Input: What Life Insurance Policy Should I Get?

Output: The first step is to define the purpose of the insurance . What are you protecting ? if it is income , how much would your family need to replace your lost income , provide for education , retirement and other major expenditures ? Some needs may be finite and others may be lifelong . Term life insurance is ideal to meet temporary needs while permanent -LRB- cash value -RRB- life insurance is best for lifetime needs . It is not unusual to have a combination of products to meet a combination of needs .


Input: What Is Medigap Plan N?

Output: Medigap Plan N is one of ten standardized plans offers coverage in addition to the standard benefits provided by other Medicare Supplement plans . It is most simiiar to Medigap Plan D , with two major exceptions . With N , you are responsible for a copayment of up to $ 20 for some office visits and up to a $ 50 copayment for emergency room visits that do n't result in inpatient admission before your Part B coverage being paying expenses at 100 % . Basic benefits offered by Plan N include : Medicare Part A hospital coinsurance and other costs up to an additional 365 days after Original Medicare benefits are exhausted Medicare Part A hospice care coinsurance or copayment Medicare Part B coinsurance or copayments -LRB- except for a copayment of up to $ 20 for some office visits and up to a $ 50 copayment for emergency room visits that do not result in inpatient care -RRB- First three pints of blood used in a medical procedure Plan N also offers the following additional benefits : Skilled Nursing Facility -LRB- SNF -RRB- care coinsurance Medicare Part A deductible Foreign travel emergency care -LRB- up to plan limits -RRB- When available , many consumers find they can save $ 50 per month or more when compared to the more popular Plan F . If your doctor accepts Medicare assignment as payment in full , and you do not see your physician more than twice per month , Plan N can be a great way to lower your overall health care expenses .


Input: What Is Medigap Plan N?

Output: Medigap Plan N is one of the 10 standardized Medicare Supplement plans . Medigap Plan N covers 100 % of the following : Medicare Part A Coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up . Medicare Part B Coinsurance -LRB- except for a co-pay of up to $ 20 for some office visits and up to $ 50 co-pay for an emergency room visit -- waived if admitted -RRB- . Blood -LRB- first 3 pints -RRB- Part A Hospice Care Coinsurance or Co-pay Skilled Nursing Facility Care Coinsurance Medicare Part A deductible Foreign Travel Emergency -LRB- Up to Plan Limits -RRB- Medigap Plan N DOES NOT cover the following : Medicare Part B deductible -LRB- $ 147 in 2014 -RRB- Medicare Part B Excess Charges -LRB- if the amount a provider is legally permitted to charge is higher than the Medicare approved amount , the difference is the excess charge -RRB- . Medigap Plan N is used by many Medicare Beneficiaries , but it does fall short in not covering Excess Charges . It is important to be aware of how Excess Charges can be charged to you by a provider who does not accept assignment . You may wonder why anyone would bother with Plan N if they have to worry about Excess Charges . The premium for Plan N is often the reason why people choose it .


Input: What Is The Difference Between Supplemental Life Insurance And Ad&D?

Output: Supplemental Life Insurance would pay for death by any reason . Supplement AD&D Insurance would only pay for death or dismemberment due to accident . Far more deaths occur as the result of illness than accident . If you feel that your employer 's life insurance amount is not sufficient for your needs , purchase the supplement Life policy .


Input: What Does Credit Life Insurance Cover?

Output: Credit life insurance just covers the debt with a particular lending institution . If you should pass away , the credit insurance policy would pay them the lender what you owed them . Regular life insurance can be used to repay debts . It is done with a collateral assignment form . If you passed away , the amount that is owed to your lender would be paid to them , and the rest is paid to the beneficiary of your choice . The premium is locked in for a number of years , but every year that you have your policy , less would go to your lender , and more would go to the beneficiary , in the event of your death .


Input: What Does Credit Life Insurance Cover?

Output: Credit life insurance is generally designed to protect a creditor in the case of the demise of the borrower . So if you were to take a personal loan from a bank for say $ 100,000 , they may require that you take out a credit life policy that would name the bank as the beneficiary . Typically the credit life policy would be a decreasing term policy that would be only for the term of the loan and would decrease in value as the loan balance is reduced .


Input: How Is Medicare Affected By The Healthcare Bill?

Output: There is so much information , that can be interpreted in so many different ways , that it 's hard to arrive at a reasonable answer . Case in point ... the Medicare trust fund can be extended for many years by reimbursing less to the providers . But is that a good thing or a bad thing ? Here 's my bottom line , general answer ... of you 're over 55 , do n't worry about it . Politicians on both sides of the aisle have promised `` no changes '' for anybody over 55 . And think about it - if a politician wanted to make cuts to Medicare , they know they 'd never get elected .


Input: Does Homeowners Insurance Cover Underground Plumbing?

Output: Generally no , a homeowners policy will not cover damage to underground plumbing . For the most part , other than wear and tear -LRB- which is not a covered peril in such a policy -RRB- earth movement of some sort might be about the only cause of damage to such systems . Earth movement is an excluded cause of loss in a standard Homewners policy which can , however , be endorsed onto your policy . Talk to your Insurance Professional about this and all of the terms and conditions of your particular policy . That having been said , if the underground plumbing is damaged by an outside force , for example , a dump truck that drives over yoiur property , compressing the soil ad thus damaging the plumbing system , this should be covered by the contractor 's General Liability or Commercial Vehicle insurance .


Input: Does Homeowners Insurance Cover Underground Plumbing?

Output: No it is not going to cover underground plumbing . It would be very hard for underground plumbing to be damaged by a covered peril . If you feel there is an unusual situation that may possibly be covered then examine your policy or call you agent . He can help you determinewhetherit is covered or not .


Input: Is Disability Income Insurance Worth It?

Output: Is protecting your paycheck worth paying between 3 to 5 % of your annual compensation ? Most working Americans have 90 days of cash reserves for emergencies . If a disability occurred because of a prolonged sickness or injury recovery , could you sustain your lifestyle and good credit ? If the answer is no , you need disability insurance .


Input: Who Is A Variable Annuity Good For?

Output: Discuss your situation with a licensed variable annuity agent . After an extensive series of questions the agent will develop a risk profile . Unless you are very conservative the agent can show you a variable annuity as a possible solution to your retirement plan . A variable annuity appeals to customers who want appreciation greater than that offered by a fixed annuity . There are other annuities that should also be considered .


Input: Who Is A Variable Annuity Good For?

Output: Variable annuities are only good for people with a high level of risk tolerance . Variable annuities can lose money , as well as , gain money . Hence , the term variable . When looking at variable annuities make sure you understand the risks involved . There are some great agents that can help you decide if these investments are the best fit for your tolerance and situation . There are other annuities that do not pay as much interest but are safer . For example , some annuities offer `` floors '' . Every annuity has some pros and cons so just make sure you understand the contract .


Input: Can Health Insurance Be Terminated?

Output: Yes . You can terminate the coverage by calling the carrier/sending in a letter requesting the termination of your health insurance plan . The carrier can also terminate your coverage , but only in certain situations such as you not paying your premiums -LRB- the policy would lapse -RRB- or if it 's discovered you intentionally lied on the application for the coverage -LRB- fraud -RRB- . A policy is a contract - you agree to pay a certain premium amount in exchange for coverage so when a situation occurs that is covered by the plan , the insurance company pays their portion of the claim up to the specified amounts in the policy and any remainder would be billed to you , if applicable.Please let me know if I can be of further assistance . Thanks very much .


Input: Does Life Insurance Cover Critical Illness?

Output: Life insurance will pay for death due to critical illness . Some life insurance policies also have `` living benefits '' that will pay out part of the face amount while the insured person is still alive , if they are diagnosed with a critical illness . This feature might also be added on as a rider .


Input: What Does Term Life Mean On Life Insurance?

Output: Term Life means life insurance that will end after a certain term , or number of years . E.g. 20 year Term will end after 20 years . It is assumed that the price will stay the same for the entire term , but not every policy 's price is guaranteed to stay the same -LRB- level -RRB- for the entire term . So look at that feature when you pick out your Term policy . Also , Term life does not usually just end when the term ends ; it usually jumps way up in price and then can go up every year after that . If you need to keep the policy for a short time after the term ends , it is possible , but not economically feasible for most people to keep up for very long . When the term ends , most people buy a new policy , if they are able to qualify for one at that time .


Input: Is Food Spoilage Covered By Homeowners Insurance?

Output: If you loose food out of our refrigerator or freezer as a result of a long term pwe outage that is caused by a covered peril in your Homeowners ' Policy , then more than likely you do have some coverage . Of course it is generally subject to your deductible .


Input: When Does Life Insurance Policy Take Effect?

Output: Larry gave a correct answer but I will expand it a bit by explaining that even when the policy takes effect some of them are not full benefit for the first two or three years . Many seniors make the mistake of signing up for a policy that wo n't pay a claim during the first 24-months unless they die of an accident . These policies are usually sold through the mail by companies such as AARP , Mutual of Omaha and others . Most of the people who buy these policies are unaware they could get 1st day full coverage AND a lower rate if they would talk with an agent who could review their health and match them with much better options . Do n't throw your first 24 payments down a hole if you do n't have to .


Input: When Does Life Insurance Policy Take Effect?

