Death insurance is a fancy term for a very low level of life insurance. Very low—usually around $10,000 or so.

Policies are designed to cover the cost of final expenses and little else. That’s why death insurance is also called burial insurance or funeral insurance.

If your home is paid-off and your children are financially independent, you probably don’t need anything more than a low level of coverage. After all, you don’t want your children to get stuck paying for your funeral, do you?

If someone relies on your income, though, life insurance should receive strong consideration, because death insurance won’t go very far.

The good news is that life insurance doesn’t cost much—about $30 a month or so for a healthy 40-year-old seeking $500,000 in coverage.

For most life insurance policies, yes, your rate is guaranteed from the moment your coverage starts. That is to say, you know exactly how much every premium payment is going to cost you, from the start to the finish of your policy. In fact, for most policies, your rate is fixed, meaning that all your premium payments are going to be equal in amount.

For a comparison of term, whole, and universal life insurance, see www.wholesaleinsurance.net/life-insurance/types

BINGHAMTON, N.Y., Jan. 24, 2011 /PRNewswire/ — Many term life insurance buyers who seek coverage to meet a singular need often overpay for their insurance.  This term buyer overpays because he or she must pick a lump sum death benefit that will cover the specific financial obligation if he or she were to die soon after obtaining coverage.  As time goes by, the original lump sum may exceed what is necessary to cover the remaining obligation.  Thus, monthly benefit term may be less expensive than lump sum coverage because the buyer can design the policy around his or her specific needs.

Security Mutual recently introduced a new term insurance product that helps provide this type of buyer with a solution:  a term insurance product that pays death benefits monthly, rather than in a lump sum.  This new product offers coverage for whatever number of years best suits the needs of the particular client.  Monthly benefits range from a minimum of $1,000 per month to a maximum of $50,000 a month.  The minimum term is 15 years, and the maximum term is the lesser of 40 years (35 for smokers) or 85 minus the issue age.  By way of example, if an insured under a 20-year $2,000/monthly benefit life policy were to die 132 months after issue date, the policy beneficiary would receive $2,000 a month for the next 108 months (9 years)—the balance of the term (11 years).

Monthly benefit term can work well in many contexts.  For example, a homeowner who would like to cover a mortgage obligation can select a term that matches the years remaining on the mortgage.  A parent with young children can select a term that is tied to the year that his or her youngest child is expected to graduate from college.  An individual who is concluding a divorce can select a term that matches his or her obligation to pay alimony or property settlement installments.

About Security Mutual Life Insurance Company of New York:  Security Mutual was founded in 1886.  Today it is one of the leading mutual life insurance companies in the United States.  It does business in all 50 states.  Security Mutual Life is rated “A-” (Excellent) by the A.M. Best Co., the oldest and largest company devoted to issuing financial strength ratings of insurance companies.  A.M. Best rating is current as of the date of publication.  Ratings reflect a rating agency’s opinion of a company’s financial strength and ability to meet its obligations to its policyholders.  A rating is not a recommendation of a company or any specific policy form.  A.M. Best’s “A-” (Excellent) rating is the fourth highest on a 15-step rating scale.  Ratings are subject to change.

Policy Form Nos. 2107-NY, 2107-C-NY, Series 2107 & 2107-C.  The hypothetical example contained herein is for illustrative purposes only and does not guarantee or predict the results of this product.  The example does not take into account the investment objectives, financial situation or particular needs of a specific person.  Product availability and features may vary by state.  Contact a Security Mutual Life representative for state availability.

SOURCE Security Mutual Life Insurance Company of New York

Miami, FL (PRWEB) December 21, 2010

Holiday retail spending is proving the experts right, looking a lot like pre-recession Christmas. On the last shopping weekend before Christmas, Americans’ holiday spending rang in the strongest numbers in three years.

Just last week, the National Retail Federation, the nation’s largest retail trade group, raised its holiday forecast to an optimistic 3.3 percent jump in sales from last year; up from its original projection of a 2.3 percent increase. The prediction seems to be on target as holiday sales approach 2007 spending levels.

