The Smoker’s Life Insurance Policy Will Drain Your Wallet

When insurance brokers look out into the world they see two types of prospective customers. Every individual person fits into one of the two categories. They are either smokers or non-smokers.

Someone who occasionally smokes socially and someone who smokes everyday can end up in the same insurance category. He will pay even more if he smokes more than 20 cigarettes a day. Often premium rates for smokers can be up to three times the rate non-smokers pay. This is because insurance companies believe that smoking amplifies the risk of untimely death.

The financial penalties of smoking extend far past the price of a pack of cigarettes. In addition to the nickel-and-dime of a pack of smokes every time he runs out, the smoker endures costly consequences to lighting up.

Homes and vehicles that retain the stench of cigarette smoke lose resale value. Smokers can also be penalized when shopping for a new home because insurance companies believe smokers are more likely to burn down the house.

Smokers will also pay more for health insurance, dry cleaning and yearly teeth cleaning appointments. All of these costs add up quickly to put a hefty dent in a smoker’s wallet.

It isn’t simply what a smoker pays in extra an expense that reduces funds, but being paid less in the first place can cause his bank account to suffer as well. Studies have shown that smokers earn up to 11 percent less than non-smokers. These figures not only take into account time wasted on smoke breaks, but first impressions as well. Smokers may be perceived as less attractive and therefore passed by for jobs.

Insurance costs aren’t the only money matters smoker’s have to worry about; however, it is a huge issue. A smoker literally burns his money away. That nicotine rush can cost thousands of dollars a year more in insurance premiums.

While saving money on insurance premiums may not persuade him to quit smoking, a smoker may not be conscious of how much the habit is actually costing him. He may even lose his job. There have been several companies in the news recently who have fired employees who smoke simply because they pay more insurance on smokers than non-smokers.

It begs the question, is it worth th
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e cost?

But, the high cost of smoking doesn’t necessarily only affect the smoker himself. Documented studies have shown that Americans spend over 60 billion dollars a year treating smoking related illnesses. Women who choose to smoke during pregnancy cost the country another 3 billion dollars a year. It also causes the deaths of 2,500 unborn babies a year and results in low birth weight and life-long complications in countless others.

Fires set by smokers who fall asleep or are otherwise careless with their habit, cost the government 500 million dollars a year. The human cost is great, as fires started by cigarettes take the lives of more than 2,000 people a year.

Smokers with group life insurance push up premiums for smokers in the same pool by 4 billion dollars a year.

Smoking is by far the most prevalent cause of untimely death in the United States today. More than 400,000 people a year pay with their money and their lives to light up a cigarette.

That quick fix can not only be deadly, but greatly reduce quality of life as well. Be it human life, depreciation of property, health factors or jacked-up life insurance premiums, the decision to smoke cigarettes is costly.

By: Donnie Weber

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To learn about pruning grapevines and growing grapevines, visit the Grapevine Trees website.

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California Health Insurance Giant Aided by Health Insurance Reform

According to the Director of the Office of Management and Budget, Peter Orszag, the historic health insurance reform provides the most deficit reduction of any bill in the past decade. It’s estimated to reduce the deficit by more than $100 billion over the first decade, and by $1 trillion in the following decade.

The health insurance reform bill includes help for major health insurance companies and doctor-owned hospitals. That includes help for the giant California-based insurance company Kaiser Permanente, according to congressional aides and lobbyists.

The latest changes to the 153-page health insurance reform bill include a provision that tax-exempt insurers would have to pay a new fee levied on insurers on only half of their premiums. Kaiser Permanente is one of these tax-exempt insurers.

California Health Insurance Reform and Medicare

The bill also extends an August 1st deadline on new doctor-owned hospitals to apply to the government for eligibility to be paid for Medicare patients until the end of 2010.

According to a 2003 report by the Kaiser Family Foundation, 40.2 million Americans were enrolled in Medicare. That was 14 percent of the U.S. population. California had the largest enrollment of any state with 4.1 million Medicare beneficiaries, or 11 percent of the state’s population.

California Representative Tackles Tobacco Industry

While the media focused on the health insurance reform debate, the Family Smoking Prevention and Tobacco Control Act was signed into law by President Obama on June 22, 2009.

By all accounts, it is the strongest measure to protect children from the dangers of smoking to date. Why does this law focus on children? Almost 90 percent of all smokers began at or before their 18th birthday. We’ve known about this for decades, but the tobacco industry has used special-interest lobbying to manipulate Congress.

Blatant refusal to accept responsibility for the sicknesses caused by cigarettes was exposed as recently as 1994 when Rep. Henry Waxman first brought tobacco CEOs before Congress. Waxman has represented the 30th congressional district of California in the U.S. House of Representatives since 1975, and has called cigarettes the single most dangerous consumer product ever sold.

