Wedding Season: Until Death Do Us Part. But Then What?

The summer months of June, July, and August are truly the peak wedding season. Brides and grooms have been diligently planning over the past year to create an event of lifelong memories. Whether you’re the bride or groom, a member of the wedding party, or simply a guest, weddings create an environment of love and mutual caring for one another. One’s own understanding of life’s priorities, and their devotion to the people around them is profoundly clear. To love someone with such purpose is to accept responsibility for their well being. For the newly married couple, this is obviously the spouse and any children, and for the parents of the bride, perhaps this is the entire family. But what would those people do if something were to happen to you? What if “until death do us part” became an unfortunate reality? The “what if” explains why marriage is an important time to review your needs for life insurance protection.
Ideally, reviewing your life insurance coverage and making adjustments to meet your new financial obligations should be the first thing that you do as a married couple—even before the honeymoon. If you already have an existing life insurance policy, getting married is the best time to update the beneficiary designation to name your spouse as the beneficiary.

My Cholesterol Level Affected My Term Life Insurance Premium

First off let me just say that there is nothing better than a big juicy hamburger, a couple fries, or a thick slice of pepperoni pizza on an empty stomach on any given day that just makes you feel, well fat and happy. In fact I used to eat all of those on a regular basis in high school before a big football game, you know to “carb up” so that I can perform my best. Back in those days I don’t think any of us really cared what we ate, our priorities in life most likely consisted of dating, Friday nights, and loud music. Good times…
The only problem is, I’m not 18 anymore, and my priorities have changed, to family, work, mortgage, gas prices, and sleep. In that order. And thanks to my great eating habits from my adolescents, I have this wonderful thing called “cholesterol” and “blood pressure,” which I’m now supposed to watch. Nah, not this guy, as long as you can fit into your elastic high school gym shorts you’re fine right? I wish! I learned this the hard way when I started to think about Life Insurance, and the needs of my family’s financial security if anything was ever to happen to me (like a clogged artery). So I decided to find out more.


I ended up going to www.insweb.com and finding a rate for Life Insurance. After my agent scheduled me for a medical evaluation, I discovered (much to my dismay) that my cholesterol was high. OK it was really high, which attributed to a higher premium than someone with normal cholesterol levels. But hey, the cholesterol levels of approximately a quarter of the adult population in this country are higher than normal according to the InsWeb article “How Improved Health Affects Your Life Insurance Rates”. In fact there were a lot of key factors I didn’t know about that effects how much money comes out of my wallet due to certain health factors, and what I could do to get a better rate. Once I knew what I was up against, I was determined to lower my cholesterol and my blood pressure. With 3 months of hard work I lost 20 pounds and significantly lowered my cholesterol and blood pressure. Here are some tips for lowering your cholesterol, your blood pressure, your weight and your Life Insurance premium that worked for me.

I've Been Shopping For Life Insurance

Recently I have been shopping around and doing some research on life insurance. Well, it’s just that I didn't really think I would need life insurance. After doing some research, it seems as though it's a good way for someone to protect their possession, assets and mortgage. There was a lot I learned that I didn't realize, like the many different types of life insurance that are available, which was really interesting.


I realized how inexpensive the premiums would be the earlier I buy a policy than if I wait until I get older. Checking around, different companies provide different types of coverage and prices so there are a lot of competition among companies. Also, there were a lot of articles about life insurance that I found really interesting and helpful. For now, I'm actually asking around about the pros and cons of life insurance and what I should do in my situation and what coverage amounts would be best.

I recommend reviewing InsWeb’s Top Ten Term Life Insurance Money Saving Tips For 2006

Using Term Life Insurance To Ensure College Is Covered

With all the popularity of 529 Plans and other methods of saving for your children’s educational future, one great way of ensuring that all of college is paid for in the event of anything happening to you is often overlooked. That method is term life insurance. It’s quick, easy and usually very inexpensive to take out a policy on yourself with a term length that ensures that your children will have all of their college expenses taken care of; including things 529 Plans just can’t cover. Or even better, obtain both a 529 Plan and adequate term life insurance coverage.

What Is A 529 Plan?
A 529 college savings plan is an investment account that allows you to set aside money for your child's college education and let it grow tax-free. The federal government won't tax your money when you take it out of the account as long as it's used for higher education.


You can use the money in a 529 plan at any accredited college or university in the U.S. (public or private, graduate or undergraduate). The money can be used for tuition/fees, room/board, books, and supplies/equipment.

