Archive for the ‘Insurance’ Category
Senior Citizen Term Life Insurance
Sharon Elrod asked:
Senior Citizen term life insurance is a valuable option but should be planned carefully. There are four types of term insurance:
•Term insurance that lets you sign up for coverage without a medical exam, however you should expect higher premiums. There are some insurance companies that will require a medical exam and base their prices on both your health and your age so be wary of those companies as you’ll find plenty of them that are competing for your business and won’t base your coverage on a physical at all.
•Convertible term insurance lets you convert the policy into a permanent one at any time. There is no medical exam, but premiums may go up.
•Decreasing term insurance pays a death benefit that decreases over time, but payments are usually the same.
As you can see there are differences with pros and cons for all types of term insurance You’ll need to ask questions to be sure of the long term implications and to verify that the policy will meet the needs as you intend them. Keep notes on paper before you speak with someone about the different options, what it is that you need the insurance for and what you expect the end results to be. Bring those questions up for discussion and seek explanations about policies until you feel comfortable that you fully understand and can make a reasonable choice. Then call the next company and go through the same process until you have enough choices to make a reasonable decision.
Be sure to ask about the renewal requirements. You may have gotten a term or level term policy without a physical, however one may well be required when the policy expires and attempts are made to renew. Many also allow for only one term life policy to be active regardless of who the original policy holder is. So again, determine what you feel you need before starting to shop around.
A couple of considerations include purposes for different kinds of insurance policies. Term insurance, for example, is frequently considered a good kind of plan to ensure that burial expenses are completely covered. Inflation may cause a whole life policy to no longer be enough for a surviving partner to live on and pay the funeral expenses, and thus becomes a serious consideration in evaluating plans.
It is wise to talk about this issue with family members or whomever will be responsible for managing the proceeds of the insurance plan when that time comes.
Senior Citizen term life insurance is a valuable option but should be planned carefully. There are four types of term insurance:
•Term insurance that lets you sign up for coverage without a medical exam, however you should expect higher premiums. There are some insurance companies that will require a medical exam and base their prices on both your health and your age so be wary of those companies as you’ll find plenty of them that are competing for your business and won’t base your coverage on a physical at all.
•Convertible term insurance lets you convert the policy into a permanent one at any time. There is no medical exam, but premiums may go up.
•Decreasing term insurance pays a death benefit that decreases over time, but payments are usually the same.
As you can see there are differences with pros and cons for all types of term insurance You’ll need to ask questions to be sure of the long term implications and to verify that the policy will meet the needs as you intend them. Keep notes on paper before you speak with someone about the different options, what it is that you need the insurance for and what you expect the end results to be. Bring those questions up for discussion and seek explanations about policies until you feel comfortable that you fully understand and can make a reasonable choice. Then call the next company and go through the same process until you have enough choices to make a reasonable decision.
Be sure to ask about the renewal requirements. You may have gotten a term or level term policy without a physical, however one may well be required when the policy expires and attempts are made to renew. Many also allow for only one term life policy to be active regardless of who the original policy holder is. So again, determine what you feel you need before starting to shop around.
A couple of considerations include purposes for different kinds of insurance policies. Term insurance, for example, is frequently considered a good kind of plan to ensure that burial expenses are completely covered. Inflation may cause a whole life policy to no longer be enough for a surviving partner to live on and pay the funeral expenses, and thus becomes a serious consideration in evaluating plans.
It is wise to talk about this issue with family members or whomever will be responsible for managing the proceeds of the insurance plan when that time comes.
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http://www.philipjubb.comInsurance For Senior Citizen – How To Provide And Cover Yourselves Adequately!
Ginny Lim asked:
Senior citizen, age 50 and above, can consider two insurance plans that provide you with monthly payout for the entire lifetime, and to take care of final expenses when the final day comes. The first insurance plan is obviously the Annuity, the hot topic in Singapore now.
You may use your CPF minimum sum or cash to purchase an annuity. For annuity purchased using CPF minimum sum, the first payout will be at age 62. For annuity using cash, the first payout can be any age (from age 40 to 65 from NTUC Income) chosen by the policy holder.
If you are cash-rich, you can leave your CPF Minimum Sum with CPF Board that will pays you for 20 years with the guaranteed 4% interest. You may then use cash to buy an annuity that will pay you a monthly income for life. If not, it is prudent to buy an annuity using part of your CPF Minimum Sum.
