Life Insurance 101, An Explanation of Various Types of Life Insurance

TERM LIFE INSURANCE – Life insurance for a set number or years. You can choose from 5 to 30 year terms. No cash value, if you die during the term you collect the death benefit. The policy dies after the selected term has ended and you receive nothing unless you have a, return of premium rider or you convert the policy to some form of permanent insurance.

RETURN OF PREMIUM TERM INSURANCE (ROP) – A term insurance policy that returns all or a portion of premiums paid at the end of the term if the death benefit has not been paid.

SIMPLIFIED TERM INSURANCE – Term insurance which uses a simple application. Underwriting is done electronically. No underwriting requirements by the applicant unless red flags arise out of the electronic underwriting process. Policy is usually issued much quicker than regular term. There is a limit of death benefit for this type of policy ($350,000 or less) depending on the insurance carrier. This type of policy is generally more expensive because of additional risk by the insurance carrier. Less underwriting =more risk.

CRITICAL ILLNESS INSURANCE – Applied for as a stand-alone policy or as a rider to another life insurance policy. Pay immediate benefit for a covered illness even if death does not occur.

ACCIDENTAL DEATH INSURANCE – Pays benefit in event of a covered sudden accidental death. Applied for as a stand-alone policy or as a rider to another form of life insurance.

MORTGAGE PROTECTION INSURANCE OR DECREASING TERM INSURANCE – Term insurance that pays the balance of your mortgage should death occur. The amount of death benefit decreases to match the amount owed on mortgage. The insurance is set up to end at the same time your mortgage is set to end.

UNIVERSAL LIFE INSURANCE (non variable) – Flexible premiums. Can be a permanent insurance as long as premiums are paid and policy is funded properly. Investment policy in which risk lies with insurance company.

Has a minimum guaranteed interest rate which differs by company. This policy has the ability to gain contract value. The death benefit can be set to level (death benefit stays the same throughout) or increasing (death benefit increases as contract value rises). You may obtain loans or make withdraws but you must be careful, if the policy is not funded, it will collapse.

VARIABLE UNIVERSAL LIFE INSURANCE – Agent must have securities license to sell. Very similar to non-variable universal life. The difference is that the policy owner assumes investment risk. There is no guaranteed interest rate. Policy can collapse if investment does not do well and policy is not funded properly.

WHOLE LIFE INSURANCE – Simply put, you pay the premium and the policy will last your whole life. You usually have an option to borrow against the policy, amount depends on the value of the policy. This type of policy is usually much more expensive than the universal life policy.

GRADED BENEFITS WHOLE LIFE – Partial or no benefits paid until a named or tiered waiting period has passed. If you die before the waiting period has passed, you usually will receive the return of your premium payments with some sort of interest.

FINAL EXPENSE WHOLE LIFE INSURANCE – This type of whole life insurance is aimed at burial and funeral expenses and other final expenses. Usually, no medical exam required and death benefit is limited to $50,000 or less.

SINGLE PREMIUM WHOLE LIFE – This whole life policy is paid for by a single lump sum payment. In return the beneficiary receives a larger death benefit than the payment.

THINGS TO CONSIDER: You may be interested in mixing and matching different types of policies. For example; There is a need for 500k immediately. As time goes on, the kids have graduated college and are out of the house, the house is almost or totally paid off. Now the need is less. In this example you may want to purchase a 330k universal life and a 20 year 200k term. This plan will save you money and still protect your family for life.

Or, you may want to mix term, critical illness, accident, universal life, or whole life in various ways depending on your needs.

RIDERS:

Waiver of Premium Rider – pays life insurance premium if you become disabled and can’t work. There is usually a waiting period and rider usually expires at age 60 or 65.

Critical Illness Rider – Rider is explained above.

Return of Premium Rider – Rider is explained above.

Guaranteed Insurability Rider – this rider allows you to purchase an additional amount of life insurance at a later date without having to prove insurability again or take another medical exam.

Term Conversion Rider – allows you to convert a term insurance policy into a permanent policy without proving insurability again.

Accelerated Benefit Rider – this rider is only for permanent life insurance policies. This rider is usually included automatically for free. It allows you to collect a portion of your policy’s death benefit if you become terminally ill with a short life expectancy, usually one year. The portion paid out is subtracted from you policy’s death benefit.

Accidental Death Benefit Rider – This rider pays in addition to the death benefit if you die from an accident.

Child protection Rider – Usually used to pay final expenses if the unthinkable happens. Often, at a nominal cost and purchased in units of $1,000.

UNDERWRITING: requirements depend on insurance carrier, type of policy, amount of death benefit, age, build chart, gender, medical history, medications, family history, motor vehicle report, and other factors.

An application is always required, although, non-medical policies usually have a simple application.

Requirements could be: Paramed (certified medical processor or nurse comes to your place of choosing, takes you through a medical questionnaire, measures your height and weight, takes blood and urine sample, possibly EKG either resting or non-resting), Medical information from your physician or hospital, Medical exam, etc.

