had before your coverage under a health plan starts -LRB- your effective date -RRB- . I hope the information is helpful - please feel free to contact me for help with your health insurance plan or if you have any other questions . Thanks very much .


Input: What Are Considered Pre Existing Conditions For Health Insurance?

Output: That is a great question ! A pre-existing condition is simply that - any medical condition that you had before you applied for the health insurance . Before the Affordable Care Act -LRB- Obamacare -RRB- , insurers could deny you coverage if you had something that they deemed to be too expensive to treat . The Law took that exemption away , and also the maximum lifetime expense limits that insurers had set . I hope that helps , thanks for asking !


Input: What Does Voluntary Term Life Insurance Mean?

Output: As stated , voluntary Term is offered on group policies and is voluntary , meaning you do not have to take it . Term insurance means that it is only offered for a specific period . Never rely on voluntary term as your whole insurance package . This only covers you while you are employed . That is why it is called term insurance . Some contracts will allow you to convert it to a permanent policy if you leave your job but that would be at a much higher rate . Most however do not offer that option . Some individual health policies also offer voluntary term insurance . This covers you while you have that policy but you lose it if you change insurance companies . You are better off in most cases to purchase insurance on your own .


Input: What Does Voluntary Term Life Insurance Mean?

Output: Voluntary Term Life Insurance is a provision of group life insurance , where the employee may purchase additional coverage beyond what the employer provides . Voluntary Term Life Insurance can also extend to the spouse or dependents of the employee . The employee is able to purchase the additional coverage at group rates .


Input: What Does Voluntary Term Life Insurance Mean?

Output: Voluntary term life is a group product where participation is not mandatory . An employee can choose to purchase voluntary life , usually through payroll deduction . Depending on the plan , voluntary can be a guaranteed issue or simple underwriting plan . Guaranteed Issue would just be signing up and paying the premium and Simplified Issue might involve answering a few questions . Either way , most will pay more in price for these plans . Simple rule of thumb with insurance , the fewer questions , the higher the cost . If you 're a fit person , in good shape and health , a voluntary payroll plan gives you some convenience , but not any cost savings .


Input: Is A 401K Considered A Retirement Plan?

Output: There are two basic forms of retirement plans . Defined benefit plans are plans where the participants do not have separate accounts and the retirement benefit is computed based upon a formula of several factors such as age , years of service and highest salary . A Defined contribution plan is a plan where the participant can contribute an amount into a plan where each employee has a separate account . This is what a 401 K plan is . The return on the plan is based upon the performance of the underlying investment and nothing is guaranteed .


Input: Is A 401K Considered A Retirement Plan?

Output: That is a great question ! In the technical sense , yes , 401k 's are a retirement plan . They were not originally designed to be the primary retirement vehicle though . Originally , they were designed to compliment the pension , or company retirement plan that you would receive from your employer . As time has passed , less and less companies offer pension plans , and turned to 401k 's as a way to offer a retirement option while not having the risk of paying you after you retire . They contribute a certain amount , but the risk of losses is strictly yours . As a result , many folks have seen their retirement funds disappear when the market has fared poorly . A 401k can be a valuable part of your retirement plan , but should not be the entirety of it . Please contact me , if you would like more details , okay ? Thanks for asking !


Input: Is A 401K Considered A Retirement Plan?

Output: Is a 401k considered a retirement plan ? Unfortunately , yes . Today 401 -LRB- k -RRB- s are considered to be retirement `` plans '' rather than retirement supplement plans that they were intended to be when enacted in the early 80 's . The orginal intent behind 401 -LRB- k -RRB- s was to provide employees with an addtional way to set wages aside for retirement . Somewhere along the way since they were introduced , they became `` primary '' retirement plans , shifting the risk of outcome from employer to employee .


Input: Is A 401K Considered A Retirement Plan?

Output: It is not only a retirement plan , but a qualified retirement plan under ERISA , The contributions are tax deductible . The accumulations of the plan are tax deferred . The distributions are fully taxable with no basis . And 401k distributions will also be included in the provisional income test to calculate whether Social Security benefits are taxed .