Before Congress, these CEOs still denied that tobacco was deadly, that nicotine was addictive, and that they marketed to children. In reality, tobacco companies aggressively target children, and sell products with flavorings to mask the taste of tobacco and make it more tempting.

Healthcare Reform Has Potential to Help Millions

More than 400,000 Americans die of tobacco-related illnesses each year, and more than 8 million of us suffer from at least one serious illness caused by smoking. While you’ve probably heard that second-hand smoke can kill, third-hand smoke that is trapped in carpet, fabric, furniture, hair, skin, and toys also exposes you to toxic chemicals like arsenic and lead. Babies take in 20 times more third-hand smoke than adults because they breathe faster, and spend more time near the floor.

The Family Smoking Prevention and Tobacco Control Act is a victory for health care reform because it will reduce the billions of dollars we spend on tobacco-related health care costs in this country. It is intended to reduce the number of children who start smoking, and to save American lives and make us healthier.

This Act bans tobacco advertising within a thousand feet of playgrounds and schools. It also curbs the ability of tobacco companies to market products to children by using appealing flavors. It forces tobacco companies to more clearly and publicly acknowledge the deadly effects of their products, and allows FDA scientists to take other common-sense steps to reduce the dangers of smoking.

About The Author

By Wiley Long – President, eCAHealthinsurance ( http://www.eCAHealthinsurance.com ) – California Health Insurance Advisors – Offering instant quotes on California Health Insurance plans, online information on health insurance plans in California, and personal assistance for all your California Health Insurance needs.

The death of a child is a subject few people want to think or even talk about. It is always thought of as something that happens ‘to others,’ but the truth of the matter is that this is not so. Deaths do happen and children do die and it’s up to the parents to sit themselves down and talk about how they will handle this situation and what measures are being taken to ease the process. This could include reserving a family plot for burial or planning on how to pay for a funeral. An unpleasant task but, one which every parent should force himself or herself to deal with. One way of dealing with burial costs and funeral expenses is to take out a life insurance policy for your child. Most families only insure the adult members but it may be time to revisit your financial plan and include the younger members of your family as well.

Child life insurance is a huge business in the United States. There are several companies that deal exclusively with these types of policies. It is therefore important to understand why you need insurance and how the different types of policies work lest, you get carried away by some aggressive sales pitch or insistent insurance agent and, end up with a policy that you regret later on.

The two different types of insurance policies available for children are term life and whole life. A term life policy implies insurance with only death benefits. If your child dies within the term chosen (anywhere from one to thirty years), the death benefits will be paid out immediately but if your child outlives the term, the entire amount is forfeited. Term life insurance is a relatively inexpensive choice and most parents could easily factor in the monthly payments into their financial plan. Whole life insurance on the other hand includes the death benefits as well as a cash value component. This cash component can be withdrawn (after a period of time and with certain restrictions and applicable fees) or stand as collateral for other loans, thus making whole life insurance into an investment vehicle as well. Whole life also provides coverage for the entire life of the policyholder and is therefore also much more expensive in terms of premium rates. Purchasing a whole life policy for your children can be considered a forced investment (the cash value can be later used to pay for their education for example) but would require a serious commitment from the parents with regards to budgeting their monthly expenses.

There are many people who insist that buying insurance for your children is money down the drain. Insurance is a way to provide for the family in the absence of an income or care of the wage earner or homemaker in a household. Since children do not earn an income, they feel that there no need to spend on the eventuality of their death? Well, there are many reasons to do so. When you purchase a policy for a child at a young age, and if they fall ill later, they are already insured. They won’t have to undergo another medical exam that might lead to higher premium rates or even non-eligibility for insurance. Experts also suggest treating insurance as way to save for your children. Yes, there may be other more lucrative ways to invest the same amount of money – stocks and mutual funds for instance but these are subject to market risks and may lead to future losses. With an insurance policy, you have a fixed savings amount that your child can use when he or she really needs it (for college or other such expenses). Finally, an insurance policy takes care of the burial costs and funeral expenses of a child. This will come as a blessing to parents who would otherwise be ill-equipped to handle the extra strain of sourcing out funds, if no protection has been planned for. In this stress can be avoided for the grieving family members.

The matter of child life insurance policy is a difficult decision to make but in doing so practically and logically, you will save yourself a lot of financial grief later on. Before you finalize on any plan though, meet with a qualified financial planner and review all your investments, assets and long term financial needs to come up with the best solution and policy for all members of your family.

About AccuQuote: AccuQuote is a leader in providing term life quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.

Article Source:

http://EzineArticles.com/?expert=Denise_M

What Do To When Your Insurance Company Denies Your Claim

A determination by your insurance company that you are not covered is not the final word, but only the beginning of a process for you to obtain the insurance coverage which you purchased. Upon further investigation, facts may come to light which may cause the insurance company to re-evaluate its position and provide coverage.

