Reader’s Question:

What are the things that I need to consider before I sell my life insurance policy in Illinois?

Joshua,

Springfield, IL

Before you sell your life insurance policy in Illinois, you need to keep in mind the reason for purchasing the life insurance in the first place. If you think that selling your life insurance will make things better, there are things that you need to consider.

If the reason for selling your life insurance is to get immediate cash, you should check other alternatives where you don’t have to sell your life insurance policy. You can check with your current life insurance company they have accelerated death benefit to offer. Although there can be an additional fee for this, it is better to do business with the company you can trust. You also need to discuss your decision with your beneficiaries especially if they depend on the face amount to pay medical treatment and the additional costs. You should also consult an attorney or financial planner on other financial aspects that you may not be familiar with such as the impact on estate settlements and probate if the proceeds are tax-free. Don’t forget also to shop around for other companies the amount of payout differs from one company to another. Lastly, you need to ensure that the insurance companies or brokers are licensed.

Reader’s Question:

This would be my first time to buy a life insurance policy and I would like to get some advice on what to do, and what not to do, when I look for a life insurance provider here in Pennsylvania.

 
Ortega

Erie, PA

 
Before setting out to get a life insurance policy there in Pennsylvania, it would be very important to identify your goals and requirements or your reasons as to why you would want to get coverage. Here are a few things to keep in mind while looking for a policy.

1. If employed, get a good idea if the company you work for includes group life insurance coverage as part of the coverage. If you see yourself working for that company for the next ten to fifteen years then it would be a good idea to find a life insurance package that would supplement your existing policy.

2. Life insurance policies are bundled packages, if you decide to get a policy with a death benefit of $240,000, why not bump it up to $250,000? You could actually get lower premiums if you buy higher.

3. Shop around. The Internet is a rich medium to get accurate and timely life insurance rates. By going through the quoting system of a few life insurance portals you would already get a good idea which companies offer the most competitive rates available.

4. If you have special circumstances regarding your health or medical condition, seek out a company that specializes on life insurance policies for those with diabetes, asthma or any other pre-existing illnesses. You could save up to half on premiums as compared to going with a general life insurance provider.

Reader’s Question:

I don’t know how to begin, but I want to make sure I get a good Life Insurance policy here in North Carolina. Any tips?

Gene

Charlotte, NC

There are countless of people out there who, like you, would want to make sure they choose the right kind of life insurance. You realize how important it is to choose the best policy for you or your family’s need and recognize that going into a life insurance policy would be a long term commitment, financially speaking. But with hundreds of available choices out there, its not a surprise that a lot of people don’t even know how or where to begin. So here are a few things to keep in mind on your search for the best life insurance provider there in North Carolina.

Determine Why You Need Insurance. Do you want to make sure that your family or loved ones are financially covered in the event of your demise? Do you want to get a lump sum payment for keeping yourself alive and well over the next ten or twenty years or would you like to make sure that your affairs are all in order when your time is near? Understanding why you need life insurance coverage would make it easier for you to avoid the wrong kind of policies.

Also go with a reputable company with a good financial standing and who has been in business for the longest time. You want to make sure they are still there a couple of decades down the road. Look for proven excellent customer service as well since you want someone you know will take car of you and your beneficiaries needs.

Reader’s Question:

I have two friends here in Tulsa, Oklahoma who are both insurance agents and they are pushing me to get life insurance. However, one is saying I should get term life insurance while the other says I should get whole life insurance. Can you tell me the pros and cons of each?

Jesse

Tulsa, OK

Hi there Jesse. I’m sure your friends in Tulsa, Oklahoma only mean well in offering you life insurance. Please do not succumb to either one just because of peer pressure. It is best that you fully understand the product that you are getting.

Of course each of them have their own strengths that they bring to the table. But you are the sole decider on which most suits your needs. The difference in whole life and term insurance are as follows.

First is the duration of coverage. Term insurance, as the name implies, will only give you coverage for as long as the duration of the policy. With whole life insurance, you will get coverage for the whole of your life assuming the policy is still in effect. That is, you are still paying your premiums regularly, or you have completed the premium payments.

Second, Whole life insurance gives cash values on a periodical basis depending on your policy and may even earn you dividends with certain insurance companies and will still give your beneficiaries a death benefit. On the other hand, Term life insurance will not give you any cash values at the end of the term. In short, if you do not die, you do not win with term life insurance because you get nothing back at the end of the term. Hope these will help you come to a decision.

Reader’s Question:

What kind of life insurance can I get online and will it cost me more than if I got it from an insurance agent here in New Haven, CT?

Ceasar

New Haven, CT

Hi, Ceasar. That is a very good question, indeed. Frankly, it doesn’t matter if you purchase life insurance online or if you go to your insurer directly to inquire. Generally, it is your age, lifestyle, ability to pay, state of health, and even credit history which impact greatly on the cost of the premiums you would be asked to pay by your insurer in New Haven as well as that which you have selected online. It is the selection process which offers great benefits when you shop for your life insurance online.

You’ll see, you can get several free life insurance quotes just by entering your zip code on the forms on this page. I suggest you get several life insurance quotes from various insurers in Connecticut. This will enable you to make a more informed choice; hence, more likely a cost-efficient one. When online, you get access to information on coverage and costs all at once, meeting directly with an insurer only offers you a view into what one company is offering. You save lots of time by doing your research online (i.e., getting free quotes) than by setting up a meeting with every insurer separately.

Whether or not you decide to buy your insurance online, I highly recommend, Ceasar, that you at least take time to write down the features that you need in a life insurance. How much are you willing to pay? These parameters allow you to narrow down your search and save even more precious time.

