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Term Life Insurance Premium Rates For Seniors Today – Average Cost Of Coverage … - US Life Daily
Annual renewable term life insurance policies are usually provided at fairly cheap premium rates to many Americans. But many senior citizens currently looking for this type of coverage may find it difficult to get at a cheap premium costs, or to get at all. Because of the state of the economy, many individuals are looking for ways to save money or spend less on current bills and expenses. Term life insurance is usually considered one of the cheaper forms of life insurance available to Americans, and many people seek it because of the amount of money they can save on this particular type of coverage.
Term life insurance is a type of life insurance that allows an individual to purchase a policy for a specific amount of time. This term can be for one year or multiple years. Many people purchase term life insurance in five-year increments. Doing so gives an individual and opportunity to receive life insurance coverage so in the event of a death, the beneficiary will receive a certain amount of money to cover financial obligations. Many individuals will look for policies ranging between $250,000-$500,000. People also expect to pay as little as $7 for the term insurance plans. Rates are calculated differently for each individual. Usually, health and age plays a large role in this risk factor calculation. A person with a higher age or poor health may expect to pay more for coverage , or have a difficult time being considered insurable. These life insurance policies usually require some type of annual checkup, and for senior citizens with health issues, this may prevent them from getting coverage. There are some companies that provide term life insurance to Americans that do not require medical examinations. These policies can be helpful, but the premium costs are usually much higher.
Many term life insurance companies will provide access to rate quotes for Americans online. These tools to get rate quotes are usually free, and can take anywhere between 15 and 20 min. to complete. The tool consists of a form or multiple forms that ask for some personal information from the individual to better calculate how much premiums should cost. Once an individual completes these forms, they can get a better idea have how much they will pay for their coverage. It is usually a good idea to get multiple rates before making a decision. Getting multiple rate quote from multiple term life insurance providers can help Americans looking for a life insurance finding a cheap or more affordable term life insurance plan.
Term Life Insurance Premium Rates For Seniors Today – Average Cost Of Coverage ... - US Life Daily
Many feel repercussions of long-term unemployment - Lansing State Journal
Almost 2 1/2 years after losing his job as an inventory technician, all Mark Baerlin has to show for his lengthy job search are notebooks filled with information about the 343 jobs for which he applied.
In early July, Baerlin exhausted all 99 weeks of his unemployment benefits. He has been saving every penny he can, canceling doctor appointments and using as little water, lighting, air-conditioning and gasoline as possible. If the 51-year-old doesn't find a job soon, he could lose his house.
In early July, Baerlin exhausted all 99 weeks of his unemployment benefits. He has been saving every penny he can, canceling doctor appointments and using as little water, lighting, air-conditioning and gasoline as possible. If the 51-year-old doesn't find a job soon, he could lose his house. "I'm living on my savings, and that's not going to last very long," he said.
Welcome to the world of the long-term unemployed, who face a 20 percent drop in earnings over the next two decades, loss of retirement savings, isolation, increased risk for depression and even reduced life expectancy.
Many feel repercussions of long-term unemployment - Lansing State Journal
Long-Term Unemployed Losing Hold On Middle Class - Huffington Post
If anyone in America could plausibly claim immunity to the unemployment crisis, Joe Sangataldo figured to be the guy. He earned his wages at a county social services center in southern New Jersey, where he helped jobless welfare recipients try to find work. In a nation beset by relentless decline, here was a rare growth industry, one with staying power.
But last fall, confronted with what it portrayed as an otherwise-unbridgeable budget gap, Cumberland County laid off Sangataldo along with six of his co-workers. A career civil servant with a college degree, he suddenly found himself part of the very mass of people he had previously been paid to assist.
Among economists and policymakers, the conversation with greatest currency today centers on fears of a double-dip recession -- whether we are in one, or on the verge. Two years after the official end of the downturn known as the Great Recession, economic growth is again weak, housing prices are still falling and manufacturing is retrenching. But among people like Sangataldo -- the 6.2 million million Americans who have been officially without work for six months and longer -- such talk sounds like an esoteric exercise, one with little connection to daily life.
That perspective speaks to what may be the greatest loss imposed by the recent years of economic downturn in the United States -- as paychecks have been traded for unemployment checks, homeownership has yielded foreclosure and upward mobility has given way to a resigned struggle to avoid slipping into poverty -- a loss of faith in the durability of American middle class life.
Long-Term Unemployed Losing Hold On Middle Class - Huffington Post
How Much Does a Life Insurance Agent Pocket? - Fox Business
That's a dirty little secret the insurance industry doesn't want you to know, for fear it would kill the sale. "If the public knew that my general agent gets 120 percent or that I get 85 percent of the first-year premium, that would be an eye-opener," admits one life agent, who spoke on condition of anonymity. We'll call her Anne.
