Reader’s Question:

I got divorced with my wife of three-years and my concern right now is what will happen to the life insurance policy we got here in Clearwater, Florida now that we are no longer married?

Max

Clearwater, FL

Good question. As it is your life insurance coverage there in Clearwater, Florida would still stay the same, as long as the policyholder or whoever pays for the said policy continues to pay the policy, or does not request for the insurance coverage to be canceled. However, seeing as there has been a major change in your life and probably your finances as well, this may be a good opportunity to re-evaluate your life insurance policy to make sure its still suited for your needs.

Here are a couple of things that you might want to think about on your insurance coverage:

See if you still need life insurance.
Be honest and ask yourself why you got insurance coverage to begin with. If the main reason you got coverage is for the person who signed the other part of the divorce papers then you could reconsider if you still need that current coverage. If you want to have money stored away for retirement, whole life policies are good (or your 401 K). If you have kids and are providing support then make sure your policy is designed for that.

Changing the beneficiaries
A very important decision to make at this point. Make sure that your policy will award its benefits to those who will truly need them in case you pass away in an untimely manner. It would also be wise to consult your insurance agent or carrier regarding this before making any changes to your policy.

Tags: Life Insurance Advise, Term Life, Whole Life Insurance, Insurance Quote, Affordable Life Insurance

Reader’s Question:

Would it be a good idea to put my money into a Universal Life Insurance policy here in Clearwater, Florida?

Ernest

Clearwater, FL

I always say that the best kind of life insurance policy is the one that best fits your long-term financial goals and needs. If your goal is to maximize the growth and earning potential of your life insurance premiums there in Clearwater, Florida, and to have money to use in the future, all the while maintaining adequate life insurance coverage then Universal Life Insurance may be a good choice for you.

For the benefit of those who don’t know, Universal Life Insurance is a kind of permanent or whole life insurance policy that combines the features of a mutual fund and, of course, life insurance. This kind of policy has a “cash-value” feature, a sort of savings account where portions of your regular premiums go into a fund that is used by the life insurance provider as investment capital. Your policy earns interest through money market rates.

It would be advantageous for one to have at least a working knowledge on money market performance as well as fluctuations in interest rates to have an idea of how this kind of policy works so not everyone would find this kind of life insurance attractive. The benefits, however, includes the opportunity for your money to earn higher income without being subject to state or federal tax as well as the flexibility of controlling to a certain extent, how much premiums you pay towards your policy.

Tags: life insurance advise, life insurance information, cheap life insurance, advise

Reader’s Question:

What kind of life insurance should a single, working individual like me be looking for here in Clearwater, Florida?

Jonas

Clearwater, FL

The right kind of life insurance policy for you should be a reflection of what your goals and needs are both in the medium and long run there in Clearwater, Florida. It is safe to say that not all kinds of policies would be best for you. If you are still young, healthy and may have some obligations like paying mortgage, or supporting a small and growing family, term life insurance coverage may be the most beneficial and definitely the most cost-effective type of life insurance coverage that you can get.

No matter what life insurance agents may say, it is simply too expensive for those under 40 years of age to get a permanent life insurance policy. If you only aim to get life insurance to provide financial protection to your beneficiaries in the event of your untimely death (which may be due to a high-risk job or participating to hazardous activities) you would get more out of the money you pay for term life, which can be up to four or five times less expensive than a permanent life insurance.

Sure you would need to renew after the policy period and the premiums after renewing may be higher but at least at that time it would be much more cost effective to convert your term-life insurance policy into a permanent one, you would have spent significantly more if you chose to go under a permanent life insurance policy at such a young age.

Tags: life insurance, term life insurance, life insurance information, life insurance advise

Reader’s Question:

I’ve heard about Endowment Life Insurance from an agent here in Clearwater, Florida. Can you tell me more about this?

Stein

Clearwater, FL

Endowment Life Insurance is a form of temporary life insurance coverage where you maintain the policy for a certain period of time (ten or twenty years usually) and once the maturity date of the policy is reached, the death benefits or lump sum payments are awarded to the policy holder or the insured, if still living or, in the event of the untimely death of the insured, awarded to the designated beneficiaries under the policy. The Policy could be considered having reached its maturity once a specific amount of payments or premiums have been made, the specific holding period of the policy satisfied or once the insured reaches a certain age.

So as you can tell, getting an Endowment Life Insurance Policy is one of the safest forms of investment that you can make since you and your beneficiaries are almost always guaranteed to receive the proceeds of the policy. The regular premiums you pay are fixed, and unlike some other types of life insurance, your money is not put into aggressive investment vehicles so don’t expect your money to grow very much, if not at all. It is highly recommended that you get a specimen copy of the endowment life insurance policy you choose there in Clearwater, Florida, better yet have multiple options to choose from and make sure you understand how their policy works and what stipulations in the contract might nullify you from receiving the death benefits in the future.

Tags: Life Insurance Policy, Endowment Life, Life Insurance Coverage

Reader’s Question:

I’m planning to buy a life insurance policy for my best friend here in Florida. Is this possible?

Ernest

Clearwater, FL

In order for you to be able to buy life insurance for anybody, you have to have insurable interest in the person you are buying insurance for. This means that you would go through some kind of financial shortfall at the event of that person’s death. In broad terms, the list includes your own person, your spouse and your dependents, assuming you have any. Other persons that are not family are also included, providing that you are financially dependent on these other persons. Examples of such are business partners and other persons that you share ownership of property with.

