Missing or Lost Life Insurance Policies

Unfortunately it’s not an uncommon story; someone pays the required premiums on a life insurance policy for years and neglects, or forgets, to give the policy, or any information about the policy, to the intended beneficiary. The insured person passes, the policy documents can’t be found, if the beneficiary even knows about it, and the insurance money is never paid out. And those unpaid life insurance dollars run into the billions!

If you think that this is not happening, and you are the beneficiary on a loved one’s life insurance policy, just ask yourself these few simple questions:

1. Do you know the details of the policy?

2. Do you know the whereabouts of the policy?

3. If something happened today, would you know where to find the details?

If you answered, “no,” to any of these questions you’ve got big gaps in your knowledge which could lead to a real financial tragedy.

Further, if you even suspect that you may be a beneficiary, get the details now. Waiting until it’s too late to talk about it can, in addition to the grief caused by the passing of a loved one, cause severe financial hardship. These subjects, we know, are difficult ones to talk about. But to avoid the difficulties of not knowing, THEY MUSTBE TALKED ABOUT.

If, however, you have lost a loved one and are experiencing the difficulty of not knowing, there are some things that you can do. A few of them follow:

1. Go through your loved one’s financial documents for insurance company dividends or premium notices. Many people keep all their important documents in one place; often in a home office, a bedroom closet, or a safe deposit box at their bank.

2. Scan through their current and past checkbooks. It may be that the last premium is paid is recorded there.

3. Check your loved one’s cell phone contact lists and computer email addresses for the name of an insurance agent.

4. Get in touch with the current and/or previous employer who may have a record of a group policy. If your loved one was retired, group coverage may have been converted to individual coverage.

5. Monitor your loved one’s snail mail for a year. Watch for any correspondence from an insurance company.

6. If your loved one’s passing occurred some years ago, you can also check with unclaimed property office of any state where he/she may have lived. If an insurance company is aware of the passing of a policy holder but is unable to locate the beneficiary, after a period of time it has to turn the proceeds over to the state where policy was issued.

Finding a lost or misplaced life insurance policy can be a daunting task but there are ways… and your patience in searching could prove very rewarding. Also, there are services that will, for a fee, assist you in your search. http://www.LostPolicy.com is one such service. Insurance companies are not only willing to give the beneficiary their rightful due, they are obligated to. But it is the responsibility of survivors to make the required notifications and claim any proceeds.

Getting Cheap Commercial Insurance

In order to get cheap commercial insurance, you have to know exactly what coverage you need and don’t need. You should also know how to get agents to offer competitive bids rather than attempting to do your comparison shopping online. Using the internet for price comparisons is often recommended, but while this is an effective strategy for retail products, it’s not the best practice for insurance quotes. Before getting into the specifics of lowering your premiums, let’s step back and define what exactly commercial insurance is.

Commercial insurance is a generic term that, depending on package you purchase, offers coverage options ranging from office buildings to the contents of delivery vehicles. Most small and medium size business will purchase a business owner’s policy, or BOP. A BOP typically contains coverage for the building itself, coverage for borrowed and rented vehicles, and business interruption and contents insurance.

Business interruption insurance is designed to cover any loss of income due to loss or damage of assets, while business contents insurance compensates for equipment and assets inside of an office, as opposed to the building itself. The latter two types of coverage are available as add ons, while property insurance is always the default.

Additionally, you can purchase some type of commercial vehicle insurance, such as fleet van insurance or pickup insurance. If the vehicles in your business are used for deliveries rather than just transporting employees in a service business, opt for cargo insurance. A regular commercial vehicle insurance policy will take care of the employees, and any liability to other motorists involved in an accident, but if the items that are being delivered to clients are lost, damaged or compromised you stand to lose future business with your clients.

Talking to several agents over the phone or in person is the most important tip for getting the lowest commercial insurance premium possible. Insurers expect prospective customers to do their pricing on the internet to be reluctant to ask for special discounts. For instance, if you talk to an insurance agent, you can ask if a discount is available if you go a certain amount of time without filing a claim, and you can ask what security measures qualify for discounts.

