It is commonly understood that purchasing a life insurance policy is a good decision, especially when supporting a family.  It can provide a certain peace of mind, that should something happen to you, your loved ones will not experience financial hardship.  There are several different options to choose from and the cost of a life insurance policy can vary, but in general, a policy quote is figured with age, gender, and overall health in mind.  It is understandable why a life insurance company may hesitate when writing a policy for someone who is in poor health, suffering from a disease such as diabetes.  In the past, if a diabetic wanted to purchase a life insurance policy, they would have to first find a company willing to underwrite it, and second, settle for a much higher price.  However, with technological and medical advances, insurance companies are having a change of heart, according to a release found on prweb.com.

Diabetes has become a very significant health issue in America, with almost 26 million people diagnosed.  As that number continues to grow, medical advances have allowed those affected to control the disease with regulated treatments.  But even individuals with very controlled cases of the disease were finding that while insurance companies offered life insurance policies at a standard rate, they would often attach extra charges with their diagnosis.  Recently however, several respected insurance companies have begun to realize that with the growing number of Americans suffering from this disease, it was in their best interest to acknowledge that with long-term control, diabetes does not significantly impact life expectancy.

Met Life and ING are among the companies altering their stance on policies for diabetics.  There are in fact, many conscientious diabetics who very effectively self-manage their condition and find great success in long-term control.  Michael E. Gray, Jr, CEO of MEG Financial, who was responsible for the press release, acknowledges that by controlling diabetic risk factors, such as weight, daily glucose levels, fitness, blood pressure, and cholesterol, a diabetic can indeed secure a low rate for life insurance, which is very good news for the significant portion of our population who have been diagnosed with this condition.

Written by Lynn Jenners

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Bankruptcy is being considered by millions of Americans during these tough economic times, and many are wondering what will happen to their life insurance proceeds if they choose to file.  Depending on your circumstances, your life insurance proceeds could be safe from bankruptcy laws, but there are exceptions that do apply and you should definitely talk to a professional about how your unique scenario will impact your life insurance policy.

You will first need to determine what type of bankruptcy you will be filing.  There are three main types that the general public tend to turn to including Chapter 7, also known as liquidation, Chapter 13, the wage-earner plan, and Chapter 11 which is used by businesses.  Professionals can steer you towards the appropriate filing option, but do keep in mind your life insurance policy could be affected different based on what you choose.  Some or all of your life insurance proceeds could end up going through the court for evaluation.

The other thing to recognize is that bankruptcy laws vary from state to state so it’s important you talk to a professional who knows the ins and outs of your particular state.  You’d be surprised how different the laws can be and you don’t want to go into the situation with wrong information.  That will only delay proceedings and could end up disqualifying you from filing at all.  You want to make sure you will be able to purchase a life insurance policy after the filing takes place if need be.  Some consider this to be one of the most important times to carry life insurance protection.  Take your time to make this very important financial decision.

Written by Joanna Cliff

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I came across a unique life insurance program that is specifically tailored for children and young adults.  It’s called Globe Life Insurance and it seems to have a lot of great benefits.  It begs the question if you really need a life insurance policy for your child, but this will be an individual decision you make with your family and financial advisor.

Basically, Globe Insurance is a whole life insurance policy that provides up to $30,000 in life insurance coverage for younger people.  It’s a pretty easy way to establish their financial foundation while they are young.  It seems pretty affordable, but premiums may vary.  Their website has more information on pricing.

You can buy directly online at their website with just a few health questions.  There’s no need to talk to anyone.  Once your application is approved your full protection starts on the first day the policy is issued.  The beneficiary you choose would receive benefits free of federal tax income and there’s a 30-day money-back guarantee that is always nice to see.

As with all whole life insurance policies, Globe Life offers cash value which builds over time.  This can be used in the future to help with the family’s financial needs.  It can even be used towards college expenses, which we all know can be outrageously expensive.  If you are in the market for life insurance for your child, it’s worth looking into.  You can also get multiple quotes all at once at lifeinsurance.org.

Written by Joanna Cliff

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There are several challenges facing the life insurance industry in 2012, but executives also see opportunities they plan on taking advantage of according to the press release found on MarketWatch.com.  LOMA completed interviews of top executives in the life insurance industry about their predictions on sales, distribution, technology advances, regulation, and social media for the year 2012 and their outlook was generally positive.

