According to the National Funeral Directors Association, the average cost of a funeral in 2006 was $7,323. And, this cost does not include the cemetery plot, monument, flowers, obituary or other cash expenses, which could push the cost well over $10,000.
Why burden your family with these costs at a time when they already have many other concerns? You can help reduce the worry your family will experience when you die by putting the money in place, so that it’s available when they need it most.
Do you have thie coverage in place? How about your parents?
Friday, April 30, 2010
Tuesday, April 27, 2010
Features every Mortgage Protection Policy should contain
1. Choice of Beneficiary: You decide who receives the tax-free proceeds from the program in the event of death. At such time, the beneficiary has several options. Three of which are:
• Pay off the mortgage in one lump sum;
• Invest the benefit and continue to make payments;
• Use the proceeds to relocate to a different home.
Most other programs pay the tax-free directly to the bank – your beneficiary has no control.
2. Portable: If you sell your home and buy another, or refinance your present home, this plan can simply move with you to continue to protect your next mortgage. This means regardless of how many times you move, you will never need to qualify for another plan or risk losing the one that you have. Most other programs will terminate – your beneficiary has no control.
3. Death Benefit Remains Level: The death benefit remains level for the length of your mortgage. With most plans, benefits decrease each year while the premium remains the same. If someone tries to sell you these decreasing term or credit life programs, ask them why the premium doesn’t decrease along with the death benefit – they won’t be able to answer that question.
4. Money Back Option – With the optional Money Back Rider, you can receive a refund of all your premiums at the end of your policy term.
5. Premium Is Planned Level For The Entire Term: The premium is planned level for the term of the coverage – many programs will increase their premiums every year or every five years – called Annual Renewable Term, popular with most of the big name companies out there.
6. Death Benefit Paid For Any Cause of Death: Death benefits should be paid regardless of cause of death – even suicide after the policy remains in force for two years. Many programs out there will pay only for an accidental cause of death – highly unlikely statistically for an adult, which is why those programs are so cheap.
7. No Act Of War Exclusions For The Death Benefit: Death benefits should be paid even if death occurs due to an act of war – declared or undeclared (terrorist attack). Many programs out there have this act of war exclusion built into their policy in fine print.
8. A.M. Best Grade of A- or above. Insurance carriers should independently be chosen the best program for you based on your needs, health profile, underwriting opportunity and budget.
• Pay off the mortgage in one lump sum;
• Invest the benefit and continue to make payments;
• Use the proceeds to relocate to a different home.
Most other programs pay the tax-free directly to the bank – your beneficiary has no control.
2. Portable: If you sell your home and buy another, or refinance your present home, this plan can simply move with you to continue to protect your next mortgage. This means regardless of how many times you move, you will never need to qualify for another plan or risk losing the one that you have. Most other programs will terminate – your beneficiary has no control.
3. Death Benefit Remains Level: The death benefit remains level for the length of your mortgage. With most plans, benefits decrease each year while the premium remains the same. If someone tries to sell you these decreasing term or credit life programs, ask them why the premium doesn’t decrease along with the death benefit – they won’t be able to answer that question.
4. Money Back Option – With the optional Money Back Rider, you can receive a refund of all your premiums at the end of your policy term.
5. Premium Is Planned Level For The Entire Term: The premium is planned level for the term of the coverage – many programs will increase their premiums every year or every five years – called Annual Renewable Term, popular with most of the big name companies out there.
6. Death Benefit Paid For Any Cause of Death: Death benefits should be paid regardless of cause of death – even suicide after the policy remains in force for two years. Many programs out there will pay only for an accidental cause of death – highly unlikely statistically for an adult, which is why those programs are so cheap.
7. No Act Of War Exclusions For The Death Benefit: Death benefits should be paid even if death occurs due to an act of war – declared or undeclared (terrorist attack). Many programs out there have this act of war exclusion built into their policy in fine print.
8. A.M. Best Grade of A- or above. Insurance carriers should independently be chosen the best program for you based on your needs, health profile, underwriting opportunity and budget.
Monday, April 26, 2010
Questions or Topic Suggestions?
Please let me know what questions you have on insurance and indexed annuities. I will give an easy to understand answer on my blog
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