Tobias williams

Life Insurance Companies Hate This: One Simple Trick for $5/Month Policies…

How much could you be saving?

When people visit to check life insurance quotes, many are shocked at the results they find. Most just can’t believe that the available rates are in fact real, but the truth is rates have dropped significantly for life insurance policies compared to the past.For example, if you are a non-smoker in good health, you could qualify for some huge discounts.

Also if you are under the age of 55, thanks to new program policies it’s now easy to qualify for life insurance policies for as low as $5 per month.

We had Kristen Pereira, our in house financial expert, test these types of services out.Kristen came back a few days later to report a number of exciting things, including that she will now save over $600 from just one insurance policy. She found many others who have done the same.

Does this mean Kristen was overcharged by her previous insurance company? Well, it’s possible since they neglected to share with her a number of lower cost insurance options.When confronted, she was simply told, “There are just so many options, and I didn’t think you would be interested in that specific one.”

Many people don’t take the time to check for lower rates. They usually contact one company, receive a quote, and then buy.The problem with this is that the higher your insurance premiums, the more money your insurance company makes, so there is a great chance they won’t share with you all of your options.Also, the cost per month between life insurance providers for the same plan can vary dramatically.Because of this, smart consumers now use online tools like My Life Agent™ to receive unbiased insurance quotes.Their system works so well because it is able to quickly compare multiple life insurance providers and then show you your best options.It’s no wonder why so many people are saving money since you are now able to use this simple tool rather than spending weeks trying to contact and compare options with various life insurance providers.

How do I get these low rates?

With savings of up to 50% or more, these online services are gaining massive popularity. Research has found My Life Agent™ to be one of the most trusted, secure and effective free online services that provides families with lower life insurance rates. Congratulations to for offering a wonderful service and for making an honest effort to help families in the United Kingdom receive affordable life insurance plans. If you too would like to receive the benefits of using this free service you can Click Here. Then simply fill out the 30 second form to access the systems no obligation quotes. Once you go through a few questions, you will have the opportunity to work with a member of the My Life Agent™ team and choose the best provider quotes based on your profile.

What’s In Your Car Insurance?

When you buy car insurance, you’re actually buying a whole bundle of different insurances for different situations, some of which don’t apply to your own lifestyle and needs. Instead of buying various types of insurance that you may never use, you can save a lot of money by customizing your plan to your financial situation and your car.

What’s required?

Bodily injury liability and property damage liability are all that is strictly required, and the minimum amount of coverage varies from state to state. Coverage amounts are usually written as A/B/C. A and B refer to the bodily injury liability limits – A refers to the amount each person in an accident can receive, and B refers to the total amount the insurance company will pay out for each accident no matter how many individuals were involved. C refers to the property damage liability limit. So if your coverage limits are written as 25/50/75, you have $25,000 bodily injury per person, $50,000 bodily injury per accident, and $75,000 in property damage liability coverage per accident. If bills run up higher than these amounts, it’ll come out of your pocket unless you have umbrella liability insurance.

Bodily injury liability

This covers money to pay for any injuries or death that occur to the other driver or their passengers in an accident for which you are responsible. This includes any medical bills they have, and if a lawsuit is filed, it will cover any judgments for both loss of income and pain and suffering. It’s a good idea to have well above state minimums on bodily injury liability since a lawsuit that asks for more money than your insurance will provide can go after your personal assets.

Property damage liability

This covers costs to pay for anything you’ve damaged or destroyed with your car, including other cars, fences, landscaping, and decorative lawn flamingos. You don’t generally need very high coverage amounts like you do with bodily injury liability, but again, if you run up a tab higher than your insurance will pay, it’ll come out of your pocket.

Collision coverage

This covers the damage to your own car if you’re in an accident. It isn’t required, but if you get hit and there is major damage, this is where you’ll get the repair money instead of the payments going out of pocket. You’ll also need to choose a deductible when you choose collision coverage – the lower the deductible, the higher your insurance cost will be. To explain the deductible concept real quickly, here’s an example: if you have a $500 deductible, you’ll have to pay the first $500 with the insurance company paying the rest. Lastly, if you have a loan on the car, you might be required to have collision coverage, but otherwise, since it’s your car, it’s your loss if you don’t carry this coverage.

Comprehensive coverage

This covers damage to your car for all other reasons than being in an accident – think trees falling, theft, floods, and elephants escaping from the carnival. It’s frequently expensive to carry comprehensive coverage simply because of the number of things you can use it on. So if you have a beat up car, you might not want to pay extra for this coverage. However, like with collision coverage, you may be required to carry it if you have a loan.

Ultimately, getting collision or comprehensive coverage depends on how likely it is you think your car will be damaged, versus how much you want to save on your insurance. Also, keep in mind that it may not be financially worthwhile if your car is very old or not worth much – over a few years, you could pay more in increased premiums than the car is worth. One other thing to know is that you aren’t forced to repair you care with the money you get from your insurance company. For example, if your car is a total loss, and it’s covered under either your collision or comprehensive coverage, your insurance company will cut you a check for the fair market value of your car, minus your deductible. It’s up to you what you do with the money.

Uninsured motorist bodily injury coverage

State laws requiring drivers to carry insurance are helpful, but there’s a lot of people who go without it, and you might have the bad luck to meet bumpers with one. I live in an insurance-required state and I carry the maximum on uninsured motorist bodily injury coverage. This coverage will pay for medical expenses for you and your passengers if you’re hit by a person who doesn’t have insurance to cover them. Keep in mind that this only applies if the other driver is at fault – if it’s your fault, you’re on the hook for your own bills. The coverage is usually listed as a maximum amount per person, which includes you and all your passengers.

