That, obviously, is a gross oversimplification, but you can get the full treatment at our original Georgia life insurance article.

Now we need to talk about a third, and more complex, type of Georgia life insurance: universal life.

The key thing to keep in mind when talking with a Georgia life insurance agent about universal life insurance is this: make absolutely certain that the policy is guaranteed. This is because things aren’t as cut and dry with a UL (universal life) policy as they are with a WL (whole life) policy.

To put it as basically as possible: with a whole life policy, as long as every premium is paid the death benefit of that policy is guaranteed to pay out when the insured passes away. With a universal life policy, on the other hand, the policy will “lapse” (meaning your death benefit will vanish) if the premiums and cash value aren’t enough to cover what’s known as the COI, or Cost Of Insurance. For that reason, it’s vital to make sure you’re getting a guaranteed UL. With a guaranteed policy, also called a no-lapse policy, it’s written into your contract that if you make certain premium payments that the policy will be guaranteed not to lapse until a certain age. Generally, that age is 121, meaning you’d have to be very old indeed to outlive your policy.

When it comes to Georgia life insurance, you’ll find that UL policies are less expensive by far than WL policies. This makes a UL policy an attractive choice to a Georgia life insurance shopper, but again, you must be aware that without a guarantee written into the policy that your premium payments may not be enough to sustain your coverage in the future.

So which Georgia life insurance shoppers should be looking for a universal life policy? If you’re looking to get longer lasting protection than term life insurance can provide for not much more in monthly premiums, then a universal life policy might be right for you. Georgia life insurance shoppers should also have their eye on a UL policy if they’re looking for something that will build a cash value, but don’t want to pay the super high premiums of a traditional whole life policy.

As you can see, UL policies can provide great advantages to Georgia life insurance shoppers. However, there are a few pitfalls that you need to look out for, which is why I firmly believe you should work with an agent to figure out just what Georgia life insurance product is right for you. Now that you’ve started learning, why not set up your no-cost, no-obligation conversation with your personal Georgia life insurance agent today? Getting started is as easy as requesting your free Georgia life insurance quote.

Georgia Universal Life Insurance is a post from: Georgia Insurance Options

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It’s simple, really: life insurance protects the ones you love from financial peril after you’ve left. We talk about why you should have life insurance in detail in another article, but let’s focus here on what kind of life insurance you need.

When it comes to Georgia life insurance, you’ve got two main options: term and whole life. Universal life, a more complicated product, will be discussed in its own article later.

Our first Georgia life insurance option is term life insurance. Term life is the simplest type of Georgia life insurance to understand: you select a face value (the amount that the policy will pay out in the event of your death), and you select a term (the length of time your policy will be effective). If you pass away during the term that your Georgia life insurance is effective, then the policy will pay the full face amount. Term is the cheapest type of Georgia life insurance – hundreds of thousands of dollars of coverage can be purchased for very low rates. The downside, however, is that once your Georgia life insurance term policy’s term expires, you’ll either have to renew your policy at significantly higher rates or convert to a new plan.

Term Georgia life insurance is best for young individuals looking to cheaply insure their lives as they build a solid economic foundation. Buying a term Georgia life insurance policy at a young age can lock in a great rate for twenty or thirty years and guarantee that you’ll be able to get another Georgia life insurance policy down the road. It’s also great in addition to another type of Georgia life insurance policy when you want to add a little extra protection for a set amount of time – for instance, adding an extra $100,000 of Georgia life insurance to your coverage for ten years to make sure that, should something happen to you, your child would undoubtedly be able to afford college.

However, when you get into your forties and fifties, it’s a good idea to explore whole Georgia life insurance. This is because term Georgia life insurance may only be renewable to 75 or 85 (depending on the company) years of age – outliving your Georgia life insurance means that your protection won’t be there when you need it. Converting to whole Georgia life insurance guarantees that your plan will be there and in-force when your family needs the protection.

Whole Georgia life insurance works a little differently than term Georgia life insurance. Here, your only concern is the face value of the policy. Whole Georgia life insurance comes with a higher investment than term Georgia life insurance, but you’ll have protection that lasts your entire life and that builds cash value. Whole life insurance is what most people mean when they talk about “final expense” or “burial insurance” – these policies are smaller, but guaranteed and more stable than term policies.

Within these two types of Georgia life insurance policies, you’ve got two “sub-options:” medically underwritten and non-medical Georgia life insurance.