Most importantly, you can mention quotes you received from other agents, and ask if the one you’re currently talking to can make a better offer. Once they know that you’ve done your homework, and that you’re taking the issue seriously, they’ll be more inclined to offer you Cheap Commercial Insurance.

Beneficiaries Of Lost Life Insurance Policies Can Really Use The Money

It is just a shame that money owed to some beneficiaries of lost insurance policies never get to them during their lifetimes. I spoke with some representatives of insurance companies, to see how many, on a daily basis, get phone calls from the public, asking them to search their database for insurance policies. I had one company say 100’s a day. I had another company tell me 1000’s a day and they even elaborated that it was a total waste of the consumer’s time as well as resources and man power of his company. He said that they will never find it if they do not know which company their loved one bought it from. Well, I took this opportunity to explain the need of a central life insurance database to him; telling him that it is a safe and a much needed service. He listened to me for around 10 minutes while I explained the many benefits a central database could have to his insurance customers. Even with him telling me that it was a waste of time for anyone calling his company, he did not want anything to do with the thought of a database. He flatly told me that he did not feel a database was a benefit to his customers, I was surprised.

Now as a insurance agent myself, I took offense to this comment. Isn’t it the responsibility of the agent (regardless of the company they work for) to do what is best for the customer? Don’t you think that registering anyone with life insurance on a central database so their beneficiaries can locate the company name is the best thing for the customer? Well I do. Not only does a database allow an individual to register the company name they have insurance with, it allows the beneficiary with certainty to find the policy you have in place. All an individual would need, to find a life insurance policy, is the company name. Since there are over 2000 life insurance companies in the United States alone, having the company name on a central database will solve a major problem that gets recognized only when it is too late; lost life insurance policies. Hopefully consumers of life insurance will also recognize the need and buy it from agents and agencies that offer to register on a free central database. It is definitely something to think about.

Finding the Right Insurance Policy

Although life insurance is technically an “option”, if you have people that you love you need to consider what would happen to them in the even of your death. It can place additional undo stress on them and they already have to deal with so much. When you find the right insurance it can put your mind as well as theirs at ease.

There are many different plans available, some will cover chronic illness, loss and some include a clause that will pay the mortgage payments if you own a home. In order to find the best life insurance protection you need to get as much information on the different types of policies, etc. You can start by going online and filling out some forms to obtain a few quotes from the different companies available.

This insurance is a lump sum of cash that is tax free provided in the event your death, assuming that the policy is active at the time of death. Normally they include monetary amounts for burial, and other necessary arrangements that happen as well. It is pretty impossible to arrange a decent burial for under a few thousand dollars, so finding the right life insurance policy will make it that much easier on your loved ones.

Often time’s when people over 65 attempt to obtain life insurance they can find it difficult to get coverage as they may be considered a higher risk. However, when checking on the Internet you will find many companies that actually specialize in certain types of policies and many offer packages that will include that type of policy.

Companies may deny providing a policy for several reasons, but the majority of them are rejected due to the risk involved. For instance, if you have some type of a permanent illness they may deny issuing you a policy; but again, go online and run a search for companies that specialize in what is considered high risk coverage, it may be more expensive than other policies but the peace of mind it offers in the end may just be worth it.

If you already have insurance be sure to check over the coverage provided to ensure that it will still meet all of the necessary requirements. If you have a policy that included some type of mortgage coverage be sure that it will still cover everything, maybe you had to take out a second mortgage or something similar, and your current policy will not pay it off completely. In that case you may want to find a life insurance policy with coverage that will cover everything or you can attempt to increase the coverage through your current insurance company.

Finding the right policy for you and your loved ones is essential if you want them to feel protected and secure after your demise. It means not having to worry that the house will be foreclosed on your family will be on the street; or that they will have to go in debt just to cover the burial expenses.

Life Insurance Settlements – Unlock the Cash From Your Life Insurance Policy Today

A life settlement, or the sale of a life insurance policy, is gaining popularity as a new opportunity for seniors to generate cash. By “cashing in” a life insurance policy, one can reap the rewards of an immediate cash payout without lapsing or surrendering the policy to the insurance company.

