Purchasing insurance requires giving a lot of personal information to insurers, and scammers know this: they will try to get you to purchase a policy just so they can get your private and sensitive information. The last thing anyone wants to deal with is a scammer. Between the constant scam call, texts, and emails that people get every day, you have probably become more cautious and suspicious than ever. But did you know that there are life insurance scams too? Whether you currently have a life insurance policy or are looking to purchase one, you need to be aware of the scams that are out there and know how to protect yourself.
1. Fraudulent Websites
If you are searching for a new life insurance policy, you know that googling life insurance will bring up hundreds of companies. Unfortunately, some of the companies that claim to sell life insurance actually don’t – they are just fake companies that are trying to steal information from people looking to purchase insurance. The best way to protect yourself is to check the Better Business Bureau to confirm a business’s legitimacy.
2. Fake Calls
Some scammers who know you are on the hunt for a new life insurance policy might call you pretending to be an agent, and claim they can help you find a life insurance policy. If someone calls you from a life insurance company, ask them to verify their affiliation and then make sure to research the company online. They also should be able to provide you with a license number, known as a national producer number; once they have given you that, you can look up the number to verify if it is legitimate or not.
3. Beneficiary Scams
Not all scams happen when you’re looking to purchase a policy: unfortunately, there are scammers out there who will try to use your grief against you. They will find people who have recently passed away and email or call their loved ones, telling them that they are the beneficiary of a very large life insurance policy, but that they will first need to pay any outstanding premium balance to receive the money.
This is a very elaborate scam, but it does happen more than you might think. So if you do receive a phone call or email like this, contact the insurance company that the person claims they are affiliated with before taking any further action.
4.Spam Emails/Texts
Some scams can also be related to your existing policy. These scams are often similar to those scam emails or text messages claiming to be from your bank, saying that there are issues with your account, and asking you to click on a link to address the issue (which you already know never to do!) In these cases, life insurance scammers will say that there is an issue with your current policy, ask you to click on a link, and then either make a payment immediately or enter your personal information.
If you ever receive a text or an email that claims to be from your life insurance company, the best thing to do is to call your insurer and see if there is an actual issue with your policy.
5. Policy Changes
So you found a life insurance company online and purchased a policy from them, only to find out that your premium payments are double what you should be paying. This should be a red flag. Even “legitimate” online life insurance companies can scam you by switching you to a higher value policy without your consent or permission.
The best way to protect yourself is to keep your policy documents in a safe spot so that you know exactly what you have agreed to, and so you can contact your life insurance company immediately if there are any changes or inconsistencies. In addition, as we pointed out earlier, you should only work with reputable, top-rated life insurance companies.
Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are a lot of great, reputable life insurance companies out there, who can offer you multiple life insurance options that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
What do you think about when you hear “life insurance”? You probably think about purchasing a policy so you can make sure that your spouse, children, or other loved ones can be financially secure after you are gone. But maybe you have another idea of who you’d like your life insurance money to take care of: perhaps you have a beloved pet you’d want taken care of in the event of your death. While pets can’t inherit money or possessions, some life insurance companies will offer you the option of setting up a trust to ensure that your pet is cared for after you’re gone.
Do You Need A Pet Trust?
If you have a pet that is expected to outlive you, you will need to make arrangements to make sure that it is taken care of after you’re gone. After all, pets are expensive: food, vet visits, etc can cost thousands of dollars a year, which could be a burden for your family or any person who will take on the responsibility of caring for your pet. If you think it will be difficult for your family members, or other designated caregiver, to take on these expenses, you should consider talking to a life insurance company about setting up a trust that will pay out benefits to them for the care of your pet.
Types of Pet Trusts
There are three different kinds of pet trusts that you can choose from, each with its own limits and considerations:
Traditional Pet Trust– With this type of trust, you will name a caregiver for your pet, and give specific instructions on how to take care of your pet. The trust will also designate a separate trustee who will be responsible for managing the money in the trust.
Statutory Pet Trust- With this kind of trust, you will not have the option to give specific instructions for how you want your pet to be cared for. Instead, there will be a designated lump sum of money set aside for your pet that the caregiver will use to care for it, as well as a second person to oversee the funds.
Pet Protection Agreement- This is a legally binding contract that is signed by you and your pet’s future caregiver, but it is not ideal for transferring large sums of money.
Your pet is your companion and best friend, and losing you will be hard enough on them. If you want to make sure your pet is taken care of when you pass, you can consider a life insurance policy that designates someone to take care of your pet, and leaves them the money necessary to do so.
