Cheapest Life Insurance

Living to be 100…

Written on August 14, 2010 – 11:42 am | by

The Sydney Morning Herald recently reported that a team of scientists at Boston University claimed to be able to predict – with 77 per cent accuracy – which of us will live to 100. (Also see NZ Herald)

The scientists did this by comparing the DNA of more than 1,000 centurions with that of the general population, finding a “genetic signature” that was linked to “exceptional longevity”.

What would happen if at some stage people are able to be “longevity tested”? What would happen if you knew that, failing an accident or a natural disaster, you’re likely to live to be 100?

And in particular, how would it affect your application for life insurance???

Standard life insurance premiums are based on the expectation that your lifespan will be that of the average person… in New Zealand that’s 82.2years if you’re female and 78.0years if you’re male. When you apply for life insurance, the insurer will ask you a range of questions to assess if you’re likely to die earlier than an “average” person of your age and gender.  If you are, you’ll be charged higher (loaded) premiums.

But Life Insurance companies typically don’t have processes to check if you’re likely to live longer than average… with a view to reducing your premiums.

So if you turned up at an insurance company with a favourable DNA test, you’d still pay the ‘standard’ rate.

Not fair, is it?

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Zoom through underwriting with Transamerica

Written on August 9, 2010 – 11:24 pm | by

Everyone, ages 18 to 60, may be eligible to obtain up to $1 million of 15 or 25 year term life insurance coverage with Transamerica Life Insurance Company. Qualified applicants can accelerate through underwriting and avoid the hassle of a full medical exam.

To qualify for Transamerica’s speedy underwriting process, applicants must:

• Be aged 18 to 60.
• Have been fully underwritten with blood work and issued a rate class equivalent or better than standard. Smoker risk classes are acceptable.
• Have a term life insurance policy issued within the past five years by Transamerica with a minimum face amount of $100,000.

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Cigar smokers can qualify for preferred plus life insurance rates

Written on August 9, 2010 – 5:25 pm | by

Some special occasions call for a cigar. And that’s okay with some life insurance companies. Enhanced underwriting guidelines mean that even occasional cigar smokers can still get affordable life insurance.

Occasional cigar smokers can qualify for preferred plus life insurance quotes provided:

• They admit cigar usage on their application
• Their specimen is negative for nicotine
• They don’t smoke more than one cigar per month.

Underwriters will determine a cigar smoker’s term life insurance rate based on the information they collect during the underwriting process. To find out if you qualify for preferred plus term life insurance rates, contact a licensed life insurance agent at AccuQuote today.

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Insurance Department, NICB, BBB & Insurance Industry Representatives To Visit Storm Damaged Areas in Franklin, Union, Delaware & Licking Counties

Written on August 9, 2010 – 1:46 pm | by

Insurance Industry Representatives To Warn Residents About Contractor Fraud 

(COLUMBUS) — On Thursday, August 19, representatives from the Ohio Department of Insurance, the National Insurance Crime Bureau (NICB), the Better Business Bureau, the Ohio Insurance Institute and members of the insurance industry will be going door-to-door in Marysville, Westerville, Delaware and Newark to warn residents about unscrupulous contractors. It is believed that contractors will begin canvassing the above noted areas as the result of the severe storms that occurred on August 3 and 4.

 

Representatives will be passing out pamphlets to educate consumers of the various fraud schemes committed by disreputable contractors. All representatives involved with the consumer outreach initiative will be wearing special identification to prove they are a member of the insurance community.

 

“Fly by night contractors come out after storms and prey on those desperate to get their homes repaired,” said Ohio Department of Insurance Director Mary Jo Hudson.  “The Department wants to assure that consumers get the best quality from their insurance proceeds and that an insurance claim and repair situation does not lead to another disaster.  We know that there are just a few bad apples out there, but we don’t want to see them spoiling the bunch. Anyone who chooses to misinform, mislead and deceive will be disciplined to the fullest extent.”