How Can Term Life Insurance Cover Educational Costs?
One of the many benefits of term life insurance is choice; you can choose the term length and coverage amount and tailor them to benefit you and your dependents. For example, many people may choose a 30-year term length to cover the mortgage on their home. Similarly, a 30-year term purchased soon after your child’s birth can ensure that your children are covered through their college years in case anything happened to you. And a benefit of term life insurance over something like a 529 savings account is that your beneficiaries can choose how they want to spend the money (as opposed to a 529 which must only be spent on things education-related). This way, if anything were to happen to you, your child could cover both education and personal costs, or use the money for something else. Or, if you passed away before the child was an adult, the money could be used to help raise the child up to (and hopefully through, depending on your coverage amount) his or her college years.

Remember to adjust your coverage and beneficiary designations each time something major occurs in your life, such as the birth of a child.

Insure your children’s future with term life insurance; find out how low your rates can be today!

The Cost of Being Overweight

It is a simple fact that many Americans are overweight. According to the American Obesity Association, approximately 127 million adults in the U.S. are overweight, 60 million are obese, and 9 million are severely obese. The issue has arguably become a primary focus of both lawmakers and the national media. Schools are removing soft drink vending machines, the FDA is requiring stricter nutritional labeling, and television networks are incorporating the cause into new types of programming, as demonstrated in NBC’s sensational hit, “The Biggest Loser.”
The life insurance industry is also concerned about the country’s growing waistline, as the longevity and health impacts of extra weight affect the cost of insuring consumers. Wishing for all consumers to have long and healthy lives, life insurance carriers are rewarding weight loss through lower policy premiums. Fortunately, a significant amount of the overweight population is on the threshold of earning those lower premiums and saving hundreds of dollars — if they simply make minor lifestyle adjustments.

Life Insurance for Those Recently Retired or About to Retire

Studies show that over 25% of American households lack any member with life insurance. And the approximately three quarters of us who have life insurance do not have adequate coverage levels for the stage of life we are in. It is important to review your policy as your life changes, to ensure that your coverage is sufficient for your new needs.
Life insurance needs may not be as high as they are at other stages (i.e. having a baby, getting married) in life for those that are newly retired. But, it is also true that most new retirees do need to think about maintaining an adequate level of coverage.


Simply consider your children or spouse you may leave behind. Even though your children may be grown and on their own, and your spouse may be able to live comfortably on his or her retirement savings, there are many special circumstances in which they may find themselves in financial trouble if you were to pass, or vice versa, you if they were to.

If you are very ill before you pass away, you will incur many health costs, many of which may be passed on to your spouse or children if you pass away. Many seniors may have to live with a child if they are on their own and need help, and this may put a financial burden on the affected family members. There are also funeral costs to consider. It is important to ensure that your family members can recoup any financial losses after you pass away.

September Is Life Insurance Awareness Month. Ice Skater Scott Hamilton is 2006 Spokesperson!

According to The Life and Health Insurance Foundation for Education (LIFE), “Life Insurance Awareness Month was created in response to growing concern about the large number of Americans who lack adequate life insurance protection. According to LIMRA, 68 million adult Americans have no life insurance. Those who own life insurance have an average of four times their annual income in coverage, which is considerably less than most experts recommend. Held each September, Life Insurance Awareness Month is an industry-wide effort that is coordinated by the LIFE Foundation.”
According to U.S. Census data, there are nearly 300 million people in the U.S. If 68 million of them lack any form of life insurance, that means that approximately 23% of people in this country are uninsured. And of the approximately 77% of people that do have life insurance, most of them do not have adequate coverage.


This year’s Life Insurance Awareness Month spokesperson is world renowned ice skater Scott Hamilton. Here is part of his moving story from LIFE’s August 28, 2006 Press Release:

Scott was only 19 when he lost his mother to cancer. On a personal level, Scott took the loss very hard but his mother’s death also strained the family’s finances. Without his mother’s income, there wasn’t enough money to continue to pay for Scott’s training. Had it not been for the generosity of an anonymous donor, Scott would have given up the sport he loved right before his skating career was about to take off. As it turned out, the experience strengthened his resolve to achieve skating greatness and he went on to become one of the most successful skaters in the history of the sport, eventually winning gold at the 1984 Winter Olympics in Sarajevo. Thirteen years later, Scott achieved an even more important victory when he successfully completed treatments for testicular cancer.

"Losing my mother and fighting my own battle with cancer taught me that unexpected events can rock your family at any time," said Scott Hamilton. "When my mom died, the emotional challenges that my family and I faced were compounded by financial struggles because she didn't have any life insurance. Because of that experience, I've owned life insurance since I was a young adult. Now that I'm married and have a son who’s almost three, I value the financial security life insurance provides more than ever."

