Posts Tagged ‘credit’
Friday, December 9th, 2011
One of the most common questions consumers have when looking to buy life insurance is “how much life insurance do I need? There are MANY options for coverage from $1,000 to several million, so what’s best for me?”
The first question to ask yourself is what is the purpose for the life insurance. Is it just to cover funeral and final expenses, is it to allow your loved ones to maintain a certain lifestyle or is it to help them bridge the financial gap while they secure other means of income in the mid-term?
If you are looking just to cover final expenses, the calculation of insurance you need is relatively simple and involves the addition of one-month’s worth of expenses plus any outstanding bills or credit card balances, plus an estimated budget for funeral expenses.
If you are looking to provide more than just relief from final expenses, there are a number of factors to consider including the age of any dependents, current debts and savings and your spouse’s ability to generate income in your absence.
Perhaps the easiest way to determine how much life insurance you need is by figuring out the income that would be lost in the event of death or terminal illness. Replacing lost income means the remaining spouse should be able to maintain the standard of living for the family by being able to support the mortgage, education savings, and cover domestic bills and expenses without having to make sacrifices.
Another option is to determine the monthly income stream required and then to multiply that over a specific time period.
Let’s use Rob and Alison as an example. Alison does not work outside the home, staying home with her two young children. Their goal is to ensure Alison will not have to return to work in the event of Rob’s death. The payout required will provide the finances to maintain the family’s current standard of living. Rob and Alison have agreed that insurance should pay off the mortgage on the house, car loan, and credit card debt they have. It should also leave enough to cover monthly living expenses until Alison is eligible for CPP at age 65.
Rob and Alison now need to determine how much money is required to maintain that current lifestyle. They tracked their expenses for 3 months and determined that $2,000 each month is needed to cover bills, groceries, etc. So that’s $24,000 annually in addition to the coverage required to pay off the mortgage, the car loan and the credit card debt. Alison is 42 years old, so she will need to have 23 years of living expenses.
Life Insurance Amount Mortgage $168,000 Car Loan $11,200 Pay off credit cards $2,675 Living expenses (23 years x $24,000) $552,000 Total Coverage needed $733,875
As you can see from the example, calculating the amount of life insurance you need is a lot like planning for your retirement. You need to figure out your financial goals, calculate how much income is necessary to satisfy those goals then determine the amount you require to make that happen.
Another method is to look at a combination of the lost income and outstanding debt. Aside from the exercise of determining your own life insurance requirement, it is also a good idea to refer to the various Life Insurance Calculators available on-line, as these may uncover some variables that may have been overlooked!
This document is not personalized financial advice – for a complete insurance needs analysis, please contact a professional licensed financial advisor.
Your insurance needs are as unique as you are. Get the right Canada life insurance coverage that fits you with our online term life insurance quotes provider and be at ease knowing that
Tags: accident, affordable life insurance, credit, economy, family, finance, financial, health, insurance, life insurance, medical, Money, quotes, savings, society Posted in affordable life insurance | No Comments »
Tuesday, November 22nd, 2011
For many, Life Insurance is the most affordable, reliable and secure way to ensure their families have enough financial resources in place in the event of a loss. Applying for Life Insurance is now easier than ever with options to apply right on-line.
The Application Process: The Life Insurance application will ask for some basic information including:
* Name, address * Height, weight, date of birth * Habits and lifestyle (smoking habits) * Medical history
Always tell the truth! When getting life insurance quotes, it’s important to tell the truth. The information you provide helps the insurance company calculate the policy premiums and if an insurer discovers you have lied on your application about basic information OR lifestyle/habits, it could result in an increase to your premium, the cancellation of your policy or coverage, or the denial of your claim.
