Cheapest Life Insurance

Mint.com is Worth Its Weight in Goals!

Written on August 27, 2010 – 4:45 am | by

It’s been almost a year since personal finance startup Mint.com was acquired by Intuit, who this weekend will officially shut down Quicken Online and direct its users to Mint.com. Quicken Online will be shuttered on Sunday, August 29, according to a note on the product’s login screen. It will be replaced with Mint.com, where users will need to set up a new account if they do not already have one. Quicken Online users will be able to manually import certain account data into Mint.com by adding Quicken Online as an account in Mint. Quicken also encourages existing customers to export their Quicken Online data as a CSV file for backup purposes. All transaction and account data will be wiped from Intuit’s servers beginning on August 29. One group for whom this transition might be a challenge is the small business users of Quicken Online, who will no longer be able to access the Web component of Quicken’s Home & Business product. Since Mint.com is geared toward personal finance, it does not currently offer a way to differeniate between personal and business transactions. For that, business customers still looking to manage their finances online might want to consider alternatives like InDinero or Outright. The desktop versions of Quicken’s products will not be affected by the change.

It took a relative newcomer, a fledgling startup from outside the hallowed halls of the banking industry, the personal finance field or the investment community to show the financial world how personal money management could be done online.  Mint.com was acquired by Intuit, a veritable household  name in financial software, just one short year ago.  Now, Intuit will officially shut down its flagship Quicken Online Website and direct its users to Mint.com.

What Mint.com does better than practically anybody else these days is give you a global snapshot of your financial picture at a glance.  It manages to do that by logging into each of your personal checking, savings, credit card and loan accounts, using your encrypted login and password information to do so, and compiling that information into a personal dashboard of figures and pie-charts, all with fingertip controls.

Want to monitor each of your accounts with just one simple login.  Mint.com will save you that time, and its round-the-clock reporting and budget alerts will mint you freshly saved money.  And, as they say, that is just the tip of the iceberg.

By tracking your financial activities in several budget categories, Mint will alert you if there is a sudden change in ther picture.  It will alert you, via instant message, email, smartphone alert, or all three, when the focus changes. “A large deposit of $1500 has been posted to your checking account.”  ”A low balance of $345  has been detected in your savings” ” You have exceeded last month’s automotive budget by $100.”  Some banks charge for dropping below a minimum balance while others charge for accidental overdrafts. Mint.com minds your money like a watchdog to keep you in the know. It’s your money?  Do you know what is could be costing you?

Previous users of Quicken Online  will need to set up a new Mint.com account if they do not already have one but will be able to manually import certain account data into Mint.com by adding Quicken Online as an account in Mint. Quicken is also encouraging existing customers to export their Quicken Online data as a CSV file for backup purposes. All transaction and account data will be wiped from Intuit’s servers beginning on August 29.

Want even more online convenience?  Choose Efinancial to make buying life insurance just that easy by clicking and picking from America’s best insurance values! Your free insurance rate quote awaits!

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Life Insurance Cost – How Much Does Life Insurance Cost

Written on August 26, 2010 – 7:51 am | by

How much does life insurance cost. This is a very common question asked by potential buyers. Like many other products cost depends on how much you buy and where you buy your policy. Different types of life insurance also differ in cost.

An initial question every buyer should first ask is how much life insurance do I need. A person who has children will need more life insurance than a person who has no children.

S corporation shareholder will have different needs than sole proprietors. The size of the business also makes a difference. How much should you buy on a key employee? How much is this key employee worth to the particular business.

• How Much To Buy

  The best way to determine this is to scientifically calculate your need. Just go to a and answer some questions. The tool will then calculate how much life insurance you need.

• Type Of Policy To Buy

  If you have short term needs you buy 5 year or 10 year term. If you want to use your policy for family protection you buy 15, 20, 25 or 30 year term. If you need life insurance to fund a buy sell agreement in a partnership or corporation the type of policy will depend on how far ahead you plan.

  If you plan for 20 years use a 20 year term policy with the intent to convert to permanent life insurance at some time. You can really use any level term policy that you can renew without evidence of insurability. On the other hand, you may choose to buy a permanent policy from the outset.

• Where You Should Buy

  This answers the question which is the theme of this page. You need to find a quality company that offers your policy at a low cost. Life insurance cost can differ significantly. We have put together some of the finest carriers in the business.

Compare low cost life insurance quotes and save.

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How to Find the Best Life Insurance Policy for Your Needs

Written on August 22, 2010 – 1:36 pm | by Admin

We all want to provide for the people we love should we pass away, leaving them with bills and perhaps medical and funeral expenses beyond their ability to pay. When trying to choose a life insurance policy that will take care of the people we love in the event of untimely passing, we often overlook the fact that we have options, and not all insurance is created equal.

