Life insurance is a type of insurance that pays a benefit upon the death of an insured person. Because everyone will eventually die it is important that you get life insurance coverage as soon as possible.
We never know when our time is up here on earth and having that peace of mind that there needs will be provided for is important to most people.
Here are 4 reasons you should carry life insurance.
1. Purchase it at a young age when your health is still good and you will be able to lock in an affordable rate. As your age increases you begin to experience health problems then you can expect to pay a higher rate.
2. Life insurance provides means for family members especially spouses. You want to make sure that you cover your basic obligations such as funeral costs, mortgage balance and any unpaid bills. Beyond that it may be worth it to provide adequate income for future years for your spouse to live off of.
3. Some life insurance policies offer an investment option. Depending on the cost, this may be the route to go as it will allow your premiums to develop future income for your family.
4. As you get older, your life insurance needs decrease. Many times your personal investments have grown, your mortgage is paid off, and your overall debt is at an all-time low. The amount of life insurance you need now is not as important as it was when you were younger.
This is four tips to keep in mind when you buy life insurance.
Monday, April 27, 2009
Saturday, April 25, 2009
6 It should know when buying Life Insurance first
1. Understand why Cần Buy Insurance
Most of all we need life insurance at a time in life, but never purchased insurance because hearing other people say it is a good idea. Life insurance is designed to give families a full financial security in case the wife or husband having to uncertainties, or when your parents have to uncertainties. Life insurance can help pay the house, money for college, help supplement retirement funds, to a property here at the same time is another important factor in plan assets. In short, if you have a relative to your income, you should think of life insurance. Even if you think you have no need now, you still should think of buying with a small amount as a starting point. Because, as the child life insurance as cheap.
2. Amount determined Insurance required
The amount that families or inherit will receive after your death is called the amount of insurance. To determine the amount of insurance need, you can use a computer on the network or New York Life www.insure.com network. After using the computer, you will get one guess yourself. Easiest method to obtain the amount of annual salary to 8. Method in more detail as all the monthly charges which family you must pay after you meet uncertainties. Remember always to be public costs and consequences of spending it on home, and fees. Retrieved total monthly charges for that 0:07. This figure indicates that 7% of the total money will be used to pay for monthly charges. Get that amount plus the costs need to pay once, you will estimate the amount of life insurance need. Yes you can measure the amount of life insurance need when using the computer, but the machines that you can not. It can not give you an answer last. Computer only for you the whole "on theory" but are based on the facts are different, the computer will give the different results. Should only use the computer to learn more about how to calculate the amount of life insurance products and other financial, however, you will feel more secure when you talk to a professional as representative by New York Life.
3. Please Choose a Type of Agreement Matches
Once the amount has been estimated for life insurance, should think of the kind which suit your needs. Today, life insurance becomes more diverse and plentiful, but they also have the 4 basic types of life that is periodic, life for life, full of life, and life have changed. One of 4 basic types will match the buy life insurance first.
Life Insurance Dinh Ky
Insurance period will only provide protection in a given period of time. The amount of insurance can be used to liquidate the debt and when you encounter the uncertainties. Life insurance regular insurance is less expensive and enjoy the pure amount of insurance. This agreement will not accumulate cash, and often do not receive a share.
Insurance period may be an ideal choice when you get the time needed insurance. This agreement can only protection needs only exist in a certain time, such as university funds or loan money home loan. Those aged 20 to 30 usually buy insurance period and conversion through life insurance (Insurance Through reading For the bottom). Conversion rights for the period to ensure that they can convert any of the health status is.
New York Life has many types of insurance such as 5-year period, 10 years and 20 years.
Life Insurance For Suốt
Opposed to regular insurance, life insurance will protect you throughout life from start to purchase insurance to go, and of course the conditions have to pay regularly. The difference is the second life insurance life accrue cash value. Form of a loan from the contract, you can use the cash value to the objectives for the various funds and cash funds for additional retirement income. However, you must pay on borrowed money and borrowed money with the convenience will be deducted from the amount insured. Contract for life insurance guaranteed throughout the life of you, regardless of health status as when alive and of course must be closed to regular fees.