Scott’s story illustrates why it is so important to have life insurance to protect your loved ones. Many people that do not own life insurance may not realize how affordable it can be, especially inexpensive term life insurance, which you can tailor to your personal needs.

Current rates on InsWeb for a 40 year old male of average build with good health are as low as $34.56/month for a 20-year, $500,000 policy (a comparable female’s rates are even lower; as low as $26.69/month). Policy lengths can be as short as ten years, and coverage amounts as low as $100,000, although a good rule of thumb is to take your annual gross income and multiply it by a factor of 10, 15 or even 20 (depending on your age) to make sure your family could continue in their current lifestyle.

Also, according to the Insurance Information Institute (III): “Premium rates for individual life insurance – both term life and “permanent” insurance – are expected to drop by 3% in 2006, driven largely by significant mortality improvements and increased competition.” The time to shop for life insurance couldn’t be better! And since rates vary widely from company to company, you should compare multiple rates before purchasing a policy.

Top 10 Money Saving Tips for Term Life Insurance

As Life Insurance Awareness Month is coming to an end, we thought it would be appropriate to share our Top 10 Money Saving Tips for Term Life Insurance.
1. Buy when you're young
Many people may feel they don't need life insurance when they are young. While your financial needs may be lower at a younger age, the rates are also substantially cheaper when you're young. Remember, the goal is to cover your primary assets (like your salary and house) so that if something were to happen to you, your beneficiaries would be able to persevere financially. The best advice is to lock in as much protection at a young age while your health and prices are still good.

2. Your “half” birthday could be costly
While some companies raise their prices based on your actual age, most companies increase the price of their policies six months before your birthday. It's a term called “Age Nearest” in the industry, and that half-year price increase could really add up over a 20-year term policy. As above, the quicker you purchase your policy the better.


3. Select the right length of coverage
Everyone has different needs, and not one size fits all when it comes to term life insurance. While it may make sense for people in their 30s and 40s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement.People who are trying to quit smoking, for example, might be best suited purchasing a shorter term (and then replacing it with a longer term policy when they qualify for non-tobacco prices). Lastly, individuals who have 30-year mortgages might want to consider a 30-year term to ensure that the house is protected throughout the period of the loan.

4. Check for price breaks
Companies often offer “price breaks” at certain coverage amounts (e.g., $250,000 vs. $225,000). The truth is that many people can actually pay less money for more coverage. Check how little your prices increase when you increase coverage to $250,000, $500,000, or $1,000,000.

5. Buy the right amount of coverage
Many agents may try to sell you more coverage than you need. The purpose of life insurance is to “indemnify” (replace financial loss), and what most people should be looking for is income replacement for their beneficiaries. Independent financial planners recommend the following rule of thumb: purchase an amount of coverage equal to 6-10 times your annual gross income.

6. The right hobby with the wrong company could cost you
People who participate in high-risk sports or activities (such as hang-gliding, skydiving, mountain climbing, scuba diving, and racing), or even those who like to have an occasional cigar could very well pay more money if they don't pick the right company. Every company looks at risk factors differently and some are more liberal in certain areas than others. Speak with a licensed insurance expert and make sure they have all the underwriting criteria at their disposal and match you with the right company.

7. Work policies aren't always the best deal
While purchasing a life insurance policy through your employer is convenient, it may not be the best deal available to you. Work policies are often based on a composite profile of the employees you work with, many of whom may be less healthy than you, or have other underwriting factors that might drive up rates. These type of policies also expire if/when you leave the company. Inexpensive term life insurance polices that cover your dependents until they can live comfortably on their own are often a better alternative.

8. Check out your payment/billing options
Many life insurance companies offer discounts to consumers who pay their premiums annually, or who pay monthly by electronic funds transfer (EFT).

9. Review your policy often
Do a review of your life insurance policy a minimum of every three years, if not more often. Rates may be lower, and your circumstances may have changed, necessitating more or less protection. If you are replacing a policy, make sure you allow enough time to get your new policy in place so coverages won't overlap or lapse.

10. Don't overspend on protection
Term life insurance is the most affordable and cost-effective pure protection available, and it is typically much less expensive than a comparable whole life policy. The old axiom still rings true: “Buy Term and invest the difference.”

Motorcycle Theft: Most Stolen States

InsWeb has addressed on multiple occasions, the subject of stolen vehicles, including the most stolen models and areas where they are stolen. It’s a fact that, both the area where a consumer parks their car at night, and the vehicle model they drive are among the factors that influence their auto insurance costs. If either the vehicle or the area are statistically prone to theft, insurance companies may charge higher insurance premiums.