Online spending was even stronger, marking a 12 percent increase over last year’s holiday season. Research firm comScore Inc. reported that Internet shoppers have spent more than $27 billion since November 1st.

But while Americans spent aggressively on holiday gifts, they did not choose the gift of life insurance this year. Only 44 percent of U.S. households own individual life insurance policies, according to findings in a recent Life Insurance Ownership Study by LIMRA, an insurance industry research firm which surveyed 3,766 households.

35 million homes—a third of which include children under the age of 18– have no life insurance protection at all, bringing personal ownership of life insurance policies to a 50-year low.

Respondents blamed the struggling economy, saying they had other financial priorities besides buying life insurance. “It’s difficult for people to give value to something they won’t see in their lifetime but a family is forever and protecting them is priceless,” said E.C. Gordon, Chief Executive Officer of LifeQuote.com, a leading provider of term life insurance online. “Life insurance is a lifetime gift, not a one-time holiday gift,” added Mr. Gordon.

Ironically, term life insurance, which provides coverage for a specific period of time, is cheaper than ever. Prices for a term life policy, which lasts from 5 to 30 years, have dropped because people are living longer and modern technology has helped insurers cut administrative costs.

Buying life insurance online is convenient and simple. Websites such as Mr. Gordon’s LifeQuote.com, provides an advanced and streamlined process which searches a vast database of top insurers and helps consumers find the best prices and policies. Users can request the help of a licensed insurance agent instantly via live chat.

Shoppers compare policy prices and can even choose coverage by reviewing the insurance company’s ratings online at A.M. Best, which tells you how financially secure they are.

About The Company:
LifeQuote Holdings, Inc., is a pioneer in online life insurance brokerage. The firm was one of the first to offer consumers life insurance quoting technology via telephone in the 1980’s, prior to developing the Internet business model. The executive team is made up of life insurance and retirement plan veterans, as well as media/marketing specialists, and experts in web design, development and search engine optimization. The company CEO is a respected leader in his field and coveted public speaker at national industry meetings. To find out more, please visit http://www.lifequote.com.

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WASHINGTON, Dec. 7, 2010 /PRNewswire/ — It is estimated that nearly 3,000 Americans become disabled every hour — that is 49 people every minute.(1)  In these tough economic times, it is difficult for even the most skilled workers to find employment and make ends meet. Being sidelined due to injury or illness makes that challenge even greater. The Union Labor Life Insurance Company, a wholly-owned subsidiary of Ullico Inc., is helping to alleviate that economic uncertainty with its Group Long-Term Disability insurance offering.

The mission of Union Labor Life has always been to provide the best and most comprehensive insurance solutions for the country’s unionized work force. With broad expertise in insurance products as well as a thorough understanding of unions and their unique needs, Union Labor Life is an industry leader in offering insurance products and services that meet the needs of union members and their employers.

“According to the Social Security Administration, three out of 10 Americans who are entering the workforce today will become disabled in some capacity before they retire,” said Denise Olivares, Vice President, Marketing and Product Development. “That’s approximately a third of the workforce. With numbers that high, it is critical that we continue to develop solutions that help the union work force in a variety of different ways, including disability insurance.”

Union Labor Life’s Group Long-Term Disability insurance provides many features that allow employers to tailor the product to fit their group’s needs. Some of these features include benefit amounts that start at 50 percent, benefit periods ranging from as low as two years all the way up to age 65 and compatibility with return-to-work programs.  Policies can be designed to integrate with Social Security and Workers Compensation; in some cases, rates may be guaranteed for up to two years. This policy is currently offered in 14 states and the District of Columbia.(2)

“With a reputation that has been built from more than 80 years of experience serving the union market, Union Labor Life understands how important flexibility is in meeting the distinctive needs of labor,” said Larry Paradise, Vice President of Sales.  ”Our expertise, knowledge and financial strength are highly trusted throughout the industry.”

About Ullico Inc.