Input: Is A 401K Considered A Retirement Plan?

Output: Yes . It is an employer sponsored , defined contribution plan under section 401 -LRB- k -RRB- of the tax code . They were introduced around 1980 as an alternative to defined benefit pension plans . They have become popular but have had their critics especially during the financial crisis when some referred to them as 201 -LRB- k -RRB- over market losses .


Input: Why Is Car Insurance Cheaper If You Are Married?

Output: Car insurance rates are based on many factors , including your marital status . If you are married , statistically , you have a lower chance of having an at-fault accident compared to if you were single . It 's upon this basis that insurers therefore charge married persons less than a single person that drives the same vehicle and has the same driving record etc. . . The marriage discount is larger when you are younger , and can vary between 10 % -30 % . Although it is substantial , do n't get married just for the discount ! Your spouse may spend a lot more money than you realize !


Input: Does Landlord Insurance Replace Home Insurance?

Output: There is a chance that we have misunderstood the question . If a home that you lived in previously was covered by a homeowners policy and you have moved out of that home and are currently planning to lease it to someone else then the homeowners policy should be cancelled and a fire policy written . The fire policy covers only the residence and has only limited coverage for contents . As was mentioned the personal property of the tenant should be covered by a renters policy .


Input: Does Landlord Insurance Replace Home Insurance?

Output: Great question ! You have asked about something that has been the heartbreak of many a renter . The answer is no , it does not . What the landlord 's insurance will cover is what belongs to the landlord , not you . So if the home were to catch on fire , the landlords insurance would pay for the home . Your things that were inside the home do not belong to him , therefore the company would not pay you for them . Please look into a renters policy to protect your belongings . If you need help , please contact me , I 'm glad to help . Thanks for asking !


Input: Can Doctors Be Forced To Accept Medicare?

Output: No doctors can not be forced to accept Medicare . Any doctor can choose whether or not to accept Medicare assignment . To do so however could have a big economic impact on their bottom line . Considering the number of people aging in to Medicare , refusing Medicare patients could be cutting their own throats .


Input: Is Inherited Life Insurance Taxable?

Output: Inherited life insurance is not taxable for income tax , in most situations . However , if the amount of the life insurance proceeds caused the estate to exceed the limit for exemption from state or federal estate taxes , the estate taxes will need to be paid by someone . Sometimes the policyholder will express in his/her will if the beneficiary is to help contribute to the payment of estate taxes . If there is no will , the laws of the state in which you reside will determine if you have to contribute to the estate tax payment .


Input: Is Inherited Life Insurance Taxable?

Output: Usually no , life insurance proceeds paid to a beneficiary are not taxable . There are certain circumstances that could make the proceeds taxable but these are generally rare incidences . If the proceeds are taxable the life insurer will provide you with proper notice to let you know that payment of the proceeds is a taxable event .


Input: Is Inherited Life Insurance Taxable?

Output: Typically , no . Then again , it depends on who was the owner of the policy , and a few other factors . You also need to be concerned about state estate taxes as well as federal estate taxes . A question like this should be brought to the attention of an attorney . And not just any attorney one who specializes in estate planning . If structured correctly , life insurance can be a wonderful way to transfer wealth to the next generation . It could also be a great way to make charitable gifts . All without paying estate taxes .


Input: How Much Does The Average Health Insurance Cost For Single Person?

Output: There is really no such thing as a true or accurate `` average cost for health insurance '' that can be used to estimate the cost you should pay for coverage . Companies available for you to purchase health insurance from can vary dramatically depending on where you reside . In some areas , consumers have dozens of companies to select from , allowing great freedom of choice for you to elect the plan best suited to your needs . In other areas , especially for those seeking subsidized coverage through the Affordable Care Act , also known as Obamacare , many consumers have as few as one of two options to select from . When seeking the best coverage for your personal situation , it is always best to contact an licensed , independent agent that works with all of the major companies in your area . Their service is free , and can help you save thousands of dollars in the very near future , especially if you have any major medical claims .


Input: Can I Be Denied Health Insurance In 2014?