Faced with rising insurance premiums, increasing cost of healthcare and long-term care, more seniors today are choosing to sell their policies to third parties for a lump sum payment. Rather than let their policy lapse, seniors have the option of cashing out early and enjoying a higher quality of life.

Seniors can use the cash they receive from the sale to help pay for medical expenses, long-term care expenses, or everyday living expenses. Additionally, seniors are using the “unlocked” cash to travel, invest in a business or new property, or support their children and grandchildren. There are no restrictions or limits to how the cash may be used once the policy is sold.

How does it work?
Seniors who are over 70 and own a policy worth over $200,000 can sell their policy to an insurance buyer, otherwise known as life insurance broker or life settlement brokers.

By purchasing the whole, term, or universal life insurance policy, the buyer becomes the new policy owner. This means that the buyer takes over the premium payments and ultimately collects the full amount of the death benefit.

Who benefits?
As the policy holder, seniors may enjoy a higher cash payout upfront and the savings when the buyer takes over the ongoing insurance premium payments.

What’s the catch?
There is no catch. Settlements are legal and legitimate. Life insurance buyers are able to offer a cash payout because of the structure of their businesses and the financial market.

What should I know before considering a settlement?
The ideal time to sell a policy, otherwise known as taking a life settlement, is when:

1. The policy holder is over age 70
2. The policy is worth $200,000 or more
3. The policy holder is chronically ill, and/or their health is declining
4. Additional cash is needed to pay for cost of health care of long-term care
5. Policy holder is experiencing financial difficulties or needs additional funds to improve the quality of life
6. There is difficulty paying the premiums and are at risk of lapsing the insurance policy
7. The senior would like to remain financially independent

How much money can I expect to receive?
The lump sum payment will be determined on a case-by-case basis. It depends on a number of factors, including age and medical condition, the type and value of the policy and the premiums required to keep the policy active. A no-obligation appraisal of your policy can be requested before making the decision to sell it.

Any policy owner, including individuals, corporations, charities or trusts, may sell any insurance policy, including group and term policies.

What types of life insurance policies can be sold?
Universal Life, Whole Life, Variable Universal Life, Term, and Convertible Term Life policies, Joint and second-to-die policies are all policies eligible for sale.

How long does it take to get the funds once my policy is sold?
A general time frame is four to eight weeks to receive funds though the timing can vary. The buyers work to complete the process as quickly and efficiently as possible so that the money can be released to our clients as fast as possible.

Will I owe taxes on the money I receive?
Generally, the money received from selling the insurance policy will be tax-free up to the original policy’s tax-basis. Consult with a tax advisor regarding your specific situation.

How do I find a buyer for my policy?
Experts at http://www.LifeInsuranceBuyer are committed to achieving the highest value for their client’s insurance policies. Serving their clients with integrity and respect, Life Insurance Buyer offers free, no obligation, confidential policy appraisals for all qualified individuals. Contact Life Insurance Buyer at 1-800-LI-BUYER or 1-800-542-8937 to discuss your policy.

Commercial Insurance – Coverage For Retail Businesses

Commercial business Insurance is the insurance aimed at safeguarding various aspects involved in businesses like property, capital, and compensation for workers. Other aspects like disruption of work due to unforeseen reasons, lawsuits, inability to meet the financial commitments etc.

Business insurance for large and medium, small enterprises differ because of differences in the risks involved. The large businesses have more risks and thus higher premiums. There are some common covers for all kind of businesses. There are other covers, which can be business specific. For instance a service company may not need a cover for mechanical breakdown. Whereas, a manufacturing organisation having work hazards, may need an insurance cover for the same. A business house should not pay for something, which does not suit their commercial needs.

The following points may be helpful when planning to buy commercial business insurance.

Choosing a right policy can be a tremendous task especially when there are so many players in the insurance industry. Online quotes can be analysed. The commercial business insurance covers, underwriting criteria; premiums etc are all available on the Internet. The person can avail of these services for free. The best rates and the right cover can be selected. It saves lot of time and money.