Also, if suit is necessary, the courts may find that you are covered by your insurance policy when your insurance company says you are not covered.

The realities of insurance

Whether you are a business that purchased a commercial general liability insurance policy or an individual who purchases a homeowner’s policy or a life insurance policy, “peace of mind” was probably a big selling point made by the selling insurance agent. In return for payment of money to the insurance company today, the insurance company promises that it will be there for you in the future should you suffer a loss.

Unfortunately, many find that after having consistently paid their premiums, an insurance company denies their claim when they call upon their insurance company for the coverage promised in the insurance policy. In many cases, the one who determines and advises you that your insurance policy does not provide coverage is not an attorney, but a claims adjuster without knowledge of Louisiana insurance law.

Should your insurance company deny you coverage, you should seek the advice of an attorney familiar with the interpretation of insurance policy language.

When doing so, you are obtaining the opinion of a person trained in insurance law and not employed by the insurance company. If your attorney’s opinion is that you are entitled to coverage, the denial of your claim is the beginning of your claim’s process, not the end.

Why insurers and the insured always seem to be at odds

As an insurance company is a business, and a goal of a business is to make a profit, it is understandable that an insurance company has a bias towards denying insurance coverage. However, this bias may not be the only reason for an insurance company denying coverage to its insured.

At the time that you prepare and submit your claim to your insurance company,
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you may not know all of the facts and the insurance adjuster may not know all of the facts particular to your situation. In this situation, an attorney can review the insurance provisions, discover the relevant facts that trigger coverage and transmit these facts to the insurance adjuster for a re-determination of coverage.

When problems with claims persist

If the adjuster continues to deny coverage in the face of the newly presented facts, your attorney will be able to further pursue and protect your interests by filing suit against the insurance company. In this suit, your attorney will ask the court to declare that you have coverage under your policy.

In some situations it is not the lack of knowledge of certain facts which cause the insurance adjuster to deny coverage, but the policy language as the policy language relevant to your claim may have acquired a legal meaning which is not apparent to the layman or the insurance adjuster upon reading of the policy. Again, your attorney will be able to explain to the insurance adjuster the legal meaning and ramifications of the policy language and how that meaning entitles you to coverage.

Should the adjuster continue to deny coverage in the face of such law, your attorney will be able to further pursue your interest by filing suit against the insurance company asking the court to determine that you are covered by your policy.

The above situations may be best explained by real life examples:

Family #1 – Accidental Death Claim

In a claim for accidental life insurance policy proceeds, an insurance company denied the claims of a parent for the death of their child, when that child died after losing control of a car he was driving. Scientific examination of blood samples showed trace amounts of a prescriptive medicine, a medicine which was not prescribed to the child.

The insurance company denied the claim upon the basis that the child was under the influence of a controlled substance, and coverage for such was excluded by the policy. The parents hired an attorney who reviewed the policy, reviewed the chemical analysis and obtained information from a forensic pathologist about the chemical analysis. The attorney’s efforts proved that the amount of the controlled substance that appeared in the chemical analysis was the minimum amount which could be registered by the test, and that a test reading of this amount could mean that there was none of the controlled substance in the child’s bloodstream.

End result –

Upon being presented with this information, the insurance company reversed its position, provided coverage, and paid the full amount of the accidental life insurance proceeds to the parents. This is an example where facts relevant to coverage where not apparent to the policy holder and the adjuster. An experienced attorney was required to discover the relevant facts and present them to the insurance company.

Family #2 – Life Insurance Disputes

In another situation, an insured was delivered an insurance policy while in the hospital. The insured was diagnosed with a terminal illness during this hospital stay and died soon after. The insurance company denied coverage claiming that the insured knew of the presence of this disease prior to delivery of the life insurance policy. The insured’s surviving spouse obtained the services of an attorney and suit was filed.

End result-

This attorney conducted a thorough and exhaustive research of the deceased’s medical records. This attorney discovered that the only evidence of the deceased having knowledge of a terminal illness occurred within one day after the life insurance policy was delivered. The attorney presented this information to the insurance company and the insurance company settled the law suit by paying benefits to the surviving spouse.

Business Scenario – Lawsuit protection

In another situation, a commerci
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al business was sued for libel and slander. That commercial business had purchased a comprehensive general liability policy which provided coverage for attorney’s fees and court costs in defending this claim. The insurer refused to provide coverage.

The business hired an attorney to defend the business in the libel and slander suit. That same attorney then sued the insurance company for reimbursement of the insured’s attorney’s fees and court costs incurred in defense of the libel and slander suit.

End result-

The result of this suit was that the court found that the insurance policy sold to the business provided coverage for a cost of defense and that the insurance company owed reimbursement to the business for the attorney’s fees and costs it incurred in defending the suit. Interestingly, the insurance company owed this “cost of defense” whether the business won or lost the libel and slander suit filed against it.