In some cases, insurance companies will accept your application answers for health-related questions. However, some will require an in-person medical exam. Typically, for lower coverage amounts of up to $250,000 or less, a simple health questionnaire is likely. For higher coverage amounts or for customized individual insurance policies a detailed health screening is more common. Where this is required, your insurance provider will arrange for a medical examiner to visit your home or office, or you will be asked to attend a clinic selected by the insurance company, where they will review your personal and immediate family medical history, take your blood pressure, check your physical attributes, take a blood and urine sample and also review your lifestyle habits that could affect your overall health, including exercise, smoking, alcohol, stress, hobbies, etc. Depending on your age, there may be additional testing like an EKG, X-Rays, or cardiovascular tests.
Once examined, an insurance underwriter will review your application and medical exam results and either deny or approve your request to purchase. If approved they will then move forward with issuing the policy or coverage. If the policy or coverage is issued, you may be assessed an additional risk-based premium, depending on your health status.
In the end, take the time to educate yourself about your life insurance options and be honest throughout the application process. A good insurance broker can help you through the process and find the policy that provides the coverage you need at a price you can afford.
If convenience is what you are looking for, you can research and apply right on-line. Some providers will even give you an answer on your application status right then and there.
For those of you who do not like the idea of completing even a simple health questionnaire, there is always the option to purchase a minimal amount of life insurance that will help cover final expenses (less than $25,000). For many of these types of insurance, where your acceptance is guaranteed and the enrollment process does not require any type of medical screening, you will pay a little more for the guaranteed enrollment.
Your insurance needs are as unique as you are. Get the right Canada life insurance coverage that fits you with our online term life insurance quotes provider and be at ease knowing that
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Thursday, October 13th, 2011
Life insurance is a big part in many peoples’ financial portfolios even if it isn’t an investment or a savings plan. With life insurance, a person’s dependents won’t have to worry about financial loss when he dies.
There are so many situations in life where financial obligations can arise from, and these can include getting married, getting divorced, having a baby, buying a house, sending a child to college, starting a business, or taking care of a sick or aged parent. A person who has these responsibilities should make sure that these can be taken care of even if he dies. If he has a family who depends upon his earning capacity, he is a perfect candidate for life insurance. A person should consider the long term as well as the short-term financial obligations to decide whether he needs life insurance. The questions to ask are:
Do you have people including family and business partners who are financially dependent upon you over a long period of time?
Do you think these people have enough to get by if you die?
The next question would need more assessment of the short-term financial needs of the family of the deceased. You’d have to consider these factors:
Inheritance procedures can be time consuming and the family will need funds till they get access to the property of the deceased.
Having other liquid assets like bank accounts or stocks would reduce your dependence on life insurance.
Having so much more non-liquid assets than liquid assets would increase your need for life insurance.
A person’s debts and taxes still need to be paid even after his death.
And businessmen should make sure that there is enough cash in the business for his inheritors to be able to maintain the business.
With all the mentioned considerations, most people would think that they need life insurance. Still, other obligations like a home mortgage or a sole proprietary business or planning for a comfortable retirement for yourself or your spouse are some of the reasons why a life insurance is still a good financial program to pick up.
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Tags: affordable life insurance, Banking, credit, family, finance, Finance and Insurance, Finance and Life Insurance, financial planning, home, insurance, investing, life insurance, personal finance, wealth building Posted in affordable life insurance | No Comments »
Thursday, October 7th, 2010
For days and days it has been hanging around the back of your mind. Your insurance is about to end and you have to renew or shop for another direction. This is hated. The anxiety is almost not worth it.
But you do it anyway. So, you search online for “Internet Insurance Quotes – Canada”. A lot shows up from “Canadians Online” or “Online Housing Quotes” or “Canadian Insurance.” On top of that, staring at you in the monitor is a thousand companies vying for your business – a sea of lists of companies who can “give you the best deal.”
Well, if you are like most shoppers, you start at the top and work your way down until you get sick of it or find a deal that you can settle for. (Key phrase: settle).