Output: If you apply for life insurance without submitting an initial premium , that is referred to as applying `` COD '' -LRB- cash on delivery -RRB- . The application will be processed and if approved , a policy is issued . Your agent may deliver the policy or you may receive it by mail . At that time , you will make an initial premium either by draft or paper check . Generally , this would start the coverage . If you applied `` cash with app '' , the coverage start is governed by the `` conditional receipt '' . This dictates the specifics and conditions for when the coverage begins . Each company 's conditional receipt can be a little different , so it would be best to ask the company or agent for specifics .


Input: Does Health Insurance Cover Knee Replacement?

Output: Yes . Of course an appropriate diagnosis and recommendation for treatment will have to be made and you will want to exhaust any other less intrusive forms of treatment before you or your health insurance carrier should want to be replacing your original parts . But knee replacements , when medically necessary , are routinely covered services subject to whatever deductible , coinsurance and/or copayments are in your health insurance policy . The state of the art in replacement surgeries for knees and hips have advanced rapidlyand are far less traumatic than they were just a few years ago . I have a friend who recently had hip socket replacement surgery done on an outpatient basis who went in for the procedure early in the morning and walked out using a cane by mid-afternoon .


Input: How To Get Good Homeowners Insurance?

Output: In order to obtain a good homeowners insurance policy I recommend you contact a local independent agent . An independent agent can shop many different insurance companies with multiple coverage options . I suggest you sit down with the agent to discuss your needs so that you can find the right coverage for the right premium .


Input: Why Would You Buy Whole Life Insurance?

Output: Subjective ! Whether or not whole life is good for you depends on several factors including your age , how many more years you intend to work and perhaps most importantly , what your goals are . Consider whole life as part of your retirement plan . It has a constant premium unlike universal life . As long as you pay premiums your plan is in affect usually to age 100 + . It adds modest income you can barrow against or let it build . Later in life these funds can pay your premiums for you or , add to your retirement income.There are dozens of scenarios to consider so that you get the performance you desire from your plan . You should contact a life insurance professional . You never pay them us and we want to help you get it right


Input: Why Would You Buy Whole Life Insurance?

Output: Why would you buy whole life ? Here 's why I bought it . I wanted lifetime coverage as I do n't think I would die in 10,20 or 30 years . I was young enough to purchase a fair amount of coverage because I was in good health and purchased it at a locked in price . A price that they ca n't come back and raise on me . The WL offered reasonable safe growth , certainty that allowed me to take more risk with my other investment choices . My whole life became `` if I screw everything else up , this wo n't let me down . '' My safety net . After 20 plus years of ownership , whole life has done what it promised me , been there when I needed it and did n't go backwards in 2008 when ten years returns were wiped off my mutual fund accounts and my home value dropped 40 % . My boring steady unexciting whole life remained faithful to me . Now in my 50 's as a type II diabetic who just had his heart rebooted -LRB- cardioversion -RRB- because of A FIB , I really really appreciate the fact I `` OWN '' my policy . They ca n't raise the price , they ca n't end it . I did n't rent it , I OWN it . Maybe some readers will get how important that is . For all the financial gurus who may have said this was a bad idea , I have to ask why are so many people in their 60 's seeking new insurance ? Could it be they listened to the wrong people when they were younger and healthier ? There are a ton of reasons to own whole life , there is . All I can say is it is the most boring product you can buy . It will do what it 's supposed to , without fanfare or up and down excitement . It 's the most boring financial product you can `` OWN '' . I hope that makes sense to some who read these posts .


Input: Why Would You Buy Whole Life Insurance?

Output: Whole Life Insurance is an excellent choice for Seniors looking for relatively small policies that will cover their final expense needs ; usually 15 to 25 thousand in coverage . Depending on the company these policies can offer some nice options such as grandchildren riders and of course since the policy is a whole life is builds cash value .


Input: Why Would You Buy Whole Life Insurance?

Output: Participatingwhole life insurance is the most expensive way to pay for life insurance coverage . Guaranteed universal life issignificantlycheaper . So do n't buy it for indemnification . However , participatingwhole life can be a conservative , long term savings vehicle for supplementalretirement which may generate taxadvantagedwithdrawalsof basis and policy loans of gain as long as the contract is kept in force for the life of the insured . If you could buy it for retirement income purposes , if you fit the profile `` conservative , long termsaver . ''


Input: Why Would You Buy Whole Life Insurance?

Output: This is a Great question , I sell whole and term insurance . Some reasons in my practice that I sell whole life is because it is a permanent plan so a client normally can have this policy to age 100 , sometimes term is not an option because of age , etc , also whole life builds cash value that you can borrow against . It just depends on individual situations . Hope this helps .


Input: Why Would You Buy Whole Life Insurance?

Output: Whole life insurance and universal life that is guaranteed not to lapse for the rest of your life , are permanent policies . This means that they will be in effect at the time of death , as long as the policy is not allowed to lapse . So if you want to be sure that your policy will be in effect at the time of death at any age , the only way to have that assurance is to get permanent coverage .


Input: How Much Home Insurance Should I Have?

Output: Your home should be covered by a Homeowners Insurance Policy with the Dwelling Coverage equal or greater to the cost of complete reconstruction of the home . In the event of a covered total loss , you will expect your insurance company to pay for the rebuilding of your home . In addition to the home itself , you will need to make sure that your Other Structures -LRB- Detached Structures -RRB- , Personal Property -LRB- Contents -RRB- and Personal Liability Limits are sufficient to cover your interest in the event of a covered risk . It is always best to speak to a licensed professional who will ask the appropriate questions to assess your risk and therefore suggest the best options to your specific case . Once you have assessed sufficient coverage for your home , you may adjust the premium by selecting either a higher or lower deductible . A higher deductible would generate a lower premium and a lower deductible would generate a higher premium . There is a link providing an online format to obtain a quote and buy home insurance online in multiple States ; it may be used by Escrow/Closing Professionals , Mortgage Professionals , Real Estate Agents and directly by Consumers . An exemplary online experience for all ! WEBSITELINK


Input: What To Look For With Disability Insurance?

Output: When looking at Disability Insurance , here are some things to look for : 1 -RRB- The company rating . 2 -RRB- The elimination period -LRB- 90 days is most common -RRB- . 3 -RRB- Whether the policy pays if you can not do your own occupation , or if you can not work at any job . 4 -RRB- How long the benefit will last -LRB- a set number or years , or until retirement -RRB- 5 -RRB- How much of your income the policy will pay .


Input: Why Does Auto Insurance Increase Every Year?

Output: Well I have to admit it sure seems like it sometimes but auto insurance does not increase every year . There are many variable factors that come into play into an auto insurance rate . For example , driving record , types of vehicles , marital status , where you live and more . However for the sake of argument lets assume all factors remain stagnant and the rate still increases . The insurance industry flows through what we call hard and soft markets . A soft market is when insurance carriers are showing a profit , loss ratios are good and investments are performing . A hard market is when profits are down , loss ratios are high and investments are performing under expectation . It is more of a constant guessing game for the insurance carriers to operate a business and keep their heads above water . If losses continue and profits are down an insurance carrier will make a necessary adjustment to remain solvent by increasing rates . Rate changes can be local or regional depending on performance in any given area . If the market turns around and profits increase the carriers will then loosen up into what we call a softer marketopeningthe doors to more potential clients by lowering the rates again . Cycles usually run for several years before they shift one way or the other simply due to the time it takes to gather loss information and process it . I will give you an example of some recent trends . During the dot com era insurance companies were performing very well and rates were down . The market crashed and rates began increasing due to poor market performance and increased losses . Carriers got a handle on the situation and things seemed to be going well for the next couple of years and rates actually dipped a little , but now it seems we are back at an upswing . If someone was paying $ 500.00 for a 6 month policy that dropped to $ 450.00 for a year they were happy . But then a year later went to $ 475.00 from the consumers point of view this is a rate increase forgetting just two years back they may have been paying $ 500.00 . Again sometimes this type of movement is difficult to see since variables come into play such as moving to a new location , adding or changing cars , adding drivers and so on . I hope that helped at least explain alittlebit on how the insurance industry operates .


Input: Lost payment, results in cancelation

Output: Great question ! Was the payment returned uncashed ? If so , you will have a difficult time . If your bank shows the payment processed , and the insurer does n't , you have a better chance . If it was a clerical mistake on their part , they should cover your claim . Good luck ! Thanks for asking !


Input: Lost payment, results in cancelation

Output: If this equipment was in the home office of the insurance company you should get some relief . If the post office was responsible they might bear some culpability . There is an assumption in the USA that if you put something in first class mail you have met legal obligations . If the insurance company will not discuss this with you in a rational manner there are always legal channels .


Input: What Is The Largest Life Insurance Company In The U.S?

Output: The Met is the largest insurance company by total assets . Here are the companies that comprise the Met . American Life Insurance Company , MetLife Alico Life Insurance KK -LRB- MetLife Alico Japan -RRB- , First MetLife Investors Insurance Company , General American Life Insurance Company , MetLife Insurance Company of Connecticut , MetLife Investors Insurance Company , MetLife Investors USA Insurance Company , Metropolitan Life Insurance Company and the New England Life Insurance Company . Met has been in business for 140 years .


Input: How Long Is Long Term Disability Insurance?

Output: You can design disability insurance for various periods of coverage , but most working management desire coverage until age 65 . If the executive pays the insurance with after tax dollars , then the benefits are tax free . If the business deducts the premium as a business expense then the benefits are taxable at ordinary income tax rates .


Input: Does Medicare Offer Long Term Care Insurance?