Contract for life insurance qualify to receive money pass. Pass money is money that a company drawn from surplus funds and are for the owner. (Money's share can be used under many different methods such as cash received, or used to pay the premium monthly, or accrued to a receipt, or used to purchase additional life insurance prepaid full insurance coverage. Tiền pass does not guarantee.) Life insurance for life offer a lasting solution to the financial worries such as:
* Pay the debt: the amount of insurance can be used to pay debt and cut the debt in case you are having uncertainties
* Conservation of assets: life insurance life can bring money to pay the cost of housing and help from having to sell assets or borrow money to pay expenses
* Pension Fund: cash value can be drawn through the method of loan terms, or to supplement retirement income. Loan amount will be deducted from the amount of insurance
* Money Charity: the life insurance for life can help you contribute to charitable funds that popular after death
* Business needs: life insurance for life can be a valuable benefit for managers and staff to ensure the future financial enterprises
New York Life provides the life insurance life diverse as Life Insurance Conversion (Modified Premium Whole Life), and Life Insurance For Life (Survivorship Whole Life).
Life insurance whole Năng
Life insurance to provide full protection for life and accumulated cash value basis should postpone the tax. Life insurance with all the other life insurance points in life that you can choose the amount of insurance is suitable for families. With life insurance to all, you can increase or decrease the amount of insurance you need to change and can check the times of payment of fees. The contract can be designed with additional terms to suit the lifestyle of each person.
Life Insurance Most variable
Life insurance has variable flexibility in the amount of closing costs, the life insurance life allows the owner to divide the premium into a variety of different investments, including fixed account. Life insurance usually has variable provide insurance money on the basic income tax exemption, the cash value increases on the basis refunds, and can be withdrawn through the method of borrowing or withdrawing money, the This may reduce the amount of insurance. Loan amount and you'll be deducted from the amount insured. The amount drawn will also reduce the amount of insurance, cash value and may have to pay.
4. Evaluation capacity of the Company
Insurance contract is only good when a company has good support. You should look away from the company's release of the still existing in the future to serve and make the promise to pay insurance when needed. To help see the company is strong, the organization evaluates Financial capacity has ratings of insurance companies based on the quality of the gym, the quality of the investment method, and financial cover. The ranking is considered as the independent evaluation of the ability to pay insurance compensation in time and financial obligations other. This is the core of a company life insurance. 4 organization capacity evaluation leading Financial: AM Best, Standard and Poors, Moody's and Fitch.
Each organization evaluated based on criteria quite different. When looking at the ranking of a company will help you look on the general financial strength of that company. 4 Organization has ranked New York Life to the highest ranking.
5. Reference to Representative
Representative to bring an invaluable service. First, representative to help you analyze the factors that "people" and into items of insurance to help determine the amount of insurance need. The relationship between representative and client relationship is eternal. 2, the representative can help you update the amount the insurance needs change. They can also help guide decisions about finances, reduce a burden in life. Click here to have discussions with representatives New York Life.
6. Understand words expert
The discussions on insurance will include words such as cash value, insurance coverage, divided by money, insurance money, and more. To discuss a master, here's a short summary part of the terms used.
* Cash Value: in life insurance for life, it means that the amount accumulated on the
* A Division of Money: A surplus of the company divided by the owner of the
* Support the Company: An insurance company has no stock or shareholders, as it is the owner. New York Life is a mutual company
* Insurance coverage in the insurance, the amount is limited to keep the contract value
If you have any questions about this article or product by New York Life? Please call toll free 1-877-NYL-VIET (1-877-695-8438) for a discussion with representatives New York Life.
The offering documents (policies, contracts) for all New York Life and its subsidiaries products are available only in English. In the event of a dispute, the provision in the policies and contracts will prevail.
Documents (rules, contracts) and products by New York Life and branches of New York Life provided only in English. In case of dispute, the terms in the rules and used the official.
Most of all we need life insurance at a time in life, but never purchased insurance because hearing other people say it is a good idea. Life insurance is designed to give families a full financial security in case the wife or husband having to uncertainties, or when your parents have to uncertainties. Life insurance can help pay the house, money for college, help supplement retirement funds, to a property here at the same time is another important factor in plan assets. In short, if you have a relative to your income, you should think of life insurance. Even if you think you have no need now, you still should think of buying with a small amount as a starting point. Because, as the child life insurance as cheap.
2. Amount determined Insurance required
The amount that families or inherit will receive after your death is called the amount of insurance. To determine the amount of insurance need, you can use a computer on the network or New York Life www.insure.com network. After using the computer, you will get one guess yourself. Easiest method to obtain the amount of annual salary to 8. Method in more detail as all the monthly charges which family you must pay after you meet uncertainties. Remember always to be public costs and consequences of spending it on home, and fees. Retrieved total monthly charges for that 0:07. This figure indicates that 7% of the total money will be used to pay for monthly charges. Get that amount plus the costs need to pay once, you will estimate the amount of life insurance need. Yes you can measure the amount of life insurance need when using the computer, but the machines that you can not. It can not give you an answer last. Computer only for you the whole "on theory" but are based on the facts are different, the computer will give the different results. Should only use the computer to learn more about how to calculate the amount of life insurance products and other financial, however, you will feel more secure when you talk to a professional as representative by New York Life.