Output: Under The Affordable Care Act there will not be any medical underwriting associated with getting a health insurance policy issued . That means that if you are not in great health , you can still get health insurance to help pay your medical expenses . There are also federal subsidies available that are income-based where you may qualify for government assistance to pay a portion of your insurance premiums .


Input: What Does PPO Stand For In Health Insurance?

Output: PPO stands for Prefered Provider Organization . It is the least restrictive form of health insurance that uses a managed care form of utilization management . What that basically means is that one can seek treatment from specialists without prior authorization -LRB- a referal -RRB- , and one can seek treatment from Dr. 's who are either in network or out of network . Although the insurance company will cover a larger percentage of the costs with in-network providers , this is an aspect of the managed care cost control that is called steerage -LRB- basically were one is given an incentive to use network providers thus `` steering '' them toward the cost minimizing option -RRB- .


Input: Is Echocardiogram Covered By Medicare?

Output: Yes ! Medicare will cover an Echo if your doctor orders it for diagnostic purposes . An Echo is covered under Medicare Part B. Medicare will pay for about 80 % of the costs after the Part B deductible is met -LRB- $ 147 in 2014 -RRB- - you would be responsible for the other 20 % and the Part B deductible . When you first enroll in Medicare Part B , you open your 6-month initial open enrollment period to buy a Medicare supplement plan -LRB- a.k.a. Medigap plan -RRB- with NO MEDICAL UNDERWRITING ! . A Medigap plan can cover the deductibles and a portion or all of the other 20 % of expenses covered by Part B and features a number of other big advantages as well . An experienced Medigap broker can help find the Medigap plan and carrier that 's most suitable for you and your budget . I hope the information is helpful - please feel free to contact me for help and if you have any other questions . Thanks very much .


Input: Can I Deduct Health Insurance Premiums On My Tax Return?

Output: In some situations you are allowed to deduct health insurance premiums on your tax return . The most common method is for those with self employed income and it they file a Schedule C . There is a place on the form to enter your health insurance premiums and deduct them from your self employed income .


Input: Can I Deduct Health Insurance Premiums On My Tax Return?

Output: Let me start by saying I am not a tax professional , never been confused for one and have never played on on TV ... However , you are able to deduct a certain protion of your annual medical expences on your tax return which can included certain types of insurance premiums . If you have a group plan through you or your spouses employer , no dice . Ca n't deduct the pre-tax portion you pay . If you have an individual/family plan that you personally pay the premiums on , then you could possibly be able to deduct those expences . There is a medical expence level -LRB- not sure what it is and I think it changes ach year -RRB- where if you exceed that amount , you are eligible to deduct the difference . Most families do n't exceed it , but if you are one of the lucky few that spend several several thousand dollars out of pocket each year it is a worthwhile conversation to have with you accountant . So , call your accountant or another tax pro and get there opinion on it . If you have a lot of out of pocket medical expence it could be worth your time and effort to investigate further .


Input: Can I Deduct Health Insurance Premiums On My Tax Return?

Output: If you are paying the premiums for your health insurance with after tax dollars it is likely that you may deduct at least a portion of your premiums from your income tax , because health care expenses are tax deductible and health insurance is a health care expense . If you use a tax preparer or CPA consult with them . If you use a computer program to prepare your tax returns it should verify the deduction and how much .


Input: Does Homeowners Insurance Cover Sinkhole Damage?

Output: Unfortunately , in most cases , no , a standard homeowners ' policy will not cover damage caused by sink holes . This is because damage caused by `` earth movement '' is a standard exclusion usually found in the Homeowners contract . However , that having been said , you can and should speak with your insurance professional to see if coverage can be endorsed into the contract . In many cases , it can .


Input: Is Renters Insurance Transferable?

Output: Renters insurance is not transferable from one person to another . The other party seeking renters insurance would have to qualify on their own merit . Renters insurance is transferable or portable from one location to another . For example you move from apt A to apt B you simply need to call your insurance provider and the address can be updated .


Input: Who Should Get Universal Life Insurance?