Output: Medicare does not offer long term care insurance or pay for assisted living long term care needs . Medicare may cover treatment in a SNF -LRB- skilled nursing facility -RRB- if you meet the qualifications . Normally you must be admitted to the SNF following a qualified stay in a hospital -LRB- usually 3 days or longer -RRB- and must be discharged to the care of the SNF .


Input: Is Income From Long Term Disability Insurance Taxable?

Output: The taxation of disability payments depends on who has paid the premiums for the policy . If you pay premiums for your own disability policy then the benefit will not be taxable . However , if you have a group long term disability policy that is paid for by your employer then those premiums are taxed as ordinary income .


Input: Is Income From Long Term Disability Insurance Taxable?

Output: Generally , income from long term disability insurance is not taxable because the money you used to pay your premiums has already been taxed . This increases the value of your long term disability payments substantially , to not have taxes taken out , and is a great feature of long term disability insurance .


Input: Is Life Insurance Good For Retirement Planning?

Output: Life Insurance is and should be a part of your over all financial planning package , but keep in mind that Life Insurance is primarily a protection vehicle and not an investment vehicle per se . Granted there can be some financial benefits that certain types of permanent life policies can provide , but Life insurance should be viewed as an integral part of a over all plan , not a plan in and of itself .


Input: Is Life Insurance Good For Retirement Planning?

Output: Life insurance can be an integral part of retirement planning and has many uses . Permanent life insurance that will be in force when you die not if you die within the term can be used to help use maximize income . In addition it provide cash at death to pay taxes , equalize you estate . In other words owning life insurance gives you more flexibility with your planning . Cash value life insurance is an asset that can be used to supplement income or as collateral for a loan . How life insurance could be best utilized is of course based on your individual objectives . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community .


Input: How To Get Health Insurance With Type 1 Diabetes?

Output: Due to the passing of the Health Care Reform everyone is accepted regardless of preexisting health conditions . You will need to enroll during open enrollment which ends on March 31 , 2014 for this year . There are a variety of standardized plans which only thing you need to decide is whether you qualify for government subsidies or not .


Input: How To Get Health Insurance With Type 1 Diabetes?

Output: Thanks to the new Affordable Care Act all pre-existing conditions are now covered and everyone is accepted . You can go to the Marketplace and shop and compare plans . You can also see if you qualify for help paying the premiums . Since the new ACA is requiring everyone to have insurance or facing a penalty they are helping people pay for their insurance if they can not afford it . For more info please visit rocoinsurance.com/obamacare-insurance-2.html


Input: Does Car Insurance Cover Engine Replacement?

Output: No , it does not . Auto insurance does not cover maintenance issues . Unless the engine was damaged by a collision , or a tree fell on it and damaged it , or something like that -LRB- something that applies to a claim -RRB- . if there is a situation where a collision cause enough damage for the engine to be replaced , the vehicle will probably be totaled out anyways .


Input: Can You 1035 Exchange From Life Insurance To An Annuity?

Output: Yes , you can do a Section 1035 exchange from a life insurance contract to an annuity , just not the other way around . Section 1035 permits the policy owner to trade certain kinds of contracts for another on a tax-free basis . The following types of exchanges are allowed under Section 1035 : Life contract for life contract Life contract for annuity contract Life contract for endowment contract Annuity contract for annuity contract Endowment contract for endowment contract Since 2010 , it is also possible to exchange a life , annuity , or endowment contract for a long-term care contract or exchange one long-term care contract for another long-term care contract .


Input: How Much Long Term Care Insurance Coverage Do I Need?

Output: The greatest risk to retirement is longevity risk . With many Americans living longer retirement income will be strained by the additional years of life expectancy . But the second retirement concern is assisted living and ' / or nursing home confinement . Long term care insurance can help mitigate the costs of care during your senior years . That cost could be as high as $ 400,000 to $ 450,000 . If you 're healthy , purchasing long term care insurance can be affordable and help relieve the financial pressure of living longer . You should consider buying the maximum benefits .


Input: Is Renters Insurance More Expensive Than Homeowners?

Output: That is a great question ! A good way to look at it is like this : With homeowners insurance you need to cover for the structures , the grounds , and the contents . That is going to cost you a fair amount of money a year . With a Condo insurance policy , you are responsible for your part of the building , and your contents . Not so much money a year . With renters insurance , you are responsible only for your apartment , and your stuff . Not much money a year . I hope that helps , thanks for asking !


Input: Is Renters Insurance More Expensive Than Homeowners?

Output: A renters policy is cheaper for the same amount of coverage on personal property . A homeowners covers not only the personal property but the residence itself . That is why it is more expensive . For your information a Condo policy is a combination of a homeowners and tenants because they are not responsible for the grounds and outer walls of the building .


Input: Is Renters Insurance More Expensive Than Homeowners?

Output: Renters is much less expensive . A typical house in Minnesota is around 1300 dollars a year . A typical renters policy in Minnesota is around 100 dollars a year . The reason is that you are only covering your personal property . There is no dwelling coverage with renters .


Input: What Is Non Owners Auto Insurance?

Output: Non owned auto insurance coverage is typically a liability only policy that will provide protection for the insured when driving a vehicle owned by someone else when they do not own a vehicle themselves . Remember every policy is different . Please read your policy completely to understand the coverage provided and any exclusions that there may be or contact your local agent to have them go over the policy with you .


Input: What Lab Tests Does Medicare Cover?

Output: Most lab tests are covered by Medicare Part B . The key is this . Are the tests medically necessary ? If the lab tests are tagged as preventive in conjunction with your annual exam , the tests may be covered at no charge to you . Diagnostic lab tests covered under Medicare Part B are subject to the deductible and coinsurance .


Input: Does Life Insurance Cover Euthanasia?

Output: Euthanasia may have different definition per circumstance : assisted suicide , physician assisted suicide or doctor assisted suicide . No life insurance company pays claims on suicide in the first two years of coverage . The vast majority of states dont recognize euthanasia . So the extrapolation here is that euthanasia that has any assistance by a third party will more than likely be classified as a form of murder or mercy killing . For further information seek out legal counsel .


Input: Who Should Be Beneficiary On Life Insurance?

Output: It depends on the reason for the policy . Most people will select a spouse , parent or other family member . If the policy is for final expenses you can name the person who will be handling those affairs or even the funeral home . I do not recommend naming a child as beneficiary unless the money is earmarked for the child after he or she turns 18 . Money left to the child will be held in trust until the child is of legal age .


Input: Who Should Be Beneficiary On Life Insurance?

Output: Beneficiaries on a life insurance policy should be identified by the potential economic loss at the demise of the policy insured . The amount of loss must be established with sound financial planning with reasonable factors for inflation or asset growth . This is a matter of insurable interest and financial justification . Beneficiaries can be family members , business associates , charitable organizations , children grandchildren , etc. .


Input: Is Long Term Care Insurance Needed?

Output: The # 1 risk in retirement is human longevity . Living longer will impact fixed income retirement payouts pressured by ever increasing life expectancy . But the real impact on retirement may very well be the cost of assisted living and/or nursing home confinement , that can be expense in the later days of a senior .


Input: Does Private Health Insurance Cover GP Visits?

Output: Private health insurance plans do indeed cover GP -LRB- General Practitioner -RRB- office visits . Some health insurance plans have in network copay 's for doctor visits -LRB- and higher copay 's for out of network visits -RRB- . If your plan does not have a doctor visit copay you will pay the negotiated rate when you use a network doctor . Your out of pocket cost for using a non-network doctor will be considerably higher .


Input: Can You Roll A 401K Into A Variable Annuity?

Output: Yes , you can roll a 401 -LRB- k -RRB- into a Variable Annuity as long as the Variable Annuity is a qualified account , an IRA . Be sure to look closely at Variable Annuities . I do n't usually recommend rolling a 401 -LRB- k -RRB- into these as there is market risk meaning you can lose the money you have worked so hard for . Be sure you understand the pro 's and con 's in relation to what your goals are . Seek an adviser or contact me if you want to look at some recommendations based on what your future goals are .


Input: What The Best Retirement Plan For Self Employed?

Output: More information would be needed to make a recommendation on the best retirement plan for a self-employed individual . The best plan will depend on several factors including the corporate structure -LRB- if any -RRB- , risk tolerance , tax exposure , etc. . There are several options including defined contribution plans , qualified plans , life insurance , etc. . It would be best to discuss your unique circumstances with a knowledgeable financial professional .


Input: What Is A Good Deductible For Car Insurance?

Output: Insurance is designed to share those financial responsibilities that are beyond your ability to handle . Your comprehensive and collision deductible should reflect your ability to handle some losses on your own . Dont underestimate your ability to pay for a scratch or chip in your paint . In the long run it might cost you less to carry the higher deductibles


Input: What Is A Good Deductible For Car Insurance?

Output: That is a great question ! The goal of finding the right deductible is the balance of policy cost vs. what you could afford to pay , if you needed to . Often you will be advised that taking a high deductible will save you over the long run . That is true , unless you have a need to file a claim . If you can not come up with the money for the deductible , your car wo n't get fixed , and then what did you save ? Try to look at what the most is that you could come up with if needed , and then look at a policy that prices best for you at or below , that amount . Thanks for asking !


Input: What Is A Good Deductible For Car Insurance?

