Should You Buy Life Insurance on Your Child?
Posted by: BeamaLife Editor on 28 Feb, 2009
Since the main purpose of life insurance is to protect against financial loss when someone dies, it’s not required to purchase life insurance on child as there will be no loss of income. Although your child’s death would be a tragedy, it would probably not affect your family much financially unless he or she was earning a substantial amount of income for the family.
However, there are a few reasons why you might purchase children life insurance, you might buy life insurance on your young child so you can take advantage of the rates, which are lower for healthy children than for adults. Purchasing a policy while your child is healthy can also guarantee that your child will be protected throughout adulthood, even if he or she becomes ill, works in a hazardous occupation, engages in dangerous activities, or becomes uninsurable for other reasons.
Some parents also buy life insurance for children to cover the time period when they are paying for their children to attend college or graduate school. If a child dies during this period, the death benefit can be used to help pay off college debt. Finally, if you can afford to buy permanent policy like whole life insurance for your child then it will be the best gift you can ever give to your child.
Ways to Reduce your Life Insurance Cost/Premium
Posted by: BeamaLife Editor on 24 Feb, 2009
The price or premium you pay for life insurance depends on your age, your health, and your lifestyle. However, there are ways to lower your life insurance premiums. The following are some simple suggestions.
Often, you’ll actually pay less for a little more insurance as you approach multiples of $250,000 in coverage. For example, $240,000 of coverage might cost $275 per year, while $250,000 in coverage might cost only $260 per year. Find out the rate per $1,000 of coverage, which often drops when you pass a certain level of coverage.
Some life insurance companies offer competitive life insurance rates for conditions such as diabetes, heart disease, and cancer. These companies employ underwriters who are trained in analyzing people on a case-by-case basis, rather than combining everyone with a particular condition into one group. If you have a health condition, BeamaLife Specialist is your best bet to reduce your premium. You can call (877) 972 – 3262 or complete life insurance quote request now.
You might be surprised to find out how much you can save on your insurance premiums if you quit smoking, start exercising, and lose weight. Many insurance companies charge smokers double the nonsmoker rate for insurance. Similar discounts can apply if you lose enough weight to fall into a preferred category. If you quit smoking or lose weight, contact your current insurance company to see if it will reduce the premiums accordingly.
Riders can add value to your life insurance policy by covering situations that a standard life insurance policy does not insure. However, when purchasing a rider, you should be careful not to duplicate your existing coverage, resulting in wasted premiums.
Your insurance could end up costing you more if you choose to make convenient monthly payments rather than pay the entire premium annually. Before you choose a payment plan, compare the single payment price to the total cost of the monthly payments.
One more piece of bad news ” You Need to Save for College”!
Posted by: BeamaLife Editor on 23 Feb, 2009
Between the recession and the rising cost of college, more families than ever are filing the FAFSA (Free Application for Federal Student Aid) this year, their first step toward Pell grants, Stafford loans, Perkins loans, work-study programs and much state aid. As of Feb. 15, the Department of Education had already received 2,213,408 forms, 20 percent more than at this time last year. It’s become clearer that we need to save for college whatever we can before we look for financial assistance. Getting financial aid and completing FAFSA is very frustrating and tedious process. New York Times has published very interesting article about the difficulty of FAFSA.
http://www.nytimes.com/2009/02/22/education/22fafsa.html
Please visit BeamaLifeinsurance.com to learn more about college savings plans and how much you have to save for college fund.
Life Insurance is a Privilege not a Commodity
Posted by: BeamaLife Editor on 16 Feb, 2009
Being approved for a Life Insurance policy is not as easy as some believe. Consider what the insurance companies must face, you pay them $100 per month (estimated), you have the policy in place for three years, you die in a car accident and after only receiving $3,600 from you the insurance company must pay your family $1,000,000! If you were that company wouldn’t you be careful about who you insured???
