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The Intelligent Life Blog

Helping millions of Americans become educated
in making intelligent decisions around their life needs

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3 of the Most Idiotic Attempts at Insurance Fraud

Mar 30, 2015 11:30:00 AM

At IntelliQuote, we encourage our customers to purchase life insurance because you have to “be prepared for life.” And life’s many surprises can happen at the most inopportune times. For example, after the sudden death of a spouse, the surviving spouse will file a claim to help him/her cover the inevitable expenses that come along with that tragedy.
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4 Unbelievable, But Valid Insurance Claims

Mar 24, 2015 1:39:00 PM

Insurance agents have seen their fair share of weird and in many cases, unsubstantiated claims. But now and then, agents come across a claim that truly shocks them, not because it’s outrageous, but because it’s outrageous…and true!

Today’s post discusses four of these seemingly bogus scenarios.

1) iPhone Disappeared…Inside of a Cow: We’re willing to bet that you’ve left your iPhone in a lot of different places: your bathroom, your car, on top of your kitchen countertop, etc.

But you’ve probably never lost your phone inside of an animal before.

Well, Ivor Bennett, a livestock farmer, did. He was assisting a cow who was giving birth in the middle of a dark and stormy night and used the light on his phone to aid him. The phone later resurfaced but didn’t work properly (no shock). The insurance company paid him for the full claim.

2) Bridal Dress Catches Fire: A wedding dress is one of the most important garments a woman will ever wear. And each dress is as special as the woman wearing it—assuming it isn’t ablaze. The bride, Paula Catelli was standing a little too close to the barbeque, when her dress caught on fire. Her husband saved her life by picking her up and throwing her into the sea. The insurance company agreed to compensate the couple for half the damages.

3) Danger From Above: The last thing you expect while on vacation is to injure yourself from…relaxing. British travel agency, Club Direct, knew that stranger things have (and do) happen and started issuing policies to cover injuries caused by falling coconuts. That very same year they decided to issue their new policies, one of their customers was struck in the head by a coconut and knocked out cold, while she was reading a book under a palm tree. Luckily, she recovered. Club Direct paid her in full.

4) Decking Drivers with Christmas Trees: This example reads like a scene from the National Lampoon’s Christmas Vacation movie. Mr. Fairclough was driving home from Christmas shopping when he saw a car approaching him from the opposite direction with a Christmas tree haphazardly positioned on top of the car. No sooner had he registered this when the car went around a sharp bend, and the tree flew straight toward him. The other driver never stopped or returned to the scene, so Mr. Fairclough ended up taking the tree home with him, along with a huge dent left by the tree’s trunk. His car insurance paid for all of the damages.

Every insurance holder wants to be paid any claims that he or she makes, of course the above four people probably would have told you that receiving the payment was nice, but if they could, they would have rather avoided the events that led them to file their claims.

The same is true with life insurance. While a life insurance claim is one you hope never has to be filed, those you care about, who are protected by your policy, will be glad they have the option should something unexpected happen to you.

Curious about the type of life insurance coverage available to you? Visit our quotes page and compare up to six quotes in just a few minutes.

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3 Inventive Uses for Life Insurance

Mar 12, 2015 4:00:00 PM

At IntelliQuote, we are huge advocates for protecting your loved ones using life insurance. And we know that we often ask you to think in broad strokes as you visualize and plan for the future.

But we know that these conceptual exercises are sometimes hard to pull off. Sometimes you need concrete examples. Today’s post is going to discuss three unusual, but real-life ways that your family can use life insurance policy funds to continue thriving should you unexpectedly pass away.

1) Pay for your spouse to go back to school: If you were to pass away tomorrow, how would your spouse and children survive after your final expenses and debts are paid? Would your spouse need to get an extra job or a more lucrative primary job? We often talk about taking your children’s college costs into consideration when it comes to your policy. But what about your surviving spouse? Will going back to school help them land a higher-paying job? If so, you may want to keep this in mind when it comes to selecting your policy.

2) Start an online business: Your surviving spouse may need to bring in additional income to supplement their salary if you are no longer in the picture. These days it’s easier than ever to start a business online (especially for women), and if your spouse is tech-savvy, they can build a website on WordPress for under $100. Couple that with the yearly cost of a URL and annual basic hosting, and they could easily start a business online for less than $500.