Medically underwritten policies are policies with a longer application, a more rigorous set of health criteria, rates dependent on health status, and often a requirement for a paramedical examination. These Georgia life insurance policies generally have higher face values at lower premiums because the company issuing the policy is better informed about your health status. Medically underwritten policies are the best Georgia life insurance option for healthy individuals who have had a physical within the last one or two years and who don’t mind the slight inconvenience of filling out a slightly longer Georgia life insurance application and submitting to an examination.

Non-medical Georgia life insurance policies are slightly more expensive, but much easier to obtain. Applications for non-medical Georgia life insurance policies have few or no health questions, do not require a lengthy application, do not require a medical examination, and can be issued much more quickly than medically underwritten Georgia life insurance plans. Non-medically underwritten Georgia life insurance policies are best for individuals who haven’t had a physical within the past couple of years or for individuals who have a few health issues that would drive the rates of medically underwritten policies too high.

Georgia life insurance is offered by many, many different insurance companies, and it’s not always easy to figure out which one is the best for you. However, you’re in luck – as a Georgia life insurance expert, it’s my job to help you figure out what type of Georgia life insurance you need, how much coverage you should have, and which company will offer you the best rates. Now that you’ve learned a little bit about Georgia life insurance, take a second to let me know how I can help you protect your family by filling out this short form. As always, your information will be held in the strictest confidence, never shared or sold. My only goal is to help you find the Georgia life insurance policy that will best insure your family’s financial future.

Thank you! And remember, working with a Georgia life insurance expert carries no fees, no hassle, and no obligation. The only thing you’re getting is a 100% free Georgia life insurance expert to shop rates, compare companies, and do the dirty work for you so that you can be absolutely sure you’ve got the Georgia life insurance policy that will work best for you!

Georgia Life Insurance is a post from: Georgia Insurance Options

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1. Should you buy health insurance from an agent, or directly from the company?

This one’s easy: use an independent health insurance agent. The rates are the same since they’re set by law, and agents don’t charge any sort of “broker’s fees” or anything to use their service. Agents tend to know a lot more about your options than your average call center employee, and they’ll work with you for the life of your policy.

2. What are the top five health insurance companies in Georgia?

Based on my personal experiences (level of client service, ease of application, claims payment record, etc.), I’d say that the top five individual health insurance companies in Georgia are:

1. Golden Rule (the individual division of United Health Care)
2. Humana
3. Assurant
4. Aetna
5. Kaiser Permanente

Each company has its quirks, of course – Golden Rule is great if you’re in perfect health, but they love to issue riders. Assurant is more expensive, but they are more lenient in their underwriting. Aetna will decline anyone with three prescriptions. Humana doesn’t offer maternity benefits, and Kaiser requires you to stay within Kaiser facilities with most of their plans. Every company is different.

3. Can I still get COBRA if I was fired?

In most cases, yes. There is a provision in the COBRA law that says you are ineligible for COBRA if you were “terminated for gross misconduct,” but that has never been tested in court. Generally, if you leave a company (either voluntarily or involuntarily) and that company stays in business and keeps the group plan that you were on in force, you can get COBRA.

4. Is there such a thing as emergency maternity coverage?

No. If you’re already pregnant, no major medical insurer will issue a policy to you. Now, there are some guaranteed issue policies that will cover you, but you must be extremely careful with those – oftentimes, you’ll either end up paying more for the policy than you would for the pregnancy, or you’ll get stuck with a bill that the insurer will weasel out of. Never purchase a policy like that without consulting with an agent, preferably an independent agent who can compare it with true major medical plans.

5. How do I get my pre-existing conditions covered with an individual health insurance policy?

Depending on the condition, it’s possible that you can just apply for coverage and have it covered. Things like high blood pressure, cholesterol, and most allergies aren’t generally excluded from coverage under individual health insurance policies (however, the rates to cover these conditions may be higher). If you have a more serious condition, like diabetes or Crohn’s Disease, your options are more limited. In Georgia, there’s no state risk pool, so if you’re above the income level for Medicaid then you’re not eligible for state assistance. Your best bet is to find employment with benefits, or, if you’re self employed, talk with an agent about going on a small group plan. That’s a tricky option, but it can be done. There are some guaranteed issue plans in Georgia that will cover pre-existing conditions, but like with question four, you must be extremely careful with those. You can wind up losing a lot of money if you’re not. 