Ullico Inc. is a $5.5 billion insurance and financial services holding company whose subsidiary companies include The Union Labor Life Insurance Company; Ullico Investment Advisors, Inc.; Ullico Investment Company; Ullico Casualty Company; and Ullico Casualty Group, Inc. For additional information, visit www.ullico.com.

San Diego, CA (Vocus) November 16, 2010

The first question people seeking term life insurance policies typically ask themselves is, “How much do I need?” While it’s easy to pull a number out of thin air and make it sound like the right total, there is a smarter and safer way to arrive at the correct amount of coverage: it’s based on your numbers. Based on its experience helping over 5 million clients, Matrix Direct has developed a term life calculator to help you properly plan and provide for the security of your family or beneficiaries.

Essentially, a term life policy should provide for your beneficiaries’ anticipated needs for up to 15 to 20 years, or even longer depending on your particular situation. But the total should be determined by more than a simple rule of thumb such as “annual salary x 10.” There are a myriad of variables — on both the expense and income sides of the equation — that could impact your planning.

On the one side are expenses, some of which are fairly predictable–e.g., a mortgage or car payment. However, there are many more expenses that are certain to fluctuate, like the cost of fuel or tuition.

Additionally, there are unexpected costs that will likely emerge, such as major car repairs, illness, and other events. The rising cost of living should be factored into planning your coverage total as well.

On the other side is income. Your salary would probably not simply stay level over the course of 20 years, nor would that of your spouse. Additional changes in income could also arise, for example, from retirement, a change in tax status, and other similar factors.

A plus most people don’t consider on the income side is interest from the term life payout. Often, a life insurance payout is made immediately and in a lump sum. Put into the proper account, these funds would accrue interest over time. This is, of course, a good thing, and it also directly impacts the amount of coverage you require.

With all these variables to consider, it can be very easy to get bewildered. But trusting in the numbers can make it easy–if you know how to “crunch” those numbers. Matrix Direct–a term life insurance leader for nearly 20 years–has created a sophisticated, yet easy to use term life calculator that helps you “crunch the numbers” to get a clear picture of what may truly lie ahead.

This calculator can be found and used for free online at Matrix Direct.com

There are other tools out there, but you’ll find they most typically approach your needs by starting with “how much can you afford per month?” Matrix Direct is taking the long-run into account, and starting with how much your family will need and building on that.

About Matrix Direct:
Matrix Direct, Inc. is one of the country’s leading life insurance agencies. Since its inception in 1995, over five million Americans have contacted Matrix Direct for a free life insurance quote and Matrix Direct has placed more than $123 billion of life insurance in force. Visit http://www.MatrixDirect.com or call 1-800-421-8832 for more information or to request a quote for term life insurance.

Matrix Direct, Inc. is a subsidiary of American General Life Insurance Company (AGL), Houston, TX and an affiliate of The United States Life Insurance Company in the City of New York (USL), NYC, NY. Agency services provided by Matrix Direct Insurance Services in CA (#0B57619), ME, MA, and OK; Matrix Direct Insurance Agency, Inc. in UT; and Matrix Direct, Inc. in AR(#246412) and all other states, except SD.

Wheeling, IL (Vocus) October 12, 2010 – Many consumers are not prepared financially should they become disabled and unable to work. As a result, many people cut back on their spending; dropping important, but not mandatory life insurance coverage. AccuQuote, a leader in providing term life insurance to people across the United States, illustrates the need for waiver of premium term life insurance.

Waiver of premium term life insurance protects an insured individual in the event they become totally disabled for a period of six months or longer. The life insurance company will pay the insured’s life insurance premiums beginning in the seventh month of their disability until they are no longer disabled and able to go back to work. This valuable feature is optional and available with most types of life insurance policies. It must be elected at the beginning of the life insurance application process.

Waiver of premium was invented years ago when life insurance companies discovered that many of their policies would lapse when a customer became disabled and unable to pay their insurance premiums.