The interviews were collected and for LOMA’s annual industry forecast which is published in their monthly publication, Resource Magazine which does happen to be award-winning.  These interviews offer insight into what challenges the life insurance industry may face.  The panel agreed that profitable growth needs to be a top priority.  Insurance companies will need to get back in touch with their brand and growth strategies.

There is definitely an ongoing issue the industry will have to deal with, which is shrinking distribution.  Since fewer financial advisors consider insurance a must-have, life insurance companies will need to find new, innovative ways to attract young people.  Traditional life insurance seems to follow generations and the current generation is growing older and retiring.  Term life insurance quotes need to appeal to a wider group of people including college graduates and young professionals.

Technology will also play an important role in life insurance industry growth.  The panel focused on technologies such as mobile applications, cloud computing, and predictive analytics as having big influence over their potential for growth in the life insurance and annuity market.  Mobile is quickly becoming a top priority as smart phones take over the airways.  Social media and online advertising will also continue to play a big role in their overall marketing plan.

Written by Joanna Cliff

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Most people will experience financial hardship at some point in their life and when you start to feel the crunch you may start reviewing your monthly bills and begin a cutting back process.  While this is wise in many cases, there are circumstances where you may want to keep paying some bills just to keep your financial strength in tact.

Since each individual has their own unique situation, it’s important to ensure you are consulting with a professional before making any big decisions about your bills.  You may want to think twice about cutting back on insurance products since financial tough times might be when you need insurance the most.  The article on Business.FinancialPost.com, “Hard Times Trigger Changes in Insurance Choices” by Garry Marr, talks about how economic downturns might be exactly when you need insurance the most.

Clay Gillespie, a certified financial planner with Rogers Group Financial says when people feel threatened financially, certain types of insurance like life insurance and disability, may seem more appealing.  Other types of insurance may be cut such as car insurance and property insurance since they are seen as unhelpful if you were to lose your job or pass away.  Tough times lead people to plan ahead more and one of the issues that comes up more often is their mortality.  Triggers, such as a close one dying, can get people thinking about how prepared they really are for such a situation.

Unfortunately, if you are short on cashflow you will have to start choosing between important products such as whole life insurance or critical illness insurance.  You have to work with your family and professional to help you sort out priorities and understand which products are really worth your precious pennies.  Canceling policies can have unfortunate side effects since it can be challenging to qualify for an affordable policy down the road.  It’s important decision to make, especially when you are experiencing a stretched wallet.

Written by Joanna Cliff

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Once you have chosen a life insurance policy, you must make the important decision of naming beneficiaries.  The most common beneficiary named, on average, is a spouse.  If there is no spouse, or you already have them named on another policy you may consider adding your child as a beneficiary.  But is this even an option?  In general, it is an option but it will vary depending on the insurer.

For Aetna Life Insurance specifically, they do allow children to be named as beneficiaries but there are some cases where the life insurance proceeds will not be paid directly to your child.  They will be unable to pay the proceeds to your child until the earlier of;  the date that your children reach the age of majority which is typically 18 or 21, depending on the state, or the date that the legal guardian of the minors’ estate has been appointed by the appropriate court.  According to the Aetna website site, this appointment process can cost a lot of money and state laws could limit who is named as the guardian of the estate.  Usually, a guardian of the minors’ estate can hold funds until the child reaches age 18 or 21.  This could ultimately cause some unnecessary confusion and controversy.

With that said, there are many cases where the children receive the funds and it is in their best interest.  Another alternative to naming a minor child is to establish a Trust that can receive and manage the life insurance funds on behalf of the child.  For this circumstance, you would actually name the Trust as the beneficiary.  If you really want your child to receive the life insurance proceeds, it’s best to talk to a lawyer or legal advisor about they best route to take to ensure this happens smoothly.  With state laws varying greatly, you want to ensure you have the proper advice to accomplish your goals.

Written by Joanna Cliff

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According to the website, OhioMeansInsuranceJobs.com, Ohio is a leading insurance location with companies throughout the state supplying all forms of insurance, including Ohio life insurance.  With approximately 256 insurers located in Ohio, the state ranks 7th in the nation in insurance industry employment.  The insurance industry is one of Ohio’s main employers, supplying jobs to over 100,000 people with an average salary of $50,000 plus, and wages totaling over $5.9 billion.  Ohio has around 86,000 licensed resident insurance agents and about 164,000 non-resident agents based on statistics from the Ohio Department of Insurance.