Reader’s Question:

Hi this is Andy from Kenner, Louisiana. I would like to get rid of my life insurance as I don’t really think I need it anymore. My kids are all working and have their own families and I’m already widowed. Is there a way I can sell it or something?

Andy

Kenner, Louisiana

Hi Andy! Yes there is still a way out for you, and it is called a life settlement. In this case, you will need to find someone or a company who will want to take over your life insurance. They will pay you an amount that is a certain percent of the face value amount of the life insurance you got. Some do this to leverage on the windfall of cash that they may want to use for other purposes or if they find the premiums are no longer affordable. The buyer, usually an investment company, will be the new recipients of the death benefit. Before you do this, however, you may want to consider some things before you go through with it. First, look into the background of the people buying your insurance. What are their privacy policies, would you know? You will be disclosing some personal information to them before they actually purchase your insurance. Also if there is an immediate financial need but not that great an amount, you may want to look into another alternative which would be using your cash values while still keeping your life insurance. You should also do some research on how your settlement will be taxed. You may also want to try the services of a broker who can shop around and see where you will have the most gain.

Reader’s Question:

I feel quite resentful sometimes when after so much discussion, sales people say that I can’t get a certain service because I live in Alaska. You better tell me right away then, is no medical term life insurance available for people in Anchorage? Should I even bother?

Ian

Anchorage Alaska AK

Hi there Ian. I can feel your pain from where I sit! I can see how it could really be frustrating. The good news is, no medical life insurance is available to people in the US, including you residents of Alaska .

In fact, online term life insurance uses the internet as a medium precisely so that it can be made available to people who live far from the actual locations of the insurance companies. Distance should not be a factor. How this actually works, Ian, is that you can access information online about what types of life insurance coverage is available and at what price by giving preliminary information. Enter your zip code on the forms on this page and you can get free online quotes from insurers. Once you’ve selected the life insurance coverage and the insurance provider, your local insurance agent will probably make contact with you to finalize your contract. You don’t even have to take a medical exam anymore, these days. You just need to be forthright about any medical conditions you may have so that your insurer can also inform you accordingly about the limitations to their coverage as well as the appropriate price of premiums they would need from you.

Well, get on then, key in your zip code so you can start searching for the best no medical life insurance policy you can get.

Reader’s Question:

I’ve just gotten onto your site by accident but am intrigued. Do you mean to say that I can actually get term life insurance coverage through online transactions? What about medical exams? Is this service available here in Hawaii?

Diego

Honolulu Hawaii HI

Hi Diego! Thank you for asking that question. Term Insurance companies are constantly seeking to improve customer services and online transactions are the latest innovations. The goal is not only to reduce your transaction time but also to provide as little need for you as a client to go out of your way just to apply for life insurance coverage, even in Honolulu Hawaii HI. The shopping portion – viewing possible insurers, viewing their products and the corresponding costs can be done online. In fact, you can customize the type of life insurance coverage that you need and subsequently receive free online quotes by entering your zip code in the forms on this site.

At some point, a local insurer would probably need to contact you, usually once you’ve already firmed up your selection. The good news is that insurers also provide no exam life insurance policy if you so wish. No need to leave your home, in fact, as some insurance companies also offer to send a representative to your home should you need to sign the contract or finalize the policy. The process is a hit as about 50% of insured clients in the US transact online.

I suggest you start with getting the free term life insurance online quotes, Diego, and experience for yourself the hassle-free application process for the no exam life insurance policy.

Reader’s Question:

Would it be possible to purchase a life insurance policy for an senior relative here in Boulder Colorado?

Blake

Boulder Colorado CO

There are a lot of companies providing life insurance in Colorado , Blake. In fact, you can view them online now by keying in your zip code on the space on this site. You may also want to request for free quotes from at least five companies so you know the range of the costs of the premiums. These online forms will give you an idea of the questions a local insurance agent would most likely request for when you apply for an insurance policy in Colorado or you could actually opt to directly buy insurance online.

While it is quite possible to purchase life insurance for a senior relative, the premiums are likely to be on the high side. You see, insurers base the life insurance premium on several factors, including age, occupation and state of health of the person to be insured. The older the person is, the higher the premiums. This situation could be aggravated if your relative also has health problems. Factors that reduce the life span of a person to be insured can raise the premiums considerably. It is, after all, still a business and the insurance companies need to manage their risks. It would probably help if your relative can join a group plan. Premiums could be substantially lower if the rest of the members of the group are young and healthy and generally not considered “risky”.

The best thing to do is shop around first. Get those online quotes so that you are better informed when you finally decide to meet with your local insurance agent.

Reader’s Question:

Someone is selling me term life insurance here in Fort Smith Arkansas. I’m wondering though, how would I know that term life insurance is the right life insurance for me? Any tip?

Bart

Fort Smith, AR

Term life insurance is one type of life insurance that you can buy in Arkansas that is purely life coverage. Meaning, it has no cash value or investment side. Because of this, you will be paying life insurance premium to protect yourself if you die. If you will not die, what you have been paying will go to nothing. This type of life insurance is good for you if:

• You are looking for life coverage at a very affordable life insurance rate.
• You are in good health and at the early age because term life insurance is cheaper if you have no health condition or you are not old. This means that it is purely protection of your life should unexpected death occur.
• You are looking for simple protection which is currently affordable for you.

This condition is enough reason to buy term life insurance policy. But if you think that you want your life insurance to be an investment at the same time, you can choose to get any product of the permanent life insurance. You just have to ensure that can afford the life insurance premium.

If you want to evaluate the costs, you can request for a free life insurance quote from this site. They provide you the exact life insurance quote applicable.