Output: Universal life can be an excellent option for an individual who wants to purchase insurance for an extended period of time . By definition , universal life is flexible in design . Premiums can be level , increasing , decreasing , or vanishing . Death benefits can be level , increasing or decreasing . Cash values can be minimal or the tax-deferred nature of life insurance can allow for the accumulation of significant amounts of cash value .


Input: Who Should Get Universal Life Insurance?

Output: In my experience , Universal Life works especially well for these groups of people : 1 -RRB- Those who want permanent coverage at the lowest possible price , with no concern over whether the policy will have a lot of cash value . The type of policy they usually choose is universal life that is guaranteed not to lapse to age 100 + at a level premium . 2 -RRB- Those who want to adjust one policy to fit their needs throughout their lifetime . With UL , they can increase the premium to make the policy last longer or generate more cash value ; reduce the face amount as their need for life insurance goes down ; or reduce or quit paying the premium if their policy can sustain itself on what has already been paid in . 3 -RRB- Those who want a vehicle to generate supplemental income during retirement without the risk of losing their initial premium that they paid in . This product is called Indexed Universal Life .


Input: How Can I Get Car Insurance Without A Car?

Output: This type of policy would be called a `` named non-owner '' policy . This allows you to have liability coverage of your own when you are driving a vehicle owned by someone else . Contact a local agent to find out the availability of this type of policy with the companies that they work with .


Input: How Much Can I Make Selling Annuities?

Output: All commission sales vocations have their challenges and rewards . Some of the best sales persons sell financial products including tax deferred and immediate annuities . If you have a good work ethic , good organizational skills and are great with people you should be able to earn a sold six figure income .


Input: What Is A Medicare Voucher System?

Output: Some members of Congress are promoting a Medicare Voucher System that would provide vouchers to Medicare eligible recipients and allow them to purchase insurance from a private company . The theory behind this is that it will promote competition and rates will go down . It will also , according to proponents , save the Government money since they no longer will have to administer claims . Whether this will come to pass is anybodies guess at this point .


Input: How Necessary Is Disability Insurance?

Output: Disability insurance is paycheck insurance . How important is your paycheck ? Very important ! Disability insurance is an intricate part of defensive financial planning . Most working Americans have 90 days of case reserves for emergencies . So disability insurance can generate tax free benefits for time when you ca n't work because of sickness and/or injury .


Input: How Does No Claims Discount Work On Home Insurance?

Output: Some home insurance companies do offer a no claims discount and some do not . All insurance companies use different criteria in underwriting including credit , safety item -LRB- smoke detectors , fire extgr. , alarms , etc. -RRB- , loss history -LRB- or no losses -RRB- and package credit -LRB- with your car -RRB- . So it depends on the insurance company .


Input: Does Medicare Cover Portable Oxygen Concentrators?

Output: Medicare covers oxygen tanks and other related supplies depending on your medical diagnosis and your doctor 's recommendation . If you have COPD or congestive heart failure and your doctor writes a prescription for oxygen equipment and completes a CMN form . As with any DME , always use a Medicare approved provider that accepts assignment


Input: When Did Medicare Begin In The US?

Output: Medicare began in 1965 under Title XVIII of the Social Security Act as a way of providing health benefits to the elderly . It was signed into law by the President Lyndon B. Johnson . The first Medicare card was issued to then past President Harry S. Truman , who was 81 years old at the time .


Input: Can My Landlord Make Me Buy Renters Insurance?

Output: A landlord can not make you buy anything you do not want to buy , but they require that you purchase renters insurancewithin the agreement or lease that you signif you want to rent the property that they have to rent . Renters insurance is typically a very low cost insurance and if you combine your auto insurance and renters insurance with one carrier the discount on the auto may almost pay for the renters .


Input: Can Auto Insurance Be Canceled At Anytime?

Output: Auto insurance is typically an at will product , which means that you are capable of cancelling your policy at any point that you wish . If you cancel your policy without activating coverage with another before your cancellation date you risk having a gap in your coverage . This could expose you and your family to great financial hardship in the event of an accident .


Input: Who Sells The Most Long Term Care Insurance?

