Decreasing Life Insurance Georgia GA
Reader’s Question:
I want to get a life insurance policy that can pay off my mortgage balance upon my death. What life insurance policy do you suggest?
Peter
Columbus, GA
If you are looking for a mortgage protection policy, your choices are decreasing term life insurance, level term life insurance and whole life insurance policy.
The decreasing term life insurance is also known as the basic mortgage protection life insurance and is the most popular mortgage insurance protection. With this type of term life insurance policy, the premiums are level in the entire life of the policy and death benefits are decreasing in the same manner as the mortgage balance. With decreasing term life insurance policy, the face value will be the same or higher than the amount of the mortgage balance.
Level term life insurance policy is also used as mortgage protection insurance in some cases. For example, a 10 year term policy can be used to pay your 10 year mortgage payments. Upon your death, the life insurance company will pay off your due mortgage balance with the bank.
The cash value in whole or permanent life insurance policy can also be used to pay off your mortgage balance. While you are still alive, this cash value builds up over the years. There are types of whole life insurance policy to choose from. These are universal life, variable life and variable universal life insurance policy. The whole life insurance policy though has a higher premium than that of term life insurance policy.
Tags: term life insurance, whole life insurance
Life Insurance Beneficiaries Georgia GA
Reader’s Question:
Are there any other options on how I want my beneficiaries to receive the life insurance proceeds aside from one lump sum?
Jimmy
Atlanta, GA
People usually purchase life insurance policy to provide additional income for their beneficiaries because of a loss of a source of income caused by death. The benefits from the life insurance policy can be paid to the beneficiary in one lump sum or monthly payment. However, there are still other options to choose from.
Life income with no certain period provides income to the beneficiary as long as he/she lives. Once the beneficiary die, the payment of income ceases. Life Income with certain periods on the other hand allows the beneficiary to choose to receive the income or proceeds in a certain number of years like 10, 15 or 20. For example, in a life income with a 20-year period, if the beneficiary dies after receiving 2 years of the income from the life insurance company, the income will not cease until remaining 18 years is complete. With Joint and Last Survivor Income option, proceeds will be paid to the two beneficiaries. If one person dies, the remaining beneficiary will continue receiving the income. Only if the remaining beneficiary dies will the payment of income ceases. Interest Income option allows the beneficiary to collect only the interest in whatever manner while the principal remains intact with the life insurance company. With Fixed Period Income option, if the beneficiary wants to receive the proceeds in a period of 10 years, the life insurance company will pay an equal amount each month, quarterly, semi-annually or every year for 10 years. The last life insurance settlement option is called fixed amount income option. The beneficiary decides the amount he/she wants to receive every month until the life insurance benefit is exhausted.
Tags: life insurance
Life Insurance Policy Owner Georgia GA
Reader’s Question:
I am in the process of buying a life insurance. I just want to make sure I get it right. Assuming I got one, does that make me both the insured and the policy owner?
Frances
Atlanta, GA
Well, Frances, it really does get confusing. So, first, let’s go to the basics of a life insurance.
When you are filling out an application, you will be asked how much coverage you think is sufficient. The amount of coverage is your death benefit. You will come across the term “face value,” which refers to the amount your beneficiary will receive in the event that you pass away. Your beneficiary is the one who you will designate to claim your death benefits.
A life insurance product is basically a contract between the insurer and the policy owner. Usually, the policy owner is the one who’s paying the premiums of the contract. So, in your case, if you’re the one who will be paying your premiums, you are the policy owner and the insured. Often, the policy owner is the one who is labeled as the “insured.” However, this is not always the case. Say, for example, your husband bought an insurance policy where he designated you as the insured party. Although he is the one paying for the life insurance contract, when something happens to you, the face value agreed upon can be claimed by you, as the person designated as the beneficiary.
So, to sum it up, a policy owner is the one who is in contract with the insurer, while the insured is for whom the policy is named or who the policy is giving coverage to.