The Office of Insurance and Financial Services strives to grow the insurance industry even further and they hope to expand job opportunities in all forms of insurance.  This speaks volumes to the thousands of unemployed workers in Ohio and many hope to find employment in this particular industry soon.  The employment opportunities that could open up promise to be stable and offer long-term economic impacts to the state of Ohio through good-paying, environmentally friendly service positions.  Many believe a career in insurance gives a huge array of opportunities.

OhioMeansJobs.com is a great resource for those looking for employment opportunities in Ohio specifically.  It’s the state’s most comprehensive list of job opportunities available in many industries.  It combines job listings from major job boards, websites, associations and newspapers to give Ohioans free access to a quick database of jobs.  If you or someone you know has life insurance experience and is looking for work in the state of Ohio, this could be a great resource for you to use.

Written by Joanna Cliff

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The Wall Street Journal came out with some interesting information earlier this week in their article “Are You Owed Life Insurance” by Leslie Scism.  State regulators estimate that about 1 billion dollars are sitting on the books of life insurance companies.  They believe some money has been sitting there for decades.  This poses an important question; who does this money belong to?

State regulators, treasurers, comptrollers and attorneys are working together to probe into the books of life insurance companies and determine exactly what is being done with this money.  They want to make sure insurers are not violating any laws.  Some may be using a Social Security death database to cut off retirement-income checks of annuity owners but not using the information to see if policyholders are owed death benefits.  Life insurance companies claim they are following the laws but most insurance contracts to state that a file must be claimed before death benefits are dispersed.

Once the regulatory hunt began, some insurance companies started using the informational database and locating who is owed payouts.  As a result, some of the 1 billion is accounted for based on statements from regulators and public filings.  There is still a large chunk of money unaccounted for, but there are ways for consumers to determine if they owed a death benefit.  Throughout the nation, several state insurance departments are organizing programs to help beneficiaries find their money.  In November, MetLife Life Insurance Inc, the country’s biggest life insurer by assets, launched a website to assist people in determining if their families have left them money.  The site has been helpful to many people looking for answers when it comes to death benefits.

Written by Joanna Cliff

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We’re in the midst of the 2012 holiday season and New Years is just around the corner.  With New Years Day comes New Year’s resolutions and there is no better time of the year to reevaluate your life and make adjustments to better your lifestyle.  Whether you want to improve your health, diet, or financial situation, a resolution can give you the structure you need to succeed.

Financially speaking, there are many aspects of one’s portfolio that could be improved.  Life insurance is a major component of one’s financial situation and it should be evaluated regularly, especially at the new year.  LifeInsurance.org is here to help.  If you think you might be paying too much for life insurance or you believe your benefits are not top notch, you can obtain multiple quotes at once through LifeInsurance.org.  If you are walking around with no life insurance, but you think your family would benefit from this affordable safety net, then take the time to get a life insurance quote.

This time of year can be a time for celebration, family and friends but it can also be the perfect time for reflection.  Life insurance is an important part of a financial plan and should be considered.  Take the time to get a quote and you might be surprised.  2012 could be your year to get financially organized and start saving for the future.  LifeInsurance.org wishes everyone a happy holiday season and safe and joyful 2012.

Written by Joanna Cliff

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Minnesota Life Insurance, a Securian company, has a unique method of helping their customers prepare for retirement.  They offer a “retirement GPS” program on their website which guides customers through the entire retirement process.  This is in huge demand as many people feel unprepared for retirement or are in retirement and feel like they are drowning.  By taking the right precautionary steps, anyone can be on the road to a smooth and successful retirement.

Retirement GPS is an educational program from Securian Financial Group that offers a wide array of resources and retirement support.  They help customers get in touch with the reality of today’s retirement needs whether it’s in your near future or part of your present.  They offer support through all phases of retirement which they define as the gearing up years, the taking off years and the cruise control years.  This goes against conventional attitudes that there is work, then retirement.  There are actually phases to help you transition.

The Points of Interest series in the education program helps seniors better understand what they can expect in their retirement years.  Whether it’s questions about life insurance, savings, longevity risk, social security or inflation risk, the program attempts to answer all concerns.  They offer financial advisors to help map out an effective strategy that will help you stay on track and retirement when you want to.  They offer support in the case of unexpected challenges, adventures or changes in heart along the path.  This is more than an owner’s manual, but it’s a hands-on guide that can truly change your overall retirement experience.

Written by Joanna Cliff

Follow me on Twitter:  https://twitter.com/#!/JoannaCliff78