Business Insurance Group

Why I Sell Life Insurance

Life insurance agents and brokers hope their clients will never need the term insurance policies they purchased.  I dont know of many sales jobs in which the sales person prefers their clients dont use the product they sold them.

Yesterday, once again I was reminded why I choose to sell life insurance.  We received a call from one of our clients beneficiaries that our client passed away.  She was inquiring about how to file a claim.  It is never an easy conversation for me, but knowing that the life insurance policy my client purchased from me is going to provide for his family for many years, helps me get through the call.

In this profession, its not difficult to get into the daily minutiae involved in selling life insurance policies from completing a mind-numbing amount of paperwork to working with sometimes-stubborn underwriters, etc.  On some days, one can get so wrapped up in these details that one can lose sight of why we do it.

Speaking to my clients recently-deceased wife and helping her navigate through the claims process, I remembered (again) why I sell life insurance.  Sure, I earn a good living and I get to speak with a lot of interesting people from all over the country.  However, it is knowing that I am helping my clients to financially protect their families futures that makes this a great a great occupation. 

Some Important Life Insurance Defintitions

In learning about life insurance, it is important to know some key definitions.  By having some key terms well-defined, you wont get tripped up while reading your application or policy.  Most people never read their policies because they get tripped up on some of the terminology.  You can visit our Life Insurance Glossary where you will find definitions on many of the words you will come across in your life insurance application and policy.  Here are a few key words found in our glossary:

• Policy The written statement of the agreement between insurer and insured (or policy owner, if other than the insured), including all endorsements and attached papers, which constitutes the entire contract of insurance.  See contract and insurance policy.

• Death Benefit In life insurance, the face amount, as stated in the policy, to be paid upon proof of death of the insured.

• Beneficiary The person (or entity) to whom the proceeds of a life insurance policy are payable when the insured dies.  There are various types of beneficiaries (see primary, contingent or secondary and tertiary beneficiaries).

• Term Life Insurance Life insurance issued for a term of years, normally building up no cash value and expiring without value.  Typical term periods are 10, 15, 20, 25 and 30 years.

• Permanent Life Insurance A term loosely applied to cash value life insurance.  This type of policy is meant to last a whole life, as opposed to term, which is in force for a specified period of time or term.

• Whole Life Insurance A plan of insurance offering protection for the whole of life, proceeds being payable at death.  Premiums may be paid under a continuous premium arrangement or on a limited payment basis for virtually any desired period of years.

• Cash Value - In a life insurance policy, the amount available to the owner when a policy is surrendered to the company.  During the early policy years, the cash value is the reserve less a surrender charge.  in the later policy years, the cash surrender value usually equals or closely approximates the reserve value.

• Underwriting - The process of selecting risks and classifying them according to their degrees of insurability so that the appropriate rates may be assigned.  The process includes rejection of risks.

I pulled these few out of the Glossary, as I thought these would be a good place to start.  Visit the glossary when you get a chance and look up the definitions for any of the words that might have tripped you up previously.

How to Get Cheap Family Health Insurance Policy Online

Getting insurance coverage is very important; maybe that is why the cost can be so high. Today more and more people are waking up to see the importance of insurance around them. From petty burglary to major disasters like hurricanes and the rest occurring in alarming rates in the world, the need to buy an insurance policy has increased astronomically. Family health insurance happens to be one of the major policies that is prevalent in the industrial world. Virtually everything that is worth the tag value must be insured against future damages but also be faced with high premium payment, discourages some people leaving cold feet about insurance. Full Post…

LIFE presents The Seven Wonders of Life Insurance

As part of this years Life Insurance Awareness Month, LIFE (The Life and Health Insurance Foundation for Education, a non-profit organization dedicated to educating the public about life, health, disability and long term care insurance) has produced a great piece about the importance of life insurance and the way it provides security for families.  Visit www.lifehappens.org if you would like to see the original article, The Seven Wonders of Life Insurance, and some great supporting videos.  In the meantime, here are the key points made in the article:

Many people purchase life insurance to pay for funeral and other final expenses.  With proper planning, life insurance can provide much more for your family.  Here is what life insurance can do for you:

• Life insurance can buy time.It affords your family and loved ones the time they need to grieve.  Without life insurance, they might need to scramble to come up with the funds to pay for final expenses.

