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Insurance is one of the biggest bills that most people pay. Everything from your favorite possessions such as jewelry and electronics are insurable in addition to things of greater value like your assets and properties. Regardless of how good of an idea it is to have health insurance and other types of insurance there are no standards in place that require citizens of any state to have these kinds of insurance. For the most part, a majority of insurance types are completely optional and not mandated by any specific set of standards or any governmental agency. However, the one kind of insurance that is universally required across the United States is car insurance. Read more…

Theres a crisis in this country of people being un- or under-insured. The majority of adult Americans do not own an individual life insurance policy, according to LIMRA International. I place a bit of the blame on the industry itself, which may have lost sight of the real reason people buy life insurance. Some agents and advisors will sit down and talk a blue streak about life insurance in terms of numbers and percentages, and then whip out fancy illustration charts to explain to you why its an important financial instrument to own.

While those numbers matter, there really is only one very basic reason to own life insurance: because you love people and want to make sure that they are taken care of financially if the worst were to happen to you.

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Editors Note: There is still heated discussion around the topic of so-called retained asset accounts. If understood in the proper context, much of the hot air that inflates this debate would dissipate. We, at The Insurance Word, felt that a post Marvin H. Feldman, CLU, ChFC, RFC, President and CEO of the LIFE Foundation, wrote in August about this issue was worth repeating.

Bloomberg, The Wall Street Journal and others have recently published articles saying how terrible it is that insurance companies are putting death benefits payable to beneficiaries into interest-bearing checking accounts as opposed to paying out the proceeds.

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It is no secret that the term life insurance for smokers is more expensive than non-smokers. E ‘known that people who smoke have a shorter life expectancy than those who do not because of the numerous health risks associated with smoking. Shorter life expectancy, a greater likelihood of an insurance company is required to pay a claim and all increase the risk that the insurance ismore expensive coverage. Although it is expensive for a smoker, always a long term plan of life insurance in force is always a good idea.

When a person dies, their surviving family mourn not only the loss of a loved one, but it also has a variety of new financial challenges.

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