Term Life Insurance – Buy the term you need not just price

So often it happens when meeting with clients they are facing a steep price increase with their term life insurance. Far too often in Canada insurance adivser are selling clients the cheapest policy they can because it is the path of least resistance. Closing a sale and making a commission is not the job of an insurance agent. Getting the client the policy that best suits their needs is! If you are looking at term life insurance to solve a temporary financial risk, you need to look at the length of time that risk will last vs the price you will pay now. There is a large cost to you, the consumer, by not planning to get the proper term life insurance today.

Let me explain. Term life insurance comes in different term lengths. Most common are 10 and contracts term contracts. This means the policy will have a level premium or price for 10 or 20 years, guaranteed not to increase in price during those years. At the end of the term years the policy will renew. You are allowed to keep your coverage going, but for the next 10 or 20 years you will have to pay a new, much higher price. Based on your age the renew price of a term 10 policy could be as low as 4 times the original price and as high as 10 times the cost. This is why I advise my clients when buying term life insurance today to buy the term they need instead of being faced with a costly renewal.

Let’s take a look at how costly a term 10 policy can be if you need it for more than the first ten years. A young couple, both aged 28, just bought their first home. They expect to be able to pay off the house in 20 years but want to save money on their insurance premiums, so they buy a term 10 life insurance policy for $500,000 each for a total monthly premium of $32.50 per month. In the first 10 years the insurance only costs them $3,900. The renewal rate after 10 years is $148.75 per month. This is over four and a half times more costly than the original premium. The total cost for the next 10 years is $17,850. The total premium for the entire 20 years is $21,750 to both be insured for $500,000. If they had elected to buy the term 20 policy today the price would have been $43.65 per month.

This would total $10,476 over the full 20 years. This constitute a savings of $11,274 over the 20 years this young couple plan to pay down their house. That is over 50% of the premium in their pocket saved. So, what are your options for dealing with a short term life insurance policy? You will need to reapply for a longer term plan that more adequately suits your needs. If you buy the term you need up front then you won’t be face with the hassle of reapplying for coverage and having a nurse visit again with to take blood, urine, measure height and weight, etc. What if you have had a health problem in the mean time and can no longer qualify for life insurance coverage?

Then, your only option would be to keep your current term policy and pay the higher price. This is not an option most of us want to be faced with. There are more term life insurance policies out there than just term 10 and 20. Some companies, but not all, are offing 15, 25, 30 and even 40 year term life insurance policies. If you plan to pay off your mortgage over 25 or 30 years, there is a term life insurance plan to suit you. My advice again is to look at the length of time you will be at financial risk. How long will it take to pay off your mortgage or debts, raise your children, save for retirement, etc. This is the high risk years, and when buying term life insurance to protect against these risks, buy the term you need now and save money.

How to insure a property

Do you want to live safe and be carefree in your apartment or house? If you choose a Real estate insurance you will enjoy every day without the fear of various disasters such as fire, flood, earthquake and explosion that you can not predict. Do not let some of these phenomenon unpleasantly surprise you, especially in times when you have economic or financial crisis, when you can not afford to repair the damage.

In case of some of these disasters, Real estate insurance will give you the money to cover the costs of the repair, it is only important that you read through the laws and offers, this are the benefits that you will have after you choose Real estate insurance, you will protect your family, yourself and your home. Remember and think about how your home is where you have been with your family for years, it is full of memories, good and bad moments and your home is a big part of you, let this remind and make you protect what you have built for years.

If you decide to choose insurance for your property, furniture, technical stuff inside your home, jewelry or anything else that is inside your home, it is necessary to determine the exact details relating to the object. The next step is to check with the insurance companies what benefits are offered. Today there is a very large selection of agencies that offer protection of your property, and each is different in some certain specifications. So choose the agency that is best suited for you, find the best agency by reading about the benefits that the agency offers, and read the contract before signing.

When signing the contract you have to pay a fee, but this depends on the agency you have chosen. It is important that you know the amount of this fee, as well how to get a refund in case of a disaster. Also look where you live before choosing an agency for example, if you live near the river, so it is a bigger chance of floods, this can affect your choice. Unfortunately today theft, burglary, and weather conditions are more frequent, therefore you need to be protected in order to have a safe life, without the fear of what tomorrow will bring.

