NLIC.org

Erika Said:

Are private Life Insurance players as good as LIC?

We Answered:

Yes.

Jo Said:

Term life insurance and Type 2 Diabetes?

We Answered:

1: NEVER SHOP ONLINE FOR INSURANCE! online quotes are almost 100% of the time based on super preferred health status so their quote comes up on top. Super PRefered health status is essentially subhuman health....hardly had a cold in your life type of thing. If you have any doubts that you are super prefered, don't apply online, if you get approved, you're rates will be increased in most cases.

Go to a lisensed insurance broker so they can assess your situation fully and recommend a company that suits you need best.

#2 MANY insurance companies will insrure people with Type 2 Diabetes. IT depends on the severity of it though (if you're insolin dependent then it's tougher to get). My mother has applied and been approved with a standard rate and she has Type 2 Diabetes, high blood pressure and a family history of cancer, heart disease and strokes. Not every company underwrites the same and some look at different things different.

As mentioned, contact a broker in your area, go through your situation with them and they will be able to recommend someting that will suit your needs specifically. Every company is a little different, so the broker will take your information and contact each one and say "If I submitted an application for someone like this: **explains your situation**, what are the chances of getting approved" Kind of like a trial application.

Dustin Said:

What is your opinion of websites that compare prices on different services?

We Answered:

1. The comparison cannot be too detailed for reading.
2. More breadth in rating - not just prices

Joann Said:

Life insurance quotes please!?

We Answered:

Yes of course. The instructions for this site are simple; just fill in your zip code and you will be instantly provided with the lowest insurance rates in your area at no cost. From there just pick one of the providers in the list and you're on your way to picking the best plan for you. You can also customize plans to your liking. Best of luck!

Eleanor Said:

life insurance questions UK?

We Answered:

A life insurance policy pays the insurance amount to the named beneficiary if the policy holder dies during the currency of the insurance policy. For a family taking life insurance on both spouses is a good way of securing large financial liabilities like mortgage, raising kids etc.

Generally life insurances can be classified in two categories:
1. Term Insurance
2. Permanent Insurance

If you are taking Term insurance then while comparing quotes go for the lowest premium. But if you're taking Permanent insurance then while comparing quotes pay attention to cost of insurance, policy fee, administrative expenses, investment options, guarantees involved, MER etc. and most importantly, make sure the policy meets your PURPOSE of insurance.

Some features of Term and Permanent insurances are given below:

Features of a Term policy
- low premium in the beginning
- cheaper way of covering large financial liabilities like mortgage, raising kids
- significant increase in premium while renewing at the end of selected term
- policy lapses if insured lives past age 80 of 85

Features of a Permanent Life (also called Universal Life/Whole Life) policy
- coverage available as long as one lives (100 years or more)
- initial cost slightly higher but may remains constant forever
- option of paying premium for only 10, 15 or 20 years and policy is paid-up for rest of life
- it is a good way of leaving inheritance for kids, paying final expenses, paying estate taxes

Cost of Insurance
Two types of Cost of Insurance options are Level and Annually Increasing Cost
Features of Level Cost
- higher start in the beginning but cost of insurance remains constant forever
- ideal where the purpose of policy is only coverage of life and not wealth accumulation
- suitable when the person wants to make minimum payment
-longevity of insured does not affect the death benefit

Features of Yearly Renewable Term Cost
- lower start in the beginning but cost keeps on increasing as long as the insured lives
- ideal where the purpose of policy is wealth accumulation
- suitable only if one has capacity to pay higher premium
- guaranteed paid up option of premium payment for 10, 15, 20 years not available
- longevity of insured may reduce the death benefit

Leroy Said:

term life and term life with return of premium?

We Answered:

For the most part, term policies are the same. What's different, is any "rider" you might add to the policy. For example, MY term life insurance, has a "guaranteed renewable" rider, and a "guaranteed convertable" rider.

Online quote systems are basically designed to give you a "bait rate", best case scenario. They make money, by harvesting your personal information and selling it as leads, to insurance agents. HUNDREDS of insurance agents. Your phone will not stop ringing for months. Or, they give false 'best rates' to steer you to ONE company, and get paid for every hit that company gets from their website. You can ALWAYS check with your state insurance department website, to see that they're licensed to do business in your state.

Most of those life insurance companies, I've heard of - but here are the AM Best financial strength ratings for each, for your consideration:

Beliastar - no such name listed
Ing Life & Annuity - A
Genworth Life & Annuity - A
West Coast Life - A+
American General Life & Accident - A
Transamerica - A+

And those are just the tip of the iceburg. MY life insurance is with Jackson National, for example (A+) and you've probably never heard of them, either.

I think return of premium life insurance companies are a ripoff. You're giving the insurance company a 30 year, interest free loan, at a premium price. IF you keep the policy and pay for it the entire 30 years, you get your money back. If your premium is $1,000 a year, after 30 years, you get $30,000 back. You've LOST over $28,000 in earned interest, at only 4%. If you use an 8% rate of return (below stock market average for any 10 year period), you've lost almost $96,000 in interest.

Compare the cost of straight term, to ROP term, using this calculator: http://www.msfinancialsavvy.com/calculat… and make your own decision. Particularly look at investing the DIFFERENCE between the two premiums, to see how far ahead you come out, buying straight term, and investing the difference.

There are two different kinds of people who need life insurance after retirement: Either really broke people, who can't come up with the cost of a funeral for a spouse, or really wealthy people, who want to pass money or parts of their estate to heirs, tax free. And if you're one of the latter, you're better off working with an estate planner, to move your assets into a trust before you die . . . so your kids can be the beneficiary of the trust, after you pass.