For more details, please call your life insurance agent in Georgia.
Tags: life insurance
Life Insurance Rate Georgia GA
Reader’s Question:
My doctor diagnosed me with high blood pressure. Will that increase my life insurance rates in Georgia?
Jan
Atlanta GA
Other than age, occupation, lifestyle, smoking habits and gender, health condition is one of the determinants of
insurance rates. The rates of a person having bad health conditions is likely to be higher than the rates of a person with good health condition. This is because of the risk of dying soon. of the former. Some of the health problems are heart disease and diabetes.
If your doctor diagnosed you with high blood pressure in Georgia, insurance company will look for the possible risk that you may pose but it doesn’t mean that you cannot be approved for a “preferred” premium rate. Anything higher than the blood pressure of 140 over 90 is considered low-level hypertension. The acceptable blood pressure rate is determined by age and gender. Insurance companies use charts to compare your blood pressure, age and gender and decide the amount of insurance you can have. If they find out that your condition is posing for 2 signs of risk factors, your rates will likely be high. However, your rates can be lowered if you show the insurance company that you are trying to improve your health condition like going to the doctor and taking your medication as prescribed.
Tags: life insurance, life insurance rate
Life Insurance Policy Georgia GA
Reader’s Question:
I had a divorce 8 months ago. Will I still need a life insurance policy in Georgia?
Kit
Athens GA
After divorce, some would probably think that they no longer need a life insurance since they’re now single.
Insurance serves as a financial protection for the loved ones of the person who died. If you are now single, you will still need a life insurance but with lower premium. If you have children or dependents with you, it is important that you get a life insurance. There are certain cases than can increase
your need for insurance especially now that you are divorced. Having children or people who are financially dependent to you increased your obligations and ensure their financial security in case you die. Another case is when you are responsible to give financial support for the child. You can either keep your current insurance coverage or purchase a life insurance with your ex-spouse. If your husband is the beneficiary of your current life insurance policy, you may want to update the beneficiary designation. Your agent can help you do the paperwork. However, you cannot name a minor child as the beneficiary. Insurance companies do not make settlements directly to minors. The probate court may require you to set up a trust with an appointed guardian who will manage the proceeds.
Tags: life insurance, life insurance rate
Life INsurance Policy Georgia GA
Reader’s Question:
My friend’s husband died. Will she still need a life insurance policy in Georgia?
Irene
Albany GA
There are certain periods in our life when our financial needs change. In this event, it is important to re-evaluate our needs.
If your friend’s spouse already passed away, she needs to assess her insurance coverage in Georgia. If your friend has children or loved ones who are dependent on her in terms of finances, she needs to purchase a life insurance. On the other hand, if she is older and have children who have grown and are no longer financially dependent on her, she may or may not get herself insured. If she opt to get an life insurance policy, she may need less insurance premium.
If your friend’s children are still dependent on her, life insurance can provide financial assistance to your friend’s loved ones in case something happens to her. The amount of premiums of a life insurance depends on the number of her children, the age of each of her children, her salary, assets and debt. As a rule of thumb, purchase a policy that is six to eight times her salary. She will also have to ensure that the insurance is enough to cover her children’s everyday living expenses and the cost of education until they finish
college. She can ask her insurance agent to help evaluate her needs and find the right policy.
Tags: life insurance, life insurance rate
DUI Auto Insurance Georgia GA
Reader’s Question:
I was asked to pull-over in the states of Georgia and I received a ticket for a DUI of .087 and a broken taillight. How will this affect my father’s insurance?
Bill
Albany, GA
Since a broken tail light is considered as a minor violation, this may not increase your father’s insurance rates. The DUI, however, is a major offense and will likely increase the rate since you were driving the car. A bad driver’s record, whether he/she is the owner or in a household, can affect the premium and the decision of the insurance provider in insuring the car, which may result in turning down the policyholder’s insurance coverage or paying a high-risk premiums.