• Life insurance provides a fresh start.It allows your family to pay off debt (including the mortgage) so they can start with a clean slate.

• Proceeds from a life insurance policy can generate incomeYour family might choose to invest the death benefit in a conservative investment and live off the interest for years to come, leaving the principal intact.

• Life Insurance can offer flexibility.Your surviving spouse can take time off of work, if needed and/or perhaps switch to a new job that offers a more flexible work schedule, leaving more time to care for the family.

• The funds from a life insurance policy can create opportunities.They can provide funding to start a business or pay for schooling to train for a new career.

• Life insurance can fund the future.It offers a way to fund long-range goals like a college education for the children or to fund a retirement plan for a more-comfortable retirement.

• Life insurance can leave a legacy.It gives parents a chance to leave future generations with the legacy of long-term financial security.

Celebrate Life Insurance Awareness month by reviewing your life insurance policy to make sure you have enough coverage and, if not, get term life insurance quotes or universal life insurance quotes by clicking Start Your Instant Quote above and supplement your current coverage.  If you dont currently own a life insurance policy, now is a great time to start.

Argo Group establishes insurance operations in DIFC

Argo Group International Holdings, an underwriter of specialty insurance and reinsurance products, has established a locally domiciled insurance operation in the heart of the Dubai International Financial Center (DIFC).

Bermuda-based Argo said its new unit, Argo Re (DIFC), which will serve as Argo Group’s hub for the Middle East and North Africa (MENA) Region, will focus initially on casualty, professional and financial lines insurance.

The product suite to be offered by Argo Group in the MENA Region will consist of a broad range of casualty, professional and financial lines coverages, including major construction projects and energy risks.

The new operation is headed by regional chief underwriting officer Lina Hantas and casualty underwriting manager Samir Hemsi.

In his new role, Hantas will be responsible for building, developing and underwriting the liability book of business for Argo in the Middle East & North Africa region.

Similarly, Hemsi will be responsible for building, developing and underwriting the professional liability and casualty book of business for Argo in Dubai and Jordan.

Argo Group CEO Mark Watson said Dubai represents as growing global financial centers and a local presence there serves to enhance the scale, flexibility and value the firm offer to the customers.

More Money Saving Tips for Universal Insurance Buyers

Universal life insurance is generally very affordable, especially with so many insurance companies now competing for a larger market share. Still, there are several very simple tips you can apply in order to lower your universal life insurance premium further. In this article, we are going to discuss some more top money saving tips for life insurance buyers.

Start by actively asking for a discount to the insurance company you are engaging. When you are presented with a universal life insurance quote, review the insurance deal closely and compare it with quotes provided by other insurance companies. Full Post…

Earthquake! Is It Time To Buy Insurance?

A 5.8 intensity earthquake in the East Coast was felt from New York to Georgia and Chicago. Is time to get earthquake insurance? Is there even such a thing as earthquake insurance? Before anyone starts to panic and flood the phone lines, the best option is to get international health insurance instead. With international travel health insurance, it doesn’t matter where you are, you’re insured.

The damage from the earthquake appears to be minimal although there are reports of pipes busting and the incredible rumor that the Washington Monument tilted a bit. Aftershocks were felt hours after the earthquake but damage estimates, if any, will probably take days to assess.

Right now, anyone in the U.S. now

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Five ways to save on auto insurance quotes

Getting a good auto insurance quote can be frustrating and potentially expensive task to perform. With careful planning and attention to your driving habits, you will find a car insurance quote that will save you more money than you thought. Read on for some tips on how to save money on car insurance quotes.

• Keep a clean record

The best way to keep your quotes of auto insurance down is if you have a clean driving record. This will show the car insurance youre a good driver. Studies have shown that people with a clean driving record are less likely to be involved in traffic accidents.

• Conduct the right car

Some cars are less safe than others.

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