3. Please Choose a Type of Agreement Matches
Once the amount has been estimated for life insurance, should think of the kind which suit your needs. Today, life insurance becomes more diverse and plentiful, but they also have the 4 basic types of life that is periodic, life for life, full of life, and life have changed. One of 4 basic types will match the buy life insurance first.
Life Insurance Dinh Ky
Insurance period will only provide protection in a given period of time. The amount of insurance can be used to liquidate the debt and when you encounter the uncertainties. Life insurance regular insurance is less expensive and enjoy the pure amount of insurance. This agreement will not accumulate cash, and often do not receive a share.
Insurance period may be an ideal choice when you get the time needed insurance. This agreement can only protection needs only exist in a certain time, such as university funds or loan money home loan. Those aged 20 to 30 usually buy insurance period and conversion through life insurance (Insurance Through reading For the bottom). Conversion rights for the period to ensure that they can convert any of the health status is.
New York Life has many types of insurance such as 5-year period, 10 years and 20 years.
Life Insurance For Suốt
Opposed to regular insurance, life insurance will protect you throughout life from start to purchase insurance to go, and of course the conditions have to pay regularly. The difference is the second life insurance life accrue cash value. Form of a loan from the contract, you can use the cash value to the objectives for the various funds and cash funds for additional retirement income. However, you must pay on borrowed money and borrowed money with the convenience will be deducted from the amount insured. Contract for life insurance guaranteed throughout the life of you, regardless of health status as when alive and of course must be closed to regular fees.
Contract for life insurance qualify to receive money pass. Pass money is money that a company drawn from surplus funds and are for the owner. (Money's share can be used under many different methods such as cash received, or used to pay the premium monthly, or accrued to a receipt, or used to purchase additional life insurance prepaid full insurance coverage. Tiền pass does not guarantee.) Life insurance for life offer a lasting solution to the financial worries such as:
* Pay the debt: the amount of insurance can be used to pay debt and cut the debt in case you are having uncertainties
* Conservation of assets: life insurance life can bring money to pay the cost of housing and help from having to sell assets or borrow money to pay expenses
* Pension Fund: cash value can be drawn through the method of loan terms, or to supplement retirement income. Loan amount will be deducted from the amount of insurance
* Money Charity: the life insurance for life can help you contribute to charitable funds that popular after death
* Business needs: life insurance for life can be a valuable benefit for managers and staff to ensure the future financial enterprises
New York Life provides the life insurance life diverse as Life Insurance Conversion (Modified Premium Whole Life), and Life Insurance For Life (Survivorship Whole Life).
Life insurance whole Năng
Life insurance to provide full protection for life and accumulated cash value basis should postpone the tax. Life insurance with all the other life insurance points in life that you can choose the amount of insurance is suitable for families. With life insurance to all, you can increase or decrease the amount of insurance you need to change and can check the times of payment of fees. The contract can be designed with additional terms to suit the lifestyle of each person.
Life Insurance Most variable
Life insurance has variable flexibility in the amount of closing costs, the life insurance life allows the owner to divide the premium into a variety of different investments, including fixed account. Life insurance usually has variable provide insurance money on the basic income tax exemption, the cash value increases on the basis refunds, and can be withdrawn through the method of borrowing or withdrawing money, the This may reduce the amount of insurance. Loan amount and you'll be deducted from the amount insured. The amount drawn will also reduce the amount of insurance, cash value and may have to pay.
4. Evaluation capacity of the Company
Insurance contract is only good when a company has good support. You should look away from the company's release of the still existing in the future to serve and make the promise to pay insurance when needed. To help see the company is strong, the organization evaluates Financial capacity has ratings of insurance companies based on the quality of the gym, the quality of the investment method, and financial cover. The ranking is considered as the independent evaluation of the ability to pay insurance compensation in time and financial obligations other. This is the core of a company life insurance. 4 organization capacity evaluation leading Financial: AM Best, Standard and Poors, Moody's and Fitch.
Each organization evaluated based on criteria quite different. When looking at the ranking of a company will help you look on the general financial strength of that company. 4 Organization has ranked New York Life to the highest ranking.