Output: What is the best deductible for your car insurance ? It depends on many factors , but typically , a $ 500 deductible is the most cost-effective , unless you have multiple accidents and/or claims . This question , ironically , is asked just about every day by customers . A broker will help you determine the best deductible with expert guidance . LIVE answer provided by : Ed Harris - Premier car insurance broker for 33 years and owner of several top-rated consumer auto insurance websites .


Input: What Is A Good Deductible For Car Insurance?

Output: Many think that having a higher deductible example $ 1000 on comprehensive and $ 1000 on collision is better and keeps your rates lower However not many people have $ 1000 they can afford to pay for the repair before the insurance company pays the rest of the damage after the 1st $ 1000 . So that windshield claim the insurance company will never end up paying for as it is rare that a windshield would cost $ 1000 Now on the flipside I recommend $ 100 on comprehensive and $ 500 on collision In Many cases it on average is $ 10 more a month for your insurance rates but it is much easier to come up with $ 100 or $ 500 for the deductible in the event of a loss and many repair shops will work with you in payments on a lower deductible depending on your area . I would talk to your local agent and find out just how much of a difference it is with the lower deductible the monthly might be higher but is sure would be easier then coming up with a bigger chunk of money in the event of a claim


Input: What Is An Overfunded Life Insurance Policy?

Output: An overfunded life insurance policy is a Whole or Universal Life insurance policy -LRB- or variation of those , such as Indexed Universal Life -RRB- in which more premium is paid in than required to secure the death benefit . An overfunded policy will generate cash value faster , and can possibly increase the death benefit or dividends . People often use overfunded life insurance for tax favored income during retirement . There is the chance that you can overfund it too much and turn your policy into a Modified Endowment Contract -LRB- MEC -RRB- , which takes away the favorable tax treatment of life insurance . If you are going to overfund your policy , work with an experienced life insurance agent who can help you set up the policy to your maximum benefit .


Input: What Is An Overfunded Life Insurance Policy?

Output: Understand how they work can be quite confusing . It 's in your best interest to overfund but not to create a MEC . Inside the policy , there is a mortality table . Each year you get older , the cost of insurance increases . If it is not funded properly or the investment does n't perform well . There is a chance the policy can self destruct . Term is the way to go in some cases . Just based upon your need if it 's right for you .


Input: What Is Employee Disability Insurance?

Output: Many businesses and corporations offer employee group benefit plans . The benefits may include disability insurance , usually short term disability insurance with a short elimination period . There are some employee group plans that offer an option to purchase additional disability coverage , but you should secure an individual disability quote and compare it to the benefit plan offered at work .


Input: Where Can I Get Life Insurance For Diabetics?

Output: If you are looking for whole-life insurance , many of the simplified issue carriers will give preferred rates to diabetics even if they take insulin . Usually to qualify for a preferred rate you ca n't have used insulin prior to the age of 40 and ca n't have ever been in a diabetic coma or had other complications . There are many agents who specialize with simplified issue whole-life or `` final expense life insurance . '' I train agents all over the country and diabetics are one of the target markets that we look for and can help . You should get mailers advertising final expense insurance if you are between the ages of 50-85 . Just reply to one of those or look in the internet for an agent in your town .


Input: Where Can I Get Life Insurance For Diabetics?

Output: Using a life insurance agency that specializes in `` impaired risk '' life insurance is a good way to make sure that you are getting the best possible diabetic life insurance rate . One 's method of diabetic treatment , history of A1C 's , age at diagnosis , whether there are complications from diabetes , weight , tobacco use , and having additional health conditions all have a huge bearing on what medically underwritten policy the person with diabetes can qualify for , and how much he/she will pay . Having specialized in diabetic life insurance for over 10 years , I have found that there are no simple rules or tricks for getting someone the best price . You really have to know what you are doing . If just looking for a small policy with no exam , there are also lots of choices , and again , diabetic control can make a big difference in what you policy you qualify for and what price you will pay . It is very difficult to sift through all that without the assistance of an experienced , impaired risk life insurance agent who is able to shop a number of carriers to find you the most affordable diabetes life insurance rate .


Input: Where Can I Get Life Insurance For Diabetics?

Output: There are many companies that will underwrite a diabetic these days . A few decades ago a diabetic was a straight decline . Times have changed , there is a broad range of diabetics who have great control to very poor . Diabetics are reviewed on an individual basis to give opportunty for those diabetics who have good control a chance to get the best possible premium . I would suggest finding an independent agent who has access to several companies and do a pre-underwriting questionnaire . That way your information can be presented to several underwriters at different companies and the results come back to you to choose from . There is a significant advantage in this method over a single carrier agent .


Input: Does Home Owners Insurance Cover Black Mold?

Output: Some homeowners insurance policies do provide coverage for mold . The mold would have had to of been caused by a covered loss and even then there are exclusions that will apply and possibly a deductible . Read over your policy completely to know what coverage is provided and the exclusions within it or contact your local agent to have them go over the coverage and exclusions of your policy .


Input: Does Home Owners Insurance Cover Black Mold?

Output: Mold is an issue that has received a great deal of attention in the media . A homeowners policy is designed to cover specified perils . Most of these perils are sudden and catastrophic . Mold is in every home all the time . Building materials provide a food source for mold . All that is needed for rapid growth of mold is moisture . The issue is frequently leaky pipes . The damage caused by leaky pipes is generally excluded . Speak to your agent before filing a claim to make sure that you have a solid claim .


Input: What Does Disability Insurance Cost?

Output: Disability Insurance costs vary widely depending on the age and health of the insured , tobacco use , the type of job you have , the features on the policy , and the amount of coverage . There is a general guide that disability insurance will cost approximately 2 to 4 % of the insured person 's income , but this can also vary depending on the above mentioned factors .


Input: What Does Disability Insurance Cost?

Output: What does disability insurance cost ? Well it depend on how you create the policy you 're wanting to buy . You can choose how much money you want , you can choose when it starts , you can choose how long it runs , you can choose different riders to customize your policy . So price is going to depend on what you build .


Input: Can A Homemaker Get Disability Insurance?

Output: Unfortunately , a homemaker can not get Disability Insurance unless they are drawing a substantial income working from the home . The purpose of Disability Insurance is to replace part of the income earned through one 's employment , and when one 's employment does not draw an income , Disability Insurance can not be purchased as there is no income to replace .


Input: What To Look For When Buying Life Insurance?

Output: That is a client-specific driven question -- but a good one ! It depends on the client 's age , health , income , etc. . When looking for a carrier , I would look for a carrier that has a strong history and creditworthiness in the life insurance business and rates well on the Standard & Poor 's Rating .


Input: What To Look For When Buying Life Insurance?

Output: Here are the most common things people look for when buying life insurance from us . 1 -RRB- Price . They are looking for the best price for their health , age , tobacco status , etc. 2 -RRB- Exam . They want to compare policies with and without exam , and decide whether or not taking an exam is worth it for them . The majority of those who look into No Exam coverage do go ahead with no exam because : a. it is all they can get ; b. it is less risky and not much price difference than a medically underwritten policy ; or c. they need the policy in a hurry and are willing to pay extra to not take an exam . 3 -RRB- Length of Coverage : Most people who are not well versed in life insurance are concerned what will happen when their term ends and `` what happens to their premiums '' . When looking for life insurance , a shopper has to understand how different types of policies work , and the agent needs to take the time to make that explanation clear to them . 4 -RRB- Guarantees : They want to know if the premium will go up , if it will pay for death by any reason , if there is a guaranteed cash value , etc. 5 -RRB- Company Stability : They want to be sure that their life insurance company will pay out upon their death .


Input: Does Annuity Income Affect Social Security?

Output: Annuity Income does affect Social Security benefits . The two stage provisional income test for Social Security has a variety of income that can trigger ordinary income tax of Social Security benefit income , including annuity income


Input: What Are Life Insurance Fees?

Output: That is a great question ! Insurance policies all carry some amount of fee built into the cost of your premium . Some of those fees are applied to pay the agent for the commission they are paid , some are for administrative costs , and some are to help ensure that the company makes it 's profit . Riders , or extra perks added to your policy will inevitably increase the cost of those fees , so be aware . I hope that helps , thanks for asking !


Input: What Are Life Insurance Fees?

Output: Life insurance fees are essentially administrative fees charged by life insurance carriers to offset expenses . These fees cover their underwriting costs and actuarial costs of issuing the coverage . They are usually charged in the premiums and average between $ 1.00 to $ 7.00 per month depending on the company . This is a very common practice among insurance companies .


Input: How Much Can You Borrow From A Whole Life Insurance Policy?

Output: You can borrow almost all of the available cash value of the policy . For instance , if your policy is for $ 100,000 and you have built up $ 40,000 of cash value you can usually pull out around $ 39,000 from the policy . Your death benefit will be reduced by the amount you have pulled out .


Input: When Do You Pay Car Insurance?

Output: Auto insurance premiums can be paid in a few different ways . Policies are usually six month periods and the total premium can be paid by the insured at any time within the six months . Most companies that I have experienced offer different schedules of payment for premiums . Most offer a monthly payment plan with installments due each month and others offer other plans where you can pay two or three times per six months or every other month .


Input: When Do You Pay Car Insurance?

Output: The basic principal is that the entire premium is paid in advance of the period of insurance . However , companies have been granted permission to accept payments in installments . The fundamental remains the same , however , and that is the premium must be paid in advance . Companies will send out renewal notices to current policyholders with enough of a lead time that if payment isnt received the policy can be cancelled at the end of the policy term .


Input: When Do You Pay Car Insurance?

