Category Archives: life insurance

Global Insurance Markets See Rise in Life Insurance

Global Insurance Markets See Rise in Life Insurance | JT Insurance ServicesThe global insurance market has seen rate increases in many high volume markets, including life insurance, which are driving premium growth internationally. According to Munich Re, an independent risk management and reinsurance company, 2014 will bring growth for premiums of 2.8% and can expect growth of 3.2% in 2015. Rapid industrialization and growth in emerging markets, as well as steady growth from industrialized countries, have contributed to growth in a variety of markets, especially life insurance.

Click here to read the full article by Claire Wilkinson for Insurance Information Institute.

Happy Senior Couple Walking Holding Hands Tropical Beach

Getting an Over 65 Insurance Policy

If you are looking into an over 65 insurance policy, the rules change dramatically. With the implementation of Medicare, there are a few options to consider when focusing on your health coverage. While you may think that Medicare has you covered, you may want to think about acquiring some additional insurance to help supplement your plan.

There are a few situations in which Medicare does not protect you from potentially large medical expenses:

Medicare does not cover co-payments, deductibles, or any health care that you receive if traveling outside of the United States.

If you find yourself needing a supplement to Medicare, Medigap insurance policies can help finance additional health expenses.

In order to apply for Medigap or any supplemental insurance to Medicare, it is important that you are a part of both Medicare Parts A and B. If you and your spouse would both like to add Medigap coverage, it is possible that you need to apply separately as most plans only apply to one individual.

If you are an immigrant without American citizenship, Medicare may not cover you.

In order to take advantage of the nation-wide insurance program, you need to retain permanent residence in the country for at least five years. While this may allow for some individuals with green card status to apply for Medicare, this leaves many people uncovered by the government program.

Fortunately, as of January 1, 2014, new healthcare laws have come into effect that prevent insurers from turning away individuals based on age or pre-existing conditions. This is great news for people seeking over 65 insurance policies, as they will be able to purchase health insurance from any provider without any questions asked. This new law also prevents insurance companies from charging an exorbitant amount for its older subscribers, which makes coverage within reach for many more deserving individuals.

Acquiring an over 65 insurance policy from a private company may be the best way for you to save money on your health expenses. Whether you are supplementing Medicare or getting an entirely new plan, start by comparing the benefits of several insurance providers to get the best policy that meets your healthcare goals.

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Tips for New Parents Considering Life Insurance | JT Insurance Services

Tips For New Parents Considering Life Insurance

Life insurance is incredibly important for the future of both individuals and families. As new parents begin to grow their families, it may be time to consider life insurance that will best benefit all family members and ensure a financial safety net in time of need. Five main tips may be key to helping new parents determine their options for life insurance to protect themselves and their loved ones in the event of future harm.

Click here to read the full article by the Associated Press for Washington Post.

Life Insurance | JT Insurance

Taking Care of Loved Ones With Affordable Life Insurance Policies

Death is not something that most people want to dwell on. Facing mortality often leaves people feeling uncomfortable, and wanting to think about more pleasant things. The fact remains however, that eventually every person will die. The important thing to remember is that there are many people who have to deal with a person’s death once they have moved on. Death comes with a number of financial burdens that need to be considered. The cost of possible medical expenses, funerals, headstones and burial plots is enough to cripple some of individuals left behind to mourn financially. This is why it is important to have adequate life insurance policies. Continue reading Taking Care of Loved Ones With Affordable Life Insurance Policies

How Much Life Insurance Should You Have | JT Insurance Services

Things to Consider When Asking How Much Life Insurance Should You Have

Choosing the right amount of life insurance can be a daunting task. People normally do not want to think of the situations in which life insurance may actually pay out. This causes people to sometimes ignore the issue altogether, or to at least put it in the back of their minds without giving it much thought. Since most of life is so uncertain, it may be tempting to think that the amount of life insurance to get is not really that important. However, the question of “How much life insurance should you have?” is a very important one indeed. Continue reading Things to Consider When Asking How Much Life Insurance Should You Have

How Much Life Insurance Should You Have

Answering the Life Insurance Question

When planning for retirement one important question will crop up; “How much life insurance should you have?” In order to answer this question, many people turn to formulas in order to come up with quick estimates. However, these shortcuts do not provide the specific type of information you need to make a well-informed decision. Figuring life insurance takes a bit of research and perhaps some consultation periods with a professional.

The first step to answering this question is to remember the primary purpose: to make it possible for your surviving loved ones to pay off any debts and to carry on their lives even though you are gone. How much life insurance should you have? Consider your specific situation in order to determine the answer.

Begin by figuring out the expenses related to the funeral and burial. As your family struggles to cope with their loss, trying to come up with the money to pay for a funeral can be overwhelming.

Next, total up the balance of your mortgage, any credit card loans, student debts, and other outstanding loans that need to be paid off. The loss of a home or car can be devastating at any time, but following the loss of a loved one might be an intolerable burden.

If you have children, then consider how much it will cost to send them to school. One expert suggests that you look at the colleges of your choice and then calculate their future costs by 5% a year. Decide whether you want to leave enough to pay for the entire amount of schooling or a portion of the tuition.

Finally, calculate about half of your pretax earnings and aim to provide that much for your family members. If your spouse earns a good salary, then the amount of insurance you purchase may be lessened. Medical costs, on the other hand, might increase the amount you wish to purchase.

When you add these four figures together, you should have an estimate that reflects your specific situation. Invite a professional to guide you through the process of determining the answer to the question, “How much insurance should you have?” Together, you and the professional should come up with an answer that is best for your situation.

 

If you are reading this on any other blog than JT Insurance Services or via my RSS Feed, it is stolen content without credit.
You can find me on Twitter via @Obamacare_Guru
Come and visit our blog at http://jtinsuranceservices.com/blog/