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Life Insurance

Insurance Solutions Instant Life Quotes

Life insurance shoppers can instantly view and compare the rates of over 35 leading life insurance companies. In addition to offering instant, anonymous quotes to life insurance shoppers,Haines-Craft ofers an easy-to-read illustrations, which show, not only the financial strength ratings of each insurer, but also the actual underwriting acceptance guidelines. The firm's website is also supported by licensed telephone agents who are available to answer questions and walk customers through their own needs analysis. You are free to buy online or buy by phone.

The life insurance exchange offers life insurance shoppers a number of modern, customer-driven innovations such as:

A unique and proprietary quote engine that can handle up to 35 common illnesses for life insurance customers who may be in less than perfect health

A life insurance platform that empowers customers to buy online or buy by phone

Clear and easy-to-read illustrations that show actual underwriting guidelines including acceptable height & weight tables

Traditional term life policies with initial guarantees of 10, 15, 20, 25 and 30 years that are also guaranteed renewable to age 95 in most states

Coverage requests ranging from $5,000 to $25 million

A range of "final expense" life insurance policies ranging from $5,000 to $50,000

Life insurance policies that offer living benefit riders that can generate pre-death payouts for long-term care or other expenses

Polices that offer lifetime rate guarantees for people who have lifetime needs and never want to face a life insurance rate increase again

Policies that offer 100% return-of-premium after the initial rate guarantee period is reached

Policies that are underwritten on an "instant-decision" basis with no medical exams, no waiting and no paper

Access to a brand new breed of illness-specific life insurance policies such as those designed to underwrite newly-diagnosed prostate cancer patients who are age 45-65

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:

1. Replace income for dependents

If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.

2. Pay final expenses

Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.

3. Create an inheritance for your heirs

Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.

4. Pay federal "death" taxes and state "death" taxes

Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal "death" tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level "death" taxes.

5. Make significant charitable contributions

By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy's premiums.

6. Create a source of savings

Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner's request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of "forced" savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).
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There are two major types of life insurance—term and whole life. Whole life is sometimes called permanent life insurance, and it encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life. In 2003, about 6.4 million individual life insurance policies bought were term and about 7.1 million were whole life.

Life insurance products for groups are different from life insurance sold to individuals. The information below focuses on life insurance sold to individuals.

Term

Term Insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions.

There are two basic types of term life insurance policies—level term and decreasing term.

• Level term means that the death benefit stays the same throughout the duration of the policy.
• Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy's term.

In 2003, virtually all (97 percent) of the term life insurance bought was level term.

Whole Life/Permanent

Whole life or permanent insurance pays a death benefit whenever you die—even if you live to 100! There are three major types of whole life or permanent life insurance—traditional whole life, universal life, and variable universal life, and there are variations within each type.

In the case of traditional whole life, both the death benefit and the premium are designed to stay the same (level) throughout the life of the policy. The cost per $1,000 of benefit increases as the insured person ages, and it obviously gets very high when the insured lives to 80 and beyond. The insurance company could charge a premium that increases each year, but that would make it very hard for most people to afford life insurance at advanced ages. So the comapny keeps the premium level by charging a premium that, in the early years, is higher than what's needed to pay claims, investing that money, and then using it to supplement the level premium to help pay the cost of life insurance for older people.

By law, when these "overpayments" reach a certain amount, they must be available to the policyowner as a cash value if he or she decides not to continue with the original plan. The cash value is an alternative, not an additional, benefit under the policy.

In the 1970s and 1980s, life insurance companies introduced two variations on the traditional whole life product—universal life insurance and variable universal life insurance.

With Permission © Insurance Information Institute, Inc. - ALL RIGHTS RESERVED.

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16268 Prince Dr.
South Holland, IL 60473
Phone: 708-339-0200
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