Disabilities happen more often than most consumers think. The Facts:

“Let’s face it, when you become disabled and have no income, food and shelter tend to take a front seat. But if you have waiver of premium term life insurance and a disability strikes, your life insurance premium becomes one less bill to worry about. Waiver of premium is an optional feature, but we highly recommend it. The fact is, we never know which of our customers will become disabled”

The cost of adding waiver or premium to any life insurance policy is modest. The cost of needing it and not having it, however, is large. To learn more about waiver of premium term life insurance and other valuable life insurance riders, contact a licensed life insurance agent.

Affordable Term Life Insurance Quotes

BLOOMINGTON, Ill., Sept. 29 /PRNewswire/ — A new State Farm Life Insurance Company survey shows that since the economic downturn in 2008 and the uncertainty it has created for people’s finances, a majority of people say life insurance is more important than it was two years ago. However, 74 percent of couples say they rarely or never discuss the topic. The survey found that talking about life insurance is particularly difficult for men and women who are primary earners for the family. These respondents say key reasons for avoiding the topic include stress over daily economic pressures and concern that a partner might react negatively – especially in the event of a job loss.

The survey, conducted by KRC Research, shows that among couples who are unlikely to discuss life insurance, the topic is especially concerning for women when faced with the prospect of becoming the primary earner for the family. When asked about why they would not initiate a conversation about life insurance, respondents cited financial stress as very or somewhat important. Women were significantly more likely to remain silent with 64 percent saying they would be too stressed to initiate a conversation with their spouse. This compares with 47 percent of men faced with the prospect of being the sole breadwinner.

“This survey shows that, at a time when couples should be sitting down to discuss how to prepare for the unexpected, far too many remain silent,” said Joe Monk, senior vice president and chief administrative officer, State Farm Life Insurance. “As awkward as it can be to discuss the potential death of a family member, an uncomfortable discussion today can prevent a devastating financial impact tomorrow.”

Avoiding the Awkward Conversation

In the survey, 62 percent of men and women said that given the economic downturn and the uncertainty it has created for finances, having life insurance is much or somewhat more important than it was two years ago. At the same time, the survey found that these economic pressures along with concerns over a partner’s reaction are important reasons why many couples are avoiding the topic entirely.

This is especially true for men and women faced with the prospect of becoming primary income earners for the family. When asked about why they would not initiate a conversation about life insurance, they cited the following factors as very or somewhat important:

• Seventy-four percent said that avoiding the conversation comes from the pressure of meeting immediate household financial needs as the sole income earner.
• Fifty-one percent of respondents answered that should a partner lose a job, that time would not be the best to bring up a subject that might make them feel even worse.

But despite economic pressures, most people in the survey still indicated that having insurance coverage for someone at home caring for children is just as important as someone earning an income. According to the survey, 85 percent of respondents strongly or somewhat agreed that life insurance is just as critical for a spouse or partner who stays at home and cares for children as it is for the spouse or partner who is the primary income earner.

Earlier this year, a study by the research firm, LIMRA, found that nearly one third of U.S. households currently have no life insurance, the highest level in more than forty years.

Reality Check

The State Farm® survey also found that because of the challenging economy, more than half of Americans are now focused solely on protecting what they have versus working to achieve their financial dreams. When asked to choose what best described their current financial situation, just 39 percent said they were working to grow what they have to achieve their financial dreams. However, the majority (52 percent) said they were working to protect what they have to break even.

“Today, more Americans are struggling with job losses, pay cuts and other financial setbacks. These factors amplify feelings of anxiety and create a greater need to ensure the security of loved ones,” said Professor Mary Quist-Newins, State Farm Life Insurance Chair for Women and Finance at The American College. “Women in particular appear to be especially silent on this topic and this is troubling when increasing numbers of women are becoming primary income earners for their families.”