There are many more examples in the law books where an insurance company denied insurance coverage to its insured, only to later be found by the courts to have provided coverage to its insured. Each case is different, and each case must be carefully examined.

By: Andre Savoie

Article Directory: http://www.articledashboard.com

Just because your insurance company tells you that you are not covered does not mean that is the final verdict. When this occurs, you should seek the services of an experienced insurance attorney who is well versed in insurance law to examine your policy and the facts of your particular case as you may end up having coverage when all is said and done. The New Orleans law firm of Greenberg and LaPeyronnie

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Test Your Insurance IQ – Yahoo! News

Now that the health insurance reform bill has become law, it's a good time for a quick check-up: Do you have enough coverage? Your own health care isn't the only area that deserves a second look. Many Americans fail to take out enough life insurance but end up taking out too much insurance for their pets, for example. Here are five tips for making sure you have the right amount of coverage and maximizing the benefits that you already have.

Find out what your insurer covers in advance. This advice doesn't apply to anyone in need of emergency care, but if you're planning to have a skin biopsy or molar removed, then it can pay to call your insurer ahead of time to find out whether or not it will pay for the procedure. In some cases, you can save money by going to a different provider or making sure your doctor gives a specific code to the insurance company.

[Quiz: Test Your Insurance Smarts]

If your insurer rejects an expense, fight back. You can often find details about what your policy covers and what it doesn't on your insurance provider's website. That way, you can do some research before making a call to customer service to fight a claim rejection. It's not uncommon for doctors to make mistakes when they submit information, so it's worth checking for errors. “If you think it's something that should be covered, you need to call, and not take 'No' for an answer, and keep going until you find out what the answer is,” says Aetna spokeswoman Wendy Morphew. If speaking with the insurer and doctor's office doesn't yield results, then you can consider filing an appeal.

Skip insurance for Fido. Just because you can take out health insurance for your pet doesn't mean it's a good idea from a financial perspective. The American Pet Products Association estimates that Americans will spend about $12.2 billion at vets' offices this year on treatments ranging from cancer surgery to organ transplants. Pet health insurance usually starts at a couple hundred dollars a year. While pet lovers who would spend thousands on treatments might benefit from taking out a policy, financial experts say it can be a smarter – and more humane – decision to prepare to say goodbye if serious illness strikes.

[See How to Fight Health Insurance Denials]

Take out travel insurance for special occasions only. If you get sick before a big vacation, then you might have to cancel your plans and reschedule. Some forms of travel insurance reimburse you for cancelled or interrupted trips, but that doesn't mean taking out the insurance is always a good idea. According to travel expert Peter Greenberg, such policies can add up to 10 percent of the cost to your trip. He says it's only a good buy when it comes to expensive vacations and recommends skipping it for short getaways. If you're going to buy a policy, be sure to compare different rates online first and take note of the exclusions – interruptions caused by acts of war, for example, are usually not covered.

Don't skimp on life insurance, especially if you have kids. Most people don't take out enough life insurance, partly because the topic is such an uncomfortable one to discuss. No one likes thinking about death, after all. That might explain why one-third of adults lack life insurance altogether. But anyone with dependents, such as children or a stay-at-home spouse, should consider getting a policy that would replace their income or cover the expenses for which they are currently responsible. “What I've come to realize is that the biggest mistake folks make with regard to risk management is that they don't even address the topic. It's very emotional and forces you think about your own mortality and what would happen to your family if something tragic were to occur,” Michael Bonevento, a senior financial advisor at Ameriprise Financial Services, Inc.

Traditionally, people relied on a standard “seven times income” rule to calculate how much insurance they need. But that's not a useful measure, says Matt Easley, vice president for Allstate Financial, because people's situations are so different. A single person with no dependents will probably need much less insurance than someone with five young children, for example. Instead, Easley recommends sitting down and thinking about “the things you want to protect.” How much would it cost to support your children in the way you want? To pay for their college, or pay off the mortgage?

Bonevento also recommends making a “human life value” calculation, which looks at the economic loss that would come from a breadwinner passing away. For example, if he earns $100,000 per year and has 20 years left until retirement, then the value is $2 million. (Taxes then get subtracted out along with the amount the breadwinner consumes himself, and other benefits such as health insurance are added. Finally, the present value of that number is calculated.) The human life value is usually a higher number than what people come up with after considering what they'd like to be able to pay for if they were to die. Bonevento recommends purchasing insurance for somewhere in between those two amounts.

