Strategies For Finding Missing Life Insurance Policies

If you have anyone depending on you, life insurance is of paramount importance to ensure their financial safety. Once you have purchased a suitable life insurance policy all the beneficiary needs to do in order to collect the payment, is to give a legitimate copy of the insured person’s death certificate to the insurance company. However, if the policy has been mislaid and cannot be found, how does one go about claiming the money?

How to find a missing policy

As there is no Company nationwide that can assist you in finding the policy, you will have to look yourself. While it may be a cause of some consternation, finding it will ultimately bring about a substantial reward.

Here are nine ways of finding a life insurance policy that has been lost:

I: The deceased probably has files that may contain bank account records, documents, or receipts that are proof of a transaction with the insurance company.
II: Contact people who had business dealings with the insured, perhaps they had a business partner whom they trusted implicitly, or a lawyer who handled all their affairs. These people could provide you with the valuable information you need.
III: The insured may have been prudent enough to buy more than one type of life insurance policy, and could have been content enough with an insurance company to continue doing business with them. Finding any such records will simplify the recovery of the policy.
IV: A company’s HR department would have records of any group policy bought by the deceased, so find and contact their past employers.
V: Some life insurance policies pay expenses, and allow interest income to be earned, so have a look for previous income tax forms.
VI: For twelve months after death, the insurance company will issue premium notices or else a yearly statement regarding policy status will be posted to them. With this in mind, take a special interest in the deceased person’s mail for clues.
VII: Each state has a department of insurance, which is often used by companies trying to find beneficiaries of a life insurance policy. This is because the state department may have the requisite information to find the name of the insurance company used by an individual. Contact this department, and they may help you find what you are looking for.
VIII: In the event of a beneficiary not being found within three to five years, an insurance company may decide to give the state the proceeds for safety. If this is the case, a call to the unclaimed property office of the state could prove fruitful.
IX: When the deceased initially applied for life insurance, they would have to have undergone medical testing. The Medical Information Bureau (MIB) may have information on their database pertaining to the insurance company the deceased was insured with.

Time and Payments

There is no time limit when it comes to claiming on life insurance, yet astonishingly, it is claimed that one-quarter of all policies go unclaimed.Yes, even if a policy is discovered thirty years after the policy holder’s death, it can still be claimed, as long as there are no suspicious circumstances surrounding their death, and all premiums were paid.

If the policy holder dies suddenly, and results in the insurance policy being rendered null and void because the premiums were not paid, the company will always try to contact them to find out the reason. At this stage, the beneficiary can make it known that the policy holder is in fact, deceased. Upon producing a valid death certificate, the beneficiary is legally entitled to every cent due by the terms of the policy.

If the policy holder passes away with no one to claim the money however, the insurance company can either turn it over to the state for safekeeping as already outlined, or hold on to the money until the beneficiary becomes aware of the situation and claims it. No matter what, that money stays available until it is found.

The end result

It is often difficult to locate a missing life insurance policy, especially if it has been gone for a long time. It will take time and effort, but, invariably, putting in the hard yards and finding it will justify every second you spent in pursuit.

5 Factors to Consider When Choosing a Senior Life Insurance Policy

Finding an online senior life insurance policy is not necessarily easy considering the many offers available online. Therefore, it takes effort and time to find a life insurance policy that meets the needs and budget of an insurance shopper. Some of the factors that need to be considered when choosing a senior life insurance term include:

· Do you need the insurance cover?

You will discover that not everyone needs the online senior life insurance policy. In case you are young, single and do not have dependents you may not need the seniors term policy. In such circumstances you are advised to consider other insurance policies such as the 30 year term policy to cater for your days of retirement.

· Type of insurance policy

There are many types of insurance covers available including the simplest annual plan to the whole life insurance policy. To learn more about the product policies you can consider seeking for advice. Depending with your needs you will need to find an appropriate policy. Determine how long you will need the insurance cover. Find out whether you need the term or the specific term insurance policy.

· The cover that you will need

Insurance shoppers are normally encouraged to buy a policy that is about 8-10 times the annual income of the insurance shopper. To choose the right cover you need to determine where and how the insurance benefits will be used. The benefits are normally channeled to the beneficiaries.

In addition, they can be used to pay off any debts or loans, cater for pre-existing medical conditions, cater for the children’s college education, cater for funeral costs and other liabilities. Therefore, it is important to choose a policy that is enough to cover all possible expenses that the dependents may have.

