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Term Life Insurance Verbiage

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An important part of a sound financial plan, life insurance provides a death benefit to your beneficiaries and can replace some of the income you were earning. This can help preserve any investments, savings, or other assets you intended on paying off.

The Benefits Of Term Life Insurance:

Term life insurance is a policy that provides coverage to the insured over a certain length of time. This makes this policy an assset to your overall financial portfolio. One key advantage of level term life insurance is that the monthly premiums remain level for the life of the policy (whether it be 5, 10, 15, 20, 25, or 30 years).

The benefits in the different types of life insurance should not be overlooked. Before you buy a life insurance policy you should evaluate the overall condition of your financial portfolio. Yearly renewable term life insurance has a lower initial premium. However, the premium rises each year. Yearly renewable term life insurance is only cost effective for a few years because of the increasing premiums. If you are looking for term life insurance that runs more than a few years then a level term life insurance policy can cost less.

Buying Term Life Insurance Can Be A Good Decision:

For starters, term life insurance will cost less than permanent insurance. A potential buyer may have serveral dependents at home and he/she has to protect his/her income. They may have bought a house and now have a 30 year mortgage for $300,000. In this scenario you can plainly see a good reason to purchase a level term life insurance policy for $300,000 30 year term to cover their mortgage. If something were to happen to the proposed insured between now or anytime over the next 30 years the insurance company would write a check for the full face amount of the term life insurance policy for the survivor. This would allow the survivor to pay off the mortgage and the balance would be paid to the designated beneficiary.

Term Life Offers Conversion Options:

One nice thing about term life insurance is you can consider conversion options, such as a convertible option. A convertible term life insurance policy means that during a specified time you can convert all or part of the term insurance to a permanent life insurance product. If you chose3 this option you wouldn’t have to prove evidence of insurability since you were already insured. For instance, if you take out a term life insurance policy your need for the amount of coverage may change down the road. You may still need some life insurance but can afford to lower the face amount of the policy, thereby lowering your premiums when you excercise a coversion option. The conversion option on a term life insurance policy simply gives you the option to convert over a certain amount to cover final expenses.

The attraction to term life insurance is that it can be bought at an extremely low price and can be very beneficial to young families. If you lock in a term rate at an early age while you are young and healthy the rate is guaranteed for the full length of time on a guaranteed level term.

It is also possible to combine term life insurance with a permanent life insurance policy. During the earlier years of the policy you’ll have more coverage. As you get older there’s a good chance you may not need as much insurance as you originally applied for. For example, the children may have grown up and the house is paid off. So the need for so much coverage is not there and the term insurance will expire. The client will still have the permanent insurance policy that was put in force at the same time the term insurance was issued. Now the client can use the permanent life insurance to pay off final expenses down the road.

Why You Need Life Insurance:

1. Protect your familys home by allowing them to pay off your mortgage.

2. Allow your family to maintain their standard of living.

3. Give your spouse retirement income and peace of mind.

4. Pay off outstanding debts you have incurred.

5. Save the family business.

Important Benefits Of Term Life Insurance Policies:

1. Term policies are a practical way to receive the most coverage for your dollar amount and can also meet a wide variety of personal and business needs.

2. Term insurance provides protection for a certain period of time (10,15,20,25,30 years) and pays the death benefit to your beneficiary if anything were to happen to you during this time.

3. Many term life insurance policies allow you to convert your policy to a permanent policy within a specific time period.

tips on how to Locate Unclaimed Money

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What is and why is there unclaimed money? Unclaimed Money or Property encompasses any financial obligation that is due and owed to another party (customer, vendor, employee, contributor, etc.). The key rule to remember is that this property never becomes the organizations property it always belongs to the person or entity owed. Unfortunately, many organizations do not realize that un cashed checks, escrow balances, customer deposits, mysterious credits, and unclaimed payroll and insurance benefits qualify as unclaimed property. These organizations are often referred to as the Holder of the abandoned money or property.

1.Once the abandoned money or property is remitted to [escheated] to the State in which the Owner was last known to have resided the “dormancy period” for that type of abandoned property has expired. The typical dormancy periods in most States of three to five years that means that an organization can only keep these items on their books and retain the associated funds for this period of time and then it must escheat / remit the funds to the appropriate State. Once the abandoned money reaches the State, the money or property is called referred to as unclaimed money or property.

2.An issue can be that can have his abandoned money or property escheated to a State in which the Owner has never lived. If the Holder of the abandoned money or property is headquarters in a different State, the abandoned money will be escheated / remitted to that State. For example many large publicly traded Companies with office or branches throughout the country are headquartered in a State such as Delaware.

3.Unfortunately, the laws governing the unclaimed money are both complex and vary from State to State. Complex for both the Owner of the unclaimed money and the Holder of the abandoned money. The challenge with regard to unclaimed property laws is that they are complex. Each state has its own set of laws. Even if you only have property to report to one state, many states require the filing of “negative” reports, meaning it is your obligation as an organization to tell them you have nothing to report. But you very likely have liability to more than one state, each with its own dormancy periods and rules on how to report each of the more than 100 different property types that can become classified as unclaimed property.