6. What does maternity insurance cover?

Maternity insurance covers the costs associated with a normal pregnancy. Depending on how your specific maternity benefits are structured, you may either have a set amount of money to apply to maternity costs or your maternity costs may apply to a separate deductible. It’s worth noting that true emergency c-sections are covered by your normal health insurance plan.

7. What do I do when my COBRA runs out?

When your COBRA eligibility runs out, you can do one of two things. You can either purchase an individual policy, or you can elect to use a HIPAA conversion option. With HIPAA conversion, the health insurance company that administered your COBRA plan will switch you over to an individual plan, and you can’t be turned down for coverage. HIPAA conversions aren’t available until you have used up your entire COBRA eligibility period.

8. How does my deductible work?

Your deductible is the amount of money in medical costs you’ll be responsible for before your insurance company starts picking up part of the bill. If you have a copay plan, your copays generally will not apply to the deductible. Once you meet your deductible, then (depending on your plan) your insurance company will either pay 100% of the rest of your bills, or you’ll pay a small percentage until you reach your out-of-pocket limit. That small percentage is usually 20%, but some plans do increase that amount.

9. How did the new stimulus package change COBRA?

Previously, if you wanted to go on COBRA then you had to pay 102% of your health insurance premiums. That came as a shock to many people who went on COBRA, because they were used to paying only a portion of the full premium while their employer picked up the rest of the tab. Now, for the first nine months of COBRA eligibility, you’ll only pay 35% of your premiums and your former employer will pick up the other 65% (they’ll be reimbursed in the form of a payroll tax credit). At the end of those nine months, things go back to the way they used to be and you’ll start paying 102%.

10. What’s the best life insurance option for me?

Most people are best served with simple term life insurance. Get a policy that’s guaranteed renewable so that you never have to worry about being uninsurable, a face value that will provide for your loved ones (don’t forget to pay off debt and account for lost income when you’re figuring out how much you should get), and discuss the various riders available with your agent. In my humble opinion, variable life, universal life, and whole life are just not worth it for the vast majority of people. Term is simple, term is easy, and term is what you need. There are a ton of life insurance options out there, and with all the riders available you can really customize your term life insurance to fit your needs.

Bonus!

11. What does “no-stone-unturned” quote mean, anyway?

I get asked this one a lot, so I thought I’d toss it in there. I’m an independent agent, so when you come to me with a health or life insurance question I work with a bunch of different companies to make sure you’re getting the best deal on the market. Instead of just sticking you with an easy-to-issue policy, I leave no stone unturned to make sure that when I run a quote and write an application with you that I’m doing what’s in your best interest. 

Did I miss any burning questions? Anything you’re absolutely dying to know? Then feel free to comment on this post, use the contact link at the top of the page to email me, or just call me up at 404-660-1020 and I’ll be happy to answer any questions you might have. Who knows, your question might make it into the next edition of this article! Or if this cleared up all of your questions and you’re ready to see how much you could be saving on your insurance, then head to our free insurance quote page and get a no-obligation, personalized quote!

Reader’s Choice: Top Ten Health and Life Insurance Questions is a post from: Georgia Insurance Options

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For some reason, people are often reluctant to talk about life insurance. Maybe they think that discussing it means admitting their own mortality. Maybe they think that talking about it makes the possibility of death into a certainty. Or maybe it’s because they’re afraid to admit that the money they’ve made from working hard their whole life won’t be enough to cover their final costs. Whatever the reason, life insurance isn’t often thought of as a fun topic of conversation. And because of that, people push it to the back of their minds, try not to think about it, and hope that their savings account and three bedroom two bathroom house in the city will provide all the assets their loved ones need after they’re gone.

In the early 2000’s, my mother and father lived in a four bedroom two bathroom house on the Satilla River in Woodbine, Georgia and the real estate market was good. My parents were out eating dinner one night and happened to mention, just in passing during a conversation they were having between themselves, how fair their house was from the river. Their house wasn’t on the market, but they got two offers to purchase it on the spot – without marketing it or even listing it! Even though at the time my father was in his late sixties and my mother had just crossed fifty years old, they didn’t worry about final expenses or their debt. If things got too bad, no trouble. The real estate market was good, so if worse came to worst they could just sell the house and cover their expenses by downgrading to a smaller home. In 2005, the real estate market began slipping.

By mid-2006, the real estate market in southeast Georgia had crashed.

Around Thanksgiving 2006, my father started feeling ill.