· The company’s background

The background of the company helps to facilitate an informed decision. It is advisable to consider choosing a provider with a good record of handling customers. By reading through the clients’ reviews, referees and recommendations you will get an idea whether the service provider is good or not.

· The company’s premiums

The premiums charged by different service providers vary among different companies. Each of the companies endorses a different format for computing the risks as well as deriving the premiums. Therefore, it is important to find as many quotes as possible to compare. This way, the insurance shopper will avoid paying exorbitant rates for their insurance policy.

Commercial Insurance Quotes and What it Takes to Get Them

Running a business with insufficient insurance coverage (or none at all) is dangerous! If you have recently started a business of your own, or you have recently experienced changes to a business you have had for years, then it is time to look at your insurance needs. So what is holding you back? Are you apprehensive about asking for commercial insurance quotes, because you are unsure of what it takes? Well, it doesn’t have to be difficult, as long as you remember that the key to getting a commercial insurance quote – or any insurance quote – is information. Having enough information, and having the right information, is crucial for an insurance agent to give you a realistic quote. More so with businesses than for private purposes, since businesses vary so much from one to another. It all depends on what you want to insure.

All businesses need commercial liability insurance, to provide coverage in case of damage to a third party – even if they don’t need anything else. A simple commercial general liability insurance may be all it takes, but even this requires some information for a proper quote to be given. It may be information about what you produce/offer in your business, the physical location of your business, and access to it. If clients must climb up a rope ladder to enter your office through a tiny window in your medieval stone tower, then that might affect your liability premiums a little. You should expect to provide this sort of information for a quote to be given. Commercial liability insurance can also be part of commercial motor insurance. In this case, the insurance agent will want to see drivers license numbers of anyone who will be driving the company vehicles. This is in order to pull information to assess the risk of letting these people drive a car, and thus deciding what the premium should be.

This was just an example of what information you should be ready to present, when asking for commercial insurance quotes. If the thought of talking with a commercial insurance company on the phone or in person intimidates you; you will be glad to learn that there is such a thing as online commercial insurance quotes. This is really a great way to get started with the process of buying insurance, because it allows you to gather your information and present it at your own pace, instead of getting stressed out from the feeling that you have to “perform” in front of an insurance professional. You may still need to schedule a meeting or two down the road with an agent, but by then you will already have presented your business and your needs, and can relax a bit more. This approach certainly works for me.

Commercial Insurance – Is This Necessary?

Insurance is a type of risk management fundamentally utilized to put off risks of unforeseen or unexpected losses. Insurances are characterized by the a proportionate transfer of a possible danger of loss, from one object to another, in exchange of some form of compensation or payment.

There are different types of insurances and commercial insurance is one of them. Commercial insurance is an insurance primarily intended for businesses. As a matter of fact, a commercial insurance is possibly one of the most significant things a business proprietor or owner can invest on. Also, this type of insurance may be very helpful in preventing possible losses as a result of unfortunate and unexpected instances.

Things to consider when you don’t have an insurance for your business are property damage, theft, and liability. Operating a business without it is inviting risks, risks of loses in property and money. This risks may end up to be more expensive than the cost of the premiums in your insurance. With an adequate insurance coverage such occurrences may be minimized if not altogether thwarted. Business interruptions as well as injuries incurred by employees while on the job can be completely covered by your commercial insurance coverage. This will give you much peace of mind so that you, the owner, can conduct your business without having to worry about the possibility of something bad happening.

We all know that your business is very important because without it you you will not be able to earn a living and provide for your family. So why don’t you consider acquiring a commercial insurance for your business? Even Hollywood celebrities appreciate the value of insurance. Most if not all of them have their properties and lives insured but not only that, they also have their assets insured and some of these celebrities are Mariah Carey, who insured her legs for $1 billion, Jennifer Lopez, who insured her huge derrière for $300 million and Rihanna who had her legs insured for $1 million to name just a few.

These days when everything is expensive and that economy is still suffering from recession, it is crucial that we have security on all our possessions and businesses. One can never be to sure of what may happen in the future so it is always better to be ready and secured rather than be caught off guard. So do not hesitate anymore about getting a commercial insurance. As the saying goes, prevention is always better than cure!

Advantages of a Whole Life Insurance Policy And Why You Need It

Whole Life Insurance policies are more expensive than the more popular Term Life Insurance policies but with the extra expense comes additional options that make Whole Life policies more attractive to many consumers when compared to Term Life policies. The most glaring advantage of Whole Life Insurance, besides the lack of expiration date, is the ability of the insured to take out a loan with the cash accrued by the policy, so long as the premiums are kept up to date, the policy and its advantages do not expire until the insured does. The term life policy, however, can expire before the death benefit is paid out, thus leaving the previously insured person in a position of attempting to find a new policy or renew the other policy at an older age that brings with it, higher insurance premiums.

