Life Insurance Advice, Ideas, Tips and More

For most guys, life insurance is not something that is at the top of your to-do list. However, for guys old enough to have a family, or are starting to think about a family, the issue has probably come up a few times.

If you have friends that are married, own houses, or have kids, then they probably have life insurance. They might even have asked you if you have life insurance.

If your response was "why would I need life insurance" there are some things you should know.

If you are young and single and have little financial responsibility, you may be right. It's unlikely that should something happen to you, there would be much financial burden besides final expenses. But there are always your parents; if you leave any debts, they'll be the ones who will have to cover them.

Major life changes include getting married, having kids, and purchasing a home - all of these things should make you stop and think about your family's future and your own.

There are many things to consider when you decide to have children. Immediate thoughts usually consist of making room for a new addition to the family including the baby's room, childcare if both parents are working, and other basic needs such as food and clothing.

But there are many other things to consider when you start thinking of your child's
or children's future. The excitement of having a child can sometimes overwhelm parents. Here are some important things that you may want to look into when considering their future.

Saving for emergencies and educationis a great start to preparing your child for the future. Another good way to get started is with a life insurance policy for your child. Though many parents make sure they have their own policies in place when they have a family, many neglect to purchase them for the children.

Whole life insurance for your children gains cash value over time. This means that you can purchase a policy for your child when they are born and it will grow as they get older. This can be beneficial in many ways.

The first is that they will be covered should an unexpected event occur. Should your child develop a serious illness or medical condition later in life, it may be difficult for them to get coverage.

The other is that this policy can cover them through their entire life, making it easier on them when they are adults and want to have a family of their own. Having this life insurance policy in place is a great gift that will be with them always.

By having a financial plan in place that includes savings and life insurance, you are giving your child a financial head start. This will not only protect their future, but also teach them valuable financial lessons.

You already know that life insurance is important. Many people have a basic life insurance policy through their employer so they feel secure.

But it often isn't enough coverage to protect your family should your life insurance be needed. Only by purchasing a life insurance policy yourself can you be sure that you have the coverage you need.

Because life insurance is often avoided, many people aren't sure about the coverage they have. If you don't know, you may be underinsured, or you could be paying too much.

A good way to determine this is by reviewing your current policy to make sure that you have what you need to feel secure.

A great way to do this is to set a date to review your policy with your spouse or other family members. By setting a date and sticking to it, you are making a commitment to review this very important decision.

When you meet to discuss your life insurance, make sure you have all the paperwork relevant to your current policy. This will help ensure you can thoroughly review it and answer any questions you may have about it.

If you discover you're underinsured, which means you don't have the coverage that you desire, you may want to consider purchasing additional life insurance.

If you aren't sure how much you need, consider how much your income affects your family. You might also want to consider funeral and burial expenses, which can be very expensive.

While discussing your life insurance policy, you may want to talk about other future planning as well. This may be a good time to discuss your wishes should you fall very ill in the future, or how you want your family to handle your final wishes in general.

These issues can be unpleasant to think about, but by setting your date and making sure you have the right policy in place, you are giving yourself many future benefits.

The security of knowing that your family is protected is invaluable. But also, having the conversation and getting the proper life insurance ensures that from that point on, you and your family will feel secure and prepared even for the unexpected.

Although life insurance is very important, many people don't know what their coverage is or if they have enough.

I try to encourage people to get as much life insurance as they can afford while they're still young, but the reality is that people often think about life insurance when they're older.

Whether you're looking at it for yourself or for someone else, retirement is a good time to figure out what you need and what you want to do.

Life insurance is incredibly important and you need to think about it in a very serious way.

If you already have life insurance, make sure you review it periodically to make sure you're still getting the coverage you need.

Life insurance is a topic that may arise during certain crucial times in ones life. A friend or family members passing, a marriage, a growing family and aging are all times when people often think about getting life insurance

If you're a young adult, there's a good chance you've never thought of life insurance. Without dependents or home ownership, it generally isn't something you might ponder. However, it's never too late to start thinking about which kind of life insurance policy would be best for you.

Talk to your parents or guardians about what kind of life insurance would be best for you, what kind of coverage you can choose from, how much it will cost and other info you need to help you make the right decision.

Getting married is another stage of life where the idea of life insurance may come up. If you've recently been married and are thinking about life insurance policies, look at your options and do the research to find out what kind of life insurance policy would work best.

Keep in mind the company you go with should offer easy and uncomplicated buying options, it should offer both adult and children's coverage and it should be affordable.

It's easy to put off something like this, especially when you're still young, but it can be a very important step to you and your spouse's protection.

If you're starting a family, it's also a good idea to think about life insurance. Life insurance for children can give them a financial head and ensure they're covered for years to come. Life insurance for you means your needs are covered and that you're looking out for your family's future.

Aging adults and seniors are often most concerned when it comes to life insurance. Illness, short and long-term care and final expenses all have to be taken into consideration when you're looking at a senior life insurance policy.

You need a life insurance policy, especially as you get older, that ensures your benefits are never reduced or canceled, regardless of changes in health or occupation. This is key to ensuring you have the best coverage possible

No matter what stage of life you are in, looking into a solid life insurance policy is always a good idea. You never know what the future will bring. Being prepared can save you time and money and, most importantly, give you and your family peace of mind.

September is Life Insurance Awareness Month, an effort that is attempting to call attention to the increasing need of the average American for life insurance.

According to Ifawebnews.com, an estimated 68 million adult Americans have no life insurance at all, and most of those with coverage have far less than experts recommend.

And that's really sad. No matter that there are some frauds out there or that the industry has some problems; life insurance can be one of the most beneficial things you can do for yourself.