People networking can prove to be really helpful when buying a commercial insurance. People running similar businesses can help identify the areas needing insurance cover. They can also suggest the good companies and right agents to approach. Over insured businesses would only eat in to the profits with out serving any purpose.

The company, which we eventually select to buy commercial insurance from, should have a good track record. It should be doing well in the market and be trustworthy enough.

It must be ensured that whatever the organisation promises to cover at the premium rates mentioned is actually delivering the same. Sometimes companies and agents tend to commit more than they are able to provide.

Why Does a Business Need a Commercial Insurance Quote?

A business or commercial insurance quote is necessary in order for a businessman to estimate how covered you are with your insurance liability needs. It must provide good coverage for your negligent acts, accidents or any unexpected event that may happen within the coverage of your company. If your company employs a lot of people who are doing hazardous jobs like going out of their offices to provide service to people, your company will need a commercial insurance policy that must cover your employees and your company’s property so that if anything happens to them somebody is there to assist you and your company financially.

Commercial insurance quotes will help you realize what would be your underlying risk management component so that in case anything happens uneventfully you know where your business’ insurance coverage will be up to. Under the commercial general liability policy, a quote must also proclaim the company’s protection against negligence and accidents and this is especially necessary for companies who give service to people such as van home movement service.

Considering that your business is in van service and need of commercial vehicle insurance policy to cover your business grounds, then better be aware about some commercial vehicle insurance companies who offer incredibly attractive policies because believer or not most of these companies do not care if you will be getting their insurance policies or not. They just want your company’s details and after you give them what they want and send you their commercial van insurance quote then they will begin bombarding you with spam mails in which some of their businesses are involved. As word of advice, before you provide your company’s details, inform the insurance company that you do not want any calls or mails that concern their businesses and products and will only deal with them if their quote passes your requirements.

What Kind and How Much Commercial Insurance Do You Need?

Every business needs commercial insurance of some kind or another, depending on the nature of the business, and in sufficient amounts to protect it from serious, if not fatal, losses and liabilities. Only a serious, thoughtful review of business operations and assets can determine the kinds and amounts of insurance needed for a particular business, though commercial insurance agents should be able to offer some guidance.

In assessing the need for property insurance like commercial building insurance, a business needs to make a thorough review and valuation of its assets. These include real estate, buildings, fixtures, equipment and everything a business owns as tangible property or what accountants term “fixed assets.” The business’s accountants can aid in this review and prevent overlooking assets that otherwise might not occur to the business owner. Once this has been firmly established, then the business needs to weigh the advisability of insuring it for “actual value” or “replacement value.”

A commercial insurance policy for “actual value” means losses to property would only be covered for the actual cost of the property, such as a building or piece of equipment, less depreciation. Insuring the property for “replacement value” would mean the insurance would cover the cost of replacing the loss at current market costs. That is, taking a building as an example, “replacement value” coverage would pay for replacing it at current construction and outfitting costs, whereas “actual value” coverage would only pay for the loss incurred for the original cost of the building less depreciation. The two are very different, have different payouts and carry different price tags, so this issue deserves careful consideration.

Commercial life insurance can cover the lost value of high-producing and valuable employees, and commercial umbrella insurance can provide extra coverage over and above the normal policy amount for only a small incremental cost for additional risk management purposes.

As for liability insurance, other factors require review and consideration. The areas of activity the business is engaged in, and their attendant potential liabilities, need to be assessed. The business owner needs to weigh potential losses that might be incurred through accidents or oversights resulting from the conduct of the business itself. In which areas is the business open to customer or client lawsuits? Which circumstances or activities could result in injury or loss to third parties on the premises of the business or through the conduct of its business operations? These would be quite different for a physician than for an air conditioning/heating repair service, to use just one example.

Again, an experienced, well informed commercial insurance agent can provide invaluable input and advice in these matters. He or she can often identify areas of the business that might not be included in customary policies and which may require special riders to fully protect a business from huge potential losses which the owner, and even the accountant, may miss. Also a good commercial insurance agent can help in finding the most economical coverage for a particular type of insurance important to the business.