Not so fun, is it? Besides, you think, this is not how we used to do it. Back then, every city and town seemed to have their “insurance man.” He would be found down on Main Street, Canada, and would were a suit, a top hat, and walk with either an umbrella in his hand or better yet, a cane.
Today, however, it is more convenient, but much more overwhelming. You can hardly escape the advertisements on Facebook. Twitter is pumping out insurance ad tweets. You go to on your favorite news site and there are insurance ad banners or news articles.
It is complex and too much to take on. But the bottom line is: you need insurance. What if damage is done to your house? Your car needs coverage because if you get in a wreck and it is your fault, they will come after you for all your worth. (Oh, wait; we are Canadians, not Americans.) Life insurance gives your loved ones protection in the case of your death. And we want to be smart, yes?
Here is the truth: getting insurance quotes can be a pain and complex. It is sad that the “insurance man” is becoming as almost obsolete as the unicorn. But just because he is hard to find, does not mean that buying insurance has to be as hard of a process as you make it. Also, it does not mean that you cannot find an agent that treats you fairly, gives you expert advice, and really is wanting your best interest. We labor long and hard to make our customers feel at home and like you are on Main Street, Canada, getting as good of service and treatment as the insurance man from yester-year. Go to www.infoprimes.com to receive the best service, expert advice, and a virtual “top hat and umbrella” level of service.
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Wednesday, October 6th, 2010
Have you ever found yourself working out, hating every minute of it and wondering “what is in this for me?” If you are not an workout-er, you probably look at those who are and think how over the top they are. Exercising is for lunatics, right?
You have to give it to those who do exercise, though. They more than likely have lower life insurance rates. My estimation is pretty low and they are paying way less than those who do not work out.
Agencies consider an individual’s personal health as an important factor in deciding an insurance quote. If you alter a few areas of your health, you very well may be able to influence their offer:
Do you smoke? If so – change it. If you smoke, you will find yourself battling up-surging insurance rates. Smokers are prone to higher risk of lung problems and respiratory problems – so says the national averages. Smokers also tend to live fewer years than non-smokers.
Agencies also consider your physical condition. Proper eating is crucial, but you will see that exercise is way more important to your health. The reason is that as you exercise, your body begins to strengthen it white blood cell count, which will increase your immunity system. Think about all the benefits: you will feel so much better, have great cardiovascular vitals, and over all enjoy a much more quality of living.
Proper eating is important, because you can also fight pro-oxidants in your body by consuming anti-oxidant based foods such as berries, lean meats, spinach, certain nuts, and others. The best case scenario would be to alter your diet and your exercise habits.
Picking the right plan will benefit you and could help you find the best life insurance quote. Put your plans first, think through them, and then search around for that specific quote.
You can obtain term life insurance coverage. You are able to get life insurance for a specific amount of time – it’s called term life insurance. It is the least complicated and most straight forward kind of life insurance. The costs are often much lower.
Next there is permanent insurance. These rates tend to be much greater but have potential to be a great financial portfolio booster.
Visit www.infoprimes.com to get Canada’s best life insurance quote and learn more about your options.
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Monday, October 4th, 2010
Shopping for life insurance policies You are ready to insure. Ready to get responsible and pursue the inevitable? Many different options are out there.
Term life and permanent life insurance are the main kinds of life insurance. Term life insurance means that the policy will expired at a predetermined amount of time. It is possible to get different terms based on your wants and budget.
Permanent life insurance is an umbrella phrase that embodies all life insurance policies that do not expire. There are different permanent policies you can treat as a savings account and others as an investment.
It is curious to think that you can kill two birds with one stone, huh? If you treat it as a savings account and earn wealth over the years, you can pay for a lot of things from what you have earned.
Let us examine three types of permanent insurance: whole, universal, and variable.
Whole life is the primitive way to have a cash-value life insurance. With it, you are able to build wealth and grow assets all allowable tax-deferred.
