IF, GOD FORBID . . . . THINKING OF LIFE INSURANCE NOW PROVIDES PEACE OF MIND LATER.Byline: Enrique Rivero Daily News Staff Writer It's the end of the year, when we look forward to all the good things that life will have in store for us after Father Time ushers in the New Year. The last thing we want to think about is Death. But face it, Death hides in Father Time's robes robe n. 1. A long loose flowing outer garment, especially: a. An official garment worn on formal occasions to show office or rank, as by a judge or high church official. b. An academic gown. c. - and eventually pokes its ugly face out at you. Still, you can take some of the sting out of death - for the family you leave behind, at least - by taking out a life insurance policy. Forget ``Double Indemnity'' and all those films noir noir adj. 1. Of or relating to the film noir genre. 2. Of or relating to a genre of crime literature featuring tough, cynical characters and bleak settings. 3. Suggestive of danger or violence. featuring greedy greed·y adj. greed·i·er, greed·i·est 1. Excessively desirous of acquiring or possessing, especially wishing to possess more than what one needs or deserves. 2. femmes fatales and villains who commit murder for that insurance pot. A policy can actually be a good thing; at the very least, you'll rest easy knowing that your family will be adequately provided for after Death comes knocking. You shouldn't jump into a policy, however, until you do a bit of research to determine what is the best policy for you. Here are some tips from the Washington, D.C.-based American Council American Council may refer to: In linguistics:
Before purchasing an insurance policy, check the company's financial condition, which you can do by asking an insurance agent, the California Department of Insurance The California Department of Insurance (CDI), established in 1868, is the angency charged with overseeing the regulation of insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in the state , or by checking the company's rating in listings easily found in public libraries. Be ready to provide details about your medical condition, medical history and other aspects of your health. Also, some life insurance policies require a medical exam. If you're ever contacted by another agent or company asking you to cancel your policy and sign on with them, don't cancel until you've contacted your present insurer. Surrendering your policy could prove costly. Whenever your situation changes (such as the birth of another child, or a child moving out of the house, or the purchase of a new home), review your policy to ensure that it's adequate for your needs. For more information about insurance, call the National Insurance Consumer Helpline helpline Noun a telephone line set aside for callers to contact an organization for help with a problem helpline n → teléfono de asistencia al público at (800) 942-4242. HOW MUCH TO BUY It's always hard to determine how much life insurance to buy. If you buy too little, then your family can't afford its expenses when you die. Buy too much, and you'll end up spending money that could give you and your family a better quality of life now. Still, insurance experts say you should expect to buy life insurance equal to five to seven times your annual salary. Here's some expenses and assets to consider when you're deciding what to buy: EXPENSES Yearly expenses: How much money will your family need to pay for regular expenses like food, clothing and your mortgage or rent payments? Education: How much is it going to cost to pay for your children to complete their education, whether you intend to pay for everything from your child's private elementary school elementary school: see school. to her medical school costs at her favorite Ivy League Ivy League Group of eight universities in the northeastern U.S., high in academic and social prestige, that are members of an athletic conference for intercollegiate gridiron football dating to the 1870s. university or just plan on paying for two years at community college. Medical bills: Are you worried about the cost of your health care eating away at your family's savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: ? Are you worried about health care for other family members once you've died? ASSETS Your spouse's income: How much money will the family be bringing in annually once you've died? Savings accounts: Will your family be able to tap into savings accounts once you've passed away to meet expenses or any unforeseen bills? Retirement benefits: Your Social Security contributions will go to your surviving spouse. It's best to contact the government agency or your accountant to determine how much and how often. Also, does your employer offer you a pension that will be given to your spouse when you die? And how much money will your partner receive from his or her retirement accounts plus your own? WHAT IS IT? Term insurance provides protection only for a given time and pays a benefit only if you die during its term. Term insurance is the cheapest kind of life insurance you can buy, but only some policies can be renewed, with rates increasing at each renewal date. Permanent insurance provides lifetime coverage, as long as you keep up payments on the premiums. Permanent policies come as whole, ordinary, universal, adjustable and variable life, each with its own characteristics and benefits. And most contain a ``cash value'' or ``cash surrender value'' giving you the option of, for example, canceling or ``surrendering'' the policy and getting its value in cash. ONLINE INSURANCE The Internet is filled with sites devoted to life insurance. Some are from insurance carriers; others include comparative pricing and information designed to help you find the best policy. Below are a sampling of these Web sites. Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Insurance Services www.cwinsurance.com Quicken A popular financial management program for PCs and Macs from Intuit, Inc., Mountain View, CA (www.intuit.com). It is used to write checks, organize investments and produce a variety of reports for personal finance and small business. .com www.quicken.com InsWeb www.insweb.com LifeNET Inc. www.lifenet.com SafeTnetwww.safetnet.com Life Insurance Quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. Express www.islandnet.com Life-Line www.life-line.org Life Insurance Analysis Center www.underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. .com CAPTION(S): Box BOX: HOW MUCH TO BUY (see text) |
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