3) Create and sell physical products: If your spouse wants to go from the computer screen and into the spotlight, they even have the option to create a new physical product or company. With the rise of crowdsourcing, your spouse could have the money from your policy in addition to monies generated by the crowdsourcing effort to fund the business. Best of all, starting a business isn’t just limited to your spouse, your children can also use this money to fund their dream, or your spouse and children can team up to make it a family business.

A real-life example of a woman who used her legacy to invest in a dream is Christina Conrad , who created a sports bra that has the added functionality of a purse. Instead of using the money her recently deceased father left her to attend graduate school, she funded her business with a Kickstarter campaign and used the money she received from her father for living expenses.

At IntelliQuote, not only do we want to help you protect your family should the unexpected occur, we want to give you real-life examples of how your family can use their policy money to not only survive, but thrive.

Are you ready to see the type of legacy you can leave your family? Visit our quotes page and view up to six policies for the best rates today!

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4 Reasons Why You Should Buy Life Insurance Today

Mar 10, 2015 8:30:00 PM

At IntelliQuote, we’ve been in the life insurance business for some time, and we know there are many reasons holding you back from purchasing life insurance. One of the biggest is budget. You may think that you should wait to buy a life insurance policy until you can afford a policy with the maximum coverage.

We’re here to tell you that simply isn’t true.

Today’s post will discuss four reasons why obtaining life insurance is the most important thing you can do for you and your family…starting today.

1) Younger age means lower cost: One of the biggest benefits of purchasing a policy today instead of waiting five years from now is cost. Why? Because the younger you are when you buy life insurance, the more healthy you’re likely to be, and the less expensive you are to insure. Which means you can lock in lower premiums now.

2) Covered in case of an accident: We understand that thinking about your own death can give even the most even-keeled person a major case of the heebie jeebies. But the truth is no matter how young you might be, no one is immune to an unforeseen accident. In the event you were to pass away tomorrow from circumstances that you didn’t anticipate, term life insurance allows your family to pay for your final expenses and any remaining debts that you had.

3) The costs are lower than you think: If you’re like most Americans, you’re probably overestimating the true cost of life insurance protection. According to the 2014 LIMRA Insurance Barometer Study , 80% of the participants overestimate the true cost of life insurance protection.

4) Peace of mind: Purchasing life insurance today affords you something valuable that you can’t purchase, and that’s peace of mind. Knowing your family will be covered should the unexpected occur. And as major life events like marriage, the birth of a child or retirement occur, it is an easy process to review and adjust your coverage for the future.

We understand that you want the best for you and your family, and we understand why you may feel that you should put off buying life insurance until you can afford the best coverage possible. However, securing protection for you and your family today is a good a decision that will pay off for you and your loved ones in the future.

Are you ready to look closer at life insurance costs and coverage? Visit our quotes page today.

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How Life Insurance Can Help To Raise Your Child, Even If You're Not There

Mar 5, 2015 3:25:00 PM

Raising a child is not easy, and for many parents it seems like the job never ends. Even when your kids leave the house to strike it out on their own, an economic recession could send them right back into the safe confines of your home.

Raising kids is even harder when one spouse is left alone to care for the family. It’s even worse when both parents are out of the picture.

How can you protect your child if you’re not here?

Life insurance can help.

Today’s post will discuss how life insurance can care for your child in the event of your untimely passing.

1) A college education: College is big business, and the four-year cost of a university education is more than the cost of a car for most people (and in some cases, the cost of a home). According to the College Board , the average cost of a year of tuition and fees for 2013-14 was $30,094 (private college) and $22,203 (out-of-state students attending state universities). Naming your child as a beneficiary on your life insurance policy means that if the unexpected should occur, and you were to die, your surviving spouse or your child’s legal guardian would not need to take out a second mortgage to pay for your child’s college education.

2) Care for your special-needs child: If you have a special-needs child, then you already know that they’ll need your support for the rest of their life, and that translates to more long-term costs. When you purchase life insurance, you’re not just protecting yourself; you’re making sure that your child is covered for the long haul, including any housing costs.