Whole Life Insurance policies carry with them additional features that are hard for some people to resist, as well as beneficial riders that most people deem necessary for extra protection for their loved ones. The most popular riders added to the whole life policies are accident benefits and accrued benefits in the case of disability.

It is true that whole life insurance is more costly that term life insurance, but its premium is the same throughout life, as the policy is guaranteed throughout the insured’s life as well. Term life insurance might be cheaper for the first term, maybe twenty years for a policy, but then the renewal will base the insured’s new premium on their new “older” age and mortality bracket. If at this time the consumer decides upon a whole life policy at this older and wiser age, the premium will be phenomenally more than it would have been for the same dollar value policy twenty years earlier. In the end, the consumer ends up paying thousands of dollars more in the long run, having to purchase a more expensive life insurance policy later in life, and additionally, he or she does not have the extra twenty years of savings and investment income from the whole life policy. So, ageing might bring with it wisdom, but it also brings higher insurance premiums as well. In the case of whole life insurance, it pays to do a bit of research in order to make the better choice the first choice.

Those opposed to whole life policies will use the time honored saying, “Keep Insurance and Investments Separate!” However, as good as this idea may seem, it does not go on to explain that the consumers are expected to use the money they save each month with the cheaper term life premium and use that “extra” cash to invest and make money by investing themselves. First, a person must be committed to take an amount of money that is touted as “extra” and invest it each month in whatever they see fit. Second, in this time of financial hardship, people who are short on “extra” money might not really have the excess to invest, and probably wouldn’t know where to start when it came to investments and stock portfolios and the like. So, it might cost more in the beginning, but the whole life insurance carrier knows how to invest that “extra” money the insured consumers so willingly pay into their future and their families’ future every month. Leave investing to those in the loop and remember it is always easier to do things right the first time!

Find Cheap Life Insurance Policies

Do you need to find a cheap life insurance policy to protect your family from a financial crisis? Most responsible adults understand the need for life insurance, but they think that policies cost a lot, or finding a policy will be too hard.

You should compare life insurance companies because premiums do vary. We found large price differences between the best insurers when we quotes the same 40 year old man for a 20 year term policy with $100,000 in face value. That means he could save $6,000 over 20 years if he bought the cheapest policy instead of the costliest policy!

There is no reason to pay too much and just because one policy is cheaper does not mean it would be an different than the most expensive one! It would be the exact same coverage, but just taken out for less money.

So how do you compare life insurers anyway? Well, the web can make this process very simple. because you can use an online quote form to enter your information one time, and then you can sit back and let top insurance companies compete for your business. Insurers need to stay competitive because nowadays, with the Internet, it is very easy for consumers to compare premiums before they buy a policy.

We have more good news. Because people are living longer and healthier rates,ry companies are actually dropping their rates. Even if you shopped for coverage a few years ago, you may be pleasantly surprised to find very affordable rates today. Your family is important, and if you need to protect them because they depend upon you, it is very simple for most people to find affordable life insurance.

Important Tips on Buying a Life Insurance Policy

Introduction

Life Insurance comes with many benefits. Nowadays, life insurance isn’t just a contract between the insurer and insured, which provides protection against risk of life by paying a premium. For sustainability in the market, every company and product need to adopt the current demand and circumstances and same goes with the life insurance products too. In these years of change in the market, regulator and life insurance companies have taken major steps to meet the changing demands which have provided customers with following options and benefits:-

  • Wide range of product portfolio
  • Options of saving and investment
  • Added benefits with life insurance
  • Different ways of getting low premium and high coverage
  • Additions in list of key features of life insurance polices
  • Transparency and hassle free procedure

With a pool of different companies, products and benefits to choose from, you need to pick out the best one for you. There are many things which you need to keep in mind before buying insurance and there is no specific guideline for choosing the best one, it all depends on your need and situation. But there are some important points related to every policy which can help you to filter the best insurance policies. Based on those important points, we have outlined following important tips for buying a life insurance policy.

Tips

  • Start early

Buying a Life insurance when you are young, gives you a lot of benefit. You will be able to get high coverage at a very low rate of premium because age has a direct effect the premium rate (younger the buyer, lower the premium is). In addition, with low premium, you will get better financial planning, long duration of coverage and your premium will be locked at a very low rate for your entire policy term.