First Steps

State Farm offers the following suggestions for couples who struggle with discussing finances and life insurance:

• Make A Plan. It can be empowering for couples to agree on goals and steps towards achieving a more secure future. For couples experiencing severe economic setbacks, it can be reassuring to have a strategy in place to get back on their feet financially and to prepare for the unexpected.
• Start Small. Often couples may feel the gap is too great between what they have to work with financially today versus what they would like to have in the future. But starting with small steps – such as getting educated about life insurance basics – can set the stage for follow-on steps later.
• Consult an expert. Bringing in a knowledgeable outside perspective can make the process of discussing life insurance easier and less stressful. These experts have experience guiding the conversation and answering questions. This can help avoid misunderstandings and unneeded stress.

State Farm has 17,800 insurance agents across the country. State Farm agents can take the stress out of life insurance by simplifying the process and by helping families select the coverage that fits their needs and budget. For more information or to find an agent, visit www.statefarm.com.

About the Survey

This survey was commissioned by State Farm Life Insurance Company to gauge attitudes around life insurance and the factors that influence those attitudes. The survey was conducted by KRC Research and was a national random digital dial telephone survey of 1,001 adults ages 18 and older within the United States. Interviews were conducted by telephone between Aug. 13 – 18, 2010. The estimated margin of error is +/- 3.1 percentage points for the entire sample and is higher among subgroups.

State Farm Life Insurance Company (Not licensed in MA., N.Y. or WI.);

State Farm Life and Accident Assurance Company (Licensed in N.Y. and Wis.);

Home Office, Bloomington, IL.

State Farm International Life Insurance Company Ltd.

Aurora, Ontario

About State Farm®:

State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. Our 17,800 agents and more than 68,000 employees serve 81 million policies and accounts – more than 79 million auto, fire, life and health policies in the United States and Canada, and nearly 2 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 34 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.

About KRC Research

KRC Research is a leader in communications research. Our ability to use research to improve communications outcomes—from public relations to public affairs to advertising—sets us apart from traditional research firms, as does our approach, which is creative, practical and fast. Our specialties include research among hard-to-reach audiences, research to drive media attention, brand and reputation research and public policy research. KRC’s clients include Fortune 500 corporations, trade associations and non-profits. Visit our website at www.krcresearch.com.

SOURCE State Farm

http://www.wholesaleinsurance.net/

NEWARK, N.J., Sep 20, 2010 (BUSINESS WIRE) — The 2008-2009 recession led to smaller cost increases at many long-term care facilities and forced some to close altogether, according to a study released today by Prudential Financial Inc. (NYSE). The bi-annual report, 2010 Long-Term Care Cost Study, measures trends in costs associated with the major forms of long-term care services. And, for the first time, the research includes consumer views that measure sentiment around the cost of services and levels of awareness and concern about the future need for long-term care and how to fund it.

“Consumer misperceptions continue to exist about long-term care services and coverage options,” said Malcolm Cheung, vice president, Prudential Long-term Care Insurance. “Of those surveyed 25 percent said they had no idea what a day in a nursing home costs and more than a third continue to believe private health insurance and Medicare will cover their future extended care costs.”

Increases in long-term care costs slowed somewhat since 2006. However, from 2004 to 2010 the compound annual growth rate averaged six percent according to Prudential’s report. By comparison, the consumer price index increased at a rate of just 2.5 percent during this same period, emphasizing the importance of choosing the appropriate type of inflation protection when purchasing long-term care insurance.

The study found that home health care costs grew by 13 percent since 2008 largely due to a 17 percent increase in costs to $54 per hour for Licensed Practical Nurses, which represents only about one-quarter of home service usage. The national average cost for a Home Health Aide or Certified Nursing Assistant remained flat at $21 per hour. Assisted living facilities saw the smallest increase with the average annual cost for a room rising only 2 percent in the last 2 years, compared to a 13 percent increase in the prior two-year period. The average daily cost for a private nursing home room in 2010 is $247, or $90,155 annually, a 14 percent increase since 2008.

