Insurance Archives

Review of Haven Life – Buy a Term Life Insurance Policy 100% Online

If you’ve followed Money Q&A for any amount of time, you’re probably aware of how I feel about life insurance. I’m a huge fan of term life insurance. Term life insurance, in my opinion, is the only way to go. I recently realized that I don’t have enough life insurance coverage for my wife. Even though she is a stay-at-home mom, the paltry amount of life insurance coverage that I have on her through my work just isn’t enough. There are so many benefits that stay-at-home parents provide for the family. And, those costs are easy to overlook if you’re not careful. Stay-at-home spouses don’t have any income. And, life insurance is meant to be an income replacement tool to … Read more

Should You Buy Travel Insurance for Your Next Trip Abroad?

by Hank Coleman

International travel can be expensive, but the one cost many people forget about in the midst of scheduling flights and packing luggage is a travel insurance plan. Unless you have phenomenal health care coverage here in the U.S. that also guarantees a decent level of coverage while you’re overseas, you may be required to purchase a supplemental travel insurance plan to use during your next trip abroad. Search, Compare & Book a Flight today with Airfarewatchdog and Save Big! If you’re traveling with a tour company, then they can probably guide you through the ins and outs of travel insurance recommendations and requirements for your destination country. However, if you’re planning your own trip and debating whether to buy travel insurance, … Read more

Top 5 Ways to Save Money on Health Insurance

by Guest Contributor

What do you think is the best and most industrious way to ensure the protection of your health? I bet a health insurance policy because of the unprecedented benefits.

If you have health insurance, then you do not necessarily need to worry about your medical expenses and hospital bills. However, things are not ideal every time and you cannot escape extreme atmospheric conditions and so do health issues.

Before we proceed further, let me ask you, do you have a health insurance policy? I suppose not.

What could be the reason you never experienced the need of health insurance? Well, not just one but there could be many reasons why you never purchased a health plan. One of those reasons could be affordability of the premium. For more details, read below:

Understanding Premium & Making It Affordable

The term premium refers to the amount of money you are liable to pay to your insurer so as to avail certain benefits in particular. A health insurance policy provides assured benefits, such as cashless hospitalization, claim reimbursement and more such features to the policyholder. In exchange for that, the company seeks an annual premium.

All That You Need To Know About Income Replacement Life Insurance Products

by Guest Contributor

People are often confused about what to do with the life insurance benefits they are entitled to receive after the policyholder’s demise – invest it to generate regular income, use a part of the lump sum each month until it lasts, or find another way to channelize the proceeds productively.

In fact, a nationwide study by Forbes LearnVest on Life Insurance revealed that 66% people do not fully understand their life insurance policies. This brings us to an important point – simply leaving behind a substantial amount as death benefit is not sufficient, your dependents must also know how to put that lump sum to effective use, failing which, they may face financial problems.

Policyholders may feel that a suitable life insurance product with a large sum assured is sufficient for their dependent family to achieve important life goals and maintain their lifestyle. However, the fact remains that regular expenses need to be met on a monthly basis, and a one-time lump sum may sometimes leave the beneficiaries puzzled about how to invest/use it, especially if they are not familiar with the financial mumbo-jumbo.

Income Replacement Life Insurance Products

Bearing this in mind, a large number of global life insurance companies have launched a new product variant of life insurance – an income replacement life insurance product. These products come to rescue, if the policyholder feels that his/her family may not be able to efficiently handle/invest the lump sum payout.

Income replacement products, upon the insured’s demise, pay out part of the benefit as a lump sum, and also pay a regular monthly income over a period, say 10-15 years. In other words, income replacement products split the entire sum assured into a one-time payment, plus a continued monthly payment as well. But what makes these products really interesting is the fact that the total amount, beneficiaries/nominees receive, over a period, is more than the sum assured specified in the policy.

Cell Phone Insurance: Worth It or Wasteful?

by Hank Coleman

Is cell phone insurance worth it? Experts are divided on whether cell phone insurance is little more than a profit machine for cell phone carriers or if it’s actually useful for folks who want to avoid the high cost of device repairs and replacement. If you’re prone to breaking or losing your electronics, then cell phone insurance might be worth it for you. Otherwise, as the Wall Street Journal says, an extended warranty on your gadget is a waste of money. Is Cell Phone Insurance Worth It? Could cell phone insurance be worthwhile for you to add to your monthly phone bill? Let’s explore some of the ins and outs and see if cell phone insurance is worth it before you … Read more

7 Reasons You Should Consider Life Insurance Prequalification

by Guest Contributor

Have you considered life insurance prequalification? The following is a guest post by KJ Price. KJ Prince is an insurance agent and the founder of Insurance Engine. When he’s not writing about insurance he enjoys technology, design, CrossFit, and fly fishing. If you’d like to submit a guest post on Money Q&A, please check out the site’s guest posting guidelines.

Life insurance prequalification is a process top-notch life insurance brokers utilize for uncovering important information about life insurance applicants. Prequalified life insurance quotes are not guesses or estimates, they are accurate rate quotes based on your actual life insurance risk profile.

In this article we’ll cover 7 reasons you should consider life insurance prequalification and how the process works. By the end of the article you’ll understand why you should get prequalified and how the prequalification process works.

You Should Consider Life Insurance Prequalification

So let’s jump right into the first reason you should get prequalified….

Life Insurance Prequalification is Usually Free

This is a no-brainer folks. Life insurance prequalification is usually free and without obligation. If your broker asks you for a fee to pre-qualify you, you should find a new broker.

The best life brokers utilize prequalification as part of their normal process. But not all insurance brokers are created equal. If you’re working with an impersonal, call-center brokerage then they probably won’t bother going through the lengthy (and costly) prequalification process.

These types of insurance brokerages are focused on getting you in and out of their agency as soon as possible. In fact, we’ve heard that some agencies monitor how long their agents spend on the phone with each client and incentivize them to spend LESS time with you! Therefore, they skip some of the most important parts of the prequalification process, which we’ll explain later.