Interesting, the same source that publishes the data about the most stolen vehicles, The National Insurance Crime Bureau (NICB), recently announced the States with highest motorcycle theft. According to the announcement, California leads the nation in motorcycle theft rates in 2005, followed by Florida, Texas, and then North Carolina. To view the complete list, vist: https://www.nicb.org

The article discusses how 70,613 motorcycles were stolen in 2005, representing a loss of over $434 million to motorcycle owners and the insurance industry. The NICB explains that motorcyclists can sometimes bring attention to their bikes with elaborate paint schemes and chromed parts to specialized frames and high-performance engines and exhaust systems. It's not uncommon for a motorcycle's base price to exceed $20,000 with aftermarket parts adding thousands of dollars more to the original cost. With recovery rates typically in the 25-30% range nationally, motorcycle owners need to take every precaution in protecting their investments.

The National Insurance Crime Bureau (NICB): http://www.nicb.org
Is Your Car on the Most Stolen List: http://www7.insweb.com/newsletter/1205/auto.htm
Get Quotes on Motorcycle Insurance

The Fire in My Condo: How Renters Insurance Saved Me

It was the early morning of November 15, 1998 and I woke to the sound of my intercom buzzer going off. I thought to myself, "who the heck is coming to see me at 5:00 AM?" I couldn't imagine who it could be. After, I heard the sirens and was awake enough to see all the flashing lights outside, I realized this must be serious. I opened the door to the condo that I was renting and smoke filled the hallway and a police officer yelled "get out, there's a fire!"

"WHAT??!! How could that be?" I thought to myself, I wasn't even dressed yet and there wasn't any smoke in my condo. He continued shouting this and I finally drove myself out of sleep mode and into panic mode. What did I need? Clean clothes, money, cell phone, car keys, address book, contact lens? Oh, and can't forget the cat! I collected all of this within seconds, and rushed out the front door, only to look back and see the roof engulfed in flames.

In total disbelief and still watching everything I owned going up in flames, I started making phone calls. I called my boss, because it was obvious I wasn't going to make it into work that day, and I called my parents. After all, I was going to need a place to stay. After ensuring my father I was ok, the first question he asked was "do you have Renters Insurance?" Good question! At that very moment, I had no clue whether or not I paid the bill. I couldn't remember, and I started praying to God that I had, because I was about to need it.

Well, after everything settled down, I did, indeed pay the bill and had Renters Insurance. protection. Everything was covered and I received a hefty check for my losses; not that this compared to some of the items I lost and the dishevel of my life for several weeks after the fire. However, I had come to find out that one of my neighbors did not have Renters Insurance, and had a very valuable comic book collection. He was left with nothing.

In most cases, you can get Renters Insurance for a very reasonable price: an even smaller price to pay if something were to happen. Check out the InsWeb article “Here Today, Gone Tomorrow” and the “Frequently Asked Questions About Renters Insurance”. Or, you can go right to the quote process from here. If you’re a renter, or even a homeowner, please take my advice and get adequate insurance protection, you don't want to be in a situation like I was in and not have Renters Insurance.

What You Need To Know About Travel Insurance

Are you going on a trip but don't really know if travel insurance is necessary? You can make an informed decision simply by conducting a quick needs analysis.

Ask yourself:
- What is the cost of your trip?
- How long are you going for?
- Where are you going?
- What elements of your trip would you like insurance to cover?
- What time of year will you be traveling?

The answers to these questions will help pave the way for establishing not only if travel insurance is a prudent option, but more specifically, what type of travel insurance you should consider.

For example, you are taking your family on a week-long Caribbean Cruise that you have invested $5,000 in. If your children become ill prior to your departure, would you be concerned about the $5,000 investment being lost? If your answer is yes, then you need to consider a Trip Cancellation Package Policy. These policies cover the loss of your trip investment for a covered reason prior to departure, as well as a host of other types of coverage.

To simplify matters, there are four primary types of travel insurance to keep in mind:

1. Trip Cancellation Package Policies which not only cover the trip investment but also other coverages like trip interruption, baggage, medical and emergency evacuation.

2. Travel Medical Policies which cover travel medical and emergency evacuation.

3. Medical Emergency Evacuation Policies which provide emergency evacuation protection.

4. Flight Accident Policies which provide life insurance while you are flying.

Armed with the knowledge and understanding of the various types of travel insurance protection available, as well as your personal travel details and specific coverage needs, you can successfully navigate the myriad of travel insurance products to get the best policy for wherever your journeys take you.