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8 years ago · by · Comments Off on Long Term Disability Insurance for the Self Employed

Long Term Disability Insurance for the Self Employed

If you are self employed, chances are your insurance benefits come from policies that you have selected and purchased on your own. You have to make your own decisions about medical insurance, dental insurance and disability insurance.

There is also a good chance that you haven’t given much thought to disability insurance. There are few TV commercials about this important line of insurance. Few people even know that it exists outside of an employer-sponsored plan.

There are few more important types of insurance than disability insurance. These policies can pay you an income for decades if you become injured or sick and are no longer able to work. Having an income while disabled can have a tremendous impact on your life. It can be the difference between living in your current home and living in government-sponsored housing.

If you are reasonably healthy and are under age 65, you probably qualify for a disability insurance policy.

Most people will find these policies to be affordable. Long-term disability insurance rates often surprise people when they get quotes.

Don’t make the mistake that many self-employed people make. Yes, medical insurance is important, but you need to have disability insurance and a retirement plan also. Make sure that you don’t miss the boat and forget about disability insurance. Having good coverage in this area can make a big difference in where you life and the way you live.

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8 years ago · by · Comments Off on Finding the Cheapest Student Insurance

Finding the Cheapest Student Insurance

The cheapest student health insurance may be the health plan available from your college or university. However, this cheap insurance may not be the best coverage.

Employer sponsored coverage or standard individual medical and hospitalization insurance policies purchased from will often provide much better coverage. This is the case for two basic reasons.

Policies marketed to students often have substandard benefits. They often will not fully cover a major illness.

Coverage from these policies terminates when a student is no longer a student or when he or she reaches a certain age. If the student is currently sick or injured when the coverage terminates he or she might have a hard time finding coverage.

Often the best option is a policy that the student purchases from a company like Blue Cross or Humana without going through the school. These policies, although not usually the cheapest, are often very inexpensive. This is because most students are very young and are usually very healthy.

One of the changes that occurred in 2010 due to the Health Care Reform bill allows a child to stay on his or her parents’ or parent’s policy until they reach the age of 26. These group and individual private medical insurance policies that are not specifically designed for students are ironically the best options for students in most cases.

Of course, if a parent has a substandard policy this will not be a good option for the child. For this reason, a blanket statement cannot be made that this is always the best option.

Also, sometimes the policy that the parent or parents has can be overpriced even if it is good coverage. This is often true when a child is the second person insured on the policy. Some policies rate the second person as if he or she was a spouse and therefore a younger person does not get the lower rate the he or she would get on a separate policy.

Before making a decision about a student policy it is important to know how much the policy will cover in the event of a catastrophic event. You should also know the exclusions and limitations of the policy.

Very often a medical insurance policy that you purchase from a standard carrier will give you a better deal than the cheapest student insurance you might purchase through a college or university.

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8 years ago · by · Comments Off on What is a Beneficiary for Life Insurance?

What is a Beneficiary for Life Insurance?

A life insurance beneficiary is a person or entity that is eligible to receive death benefits when the insured party dies. There are several types of beneficiaries. These types of beneficiaries include primary beneficiaries, contingent beneficiaries and irrevocable beneficiaries.

Primary Beneficiary
Primary beneficiaries compose the class of persons or entities that is first in line to receive benefits. This is typically a spouse or a child, but it can also be a company.
This class can consist of more than one person. A father might name his two children as primary beneficiaries to receive equal percentages of his life insurance proceeds.
The amounts that the primary beneficiaries receive do not have to be equal. A father might name a business partner as of his beneficiaries in order to clear a debt. The business partner might receive a flat amount and the remaining beneficiaries might receive a percentage of the remaining amount.
Contingent Beneficiary
Contingent beneficiaries are second in line to receive the proceeds of a life insurance policy. The contingent beneficiaries can only receive benefits if all of the members of the primary beneficiary class have predeceased the insured person.
Revocable Beneficiary
A revocable beneficiary can be replaced by another beneficiary at a later date. So long as the insured is still alive the owner can change the person or persons who are named as a beneficiary
Irrevocable Beneficiary
An irrevocable beneficiary cannot be changed one named.

Beneficiaries are typically of the revocable variety. However where there are concerns about estate taxes, irrevocable beneficiaries are sometimes named. Estate tax issues are beyond the scope of this blog post, but may be covered in a future post.

Life insurance pricing is typically unaffected by the choice or type of beneficiary chosen. This is the case whether you are purchasing a cheap $5000 life insurance for a typical senior citizen or a $5,000,000 policy for millionaire.

It is important to be thoughtful about naming your beneficiaries. Giving money directly to a minor child could have unintended consequences.

It is also important to update your beneficiaries should certain events occur. Failing to update your policy after a beneficiary has passed away or after a divorce could result in the wrong person or people receiving your life insurance proceeds.

If your policy does not have a beneficiary because your named beneficiary predeceases you, your life insurance proceeds can become part of your estate. This could subject your life insurance proceeds to unnecessary taxation.

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