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

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

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

Related posts:

1. Georgia Universal Life Insurance Georgia life insurance doesn't just consist of whole and term...

Related posts brought to you by Yet Another Related Posts Plugin.

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

Related posts:

1. Georgia Universal Life Insurance Georgia life insurance doesn't just consist of whole and term...

Related posts brought to you by Yet Another Related Posts Plugin.