There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
If you’re searching for a life insurance policy, you probably have a checklist of what you want in a policy, such as affordability and adequate coverage. But have you thought about who you will name as your beneficiary or beneficiaries? You want to make sure that you designate the right person/people as your beneficiaries so that your final wishes are honored. So how should you go about choosing a beneficiary?
When choosing your beneficiary, you should be aware of some special considerations in the case of certain kinds of beneficiaries:
Underage beneficiaries– If you have children, you might want to name them as beneficiaries of your life insurance policy. But you need to be aware that if they are not of age to receive the death benefits, you will have to set up a trust or appoint a guardian to control the money until they are of age.
Unreliable beneficiaries- If the person that you would like to name as beneficiary is not responsible with money, you might want to consider putting the money into a trust or appointing someone else to manage it. In this case, you can provide instructions for how the money should be given out.
Secondary beneficiaries– Sometimes it’s good to have a second beneficiary listed in case something happens to your first beneficiary: for example, if they pass away before you and you don’t get a chance to update your policy. The secondary beneficiary will be listed as a contingent beneficiary, and will receive the money if the primary beneficiary is unable to.
No beneficiaries– If you feel like you don’t want to leave any money behind to anyone, but you have a policy and don’t want it to go to waste, you do have the option of choosing no beneficiary. You can put all the money into a trust, pay off debts, or leave it to a charity of your choice.
When you choose a beneficiary, make sure that you have all the necessary information listed on your policy, such as their name, their relationship to you, and how your insurance company can reach them. In addition, make sure that you notify your beneficiary so that they are aware of your policy; you should also be sure to leave them a copy of any documents they need for when the time comes to claim the death benefits. This will make the process go more smoothly for them at a difficult time.
Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with expenses. Not only will they have to pay for your funeral expenses, but they will have bills to stay on top of without your help, debts, and more. The last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough financial security for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
Generally, when businesses collect information about your shopping habits, they are trying to better understand what customers want, and to find ways to improve their products. Insurance companies are no different, and with so many of us shopping for insurance online, insurers are also collecting data so they can improve their products, offer different products, or adjust their service to benefit their customers. So what does this mean for you?
What Is Big Data?
Many businesses have access to information on current customers, or people who are shopping for the products or services they offer. They use this information to make better decisions about how to meet customer expectations and needs.
And while it might seem intrusive to collect your personal data, there are benefits for customers to this practice. Businesses often use the data they collect not just to sell their products and services, but also to improve their products and services, as well as their customer service.
Insurance companies focus specifically on the digitization of health, and on lifestyle-focused data. These companies have used information about mortality rates, health trends, and consumer behavior for a long time to make better decisions for their policyholders. But now, with the ability to collect customer information online, insurers can better understand trends and speed up operations.
What Data Do Life Insurance Companies Collect?
When you undergo the underwriting process or a medical exam, your life insurance company will collect data about your prescription history, motor vehicle record, criminal record, and health status. They use this information to better understand your overall health and the risk of insuring you, but they also collect this data on all applicants and customers, collate it, and use it to:
Help make decisions about products they offer
Gain better insight into consumer behavior
Understand risks so they can underwrite policies more accurately
Evaluate customer preferences and unmet needs so they can create better products and services
How Does Data Collection Benefit You?
Collecting data can help companies when they’re underwriting policies, allowing for faster approvals and denials. This means you can be approved more quickly, and if you are approved, your plan will be effective sooner than it would have been in the past.
Data collection can also help insurers price your plan more accurately, based on medical records and other health information – you might even be able to skip the formal medical exam.
Insurance companies will never sell or release your information to anyone.
Last but not least, data collection can provide you with better customer service. If your life insurance company has a better snapshot of your needs and preferences, they can offer more personalized service.
Will Insurers Share Your Information?
Life insurance companies manage your data the same way they would handle financial data, in a secure manner. All of your information will be kept within the company’s systems, and all insurers must follow industry standards, laws, and regulations.
Need Help?
Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
Choosing a life insurance plan is not an easy task. You need to make sure that you review all of your options and choose the policy that best meets your and your family’s needs – and there are so many different kinds of policies to choose from that comparing them can take a lot of time. But comparing life insurance quotes from the top-rated companies is the best way to find the right policy that meets your needs and budget. So where should you start?
Getting Started
When looking for a quote, you’ll first need to have an idea of how much you’re willing to spend, and the amount of coverage you’re looking for. For example, do you want a policy that will help replace your income, pay off debts, or meet other financial goals for your family?