Commercial Insurance: Business’ Essential Investment

In the business world, no matter what industry or field you are in, negative encounters are really possible to happen. The saddest part about these happenings or instances is that they are unforeseen, inevitable and could also be beyond the owner’s control and the worst is that when those instances happen, you will never know it until it is too late and the damage has been done. This have been giving most of the growing companies less luck and confidence in running the operations of their business just to get and keep away from business breakdown or even shutdown. Businesses are treated a sole and separate entity to its owners. Since it is considered as a separate entity, chances are given to these companies and businesses through legal protection and that is by engaging into commercial insurance.

Commercial insurance is said and connoted to be the insurance intended for a certain business. Most companies have considered as an essential investment that should a certain company engage in and it is one of the most important things a business owner should do for his business. Commercial insurance is a medium of protection given to a certain business in cases of potential loss and decline due to unforeseen, inevitable and unfortunate state of affairs.

Technically, commercial insurance does provide a high level of valuable protection with the diligence of due care to their clients. It is applied for against theft, possible loss, injury, liabilities and even property damages and warranties. In instant cases, it can also be used for executive purposes and even employee injuries. Another thing is for certain instant business interruptions that might cause a big impact to the company. A business owner who does not engage his business into a commercial insurance is obviously and impractically putting his business and his fellow employees into greater risk and potential loss of money and even in a wake of inevitable events in the future. Sometimes, this requires an investment of the personal contributions of the business owner through his money and property and if it is not used well, these properties could be put at risk when adequate insurance are failed to comply.

It is not that hard to find the right and suitable commercial insurance package or offer for your company. You just have to find the agency that is a veteran to the kind of insurance that you need but you should keep yourself aware of those bogus and fake agents and insurance dealers to avoid waste of money and time. You can do internet searching, surveys and even using the word of mouth technique in finding the best insurance for your business.

Before applying to those insurance dealers, you should know first what types of insurance do you need. The common are offered for your properties, liabilities and workers. However, you have the option to lessen or add more some specialized coverage depending on the aid of need. Be practical and conscious enough, and always think that previous but complied losses can put you on a heightened risk and that would be harder to solve and rework.

Understanding the Relationship of Commercial Insurance Clients With Brokers

Multiple types of insurances are available in the market and numerous brokers are in the field today trying to induce prospective commercial insurance clients to go for one of the plans offered by them. However, the relationship between such clients and the broker is something special in nature.

Insurance Coverage Types

As the best possible solution for any financial exigencies, there are multiple types of packages on offer for the prospective clients. Basic insurance policies would offer coverage on life, person, and property of the client. They will cover damages sustained by the policy holder, his or her property, and even others covered under the terms and conditions of the plan adopted. Each of the plans would be different and so would be the coverage offered.

Insurance Claims

One of the basic requirements for any of the clients including those opting for landlord’s insurance is that their claims are quickly addressed. Normally the insurance company will offer cash compensation for the insured in case of any damages sustained physically or property wise. For instance; the insurance offered to the landlords could include the legal as well as repair costs of the property in question and much more.

Online Insurance Brokers

Internet has become an integral part of modern life. Most people wish to conclude all transactions including the insurance deals online. In result a host of insurance brokers are now working online as well providing insurance deals for the prospective clients. While there are multiple types of insurance plans available in the market and the broker deals also vary widely, they take special interest in selling some of the plans that gives maximum profits like the life insurances and automobile insurances. That does not mean they will shrink away from offering landlord or other commercial insurances since every bit of profit earned can add to their wealth.

Low Profit on Business Insurance

Relationship of commercial clients with the brokers may not be as smooth as in case of the life insured or vehicle insurers. The reason is that commissions and profits are not as lucrative in these cases like the other two. However with rapid industrialization all over the chances of making more profits with more number of deals are increasing. This has inspired many brokers to go in a big way for the clients that are commercial in nature and that include landlord insurance packages.

Boosting Brokerage with Commercial Leads

All said and done, in the commercialized environment today, commercial clients of them offer a huge prospect for the insurance brokers. Even though the profits and commissions are smaller in comparison to individual life insurance and automobile insurance, together the profits and commissions earned could be substantial due to numerical strength of such clients.