Output: That 's a great question ! Your insurance company will offer you a few different options . The most common are to pay monthly , quarterly -LRB- every three months -RRB- , every six months , or yearly . Not every company will offer all of those options , and by far the most common billing method is paying monthly . Your insurance company may also make payment options dependent upon your length of time insured with them , the make and model of your car , and your driving history . I 'd expect to pay monthly with most companies , and be happily surprised if they give you the option to pay less frequently . Thanks for asking !


Input: What Does EPO Health Insurance Mean?

Output: EPO is Exclusive Provider Organization . It is similar to a HMO -LRB- Health Maintenance Organization -RRB- where they often use a Primary Physician as a gatekeeper to the specialists , where you would need a referral to see a specialist . The reason it is called exclusive is because if you are under one of these plans , you must exclusively stay in the appointed Network in order to receive benefits . There is no benefits paid if you go outside the network . If the state you live in allows EPOs , they are generally regulated under the insurance laws of the state , unlike HMOs which typically have a different set of regulations . The states that don not allow EPOs per say , will still allow the plans to be sold under the regulations of HMOs .


Input: What Does EPO Health Insurance Mean?

Output: EPO health insurance stands for Exclusive Provider Organization . Under an EPO plan , you can go to a doctor and/or hospital that is in-network . However , there are no out-of-network benefits - meaning you are responsible for 100 % of expenses for any visits to an out-of-network doctor or hospital . An advantage with these plans is that you do not need a referral to see a specialist .


Input: Does My Homeowners Insurance Cover Termites?

Output: Homeowners insurance does not cover damage caused by insects , pests or vermin . This would include damage by termites . Damage by termites is not sudden and/or accidental but an occurrence that happens over a period of time . Generally speaking , any damage that occurs over a period of time is excluded from your homeowners policy .


Input: What Does A Whole Life Insurance Policy Offer?

Output: A whole life insurance policy guarantees to pay a death benefit to your beneficiary in exchange for premium deposits from you . Regardless of how it does its work , it is an efficient and time tested product that delivers the money when it is needed . Almost everything in a whole life policy is guaranteed .


Input: What Does A Whole Life Insurance Policy Offer?

Output: Gee whiz . Where do I start ? There is just so much it can provide . Number one , of course , is a death benefit with a premium that will never increase . Then it will accumulate value and increase in the death benefit . You can borrow against it while the value increases , and if you decide , you can keep that money tax free . You can use that money to fund college , or to buy a home , or , as many do , to retire on . All the while keeping the policy in force , and although reduced , it still has a death benefit . Discuss your needs with a caring and qualified agent . Gary Lane , Registered Representative and Agent , New York Life , 949 797 2424 . Thank you .


Input: What Does A Whole Life Insurance Policy Offer?

Output: There are benefits to owning a whole life insurance policy . 1 -RRB- Premiums never go up . They stay the same for the life of the policy 2 -RRB- They accumulate a cash value . As you continue to pay premiums your cash value increases 3 -RRB- You can borrow against the cash value . Its like borrowing money from yourself . You get no payment book or notices for repayment . You pay it back when you want to , if you want to . 4 -RRB- Level death benefit - will pay the face amount of the policy upon your death 5 -RRB- Some allow you to add additional riders - these can enhance the provisions of your policy . 6 -RRB- Can be used as collateral - with a sufficient cash value you can actually use that value as collateral for a loan outside of the one your insurance company can provide . It will depend on the circumstances . Whole life insurance can be a great tool to protect your family from unexpected expenses .


Input: What Does A Whole Life Insurance Policy Offer?

Output: A whole life policy is the oldest type of life insurance which offers guarantees on a couple different levels . First , the death benefit is guaranteed , second the premium is guaranteed and last , the cash value is guaranteed . Whole life insurance may pay dividends to you or you can have them paid back into the policy . You can also design the policy with other options as well depending on the company . This is a simple explanation .


Input: What Is A Section 457 Retirement Plan?

Output: A section 457 retirement plan allows the participant to contribute some of their salary on a pre-tax basis . You do n't pay any federal or state income taxes on the amounts you contribute until the funds are withdrawn or you take regular distributions from your account at retirement . It 's generally accepted as a supplement to you main retirement plan .


Input: When Is A Disabled Person Eligible For Medicare?

Output: A disabled person is eligible for Medicare Part A and Part B after 24 months of being disabled . The disabled person is automatically enrolled in Medicare after getting two years of Social Security Disability benefits . If someone is age 65 and has just recently been disabled , they can still receive Medicare at age 65 .


Input: How Long Before Disability Insurance Kicks In?

Output: When a disabling event occurs -LRB- illness or injury that causes the insured person to be unable to work for an extended period of time -RRB- , the long term disability insurance kicks in when the days of the elimination period have passed . The most common elimination period that people choose is 90 days .


Input: What Questions Do They Ask For Life Insurance?

Output: Each carrier 's application is different , but you can generally expect to find the same types of questions on each including : 1 -RRB- General information section -LRB- e.g. name , address , social security number , phone number , occupation , etc. -RRB- 2 -RRB- Plan Information -LRB- where you enter in what coverage you want to apply for -RRB- 3 -RRB- General information questions -LRB- any driving tickets , arrests , any hazardous activities , any upcoming foreign travel , etc. -RRB- 4 -RRB- Health information questions -LRB- do you use tobacco products , are you treated for certain medical conditions , family medical history , etc. -RRB- Carriers may request additional information and ask you to complete a supplementary form/questionnaire , if necessary . I always recommend to my clients to let me go through the application with them to make sure everything is in good order so you do n't have to redo any paperwork or chase down clarifications later . Please feel free to contact me for help or if you have any other questions . Thanks very much .


Input: What Questions Do They Ask For Life Insurance?

Output: An important thing to know is what they do n't ask you but do check . For instance , insurance companies will check : Your MIB -LRB- medical insurance bureau -RRB- to see if you have applied with other companies and if you have been declined . You MVD report -LRB- Motor Vehicle Department -RRB- to see if you have any outstanding tickets , felonies , or dui 's . Your Pharmacy Report to see what medications you have been prescribed by Doctors . Make sure you answer the above questions honestly on the applications as the underwriters will be checking this information .


Input: What Questions Do They Ask For Life Insurance?

Output: Life insurance applications typically ask questions about your health , height , weight , medical history , family medical history , smoking habits , driving record , foreign travel . financial , income , occupation , aviation , scuba diving , avocations and more . The company is gathering information to assess a risk in order to determine the premium to charge you . Based on the answers to the questions on the application , the company may ask additional questions , a doctor 's report or medical tests . If you have questions or concerns , suggest you speak with a local experienced insurance broker who can help you find the right policy at the right price . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community .


Input: What Questions Do They Ask For Life Insurance?

Output: The questions that are asked for life insurance depend on the type of policy you are applying for . A . If you purchase a guaranteed issue policy , the insurance company only asks your date of birth , SSN , face amount , beneficiary , contact information , and how you are going to pay -LRB- including bank account , if you are having the premium drafted -RRB- . B . If you apply for a simplified issue policy , the insurance company will ask for the above information , plus they will also ask several health questions on the application . You may be asked about smoking , whether or not you are on Disability , your height and weight , whether you have used illegal drugs in the past few years , etc. . The questions are at the discretion of the insurance company . C. For a medically underwritten policy , they will ask all the above , plus possibly go into more detail about employment , health , family health history , dangerous hobbies , and financial information . They will ask for doctors ' names and addresses so that they can order your medical records , if needed . And they will ask the purpose of your policy and whether or not you are replacing a current policy .


Input: How Much Is A Unit In Life Insurance?

Output: The amount of Life Insurance that each unit represents is set by the insurance company , one unit typically equals $ 1,000 of coverage . If you are purchasing life insurance , make sure that you understand the amount of coverage being taken out , the premium amount and frequency , how long your coverage will last , and the insurance companies ability to alter premium amounts .


Input: How Much Is A Unit In Life Insurance?

Output: Most companies consider a `` Unit '' $ 1,000 in Death Benefit . Often you will see this in pricing tables where it will list the Premium as a certain dollar amount per `` Unit '' -LRB- example : $ 2 per Unit . This would be $ 2 for every $ 1000 in Death Benefit . So a $ 10,000 policy would cost $ 20 . -RRB-


Input: How Much Is A Unit In Life Insurance?

Output: I love this question . I have been a Life Insurance agent for close to 30 years and I have no clue . I see commercials that say `` Only 1 $ per unit '' Or `` Only $ 1 per unit per day '' Call the 800 # and you get the `` well it depends ... '' If they do not know how is the public supposed to know ? As an agent it can mean $ 1,000 of base coverage or it can mean $ 1,000 , $ 5,000 or even $ 10,000 in child rider . The majority of Life Insurance is sold `` per $ 1,000 '' The cost per thousand is determined by many factors such as age , sex , health and type and amount of coverage . While it is easy to use a calculator to come up with a monthly quote . It takes an experienced agent to come up with a quote that truly represents what you may qualify for . Not some low ball cost per unit .


Input: Why Buy Cash Value Life Insurance?

Output: I am a life insurance salesman who believes that cash value life insurance should be a last resort . This product is first and foremost a way of taking care of your loved ones , your obligations , your business , and your favorite charities . Financial security means a lot here , and life insurance is a very cost-effective way to provide that . This means that someone should never buy a cash value life insurance if it means short-changing the beneficiary on survivor benefit . Having said that , cash value life insurance can be a superb way to insert guaranteed cash into your financial portfolio . I frankly have not come across another product that can match it in terms of guarantees . On top of that , favorable tax treatment make that cash build up very attractive . There are a few other vehicles that make cash and again this is the non - guaranteed portion of the policy available so quickly , and with such lenient tax treatment .