Output: According to the 2012-2013 `` Sourcebook for Long-term Care insurance Information '' , published by the American Association for Long-Term Care Insurance -LRB- AALTCI -RRB- , there are some 40 insurance companies with 14,000 or more `` covered lives '' . Genworth Life currently hasthe largest number of total covered lives.Second is John Hancock.Unum and MetLife are third and fourth , but they no longer actively market LTC insurance . Fifth is Continental Casualty which only sells group LTCi .


Input: Does Progressive Sell Life Insurance?

Output: No , according to their website , Progressive is not licensed to sell life insurance . They sell auto insurance , home insurance , motorcycle insurance , boat insurance , RV insurance , commercial auto insurance , snowmobile insurance , Segway insurance , a personal umbrella policy , and business insurance -LRB- worker 's compensation insurance , general liability insurance , business owners insurance , and commercial vehicle insurance -RRB- .


Input: Does Everyone Need Health Insurance?

Output: In our society everyone should have health insurance to some degree . But after January I , 2014 you must have health coverage or pay a penalty . Millions of Americans will pay nothing based on means testing . Some Americans will pay little based on allowable credits under Obamacare . In 2014 , we will all have coverage , but not all will have to pay for it .


Input: How To Extend Disability Insurance?

Output: Extending your disability benefits depends on the source of your benefits . If provided by individual disability insurance , there would be no extension of benefits beyond the stipulated benefits in your contract . If you are referring to a re-qualification process , you will need to check out the information found in the policy document to determine what requirements are needed of you to continue benefits .


Input: How To Extend Disability Insurance?

Output: Unfortunately once a policy is underwritten and placed in force by the insurance carrier , no changes can be made to the contract by either the insured or the insurance company . You will have to apply for another disability policy in order to change any portion of the plan . If you are disabled and drawing benefits , the contract will only pay to the contract limit .


Input: What Is Dwelling Coverage In Homeowners Insurance?

Output: Dwelling coverage is also known as Coverage A in most homeowners policies . The company is obliged to pay for damages sustained to your residence up to the limits of the policy , subject to the stated deductible . It pays these damages if they are caused by a peril that is identified in the policy . Fire is the most commonly identified peril . Many additional perils can be included in the policy but not every peril will be covered . The most notable exceptions to coverage are earthquake and flood . These perils are generally not included except by endorsement .


Input: Can A Pregnant Woman Get Health Insurance?

Output: Historically pregnant women could not obtain health insurance when individual health insurance was medically underwritten . Although Obamacare , as it is commonly known as , has many issues and problems , individuals can now obtain guarantee issue health insurance without any issues about pregnancy or pre-existing conditions . During open enrollment which begins again in November 2014 for January 2015 effective dates everyone that wants to apply for health insurance will be approved . If you have a qualifying life event under the IRS code you will be able to purchase health insurance within 60 days of the qualifying event .


Input: Is AICPA Life Insurance A Good Deal?

Output: As is the case with most insurance , the answer as to whether or not a product is a good deal or not can be somewhat limited based on the needs , desires , over all financial condition , and risk appetite of the policy holder in question . In other words , what may be considered a `` good deal '' for person A , may not necessarily be a `` good deal '' for person B. To some degree it is some what a matter of personal perspective .


Input: Does Medicare Pay For Diabetic Shoes?

Output: Yes , Medicare will pay for one pair of depth-inlay diabetic shoes and three pairs of inserts per year for those who need them to prevent foot sores , or prevent exacerbation of foot sores , due to diabetic complications . The therapeutic shoes must be shown to be medically necessary by a qualified doctor .


Input: Does Medigap Cover Mental Health?

Output: Medigap covers mental health benefits that are approved by Medicare but not paid by Medicare due to deductibles and coinsurance . Once Medicare approves the claim they send it to your Medigap carrier for them to pay their portion . If you have Medigap plan F , your supplement carrier will pay 100 % of the remaining balance approved by Medicare .


Input: Does Medigap Cover Mental Health?

Output: Yes , Medigap Supplements cover outpatient mental health treatment , Doctor or Specialist Office Visits and other Medicare approved services , subject to certain limitations . Plan F is the most comprehensive , while other plans may require satisfying a deductible , co-insurance or co-pays . Inpatient care is covered under Medicare Part A , up to a 190 day lifetime maximum .