For example, let's say you purchased a whole, universal, variable life or term life policy from Anne and paid $1,000 in premiums the first year. Anne would receive a commission of $850 and her general agent, or GA, the person who solicits Anne's applications, would receive the remaining balance of $350, for 120 percent of your first-year premium. The insurer throws in the extra 20 percent.
Anne's commission is negotiated between her GA and the life insurance companies that underwrite the policies she sells. It is invariably based on a percentage of the first-year premium. If the customer cancels the policy in the first year, Anne must pay it back, or charge back , that amount to the insurance company.
She says most life insurance companies she works with give away the entire first-year premium and more in sales commission. It may seem substantial, but it amounts to pennies compared to what the insurer expects to receive in premiums for years to come.
How Much Does a Life Insurance Agent Pocket? - Fox Business
I Still Think The Life Insurance Company Screwed Them - Forbes
I am a CPA with over 30 years experience. I focus on the tax issues of individuals, closely held businesses, partnerships, limited liability companies and sophisticated real estate transactions. My blog entries are generally based on original source material that is no more than two months old. I am a partner in the accounting firm CCR LLP based in Westborough Massachusetts.
There have been a few cases in the last year about people getting hosed by taxes when they close down life insurance policies. The most recent was that of James Ledger but I’m going to skip back to John Sanders , because the numbers were laid out more clearly in that decision. Mr. Sanders had paid a total of $10,117 in premiums and had borrowed $7,136 on his policy. When it was cancelled he received a 1099-R showing a gross distribution of $17,292 making him taxable on $7,175. This happens because the policy loan is clocking interest which is deemed paid when the policy is cancelled. The interest is non-deductible (or was in the case of Mr. Ledger and Mr. Sanders, anyway). I asked some insurance guys to comment and I was pleased that my friend Perry Smith got back to me. I’m sure Mr. Ledger and Mr. Sanders would not have gotten into the pickle they did if they had Perry looking out for them, but he still makes a spirited defense of the the insurance companies.
The deal is actually quite fair – if a person owns an “endowment” – type contract that matures while alive. Most policies written today are NOT endowment life policies – rather, they “mature” when the insured dies, and NOT before at some age or time duration after initial acquisition.
Think of it this way: If I pay in $50k over 10 years, and take out $70k in loans thereafter – say in year 15, and then surrender the policy in year 20 for a net surrender value of $5k – what have I actually received (ignoring interest)? I have in my pocket received the $75k and my putative basis in the policy is $50k – so I must recognize an ordinary income of $25k. A fair result under current tax law, no? YES.
I Still Think The Life Insurance Company Screwed Them - Forbes
Phoenix Companies (PNX) Reports Core Earnings Improvement, Further Growth in … - MarketWatch (press release)
PNX -5.74% today reported net income of $4.4 million, or $0.04 per share, and an operating loss of $2.9 million, or $0.02 per share, for the second quarter of 2011. These results compare with net income of $10.3 million, or $0.09 per share, and an operating loss of $20.0 million, or $0.17 per share, for the second quarter of 2010.
Excluding $18.0 million of tax expense, second quarter 2011 operating income was $15.1 million, or $0.13 per share. Given the significant volatility in the company's GAAP tax provision, certain operating comparisons are given on a pre-tax basis.
Mr. Wehr also noted that credit impairments in the company's investment portfolio were at their lowest since the first quarter of 2007, contributing to the net realized gains.
Mr. Wehr also noted that credit impairments in the company's investment portfolio were at their lowest since the first quarter of 2007, contributing to the net realized gains. "Overall, we are seeing results -- meaningful annuity deposits, much improved persistency, and revenue growth at Saybrus Partners -- that show the Phoenix franchise is reemerging. With our increasing market acceptance, we are focused on gaining market share by enhancing our product portfolio and expanding our distribution footprint in areas where we can grow profitably," Mr. Wehr said.
Phoenix Companies (PNX) Reports Core Earnings Improvement, Further Growth in ... - MarketWatch (press release)
Insurers will need injection of cash, S&P says - China Daily
BEIJING - Chinese insurers will need more than 110 billion yuan ($17 billion) of external funding to fuel their rapid development in the next three years, insurance analysts from Standard & Poor's said on Wednesday.
BEIJING - Chinese insurers will need more than 110 billion yuan ($17 billion) of external funding to fuel their rapid development in the next three years, insurance analysts from Standard & Poor's said on Wednesday. "This is particularly true for non-life insurers, given their relatively low capitalization," Standard & Poor's credit analyst Connie Wong said.
Based on 2010 financial figures, at least eight Chinese non-life insurers had an indicative ratio of less than 30 percent, which is low compared with international peers. And capital injections of 82 billion yuan would mean a more respectable 40 percent ratio with an assumed premium growth of 15 percent over three years, according to Standard & Poor's.