No Down payment Car Insurance Is It Good For You

You will find various kinds of vehicle insurance items on the market. Many vehicle insurance items are targeted at people on budget. To illustrate no-lower-payment car insurance. Insurance companies, generally, request clients to supply lower payment for that insurance product they join. Spend some time determining before you go searching for no-lower-payment option. In some instances, no-lower-payment insurance turns out to be more costly compared to standard car insurance. No-lower-payment vehicle insurance enables motorists and vehicle proprietors to acquire insurance for his or her cars without having to pay anything in the beginning. The arrangement is that you simply pay with an installment basis, that involves monthly obligations.

The whole price of the insurance coverage method is divided to 12 several weeks of payment. For those who have enough budget, they are able to spend the money for entire one-year amount. Doing this saves them the irritation of making monthly obligations. Also, one-time payment cost less than the sum of the all installment obligations from the no-lower-payment counterpart, since the insurance company is going to do less administrative operate in processing your payment. The truth is, the entire price of an insurance coverage method is overwhelming for most people. Insurance providers have devised an imaginative approach to helping clients with tough budget to pay for their vehicle insurance. No-lower-payment insurance may appear friendly, due to the apparently lower payment.

You are able to pay a small amount for that insurance on the stretch of 12 several weeks. For most people, this type of arrangement is much more workable, specifically for working professionals receiving salary every month. They no more suffer from large one-off payment. Okay, the disadvantage is frequently recognized through the finish of the season, when one realizes the main difference between your standard quantity of the insurance coverage product and the sum obligations he’s been having to pay for 12 several weeks. If one makes your information, the main difference can really be staggering. Insurance on installment payment basis is exempt from discount rates. In addition, insurance companies add interest towards the actual insurance cost, driving the obligations up over time.

You do not notice it in the beginning though. Bear in mind that no-lower-payment car insurance binds you inside a contract. The conditions and terms from the contract vary among insurance companies. Usually, non-payment means forfeiture from the insurance. As lengthy while you meet your payment obligations, you ought to be fine. You will find various kinds of no-lower-payment insurance plans. Some firms commit you to definitely six-month insurance policy so you would need to purchase six several weeks. Others ask you for monthly with no specified term, so that you can discontinue anytime.

Due to these variations, you have to read particulars concerning the insurance plan before registering. Lots of people go for no-lower-payment insurance while searching for favorable guidelines. The choice is brief term insurance. Again, make certain what coverage you receive. Browse the conditions and terms from the insurance plan prior to making contracts. Don’t get an car insurance policy that doesn’t suffice your requirements regardless of how it favors your money. Incidentally, don’t let yourself be fooled. Even no-lower-payment insurance incurs initial payment before the insurance policy takes effect. To avert being fooled, request inquiries to the insurance provider.

How to Get Car Insurance in Lethbridge

carinsuredlethbridgeCar insurance is a mandatory requirement for all road-going vehicles.  It is a prerequisite when renewing your car registration.  Without it, you will not be able to renew your car registration which of course means you cannot take your car out on the road as its registration papers have not been renewed and updated.

Having car insurance means you have the necessary protection from any type of financial expenses coming from vehicle incidents you are proven responsible for.  Property damage, bodily injury, or even death of a person/s is your responsibility if you are the cause of any vehicular accident.  Under these circumstances, you are liable to pay for all the damages and expenses necessary for the mishap you have caused.  Sometimes, costs can be staggering as paying for expenses are often not merely enough because you also need to pacify the possible psychological stress and damage you may have caused.  If you do not have the protection of auto insurance, these costs will be coming out of your pocket.

The type of protection you can get from your auto insurance depends greatly on the type of auto insurance you have purchased.  If an incident is not covered by your insurance policy or is written down as an exemption in your auto insurance policy, then you won’t have the necessary financial assistance.  This is why it is important to customize the type of insurance coverage that is suitable to your needs.  Going overboard with auto insurance can be very costly.  Being under-insured on the other hand can be costly as well.  It is crucial that you have the right balance in coverage that caters to your usual driving situations.

Before buying car insurance, it will be wise for you to do some little research first.  Thanks to the internet, you can get very relevant information on the different auto insurance policies.  Access to this type of information was not available to people decades ago so it’s only proper that you take advantage of the data that is now available to you.