3) Cover unexpected medical bills: As much as it pains us to say this (and it pains you more to think about it), you could be struck with a life-threatening illness, such as cancer. And while health insurance may ease some of your financial burdens, it won’t cover everything. Some life insurance policies have optional benefits that can help pay for your survivors' chronic or terminal illness care expenses, so you can focus well-being and recovery. Your policy also provides a source of funds for your family to pay unpaid medical bills should you pass unexpectedly.

4) Maintain normalcy: Losing a loved one is emotionally trying. It’s especially heart-wrenching for a child to lose his/her parent when they’re young. Now imagine a grieving household that also has serious financial hardship. Many adults would be unable to cope with this stress, let alone a child. Life insurance can maintain a sense of normalcy for your family while they get through the hard time of grieving over your loss. The more financially secure your family is, the sooner they can heal and resume their daily lives.

At IntelliQuote, we know that as a parent, you only want the very best for your child, even if you’re no longer living. A term life insurance policy gives them a real chance to thrive in your absence.

Are you ready to give your child added protection? Visit our quotes page, and start your journey today.

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The Top 5 Myths About Employer-Based Life Insurance

Feb 19, 2015 5:00:00 PM

If you work full-time for an employer, you know that there are many perks to being an employee.

One of those bright spots is not having to worry about high health insurance rates or life insurance coverage, right?

Wrong—at least from a life insurance perspective.

The truth is, your employer-provided life insurance policy may not provide you the coverage you need. If you want to maximize your coverage, the onus is on you, not your employer.

At IntelliQuote, we know most people think they are set on the life insurance front if their company has purchased a policy on their behalf. If you, too, are under that impression, today we’re going to shatter that illusion and provide a better reality.

1) Your employer-based life insurance is all that you need: The insurance you have with your job may cover your final costs, but just barely. What about all of the other expenses you pay month in and month out? In other words, that new house you just bought, or the new car you just leased? Are there enough funds left over to pay for these expenses for months or years to come so your spouse and family stay afloat? If these series of questions has you scratching your head or frowning, it’s time to purchase additional insurance. Also keep in mind that employer-provided life insurance is non-transferable. If you get laid off or leave your job your company can cancel your policy whenever they choose.

2) Only the working spouse needs life insurance: If you’re the sole breadwinner in your house, you may believe that you are the only person that needs insurance, right? But the reality is that it doesn’t matter if you commute to work in a car or by walking into another room in your house, both spouses need coverage. If your stay-at-home spouse were to pass away suddenly, who is going to watch the kids or do the cooking? If you’re working full-time, that means you’ll have to pay for childcare or for someone to help you with maintaining your household, and those costs can really add up on just one salary.

3) My coverage should only be double my annual salary: In theory, this reasoning works: That means that your family can continue their lifestyle based on your coverage for at least a year. That’s assuming, of course, that they won’t incur any additional major expenses and your family can adapt to the loss of your income. It’s a dangerous assumption to make, and if you’ve already passed on, it’s too late. Getting your own coverage allows you to plan ahead and to have adequate coverage to protect your family for the worst case scenario.

4) Employees with no dependents don’t need a lot of coverage: Children are expensive, so people automatically think that single folks lead a less expensive life. Errr….we’d argue that people who don’t have children spend just as much, if not more than those with offspring. And remember that your coverage can also be used to pay off any debt remaining at the time of your death, like student loans or credit card debt and especially the mortgage on the house.

5) Term life insurance is all that I’ll ever need: Most employer-based life insurance is term life insurance and is, therefore, affordable. But what if you want to convert your term life insurance to permanent insurance in the future? Or if you want to blend your term life policy with permanent life insurance for even more benefits? Purchasing a separate policy ensures that you have fewer, if any, limitations should you leave your employer.

While having employer-based life insurance is a good thing, we strongly advise that you consider buying additional insurance to give your family the best protection possible.

Are you looking to increase your family’s protection and your sense of well-being? Why not set aside a few minutes today and investigate your options by getting a half-dozen quotes in less time than it takes you to finish your lunch hour?

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Make your Own Luck This Year - Get Life Insurance

Feb 17, 2015 3:40:00 PM

It’s February, and you know what that means. People are starting to wane on those resolutions they reverently committed to on January 1st. The gyms are a little less crowded than they were last week, and each forkful of salad becomes a little harder to choke down.

If you’re one of these folks, we understand. Maintaining iron willpower is hard, which is why most people abandon their resolutions just 90 days after setting them. But we’ve got a resolution that you can literally set and forget for the next few decades.