Universal life gives plenty of choices and with it your have the ability to transfer money from a savings account type of fund to an investment. The costs may fluctuate monthly, but that is because they are based on the growth of the investments.
Variable plans make up the most risky category. This is a out right investment where you are not taxed until the expiration of the policy. If also have the option to direct the earnings to your premiums, which lowers your monthly cost. Like all investments, there is a danger. Here the risk is if there is a downturn in the investment, you end up paying more for the investment because your value has diminished. Your death may not be covered in full if the cash-value diminishes In addition, you cannot withdraw from the cash value during your lifetime.
Learn more about these and get good rates and go to www.infoprimes.com.
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Tuesday, September 28th, 2010
Today mostly everything can be done from your own home. The world wide web has made is easy to pay bills, shop, and find quotes on life insurance online on your home computer.
The web has really made everyday life much easier. my grandmother says all the time that the computer has made us lazy, but I say that is has made life more convenient. I recently lost my job, and my husband and I finally realized that having only on the job life insurance was not the best option. The thought came to us that what if we lost our jobs. I lost my job so our income was cut in half, and the life insurance I had at work was too gone. We made a big mistake and something had to be done.
There are several things in life that taking chances are not acceptable. Having life insurance is definiteley important and we needed to rectify this situation. In my on the web search for life insurance, there was a lot of information. But in the process We learned a lot of information. We was looking of course for the best premium payment since my husband and I both are smokers. I had heard from a few of my friends that some insurance companies required a thorough medical screening, and this is something that we did want to endure. We didn’t want to go through the process of giving blood, and paying for all of our medical records. These are things that we knew before starting the research that these were the things that were important
During my search online I was able to find several companies that gave quotes from different insurance companies. The one thing I found was a site that gave several quotes at one time. This site was really a time saver. It took us a few hours to research information about the different types of insurance that was available, and after this I wanted the quotes process to be a quick one.
There are a lot of sites that gives quotes to several companies that are available. The few I check out had a lot of advertisements that I had to go through before I got a quote. And this made us really upset. Now I do understand that the world wide web is one of the best ways to grow a business, but when you have to handle business, these distractions can become very irritating. A site a found that was able to meet all of our quote needs, and plus it was a very user friendly site. While on this site there was no need to click from page to page to find the information that I wanted. It took only one click and we were where I wanted to be on the site. All We had to do was input some personal information and there it was our quotes for life insurance. Give it a try! Visit: http://www.infoprimes.com/life-insurance/
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Thursday, September 23rd, 2010
The many life insurance choices make choosing a policy unclear and not understandable. At the end of the day, what is life insurance for? Security for our families and loved ones. Right?
Most think that life insurance is for people with young families with a big debt load that will not be paid off for many years. They are being wise and protecting their family in case of a tragedy.
Is it just for younger buyers, or will those who are older benefit from having life insurance long after the children are gone and the debt load is smaller? Thinking they are being fiscally sound, many cease their life insurance. They have put their loved ones at risk even though they have saved just a few dollars.
It may not be as costly as you think to purchase life insurance. Life insurance is much more affordable than it was a decade ago. Ten million Canadians in their forties and fifties are able to pay for life insurance policies.
The older you get, you can take advantage of the different policies to protect your loved ones and your wallet. Term life insurance is going to be smarter, safer, and cheaper in the short term. However, to prepare for long term, you have the option of permanent life insurance where you can get from traditional whole life, universal, and variable whole life insurance.
These options will help you keep your family secure for the long term and allow you to save money in the meantime.
Buyers are given the most guarantees with traditional whole life insurance. The guarantees include minimum cash value and death benefits as well as yearly premiums. Most of the whole life policies can use the surplus they earn to increase cash value or death benefits.
The premiums with universal life are really flexible, particularly early on in the policy. You can get guaranteed minimum cash value and death benefits along with maximum assured premiums with universal life. If you would rather earn interest at a determined rate every year instead of dividends, universal life is the right choice.