5. Reference to Representative
Representative to bring an invaluable service. First, representative to help you analyze the factors that "people" and into items of insurance to help determine the amount of insurance need. The relationship between representative and client relationship is eternal. 2, the representative can help you update the amount the insurance needs change. They can also help guide decisions about finances, reduce a burden in life. Click here to have discussions with representatives New York Life.
6. Understand words expert
The discussions on insurance will include words such as cash value, insurance coverage, divided by money, insurance money, and more. To discuss a master, here's a short summary part of the terms used.
* Cash Value: in life insurance for life, it means that the amount accumulated on the
* A Division of Money: A surplus of the company divided by the owner of the
* Support the Company: An insurance company has no stock or shareholders, as it is the owner. New York Life is a mutual company
* Insurance coverage in the insurance, the amount is limited to keep the contract value
If you have any questions about this article or product by New York Life? Please call toll free 1-877-NYL-VIET (1-877-695-8438) for a discussion with representatives New York Life.
The offering documents (policies, contracts) for all New York Life and its subsidiaries products are available only in English. In the event of a dispute, the provision in the policies and contracts will prevail.
Documents (rules, contracts) and products by New York Life and branches of New York Life provided only in English. In case of dispute, the terms in the rules and used the official.
Wednesday, April 22, 2009
Life Insurance
NOTE: As of January 1, 2009 The Hartford has assumed the contract for LANS Life Insurance programs. Any claim date after Jan 1, 2009 will be handled by The Hartford. If the claim date is prior to Jan 1, 2009 then Prudential will process the claim.
About Your LANS-paid Life Insurance Benefits
Life insurance offers your dependents financial protection in the event of your death. LANS automatically provides basic life insurance coverage for all eligible employees. If you are eligible, you may buy additional coverage for both yourself and your family.
LANS plans are group term life plans, which mean they stay in effect for a certain term. In this case, the term is as long as you remain an eligible employee. Term life policies do not accumulate a cash value over time.
There are two LANS-paid life insurance plans, Basic Life and Core Life, which provide a minimum amount of coverage. The amount of coverage varies, and you are automatically covered by the plan for which you qualify. The Basic Life plan provides life insurance equal to your annual base salary, up to $50,000. The Core Life plan provides $5,000 of life insurance.
Enrollment
If you are eligible for Full benefits, you are automatically enrolled in Basic Life insurance. If you are eligible for Mid-Level or Core benefits, you are automatically enrolled in Core Life insurance. You do not need to complete an enrollment form.
If you are enrolling in life insurance because of a family status change (e.g., marriage or birth of a child), the beginning of the period of initial eligibility (PIE) will be the date of the qualifying event (e.g., date of marriage or date of the child's birth).
If you enroll after your PIE, you must submit a statement of health to the insurance company. A statement of health is an application that informs the insurance company about your medical history. The insurance company may or may not accept your request for coverage based on the statement of health. (Note: LANS's life insurance plans carry no restrictions for preexisting conditions.)
You may not enroll family members in this plan, nor is it available to retirees.
Beneficiaries
All LANS employees must designate at least one beneficiary for their insurance elections. If no beneficiary is named, benefits will be paid to the first survivor in this list (in order):
- Employee's legal spouse
- Employee's children - in equal shares
- Employee's parents - in equal shares, or
- Employee's brothers and sisters - in equal shares
If none of these people survives the employee, benefits will be paid to the employee's estate.
For more information on beneficiaries, or how to designate them, go to our
Work Status Changes
Increase in salary
If your salary increases during the calendar year, life insurance coverage will not automatically increase to reflect a higher salary until the following January 1.
For example, as a Lab graduate research assistant (GRA), your salary on January 1 is $35,000. In March, you accept a full-time LANS Regular position and your salary increases to $65,000. Your coverage amount will not change until the following January 1. However, if you have a break in service between your GRA position and the LANS regular position, you are considered a new hire. If your new salary is $65,000, then your coverage amount would be based on the $65,000.
Full time to part time
If you change from full time to part time, your life insurance coverage is based on the full-time salary rate for your position as of January 1 of the current year, even if you work part time. Coverage will not automatically be reduced if your full-time salary rate is reduced.
Retirement
If you retire, you may not continue coverage into retirement, but you may be able to convert your group insurance coverage to an individual policy. Your Benefits Representative will provide you with all the information during your retirement election meeting.
This is only an overview of the Life insurance plan.
Questions? Contact the Lab's Benefits Office at 505-667-1806.
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