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Avoid Life Insurance Fraud

If there’s money on the table, someone is probably interested in taking it.  All too often ravenous fraudsters stalk the insurance marketplace, drooling over the susceptible prey.  These predators know that not everyone arms themselves with the knowledge needed to avoid their traps.  So, it’s time to implement a few escape maneuvers by allowing us to provide you with a couple tips to avoid term life insurance fraud.

Be an informed consumer. Naturally, this advice sounds like a generalized safety net, and you might find yourself saying, “Duh.”  But, majority of people find someone else’s hand in their pocket simply because they weren’t an educated buyer.  The more details you know, the better off you’ll be.  Read up about the life insurance companies you’re considering.  Educate yourself as if you were an insurance agent, so when you talk to one, you’re on the same page.  Know what affects your premiums and what doesn’t.

Don’t buy in haste.  Of course, it’s difficult to predict when tragedy might strike, but odds are that you’ll have a few days to mull over some options for your life insurance.  Become well-acquainted with every detail, and make a calm and collected decision.

Stay organized. Make sure you have a hard copy of everything pertaining to your life insurance safely stashed away.  You want to especially make sure you have a hard copy of your policy as well as receipts from your payments.

Don’t sign an incomplete form.  If a form has any blank spaces, make sure you let the agency fill them out first before you sign your name.

If it sounds too good to be true, it probably is.  This is sound advice for buying anything.  If something is really that great, a lot more people would be doing it.  If you find yourself considering a term life insurance policy that no other company can even come close to offering, ask yourself how that company can afford to do so.  It’s always best to go with a well-respected company than a new up-and-comer.

Calculate the Options to See the Advantages of Term Life Insurance

Many life insurance policies offered today are cash-value policies. Cash-value policies are insurance solutions that combine savings and insurance together. Many insurance providers push cash-value policies on potential customers, urging them to save for retirement. The truth of the matter is that you can purchase cheap term life insurance and invest the difference in order to maintain coverage while saving more for retirement. Read more

Compare Term Life Insurance Plan Against Whole Life

Some consumers are confused as to whether it is better to purchase whole life or term life insurance.  Our best advice is to consider all of your options.  Different options may be more beneficial at different points in time.  But here is some basic advice on both to help you become a better planner.

Whole life insurance grants a certain percentage of funds back at the end of a maturation period as designated by your insurance provider.  Term life insurance coverage is a little different.  Similar to whole life, term life insurance cost is paid to the insurance provider, yet the provider agrees to pay a percentage of money if the client should pass during periods of coverage.  In short, term life insurance grants you coverage for a particular period of time.

A term life insurance policy differs from a whole life policy in that you do not get any money back at the end of your insured period.  This fact does deter some people from considering a term life insurance plan.  But many people still invest in term plans each year.

Cost is one of the main attractions in choosing a term life policy.  Many consumers find that they can find a low cost term life insurance plan paying only a fraction of the premium price as compared to whole life plans.  Many people shop for a cheap term life insurance rate, so their families will still be covered, yet they do not have to pay exorbitant prices towards the premium.  In addition, many savvy financiers choose term life rates and invest the difference they saved towards investing in whole life insurance.

Luckily for consumers, there are ways you can compare term life insurance rates to get the best policy.

General Information Regarding Competitive Term Life Insurance

Many people seek life insurance in order to ensure their loved ones are protected in the future.  Insurance polices are placed in two categories – whole life insurance or term life insurance.  The former combines term life insurance with an investment product in order to accrue more cash value.  The following post provides basic tips to help you select term life insurance.

Ultimately, it is your decision to choose to purchase term life insurance or whole life insurance; yet, it is advantageous to understand that whole life insurance is actively ‘sold’ within the industry.  This means that agents are not sitting around waiting for you to purchase whole life insurance, they are proactive in urging people to purchase their high-commission policies.

Some people elect to keep their insurance and investments separated.  This means that rather than opting to purchase whole term life insurance, some opt to search for low cost term life insurance while investing their liquid funds in other ventures outside of the insurance industry.

Presently, it is a great time to invest in term life insurance.  It is suggested to invest what you can now while coverage plans are at such a low point.  Don’t have your mind set on the lowest term life insurance; make sure you invest what you will need as long as it takes for dependents to leave the household or until retirement funds begin to come in.

It is best to purchase life insurance when you are young and healthy.  Elderly people who become sick have the unfortunate circumstance of paying high rates for their insurance coverage.  Experts in the industry suggest to buy term life insurance as early as possible, yet suggest waiting until you have a family.

Some people are under the impression that if they withhold some information, then it will culminate in very low term life rates.  The reality is that insurance companies are very meticulous about how they spend their dollars.  If you put in a big claim, it is guaranteed that the insurance company will conduct all due diligence on their part – tell the truth when purchasing a term life policy.