Input: Does Medigap Cover Mental Health?

Output: Medigap covers their portion of a mental health claim that is approved by Medicare but not paid by Medicare due to deductibles and coinsurance . WEBSITELINK he link above takes you to the Medicare booklet Medicare and Your Mental Health Benefits . This should be helpful in your research .


Input: When Should I Consider Long Term Care Insurance?

Output: This is a bit more complicated than just considering when you should purchase LTC . Sure , the younger you are the less expensive it will be . Many companies are getting out of the business due to reserve requirements along with claim history . The question I tell people to consider is how to get the protection you need while getting the most value from the premium you are looking at spending . Example : Did you know that you could have Critical & Chronic Illness protection within your term life insurance or permanent policy ? Consider , you get the death benefit of course when you die but what happens leading up to this ... you are surviving a medical event that could financially devistate your family . Where will you get the funds to support the family , medical expenses , etc. ? How about from your Life Insurance policy . Instead of just getting one benefit , you can have access to 3 ... . Now that is what I call value . Please note that you accelerating the death benefit so when you die , the death benefit may be reduced . With some planning you can make sure you have the strategies to protect your family and their financial future . Long-Term care insurance is something that everyone is going to need sometime in their future . And there are several ways to get the protection you need . Be sure to look at all the options before signing up for any policy .


Input: When Should I Consider Long Term Care Insurance?

Output: You should consider long term care insurance early in life . The average age of purchase used to be in the high 60s but has been steadily dropping as people realize the importance of buying early while the rates are low and while still insurable . At older ages , people are not always acceptable risks for insurance companies due to medical history . Seek out the assistance of licensed insurance professional with long term care experience .


Input: Can You Backdate Renters Insurance?

Output: Some companies might issue a back dated renters policy . They would require assurance that there wont be any claims arising from that period of time . The only reason you might want this is to stop a landlord from exercising their right to put coverage in force if you havent . The property insurance companies that I know of would be very reluctant to back date a policy .


Input: Can Home Insurance Companies Check Previous Claims?

Output: There is a system called CLUE that exchanges data about claims between participating insurance companies . Our in-office systems can not access that information for property insurance but it is fairly reliable for auto claims . I dont know how you would tap into that information without making an application for property insurance .


Input: What Does Elimination Period Mean In Long Term Care Insurance?

Output: Short or long term disability has an elimination period that must be satisfied before benefits are paid out . On long term disability , the elimination period can be as short as 30 days and as long as two years . Depending on your employee benefits at work , you may have short term disability . Depending on the coverage , some use their short term disability benefits as a supplement or as an elimination period .


Input: What Is A Maternity Rider On Health Insurance?

Output: Maternity riders are dinosaurs . They became extinct January of 2014 with passage of the Affordable Car Act . Previously , most individual health insurance plans did not cover normal childbirth . A maternity rider added this coverage to these policies . The rider came with a long waiting period , or with a large deductible . The Affordable Care Act requires that all health care plan cover ten essential health benefits which now include maternity and newborn care , and hospitalizations with no waiting period . The maternity rider is no longer needed .


Input: Does Life Insurance Mature?

Output: Life Insurance matures when the guaranteed cash value of the policy equals the face amount of the policy . This can not happen in Term life because there is no cash value in Term insurance . Whole Life and some Universal Life policies will mature if the proceeds are not paid out as a death benefit prior to the policy maturing .


Input: Does Life Insurance Mature?

Output: Yes . The maturity date is specified in the policy and is the date the life insurance coverage ends . If it is term insurance , the contract will mature with no value paid . If permanent life insurance , the maturity value is the cash surrender value . The trend in recent years at life insurance companies has been to design permanent life insurance products that delay contract maturity past , say , age 100 or even indefinitely with extension of maturity date riders or similar policy provisions . The reason is that policies which mature while the insured is still alive may result in income taxation on the gain in the policy to the policyowner .


Input: What Information Is Needed To Obtain Life Insurance?