The reason for all of this is: If this insurable interest prerequisite is removed, nothing prevents people from buying life insurance policies for just anyone who they expect to die. Also, the incidence of murder is not farfetched. I’m sure you’ve heard of instances where people are convicted of killing someone just for the insurance proceeds.

Your best friend there in Florida is lucky that you are considering taking out a life insurance policy on him. However, the burden of proof that you have insurable interest in him is on your shoulders. We’re talking financial loss here, not just emotional significance.

Tags: auto insurance coverage, life insurance, life insurance rate

Reader’s Question:

I am a smoker. Can you help me find the right smoker term life insurance company for me in Clearwater Florida?

Bill

Clearwater FL

Other than the fact that you are a smoker and you will definitely will get a higher life insurance quote in Clearwater Florida, you will also need to understand life insurance companies on how they categorize a smoker from on smokers.

Some term life insurance do distinguish between the types of tobacco use and how often you smoke. I suggest that you do a research some life insurance companies and get a quote on your smoker term life insurance rates.

So if you are a smoker and you want a low cost life insurance rate in Clearwater Florida what you need to do is to shop around and check various life insurance providers. Comparing and shopping online is the easiest and quickest way to get an instant smoker life insurance quote and you will have an idea how much smoker life insurance quotes you will be expecting to pay. Because of this, you will be able to give your family a peace of mind knowing that they are protected financially.

Tags: life insurance, life insurance online, life insurance quote, life insurance rate

Reader’s Question:

My wife and I are from Clearwater Florida FL and we both decided to seek an amicable divorce. What would this imply on my life insurance?

Risha

Clearwater, FL

You might be surprised with what you’ll hear about life insurance in Clearwater Florida, FL. Lifestyle changes usually result in insurance changes to and your life insurance can be essential at this time. Do you have kids yet?. If your former spouse counting on your support or alimony, then it is better for you to have your financial obligations and responsibilities increased. Whatever is being called by your current situation, life insurance would possibly be the answer.

If you have children in Clearwater Florida FL, the custodial parent may need assurances that ongoing support is provided. There is a probability that your settlement will have a provision for life insurance to assure for the children’s future. Even if there are no children but you are required for alimony, life insurance should be considered. Your life insurance is to provide security to those you love and those who are counting on your financial contributions. Since you are considering divorce, then there can be no better time to clarify all financial expectations than now.

If you have an existing life insurance plan, you need to review it if your beneficiaries are listed according to your wishes. You also need to check whether the death benefit is an appropriate amount. This will certainly be the best time for you to consider these life insurance issues. You should give a thought to the beneficiary designations of your present and future life insurance policies.

Since your life is constantly changing, it also follows that your insurance needs will keep on changing too. You need to take the time to evaluate your current life insurance and make sure you understand the differences between term and various whole life policies in your area. Your local insurance agent in Clearwater Florida FL can help you formulate the practical solution to your lifestyle change.

Tags: life insurance, life insurance benefits, life insurance leads

Reader question:

I’m going to buy Clearwater Florida term life insurance online, but what i can’t figure out is, how much coverage do I need?

Crista

Good question, Crista.

Trying to figure out how much coverage you require when you buy Clearwater Florida term life insurance online can threaten to make your head explode. It seems difficult to imagine just what your family will need after you die, because that is something very far in the future and there are so many variables that could change. You could get sick, have a few more kids, whatever. But remember that you can reassess your life insurance policy from time to time, so when you pick out your coverage, you need to base your calculation on the here and now.

The equation for how much coverage you need when you buy Clearwater Florida term life insurance online is actually pretty simple. All you need to do is to take the costs of both the immediate after death needs, such as funerals and hospital bills, and add that to more long term financial needs, like paying off your house, college loans or tuition, family support, and then subtract from that composite number things such as your spouse’s income, stock options, and other sources of income or potential income. The number you get is the amount of coverage you need, for now.

take care,

Fashun

Reader question:

When I compare Clearwater FL life insurance rates, should I choose the option to get accelerated death benefits?

Lucy

Thanks for asking, Lucy.

If you are in good health and are just looking for the cheapest option when you compare Clearwater FL life insurance rates, then you might want to leave the accelerated death benefits box unchecked. Although some companies allow you to integrate this option into your policy for free, most companies will add a certain charge for the benefit.

Even when you’re paying extra, consider also as you compare Clearwater FL life insurance rates that the accelerated death benefits often have a cap placed on them. It’s very rare that you can get your enire death benefit before you pass away. Some companies cap this with either a certain percent of your coverage, and others with a dollar amount. Still other companies will indeed allow you to take out all of your coverage before you die, although in some areas they have to give this to you in payments by month.

take care,

Fashun

Reader question:

I have Clearwater FL term life insurance. Can I get accelerated death benefits?

Craig

Great question, Craig.

First, let me explain accelerated death benefits for all those who don’t know: accelerated death benefits allow you to pull out of the money in your coverage before you die, in the event that something extreme happens, such as if you fall terminally ill or you have to go live in a nursing home on a temporary or permanent basis. Even though it might seem like something related to a cash value plan, though, you can get accelerated death benefits even if you have Clearwater FL term life insurance.

In general, your Clearwater FL term life insurance policy only allows you to grab accelerated death benefits if you have a very short life expectancy. The range tends to be within 12 months of your application for the accelerated death benefits. Normally, the disease has to be something like terminal cancer, AIDS, heart disease, and the like. You may have a policy which had accelerated benefits already a part of them, or your company may have charged you extra for these benefits.

take care,

Fashun