Today we’ll discuss how investing in life insurance can help create luck for you and your family and how it may be the best resolution you can make.

1) Give your spouse a headache-free existence: Raising a family is expensive. Kids grow out of their clothes faster than you can buy new ones, and they can eat so much, sometimes you think they have a creature living inside them. When there’s only one income in the house, the expenses and the stress increase exponentially. Securing a life insurance policy now, and naming your spouse as a beneficiary, means that you’re buying him/her peace of mind in the event of your unfortunate death. Instead of worrying excessively about making the mortgage payment, he/she can breathe a sigh of relief knowing that his/her income is supplemented.

2) Make sure you give your kids a lucky break: Good parents want their children to have every advantage that they didn’t have. But if a parent dies, your dream for your child may be just that—a fantasy. Purchasing life insurance and naming your child as a beneficiary is a way of giving your kids a little luck as they go out into the world. Whether they use that money to pay for college or to start a new business, you’re giving them a leg up on the competition.

3) Protect yourself for the long haul: When you’re young, the idea of growing old is for someone else because you think you’ll stay young forever. And while you may remain a kid at heart, if you live long enough you will age and eventually your health may decline. We know that talking about your body breaking down is not pleasant, but the good news is that you can prepare now with life insurance that has long term care coverage, while you still have a lot of pep in your step.

4) Spread the goodwill to those less fortunate: You don’t need to procreate to leave a meaningful legacy. If you don’t have children or other family members to name as beneficiaries on your life insurance policy, you can leave the funds to your favorite charity and allow your generosity to spread a little luck to the lives of many.

You make resolutions and dream of the possibilities, but often you need willpower to see results. Buying life insurance now is about putting in the effort once, so that you and your family can reap the benefits now and in the future.

Are you ready to move in the right direction? Head on over to our quotes page to shop for life insurance and have one of our trusted advisors get you started on your journey.

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Term Life Insurance: What It Is. What It Isn’t.

Feb 13, 2015 4:30:00 PM

We want to set the record straight.

We understand that the words ‘term life insurance’ can conjure up a lot of assumptions and puzzled looks. At IntelliQuote, we’re in the business of creating clarity, so for today’s post, we’ve decided to share a quick guide to highlight what term life insurance is and isn’t in order to squash any misconceptions floating around.

Term Life Insurance - What it isn’t:

1) A magic pot of gold: Who doesn’t want extra money? The idea of borrowing money (tax-free) against an insurance policy sounds tempting, even to the most conservative spender, but unlike permanent insurance, term life insurance has no cash value. With term life insurance, your coverage is valid over a certain time period, and payout takes place if the inevitable occurs within this time frame. You also have the flexibility to change beneficiaries.

2) Asset protection: Are you looking to keep the cash value of your policy and death benefits under the radar of creditors? If this is the case, then a term life policy won’t help, but a permanent life policy may be an option.

3) Guaranteed lifetime protection: The premise behind term life insurance is that it’s good for a predetermined amount of time which you set in advance. If you pass on during this time period, the policy will pay out at the time of your death. However, term life insurance does not offer you level premium protection after the guarantee period.

Term Life Insurance - What it is:

1) Uncomplicated (relatively): One of the biggest assumptions people make when it comes to life insurance is that it’s complicated. Term life insurance, on the other hand, is pretty straightforward: you assess your current expenses, and these expenses (along with other factors) determine what your coverage should be. Of course, a knowledgeable advisor will ask you the right questions to get a true sense of your total costs. An added perk is the simplicity allows for easier comparison shopping for you.

2) Protection for your family for less: Does the idea of premiums dredge up images of steep monthly payments? You can rest assure that term life insurance is one of the most affordable ways to protect your family from life’s unexpected twists and turns.

3) Option to convert later: The above example discussed the affordability of life insurance. But what if you want an insurance policy with a cash value down the road to supplement your income or to have a lifetime of coverage? A term life policy with a conversion privilege gives you the option to convert to permanent life insurance at a later date.

We hope this scoop on what term life insurance is and what it isn’t will help keep you in the loop, because at IntelliQuote, we believe that a well-informed customer is a lifetime customer.

Curious to know more about how term life insurance can fit into your life? Head on over to our quotes page and start your journey today.

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