Why this economy will require people to purchase Boston Life insurance

Many people during these economic times feel that they cannot afford life insurance although they know that they need it. It is imperative for people to realize that if there is a need for you to protect your family you should definitely sacrifice the money each month to pay for life insurance premiums.

It would be easier for your family to pay for a premium that in most cases is under $100.00 than it would be to pay for all of the expenses each month in the event that a spouse dies. Presently most families need both incomes to pay for their bills and would not be able to keep the same life style if a spouse dies. Even if a spouse stays at home to care for a child it still would be important to have life insurance for them because childcare is extremely expensive and this is an additional cost that would be needed to come out of the budget each month if the stay at home spouse passes away. It is important to ask yourself how your family will survive without your income if you pass away. If you know that they are going to have a hard time paying the bills it is time to act now before it is too late and purchase enough life insurance so that your family can maintain their lifestyle after your death.

Many young families believe that they have time to purchase life insurance due to their age but it is a known fact that we all do not know when we will pass away. People of all ages pass away each day. Not only that but it is best to purchase life insurance when you are healthy. You can be fine today and tomorrow be diagnosed with an illness. In many instances, I have had clients contact me when it is too late or had they purchased life insurance when they were health they would have saved a lot of money each month on their monthly premiums. Don’t let this scenario be your situation.

Baby Boomers and MA Final Expense Life Insurance

Baby boomers are a group of seventy six million American people who were born 1946-1960. Many of these baby boomers are starting to retire during one of the most volatile economies America has ever seen. In addition, to retiring some are being layed off from their employers after working for their employers for years sometimes decades.
Unfortunately, many baby boomers are left without having the necessary life insurance they that they relied on through their employers. This is why final expense life insurance has grown in popularity. Many people who are retired or layed off in this age group now know that they need some sort of life insurance to pay for their funerals and final expenses. With their pensions, and other retirement accounts being negatively affected by the current market they need an option to help their families pay for expenses upon their death.
Term life insurance usually is not an option for this age because they need the permanency of whole life insurance. A policy is usually issued from $5,000-$20,000. Final expense life insurance requires no medical exam and the applicant only needs to answer a few questions to obtain coverage. A policy is usually issued within a few weeks. Most importantly, in some states regardless of your health condition an insurer must issue a policy to you. In the state of Massachusetts an insurance carrier must offer at least a $5,000 policy to an applicant regardless of their health.

Already Have MA Life Insurance? How MA Final Expense Insurance Can Help You.

Many people who have traditional life insurance do not see a need to purchase additional final expense insurance. This article discusses why it may be important to purchase additional final expense life insurance to cover your funeral expenses to avoid unnecessary fees and interest on unpaid balances after the funeral services have been completed.
It is first important to identify what is Final expense insurance versus traditional life insurance. Final expense life insurance is purchased at a lower face amount compared to traditional life insurance. For instance, with a traditional life insurance plan a person may need to use the funds to pay off their debts, mortgages, and to maintain a certain life style for their spouse and or children. Final expense life insurance is used to provide immediate funds for a person’s funeral usually $10,000-$15,000.

There is no medical exam with Final expense insurance. During the application process you have to answer a few medical questions and there is no underwriting. In certain states like Massachusetts there is a guaranteed issue of up to $5,000 coverage even if you are in poor health. Life insurance policies usually require a paramedical exam and underwriting prior to approving coverage. With Final Expense Life insurance you are usually issued policies within a week or two opposed to waiting sometimes over a month for approval with traditional life insurance.

Unlike traditional life insurance, Final expense funds are usually dispersed within 24 hours after the funeral service is provided. There is usually a lengthy waiting period to receive funds with traditional life insurance policies because the beneficiary has to provide death certificates and other required documentation to the insurance company. This can sometimes take months to settle your claim and receive the money to pay for services. As a result, you will incur unnecessary fees on outstanding balances after the funeral services have been performed. Many people usually expect to use their savings when to fund their funeral but do not realize that the last six months of their lives can be the most expensive time in their lives. Unfortunately, at this time many people spend up their savings and do not have any money to contribute towards the funeral. This is where final expense life insurance can come in handy. A small policy usually $10,000-$15,000 can be made available to the family within 24 hours after the services have been performed. This will help ease the family’s financial burden at the time of grief.

How Much Do Funerals or Cremation Services Cost?

