People are now learning about the benefits available with permanent life insurance, or universal life insurance, as it is commonly referred. If you’re not aware, these types of life insurances are rather new to many people. Most people are not even aware that such a kind of life insurance exists. Essentially, permanent life insurance involves a life insurance policy that offers extended coverage for a specified period of time chosen by the insurance purchaser. This can be different from other kinds of health insurance plans, for example regular health insurance and term life in that this sort of plans provides more flexibility.
Specifically, when choosing permanent life insurance, one can anticipate to pay a premium or perhaps a monthly rate. The amount of the monthly or premium rate will likely be contingent upon how long one would want the insurance to be applicable for, along with a number of other factors, including health background, current health status and previous family medical history. This article discusses the method involved with purchasing permanent life insurance.
Oftentimes, while searching for permanent life insurance, or visiting a universal life insurance agent, you’ll see that the agent provides a universal life insurance quote. Many people are often unacquainted with how to utilize this information when choosing an insurance policy and are confused regarding how it applies to their search of universal life insurance. Ultimately, a life insurance quote offers individuals with information about a certain life insurance plan.
Typically, a life insurance quote will have the facts regarding the costs of the plan with specific reference to the monthly rates, premiums and duration of coverage. A life insurance quote may also detail the protection supplied by a life insurance policy. Using this information, individuals looking for permanent life insurance can easily compare among various providers and figure out which provider offers the best price, or which provider provides the best coverage, and even which provider supplies the best combination of both. Essentially, life insurance quotes provide the information individuals have to determine which permanent life insurance plan is best for them.
After deciding which life insurance plan is the most suitable option, you are prepared to actually choose the plan. Remember, the cost of the policy is partially contingent upon the length of time one wants the life insurance to get. Buying a permanent life insurance plan usually requires the assistance of a life insurance broker or dealer. Generally, the process is straightforward, yet could be prolonged should one be unable to provide necessary documents.
Essentially, once individuals realize the value of life insurance quotes and begin to understand what facts are actually found in life insurance quotes, the purchasing process for permanent life insurance actually becomes much easier. This information allows individuals to make sure that they’re making an educated and informed decision regarding their life insurance. Many people, after studying about universal life insurance, understand that this sort of life insurance plan is the best option for them as it provides the most flexibility.
Short-term medical insurance coverage can be very affordable, and it is intended to provide a person with short-term coverage during a transitional period in their life. Discover how short-term medical insurance can be good for students fresh out of college with help from an insurance representative in this free video on health insurance.
Expert: John Pinelli
Bio: John Pinelli is a financial service broker for Northwestern Mutual Insurance.
Filmmaker: Bing Hu
Learn how long the continuing coverage lasts—and what it might cost you.
WHAT IS COBRA?
The Consolidated Omnibus Budget Reconciliation Act is a federal law passed in 1986. It requires companies with 20 or more employees to continue offering health insurance at group rates to former employees and their family members after they’re no longer eligible for the group — because of job loss or divorce, for example. Some states have similar rules for companies with fewer than 20 employees.
WHO QUALIFIES?
Former employees, spouses, former spouses and dependent children are eligible, regardless of their health. There are exceptions: You cannot get COBRA if your employer no longer offers health insurance to current employees. You’re also out of luck if the company goes out of business. Federal employees are covered by a law similar to COBRA.
HOW LONG DOES IT LAST?
COBRA provides up to 18 months of coverage from the time you leave your job or drop to part-time status. The coverage lasts up to 36 months after you no longer qualify as a dependent on an employee’s policy. That includes, for example, a child who reaches the cutoff age for coverage or a former spouse who gets a divorce from the employee.
HOW MUCH DOES IT COST?
Probably more than you expect. You have to pay the employee’s and the employer’s share of the premium — or an average of $12,680 for families this year — plus up to 2% in administrative costs. But legislation Congress passed earlier this year provides a 65% COBRA subsidy for up to nine months for people who lose their job between September 1, 2008, and December 31, 2009.
WHO SHOULD TAKE IT?
You can’t be rejected or charged more under COBRA because of your health, so it’s a good deal for people with medical conditions who might otherwise have a tough time finding affordable insurance. But if you’re healthy and live in a state with a competitive health-insurance market (which includes most states other than New York and New Jersey), you may find a better deal on your own. You can search for individual policies at Ehealthinsurance.com.
Obama is going to tax your company provided health insurance like income. Will this hurt you & your family?
President Barack Obama is leaving the door open to taxing health care benefits, something he campaigned hard against while running for president. Senate Finance Committee Chairman Max Baucus, D-Mont., raised the issue with Obama during a private meeting Tuesday with the president and other Democratic senators and later reported the president’s response: “It’s on the table. It’s an option.”
The federal government would reap about $250 billion a year if it treated health care benefits given to employees like wages and taxed them.
Just the beginning of all sorts of new taxes to come. $2/gallon of gas, VAT tax of 10-20% on all purchases, cap and trade, tax on alcohol, etc.
Health Care: Small Business Health Care Tax Credit – April 2010
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Charles J. Givens’ Wealth Without Risk has become a classic in the field of financial self-help books for one simple reason: it works. His safe, legal, and proven approach has already started millions of Americans on the road to accumulating wealth through better strategies for personal finance, tax reduction, and investment. More Wealth Without Risk keeps you at the cutting edge of practical, eas…
Short-term medical insurance coverage can be very affordable, and it is intended to provide a person with short-term coverage during a transitional period in their life. Discover how short-term medical insurance can be good for students fresh out of college with help from an insurance representative in this free video on health insurance.
Learn how long the continuing coverage lasts—and what it might cost you.