Once you’ve done your research, get your auto insurance at car insurance Lethbridge.  They broker auto insurance from different auto insurance companies.  The advantage of going to auto insurance brokers is that it acts as a one-stop shop for your car insurance needs.  Since they are brokers for different insurance companies, you can get the quotes offered by different insurers thus allowing you to choose the most reasonably-priced auto insurance premium.

Liability Auto Insurance and the Necessity to Have Adequate Coverage

Liability insurance is a must have for your car and in fact it is illegal not to have it in all 50 states.  Not only that but it is required to register a car.  In any case it is one of the most important types of insurance you can have because it protects you financially if you cause damage to another driver’s body and/or property.  For the average American their vehicle is potentially the most dangerous and damage causing item they own.  This is especially true for individuals that drive a lot and in congested areas.  This is why it is important not to be cheap and under insure yourself with liability coverage.   What would you do if you hit a Bentley or even worse caused someone else to be severely injured?  You k now the cost will be high in those scenarios and if you don’t have sufficient liability insurance you could be on the hook for some major money.

Liability auto insurance is made up of 3 parts: bodily injury per person, bodily injury per accident and property damage.  Now each state will have a minimum of those 3 components.  As an example in New Jersey the minimum required liability car insurance is bodily injury of $15,000 per person, 30,000 of bodily injury per accident and 5,000 for property damage.  Each state will vary with these but in any case they are all absurdly low considering its possible to cause hundreds of thousands of dollars (if not more) with your car.  Ask a personal injury lawyer how much liability auto insurance you should have considering their role in suing insurance companies and individuals who have caused accidents.

The main point here is that it is important to have adequate liability auto insurance or you could be sorry.  If you can go with the single limit coverage of $500,ooo.

Your Credit can Affect how much your Auto Insurance Costs

Perhaps you think that auto insurance companies are only concerned about how good your driving record is, how expensive your car is and how extensive your coverage is when setting rates.  Alas there other factors at play and one of those is your credit score.

Auto insurers think this is important because your credit history can give them an idea if they will get paid and if it will be on time.   Also they believe that based on stats that a low credit scores raises the likely hood of an auto insurance claim.  You can be sure that auto insurers will check your credit because they feel they are protecting themselves in an economically uncertain time (especially so because its more likely a policy holder’s financial picture has changed).  Also your credit score is easily accessible and if your credit history changes negatively (especially if its a drastic change)  your auto insurance rate can sky rocket.   This is another very good reason to periodically check to see if there are errors on your credit report.

Is this a correct practice to base an insurance rate on such?  Many believe it is not as consumer advocates have spoken out and some states have passed laws to limit insurance companies using credit to base rates.

Tal vez usted piensa que las compañías de seguros de automóviles son sólo preocupado por lo bien que su registro de conducción es, lo caro que su coche es y como extensión de su cobertura es la hora de establecer las tarifas. Desgraciadamente hay otros factores en juego y uno de ellos es su puntaje de crédito.

Las aseguradoras de automóviles que esto es importante, porque su historial de crédito les puede dar una idea de si se les paga, y si va a llegar a tiempo. También creen que, basándose en las estadísticas que una baja puntuación de crédito aumenta también la probabilidad de una reclamación de seguro de auto.  Usted puede estar seguro de que las aseguradoras de automóviles van a revisar su crédito, porque sienten que están protegiendo a sí mismos en un tiempo de incertidumbre económica (sobre todo porque su situación financiera más probable que un titular de la política ha cambiado). También su puntuación de crédito es de fácil acceso y si su historial de crédito cambia negativamente (sobre todo si es un cambio drástico) su tasa de seguro de auto puede cohete del cielo. Esta es otra buena razón para comprobar periódicamente para ver si hay errores en su informe de crédito.

¿Es esta una práctica correcta de basar una tasa de seguro de tales? Muchos creen que no es tan defensores de los consumidores han hablado y algunos estados han aprobado leyes para limitar las compañías de seguros de crédito con las tasas base.

Have the Proper Coverage Auto Insurance Tip

Having the proper auto insurance protection is vital to protecting your financial situation.  Go over your policy and all the different components of it.  Start by asking yourself if you have enough liability coverage that if you were to cause injuries and or property damage that amounted to large amount of money  would you be protected?  You could be sued and on the hook for much money if that happened and you didn’t have enough liability.