Improving Your Health Can Improve Your Term Life Insurance Rate …

Smoking cigars, marijuana and tobacco usage will also be considered as smoking by the life insurance company. A urine or saliva test will detect the presence of nicotine, so if you are a smoker, it is best not to lie in you term life …

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Are you paying high life insurance rates for smoking an occasional cigar? If you smoke a cigar once in a while, should you really be paying non-tobacco rates for your life insurance? You can now get Life Insurance for Cigar Smokers …

Insurance for Cigar Smoker

Hundreds of people every week in the world conducted a search through major search engines Google and Yahoo, the phrase: smoker life insurance and life insurance for Cigar smokers. The financial consequences of smoking are far beyond …

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

In 2008, some 68 million Americans did not have life insurance, according to the Life and Health Insurance Foundation for Education. However, if you have loved ones who depend on your income, a life insurance policy is a must-have. If you were to die today, an effective life insurance plan will ensure that all your family’s financial needs will be covered-from the monthly mortgage and utility bills to your child’s college education.

If you already have a life insurance policy, good for you. You’ve taken an important step in protecting your family. However, you may want to take a closer look at the type of life insurance coverage you own. Most Americans who have life insurance only carry the group coverage offered by their employers, according to a 2008 LIMRA International study. Unfortunately, this type of coverage typically ends as soon as you leave that job or retire.

If you want to make sure your family is covered well beyond your working years, you may want to consider permanent or “whole life insurance.

Whole Life 101

While term insurance typically only covers you for 15 to 20 years, permanent or whole life insurance remains in effect for your entire life as long as you keep paying premiums. For the first few years after you purchase a permanent life insurance policy, your premiums will probably be higher than the actual cost of insurance protection.

Because you are contributing these excess premiums, the policy can accrue cash value. (That’s why permanent life insurance is also known as cash-value insurance.) You can borrow against this cash value for a number of reasons, such as to pay off a mortgage, cover your child’s college tuition or supplement your retirement income. Of course, these policy withdrawals or “loans will reduce the cash value of your policy by the amount of your outstanding loan balance plus interest. You could even use your cash value as collateral for a business loan.

Generally, once a permanent policy is in force, your premiums will remain level. This ensures continual protection for your family as you age, even if your health becomes poor. While whole life insurance commands an initial higher premium than term life, you won’t have to worry about re-applying every 10 or 20 years at a considerably higher rate as with term life.

A Personal Decision

While almost everyone needs some kind of life insurance, it’s up to you to decide whether a permanent or term life policy is the best choice. It all depends on your specific needs and situation. If you are uncertain about what kind of life insurance policy you should purchase, talk to your financial advisor or an insurance agent.

About The Author

Contact us for more additional information. We offer very competitive quotes on Permanent Life Insurance We are a Bethel Park Insurance company and we specialize in all lines of insurance. Call us if you have any questions or would like us to help you in any way.

I want to buy a 30 years fixed term life insurance. Where can I buy the policy not spending lots of money?

Does Term Life Insurance Vary From One State To Another In The United States Of America?

When an individual sits to plan for his future or that of his family and children, there shouldn’t be any reason to look at his insurance policies. Though this is the commencing sentence of this article, it may seem a little more than confusing to a lot of the readers without a doubt. Well we say so because most of the times it is a term life insurance policy that people buy and this is a policy which is taken for a particular and stipulated period of time. Moreover, there is only a single pay out in this policy and that is paid out only if the insured person expires within the period of the insurance coverage.

Term Life Insurance is considered to be an immensely significant insurance for the young population who often has families, children and even mortgages to take care of. Term insurance is a lot more affordable when compared to the whole life insurances because the later is exactly what it sounds and hence is priced in a similar way as well. The whole life insurance actually extends for an entire life time of the insured individual whereas the coverage in the term life insurance lasts only for a particular term in our life. This term generally varies from 10 years to 30 years in variables. The premium that is paid for this particular policy is on the basis of the probability of the insured person and the chances of him dying within the period of the insurance.

When considering buying a term insurance there are a number of factors that the customers need to consider in the first place. Of the primary factors in this context is how the terms of this insurance policy varies from one state to another within the US. Most of the rules and regulations in case of life insurance are formulated by the federal government. However, there may be a few differences lying here are there and it is necessary to have an ideas of them. A couple of years back a person would call up his or her insurance agent in order to gain a quote for their term insurance. But as shopping policies online has gathered a lot of popularity in the present era when people have become a lot more cautious about the ways in which they can safeguard their properties. But even when one settles for a policy online it is absolutely necessary to ensure that the company is licensed suitably withi
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n a particular US state, preferably your state.

Most of the differences that lay between the term insurance policies of different US states is a mere matter of a minus or a plus in the period of the coverage. Meaning, a company in a particular state may have a certain amount of time to settle a policy prior to paying the interest. For term insurance most of states need a minimum processing period of 1 month after the completion of the paperwork. On the other hand some of the states may have a two months time period before an insurance carrier is entitled to penalty.

