Life Insurance 101, An Explanation of Various Types of Life Insurance

TERM LIFE INSURANCE – Life insurance for a set number or years. You can choose from 5 to 30 year terms. No cash value, if you die during the term you collect the death benefit. The policy dies after the selected term has ended and you receive nothing unless you have a, return of premium rider or you convert the policy to some form of permanent insurance.

RETURN OF PREMIUM TERM INSURANCE (ROP) – A term insurance policy that returns all or a portion of premiums paid at the end of the term if the death benefit has not been paid.

SIMPLIFIED TERM INSURANCE – Term insurance which uses a simple application. Underwriting is done electronically. No underwriting requirements by the applicant unless red flags arise out of the electronic underwriting process. Policy is usually issued much quicker than regular term. There is a limit of death benefit for this type of policy ($350,000 or less) depending on the insurance carrier. This type of policy is generally more expensive because of additional risk by the insurance carrier. Less underwriting =more risk.

CRITICAL ILLNESS INSURANCE – Applied for as a stand-alone policy or as a rider to another life insurance policy. Pay immediate benefit for a covered illness even if death does not occur.

ACCIDENTAL DEATH INSURANCE – Pays benefit in event of a covered sudden accidental death. Applied for as a stand-alone policy or as a rider to another form of life insurance.

MORTGAGE PROTECTION INSURANCE OR DECREASING TERM INSURANCE – Term insurance that pays the balance of your mortgage should death occur. The amount of death benefit decreases to match the amount owed on mortgage. The insurance is set up to end at the same time your mortgage is set to end.

UNIVERSAL LIFE INSURANCE (non variable) – Flexible premiums. Can be a permanent insurance as long as premiums are paid and policy is funded properly. Investment policy in which risk lies with insurance company.

Has a minimum guaranteed interest rate which differs by company. This policy has the ability to gain contract value. The death benefit can be set to level (death benefit stays the same throughout) or increasing (death benefit increases as contract value rises). You may obtain loans or make withdraws but you must be careful, if the policy is not funded, it will collapse.

VARIABLE UNIVERSAL LIFE INSURANCE – Agent must have securities license to sell. Very similar to non-variable universal life. The difference is that the policy owner assumes investment risk. There is no guaranteed interest rate. Policy can collapse if investment does not do well and policy is not funded properly.

WHOLE LIFE INSURANCE – Simply put, you pay the premium and the policy will last your whole life. You usually have an option to borrow against the policy, amount depends on the value of the policy. This type of policy is usually much more expensive than the universal life policy.

GRADED BENEFITS WHOLE LIFE – Partial or no benefits paid until a named or tiered waiting period has passed. If you die before the waiting period has passed, you usually will receive the return of your premium payments with some sort of interest.

FINAL EXPENSE WHOLE LIFE INSURANCE – This type of whole life insurance is aimed at burial and funeral expenses and other final expenses. Usually, no medical exam required and death benefit is limited to $50,000 or less.

SINGLE PREMIUM WHOLE LIFE – This whole life policy is paid for by a single lump sum payment. In return the beneficiary receives a larger death benefit than the payment.

THINGS TO CONSIDER: You may be interested in mixing and matching different types of policies. For example; There is a need for 500k immediately. As time goes on, the kids have graduated college and are out of the house, the house is almost or totally paid off. Now the need is less. In this example you may want to purchase a 330k universal life and a 20 year 200k term. This plan will save you money and still protect your family for life.

Or, you may want to mix term, critical illness, accident, universal life, or whole life in various ways depending on your needs.

RIDERS:

Waiver of Premium Rider – pays life insurance premium if you become disabled and can’t work. There is usually a waiting period and rider usually expires at age 60 or 65.

Critical Illness Rider – Rider is explained above.

Return of Premium Rider – Rider is explained above.

Guaranteed Insurability Rider – this rider allows you to purchase an additional amount of life insurance at a later date without having to prove insurability again or take another medical exam.

Term Conversion Rider – allows you to convert a term insurance policy into a permanent policy without proving insurability again.

Accelerated Benefit Rider – this rider is only for permanent life insurance policies. This rider is usually included automatically for free. It allows you to collect a portion of your policy’s death benefit if you become terminally ill with a short life expectancy, usually one year. The portion paid out is subtracted from you policy’s death benefit.

Accidental Death Benefit Rider – This rider pays in addition to the death benefit if you die from an accident.

Child protection Rider – Usually used to pay final expenses if the unthinkable happens. Often, at a nominal cost and purchased in units of $1,000.

UNDERWRITING: requirements depend on insurance carrier, type of policy, amount of death benefit, age, build chart, gender, medical history, medications, family history, motor vehicle report, and other factors.

An application is always required, although, non-medical policies usually have a simple application.

Requirements could be: Paramed (certified medical processor or nurse comes to your place of choosing, takes you through a medical questionnaire, measures your height and weight, takes blood and urine sample, possibly EKG either resting or non-resting), Medical information from your physician or hospital, Medical exam, etc.

HEALTH CLASSES – Typical health classes would be, Preferred Best, Preferred, Select Standard, Standard, and then different nicotine classes such as, preferred nicotine, select nicotine, and standard nicotine.

It is possible to be rated less than standard depending on health and underwriting factors.

You must qualify for a health class. This is chosen by the underwriter after the underwriting process is complete. The agent can only quote you the different health classes but this can change with the underwriting process.

What Are the Top 10 Tips for Small Business Branding?