  • Choose the right coverage amount

Don’t decide your policy coverage on your feelings or on calculations based on single factors (like 10 times of your salary). While deciding upon the coverage amount, always consider your current lifestyle, debts, assets, future obligation (college education of children, settlement of your family to different locations, etc.), and rate of inflation. Choosing low coverage will give you zero benefit while choosing a high coverage will be a costly deal for you.

  • Comparison is the key

Comparison is very much necessary before buying an insurance policy. It helps you to choose the best policy at the best rate. There will be many polices which will not offer benefits which you are looking and may be available at different rates. There are many IRDAI certified comparison portals which provide a comparison of different policies on their websites which is unbiased and easy.

  • Choose the right policy

Different policies have different benefits, eligibility criteria, terms and conditions, exclusions and inclusions. You can choose the right policy for yourself only if you know about it well. So the key in choosing the right product is better understanding about it. Know about the riders available, add on benefits, what is not covered under your policy, premium rates and all other aspects related to your policy. Know your needs well and then find policies accordingly.

  • Choose the right company

There are more than 20 companies in India and it very much necessary to choose a trustworthy company. There are some companies which provide best insurance policies and are trustworthy also. You need to check the claim settlement ratio, review (by customer and experts), claim settlement process, product portfolio, price, etc. of different companies to choose the right one.

  • Understand the brochure

There is a brochure available with every Life Insurance product which is available on the company’s website. It contains all the key benefits, features, eligibility, inclusions, exclusion, term and condition related to the policy. Go through every fine line of the brochure to understand your policy well. It will help you to use the available benefits and avoid any bad surprises in future.

  • Disclose your information correctly in the proposal form

Some people hide facts about themselves while filling the proposal form and giving personal details to the company. For example, some people tick themselves as a non-smoker while giving details to get low rate of premiums. But later, at the claims stage, it could result in zero benefit as the claim will be rejected due to misleading information provided by the insured. You can’t fool the company by giving wrong information. So to avoid any hassle during the policy or at the time of making claims, it is always necessary to provide the right information about yourself to the company.

Never buy a Life Insurance policy in a hurry because it’s a decision which will have an effect on your whole life. Give some time for research and understanding your needs well because a policy bought with precision gives you exactly what you want.

Commercial Insurance Providers For Businesses

When running a business you need to be prepared for dealing with unexpected losses and risks. Providing policies and services that are especially designed for businesses, commercial insurance also known as business insurance protect the business from unexpected losses caused due to property damage, vandalism, theft etc.

Commercial insurance providers cater particularly to the small and medium sized businesses.

The most common types of insurance provided by a commercial providers include property, liability insurance along with worker’s compensation benefits. Property insurance deals with remuneration for damage to real property.

So damage to machinery, the provider under the property insurance covers all theft, burglary, and robbery of money.

Liability insurance on the other hand provides businesses protection from losses caused by third parties. This includes auto insurance, insurance against malpractices and lawsuits.

For on job accidents, commercial providers offer worker’s compensation. In certain cases depending on the nature of your business an insurance company provider may provide specialized insurance products.

The businesses that a provider caters to are retail businesses, professional services, contractors, farm workers, day care centers, resorts, restaurant businesses etc.

When choosing a provider for a business, you need to keep certain things in mind. Firstly you need to meet up with as many insurance providers whether online or in person as you can to get the best possible quote.

Moreover extract information about additional services and discounts that the provider may be offering. Sometimes certain insurance agents and dealers come up with exciting bargain offers that can be the best for your business.

Now shortlist the three best insurance providers from this list and obtain detailed information about the policies that they have to offer. This helps you focus on the best firms in the business and compare their price, bargain offers and services offered.

Remember that it is not necessarily the company with the lowest price that offers the better deal. Some of these companies may not be covering liabilities that you might need. Based on these factors you are now ready to choose the best commercial insurance provider.

Quoting Commercial Insurance

Tips to help you understand a consultant when he is quoting commercial insurance. Running a commercial establishment is never easy as there are numerous inherent risks involved in the process. Business owners make the best possible effort to run their businesses to keep them profitable.

To protect business from uncertainties, it is important to get it insured. There are few important points to discuss when an advisor is quoting commercial insurance product.

Accidents are waiting to happen almost everywhere and at every instant. As per various indicators, crime rates are at an all time high. Additionally, chances of theft and robbery remain pretty high at any given time. Vandalism, arson and other such accidents result in tremendous loss of property and business goods every year.