By: milonruther

Article Directory: http://www.articledashboard.com

The term life insurance plan is the convertible term insurance. The policy holder can change his term insurance policy into the annual renewable, renewable, level premium or decreasing term insurance plan. As the risk involved in this policy is more, the cost of this policy is also on the higher side. For more information visit us at www.usinsuranceonline.com/life-insurance/policy-types/term-life-insurance.php

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Met Life..

Back with more news for you today. It’s amazing how much good information there is on this stuff out there if you know where to look. Three in particular that I found really valuable were…

Affordable Term Life Insurance effective ways to save money and …

Affordable Term Life Insurance effective ways to save money and the best policy Disposable income and financial condition are different between people, and therefore the affordability of term life insurance that vary even between …

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Term life insurance is a very affordable way to keep your family insured during your early years. Since a young family has a lot of financial obligations, term life insurance very conveniently combines security and affordability for you …

Best Type Policy Life Insurance Quotes for Elderly? : Insurance …

I don't sell insurance any longer but did for many years. If you want more information,You can refer to this blog which show you an article about Affordable Term Life Insurance Quote and Term Life Insurance Quote : Affordable Term Life …

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

Regulators' tussle leaves life insurers worried – Yahoo! India News

Chennai, April 11 (IANS) The turf war between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) over regulating unit linked insurance policies (ULIPs) seems to have put life insurers between the proverbial devil and the deep sea.

While SEBI Friday night banned 14 life insurers from selling ULIPs without registering with it like mutual funds, the IRDA Saturday issued an order asking the life insurers to defy the former and continue selling ULIPs.

'Life insurers are the punching bag in the shadow boxing between SEBI and IRDA,' an industry official told IANS on the condition of anonymity.

The 14 life insurers banned by SEBI Friday from selling ULIPs plan to seek legal remedy on the issue Monday.

Industry officials not wanting to go on record also questioned the 10-year delay on the part of SEBI in coming out with its reservations about ULIPs.

According to industry officials the remaining nine life insurers, including Life Insurance Corporation of India, selling ULIPs will also be issued show cause notices by the SEBI.

Life insurers also pointed out that the SEBI ban does not give them any grace time to phase out ULIPs or take corrective actions.

They seem to have little clarity on what registration with SEBI would mean. Will it mean getting a certificate of registration or being subject to SEBI regulations pertaining to mutual funds?

It is the latter that the life insurers are fearing as it would affect their income stream in the form of various charges which are far higher than that of mutual funds.

'If registration involves being subjected to other regulations like mutual funds then would SEBI allow parity with the mutual funds when it comes to capital adequacy norms,' S.B. Mathur, secretary general, Life Insurance Council of India (LICI) told IANS Sunday.

With a meagre capital of around Rs.3,000 crore, the mutual fund industry manages a whopping fund having a size of Rs.700,000 crore, he said.

The IRDA in its Saturday order allowing the 14 banned life insurers to continue selling ULIPs has said the companies have an equity base of Rs.16,281 crore as on March 31, 2009.

The insurance regulator said that the SEBI order would cause the stoppage of all renewals of insurance policies already invested in by the public.

It may result in the forced premature surrender of insurance policies, causing substantial loss to the policy holder and to the insurers, destabilising the market and upsetting financial stability, the IRDA added.

The IRDA observed that in the year 2008-09, 7.03 crore ULIP polices involving a total premium of Rs.90,645 crore were in force.

Between April 1, 2009 and Feb 28, 2010, 16.7 lakh policies have been sold with a premium of Rs.44,611 crore.

'Life insurers have to invest their corpus as per the investment regulations of IRDA whereas there are no such strict norms for mutual funds. Further, mutual funds are not subject to any rural sales targets whereas life insurers have to sell a sizeable percentage of their total products in rural areas,' argues Mathur.

On the charges of absence of transparency in life insurance sector, Mathur said: 'Nobody knows who owns a mutual fund company whereas everything is open in the case of life insurers.'

Life insurers have to bare their annual reports to public like the banks.

Asked about the complaint on high commissions paid to life insurance agents which affects the policy holders, he said: 'Insurance needs to be sold. The retail base of mutual funds is very low. The new pension scheme (NPS) without any charges has got only 4,000 subscribers.'

However, one industry expert told IANS on the condition of anonymity that the insurance regulator does not have the expertise to oversee the capital market operations of life insurers and as such the field is best allowed to SEBI.

Venkatachari Jagannathan

Affordable Life Insurance

In a nutshell, the most affordable life insurance is the stand-alone type. This means that you are not purchasing the insurance as part of any home insurance plan or medical insurance plan and that you are not purchasing it from one of the big insurance providers. You are simply buying what you need and nothing else and that is what makes it affordable life insurance.

Even though buying life insurance just on its own is cheap it is probably worth your while to purchase it with medical health insurance. This is because if you buy both in a package deal you get both at a cheaper price then you would if you bought them each as stand alone insurance packages. Bundling up wherever you can is always a good idea if what you are ultimately after is affordable life insurance.