Getting approved is similar to graduating or getting approved for a mortgage. Neither is easy, in some cases, you really have to work for it. The main problem is that denial rates are never advertised, this is another industry secret that BeamaLife is helping to reveal. No one is GUARANTEED to get the policy or the dollar amount that they apply for. Insurance companies stay in business because they evaluate the risks that a particular individual may pose. Whether one or both of your parents died young or you are a crazy driver or have serious, untreated medical conditions, all of these circumstances will cause you to pay more for insurance, but in some cases, these circumstances can cause you to be DENIED life insurance!
Everyone should have Life Insurance doesn’t matter term life insurance or whole life insurance, not because you need it, but because your family does. If you put it off, delay it, think you don’t need it, you’ll regret it, trust me, I know. Call BeamaLife today and help us to help you. Not everyone who calls is guaranteed to get a policy, but I can guarantee you that you will NEVER get a policy if you don’t call at all!
How to be the Hunter and not the Prey
Posted by: BeamaLife Editor on 10 Feb, 2009
Let’s take a moment and be honest, “Life Insurance is complicated”; there…I said it, whew! There are many options to choose from and unlike buying a car or a house you can’t sit in it or walk around in it, you just have to trust that the person selling it to you knows more than you and is someone who is honest enough to do the right thing. Unfortunately, that’s not as easy as it sounds. Buying life insurance from someone who cares is a critical aspect of who to buy from. The people who sell Life Insurance fall into three primary categories:
The Order Takers- These individuals just provide whatever you ask them for. They operate under the incorrect assumption that you know about Life Insurance and that the responsibility for selecting the right insurance is on the customer. It’s easy to spot these types, simply ask them a question like,” What do you think I should do?” or “Why would this type of plan be best for me?” If you’re not comfortable with their answers, you shouldn’t be buying a policy from these people. They are relatively harmless, just like the gun store owner the sells you a powerful weapon without making sure you know how to use it, there’s no harm in that…right?
The Benevolent Predator-These individuals are the ones to watch out for. They deceive you with kindness; they listen intently to all of the information you are telling them, they seem like such great listeners, but just like a predator stalking its prey, they are studying your moves, searching for which words they can use to manipulate your emotions. They respond with everything you want to hear and then, suddenly, they twist your words and introduce feelings of guilt, remorse, panic and confusion in order to close the sale! They use your inexperience and vulnerability to trap you into a life insurance policy they know is not right for you and then call back 2 or 3 years later saying that things have changed and they must get you into a new policy as soon as possible, leading you to believe they are a savior, when all they want is another round of commission. Many “seasoned” insurance agents fall into this category, they are well trained by their life insurance company; they are conditioned to feel they are doing the right thing, but in the end, they have to eat too.
Mr. and Mrs. Integrity- These are the type of people you buy from. The take the time to educate you; they are not threatened by you becoming more knowledgeable. They encourage questions. They are like a great waiter at a five star restaurant, they take the time to know what you need and suggest the best item for you. They tell you how it’s made, what’s in it, what is supposed to taste like and finally they serve it with confidence and pride that this was the best thing on the menu for you. These types of people care more about you and your family then what’s best for them. Sometimes, the right policy for an individual at a certain stage of their life isn’t the most expensive. Being able to walk away with a clear conscience allows them the freedom to do what’s right. They usually have the highest number of repeat customers. They are usually referred to you by someone you trust and they give the same answers every time…because it is the right answer. They sometimes battle with the “know-it-all’s” because they will be honest and tell you that you are looking at the wrong product, they won’t let you buy a policy that isn’t right for you (Like an “Order Taker” would).They never make you feel pressured or fearful to get you to buy (like the Benevolent Predator would). They outline the good, the bad, and even the ugly parts of buying insurance. They don’t hide the negatives until you’ve signed something; they help you understand the process before you dive in.
BeamaLife knows the difference between the three major types of salespeople. The founders of the company saw the problems within the life insurance industry and decided to do something about it. You will never find the wrong person selling you insurance here because we would never hire them to begin with. The company’s mission is to reinvent the way life insurance is sold. One call to our specialist’s is all it will take to realize that integrity is not just a belief at BeamaLife…it’s a requirement. Call us today and see how quickly you’ll enjoy the process of buying life insurance, considering what it can do to protect your family, it’s truly something you SHOULD feel good about.