Input: Why Buy Cash Value Life Insurance?

Output: There are several reasons . With cash value life insurance such as whole life , you do not have to worry about prmiums going up as you get older and most likely to need the insurance . The cash value can help provide a buffer if your financial situation changes . Every whole life policy as nonforfiture options in the contract . The cash value can help conserve a poliy utilizing thes options . If you can not afford the premiums any longer the cash value can be used to buy a reduced paid up policy according to a schedule in your policy . You can also stop making payments and the policy will continue in-force with the cash value buying extended term insurance until the cash value is used up . You can cash surrender the policy and get some equity . When you deduct the cash value of a policy from the total premiums you pay you will see that in the long run cash value insurance was far less expensive than buing term . You can also take a loan on your cash value that is very interest friendly and will have no repayment schedule , although it is always best to at least pay the interest since the amount of the loan would be deducted from the face amount when you die .


Input: Why Buy Cash Value Life Insurance?

Output: Why buy Cash Value Life ? Why not ? Cash value life insurance provides a tax favored pot of money that the insured can use at their choice . This pot of money inside your policy can be called upon in times of need to provide funds for emergencies , education expenses and really , anything you want . The best part of that is you do n't have to ask permission , you do n't have to explain your need to that guy in the cubicle that looks down his nose at you to decide if you 're worthy . You just call and it 's wired to your account , no questions asked and you use it for what you want . For some people who understand , that aspect alone is very liberating . And it 's been that way a long while . JC Penny , the actual JC Penny , used the cash values in his life insurance to help pay his payroll and keep his stores open during the great depression . There are other valuable aspects about cash value life I could detail but I 'll stick to this one for now . I 'll bring up another positive on another post .


Input: Is My Health Insurance Plan Subject To ERISA?

Output: It is possible . Check your plan document if you are unsure . ERISA plans are typically self funded single employer plans but can also include MET or MEWA plans and Taft-Hartley plans . ERISA plans are not subject to state laws and mandates and are not covered under state guaranty funds . ERISA plans are governed by the DOL and IRS .


Input: How Much Is Health Insurance From Blue Cross?

Output: Blue Cross / Blue Shield is the name of the network association for a number of health insurance companies -LRB- includes Anthem and CareFirst -RRB- . Unfortunately there 's too many factors that go into premium pricing to say what an average plan costs . Under the new Affordable Care Act , you have the options for bronze , silver , gold , and platinum level plans -LRB- as you go up in metal , the price goes up , but provides better benefits -RRB- - some areas also have a catastrophic plan available . In addition , your age is a big factor as well . The younger you are , the cheaper your premium - the older you are , the higher your premium . Also , if you use tobacco products , your premium can be increased up to 50 % as well . Bronze plans generally cover about 60 % of your healthcare expenses , Silver is 70 % , Gold is 80 % , and Platinum is 90 % . So , in short , the better the benefits that you want to have , the higher the premium will be.This is where an independent insurance agent can really help you . They can work with you to look at a wide range of options from many of the top carriers in the industry . If you have any other questions about health insurance or would like to review your coverage , send me a private message by clicking on the `` contact me '' button - my direct contact information is provided on my profile page .


Input: Where Do I Get Renters Insurance?

Output: Although there are various places that you could go , the best place is the office of a trusted insurance agent . If you dont already have an agent , get a recommendation from a friend , colleague or neighbor . The agent will listen to you , provide sound financial advice and communicate clearly with you and the insurance company . The agents advice should be very important to you .


Input: Where Do I Get Renters Insurance?

Output: You can always research this on line , but I believe that the most effective way to obtain any insurance is to talk with your Insurance Professional . In that conversation you can discuss your specific needs and concerns , receive on the spot and experienced advice and coverage options , find out about discount opportunities and purchase your coverage . I believe that this approach provides you not only with an insurance policy , but peace of mind .


Input: Why Are Hearing Aids Not Covered By Medicare?

Output: Hearing aids are not covered by Medicare because they are not seen as `` medically necessary '' . Therefore , Medicare Part A and B do not pay for hearing aids , or the fitting of hearing aids . Some Medicare Advantage plans may have some benefits for hearing exams and appliances to improve hearing . You would need to check with your plan to determine that .


Input: Will My Insurance Increase If I Buy A New Car?

Output: For the most part , replacing an older car with a new one will more than likely result in some higher premiums . This is especially true if for example you are not carrying Comprehensive and Collision on the older car but choose to , or are required to carry such coverage on the new one . I have also seen situations where clients have replaced an older model car with a newer one , same make , model etc. , and the rate for the new car was slightly less than they were paying for the older one .


Input: Will My Insurance Increase If I Buy A New Car?

Output: The type of auto you own is a rating factor and of course the coverage 's you carry on that particular vehicle . If you own a 1990 corvette and buy a 2013 Toyota corolla you may not see much difference . If you own a 1990 corolla and buy a 2013 corvette then yes the premium would very likely adjust upward .


Input: What Year Can You Get Medicare?

Output: Going on Medicare is not based on a specific year , it 's based around your age and/or medical status . The most common way people become eligible for Medicare is by turning 65 . Some people may be able to enroll in Medicare before age 65 if they meet certain conditions such as receiving social security disability benefits for 24 continuous months or having ESRD -LRB- end-stage renal disease -RRB- .


Input: How To Evaluate Health Insurance Companies?

Output: A lot of it depends on personal preference and what your concerns are . If you want to make sure it 's with a top-rated company who is financially strong and stable , you want to look at what their rating is -LRB- e.g. A.M. Best ratings : A , A + , and A + + indicate superior financial ratings -RRB- It can also be helpful to look into reviews that people say about the company - positive aspects , any major continuous issues with claims , etc. ? Another major comparative item to look at is , on average , how quickly the carrier pays claims . There 's no one company that offers the `` best '' health insurance plan . The health plan that 's going to offer you the lowest rates may not be the most suitable plan for you . Make sure to compare the benefits covered under the plan . I always recommend consulting with an experienced health insurance broker . We can compare health plans from multiple carriers to help determine which program is going to best serve your needs . Please let me know if I can be of further assistance . Thanks very much .


Input: What Exactly Does Cash Value Of Life Insurance Mean?

Output: Cash Value Life Insurance simply means a policy which is designed to grow any monies your put in , after covering the costs of insurance and internal expenses , providing a cash value when interest rates are strong . Keep in mind for these policies give you the most opportunity for growth , you have to fund them properly . In other words , do not minimally fund these type of policies and expect to earn or see any cash value available .


Input: Can I Receive Medicare At Age 62?

Output: There are 3 ways that you would be eligible for Medicare prior to age 65 . You are receiving disability payments from SSI for 24 months or more . You would qualify if you were receiving Railroad Disability Annuity payments as well but the length of time varies . You have been diagnosed with End Stage Renal Disease -LRB- ESRD -RRB- . The ESRD complication has required dialysis or a kidney transplant . You would need to apply to Medicare and receive SSI benefits . You have been diagnosed with Amyotrophic Lateral Sclerosis -LRB- AML -RRB- or known as `` Lou Gehrig 's Disease and you are receiving SSI benefits .


Input: Can I Purchase Life Insurance On My Parents?

Output: The answer is it depends . If you are dependent upon your parents for your income and expenses or in business with your parents then yes there is an insurable interest . However , if there is not a clear insurable interest then that answer would be no . If the answer is yes , your parents must be in agreement to purchase life insurance even if you are making the payments . They have to be underwritten and sign the applications and contracts .


Input: Can I Purchase Life Insurance On My Parents?

Output: Can you purchase life insurance on your parents ? Yes , provided they consent to be insured by you . It can not be done without their permission . This situation occurs quite often as kids realize that their parents may need something to take care of their final expenses and services at their passing .


Input: Is Medicare Considered Welfare?

Output: No , Medicare is not considered welfare . When most people are talking about welfare , they are talking about food stamps , Medicaid , unemployment benefits , housing assistance , child care assistance , etc. . Medicare recipients have paid Social Security taxes for at least 10 years in order to receive health care coverage through Medicare .


Input: Can I Go To Jail For Not Having Health Insurance?

Output: You will not go to jail for not having health insurance . You wo n't go to that `` other place '' either ! Although owning health insurance -LRB- qualified ACA plans -RRB- is now law , the penalties do not include incarceration . As an experienced health insurance broker -LRB- 33 years ! -RRB- , this topic , although rarely discussed , is important . The non-compliance penalty is 1 % of your household income , although there is also an alternative method . So no ... You 're not going to jail . But get coverage anyhow . The subsidy may pay most of your premium . Quotes are free ! An experienced broker website instead of the . gov website will provide you with the EXACT SAME rates , but no delays or glitches , and a much better user experience . Consumers typically prefer utilizing a local experienced broker instead of a newly-trained customer service rep.


Input: Can I Go To Jail For Not Having Health Insurance?

Output: You 're not going to go to jail for not having health insurance . If you do n't have health coverage that meets the minimum essential coverage requirements , you would be subject to paying 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 2 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 . Its important to note that the penalty 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 . To avoid the penalty , you need to have health insurance that qualifies as minimum essential coverage .