Then you’ll need to think about which of the two major types of policy – term life or permanent life – is right for you.
Term Life
This type of life insurance is generally the most popular type because it provides a good amount of coverage at rates that are affordable for many families. These policies cover you for a set number of years of your choosing, usually anywhere between 10 years and 30 years. During this time, if the policyholder passes away, the benefits are paid to the beneficiaries tax-free. The only downside to this type of policy is that if you outlive it, you will have to find another plan, which could end up being more expensive.
Permanent Life
This type of policy includes whole life and universal life insurance policies, which will cover you for the entirety of your life. One of the main reasons that people like this type of policy is that it has a cash value, similar to a savings account. With these policies, a portion of your premiums goes towards your cash-value account, which you can borrow from at any time. This benefit, though, usually means that these policies are more expensive than term life policies.
You will need to provide your personal information, and might have to undergo a medical exam for certain policies/companies.
Now that you’ve got an idea of the types of policies you will be looking at, you need to know what kind of information you will need to provide to insurers to get quotes. You will need to give them personal and contact information, including your name, date of birth, gender, phone number, email, and health history. Insurers might also ask about your lifestyle, including your health habits, hobbies, and occupation.
In addition, with some types of policy, you will need to undergo a medical exam, which will help the insurer assess how much of a risk you are to insure. You do have the option, though, to choose a policy that does not require a medical exam – just know that these types of policies are generally more expensive and do not usually offer as much coverage.
When you speak to an insurer, it is important to note that the initial quote that you receive will not necessarily be the exact amount you will pay in life insurance premiums once the policy goes into effect. Your initial quote is just to provide you with a ballpark figure of what they think you will pay based on the information given. Once they dive into your health history, driving record, and any other information, they will provide you with a more accurate dollar amount.
Finding the Right Plan
Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
It is no secret that, on average, women live longer than men do. In fact, women’s life spans are almost 8% longer on average than men’s life spans. So does this make a difference when it comes to buying life insurance? In general, yes: life insurance companies know these stats, and typically view men as a higher risk to insure than women. So how much more can men expect to pay? And what determines their rates?
Why Men Are More of a Risk
As stated above, men usually pay more for life insurance because they are seen by life insurance companies as a higher risk to insure than women. Studies not only show that men tend to die at a younger age than women, but that they also tend to live riskier lives than women, engaging in more high-risk activities such as racing and adventure sports. These types of hobbies can mean higher rates when trying to purchase a life insurance policy.
Studies also show that men are more likely to suffer from certain health conditions, like heart disease, diabetes, stroke, and cancer. In addition, according to statistics from Mountain Ice:
Men are nearly 10 times more likely to develop inguinal hernias than women, and five times more likely to have aortic aneurysms.
American men are more than three times more likely than women to develop kidney stones, become alcoholics, or have bladder cancer.
Men are about twice as likely to suffer from emphysema or a duodenal ulcer.
1 in 2 men are diagnosed with cancer in their lifetime, compared to 1 in 3 women.
Men are more likely to develop oral and throat cancer, as well as periodontal (gum) disease.
33% of men aged 20 and over have hypertension.
36.6% of men aged 20 and over are obese.
Men are 1.5 times more likely to die of heart disease, cancer, and respiratory disease.
Men are three to seven times more likely than women to commit suicide.
Men live on average five fewer years than women.
And not only are men more likely to develop these health conditions, but they are also less likely to visit their doctor and stay on top of their health. Consider this:
Women are 33% more likely to seek outpatient care.
The rate of non-illness care visits by women is 100% higher than that of men – this means that women are 100% more likely to visit the doctor than men!
Women ages 15-44 visit the doctor 56% more often than men in the same age category.
Men are 40% more likely to skip recommended cholesterol screenings.
57.6% of men aged 18 and over meet the federal physical activity guidelines for aerobic activity.
12% of men aged 18 and over are in fair or poor health.
Men account for 55% of the workforce but 92% of workplace deaths.
Find An Affordable Rate
These statistics might seem overwhelming, but they show why men are seen more as a risk by insurance companies. But despite all this, affordable life insurance is never out of reach! If your hobbies are not overly risky, and probably won’t get you hurt or killed, and if you live a relatively healthy lifestyle, you can find a great affordable policy. And having a life insurance policy will mean you will be able to provide your family with a financial security net in the event of your passing.
There are many different kinds of life insurance policies to choose from, including whole life insurance, term life insurance, and final expense insurance, so if you’re not sure where to begin, consider using online tools, or speaking with an agent. The right policy for you is out there! We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
