Insurance Blog, Home Insurance Blog, Life Insurance, InsWeb Insurance Blog

In the era of wanting everything done five minutes ago, term life insurance companies have bought into that idiom by introducing the Instant Issue Policy. Recognizing that purchasing term life insurance can be an ambiguous and drawn-out process, Instant Issue insurance generally approves or denies you within 10 minutes of the completion of the online application. In fact, many carriers will allow you to secure a policy with a credit card at that moment — just like you would reserve and purchase an airline seat.

What is Instant Issue Term Life Insurance?
Instant Issue term life insurance is a convenient policy for those that don’t want to “spend the time” shopping for term life insurance. In that fashion, most carriers give consumers an online platform to research, compare, and immediately buy a policy without even talking to another person, let alone an insurance sales person. Furthermore, there are generally no medical examinations required to put the policy in force, which is attractive to many people who would just as soon not bother.

Given the convenience of Instant Issue term life policies, the trade-off is that the coverage levels are generally smaller at a slightly more expensive monthly premium. As the insurance company is willing to underwrite a person without any medical examinations, the risk is shared with the consumer in policy cost.

Younger Families with Limited Free Time
Suited best for younger families, Instant Issue term life insurance can be thought of as a quick solution to your life insurance needs. This process allows you to get approval for term life insurance within minutes of completing the application. Basically, you can compare, shop, buy, and be approved all in the same day. Getting same day coverage allows you to be protected ASAP, instead of having to go through the process of waiting to hear if you are approved. Furthermore, you can use Instant Issue insurance if your current term life insurance policy is about to run out; you can quickly get a new policy without having a lapse in your term life insurance coverage.

Not unlike “traditional” term policies, the online application process will ask you to provide a few points of information regarding your general health and lifestyle: your height and weight, smoking habits, and any existing health conditions such as cholesterol and blood pressure. Other than that, the application process is really about how much coverage you need and how long of a term you would like to secure.

Remember, life insurance coverage is intended to protect you and your loved ones in the unfortunate circumstance that you pass away. Make sure anyone who relies on your income is covered, or that any debts you may possess will not be passed on to loved ones. Term life insurance is an affordable way to cover your needs at any stage of life, and offers the added benefit of letting you choose your coverage amount and term length.

Posted by InsZo at 10:01 AM | Permalink

American culture attributes the car we drive to our persona — defining our values, our sense of style, and to some extent, our eccentricities. It’s the reason that Corvette owners wave to each other, and why everyone feels the need to catch a look to see who’s driving the Hummer. In the same manner, the car we drive also determines how much we pay for car insurance.

Easily an afterthought to the monthly car loan payment, many owners are “car-broke” because of their insurance costs, and don’t know it. Are you driving one of the most expensive cars to insure?

10 Most Expensive to Insure 1 Lexus IS 300 2 Land Rover Discovery Series II 3 Audi S4 4 Jaguar X-Type 5 Mercedes SLK Class 6 Lexus GS 430 7 Land Rover Freelander 8 Mitsubishi Montero 9 BMW X5 10 Toyota 4Runner   10 Least Expensive to Insure 1 Oldsmobile Silhouette 2 Pontiac Montana 3 Saturn L Series Sedan 4 Chrysler PT Cruiser 5 Saturn L Series Wagon 6 Chevrolet Venture 7 Chevrolet Astro 8 Saturn Vue 9 Jeep Wrangler 10 Oldsmobile Bravada

There are a handful of factors that determine how much a person pays for insurance, including gender, age, driving record, location of residence, annual driving mileage, credit scores (in most states), and most importantly, the car we drive.

Although common-sense holds that the more expensive a car, the more expensive the insurance, this is not always the case. Insurance rates differ greatly between makes and models. If a car performs well in crash tests, it’s not frequently stolen, and has additional safety or anti-theft devices, it will generally cost less to insure it. On the other hand, if your car is flashier, attractive to thieves, and doesn’t wow anyone in the crash tests, it will cost more to insure.

