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Nora Said:

Explain Universal vs Term life Insurance Quotes?

We Answered:

Your premiums on the Universal Life will more than likely stay level. Your parent's insurance on the other hand will increase, and eventually the policies will expire.

What are your parents going to do when their Term insurance gets too expensive, or because of age, terminates?

The UL is a combination of Term insurance and a cash accumulation account. The cost of the term insurance (mortality charges) and expenses come out of the cash accumulation. Universal Life is considered to be Permanent insurance, because it can cover the insured for life. Like whole life, the cash values keep the out-of-pocket costs level. Regular Term insurance does not accumulate cash value, so the out-of-pocket costs will rise.

Term insurance is designed to cover a temporary need for a specified period of time. One day, that Term policy may not be there.

According to insurance industry studies, the likelihood of a Term policy paying the death benefit is about 1%. The reason that Term is so inexpensive, especially in younger years, is that the insurance companies don't expect to be paying a death claim, because ithe Term will expire, lapse for non-payment, or be converted to Permanent insurance before the insured dies.

Your UL premiums could probably be less than what you are currently paying, but if you pay less, your out-of-pocket costs will increase over time, because the cost of the insurance (mortality) will continue to increase. The Term insurance in the UL is basically an annual renewable term.

Also, your premiums are flexible, and the amount of insurance is adjustable. This means that you can raise or lower your prmiums, and raise or lower your death benefit. The UL was designed to be the only life insurance policy one will ever need, because of it's flexibility.

Also, the UL has two plans, A and B. In Plan A, the death benefit includes the cash accumulation. In Plan B, the death benefit is the face amount of the policy, PLUS the cash accumulation.

Here's what you need to do. Call your agent, and if he/she hasn't done so, have him/her do a Financial Need Analysis (FNA), or other Total Need Program, to help you determine in your own mind how much life insurance you actually need to fulfill your personal short and log-term goals and objectives. If your agent hasn't offered to do this for you, shame on him/her.

The FNA will also help you determine if you need Disability Income Protection, to provide an income should you be hurt or sick and can't work. It will also help you determine if you need an Individual Retirement Account (IRA), to provide an income at retirement. (All that will be there when you get there is what you send on ahead.)

According to statistics, disability is a greater risk than death prior to the age of 65.

Best wishes.

Angela Said:

Best Term Life Insurance Quotes Ownership?

We Answered:

I am not lawyer, but I do & have worked in life insurance for years:

Trust ownership: This is the most difficult type of ownership, along with corporate ownership, as anytime changes are made, then the insurance company needs to be made aware. Trust docs & amendements have to be sent in to the insurance company. Signatures for any writtne requests have to be signed by the trustee.

Claims paid upon death are generally more time consuming as well.

Trust as bene is more common than trust as owner, but copy of trust must be sent in to update bene & when a claim is made.

Most common bene designation is to individuals.

As life insurance claims aren't generally taxable if named to an individual, why is it that your lawyer is having you name the trust as beneficiary?

Couldn't you name each other as bene, then write into the trust how any remaining death claim proceeds/assets are to be distributed upon death?

Kirk Said:

Term Life Insurance Quotes and Health Insurance Quotes?

We Answered:

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Daryl Said:

Canceling a Term Life Insurance Quotes Policy?

We Answered:

Ask your friend Gary. He would tell you there isn't.

Kyle Said:

Best term life insurance quotes?

We Answered:

if you are looking for best term life insurance quotes, check out this site

http://best-life-insurance-quotes-usa.blogspot.com/

Here you can compare the best life insurance providers in your area, fast and free

Kathryn Said:

where is the best site to get term life insurance quotes?

We Answered:

You would be better served to speak to a live agent rather than from the internet. You can get cheap quotes but that is what you will receive in the long run- cheap service. If you get a quote off the internet can they provide you with a complete financial check up? Can they be sure that you are getting the coverage that you want?