And if you think that you cannot buy any whole life insurance at age 50 due to high premium and pre-existing illness, fret not! You can still be covered even at age 50 to 70, even with pre-existing illness if you have not been hospitalized for the past 12 months. NTUC Income is the only insurer in Singapore that has an insurance plan that covers you for whole life for death and Total Permanent Disabilities till age 65. The even better news is that you just need to pay for 10 years to get the whole life coverage.
The sum assured is $15,000 but the coverage increases yearly since it is a participating policies. However, do note that the sum assured is pro-rated for the first 5 years of insurance. Hence, the first year coverage starts from $3000, becomes $6000 in year 2 and increases linearly to $15,000 in year 5. For a male age 50, the sum assured becomes $27,240 at age 80 with a total premium of $11,106. This plan, termed Senior Plan, is a good planning tool for the final expenses and inheritance for children. Policyholder can surrender the policy for the cash value, but this will be lower than the protection value. Do note that Senior Plan is a good policy for insurance against death and Total Permanent Disabilities.
This Senior Plan, together with Annuity will thus provide you monthly payout for life as well as to take care of the final expenses.
Senior citizen, age 50 and above, can consider two insurance plans that provide you with monthly payout for the entire lifetime, and to take care of final expenses when the final day comes. The first insurance plan is obviously the Annuity, the hot topic in Singapore now.
You may use your CPF minimum sum or cash to purchase an annuity. For annuity purchased using CPF minimum sum, the first payout will be at age 62. For annuity using cash, the first payout can be any age (from age 40 to 65 from NTUC Income) chosen by the policy holder.
If you are cash-rich, you can leave your CPF Minimum Sum with CPF Board that will pays you for 20 years with the guaranteed 4% interest. You may then use cash to buy an annuity that will pay you a monthly income for life. If not, it is prudent to buy an annuity using part of your CPF Minimum Sum.
And if you think that you cannot buy any whole life insurance at age 50 due to high premium and pre-existing illness, fret not! You can still be covered even at age 50 to 70, even with pre-existing illness if you have not been hospitalized for the past 12 months. NTUC Income is the only insurer in Singapore that has an insurance plan that covers you for whole life for death and Total Permanent Disabilities till age 65. The even better news is that you just need to pay for 10 years to get the whole life coverage.
The sum assured is $15,000 but the coverage increases yearly since it is a participating policies. However, do note that the sum assured is pro-rated for the first 5 years of insurance. Hence, the first year coverage starts from $3000, becomes $6000 in year 2 and increases linearly to $15,000 in year 5. For a male age 50, the sum assured becomes $27,240 at age 80 with a total premium of $11,106. This plan, termed Senior Plan, is a good planning tool for the final expenses and inheritance for children. Policyholder can surrender the policy for the cash value, but this will be lower than the protection value. Do note that Senior Plan is a good policy for insurance against death and Total Permanent Disabilities.
This Senior Plan, together with Annuity will thus provide you monthly payout for life as well as to take care of the final expenses.
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http://www.philipjubb.comSenior Citizen Travel Insurance
Health insurance used to be considered a replacement of income for your spouse and children if you were to die during your working years. People of retirement age and older do not usually have young children to provide for because their children are usually grown up and have their own jobs and families. Therefore the benefits of insurance are directed to the needs of the elderly as they live out the rest of their lives. The life insurance sum will generally pay for the funeral arrangements and provide a lump sum to whoever is left behind. Some also help to pay the fees should one go into a nursing home facility as well. Because of the baby boomers living to a more advanced age the need for this type of health insurance is starting to increase.
Whilst the need for health insurance may decrease with age for some, there are many who would benefit from health insurance for the elderly. People are living longer these days and often, elderly individuals are called on to raise their grandchildren, long after they have finished raising their own offspring. If you are responsible for raising your grandchildren as a senior citizen, who will provide for them when you’re gone?