4.The format of the States unclaimed money database also varies widely:
The fields of information or data points are varies and not consistent; many States by law cannot display the actual dollar amount
If a dollar amount is displayed and the amount is “$0.00” or “unknown”, that does NOT mean that there is no unclaimed money but rather the unclaimed property cannot valued. Examples would be if the unclaimed property is stock(s) or a Bond whose value can change daily..IF the State has not yet sold the stock(s) or Bond. Another example would be jewelry or precious coins found in an abandoned Bank Safety Deposit Box. Its value is moot and cannot be accurately valued.

5.One needs to be savvy while searching for possible unclaimed money or property;
Check any State in which one has resided
Women should check both maiden, married and divorced last names
Never use a single apostrophe. i.e.) if last name is O’Brian, the last name search would be OBrian.
A search for a Business unclaimed money must be the Companys exact name:
The Auto Glass Co. not Auto Glass Company
A & B Company not A and B Company
Check the common varies spellings of specific last names as:
Thompson, Thomson
Smith, Smyth
Robertson, Robinson
Schmidt, Schmid, Schmit, Schmitt
Barry, Berry
OBrian, OBrien

6.Some States do not list the unclaimed money in their public database until 2 years after the lost property has been escheated to them. Most States Unclaimed Property Divisions are understaffed so updating their databases can be belated. So keep checking regularly and frequently.

7.States are meant to be the Custodians of the unclaimed property that means that they honor the Owners or Claimants or his heirs to claim the unclaimed asset for perpetuity. However, a few States have quietly passed laws by which if the unclaimed property is not claimed in 10 years, the property is reverted to the State as its property. Indiana is one of these States.

8.Although non-compliance was largely ignored in past years, the growth of state budget deficits led by the current economic downturn has brought the issue to the front burner.While most states have departments committed to returning unclaimed property to the actual owner, less than 30 percent on average is ever returned, (therefore 70%+ remain current/active)which allows cash-strapped states to use the money they collect as unclaimed property to fund various public interest projects.
The remainder is placed in a small reserve fund from which owner claims are paid. Therefore, unclaimed property represents, in essence, a “quiet” source of revenue that does not require the government to raise taxes. As a result, state enforcement efforts have steadily grown and audits to drive compliance are at an all-time high.
9.Real estate, cars, boats, fixtures and even animals that may be abandoned but are not generally applicable to the unclaimed property statutes and are neither transferred to nor held in State’s Unclaimed Property Division. The only tangible property that is transferred to the States are the contents of a financial institution’s safe deposit box when the safe deposit box has been abandoned.

10.States arent the only ones holding onto unclaimed property. Many Federal Government unclaimed money or property are:
Federal Income Tax refunds
FHA Mortgage Insurance premium refunds
FDIC for failed Banks
Unclaimed Pensions
Lost Treasury Bonds
American Indian Trust Royalties
War Claims for US Nationals

What To Do With Your Life Insurance Dividends

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Life insurance dividends are paid out by mutual life insurance companies. The dividends represent a return of premium payments that you’ve been overcharged. Overcharged? Yes, life insurance companies overcharge you, then return the difference later at the end of the year – but you’re not being ripped off. In fact, that excess amount is used to ensure the long-term viability of your policy.

You see, at some point, your dividends will exceed the premium payments you make – that’s the result of the insurer investing most of your premium dollars. While dividends are not guaranteed, you should know what to do with them when you do get them since most mutual insurers have a consistent track record of paying them out every year.

Take as Cash

One option you have is to take your dividend as cash. This option treats the life insurance policy like an investment – you take the dividend as it’s paid out. It doesn’t help the cash value growth much, but the dividend tends to grow each year. Admittedly, this isn’t the most attractive option since dividends are taxable once you’ve recouped your cost basis (the sum total of your premium payments).

Buy More Insurance

The most popular option – the default option with most companies – is to buy additional paid up insurance. Why is this popular? Because additional paid up life insurance grows the death benefit, grows the cash value, grows the dividends exponentially, and defers tax on all of this growth as long as the policy remains in force. It’s also an excellent option if you want to supplement your future retirement income since the policy’s dividends, and the rest of the base cash value, may be accessed income tax-free as long as the policy remains in force (check with your tax adviser to make sure that your situation would not prevent tax-free access to cash values).

It’s also an ideal option if you just want to ensure a growing death benefit. While dividends are not guaranteed, most insurers have an excellent track record, so there’s a reasonable expectation of growing the benefit amount over the long-term.

Reduce The Premium

If you don’t want to be stuck paying a premium for the rest of your life, consider using the dividend to reduce the premium. Be careful of this option though. Back in the 1980s, something called “vanishing premiums” hit the market. This was a concept sold by many life insurance agents.

Basically, agents back then told customers that they could make a few years worth of premium payments, and their premiums would be covered by the dividends generated by the policy. In essence, the premiums would “vanish.” Well, as interest rates fell, customers realized that dividend rates were not guaranteed. Premiums never “vanish” unless you buy a limited pay policy – which means you must make all premium payments outlined in the policy.

