MrInsurability June 14, 2017 No Comments

Life Insurance

life insuranceToday I’d like to visit once again the subject of life insurance. We’ve talked about it before, though I suspect most of us don’t love talking about it. For many, buying or thinking of buying life insurance makes the subject of death too real.

So let’s forget about that and look at it from another point of view. What might that be, you ask? Well, life insurance is an important part of a long-term financial plan. Read more

Federal Employees’ Group Life Insurance or FEGLI

MrInsurability.comToday I’d like to look at a life insurance specific to employees of the Federal Government.

The Federal Employees’ Group Life Insurance or FEGLI is a group life insurance plan that is employer-sponsored and designed for Federal employees. It is considered to be the world’s largest group life insurance program, because it insures approximately 4 million federal employees, retirees and their family members. Read more

Life Insurance (Part 16) Underwriting – What is it?

MrInsurability.comLet’s start this discussion with the definition of an underwriter, just in case some are not familiar with the term (if that’s you, don’t worry, that was me not so long ago too). An insurance underwriter is defined as a person who evaluates the risk and exposures of potential clients. They decide how much coverage the client should receive, how much they should pay for it or whether even to accept the risk and insure them. Read more

Life Insurance (Part 17) Insurance & Taxes

MrInsurability.comIn this section I’d like to look at a perhaps lesser thought of detail when it comes to purchasing life insurance. That detail is income taxes. You probably already know that getting a life insurance policy may be pretty simple for a lot of people. All they have to do is to find a reliable insurance company and file an application. Once approved, the policy owner simply pays the monthly premium amount stipulated in the policy that he/she has chosen. Read more

Life Insurance (Part 14) Nonforfeiture and Settlement Options

MrInsurability.comIf you’ll remember back, we discussed that an insurance policy is basically a contract between the policy owner and the insurance company providing the coverage. These contracts require the insured or the party getting the insurance, to pay for this coverage at regular intervals, often times monthly. It likewise requires the insurer or the company managing the risk, to pay the insured or his beneficiaries at a certain point in time, agreed upon in the contract. Read more

Life Insurance (Part 13) Dividends-What are They?

MrInsurability.comPeople purchase life insurance policies because they understand the existence of risk. In other words, they will, at some time, pass away and no one knows when it will happen.  As such, they rely on having this risk managed by a company that will not only return their investment, at a future time (pay the beneficiaries), but that they would also pay any additional money that the policy may have earned. Read more

Life Insurance (Part 12) How are Premiums Determined?

MrInsurability.comAs we have been looking at what an insurance policy is and what some of the terminology is, we certainly have to talk about the term “premium”. Now, I think that’s it’s a pretty safe bet that everyone or almost everyone knows what the premium is, which of course is the amount that you must pay each month for your coverage. So instead, I thought we’d look at how premiums are determined. Read more