<iframe src="//www.googletagmanager.com/ns.html?id=GTM-WD448V" height="0" width="0" style="display:none;visibility:hidden">

Life Insurance Blog by IntelliQuote

Life Insurance Policy Terms Related to Riders

Posted by Philip Ranger

Jun 25, 2016 4:30:00 PM

A standard life insurance policy may not be fufill the needs of every family. Fortunately, there are additional coverages called "riders" that can be added to your life insurance policy to enhance coverage to meet your specific needs. Once you've determined the type of policy that you wish to purchase, term or whole life, then you can take a look at filling any potential gaps with a policy rider. Here are just six of the most common riders and the ways that they can customize your life insurance coverage.

Waiver of Premium Rider

Insurance policies require the payment of a premium, most commonly annually or monthly, to remain in force. If you become disabled or lose your income as a result of illness or injury, this rider can protect your policy by waiving premium payments until you get back on your feet.

Read More

Topics: Life Insurance Quotes, Life Insurance, Life Insurance Riders

Top Reasons to Compare Term Life Insurance Quotes to Mortgage Protection Insurance Costs

Posted by Philip Ranger

Jun 22, 2016 5:30:00 PM

You've recently completed the difficult, time-consuming process of purchasing a home. Congratulations!

Now that you're a homeowner, you get to experience other difficult and time-consuming processes that may include  figuring out your new neighborhood, repainting walls and/or recarpeting floors, and searching for new furniture and home accessories to suit your new surroundings.

Oh, and your mailbox will probably be bombarded with offers for mortgage protection insurance. Is that something that you should consider buying?

What Exactly Is Mortgage Protection Insurance?

Mortgage protection insurance is a type of coverage that offers to take over your mortgage payments if a specific event were to occur, such as if you were to lose your job, become disabled and unable to work, or die unexpectedly. The idea is to protect you against the possibility of being unable to make your mortgage payments if something bad happens - which would leave you at risk of losing your home.

Traditionally, this insurance lasts for the same length of time as your mortgage, though it can be purchased for shorter timeframes. Unlike most other types of insurance, mortgage protection insurance is also commonly offered by mortgage banks and other lending institutions.

But is mortgage protection insurance really a better product than, say, standard term life insurance?

Read More

Topics: Term Life Insurance, Life Insurance, Best Life Insurance

Discover the Best Life Insurance Riders for You

Posted by Philip Ranger

Jun 19, 2016 2:30:00 PM

If you wanted to, you could really rename the insurance industry the "what if" business. After all, people buy insurance policies to guard against the possibility of financial ruin if certain events should occur unexpectedly.

Take life insurance, for example. These policies promise to pay out a certain amount of money to designated beneficiaries if the policyholder passes away while the policy is in effect.

However, there are certain addendums to life insurance coverage that can be attached to a policy in order to address other "what if" scenarios. These additions are called riders, and they usually can be included in a life insurance portfolio for a nominal charge (or even for free).

What If You Die in an Accident?

One of the most common life insurance riders is known as an accidental death benefit. This provision calls for additional monies to be paid out if the policyholder's death is accidental. Often, the amount of money earmarked for this purpose is equal to twice the death benefit (this arrangement is also known as double indemnity). This rider may be attractive to young adults, since the most frequent cause of death among Americans aged 15 to 29 is motor vehicle accidents.

Read More

Topics: Life Insurance, Life Insurance Riders, Best Life Insurance

Understand the Terminology in Your Life Insurance Policy: 12 Terms You Need to Know

Posted by Philip Ranger

Jun 16, 2016 1:00:00 PM

The most fundamental thing to understand about life insurance is that you need it. Beyond that, it's quite common that people avoid having anything to do with life insurance products because they appear to be filled with unfamiliar terminology that may seem intimidating. Here are just a dozen of the most common insurance policy terms that will help you better understand life insurance and make sense of this process as you plan for your family's future.

Life Insurance Policy Terminology

  • Beneficiary - The beneficiary on a life insurance policy is the person to whom the death benefit will be paid. The amount paid will vary depending on your particular policy and its selected benefit levels.
  • Cash Value - Cash value is the amount that accumulates during the policyholder's lifetime, which can be borrowed against or returned upon termination of the policy.
  • Death Benefit - The death benefit is the amount that is paid out when the insured on the policy dies.
  • Insured - The insured is the person who is covered by the terms of the insurance policy.
  • Lapse - If a policy's renewal premium isn't paid by the end of a given grace period, the policy will "lapse", or there will be a termination of coverage.
  • Policy - The policy is the printed life insurance policy, which is a legal document outlining the terms of your insurance contract.
  • Policy Loan - A policy loan is an advance secured by the cash value component of a permanent life insurance policy.
  • Policy Proceeds - Policy proceeds are the total amount paid on a life insurance policy either at death or if the policy is surrendered. This may be different than death benefit if there is a cash value component.
  • Policyowner - The policyowner is the person who owns the life insurance policy. This is generally the insured but could also be a relative or anyone else with an insurable interest.
  • Premium - The premium is the amount paid to the insurance company in exchange for the life insurance policy.
  • Rider - Also sometimes called an "endorsement," a rider can add additional benefits to an insurance policy such as a waiver of premium or guaranteed insurability.
  • Underwriting - Underwriting is the means by which an insurer decides whether or not to issue a policy and the rates to charge for it based on a set of criteria, such as health, age, and other factors.