Underinsured motorist bodily injury coverage

This is similar to the above, but covers you in case your vehicular antagonist has one of those lovely state-minimum policies with such low coverages you’re unlikely to get your own whole box of bandages. If you run up bills that go over their insurance’s limit, your coverage will kick in. Another good idea.

Uninsured and underinsured property damage coverage are helpful if you don’t have collision coverage and are hit by someone who doesn’t have any insurance or is underinsured. I still wouldn’t recommend it as a good replacement for collision coverage, but it will at least give you something for your smushed Saturn or physical injury when the other driver won’t be able to pony up a cent. However, it doesn’t do you any good if you were at fault – so if you don’t have collision, drive especially carefully.

One of the latest features offered by auto insurance companies is the auto insurance car tracker they will put in your car to monitor your driving habits in order to gauge how much your insurance should cost. It’s a little to invasive for my tests, but a pretty interesting option.

What types of car insurance coverage do you have? Any that you think are imperative to have?

6 Reasons Why You Should Buy Life Insurance

For many people, their first experience with life insurance is when a friend or acquaintance gets an insurance license. In my case, a college friend, recently hired by a major insurance company, contacted me (along with all of his other friends) to buy a $10,000 policy underwritten by his company.

Unfortunately, however, this is how most people acquire life insurance – they don’t buy it, it is sold to them. But is life insurance something that you truly need, or is it merely an inconvenience shoved under your nose by a salesperson? While it may seem like the latter is true, there are actually many reasons why you should purchase life insurance.

Reasons to Buy Life Insurance

As I grew older, got married, started a family, and began a business, I realized that life insurance was indispensable and fundamental to a sound financial plan. Over the years, life insurance has given me peace of mind knowing that money would be available to protect my family and estate in a number of ways, including:

1. To Pay Final Expenses

The cost of a funeral and burial can easily run into the tens of thousands of dollars, and I don’t want my wife, parents, or children to suffer financially in addition to emotionally at my death.

2. To Cover Children’s Expenses

Like most fathers, I want to be sure my kids are well taken care of and can afford a quality college education. For this reason, additional coverage is absolutely essential while my kids are still at home.

3. To Replace the Spouse’s Income

If my wife had passed away while the kids were young, I would’ve needed to replace her income, which was essential to our lifestyle. I also would’ve needed to hire help for domestic tasks we’d shared like cleaning the house, laundry, cooking, helping with schoolwork, and carting kids to doctor’s visits.

4. To Pay Off Debts

In addition to providing income to cover everyday living expenses, my family would need insurance to cover debts like the mortgage so they wouldn’t have to sell the house to stay solvent.

5. To Buy a Business Partner’s Shares

Since I’m involved in a business partnership, I need insurance on my partner’s life. The reason is so if he dies, I will have enough cash to buy his interest from his heirs and pay his share of the company’s obligations without having to sell the company itself. He has the same needs (due to the risk that I might die), and he simultaneously purchased insurance on my life.

6. To Pay Off Estate Taxes

Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common in large estates, and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.

How Much Coverage Should I Buy?

The face amount, or “death benefit” of an insurance policy (i.e., the amount of proceeds paid to the beneficiary) should be high enough to replace the after-tax income you would have earned had you lived a full life, presuming you can afford the annual premiums for that amount. In other words, the insurance replaces the income you didn’t have the chance to earn by living and working until retirement due to a premature death.

The proper amount of insurance allows your family to continue their lifestyle, even though your income is no longer available. The actual amount that you should purchase depends upon your present and probable future incomes, any special circumstances affecting you or your family, and your existing budget for premiums.

Whole Life or Term?

Some people prefer to drive Cadillacs or Mercedes, which come with all of the electronic gadgets that make driving safe and as easy as possible. Others prefer less customized makes, equally reliable to their more expensive cousins, but requiring more hands-on attention.

Whole life is the “Cadillac” of insurance; its sponsors try to do everything for you, specifically investing a portion of your premiums so that the annual cost doesn’t increase as you grow older. The investment characteristic of the insurance means that premiums are generally higher than a similar term policy with the same face value. After all, whole life insurance is intended to cover your whole life.

Term insurance, on the other hand, is a stripped-down model of life insurance. There are no excess premiums to be invested, and no promises or guarantees beyond the end of the term, which can range from 1 to 30 years. The annual premium for term insurance is always less than whole life, lacking the investment component, but your premiums will rise (often substantially) once the term period expires.

Both types of life insurance policies (or one of their derivatives) have benefits and drawbacks; both have their place depending upon the needs, desires, and financial objectives of the purchaser. A knowledgeable professional insurance agent can help you decide which type of policy is best for you depending upon your circumstances. But whichever you select, be sure that you have enough coverage to meet your objectives in the short term and the long term. During my lifetime, I have spent thousands of dollars in premiums for life insurance of both types and I have never regretted a single penny of the expense.

Final Word

Some people mistakenly believe that life insurance is a scam. This is due to the fact that the money for premiums is lost if death doesn’t occur during the coverage period (in the case of term insurance), or because many people live to a ripe old age and continue to pay their permanent insurance premiums. Such naysayers compare life insurance protection to gambling, and forgo the protection entirely.

Of course, there is no bet – you will die, but no one knows when. It could be today, tomorrow, or 50 years into the future, but it will happen eventually. Life insurance protects your heirs from the unknowable and helps them through an otherwise difficult time of loss.

Do you have life insurance? Why or why not?