Comprehensive is another important aspect of you car insurance policy that protects in the event of damange from things like theft, fires, hitting animals on the road etc.  Basically objects that could cause damage other than another automobile.  You definately need it if you have a vehicle with a loan on it and or if it has some valuable to it you couldn’t replace out of pocket.

Collision is a key compenant of a policy covering you to repair damage on your car if you hit another auto.  This is another must for those with loans or when your vehicle can’t be easily replaced or repaired with out of pocket funds.

Want to be covered for your medical bills if in an accident then PIP is important.  Consider other parts of the policy like Uninsured/Undermotorist coverage,  work loss, rental reimbursement all of which you find information this site.

The bottom line is that you want to examine you policy closely and understand the options that are available to you.  This will help you make an informed decision.

Car Insurance for Seniors

When motorists get into their mid sixties and beyond the chance of being in an accident goes up.  This is because some studies have shown that statistically seniors’ perception on the road, reaction times, and hand to eye coordination diminish. Insurance companies know this and believe they are taking on more risk and therefore will increase car insurance rates for senior drivers.  Here are some ideas to help elderly drivers:

  • If you’ve retired make sure that your insurance company knows it as soon as possible.  Let them know the adjusted amount of miles driven which is surely or even significantly less and therefore should help lower your premiums.
  • As a senior looking to lower your auto insurance rates examine your deductible.  Perhaps you’re only driving locally and have a good amount of savings it may be worth it to look at raising your deductible which will in turn lower your rates.  *This is not a good option if you’re cash strapped.
  • Joining AARP is worth a look.  They are an advocate for folks 50+ and offer valuable services like a driver safety program and they can even provide auto insurance through The Hartford (which may or may not be the best choice).
  • When its time to purchase a new vehicle choose one that has excellent visibility, you’re most comfortable in driving, has a good crash record and is reasonable to insure.
  • Another possible factor in car insurance for seniors is health.  Maintaining your health is not only good for feeling great but your insurance company may ask for records like checkups and vision tests etc.
  • Insurance companies value customers with clean driving records no matter how old.  If you find your current company is not being fair then it shouldn’t be hard to find a new insurer when you have a spotless driver record.  Know matter how tempting it is to speed or be aggressive,  avoid being a bad driver and it will pay off.
  • Make sure to be aware of any state requirements to continue driving.  Some require just a vision test while others require further testing.
  • There will come a time when a senior will need to give up their keys and stop driving.  For further reference I’ve provided a link to this excellent article.

Your Job can be a Factor in Your Auto Insurance Rate

Your car insurance rate can be figured with different variables like driving record, car value,credit, age etc.  Many are not aware that what one does for a living can have a bearing on this as well.  Now not all insurance companies engage in using jobs in figuring auto insurance rates and some states as well as consumer groups do not look kindly upon this practice.

The reasoning that goes into using job as a rate factor comes from a statistical viewpoint.  Its looked at that if you have a highly strenuous job, drive constantly or otherwise others that have your job have a high rate of claims than it should raise your auto insurance premiums.

Some examples of job positions that are looked at as low risk by insurance companies are scientists, librarians and most performers of the arts.  On the other side occupations looked at as higher risk are lawyers, stock brokers and executives.

In New Jersey there was a bill proposed to ban this practice though it never got debated.  Consumer groups have come out against using job to determine rates.  Even so it is at this point legal for insurance companies to use your job as a determinant in your auto insurance.  This doesn’t mean that you can’t shop around to find a companies not using it;  in fact I’ve heard commercials from companies explicitly saying that they don’t engage in this practice.

Comprehensive Car Insurance: A Short Synopsis

Comprehensive insurance is the component of your car insurance policy that pays you if your car is stolen or catches on file, hits a deer, is in a flood etc.  Its basically for covering an insured for reasons that could cause damage outside of collision like an “Act of God.”  Its important to examine your policy closely to see what the specifics of your coverage are.

Comprehensive insurance like collision has a deductible you’ll have to pay to repair the vehicle before the insurance company contributes the rest.  Its important to consider your deductible very closely.   For instance if you have a high deductible you’ll have to dish out more money if your car or truck is damaged.

If you are going to buy a new or used car that requires a loan you can be sure you’ll be required to get comprehensive insurance to pay the bank if the car is damaged in a fire, stolen etc.  Otherwise states generally don’t force you to buy this type of insurance.  If your vehicle isn’t worth much and you have the funds to replace it easily it may not be worth it to pay for the comprehensive premium.