Getting a Quote on Commercial Insurance is Very Important

In such a scenario, no business owner can ignore the importance of insurance. Not having the business insured is worst act business owners can commit for their businesses. At the same time, they should avoid being insured in wrong way. It is quite important to be insured with the right package and know applicable insurance amount.

Depending on the type of business, its owner has to get it insured in the right manner. Everyone including commercial property owners, factory owners and store owners should protect their properties against unfavorable incidents. Some of the scenarios which mandate getting insured are discussed in following lines.

Property owners tend to invest in apartments, flats, independent houses and commercial properties. They might ignore the importance of getting their properties secured due to any reason known best to them. One day when they might wake up, they may find their flat, house or any other property burgled. What happens when they did not have their properties insured?

In such an unfortunate scenario, they would have to pay for everything on their own. They would have to pay for every object burgled and its installation charges as well. In this way, they would end up paying for every service and object twice. Quite possibly, they may have to pay higher this time as cost of everything rises almost every other day.

They should get their properties insured against theft and all other possible accidents. This will ensure that the insurance company pays for every single object and installation services. Paying a small amount of premium regularly will protect the investment and provide cover against losses of all kinds. Every single penny paid for this purpose is worth its value.

Similar is the case with factory owners who have to protect their inventory, machines and other stuff. It is important to cover their building and valuable goods against all accidents including fire and theft. Whether any risky process is present or not, they should consider having cover for injuries at work.

In this way, having a cover against accidents of all types is necessary for every business owner. It is important to get information regarding all these points while an advisor is quoting commercial insurance product. This can save every business owner from unnecessary inconvenience later on. On the other hand, ignoring it for the sake of saving few bucks can cost them pretty dearly.

The Role of the Commercial Insurance Broker

Business come in all sizes, and the role of the Commercial Insurance Broker will vary in some respects with the size of the client company and the amount of insurance expertise it has available among its own staff.

The approach to commercial insurance of a small engineering workshop in a side-street will not be the same as that of a huge multi-national corporation which may number an insurance company among its subsidiaries. The essentials of the broker’s task will be the same, however, for the largest company as it is for the individual: to use his knowledge of insurance and of the insurance market to help his client to arrange a sound insurance programme which, to the maximum extent possible, meets the client’s particular needs.

The Business Insurance Broker will handle the insurances of a small company in a manner very similar to those of an individual. The relationship is likely to be a personal one wit the directors of the business, and they can be considered, in a way, as individuals who have a different, and more extended, set of insurance needs because of their involvement with the company.

The first essential will be for the insurance broker to ensure that his clients have the compulsory commercial insurances which they need for their business to be carried on legally.

Employer’s liability cover to protect the workforce must be arranged, and motor insurance is also likely to be a necessity. If the business has plant or machinery which must have a periodical statutory inspection, it will be usual to arrange for this to be done by a specialist engineering insurer under the terms of an engineering inspection contract, with or without insurance.

Fire insurance will be very important, as will consequential loss insurance to protect the firm against loss of earnings during the period following a fire until it is fully back in business. Then there will be all the other insurances which a business needs – public and products liability, theft and money insurance, goods in transit and perhaps marine insurance, all-risks covers, fidelity guarantee and possibly others. The broker may also be asked to provide insurance covers for staff, a group life and pensions scheme, or personal accident or permanent health insurance for example.

The range of insurance which may be needed, and the variety of problems which may be associated with them, place great demands on the broker with an industrial firm as his client, and make it much less possible for him to be a specialist in one or two types of insurance only. The individual may be happy to consult a broker for life or motor insurance only, but the industrial company is likely to want a single source of advice for all its insurance problems.

The larger the client company is, the less it will be interested in buying standardised commercial insurance covers or packages designed for small business insurance, and the more it will want policies which match its own specific needs. This calls for a very deep understanding of the client’s business on the part of the broker, matched by creativity in designing insurance solutions to the problems posed. The Commercial Insurance Broker’s negotiating skills may also be called upon to persuade an insurer to accept what may be an entirely new approach to a particular insurance need.

The problems of a small spread of risk may be overcome because the company is large enough to be rated on its own past record rather than as a member of a trade which is rated as a class in an SME business insurance package. When it reaches this size, a company may be interested in extensive self-insurance, and these days it is part of the broker’s role to help such clients develop appropriate self-insurance plans and to advise on risk management measures to ensure that the risk that is being retained is reduced as far as is economically possible.