Before approaching an insurance company, try to look at its ratings online to see if it is cheap compared to what the competition is offering. There are actually prices that will tell you what the yardstick is for affordable life insurance.

There are several companies online that rate affordable life insurance. An example is Best’s Rating Service. Some of them are rated out of ten but often these companies grade the insurance company in terms of its affordability. The grades are like the ones you got for writing essays in school with A plus being the highest kudos that you can get.

You can also use brokers or insurance agents to try and get you the most affordable life insurance quotes. Some of these brokers are independents and can give you quotes from various companies and others work for only one company such as State Farm or Allstate. Be sure to go for several quotes and compare the cost against what you get. Make sure that you demand proof of coverage when you get life insurance through a broker.

Sometimes these affordable life insurance brokering outfits are corrupt and delay sending in your policy. Sometimes this can also lead you to believe that you are covered when you aren’t. It is a terrible shock to a family that has lost someone to also lose their life insurance because they thought they were covered and they were not.

When shopping around for landlord insurance you should also consider the deductibles carefully. May companies offer reduced premiums in exchange for higher deductibles. Try to go for the high deductible so you ca
1000
n save money in the long run. This approach will also usually get you a better insurer and a better policy. The most affordable one that you can manage is highly recommended as usually this means that there is less chance of things screwing up.

Some financial experts would say that the most affordable insurance is the plan that is not going to break your personal life. Think about what it is that you have to do to prove your family from having to borrow money at a high interest rate in order to pay for a funeral before you purchase the insurance.

By: Sarah Martin

Article Directory: http://www.articledashboard.com

Sarah Martin is a freelance marketing writer based out of San Diego, CA. She specializes in business, finance, and life insurance. For affordable life insurance plans, please visit www.equote.com/.

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Do you really need term insurance? There are other options, so, is term life insurance for you? Some people are convinced there are no other choices. Ever consider why this type of life insurance is so favored? Let us take a look at some of the most popular term policies and see whether or not they would fit your unique situation.

5 Year Term

Why would one buy a 5 year term policy? If you have a short term need for life insurance this policy may be exactly what you are seeking. You have some outstanding debt that a close friend or relative helped you get by signing on the dotted line with you. This person had guaranteed repayment of this loan. You don’t want to die and leave your friend holding the bag. The thoughtful thing to do would be to buy a life insurance policy to pay off the debt in case you should die before paying it off yourself. The 5 year term insurance policy may be ideal for this. This policy is very inexpensive, it has a level death benefit as well as a level premium.

10 Year Term

Sometimes people buy this policy because of its low cost even though this is not exactly what they feel they need. This is a short term fix for a need that may be long term. A family with young children may need a 20 year or a 25 year term policy to protect the family through to the end of the college years but because of cost they use the 10 year term policy until they can afford the more costly policies.

In some cases, on the other hand, the 10 year policy fits. Your only child is age 15 and you want to be certain s/he graduates college even if you are not here. The 10 year term policy may be ideal.

15 Year Term

You youngest child is age 10. You will feel more relaxed if you own a 15 year term policy which would provide sufficient income to take care of the family until the last child graduates. This policy is also quite inexpensive. Premiums and face amount are level for the duration.

20 Year Term

Perhaps the most popular term insurance policy is the 20 year term life insurance policy. People tend to buy this policy when planning to get married or is they are recently married. When a child is born that is a good time to buy a 20 year term policy. If you own a business you may want to use this type of policy for key employee life insurance. You could use it also to fund a buy sell agreement for a partnership or corporation.

25 Or 30 Year Term

One would purchase any of these policy instead on any of the above if you anticipate a need for life insurance for a longer period of time. Think about it, we normally anticipate a need for a newlywed couple to be for a 20 year duration. This couple may not want to have a child until after 5 years. You may therefore need a 25 or 30 year policy to protect that child through age 25. What of other additions to the family later on and what if you cant qualify for the life insurance you need when you get there.

You see if you buy a 25 or 30 year term policy from the outset then all is taken care of. It is important to note that the purchase of term insurance from the better life insurance companies allows you the opportunity to convert to permanent life insurance at a later date.

Once you determine how much life insurance you need you may find that term insurance would be ideal for you if it is even just for a temporary period of time.

Click Here for more on term insurance:

http://www.lifeinsurancehub.net/lifeinsurance-1.html

About The Author

For more than 40 years Donald has been known for his extensive knowledge of the life insurance business. He has represented some of the largest and most admired life insurance companies in the United States as well as Canada. His advice is invaluable.

Donald’s website is: http://www.lifeinsurancehub.net

The first concern that every family person has in today’s world is to secure their family’s financial future from the uncertain and ambiguous economical conditions. Most people keep regular savings to safeguard their loved ones from any and all sort of financial problems in future. There can be different ways of money saving and one such money saving tool is buying a life insurance policy. So let’s look at some ways that can help you get the best deal when looking to buy life insurance.

