The Premium Financing Process

The first step to a premium financing relationship is to find a lender. It is important that you find a lender who does not attempt to own your life insurance policy or to be the sole beneficiary. Stranger owned life insurance policies are considered illegal in many states. Instead, find a lender whose process is to set up a trust as owner and beneficiary of your life insurance policy. Then, within the trust documents, you and your lender will spell out how the lender is to be paid back for outstanding loans and interest from your life insurance proceeds and that the remainder of the death benefit is meant for your personal beneficiaries. This is the safest arrangement and ensures that your activity is in compliance with state and local insurance regulations and that the beneficiaries you care about will get the death benefit proceeds you intended for them to receive.

It will be important that the trust own the life insurance policy rather than you or the lender. It is the owner of the policy that is able to make changes to beneficiaries and other details, so the owner must be an impartial and independent entity without an interest in the asset that is the life insurance policy.

Premium financing is not the right choice for everyone. Some loan terms can be very unfair to the borrower and some might carry interest rates that are too high. If you compare life insurance quotes and adjust your death benefit down, you may even find that you can afford a life insurance policy without all the hassle or expense involved in a premium finance loan. No matter what you decide to do, make sure you read the terms of your agreement carefully and, when possible, ask an attorney for assistance.

Do You Need Uninsured Motorist Coverage?

If you or a passenger are hurt in an accident that is the fault of an uninsured driver then you can pretty much kiss reimbursement from their insurance company good bye-after all, they are uninsured and have no insurance. And your insurance policy might not cover the damage caused by this other driver. If you have uninsured motorist coverage you can ensure that you will be made financially whole if the driver at fault does not have proper coverage. The Insurance Research Council estimates that roughly 25% of individuals are uninsured in every state-protect yourself against them.

Do You Need Comprehensive Coverage?

If your car gets stolen, vandalized or suffers from being involved in a natural disaster, can you afford to pay out of pocket for a new vehicle? And if you can, will that new vehicle be the same value as the old one-or will you be forced to buy a less expensive car because you cannot afford to pay for an equal car? And what about your existing car payments-who is going to pay those? If you don’t have comprehensive coverage then you will need to pay out of pocket to restore your car or to buy a new one if it is involved in a theft, if it is vandalized or if it suffers from storm damage. With comprehensive coverage you could be reimbursed by your insurance company and not have to worry about how you will afford to replace your vehicle.

So the next time you get car insurance quotes, think about the reality of your situation and what kind of coverage you need as well as what kind of coverage you can afford to skip.

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Is Cheap Home Insurance Good For Business?

One of the top goals for consumers is to find cheap home insurance that offers them protection against risk. Unfortunately, when you are simply searching for cheap home insurance instead of home insurance that offers good coverage for the activities you use your home for, you could be in trouble. If you choose regular home insurance and do not disclose that you are running a business on site, then you could suffer from unpaid claims, lost equipment and lawsuits resulting from the damages your business or home causes to others.

If you have clients who come on site to your home business, then your home insurance company needs to be made aware of this so that you can get proper liability coverage. If you have equipment at home that is for business use, then your home insurance company needs to know this so that they can cover it properly and you won’t have to suffer any loss of use while you scramble for the funds to replace it.

When your clients rely on your continued business to keep THEM in business, then your non-disclosure of home business activities to your home insurance company could result in a slowdown of your production and a financial loss for your clients. This is a dangerous risk as not only could you lose the money you paid in buying your equipment initially, but your clients could sue you because they depended on you to stay productive even after an insurable incident.

In addition to ensuring you have the proper coverage for your home business through your home insurance company, you should also get professional liability coverage so that no business can take your personal assets as a result of a business lawsuit.

So remember, let your home insurance company know about your home business and make sure their policy protects you properly.

1. Need a high dollar death benefit with a low dollar premium.
2. Need a temporarily high amount of life insurance death benefit.
3. Need a gradually decreasing amount of life insurance.
4. Need a simple, small burial policy.

Understanding Term Life Insurance

Term life insurance is a policy that offers the policyholder a death benefit for a limited period of time, generally anywhere from 5 to 30 years. Term life insurance rates are based on the actual cost of insurance alone and not on accumulating cash values (as they are in whole or permanent life insurance policies). This makes rates much cheaper. In addition, because the insurance company is only obligated to offer you insurance protection for a limited period of time, they have less risk of you actually dying during the term of the policy and can offer lower rates based on that reduced risk.

Uses of Term Life Insurance

As we mentioned above, term life insurance is the perfect product for many different situations.

• Because it has a low premium, it can offer affordable, high-dollar protection.
• Because it is issued for a set period of time, it offers a great resource for temporary protection.
• Term life insurance policies can have decreasing death benefits which can reduce the protection over time-mimicking the reduction in your bills as you pay off debt.
• Term life insurance is simple to understand since there are no complex cash value accumulation figures, and is a great product for small burial policies.

Comparing Life Insurance Rates

A term life insurance policy should be considered when you understand the ramifications of buying a term policy. Remember that you are paying for only a temporary insurance coverage and that, as your health changes and you age, getting new coverage can be expensive or impossible once your term policy ends.

Remember, the comparison of life insurance rates isn’t just about price. It should be about the coverage offered, the conditions of the policy and the way in which it fits in with your lifestyle, health and needs. After all, if a life insurance policy has cheap rates but doesn’t give you the kind of coverage that you need, then it can hardly be considered a good deal.