When figuring out how much final expense life insurance you may need it is important to find out how much it would be for a funeral or cremation service. Although, it varies by area it important to figure out what type of service you want and price them so that your family is prepared and are not financially burdened at the time of your death.

Upon researching you will find that there are different options available to you when planning your services. The average funeral can cost $6,500 or more depending on the arrangements. All funeral service providers charge a basic fee which can range between $500-$2,000. This fee cannot be avoided as it is used to acquire the death certificate, sheltering the remains, and making the necessary arrangements with the cemetery or crematory. In addition to this fee there are also optional services such as embalming, memorial service, use of equipment and staff, caskets, cremation, burial containers, or the intermittent that are not included in this price.

Caskets can range between $2,000-over $10,000. Funeral homes can sometimes mark up caskets up to 600%. It is best to shop around on prices for caskets this can really save you a lot of money. Funeral homes have to accept a casket even if it is not purchased through them. A funeral plot can be $500 to several thousand dollars, Opening and closing a grave can be $350 to $1,500 depending on the time and day of the week, and a headstone or markers can be $500 to several thousand dollars. If you are going to be cremated and want to a memorial service prior to your cremation check with your funeral home to see if you can rent a casket for the service. An urn can cost as much as $1,000 or more.

If you want to ensure that your family is not financially burdened during their time of grief it is important to have some sort of plan to pay for all of these fees. This is what final expense life insurance was designed for. The beneficiary usually receives payment within 24 hours after the service is performed. We usually suggest purchasing a policy between $10,000-$15,000 to cover your expenses but it is up to you to research to find the best coverage amount for you and your family. Remember that it is best to prepare before it is too late.

SUZE ORMAN SAYS
I HATE WHOLE LIFE INSURANCE
I HATE UNIVERSAL LIFE INSURANCE
I HATE VARIABLE LIFE INSURANCE
THE ONLY TYPE I LIKE – FOR THE PURPOSES FOR INSURING YOUR LIFE – IS TERM INSURANCE!

As a life insurance agent I believe that everyone has a specific goal that they want to acheive when purchasing life insurance. If a young couple wants life insurance to cover their mortgage payments, debt, and most importantly want to maintain their life style I would definately say term life insurance is the way to go. Not only will this route be cheaper than whole life insurance but a families needs will change as the kids grow up and their debt (hopefully) diminishes.

Now if someone is 60 years old and does not have any life insurance I would say to go with whole life insurance and more specifically final expense life insurance. At this age the kids are grown up, this person should have minimal debt and their only concern is to pay for their funeral and a few outstanding debts that they have. This would require a low life insurance value such as $10,000-$25,000. I would not recommend term life because at the end of the term of coverage this person would be either uninsurable or would have to pay such a high premium that they would not be able to afford it.

Buying MA, PA, TX Life Insurance Online

8 Steps to Successfully Buying Life Insurance Online

Step1
Roughly estimate the amount of life insurance you need by multiplying your gross annual income by 6,. If you have a mortgage to pay off, consider adding that amount to whatever result you have.
Step2
Choose a quality life insurance company with a plan that appeals to you and that is affordable.
Step3
Follow the individual company's instructions for submitting a formal life insurance application.
Step4
If a medical or paramedical exam is necessary, schedule the exam time in the morning, if possible, for best results.
Step5
After successful underwriting, check your life insurance policy carefully for errors or inaccuracies.
Step6
Sign the delivery documents and return them to the life insurance company along with your first premium check to put the coverage in force.
Step7
Keep your life insurance policy in a safe place, treating it like any other legal document.
Step8
Make sure your beneficiary knows the life policy's location and/or provide that person with a full copy of the policy.

For additional information visit my website at http://www.usa-lifequotes.com/

MA, PA, TX Life Insurance

Welcome to my first blog post. My goal is to inform you about life insurance and Medicare supplement insurance. Many people know that they need life insurance but do not now where to begin. Yes you can search and receive a quote online but what does that mean without knowing the basics such as:

1)How much insurance do you really need?
2)What is the difference between whole and term life insurance?
3) What are the steps to purchasing insurance online?
4) Where can I go if I have been turned down by a life insurer?
5) Why do you need Medicare Supplement Insurance?
6)Which plan is best for you?
7)How will the changes in 2010 affect your Medicare insurance?

These are just a few questions that I will answer on my posts. My job is to help people make INFORMED decisions when purchasing life or Medicare supplement insurance. Anyone can sell you insurance but can they truly help you make an informed decision when purchasing insurance? Hmm...more information to follow!