This is because the insurance company considers a bad driving record to be riskier than a clean driving record. In your case, the DUI citation being a serious offense, will affect your father’s policy. You can contact his insurance agent to know more about the rating system for this offense.
Tags: auto insurance, DUI, DUI insurance
Car Insurance Coverage Georgia GA
Reader’s Question:
I have a son who stopped schooling and would be staying with his sister in Alabama. However, the car he would be using is under my name. Will he still be covered in my car insurance policy even though he is no longer living with us or has already withdrawn from school?
Anne
Atlanta, GA
Guidelines and rules whether your son will remain covered even though he no longer lives with you and attends
school varies among the different Insurance provider. In this regard, you have to check this matter with
your insurance agent in Georgia.
Normally, insurance companies do not want to cover cars that are not within the household or residence of the policy owner except for those whose child is in college. If the case applies with your insurance company your son must acquire his own policy or you can add him on your policy as a co-owner since he might have difficulty with the former because the car is still under your name. Another option is signing the car over to your son so that your name will no longer appear on it. As the owner of the vehicle, you will have to ensure though that he has insurance if you want to keep your name on the car.
Tags: auto insurance, auto insurance coverage, car insurance
Child Life Insurance Georgia GA
Reader’s Question:
A friend of mine told me to get a child life insurance for my 6 year old daughter. Do I really need to get one?
Marsha
Athens, GA
First and foremost, Marsha, you have to really think about your daughter instead of the amount you’re gonna be spending. Usually, adults are the ones who purchase life insurance for themselves. But getting a child life insurance for your daughter is a great idea for there are a lot of benefits with this kind of insurance as well. I’m sure that there are companies there in Georgia that have policies that are suited for children.
Having a child life insurance will give your daughter the protection they need in the years to come. As long as your children are enrolled in a child life insurance policy, their families would also be safeguarded should death occur.
One more benefit of child life insurance is that the annual policy is usually less expensive. Usually, it is better to get your child insured as young as it is possibly allowed. Your daughter’s age and her health can also have an effect on the amount of premiums that you’re going to be offered.
Another thing is that if you buy child life insurance for your daughter now, that would give her insurability in the future when she’s an adult.
There are insurance providers that offer policies for adults and their children as well. And there are also companies that have policies that are specifically designed for the child’s needs.
If you’re really serious about buying your daughter life insurance, then I would suggest you do some your research regarding the best child life insurance in Georgia. Try calling local insurers so you can compare each companies’ offers and their benefits. Or you can search for free quotes online. Take care.
Tags: child life insurance, life insurance
Auto Insurance Premium Atlanta Georgia GA
Reader’s Question:
I’m planning to swap my old sedan for a new Ford F150. Should I set aside more money for insurance premiums here in Atlanta, Georgia?
Adrian
Atlanta, GA
Well, Adrian, it’s not just the make and model of your car that affects your auto insurance premiums in most parts of the US, including Atlanta, GA. Other factors such as age, marital status, location, driving patterns, driving record, claims history and even credit history input to the calculation of your auto insurance premiums. For example, if you’ve just turned 26, some insurers may decide to lower your premiums because statistics show that young men under 25 years of age get into more accidents per mile driven that other age groups. Conversely, if you’ve just moved to Atlanta, GA from a 5,000-population town in Georgia, then you probably will be considered to have taken higher risks.
Assuming that it would have been at least a year since you purchased your car insurance for the old sedan, a lot of the above factors may have changed and would naturally be reflected in the cost of the auto insurance premiums that you need to pay for the new car. I suggest that you request for free online quotes to determine the cost of premiums that you will be required to pay given your new statistics as well as the new car. Key in your zip code on the forms on this page and answer relevant questions to be able to view relatively accurate quotes from local insurers in Atlanta, GA. Several quotes would probably be enough to give you a definitive idea of how much you would be expected to pay this coming year for your new car.
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