Input: Can I Go To Jail For Not Having Health Insurance?

Output: Great question ! The answer is no , going to jail for not having insurance is just a scare tactic rumor . What will happen if you do n't have a policy is that -LRB- unless you have a ton of money - and I mean a TON -RRB- if you have a medical issue , you will give an awful lot of that money to your healthcare providers . Then to add insult to injury , you will be assessed a penalty on your 2014 tax filing . It makes sense to go on the WEBSITELINK website , see if you qualify to get a discounted rate , and purchase a policy . If you need help , please contact me , I 'm always happy to help . Thanks for asking !


Input: Can I switch home insurance companies?

Output: Aside from possible restrictions imposed by your lender , changing home insurance companies is quite simple . There are two issues to consider , who is actually paying the premium -LRB- frequently the lender through an impound account , -RRB- and how does the current insurance company cancel policies -LRB- there are two normal techniques , pro-rata and short-rate . -RRB- It is best to secure coverage with the new company first and then notify the lender or the insurance company directly . Occasionally the losing company will require submission of evidence of insurance from the new company , however , that is easily obtainable . The lender might have a bit of a problem in that they will need to pay the premium on the new policy and that will sometimes come due prior to receiving a refund from the cancelled policy . Work with your lender on this .


Input: Can I switch home insurance companies?

Output: When you buy a home insurance policy , its not a contract for life . If you are unhappy with your current coverage , you can easily switch to a new home insurance company . Before making this move , there are just a few things you need to do beforehand . The first thing you should do is review your current insurance policy . See when it is scheduled to end as well as if there are any costs for ending your contract early . For example , if you cancel a prepaid policy , some companies give you your unearned premium payments back while others will not . Check to see if it makes more financial sense to cancel the policy or just wait for it to expire . When you decide to make a move , you can contact your new insurance company and ask them to set up your new policy . You will need to fill out a short application to set up your coverage . When you submit your application , be sure to include your insurance premium as well . You wont be covered until after the insurance company receives your premium payment . Once your new policy is up and running , you can cancel your old policy . Call up your old company and tell them you want to end your coverage . They will mail you a document telling you your coverage is over and will also return any money they might owe you . After you finish cancelling your policy , you have finished switching home insurance companies .


Input: Can I switch home insurance companies?

Output: Typically homeowners insurance is purchased in the voluntary market . You will pay a Per Diem rate on coverage used . The remaining portion will be refunded to you . You are free to search the market at any point and switch insurance companies . Always check with your lender -LRB- if you have one -RRB- and your local independent insurance agent for advice specific to your situation


Input: Does Medicare Have Mental Health Coverage?

Output: Yes . Medicare Part B provides coverage for some mental health care services . It must be completed on an outpatient basis and the care must be provided by a health care provider that accepts payment by Medicare . Part B would generally cover approximately 80 % of the costs and you would be responsible for the other 20 % as well as the Part B deductible -LRB- $ 147 in 2014 -RRB- .


Input: What Are The Minimum Requirements For Car Insurance In California?

Output: The state minimum requirements for auto insurance in California are 15/30/5 . This means you have liability limits that will pay up to $ 15,000 in injuries to any one person and up to $ 30,000 to all parties you injure . Also you have another $ 5,000 to pay for any property you damage . In most cases its the other persons car but could be any property . While this is the legal minimum to get you on the road it most certainly is not enough coverage in my opinion , and if a claim against you exceeds the coverage amount you will be sued for the difference by the other party who wants to be made whole again . I recommend you consult with a independent agent to discuss your specific needs . If you have assets you want to protect higher limits are recommended .


Input: What Are The Minimum Requirements For Car Insurance In California?

Output: The minimum insurance requirement in California is called the financial responsibility requirement . All drivers in California are required to carry evidence that the car that they are operating is insured to these set standards . The standards are $ 15,000 per person of bodily injury liability coverage , and $ 30,000 of bodily injury liability coverage for death to more than one person . There must be % 5,000 of property damage liability insurance in place . Insurance isnt mandatory . There can be a cash deposit with the DMV of $ 35,000 , or a certificate of self-insurance issued by the Department of Motor Vehicles of the State of California , or a surety bond for $ 35,000 issued by a company authorized to do business in California . Insurance is the choice of most vehicle owners . The companies that insure cars in California are required to report the status of the policies of insurance electronically to the DMV . If you decide to no longer operate the automobile and it is not parked on a California highway or street , you must notify the DMV that you are suspending coverage , and why . The minimum coverage law allows you to purchase the most expensive auto insurance policy available . While it may be adequate in many circumstances , in those circumstances where the damages sustained exceed the limits of the policy the vehicle owner will discover that all of their assets are in jeopardy and there will not be anything to help the owner , except bankruptcy .


Input: How Does Custom Whole Life Insurance Work?

Output: As Peggy said , Custom Whole Life is a term that New York Life uses . Basically the `` custom '' part simply means the number of years the policy will be funded . The standard terminology is `` 10 year pay '' , or `` 15 year pay '' , etc. . Which again refers to the number of years the policy will be funded by paying premiums . Typically whole life policies are designed to have premiums paid over the life of the client up to age 100 . So shorter , `` custom '' funding periods result in considerably higher premium payments . The advantage is that the premium payments end much earlier and the cash value increases faster .


Input: How Does Custom Whole Life Insurance Work?

Output: New York Life 's Custom Whole Life Insurance works by your putting money into the policy for a set number of years , and optimizing the the policy to accumulate cash value that is paid up at the time you need to borrow from it -LRB- generally tax free -RRB- for your financial goals .


Input: How To Dispute A Homeowners Insurance Claim?

Output: If you have a settlement offer that you can not accept , dont sign the release . That may mean that the company will not deliver a check for damages but it is important to sign the release only when you are satisfied . When you refuse to sign the release the adjusters supervisor will become involved . If the adjustment is still unsatisfactory the claim will continue to get elevated until it reaches the executives of the company . If the adjustment is still unsatisfactory you can either sue or arbitrate .


Input: I am moving across country. What are my options to insure my property during transit

Output: If you have a homerowners/renter/condo policy in force at the time the property is in transit , then there could be some coverage extended from that policy . With the carriers I represent , most cover 10 % of the contents limit `` off premisis '' . This means if you had a policy with $ 100,000 in contents coverage , there could be $ 10,000 of coverage in a situation like this . I have one carrier who provides 100 % of the policy contents limit anywhere in the world . Ifthere is no policy in force while the property is in transit , check with the moving company to see what options they have available . Most all policies have specific language to property `` off-premisis '' so most definately call your local independent agent and ask the specific amount your policy provides for the situation you descirbed .


Input: Does A Roth IRA Withdrawal Count As Income?

Output: For tax information you should contact a Certified Public Accountant . However , a portion of the withdrawal from a Roth IRA can be taxed if taken prior to age 59.5 . The amount that you have put into the plan will be returned to you without any income tax consequences . Earnings could be taxed based upon your age at the time the money is withdrawn .


Input: What Is The Difference Between A 401K And An IRA?

Output: A 401 -LRB- k -RRB- is an employer sponsored plan . The employer is not required to but often contributes to the plan . An IRA is an Individual plan . You start the plan , make the contributions and own the plan . The amount of money that can be set aside into these plans differs dramatically and changes every year .


Input: What Is The Difference Between A 401K And An IRA?

Output: The biggest difference between a 401 -LRB- k -RRB- and an IRA is how much you can contribute to the accounts . With the 401 -LRB- k -RRB- , if you are under 50 , you can contribute up to $ 17,500 plus employer matches if they are available while the IRA is limited to $ 5,500 -LRB- under age 50 -RRB- . If you are older than 50 , the limits are increased a bit . Both accounts are tax-deferred , designed to be used during retirement , over age 59 1/2 otherwise penalties will be charged .


Input: How Safe Are Annuities?

Output: Annuities fall under the category of life insurance , and each state regulates its own life insurance companies . States also each have a Life and Health Guaranty Association which can help back up contracts if life insurance companies fail . Fortunately , life insurance companies almost always sell to another company if they get into financial trouble , and contract guarantees are backed up by the new company . Historically , insurance companies have fared much better than banks . If a worst case scenario would occur and customers are left hanging in a company insolvency , these Life and Health Guaranty Associations would cover according to their state guidelines . This is generally the guaranteed portion of an annuity , up to a certain dollar amount . You can use this website to read more about the protections offered by your state : WEBSITELINK


Input: How Safe Are Annuities?

Output: An annuity as backed by an issuing company . Most annuities are back by insurance companies . Insurance companies are regulated by your state insurance commissioner and the state insurance commissioner in the state where the company is domiciled . These commissioners are charged with protecting the consumers in their state and they have plans to make sure that every promise is kept by the insurance companies that they admit to operate in their state .


Input: How Safe Are Annuities?

Output: Tax deferred and immediate annuities are only as safe as the contract provisions state . And the contract is only as good as the financial strength of the company that issues the policy . The financial strength of the company is based , in part , on its portfolio holdings . Several rating services monitor the financial strength and claims paying ability of insurance companies .


Input: How Safe Are Annuities?

Output: Tax deferred annuities are only as safe as the financial strength of the annuity company who issued the contract . There are several rating services that monitor life and annuity companies , some with monthly watch lists . They measure financial strength , which can also be an indication of claims paying ability .


Input: How Do You Collect Disability Insurance?