The first thing to determine is what kind of policy will best suit your needs. While term life will carry the lowest premiums, whole life and universal life will accrue a cash value at some future date and can either be redeemed for that amount of money, or can be paid in annuities to supplement retirement income. These types of policies cost more, but do carry certain future advantages. One advantage is that at some point, it may be possible to take a loan against the value of the policy.

A second factor to consider is that it is possible to get similar coverages and provisions at greater or lesser premiums by shopping around. In the past, when taking out a life insurance policy, the consumer was left to the devices of local insurance agents who perhaps had access to a limited number of underwriters. With the explosion of ecommerce, it is now possible to do some comparison shopping for life insurance from the convenience of your own home. This also allows you to privately discuss various options with the person, or persons, who will be the beneficiaries.

Before deciding on any one policy, take the time to understand some basic life insurance terminology. Often it’s like speaking another language. There are a number of great online sources that can be referenced that will explain some basic life insurance terms. Once you have had a crash course in the language of life insurance, start with an internet search for life insurance quotes, or life insurance rates. Many online agents will have side-by-side comparisons so that you can more accurately weigh the pros and cons of one company over the next.

Choosing the right life insurance policy just adds to your peace of mind, knowing that your loved ones will be provided for in the event of your passing. Since some providers are more reputable than others, it is incumbent upon you to do the legwork. Check online sources, customer reviews and visit the Better Business Bureau online. Knowing that the company who is underwriting your policy has a solid reputation, and that you are getting the best price available takes much of the worry off your shoulders.

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Consumer Alert: Retained Asset Accounts and Life Insurance

Written on August 22, 2010 – 11:44 am | by

What Consumers Need to Know About Life Insurance Benefit Payment Options 

COLUMBUS - The death of a spouse, parent, child, partner or other loved one is a difficult time. In addition to the emotional stress present during the weeks, months or years following a death, financial burdens may also arise. Life insurance is intended to assist with these financial burdens. While life insurance policies provide for a single payment of the death benefit, policies may also offer other payout options that are intended to fit your needs and those of your family. Ohio Department of Insurance Director Mary Jo Hudson suggests you consider the following information if a life insurance company offers you a Retained Asset Account as an option to a single payment.

 

What is a Retained Asset Account?

A Retained Asset Account (RAA) is a temporary repository of the death benefit proceeds. The RAA’s function is to give you (the beneficiary) the time you need to consider all of the financial options available. The payment of the total proceeds will be accomplished by delivery of a “checkbook.” While the documents you receive might look like a checkbook, it might actually be drafts which are similar to checks, but different in some ways.

 

For example, if the insurance company issues the checks directly, then they are called drafts. Drafts operate similar to checks, although they may not credit to your bank account as quickly and they may not be accepted by certain retailers. Insurance company drafts from an RAA are covered by the Ohio Life and Health Insurance Guarantee Association (IGA) for up to $300,000. If the insurance company establishes the RAA through an affiliated bank, then the RAA issues checks. Most accounts in affiliated banks are insured by the FDIC up to $250,000.

 

How is an RAA Used?

The use of a RAA can provide you the flexibility to make the right decision regarding your long-term financial needs while earning interest on the life insurance proceeds. You can choose to write one check or draft to access the entire proceeds at any time. However, you may be able to earn a higher rate of interest on the life insurance proceeds if you select a different payout option.

 

RAAs are generally provided as an option to the beneficiary. However for some group policies, the employer might have agreed that a RAA is the only way life insurance claims are settled. If that is true in your case, you may write a check or draft to transfer the death benefit proceeds as you see fit.

 

Key Questions to Ask and Issues to Understand

 

If you are considering the option of a RAA or are provided one to settle a death claim, here are some important issues to consider:

 

- What interest rate will be paid on the proceeds, how will the interest rate be determined and how will the interest amount be credited to the account?

 

- Will the proceeds be held in a bank, which would make the proceeds FDIC insured up to the limit permitted by law?

 

- Will the proceeds be held by the insurer, which would make the proceeds subject to coverage by a state guaranty fund up to the limits permitted by law, should the insurer fail?

 

- Will the proceeds be held in a bank checking or an insurer draft account and what banking services, if any, will be provided?

 

- What services will be provided at no charge and what services will involve a fee? 

 

Other Payout Options

 

One size does not fit all and this is why various payout options are offered. If you choose to initially receive life insurance proceeds through a RAA, other payment options should be preserved until the entire balance is withdrawn or the balance drops below a certain dollar amount. Other payout options may include one or more of the following:

 

- A Single Payment, also known as a “Lump Sum” Payout: Through this option, you will receive the entire proceeds in one payment. Writing a single check or draft for the entire death benefit amount under the RAA option, which is always permitted, is the same as the Single Payment option.