Output: The identity of the insured must be verified as well as the address , age and health condition . Also taken into consideration are the insured 's occupation and avocation . Most of this information is with regard to risk factors . The positive identity and address are relative to compliance with the provider 's jurisdiction and US anti money laundering laws . There are a considerable number of questions asked relating to health history , but also some with regard to avocations and out of country travel intentions . Again mostly related to risk .


Input: What Information Is Needed To Obtain Life Insurance?

Output: Life insurance premium pricing depends on your medical information and behaviors . Medical information is collected such as gender , age , smoking status , health history , current medical condition , etc. . Behaviors like dangerous recreational activities , hazardous vocations and motor vehicle violations can also impact the price tag .


Input: What Information Is Needed To Obtain Life Insurance?

Output: The information need to obtain life insurance will vary depending on what type of policy you get . If you want a No Exam policy with few health questions , the information asked will be much less than if you get a medically underwritten policy that requires an exam . Your date of birth , address , and Social Security Number are needed to get even guaranteed issue life insurance , which asks no health questions .


Input: Is Self-Employed Disability Insurance Tax Deductible?

Output: Check with your tax adviser , but as a general answer , yes it would be . In most cases a self employed individual can deduct premiums , including disability insurance , from their taxes . There may be some changes in this regard with implementation of the Affordable Care Act so again , check with your tax adviser .


Input: Is Self-Employed Disability Insurance Tax Deductible?

Output: Is Disability Insurance tax deductible for the self employed ? Yes , it can be , but one should always double check with their trusted tax advisor on matters like this to make certain . One thing to keep in mind , that if a tax deduction is taken for the premium , the disability insurance benefit will be taxable income .


Input: What Is Medicare Blue?

Output: This would be related to a Medicare Advantage plan or Medicare Supplement written by one of the Blue Cross Blue Shield companies . In Ohio that would be Anthem . The term is related to the insurance company products and name , not Medicare itself . Medicare does not endorse any particular plan or company .


Input: How Does A Self-Funded Health Insurance Plan Work?

Output: How does a self funded health insurance plan work ? For the employee or plan participant , there is absolutely no difference in how a self funded plan and a regular health plan . The difference is behind the scenes . A self funded plan does not pay a premium to an insurance company for benefits , instead the funds are kept in house . The company may hire a third party administer to handle claims , but costs are picked up by the employer . Most companies that self insure also pay for `` stoploss '' insurance , which is a high deductible plan that kicks to pay claims for a large claim a employee may incur .


Input: What Does An Auto Insurance Adjuster Do?

Output: An insurance adjuster either works for the insurance company or is a 3rd party representative hired by the insurance company . In regards to an auto insurance claim , the adjustor will review the circumstances of the accident/damage as well as review the policy language to determine if in fact the damage is covered by the insurance policy . If the damage is to be covered then the adjuster will inspect the damage to the vehicle and determine the payment amount . The aduster is the primary point person in dealing with your auto claim . Sometimes you might have mulitple adjusters on a claim like an in-house adjuster and a field adjuster as well .


Input: Where Is The Best Place To Find Health Insurance?

Output: From an experienced , licensed , independent Life & Health insurance agent who is certified to sell health insurance products on the government health insurance marketplace and directly from health insurance carriers in your state . Do an internet search , ask your friends or a financial advisor or CPA , this should help you find a reputable health insurance specialist . Making an informed decision on purchasing the health insurance plan that best fits your needs and budget has never been more complicated . There can be much more involved that just looking at the high points of the benefit plan design and the monthly premium . While HealthCare.gov and the state based marketplaces have improved , there are many important issues that the average consumer can and generally does miss in this environment . Purchasing health insurance online is not like getting a hotel room . If you are a resident of Tennessee , Arkansas or Mississippi please feel free to contact me for assistance .


Input: Who Can Buy Life Insurance On Someone Else?

Output: First in order to purchase life insurance on anyone there has to be an insurable interest . There must be either a family member , business partner , key employee or loved one . Next no one can purchase life insurance without the insured knowledge and permission . The insured has to be underwritten and examined in order to qualify for the policy . Last the face amount has to be within guidelines of the insured financial statements .