If your dividend isn’t enough to cover the premium, you may have to resume payments later on in your life. If you’re fine with that, this is a decent option to lessen the burden of payments.

Invest Them

You can let the premiums sit in the insurer’s general investment account and accumulate interest at a fixed rate. You may also be able to invest them in the insurer’s separate account for a non-guaranteed return based on the performance of mutual funds. In both instances, you will pay income tax on the investment gain.

Pay Off Previous Loans

Sometimes, you need to borrow money against the value of your policy’s surrender value (the cash value). If you don’t want to repay the loan, or can’t make repayments, you can use the dividends to repay the loan. This way, the interest doesn’t accumulate and put your policy in danger of lapsing.

Commercial Truck Insurance Many Coverage Options Available

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Insurance coverage is often considered complicated and confusing. Commercial truck insurance is no exception. This is because the truck industry is highly diversified and many regulations exist to govern it.

The many forms of commercial truck insurance provide motor carriers and independent owner/operators with all the coverage they need to protect themselves and their assets.

The following are several examples of coverage options for both large companies and independent haulers.

General Liability

This coverage protects company employees and vehicles with liability coverage. Damage and injury costs are covered for employees and employers are given protection against lawsuits from accident victims.

Primary Liability

This type of coverage is required by federal regulations and covers damage and injury costs incurred by third party motorists involved in accidents caused by commercial truck drivers.

Physical Damage

Independent drivers are encouraged to purchase these policies in order to protect their own assets, such as their trucks. Damages caused by fires, theft, vandalism, and accidents will be covered up to a pre-determined amount. Considered the minimum policy coverage a driver should purchase to feel protected from the various situations that occur.

Non-Trucking Insurance

This form of liability insurance is a more cost-effective form of coverage for independent drivers. It covers drivers when not on active dispatch and therefore not covered by their contracted employers policy.

Trailer Interchange Insurance

This coverage is for instances in which trailers are being exchanged between two different companies. Trailer interchange coverage will cover the cost of any damages to the trailer or its cargo while being hauled by an outside party.

Cargo Insurance

Many commercial truck insurance policies do not cover the actual cargo, just the truck itself. Cargo insurance protects the goods that are being transported, as well as protects if those goods fall out or cause harm to another driver.

Freight Insurance

General freight insurance protects companies that haul dried goods ranging in value from $10,000- $100,000. Freight valued higher than $100,000 typically needs additional coverage.

Dump Truck Insurance

The defining quality of Dump Truck Insurance is the mechanical moving parts of the truck. Because the back of the dump truck is a machine itself, it requires special a policy for those that could be injured by operating it.

Benefits Of A Business Economics Major

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The Business Economics major is a great complement to another major or minor in business, political science, history, accounting or marketing. Economics not only studies economics research and economics financial systems, but also social issues like poverty, pollution, inflation, unemployment, recession and economic growth.

Top market economists are analytical problem solvers who are useful in almost every major industry. They study how the optimal amount of production can be achieved to meet society’s needs. They study market forces that shape financial decision making. They look at how politics affect the commerce marketplace. They look at data to forecast, analyze trends and apply their understanding to a whole range of public issues.

To get an undergrad degree in Business Economics, students attending an accredited economics university will need to take courses like macro economics, microeconomics, financial accounting and reporting, calculus, economics statistics, econometrics, money/banking/credit, business writing, the stock market, labor economics, monetary economics, international trade theory, law and economics, industrial organization, economics and business strategy, organizational psychology, formal organizations and politics and the economy. Students should have a good understanding of math, politics and business. People often choose this major because they want a good job, they want to make a lot of money, they want to be a manager or CPA, they want to have a secure job or they want to get into a good graduate school.

The common starting salary for economists is $38,000 for a bachelor’s degree, $48,000 for a master’s and $70,000 for a PhD, according to a 2002 National Association of Business Economics survey. Those with an economics major enjoy the highest median income compared to other majors, experts say. Economics research also suggests that economics majors earn 20% more than business administration majors, 19% more than accounting majors, 18% more than marketing majors and 15% more than finance majors. When a potential employer sees this major on a resume, he or she immediately understands that you have a solid foundation of math, politics, business and economic theory. Your degree also shows that you have the capacity to process complex subjects and it highlights your problem solving skills, which is valuable in any field.

Individuals with a degree in Business Economics have been recruited by employers like the California State Controller’s Office, Cerner Healthcare Information Technology, Coca-Cola, Consolidated Graphics, Deloitte Services LP, Edward Jones, Enterprise Rent-A-Car, Ernst & Young LLP, General Mills, Inc., Insight, JPMorgan Chase & Co., Liberty Mutual Insurance Group (MA), Medix Staffing Solutions, PetSmart, Raytheon, Sherwin-Williams, Travelers Insurance and Wells Fargo Financial. The economics field is expected to grow 7% by 2016, adding another 16,000 workers. People with bachelor’s degrees can get almost any entry-level job in business. Master’s degree holders generally compete for sales and management trainee positions. Those who hold PhD degrees often go on to teach or become top market analysts in their fields.