 

- Installment Payout for Fixed Amount or Period: Through this option, you may choose to receive either: a fixed monthly, quarterly, or annual payment amount selected by you until the proceeds are depleted; or a fixed monthly, quarterly, or annual payment amount determined by your insurer for a fixed period of time that you select.

 

- Installment Payout for Lifetime: Through this option, you will receive fixed monthly, quarterly, or annual payments determined by your insurer for the remainder of your life.  

 

- Installment Payout for Certain and Life:  This is a combination of the above two.  Through this option, you will receive fixed monthly, quarterly, or annual payments determined by your insurer for the remainder of your life, however if you should die before some certain period of time has passed, for example ten years, your beneficiary will receive payments for the remaining certain period. - Interest Only Payout: Through this option, proceeds are left with the insurance company and you will receive interest payments which the insurer will pay you on a monthly (quarterly, annual) basis. If you choose this option, be sure you understand if the interest rate is fixed or variable and if there are any guaranteed minimums or maximum limits. Proceeds are passed on to your beneficiaries upon your death.  Other Tips

       – If you are the beneficiary of a life insurance policy, contact the insurance company in a timely manner after the death of the insured. Be prepared to provide a death certificate to initiate the claims process.

      – Always obtain the necessary contact information for your insurance company, such as a phone number and address, where you can obtain additional information and answers to your questions.

 

- Make sure you read and understand all information the insurance company sends to you.

Assess your financial needs and tax status.

        – Take your time in determining the right payout option for you. You should not be pressured to act quickly.

        – If you need help, consult a trusted financial or tax advisor.

More Information

If you have questions about RAA, other options to receive life insurance proceeds, or need assistance with information sent to you by the insurance company, please contact the Ohio Department of Insurance at 1-800-686-1526 or visit .

For additional information about auto, home, life and health insurance options – as well as tips for choosing the coverage that is right for you and your family – visit www.InsureUonline.org.

 

 

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Back-to-School Insurance? Tuition Coverage Now Available Nationwide

Written on August 21, 2010 – 8:55 pm | by

For the many families of the more than 14 million full-time students preparing to send their sons and daughters to college this September, the cost of tuition is an investment that is second in size only to a home mortgage.  A four-year undergraduate program now averages between $15,213 and $35,636 for one year.  And yet, according to a 2009 study by Student Monitor, 27 percent of students (or someone they know) had to withdraw from college mid-semester due to health issues or a death in the family. Until now, tuition insurance was typically available only at select private colleges and universities. A first-ever national group policy from  GradGuard ™, a service of Next Generation Insurance (NGI) Group, LLC. marks the first time that tuition insurance is available to any student enrolled in an accredited higher education institution across the country. Parents may mistakenly believe that colleges refund tuition in the case of unexpected illness, injury or even death. In fact, the organization known as College Parents of America reports that most colleges and universities do not provide a full refund if a student is forced to withdraw from school for medical reasons. Through GradGuard, all parents and students now have the opportunity to protect their investment in education. The GradGuard plan is available to students nationwide and covers verifiable losses connected to the cost of attendance. This includes not only the loss of non-refunded tuition payments, but also academic fees, room and board, books and travel to and from the academic program. Send a student back to school?  GradGuard also offers a Student Protection Plan ™, a bundle of insurance and lifestyle benefits designed to protect college students including emergency medical evacuation insurance, identity theft protection and resolution services, and protection for their personal computers.

For many families preparing to send their sons and daughters to college this September, the cost of tuition is an investment that is second in size only to a home mortgage.  A four-year undergraduate program now averages between $15,213 and $35,636 for one year.

And yet, according to a 2009 study by Student Monitor, 27 percent of students (or someone they know) had to withdraw from college mid-semester due to health issues or a death in the family. Until now, tuition insurance was typically available only at select private colleges and universities.

A first-ever national group policy from  GradGuard ™, a service of Next Generation Insurance (NGI) Group, LLC. marks the first time that tuition insurance is available to any student enrolled in an accredited higher education institution across the country.

Parents may mistakenly believe that colleges refund tuition in the case of unexpected illness, injury or even death. In fact, the organization known as College Parents of America reports that most colleges and universities do not provide a full refund if a student is forced to withdraw from school for medical reasons. Through GradGuard, all parents and students now have the opportunity to protect their investment in education.

The GradGuard plan is available to students nationwide and covers verifiable losses connected to the cost of attendance. This includes not only the loss of non-refunded tuition payments, but also academic fees, room and board, books and travel to and from the academic program.

Send a student back to school?  GradGuard also offers a Student Protection Plan ™, a bundle of insurance and lifestyle benefits designed to protect college students including emergency medical evacuation insurance, identity theft protection and resolution services, and protection for their personal computers.

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