In the life insurance sector, at least seven companies had an indicative ratio of less than 4 percent, which Standard & Poor's considers to be less favorable. A capital infusion of about 32 billion yuan would boost the ratio (of shareholders' funds to total assets) to 5 percent and meet an assumed premium growth of 15 percent over three years.
Insurers will need injection of cash, S&P says - China Daily
Mutual fund + term insurance > Ulip - Livemint
The new numbers say it clearly now: A mutual fund plus term insurance cover is a smarter strategy than buying a bundled product in the form of a unit-linked insurance plan (Ulip). The insurers’ argument for the Ulip is old—it gives you double benefit of investment and life insurance in one product. Buy a mutual fund for investment and a pure term policy to cover your life, say financial planners. And arguments fly thick and fast from both camps.
One of the arguments in favour of the Ulip was that if you kept the product alive for more than 10 years, it eventually did better than a mutual fund, if we looked at similar returns and built in costs of entry, fund management and mortality. But with both the capital market regulator and the insurance regulator hacking away at costs, the numbers need to be run again.
We ran the numbers taking an annual investment of Rs 1 lakh for a 35-year-old that would buy a life cover of Rs 50 lakh. We used an illustration of a type II Ulip (one that gives you the fund value as well as the sum assured on death. Type I gives you the higher of the fund value or the sum assured) growing at an annual return of 10%, and we took a mutual fund with an expense ratio of 1.75%—most diversified equity funds in Mint50 charge around 1.50-1.75% per annum. The MF-term cover combination won ( see graph ). The same numbers for a cover of Rs 10 lakh, too, make the combination the winner for most part of the tenor.
In September 2010, the regulator capped the costs to 2.25% for Ulips with tenors above 10 years. So if the fund is growing at an assumed rate of 10%, the costs wouldn’t drag down the net return below 2.25%. In other words, the minimum mandated return becomes 7.75% in the example mentioned above. We put the numbers through a blender of Excel sheets factoring in this cost and got the older result: Ulips are long-term products and make sense if taken for a term above 10 years. But this is only in theory.
Mutual fund + term insurance > Ulip - Livemint
Term or whole life insurance? Answers to tough questions about insurance - newjerseynewsroom.com
He’s a partner in a company, The Pinnacle Benefits Group, with offices in Manasquan and Boonton, which works with small business owners, financial planners, CPAs, and lawyers to suggest which policies to purchase for themselves and their clients.
Leone points out that he’s a broker, not an agent: He can recommend the best policies out there, not just the policies of a company that employs him.
When you’re done putting your last child through college or graduate school, he suggests, take the money you’re saving and purchase a policy. Typically, at age 50 to 55.
He recommends a “shared” policy – where both spouses pool their benefits. Such shared policies are less expensive, he points out, and they can cover a situation where one spouse lives into his or her 90s.
Term or whole life insurance? Answers to tough questions about insurance - newjerseynewsroom.com
MassMutual Agent Stephen Eifler Qualifies for Leaders Conference - STLtoday.com
MassMutual agent, Stephen Eifler, CFP of Mass Financial Group, Inc. has qualified for the Massachusetts Mutual Life Insurance Company’s (MassMutual) prestigious Leaders Conference. Eifler has also been recognized for the Fast Start Award and the Rising Leaders award. These achievements are for new associates in the financial services industry.
MassMutual agent, Stephen Eifler, CFP of Mass Financial Group, Inc. has qualified for the Massachusetts Mutual Life Insurance Company’s (MassMutual) prestigious Leaders Conference. Eifler has also been recognized for the Fast Start Award and the Rising Leaders award. These achievements are for new associates in the financial services industry. “Stephen has been an incredible asset to both our firm and his clients. His dedication and enthusiasm make him a natural candidate for these prestigious qualifications, we’re proud to have him as a member of our team,” said Carl L. Kickham, President and CEO.
The MassMutual annual Leaders Conference recognizes the most productive 18-20 percent of career agents and is considered one of the highest honors an agent can earn. Eifler is among the qualifiers from a nationwide field of 5,000 associates and was selected based on sales-based figures along with quality of service to policy owners and clients.
Eifler will travel to Denver, CO with other top MassMutual representatives and their families. Leaders Conference attendees will celebrate the past year’s achievements, as well as discusses current topics such as pending legislation, industry and economic trends, customer relations, and other issues of importance to the agents’ businesses and their clientele. The conference also allows agents and their families to build strong personal ties with MassMutual representatives from other parts of the country, share best practices, and develop close business relationships with home office personnel.
MassMutual Agent Stephen Eifler Qualifies for Leaders Conference - STLtoday.com