Output: To collect Disability insurance , you must have a disability that has lasted beyond the elimination period on your policy . E.g if you broke your back 2 months ago and your elimination period is 90 days , you will need to wait a little longer before collecting payments . It must also meet the definition of disability set forth in your policy . Your claim form should explain your disability thoroughly . Make sure you have seen a doctor who has documented your illness or injury , and see a specialist if you can . Write a cover and date it so that you have a paper trail to go back to if your claim is denied .


Input: How Much Long Term Care Insurance Should I Get?

Output: The statistics seem to suggest that senior couples will spend $ 250,000 in medical and extended care throughout their retirement . If those stats are correct , the pros of owning a long term care insurance policy is having those cost paid by the insurance company . You should apply no later than age 60 or earlier if you have a predisposition for critical or chronic illness in your family . Purchasing long term care with maximum benefits and an inflation rider placing two lives on one policy to receive a discount could run a nonsmoking 60 year old couple in good health around $ 300 a month .


Input: Does Homeowners Insurance Cover Injuries At Home?

Output: Homeowners Insurance can cover injuries sustained on the property . There are two sections to the homeowners insurance policy . Section I is the property section and covers Dwelling , other structures , personal property & loss of use coverage . Section II of a homeowners insurance policy covers liability - namely Personal Liability & Medical Payments . The medical payments section is designed to cover injuries that are not the policy owns fault . I usually use an example . . so here it is , `` if you are over my house on Thanksgiving and you are cutting my turkey with my knife and you cut yourself coverage can be afforded under the policy . '' In this case there was no negligence on my part but you did sustain injuries . We assuming there was nothing wrong with the floor to cause you to slip and the knife was functioning correctly . Keep in mind that every policy is different and I suggest you check with your local independent agent for coverage information that is specific to your policy . Hope this helps .


Input: Does Homeowners Insurance Cover Injuries At Home?

Output: Homeowners medical pay will cover minor injuries for those visiting your home . This is designed to prevent law suit . It will not cover you or members of your household however . Homeowners is not designed as an accident policy or health insurance . The premium would have to be way too high .


Input: How Much Is Private Disability Insurance?

Output: The premium price tag from one company to the other on basic coverage can vary as can the additional riders purchased al la carte . It also depends on your personal information like your gender , age , smoking status , health history , current medical condition and paramed exam results . Your premium price tag is also dependent on your behaviors like : motor vehicle violations , dangerous recreational activities and vocational hazards . A non-smoking male age or female age 45 may spend 3 to 5 % of their income to cover 60 % of their compensation for tax free benefits . If the business is expensing the disability premium , you can apply for 80 % compensation coverage , but the benefits will be taxable as ordinary income .


Input: What Do Health Insurance Exchanges Do?

Output: Health Insurance Exchanges provide affordable healthcare to individuals , families and small businesses by providing the opportunity to qualify for a federal subsidy that can potentially pay all of the premium . Pre-existing conditions are covered and applicants can not be turned down because of medical issues . So how do you find out if you qualify and how much you pay ? Our job , as licensed and registered brokers , is to help consumers compare the best options and easily enroll for coverage that meets their needs . Off-Exchange options are available for persons that do n't qualify for a subsidy .


Input: Can I Take A Loan Against My Life Insurance?

Output: You can take a loan against your life insurance if you havecash that has accumulated in your policy . The ability to borrow cash is one of the advantages of having apolicy such as whole life or universal . But thereare certain things you should consider such asinterest that may accumulate , the fact that if you do n't pay the loan back , it will be deducted from the death benefit , etc. .


Input: What Are The Key Provisions In A Life Insurance Policy?

Output: There are a dozen or so statutory provisions -LRB- the number varies a little by state -RRB- that set the minimum legal standards for life insurance contracts - insurers can and usually do make their provisions better for the consumer . For example , most states require a 10 day `` free look '' period during which a policy owner can back out of the purchase but many insurers in recent years have been offering as much as 20 days . Some of the key provisions , after basics like parties to the contract , insurable interest , etc. , from a consumer 's perspective are : 1 . Grace period for premiums of one month 2 . Incontestable and Suicide clauses - insurer can not in most cases contest a claim after 2 years 3 . Nonforfeiture provisions -LRB- cash surrender , extended term and reduced paid up insurance -RRB- and the unofficial nonforfeiture provision , automatic premium loan 4 . Reinstatement clause - provision to reinstate lapsed coverage after the grace period 5 . Rights to naming and change beneficiary 6 . Settlement provisions - alternatives to taking proceeds as lump sum 7 . Policy loans 8 . Assignment rights


Input: What Are The Key Provisions In A Life Insurance Policy?

Output: Jerry has provided you with a good summary of the provisions in your standard life insurance contract . I will share with you some additional info about one clause in particular : the suicide provision . I have actually handled claims due to suicide . You can imagine how extraordinary an experience that can be . Being there for people in their time of deep grief is hard enough . Getting involved with finances at the time requires great delicacy . And to do so when the cause of claim is suicide gives things an almost unreal quality . Most people have a really tough time dealing with death . When people take their own life , it makes things almost too hard to handle . Against this crazy backdrop , you have the added question as to whether or not the insurance company will pay the benefit . I am pleased to report that in the few cases I have had , the answer has been an unequivocal yes . One claim was actually pretty close to the two-year limit . As such , there was concern as to how tough a line the insurance company would draw . They are , after all , worried about insurance fraud and people trying to collect benefits illicitly . But this case was indeed tragic . It involved an elder gentleman who just was really sick and had had enough of life . So he settled things in his own way . The claim was paid without delay .


Input: How Much Is Renters Insurance From State Farm?

Output: The minimum amount that I have seen charged for a one year renters policy in State Farm is $ 125 . It can be much more depending on how many claims you have had , where you live , what else you have insured through State Farm and the safety features of your building .


Input: How Much Does 1 Million Dollar Life Insurance Cost?

Output: The cost of one million dollars worth of life insurance depends on the length of coverage : term life insurance from 5-30 years or permanent life insurance to age 121 . But it also depends on your gender , age , smoking status , health history , current medical condition and whether the coverage is one one life or two . A million dollars of 20 year term life insurance on a male non smoker age 62 is around $ 10,000 annually .


Input: How Much Does 1 Million Dollar Life Insurance Cost?

Output: Are you looking for Term or permanent insurance ? What is your Gender ? What is your age ? How is your health ? Do you use tobacco ? What is your occupation ? What are your avocations ? Do you have a history of heart disease or cancer in your family ? All this information has a bearing on what it will cost to insure a person . Yes the amount of coverage is also an important factor and the insurer will also be a factor as all insurance companies do not have the exact same rates for the same coverage .


Input: How Much Does 1 Million Dollar Life Insurance Cost?

Output: To find out what 1 million of life insurance costs for you , you can go to the quote engines on a number of website and put in your gender , date of birth , height , weight , tobacco status , and health conditions -LRB- if allowed -RRB- . If you choose one that offers instant quotes , you can adjust the term length to see what $ 1,000,000 of life insurance costs for different terms , and even change the variables so you can see what it costs for persons of different ages .


Input: Group Life Insurance Policy Through Work And THC

Output: Your group life insurance generally speaking does not require underwriting meaning no lab work is needed . The exception might be if you go over the guaranteed coverage amount . If you do have to get lab work completed , then first would be to admit on the application you smoke marijuana . Insurance companies do not automatically decline you for smoking marijuana but if you do n't admit it , all bets are off . As far as your employer finding out , it is unlikely they will unless they are involved in the process .


Input: Group Life Insurance Policy Through Work And THC

Output: If the insurance company finds THC in your system will you lose current coverage and will the employer find out ? Yes , No , maybe ? It will depend on what it says in the group contract for the life insurance or individual plan . Usually existing coverage would n't be taken away , but it will depend on the terms inside the policies sold . As far as your employer finding out , you should have some protection or confidentiality , but it will depend on what is stated inside the plans . If you are worried about your employer finding out about your private life , avoid using a program that requires testing .


Input: Does Getting A Speeding Ticket Increase Your Car Insurance?

Output: Generally speaking , plan on it . Moving violations such as speeding are factors that directly affect an insurance company 's pricing plan and will affect the price that you pay for the coverage they provide . If action is taken , it will usually happen on your policy 's anniversary renewal date . Talk to your insurance professional about the details of your policy . Some companies offer long term policyholders first accident and/or violation forgiveness in which case , if it is your first offense , the you will probably not be affected by the ticket .


Input: Why Was Part D Of Medicare Established?

Output: Part D of Medicare was established to help Medicare recipients pay for their prescription drug coverage . As the cost of prescription drugs gets higher and higher , they can become unaffordable on the budget most Seniors live on . Medicare Part D is relief for those who must take medication to sustain their lives and quality of life .


Input: Why Do Wealthy People Buy Life Insurance?

Output: Wealthy people buy life insurance at far higher rates than one would expect . That is because of the tax advantaged nature of life insurance . Because it is protected from income tax , the wealthy can count on that sum of money to be there in full to pay inheritance taxes , estate taxes , and the cost of settling their estates . They can pass money to their heirs or charity , income tax free . They may purchase life insurance on parents or grandparents so that they can afford to buy the family business when the owners die . Or on themselves , so that they families continue to receive an income when they pass . Not only is the money tax advantaged , but the death benefit has the potential to provide far more to the beneficiary than what the insured person paid in . For this and numerous other reasons , life insurance is a part of the financial portfolio of many a wealthy person .