Readers Question:

I would really like to know how to get the best life insurance policy for me. Can you share some tips to help me out here in Georgia? Thanks

Igby

Savannah, GA

Definitely! With the right information, you can be on your way to getting the best-priced Georgia life insurance coverage in the market, helping you save hundreds of dollars annually! Heres how:

Its Not The Best If Its Not The Right One For You

With the gamut of life insurance policies, one should know what kind suits his/her need the best. Term life insurance is great for people looking to get cheap life coverage for a certain period of time only. A whole life policy, on the other hand, is something that has the potential to grow and accumulate wealth while maintaining permanent insurance coverage, even if it can be a bit pricey initially.

Know How Much Life Insurance You Need To Buy

The best way to do this is to get t least a rough idea of what your dependents will need in the immediate future, should you suddenly pass away. Take into account daily expenses as well as long-term financial obligations such as loans or mortgage.

Get The Best Rates

Getting the most competitive rates from a wider range of insurers is now easier than ever! Thanks to online life insurance portals (like this website) that offer consumers free and instant access to the latest offers. Maximize your ability to get the best life insurance policy by comparing all your options effectively.

Live A Healthier Lifestyle, And Quit Smoking

Smoking kills, eventually, but makes you pay ridiculously expensive rates first! How ridiculous? About three to four times more than what a non-smoker would pay for the same amount of coverage. Those who start getting back in shape, taking a proper diet, and shunning away from extreme habits and activities will have lower premiums to contend with on their life coverage.

Reader’s Question:

I am a student here in Georgia. I’ve been surfing the Internet and I’m shocked to find that car insurance rates are too expensive. Since I am still a student, I’m not sure if I can afford those rates. I just wanna know, what are the things I need to do to get cheap student auto insurance in Georgia?

Bianca

Athens-Clarke County, GA

I am a student myself too. The fist time I was looking for cheap student auto insurance in Georgia, I was really shocked on how high the car insurance rates are. However, I found two effective methods on how you can lower you car insurance rates:

• Be contented with an old vehicle and do not ask for some fancy cars from your parents. Believe it or not, the more “attractive” your vehicle is (and what I meant by attractive is expensive) the higher your car insurance rates will be. If you are considering in buying a new car or asking a new vehicle from your parents, remember this golden rule: “How much will it cost for my car insurance company to repair or replace the damages on my vehicle?” If you think the answer is ok, meaning not expensive to repair or replace, then go ahead and get your low cost vehicle.
• Be a person worthy to be called as a “student”. What do I mean by this? Live up to the expectations of being a “good student”. Get good grades from school strive for an A average or if you cannot, then B will be just fine. The reason for this? Auto insurance companies offer a good student discount for those who have an average of B or even higher.

For more information on how you can get cheap student auto insurance in Georgia, you can always ask your auto insurance agent.

Reader’s Question:

What kind of life insurance would I need to get if I only want coverage while paying my house mortgage here in Georgia? How about a decreasing life insurance policy?

Creath

Savannah, GA

Some people would find enrolling under a decreasing term life insurance policy would be best since the life insurance premiums decreases over time. This is one of the major kinds of term life or temporary life insurance where the total amount of life insurance coverage decreases as the policy matures. Lets say you take out a decreasing life insurance coverage there in Georgia with a face value amount of $100,000 that decreases $20,000 annually over a five years coverage period, by the fifth year, your premiums would have been very low however if you die within the fifth year technically your beneficiaries would only get $20,000.

An alternate would be a level term life insurance policy which would keep your rates as well as the amount of the insurance coverage level throughout the whole period. This would be more advantageous since your beneficiaries are assured of the entire coverage amount even if you happen to die during the last year of your life insurance coverage period.

So if you buy a large amount of coverage (or also known as “Face Value”) and intend to use this amount to cover the remaining mortgage amount on your house, level term life insurance would be your safest bet. It may be a bit more expensive then a decreasing life insurance term but you get the peace of mind knowing that your beneficiaries will get the full benefit amount regardless of what happens.

Tags: life insurance, life insurance advise, cheap term life insurance, advise

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

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.

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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

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

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

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

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