So look into it. Lots of companies offer excellent deals, but make sure to keep an eye out for companies that specialize in Term Life Insurance, as this is the best way to go.

Larger Insurance Companies like Progressive, and even smaller ones like Globe Life Insurance, offer excellent options for you and your family.

Donnie Wahlberg is the New Life Insurance Spokesperson for LIFE. Funny, I know, but he gives a nice speech here.

Here's a good article by Globe Life Insurance on how important it is to protect you and your family's livelihood.

Here's a story that's both sad and inspiring. Read it at LIFE.

Life insurance policies are legal contracts and the terms of the contract describe the limitations of the insured events.

Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.

Life-based contracts tend to fall into two major categories:

* Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
* Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.

The concept of insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere)was formed early on with the methods of transferring or distributing risk that were practiced by Chinese and Babylonian traders as far back as the 3rd and 2nd millennia BC.

Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing.

The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants.

If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen.

To be continued...

According to Buffalo Business First, at the end of August New York homeowners will begin receiving annual flood notices from home insurers. This comes in lieu of a new amendment of Section 3444 by the state Insurance Department that Insurers must give adequate notice to homeowners who are potentially affected by floods and various other natural disasters.

Busines First states that New York residents currently receive a notice that discusses the exclusion of flood loss in their regular homeowners policies and the availability of a federally-insured program. Section 3444 of the formerly provided that an insured receive a flood notice only at policy issuance. The amendment now provides that policyholders now receive an annual notice.

Photo Courtesy of the West Virgina Division of Homeland Security and Emergency Management

From the Kevin Freking's Article for the AP:

"The Bush administration is backing down from a threat to penalize states enrolling middle-class children in a health program intended for the poor.

The administration unveiled several new requirements last year for states that use a state-federal health program to cover children in families with incomes above 250 percent of the federal poverty level - $44,000 for a family of three.

States were directed to make the changes in their State Children's Health Insurance Program by Monday or potentially face financial penalties.

Among the required changes:

-Children must be uninsured for one year before they could enroll; and

-At least 95 percent of poor children eligible for Medicaid or SCHIP were already in those programs before states covered higher-income children."

Achaemenian monarchs were the first to insure their people and made it official by registering the insuring process in governmental notary offices.

The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch.

The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office.

This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.

The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him.

Jahez, a historian and writer, writes in one of his books on ancient Iran: "[W]henever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much. (Iran Law and History)

The AMBG closed Thursday, Aug. 14, at 1039.63 (+0.94%). Of the 15 A.M. Best stock indexes, 13 rose and two declined. Leading A.M. Best's Global Insurance Composite Index (AMBG) were Kingsway Financial Services (+10.07%) and National Interstate Corp. (+8.57%). Trailing the list of global insurance stocks were Gainsco (-8.47%) and Affirmative Insurance Holdings Inc. (-4.81%)...read more at Trading Markets

One of the biggest advantages of term insurance is its lower initial cost in comparison to permanent insurance. For example, with a
Term insurance is often a good choice for people in their family-formation years, especially if they're on a tight budget, because it allows them to buy high levels of coverage when the need for protection is often greatest. Term insurance is also a good option for covering needs that will disappear in time. For instance, if paying for college is a major financial concern but you're pretty sure that you won't need life insurance coverage after the kids graduate, then it might make sense to buy a term policy that'll get you through the college years.

">

The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which cared for the families and paid funeral expenses of members upon death.

The inhabitants of Rhodes invented the concept of the 'general average.'

Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage.

Any insurance company worth its salt won't require you to take a full, comprehensive health exam. The best companies will ask you a simple round of yes or no health questions and base their decisions on those.

It is in your best interests to always come clean when you're applying for insurance, as gaming the system is risky and not really worth it in the long run.

Guilds in the Middle Ages served similar purposed to the benevolent societies of the Romans. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates.

These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.

Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Mr. Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships' captains, and thereby a reliable source of the latest shipping news.

It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance.

Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to insure brick and frame homes.

The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732.

Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance.

In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention.

Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses.

In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments. Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a national insurance commissioners' organization.

In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the Optional Federal Charter (OFC)) for insurance similar to that which oversees state banks and national banks.

This is a very basic idea, but you would be surprised by how many people don't feel like they really need health insurance. Many people feel pretty invincible. They either never get sick, or they use natural remedies, or their cousin is a doctor. What they fail to realize, is that as they age,companies will be less likely to bend over backwards with their payment plans, and may not offer them at all. Say that you are a thirty year old male in the prime of your life. You are healthly, happy, and you have a great job. Why splurge on coverage you won't need until you are older? Here are just a few reasons.

First of all, You may get into an accident. I know you are careful. Your grandmother tells you to speed up. You follow traffic rules, but here is something you aren't thinking about, the other people on the road. These people do not have you best interests at heart. These people could hit you at any minute. It would be in your best interest to have health unsurance just in case one of these people lands you in the hospital with a body cast. See my point? If not, reason two.

I know you don't want to hear this, probably dread the words, but here it it. You are going to get old. That being said, you will no longer be the guy everyone is trying to get on their team so to speak. Many companies will try hard to get your service when you are a benefit to them, once you are old, you would be more of a liability. They know that it is likely you will get sick and have to be hospitalized making you a money pit. Also, if you do get a policy, it will most likely not offer what you want or be far more expensive than it would have been if you had bought it sooner.

If you still aren't sold, here is another reason to add to the list. What will happen if you do get sick? Say you get a disgusting foot fungus. If you don't have insurance, and it is not life threatening, they could decide not to treat it, because you can't pay. Also, a company might not want to cover your fungus-infected self.

These are just some things to think about before you think you will be ok without insurance. As always, if you have any questions, feel free to voice them.