 

In the wake of damaging storms, such as a hail storm or a tornado, unscrupulous contractors tend to drift state-to-state and prey on desperate people anxious to get their property repaired and lives back in order. In one instance reported, a consumer unwittingly granted Power of Attorney to their roofing contractor. The roofer then managed to negotiate the insurance transaction and pocket the consumer’s insurance proceeds without doing the work.

Director Hudson offers these tips to Ohio consumers on how to avoid becoming a victim of contractor fraud:

• Contact your insurance company to verify benefits immediately after a disaster and so they can send an adjuster to assess any potential damage you may have incurred.
•  Obtain a list of reputable contractors from your insurance carrier, the Better Business Bureau or a specialized consumer organization.
• Do not allow a contractor to inspect your property when you are not home.
• If you give a contractor permission to inspect your property, personally watch them conduct the inspection.
• Contact multiple contractors and obtain more than one estimate.
• Request references from contractors and contact the references to verify work was completed timely and to satisfaction.
• Obtain, in writing, the terms and conditions of the project.
• Avoid signing a contract until the document is reviewed fully and/or discuss the terms of the contract with a legal representative or a trusted adviser.
• Avoid signing a contract that has not been completed fully.
• Pay contractor by check or credit card, rather than in cash.
• Refrain from paying a contractor in full, or signing a completion certificate, until all work has been finished.
• Do not provide the contractor with your personal information, such as your social security number.

Ohioans who feel they are a victim of contractor fraud are encouraged to contact the Department’s Fraud and Enforcement division by calling .  Ohio insurance consumers with questions and concerns about their insurance can call the Department’s consumer hotline Free information can also be obtained at .

 

 

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Life Insurance M.I.A.? Service helps Locate a Missing Life Insurance Policy!

Written on August 9, 2010 – 12:00 pm | by

A life insurance policy can be of enormous help in the event a loved one dies. But what if you can’t find the life insurance policy, or don’t know any details about it – not even what company the insurance was with?

A special Policy Locator Service, created by the Medical Information Bureau or MIB for short, may be your best resource. MIB’s fraud detection services are used by most life insurance companies to help underwrite insurance applications. The MIB Policy Locator Service taps into the data base of the MIB Retail Division to  scour 170 million records and investigate whether the deceased had applied for a life insurance policy at any time after December of 1996.

It’s not difficult to lose track of life insurance coverage for a loved one. Policyholders may fail to inform beneficiaries of the policy’s existence because they subject is too unpleasant to to discuss. On other occasions, survivors are aware that a policy existed but don’t know the name of the insurance company. Depending on the life of the policy, an Insurance company may have changed its name or been acaquired out by by another company, deepening the mystery even further.

The detective work can be all- important. While insurance companies would like to pay out what is rightfully due, the responsibility to claim benefits lies with the beneficiaries. If you suspect that a life insurance policy may have been applied for since after December 1996, MIB may be able to help.

Insurance Locator Services –  Born in the Aftermath of 9/11

Where did the idea for a Life Insurance Locator Service come about? It was the aftermath of the Sept. 11 attacks that led to its creation  since many policyholders kept their life insurance policy information at work. When insurance information was destroyed in the World Trade Center bombing. MIB came to the rescue by helping survivors locate missing life insurance information and get the benefits they were due – all for free. Two years later MIB commercialized the service and began charging $75 for a search.

Here are some guidelines to keep in mind if you consider doing a missing insurance policy search.

• MIB only has information on individually underwritten life insurance, not group insurance. This means insurance through one’s employer will not be recorded.

• If the policy was applied for prior to December 1996 or the person died prior to that date, it will not be contained in the database.

• Persons eligible to submit a search request are the representative of the decedent’s estate (executor or administrator) or the surviving spouse. If there is no estate representative or surviving spouse, then a child of the decedent may submit a search request.

Here’s how to order a Missing Policy Report.

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