Managing a business is not an easy job but promoting your business may be as hard as anyone else could ever imagine. And some small business owners thought that they have only limited things in order to manage and promote their business then they are definitely wrong. And some think that branding is for big businesses only then I will prove you wrong. And despite the business size, branding can be as effective as it can be. Here are the top 10 tips for small business branding.

The first one is to focus on the thing that you would like to establish, people won’t be attracted if you promote everything and anything under the sun, being an expert on one thing is what matters the most for the clients, making clients confused can never be a good idea, make them think on one important thing that stands your business.

The second one, is consistency on your performance. No one would love to patronize a company that doesn’t have consistency on its performance or on its quality. If you commit something to some clients, make sure you’ll do it, first impressions really lasts so better make sure to impress them positively and maintain it in order for you to have their loyalty.

The third one is to make an overview of your business at least on a one page document, letting them know how your business is running and what are your goals, mission and vision are very important tools in achieving for their approval, just be sure to make it brief and concise, no one will last if you write on plenty of flowering words, better to put on true informations.

The fourth one is, good treatment between you and your employees and between clients and employees as well, nothing can beat that.

The fifth one is, to remember that branding needs straight direction and longer maintenance and that there should be straight connection between the actual and the desired image.

The sixth one, join locally organized events and be one of the committees, it’s a good way to establish your image and business.

The seventh one is to blog, blogging is one of the great tools in establishing your business, making other people have an idea about it.

The eight one, you don’t have to depend everything to your logo, logo doesn’t make up the whole part of the business, so never spend too much time and effort on it, its just a part of the business.

And having your own company website is on the ninth place because obviously almost all people uses web, and the last one is not to depend too much on blogs, you must explore more over.

That’s the top 10 tips for small business branding Just don’t be afraid to give a try and to plan big for your business. And searching for branding tips can be easily done when you are eager to do it.

Organic Gardening – Watermelons Are a Summertime Favorite

Sweet, succulent watermelon grown in your own home garden are a summertime favorite. There is nothing better than there sweet, cool, refreshing and delicious taste on a hot summer day. This warm climate crop thrills with the growing growing seasons in warm climates, but there are varieties for cooler areas that will preform just fine and as tasty.

When planting, choose a location that will get full sunlight and with a good air circulation. They can grow in many different types of soil, but prefer a good healthy soil structure that is light, loose, fertile and well drained. Working in a generous amount of compost, composted manure or composed leaves into the soil will greatly benefit the soils structure for your watermelons to thrive. A soil that keeps moisture well is very important when growing watermelons, they like a steady supply of water.

Sow seeds directly into the garden once all dangers of frost have passed, soak the seeds for a half hour before planting in compost tea will help the seeds germinate. Plant on hills with 4 seeds per hill and space the hills 8 to 10 feet apart for vine type or 3 to 4 feet apart for bush type. Once the seeds have germinated remove 2 of the seedlings leaving the 2 best plants.

Watermelons are heavy feeders and need a steady supply of water, giving them a feeding of compost tea every two weeks will add the nutrients needed for your plants to thrive. Do not overdue it with nitrogen, especially once the flowers form.

Harvesting your watermelons can be a tricky task. There are three methods that can be used in figuring out if a watermelon is ripe. Look, listen and feel are what it takes to check for ripeness in a watermelon.

First sign is visual, the underside of the fruit that rests on the ground will turn a gold color or yellow straw color. Next look for the curly tendril that is attached to the vine closest to the fruit, it will be dry and brittle when a watermelon is ripe.

Second is the thump test, tap the watermelon with your knuckles and it should make a hollow sound when ripe. This method will take some practice, but once you get the feel for it you will most likely you this method the most.

Third is feel, if you run your fingers around the center of the watermelon you should feel ridges on the rind when it is ripe. This is done around the center and not from end to end or from stem to blossom. A watermelon that is not mature will be smooth.

Does Body Jewelry Make You Take Extra Risks?

Body jewelry is usually associated with body piercing. There are lots of styles available ranging from cute and sexy to exotic and tribal. The places that can be pierced and the type of jewelry worn are naturally endless. It seems that when a person moves beyond a traditional or conservative earlobe piercing that other people tend to think that this non-traditional self expression is a sign of rebellion. However, is the presence of body jewelry an indication that the person is willing to take extra risks?

That is a question that parents of teens battle with as their kids approach them for permission to get a piercing. They fear that piercing such as a belly piercing, nose piercing or tongue piercing may be an indication that their teen is rebelling against their own parental values.

This is true in some cases; however, many teens simply say that the desire to wear different types of body jewelry is merely a form of personal preference and expression. Not a rebellion against their parents, just a sign that they want to have their own look even if they will keep their parents value system.

What risks youth may encounter in their quest to wear body jewelry is trying to do the piercing by themselves with a needle and a prayer. This is often not the best road to travel. The risks for infection are far greater than the risks of not gaining permission from your parents. Many teens see self piercing as the only alternative when their parents "just do not get it."

Does this mean that parents should open the gates and permit their kids to wear any type of body jewelry that they desire? Will this lead their kids to continue that push into getting permission for other behavior such as under-age drinking, smoking, or drugs? In other words, is body piercing the "gateway drug" for a rebel youth?

Probably not. But that is what many parent fear when their teens ask them about body jewelry. Youth often believe that nothing bad can happen to them. They are young, resilient and can handle anything including the risks of a self-piercing. As a parent you have the ability to less some of the risks that youth will consider. Most experts would agree that by educating yourself about body piercing and by understanding your child's motives and desires for this trend, a solution can be formed that will keep harmony in the house and enhance the relationship with your teen.