What’s the Fastest You’ve Taken It?
If you drive a high performance vehicle with more horsepower than General Washington’s Army, insurance companies have no other choice but to assume that you will use it and practice riskier driving. Should you get into an accident, regardless of fault, the cost of returning your vehicle to its original condition can be extraordinary— even for a seemingly innocuous fender bender.

Bigger is Safer, But Cause More Damage
Although SUVs, large trucks, and other large road warriors might be safer than compact cars in accidents, they tend to foster a more expensive liability coverage rate given the fact that they inflict more damage than most standard cars in accidents. On another note, there are still many SUVs that have inherent safety flaws in their design, specifically with rollover tests. Accordingly, insurance companies share these additional financial risks onto the driver in the form of higher premiums.

Car Insurance Companies Love Family Cars
Cars that are particularly associated as “family cars” tend to have lower insurance premiums. These types of cars include minivans, family sedans, and station wagons. Cars that are used primarily to transport a family are generally involved in fewer accidents, due to safer driving habits associated with those who transport family members.

It Doesn’t Matter Which List You’re On: Don’t Over-Pay for Car Insurance
Insurance companies specialize in different types of financial risk and demonstrate this best in their insurance rates. Just because your insurance company affords you a wonderful rate on your homeowners insurance policy, doesn’t mean they’ll offer you the same deal to insure your Jeep Wrangler. Remember, the same policy can differ by hundreds of dollars from company to company, not to mention that rates are always changing. Regardless of which list your car is on, you can always get quotes to identify potential savings from a new insurance company, or any previously unrecognized discounts from your current company.

Posted by InsZo at 9:47 AM | Permalink | TrackBacks (0)

Over the next month, 13 million young adults will make their migration to college. Leaving the sanctuary of the nest with almost $10,000 in electronics, computers, and clothing in hand, the average college freshmen becomes prey to the natural events of property loss. In fact, nearly 30,000 unsuspecting students will become victims of burglaries on college campuses this year. Soon enough, both parents and students will become distracted by the challenges of lugging overloaded boxes and homesickness; therefore, take 5 minutes now to analyze your homeowners insurance policy. Clarify the coverage your policy affords for your student, and identify new areas for saving — considering the cost of text books now.

Living on Campus: What Your Policy Covers
Dorm room living is a traditional rite-of-passage for many young adults. An environment of adolescent roommates and unlocked doors, on-campus living is a risky environment that requires the attention of your homeowners policy. Generally a student’s possessions are protected by his/her parent’s homeowners insurance polices; however, there will may be limits on some items such as stereos, computers, and bikes, so additional coverage might need to be purchased.

Lesson #1: Not a Fix-All Magic Wand
Of course, planning for this is a wonderful time to explain the magic of homeowners insurance to your young adult, as it’s not intended to be a “fix-all” savings account, but rather a financial tool that returns one’s life to an original state — should a major loss happen. Furthermore, the cost of deductibles and the future impacts of making claims can be as financially debilitating as a late payment on one of the high-interest rate credit card offers your student will be bombarded with. Side note: Teach your student the power of “NO!”

Living Off-Campus: A Bigger Challenge
On the other hand, if your student attends college by living in an off-campus arrangement, be aware they are most likely not protected by your homeowners insurance policy. A much more uncontrolled and independent environment to insurance companies, living off-campus requires a separate policy — perhaps renters insurance if applicable. Similar to a homeowners policy, you can get a quote online and discuss your needs with an experienced agent.

Before You Leave the Nest: Take an Inventory
Filing a homeowners insurance claim is the same process as figuring out exactly how much insurance coverage is needed. You have to take an inventory of all your possessions and assign a value. As your students packs boxes with computer equipment and invaluable personal effects that inspire their individuality, take the time to itemize an inventory and complement it with supporting pictures, serial numbers, and receipts if possible. Having this supporting documentation supports your efforts should you file a claim in the future, not to mention, an updated total value affords you the ability to get new pricing for your homeowners protection.

Posted by InsZo at 9:22 AM | Permalink