Why Should I Keep My Current Life Insurance Policy?

Why Should I Keep My Current Life Insurance Policy?

Replacing an existing life insurance policy is a difficult decision to make, which may even require additional assistance from your life adviser or insurance company. Replacing your policy could either be a very good or very bad decision. While replacing your life insurance policy may work in some instance, most of the time this isn’t the case. There are many factors to take into consideration before replacing your policy.

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Why Discontinue Your Life Insurance Policy to Purchase Another?

Why Discontinue Your Life Insurance Policy to Purchase Another?

To put it simply, life insurance replacements means discontinuing one life insurance policy to purchase another one. Reasons for insurance replacement vary from person-to-person; there is no one-sizes-fits-all reasoning behind replacement. When considering replacing your pre-existing policy, there are several issues that favor policy replacement.

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What Is a Rated Life Insurance Premium?

What Is a Rated Life Insurance Premium?

During the underwriting process, an insurance company will determine whether or not you qualify for life insurance and, if so, at what rate classification. At this point, the company may determine that the applied for coverage cannot be issued due to an applicant’s health or lifestyle risks. If that’s the case, the company is likely to offer the applicant insurance on a modified (i.e., rated) basis.

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What Would Designate You a Tobacco User by Life Insurance Companies?

What Would Designate You a Tobacco User by Life Insurance Companies?

In any event or situation, the usage of tobacco will increase your premium; the only question is by how much. Every life insurance company treats the different forms of tobacco – cigarettes, cigars, and chewing tobacco – in their own fashion, which is why companies will ask you very specific questions during the application process.

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How Do I Know If a Policy Is Suitable for Me?

How Do I Know If a Policy Is Suitable for Me?

Suitability is a term, which basically means that a certain policy is appropriate for a certain individual. However, the difficult part of life insurance suitability is that there are no clear-cut answers for either consumers or professional advisers. State suitability rules exist in only a small percentage of the states and vary in term of requirements, terms and enforcements.

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Does a Life Adviser Get Paid a Fee and a Commission?

Does a Life Adviser Get Paid a Fee and a Commission?

Due to the potential conflict of interest involved with commissions, there is little movement towards no load/low load policies, which rewards agents with a standard fee not a commission. However, only a properly licensed fee-based planner can retain such a fee. It is also strictly prohibited for an agent to receive both a fee and a commission from the same client, according the California Insurance Code.

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What You Should Know About Your Insurance Adviser

What You Should Know About Your Insurance Adviser

Information about an insurance adviser can be found at the state’s Department of Insurance in which they are licensed to sell and service insurance. Additional information can be found at the National Association of Insurance Commissioners (NAIC) and the Financial Industry Regulatory Authority (FINRA), if applicable. All the information found of these three sources can give you a better understanding of your adviser’s professional background.

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What Do I Need to Know to Find a Life Insurance Adviser?

What Do I Need to Know to Find a Life Insurance Adviser?

The life insurance industry has changed in recent years. Nowadays, life insurance is less likely to be sold by a “traditional” life insurance agent, and more likely to sold by a financial adviser, financial consultant or financial planner. These types of advisers have expanded their selling and servicing abilities to meet the changing needs of consumers. However, all of these changes have made the process of evaluating an adviser slightly more difficult.

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