Social security and pension benefits, if they are eligible to receive them, can fill in the gaps for your spouse and dependents after your death, but will that be enough? Look closely at your individual situation to determine whether or not you need to purchase senior health insurance and, if so, your chances to obtain it at a reasonable rate should you need to. What works for one may not work for you, so you must assess your personal situation before proceeding. Today Health Insurance has changed and many policies that were once thought of as age related are now being revised. Of course changing a policy you have had for many years will always be the best bet, since it was bought at ultimate age, health, and cost. But for those people who never thought they would need it, there are still some great policies available at a reasonable cost with great benefits.
When you become elderly buying health insurance can be difficult. As you get older, the companies that supply insurance cover don’t make any money off you unless they make the policies too high priced to achieve. Securing senior life insurance at a good premium rate can be even more difficult than the ads lead you to believe.
Unfortunately the real fact of the matter is that anything that increases your risk of death also makes you more of a risk to the insurance companies, thus reducing your chances of getting a good deal at a premium rate. Fortunately many insurance companies that specialise in providing senior people’s insurance plans can offer you not only a wealth of good insurance information but they can also offer you a good insurance plan at a decent insurance rate.
You can increase your chances of securing a decent health insurance plan for the elderly if you are prepared to compromise exactly what you want to insure against. One way to achieve this is to get coverage for only long-term care and death expenses (such as cost of funeral, coffin and plot) Another way is by looking at your past and current lifestyle. If you keep yourself reasonably fit, haven’t had any major illnesses and have no bad habits such as smoking and excess drinking you should be able to purchase a good health insurance plan at a decent price.
Although in the past the need for health insurance had been thought to decrease as a person got older this is certainly not the case now. Many insurance companies are seeing a gap in the market helping those of advancing age decide upon an insurance policy that will cover them both in long-term care and also funeral arrangements as the time draws near.
In the past many insurance companies were reluctant to issue health insurance to senior citizens. Not only that but many employer-sponsored heath insurance plans contained provisions to reduce the benefits for employees once they had reached a a certain age, usually 65. Today, although not as bad as in the past, you will often find that this is still the case.
No matter who or what insurance policy you decide to go with, make sure it best suits your needs. Do your research and compare quotes and policies to see who offers the most for the money. Every senior citizen has different needs and it is essential to have all the facts and information laid out logically so that you can get the best policy for the best price. For example, an elderly couple with an adult handicapped child will need more health insurance than a single elderly person who is alone and has only need for long-term and death benefits. There is also a broad spectrum in between which needs to be catered for. It is therefore, essential that you make sure you know what your needs are before signing anything.
Cherie Gordon-Eales asked:
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http://www.telfordcomputers.com
Life is a constant struggle for all of us and most of our struggles are directed towards attaining a certain status in life which will help us in fulfilling our needs in a better way. When we manage to attain a certain position in life, we end up using many things which are necessities and many things which are considered a luxury. Now, till the time we have money or an income it is pretty easy for us to maintain our lifestyle and indulge in all the luxuries. The problem arises when this regular income stops or in other words when a person retires from work. This is the time when one faces shortage of money and since their entire life they have been leading a self dependent life, the senior citizens do not like to ask money from anyone else. In such a scenario there are several financial transactions that one can use for taking care of this issue and this is just one of them.
Senior life settlement is a financial transaction where a senior citizen can sell off his life insurance policy to a broker and get huge amounts of money out of this sale. The senior citizen can get the amount either in lump sum or in installments as they may want. When the insurance policy is sold off to the third party the original owner is no longer responsible for paying off the premiums of the insurance. It is the duty of this third party i.e. the broker to ensure that the premiums are paid fully and in time so that he can get the insurance money once the insurance policy matures. A senior citizen also has the option of taking a loan against the insurance policy and here the insurance policy will remain with the owner. Here, the loan acts as the collateral based on which the broker will provide the owner with a loan.
Life after retirement can become really tough and it is here that the senior citizen needs to think very well and make a smart choice, about how to arrange for money to lead his retired life without any tension. This is a very common option among several senior citizens in the United States and the number of people who are opting for this is gradually increasing. So if you are approaching your retirement age, you must explore all possibilities and find out what you can do to make your retired life smooth sailing.
Having a life insurance policy can actually help you out in your old age. Understandably, you may be skeptical about the whole thing, so what you can do for this is find out all the information that you can about the whole process. The web is a very good source for you to gather all the information that you are seeking. It has come as a boon to several senior citizens who are looking out for money to take care of all their pressing financial needs after their retirement.