For the more well-informed and risky investor, there is variable life. Though it has the fewest guarantees, it can be rewarding because it has the greatest potential for cash value increases. Mandatory annual premiums and guaranteed death benefits come with variable life.
It can be very valuable for your family’s future to buy life insurance regardless of how complicated it can be. Go to www.infoprimes.com to get great deals and expert council on life insurance.
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Saturday, September 18th, 2010
Have you ever found yourself exercising, hating every minute of it and wondering “what is in this for me?” If you are not an exerciser, you probably look at those who are and think how crazy they are. Why do you exercise? Are you vain?
Maybe it is crazy, but have you thought about what their life insurance rate is? My estimation is pretty low and they are paying way less than those who do not exercise.
Agencies look at an individual’s personal health as an important factor in deciding an insurance quote. There are some ways you can do to change their decision:
Do you smoke? If so – change it. Premiums are double or even triple for smokers. Smokers are prone to higher risk of lung disease and respiratory issues – so says the national averages. Smokers also tend to live fewer years than non-smokers.
Secondly, and like we have already talked about: there is your physical condition. Though you should engage in eating right, really think about your physical shape first. The reason is that as you exercise, your body begins to strengthen it white blood cell count, which will increase your immunity system. Think about all the benefits: you will feel so much better, have great cardiovascular vitals, and over all enjoy a much more quality of living.
Proper food consumption will help fight disease and heap cleanse your body through eating specific fruits, vegetables, lean meats, and nuts. The best case scenario would be to change your diet and your exercise habits.
Another way you can alter rates and get the best life insurance quote is by deciding what plan you want to get. There are many choices, but just think through your needs and decide from there.
You are able to choose term life. By definition, term life insurance is life insurance coverage for a specific pre-determined amount of time, ranging from 1-30 years. The premiums are low, but there are not any side-line benefits such as cash value building.
Next there is permanent insurance. These premiums tend to be much greater but have potential to be a great financial portfolio booster.
For more information on the different kinds of life insurance and find Canada’s best life insurance quotes, visit www.infoprimes.com and see the best life insurance quote you can get.
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Friday, September 17th, 2010
You have worked and tried, but insurance renewal will not get out of your head. Your insurance is about to be outdated and you have to do something about it. The stress is not enjoyable The anxiety is almost not worth it.
But coverage is must. Reluctantly, you look online for “insurance Quotes Online for Canadians”. So many options come up and most of them are not even related to your search. The worst part is, every single business you can think of is trying to give you “the best deal.”
So, where do you start? Scrolling down and look up each one from top to bottom until you get tired of it and settle for something? (Key phrase: (Unfriendly phrase: settle).
This is complex, right? And all that is going through your mind is the way things used to be. Back then, every town seemed to have their “insurance man.” Now, it’s hard to imagine: almost like the Monopoly man that walked around with a curled mustache, a top hat, and a cane who knew everyone and never said a bad word about anyone.
Today, however, it is more convenient, but much more overwhelming. Social media destinations are covered with advertisements for insurance. Tweets and status updates are pumping out commercials by the second. All over the internet, you cannot get away from the advertisements.
It creates so much anxiety. But at the end of all the mess, you need insurance. What if damage is done to your house? What about a vehicle wreck? One that may not even be your fault but you still get sued for everything? (Oh, wait, that is just Americans.) Or what if tragedy struck and you died, are you insured to protect your family?
It is true that insurance shopping is overwhelming and more complex than ever. The insurance man would make things easier, but he’s about as fictitious as the unicorn. However, the process of finding insurance does not have to be as complicated as we make it. Also, it does not mean that you cannot find an agent that treats you fairly, gives you expert advice, and really is searching for your best interest. We like to think that in the midst of a complex, twenty-first century world, we can offer Canadians a great replacement to the “insurance man.” Visit us at www.infoprimes.com to find the best service, expert advice, and a virtual “top hat and umbrella” level of service.
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