A deductible is the amount of money that you need to pay out of pocket toward damages on your vehicle if you suffer an insurable event like an accident or car theft. Deductibles are only paid when you have damage that is covered by your insurance policy-otherwise, all damages will come out of your pocket or that of the person responsible for causing the accident.

Because a deductible must be paid out of your own, personal funds, it is important that you choose a deductible that you can actually afford to pay. Otherwise, you might end up with a deductible that hurts your savings, results in additional debt and prevents you from being able to get your car in working order. Without a car in working order you could suffer other financial difficulties such as the loss of a job.

It is tempting to choose a high deductible when shopping for auto insurance quotes because the higher your deductible is, the lower your auto insurance premium will be. Since accidents don’t happen to most people very often, it can seem like a real waste to pay for a high premium each and every month. But as tempting as that might be, ask yourself this-does it really matter? If you have a cheap auto insurance premium every month but you can’t afford the deductible, then you are switching one difficulty for another.

Instead, choose a deductible you can afford-one as high as you can afford-and then enjoy the resulting premium. That way, you will take advantage of as cheap a premium as you can get, you will have the comfort of knowing that you can afford your deductible if something should happen, and you won’t feel as though you are throwing away money on a policy that is not providing as much benefit as you need.

Your motor vehicle report: Your motor vehicle report (MVR) is a report that shows your driving record. It shows all the tickets you’ve gotten for reckless driving, speeding, and not obeying general traffic laws. This report is extremely important in determining how risky you are to insure. If you have many tickets and incidents on the report that show you are not a responsible driver, then you are going to be expensive to insure because the auto insurance company is going to assume that your recklessness translates into expensive claims for anyone who insures you. The underwriters will then decide to charge you a higher premium than you might expect in order to offset the likelihood of claims.

Your age: The older you are, the more likely you are to be an experienced and responsible driver and the less expensive your premiums are likely to be-until you hit a certain age. Because as you start to get older, you again become more risky as a driver because you are less sharp witted, have worse eyesight and less hand-eye coordination. So whether you are too young, too old, or right in the middle, it will have an effect on your auto insurance underwriting and premiums.

Your gender: Unfortunately for the masculine set, male drivers (especially those who are young) are seen as riskier bets by insurers. Males are often considered to be risk takers and less responsible than their female counterparts.

Your relationship status: Married individuals are often seen as more stable and responsible by auto insurance underwriters. Singles get a bad rap and are often charged more for auto insurance.

Your car: If you drive a flashy, speedy, light and rocket ready sports car, then you are likely to be charged a higher premium than someone who drives a four door sedan. Sports cars are often purchased by people who want to test out the speed and handling of the car and usually want to push the car to its limits. That doesn’t always reflect well when an underwriter is looking to set the premium for your auto insurance policy.

1. They can grow at a fixed rate like in a traditional whole life policy.
2. They can grow at a variable rate by choosing a sub account to invest them in. Sub accounts in a variable policy may have fixed investments like money markets, they may have stocks, bonds or mutual funds.
3. They can grow at a variable rate tracking the returns of a specific index-like the S&P 500 or the Dow Jones Industrial Average.

The third kind of growth is seen in an equity indexed life insurance policy. When you have an equity indexed life insurance policy, your cash values grow as they would in a variable policy but the sub account you choose is created to mimic the performance of a particular index. If that index goes up, then your cash value will likely go up. But if the index goes down, then so will your cash value.

One of the most important things to remember about an equity indexed life insurance policy is that there is no guarantee that you will earn money. Many illustrations for life insurance will show the great amounts of cash that can be accumulated in an equity indexed life insurance policy, but there is always the chance that the index you choose for your sub account will go down in value and will reduce the cash values you accumulate. The great things about equity indexed life insurance policies, however, is that they often have a floor, or minimum amount that you are guaranteed to gain. While this threshold is often significantly less than the fixed rate of return in a traditional life insurance policy, it at least offers some sort of gain while markets are down. On the other hand, there is also often a ceiling or maximum gain you can experience which may be less than the actual increases experienced by the index that you choose.

Your home could endure an insurable incident whether or not you have a mortgage. After all, it is not the fact that you owe money on your home that exposes you to risk-it is the fact that risk is everywhere and could happen to anyone. You see, when you have a mortgage your lender is at risk for damages to your home because they have more money riding on it than you do. That is why they demand that you have home insurance. But if you think that you don’t need to look for home insurance quotes once your home is paid off, then consider this: if your home catches fire, floods, is vandalized or has any other insurable event happen to it then you must pay for the damages out of pocket unless you have insurance. You might not even have a home left to live in until you can find the money to pay for all the repairs and in the mean time, you will be forced to pay out of your own pocket for your temporary living space.

Of course, you can look for less expensive home insurance quotes once your home is paid off. You could consider raising your deductible since you no longer have a mortgage to pay off and can likely afford to pay more deductible out of your own pocket. You can look for lower limits as long as you stay within the range that your home is worth so you can be fully reimbursed for an event that destroys your home. You can even determine what is and isn’t covered based on how you perceive your risk.

Remember, while saving money on home insurance quotes is important, having an insurance policy that is there for you when you need it is vital. Don’t scrimp too much on the policy and make sure you look out for your own self-interest and bottom line.

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