Read More

Topics: Term Life Insurance, Life Insurance, Life Insurance Basics

Life Insurance Policy Question: What Term Timeframe is Best?

Posted by Philip Ranger

Jun 11, 2016 3:30:00 PM

These days, people in America are living longer than ever before. In fact, U.S. life expectancy has been consistently rising since the 1960s; and today, it stands at 79 years of age on average. And as unbelievable as it may sound, some experts say that children born today could live to be as old as 120 or older!

An expansion of the typical life timeline presents some additional challenges for Americans who are trying to prepare for the future. It also impacts the purchase of life insurance, especially when it comes to the length of the policy terms. Given the fact that life expectancy is still growing, what is the ideal time period for term life insurance?

What Are Your Choices?

Generally, term life insurance policies are offered with timeframes of five-year increments that are typically 20 or 30 years. But the perfect length largely depends on the person buying the policy and his or her age, work situation, and number of dependents.

Read More

Topics: Life Insurance Policy, Term Life Insurance, Life Insurance, Right time to buy life insurance

Your Life Insurance Policy, Your Retirement Plan, and Tax Diversification

Posted by Philip Ranger

Jun 8, 2016 6:00:00 PM

Having enough resources to live comfortably in retirement is a top priority for many. Yet, being hit with an unexpected tax burden is likely something we'd all like to avoid. Unfortunately, taxes don't stop when your paycheck does, but there are certain investments that provide retirees with better tax advantages than others. A life insurance policy with a cash value component, often referred to as a whole life policy, is one way to set up a tax-free source of income in retirement as well as providing some tax advantages in the coming years.

What is a Whole Life Insurance Policy?

Much in line with its name, a whole life insurance policy provides protection for your entire lifetime. There are several types of whole life policies, but the most common type of policy is a level premium policy that provides an affordable life insurance solution with continuous policy premiums. The death benefit will remain the same on the policy for the life of the contract, but this type of insurance policy also develops a cash value. The cash value accumulates over time and can be borrowed against to supplement retirement, pay for emergencies, and help pay for college.

Some whole life policies also pay dividends, which can be used either to increase life insurance protection or to grow cash value. Owners of a whole life insurance policy will find that they receive several tax advantages from this particular coverage.

Read More

Topics: Whole Life Insurance, Life Insurance, Life Insurance and Taxes

Life Insurance Tips for New Parents

Posted by Philip Ranger

Jun 5, 2016 4:14:46 PM

Children bring as much joy to a home as they do an entirely new set of responsibilities. Whether you are expecting your first child, have just had your third, or are looking at managing life as a single parent, buying life insurance probably hasn't been at the top of your list. It should be, though. A life insurance policy is the best way to protect your children's financial future. From here forward, the question is no longer if you need life insurance, but rather what kind you need and how much you should buy.

Life Insurance Options

While you may hear several different names, there are really just two types of life insurance products that you'll wish to consider. Term life insurance provides a specified death benefit if you pass away within a set number of years, which is the term of that policy. Permanent life insurance, sometimes called whole or universal life, is a life insurance policy that both provides coverage for your lifetime, and that can serve as an investment tool with its built-up cash value.

Read More

Topics: Life Insurance for Parents, Term Life Insurance, Life Insurance, New Parents

Newly Divorced: 5 Reasons Why You Need Life Insurance

Posted by Philip Ranger

May 29, 2016 8:30:00 PM

In most cases, divorce is an undesirable outcome for a marriage. However, more than one out of every five American men and women have gone through a dissolution of a marital union. That said, a divorce can provide a catalyst for an individual to start fresh, find happiness, and achieve fiscal success.

But even though you no longer have a spouse who shares your financial burdens, you still need to obtain a life insurance policy. Here are five reasons why:

1. Alimony and child support. Many divorce decrees involve one spouse providing financial assistance to the other in the form of alimony and/or child support. Therefore, if you want to prevent your ex-spouse and children from suffering a major financial problem in the event of your death, you should acquire a life insurance policy which includes a death benefit that is sufficient to replace this income.

2. Your long-term care. Even if your children are grown, a dependency issue may still emerge in the future - only it might be you who will require care from your offspring. As you get older, your health may deteriorate to the point where you may need your children to help fund a part-time or full-time medical caregiver (or even an assisted living facility). If your savings, retirement funds, and Social Security benefits are inadequate to cover these costs, a whole life policy may provide additional money to address your long-term care needs.

3. The "boomerang" child. In 2014, almost one out of every eight women aged 25 to 34 years - and almost one out of every five men in this age group - were living with their parents. As a result, many divorcees are no longer "home alone" but are instead supporting an unemployed or underemployed son or daughter. To deal with the additional living expenses, you could take out a whole life policy and borrow against its value during times of need.

Read More

Topics: Life Insurance for Single Parents, Life Insurance, Divorce Life Insurance Policy


A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes. IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents. This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education. For information on how to estimate how much coverage an individual might need, contact www.intelliquote.com, or 888.883.6855.

Receive Updates by Email

Get Information
5 Reasons To Buy
Life Insurance
Get your eBook now!
Click on image below.






Posts by Topic

see all
Click to receive your free term life insurance quotes now.




Receive New Articles by Email