A well-planned life insurance policy enables your loved ones to cover their immediate cash needs in the event of your death, but should also replace your income so that your family maintains their current standard of living. We believe in providing families with a benefit that can be invested conservatively, generating interest earnings sufficient to pay monthly expenses.

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Life Insurance Basics

life insurance quotesFounded in 1996, LifeInsurance.net makes it easier than ever to find the right insurance policy for your family. A nationally recognized life insurance agency, we bring our clients access to a large network of A and A+ rated life insurance companies. We strive every day to deliver value, financial security and peace of mind.

LifeInsurance.Net has been featured in YourMoney Magazine, Bests Review, Money Magazine, Forbes.com and elsewhere.

What type of Life Insurance Coverage do you really need?

Life Insurance comes in two basic flavors, Term Life Insurance and Permanent Life Insurance. If you are clear on WHY you need a life insurance policy, it is generally clear which kind of life insurance plan is appropriate for you.

Term Life Insurance Policies are disaster management tools.

Permanent Life Insurance Policies are inter-generational wealth transfer tools.

Term Insurance

If you are a parent, and have a spouse and children dependent on you for income it would be financially disastrous if you died prematurely. Term Life Insurance plans are designed as risk management tools to cover that financial loss. Term Life Insurance insures you against death for a specified number of years and then ends (the Life Insurance Policy Term).
e.g. If you buy a 10 year term life insurance policy and die in the eighth year, the carrier will pay the full life insurance benefit defined in the policy. If, however, you die in the eleventh year, the policy will have expired and you will have no life insurance coverage in force.
The cost of term life insurance is significantly lower than the cost of permanent life insurance policies, because statistically EVERYBODY OUTLIVES THEIR TERM LIFE INSURANCE POLICY. We often speak to clients who feel that they've wasted money if they don't die and collect on their term life policies.

We just remind them that Dying Is Bad.

Permanent Insurance

If you want to be sure that your life insurance is in force whether you live to 60 or to 90, then you need a permanent life insurance policy. You should never buy a term life insurance policy as part of an estate plan where you are counting on the cash becoming part of an inheritance. Often the least expensive option for pure insurance forever is a no lapse guaranteed universal life insurance policy.

At Life Insurance. Net we have years of experience working with families across the country on identifying their core life insurance requirements. We can provide competitive term life insurance quotes, or universal life insurance quotes from A and A+ rated life insurance companies in almost any state. Just fill out our online life insurance quote form or call us for a personal quote on life insurance for you and your family.

We believe that an educated consumer can ask the right questions and to find the best insurance solution. Our life insurance educational center will help you understand how insurance works, what carriers are looking for, and how you go about getting the life insurance policy that is right for you and your family.

John Hancock

PO Box 111 Boston, MA 02117-0111 Advisers Call: 1-800-505-9427 For NY Call: 1-800-743-5542 www.jhancock.com Ratings: A.M. Best Financial Strength A+ Standard & Poor’s Financial Strength AA+ Moody’s Financial Strength Aa3 Fitch Financial Strength AA Read more »

Term vs. Permanent

When shopping for life insurance, you face the same decision you must make when you’re in the market for a new car: lease or buy? Those aren’t the words used for insurance, of course, but the concepts of term and permanent life insurance are similar to leasing and buying. Term insurance is like leasing a car. You purchase death benefits for a specified period –usually 5, 10 or 20 years. When the period is over, it’s like turning in the leased car. The deal is done and you walk away. Permanent insurance, on the other hand, is like buying the car you plan to drive forever. Permanent insurance stays in force as long as you live. It will pay a death benefit, and it accumulates a cash value, too. The two kinds of life insurance are appropriate for different situations. Term insurance is designed for those who are interested solely in a death benefit; for example, a young father who wants insurance so that his child will be able to afford college if Dad is not around to pay the bills. There is no cash value to this kind of insurance, so often the premiums are lower than they are for permanent insurance. But as the insured gets older, the premiums increase. Permanent insurance combines a death benefit with a cash value, or savings component, which grows tax-deferred. Many policyholders borrow from the cash value to pay for things such as a college education, or convert their cash value into a retirement fund. Because of the savings component, permanent life insurance may cost more than term life, especially at the beginning. But the premium remains fixed for the life of the policy.Many people are familiar with the saying “buy term and invest the difference,” which suggests going for the lower premiums and taking care of the savings component on your own rather than counting on the insurance policy for investment growth. With recent high returns in the stock market, many investments are growing faster than cash values. Various types of permanent insurance plans, however, do give the insured the option of deciding how the savings is invested. While term insurance often starts out cheaper, permanent life offers several advantages over a term policy, financial experts say. Among them:

  • Because premiums don’t escalate, a permanent policy is more likely to be held until death and actually pay a death benefit than is a term policy, which can get quite expensive as the insured ages. And the death benefit will pass to beneficiaries tax-free.
  • There’s a tax advantage to permanent life, because cash values will grow at a tax-deferred rate. With no cash value, there’s no tax advantage to term life.
  • Besides, the “invest the difference” component of that adage is often ignored. If you go with cheaper term insurance, you should make a commitment to a regular savings and investment program.

Annuities Make a Comeback

The Financial Times reports:

Following the passage of healthcare reform in the US, the task of improving the country’s retirement savings system will probably loom larger on the Obama administration’s priority list. Specifically, how to increase financial security in retirement and the role of annuities within 401(k) plans has been on the administration’s agenda. Annuities are being viewed by the administration as a possible piece of the retirement income puzzle.

Discussion of Obama Read more »

Cheeseburger in Life Insurance Paradise

Bill McClellan of the St. Louis Post-Dispatch writes about a friend:

“I am not going to live to be 100,” said my friend. “Actually, I’ll probably be lucky to make it to 70. My biggest fear is dying at 71.” So he is quietly making a push to make sure that doesn’t happen. Ever since his heart attack, he has tried to follow a low-fat diet. No longer. His new plan calls for cheeseburgers and fries for lunch, and ice cream sandwiches for dessert.

What does this have to do with term insurance? Bill has a term life policy that expires when he hits seventy. If Bill’s friend were to die before the policy terms out, his family would collect approximately $275,000. If he were to die after he turns 70, his family would get nothing. So the friend is turning to fatty foods and indulgence in a concerted effort to end it all before his policy expires. The not-so-fatal flaw in his strategy, is that he might make himself ill, but it’s no guarantee that he won’t still beat the actuarial odds and outlive the coverage. While it might be cynical to recommend that the guy simply swim deep into a lake beyond the point of no strength to return, it kind of misses one key point: DYING IS A BAD THING. First of all, term life policies are written in order NOT to be collected on.

Genworth Life and Annuity Insurance Company

Genworth Life and Annuity Insurance Company

Address 700 Main Street Lynchburg, VA 24504

1 888 GENWORTH (1 888 436.9678)

http://www.Genworth.com

Ratings: A.M. Best Financial Strength A

Standard & Poor’s Financial Strength A

Moody’s Financial Strength A2

Fitch Financial Strength A- Read more »