The first most important detail to be aware of is to only go to trusted and recognized names. In the economically turbulent times that we are in, it is always advisable to keep clear of the small institutional units. Keep in mind that it is not only your money that you trust these units with, but it is the future of your family that is at stake also. So at least till the time that global financial markets settle down strictly look to invest money in the very big and safe houses.

When you are looking for the best deal, you can’t simply go and ask for it over the counter. You don’t have to be an industry expert, but you must at least have a clear idea of what it is that you want from your insurance policy. When you know what you are looking for it is not possible for any insurance agent or dealer to sell you anything wrongly for their interest.

Don’t ever rely on one provider or agent. Life insurance is such a big industry that there is no dearth of providers in the market. So don’t limit yourself from checking as many providers as you can. In fact, when you are offered a deal by a provider, you should go ahead and discuss it with their peers. Keep in mind that every insurance provider needs your money and business, and when they know that they are at risk of losing a customer, they would easily give you some discounts.

Do a fair assessment of your family’s needs and then choose your insurance cover amount. While doing your calculation, also keep in mind that the premium that you pay on your insurance is going to be directly proportional to the cover amount that you choose. So avoid signing up for huge coverage value as it puts unnecessary burden on you.

Look to get an insurance policy when you are young, healthy and growing. This might sound weird to you but the fact is that most insurance companies offer better premium rates for youngsters as compared to middle-aged and senior folks. Their logic is simple: the less your chances of needing the claim, the better your premium rate is.

You can also look to reduce your insurance premium rate by giving up on smoking. Most global health surveys put smokers at a greater risk of lung cancer and overall morbidity as compared to those who don’t smoke. Insurance companies have to pay money on every claim, so they like it best when their customers are in good health.

You can always get a life insurance quote to understand the financial aids available to you and plan ahead. Click here to know more about life insurance quote and how to calculate it.

Article Source:

http://EzineArticles.com/?expert=Jimmy_Jenkins_Ray

With the various life insurance offered in the market nowadays, can you help me narrow down my options as to the types of life insurance in Houston that should matter to me?

James

Houston Texas

Tackling the very basic, the types of life insurance in Houston may be classified into four major types: term insurance, whole life, universal life, and variable life. It is a practical idea to learn what these types of life insurance are in order to make a sound decision on where you should be spending your hard earned money.

In a term insurance, the simplest form of life insurance, you will have the insurance coverage for a specific duration or period of time. When you die during the specified period, your beneficiaries will be able to claim the value of your insurance policy. Term insurance is purely just insurance.

On the other hand, in a whole life insurance, you will be covered for your entire life and not just a specific period of time. This insurance provides the policyholder a permanent protection. In addition, unlike term insurance, a whole life insurance builds up cash value in time since a portion of the policy holder’s premium will be invested by the insurance company.

The third type of life insurance is the universal life in which you’ll be the one to decide how much you will be paying over and above a minimum premium. It is a type of insurance that will provide you permanent protection and is more flexible than whole or variable life. The insurance company chooses the investment vehicle, usually restricted to bonds and mortgages, that portion of your premium will go to. You can then use the investment and the returns to offset your premiums or allow them to build up the value of your policy.

Last but not the least, variable life insurance policy offers a wider selection of investment vehicle. This type of life insurance will allow you to have more control of the value of your policy than any other types of life insurance. Variable life is the type of insurance which gives you more control of cash value account policy features than any other types of life insurance.

Marie

Houston Texas

As you look around for life insurance, you might always be probably thinking on what you must do to find for the cheapest possible rates. However, obtaining cheap life insurance policies may not necessarily mean finding the lowest rates. Finding cheap life insurance policies is about getting the right coverage at a lowest possible deal. There are plenty of ways that you can take and things you can even change or adopt to qualify for a low cost life insurance policy. A little research and a lifestyle evaluation can help you save tons of money on your life insurance.

• Spend some time to shop around for quotes and familiarize yourself with various life insurance policies. Each insurer has their own way of determining your risk factors and its impact to your policy rates. See how these companies have considered your risk factors and compare them for the best deal.
• Bundle all your policies under one insurance company. Some companies offer discounts to those who get all their policies under them. You will definitely save a good deal of your money if you can get your life insurance through the same company that provides insurance for your car, health or homeowners.
• If all you only need is simple life insurance coverage without any added extras then that is what you should stick with. Don’t get engrossed with those extra features that will add up little by little to the total cost of your policy and will push you over the budget. Pay only for what you need.
• Consider changing your lifestyle. Your daily habits will eventually have an impact to your future health. It will pose as risk to life insurance companies if you currently have an unhealthy lifestyle. Start an exercise regimen and eat a healthier diet will increase the possibility of getting cheap life insurance policies.