By Christmas 2006, he started stumbling over words and forgetting things he normally wouldn’t. He didn’t want to worry about it, so he didn’t talk about it. He just pretended nothing was wrong. I guess it wasn’t a fun topic of conversation.

On May 9^th, 2007, my father was diagnosed with cancer of the brain, bone, lungs, blood, and colon. That day was my parents’ 32^nd wedding anniversary, and I still have the journal that my dad wrote in that afternoon.

On July 29^th, 2007, at 12:40 in the morning, my father died. It would take a little while, but before too long we realized that we were in trouble. There was more debt than we had realized, and there were medical bills coming in that his health insurance was doing nothing to cover (which leads me to plead with you again – even if you don’t use me, please use a local independent agent for your health insurance needs, someone you can build trust with and someone who has your best interests at heart). We did everything we could, but things quickly got out of control. My father didn’t have life insurance, and his estate was unmanageable.

This story doesn’t have as sad an ending as it could. That house on the river sold about a month before we would have run out of money and provided my mother with enough capital to stabilize herself and move back to Alabama, where she grew up. But it was a very, very close call, and there’s a lesson to be learned from it. If you expect your savings account to cover your final expenses, then you need to realize that that’s going to mean that those savings are going to be wiped out. If you expect your loved ones to carry the burden, then you have to be prepared for the responsibility of placing that heavy, heavy load upon their shoulders – and you have to realize, like it or not, that no matter how hard they try to feel otherwise they almost certainly won’t be able to help a few feelings of resentment. And if you’re hoping that your non-liquid assets like your real estate, your classic car, or your antique coin collection will provide a source of cash, then you have to consider that those things all take time to sell, that those you leave behind will be likely be too preoccupied to negotiate a fair price, and that it’s truly difficult for your loved ones to sell off all of your possessions when they’re desperately trying to cling to everything that reminds them of you.

Furthermore, while the assets you leave behind may be enough to pay for the cost of your burial, your car payment, and your mortgage, will it be enough to replace the income that your loved ones suddenly find themselves without? And finally, to the folks in their twenties and thirties, don’t think life insurance is only for people in their sixties and seventies. For just a few bucks a month, you could have coverage right now that protects your loved ones in the event of your death, meaning that you can worry about building your career and your life without running the risk of having it all fall apart should a tragedy befall you. Be honest – if you’re twenty-five and newlywed, do you have enough set aside to cover your financial responsibilities and provide for your spouse if something were to happen to you? The answer is probably “no,” and that’s okay. You’re just starting out in life! But that means it’s all the more important for you to protect the integrity of what you’ve accomplished, and the best way to do that is with life insurance.

So, once you’ve realized that you do need life insurance, what next? Well, there are a few major different types of life insurance: term life, whole life, and universal life.

Term life insurance is the simplest, most straightforward type of life insurance. Term life is also the least expensive type of life insurance. Basically, you buy a policy that is in force for a set period of time – a set “term.”If the insured person were to die during that period of time, the policy would pay the entire face value. So, for example, if you purchased a ten year term policy to insure your life and you passed away three years later, the policy would pay the full death benefit to the beneficiary.

When most people think of life insurance, they think of whole life. Whole life provides permanent protection while building a cash value. Premiums are generally fixed along the life of the policy. The cash value of the policy means that, should you need to at any point, you can withdraw money from your policy or even take loans against it, providing you with a small source of emergency funds. All of this is, of course, in addition to the normal death benefit of the policy.

Universal life is the most flexible form of life insurance. Over the life of the policy, you can adjust the premium amounts and payment schedule to better suit your needs at any given time. Universal life policies also accrue a cash value, just like whole life. That cash value allows you to earn a small rate of return based on market rates as well, so you can think of whole and universal life insurance as a low-risk source of very small returns.

So which one is best? Well, that depends on your needs, and a true needs analysis is beyond the scope of this article. The very, very broad brush answer, however is this: if you need life insurance to cover the risk associated with limited time propositions (for example, you want to make sure that if you pass away your kids have enough money to finish college) then term life is probably for you. If, on the other hand, you’re looking for permanent protection that will last for the rest of your life and provide an inheritance for your loved ones, then you need to look at whole or universal life.

To get started with your personalized needs analysis, head up to our term life insurance quote page and let me know a little more about yourself. I believe very strongly in the need for life insurance because of my personal history, and I know that I can help you get the protection that my family should have had. I’m ready to help you whenever you are.

Life Insurance – Why and How is a post from: Georgia Insurance Options

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