At the same time, fewer than 1 in 4 mention long-term care insurance as a potential source of paying for any long-term care they may require. Seven in 10 Americans expressed concern about needing extended care in the future. “And with good reason,” Cheung said. “The fact remains, over the next 20 years, baby boomers will greatly impact the demand for long-term care services.” In the next 10 years, the number of Americans age 65 and older will increase by 35 percent to 55 million. And by 2030 that number will more than double according to the U.S. Census Bureau, 2010.

Prudential’s Cost of Care study provides State-specific average costs associated with nursing homes, assisted living facilities, and home health care services. The study results show the costs of long-term care services vary widely based on a variety of factors including geographic area, facility size and services. People who live in Alaska, Connecticut, Massachusetts, Hawaii and New Jersey can expect to pay the most for nursing homes and assisted living facilities, while Louisiana, Arkansas, Alabama, South Dakota and Mississippi remain among the least expensive.

In addition to the report being available to consumers, Prudential offers an interactive consumer cost of care mapping tool on its website, designed to provide more in-depth State-specific cost detail aimed at arming consumers with essential facts to help them make better financial decisions. “While consumers understand the importance of planning for their financial future, they need to learn more about long-term care services and the role of long-term care insurance in retirement planning,” added Cheung.

With over 20 years of long-term care insurance experience, Prudential is a leading long-term care insurance carrier serving individuals, associations, and employers. Superior service and product expertise allows Prudential’s insurance professionals to work easily and seamlessly across product lines, including long-term care, life, and annuities.

Prudential Financial, Inc. (PRU 55.98, +0.76, +1.38%), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/

Long Term Care Insurance, life insurance, and annuities are issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ. Securities products and services offered through Pruco Securities, LLC. All are Prudential Financial companies.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

0185038-00002-00

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6436049&lang=en

SOURCE: Prudential Financial, Inc.

http://www.wholesaleinsurance.net/

Sep 08, 2010 (Close-Up Media via COMTEX) – Lower income and less educated workers lag behind in the understanding and purchasing of life insurance than employees with higher household income and education, according to a recent national survey by The Hartford Financial Services Group.

The Hartford’s national survey of full-time workers showed employees with a high school education had the lowest level of understanding of life insurance and were least likely to sign up for this benefit (65 percent) compared to workers with a college degree. Thirty percent of workers with only a high school education said they completely understand life insurance.

Survey respondents with a household income of less than $50,000 were least likely to completely understand life insurance (29 percent) and were least likely to sign up for this benefit (64 percent). The average earnings for a full-time U.S. worker is nearly $38,500, which translates to a considerable segment of the employee population that would fall into this category, noted Ron Gendreau, executive VP, The Hartford’s Group Benefits.

“We are concerned that many working Americans are putting their family’s financial security at risk. No matter what your income level, you can benefit from life insurance,” Gendreau said. “We’re encouraging all employees to get up-to-speed on the protection this month – Life Insurance Awareness Month.”

The overall number of workers signing up for life insurance benefits increased from 64 percent in 2009 to 69 percent in 2010. Women showed the biggest jump in participation, going from 60 percent last year to 69 percent this year. Men increased their participation by two percentage points to 70 percent in 2010.

The Hartford’s survey found Generation Y (ages 18-29) had the lowest level of life insurance understanding and participation compared to Generation X (ages 30-44) and Baby Boomers (ages 45-65). 64 percent of Gen Y said they completely or mostly understand life insurance compared with 77 percent Gen X and 79 percent of Boomers. Gen Y had a 64 percent participation rate compared to 70 percent for Gen X and 71 percent for Boomers.

The Hartford recently enhanced its group life coverage by offering expedited payment of death benefits. In this newpayment process, beneficiaries who use funeral planning services provided by Everest Funeral Planning may receive death benefits in as little as 48 hours from the date of death. The death benefit may be expedited in instances where the insured died from natural causes and the cause of death is not being investigated.

For full details on Hartford Financial Services Group (HIG) HIG. Hartford Financial Services Group (HIG) has Short Term PowerRatings at TradingMarkets. Details on Hartford Financial Services Group (HIG) Short Term PowerRatings is available at This Link.