HEALTH CLASSES – Typical health classes would be, Preferred Best, Preferred, Select Standard, Standard, and then different nicotine classes such as, preferred nicotine, select nicotine, and standard nicotine.

It is possible to be rated less than standard depending on health and underwriting factors.

You must qualify for a health class. This is chosen by the underwriter after the underwriting process is complete. The agent can only quote you the different health classes but this can change with the underwriting process.

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Golden Triangle Tours: Best Way to Explore Culinary Delights and India’s Riches

Golden Triangle Tours is the name given to the most fascinating touring circuit of India. Unleashing the country's historic past, its heritage, colorful cultures and flavorsome cuisines, Golden Triangle Tour packages takes one to a whirlwind ride of Delhi, Agra and Jaipur. The path to the touring circuit is resplendent with fortresses, spectacular palaces, historic monuments, UNESCO applauded World Heritage Sites and culture capitals. Encompassing Golden Triangle cities brings a visual treat to the eyes of history, art and architecture lovers, but it is also an opportunity for food frantic to taste real flavor of India.

Gourmets Feast Upon Delhi Cuisine: The capital city of India, Delhi is also a hub of political and cultural activities. A fabulous metropolis Delhi is also a significant center of education and technology; also its historical heritage is very impressive, but the real charm of the city is in its cuisine. Delhi is a potpourri of cultures, it has a mini-India in itself and has welcomed people of various cities, states, color and creed with open arms and thus the variety in its cuisine and flavor in its food is one to die for. From tangy Chaat (kind of spicy snack) to delicious curries and lip-smacking Mughlai there is an abundance of choice of food. Eating joints, low- budget restaurants, road side vendors to elite restaurants and more authentic Delhi cuisine means best of Indian food. From Punjabi style cooked South Indian food to Chinese Tadka-Mar-ke and of course famous Kebabs and Tandoori food, Delhi offers et al to satiate your taste-buds. One can even have best of authentic Continental and world cuisine in Delhi well-known as the Food-Capital of India.

Jaipur's Royal Grandeur: No Golden Triangle Tours are complete without experiencing royal charm which is well preserved till at the stunning palaces and fortes of Jaipur. On a sightseeing tour across famous royal capital of Rajasthan one experiences a royal saga unfolding at hilltop Amer Fort, honeycomb shaped- Hawa Mahal and fascinating royal observatory- Jantar Mantar. Mesmerizing sight of City Palace further add to the charisma of Rajasthan ideally known as the princely state of India. Explore its bazaars to pick interesting hand-made curios; silver jewelry, colorful puppets, hand-printed fabrics and more the vibrant bazaars of Jaipur will indeed sweep you off your feet with their elegance and simplicity. Further a mesmerizing performing art scene is a must for all those touring the fabled touring circuit.

Agra: What appears to be a painter's fantasy coming alive is actually a living specimen of Mughal artistic excellence. Agra is where the ultimate emblem of love- Taj Mahal is located which made city world-renovated. Also, Agra is well-known for other UNESCO World Heritage Sites such as Agra Fort and Fatehpur Sikri. On Golden Triangle Tours in India the sights of these UNESCO riches are a must visit for they give a sneak peep into the country's architectural heritage and also brings closer to its legendary history of mighty Knights and their dynasties.

In a nutshell Golden Triangle Tours avails a quick introduction to the vast sub-continent of India.

Health Conscious Cooking Schools

Cookery school is a relatively modern concept that proves to be an exciting holiday option. Though the classes revolve around culinary art, they do not offer graduate degrees and are not accredited institutions. They are usually restaurants, hotels or snack bars. Cooking school tours are perfect vacation options, as they help tourists to acquire a local experience and try their hands at cooking local dishes, while traveling and shopping. Health conscious cooking schools tours provide details regarding various cooking styles that help retain food value and nutrition.

Many people follow diet plans that may be self created, recommended or decided upon by their physicians. They are planned, keeping in mind the nutrition needs and food preferences. Health conscious cooking school tours revolve around cooking classes that are meant to teach people about the food options that safeguard the interests of health conscious people.

Established hoteliers and restaurants often make health conscious cooking school tours available. It is important to make reservations in advance, as these classes are not walk-ins. Most of these classes have a minimum number of attendees to enable the in- house chefs and nutritionists to concentrate and interact with all the participants, individually.

These classes teach the tourists to prepare easy, healthy and delicious meals. Such classes are available for amateurs and professionals, separately. This allows enthusiastic visitors to learn to prepare basic health conscious dishes, whereas professionals can opt for the gourmet preparations. In case these tours are a part of overseas vacations, rather than a weekend activity, people need to enquire about availability of English speaking staff. Tourists need to be attentive to their visa terms and should carry all relevant documents. Tourists may book a health conscious cooking school tour or ask travel agents to include such activities, as part of their vacation plan.

Top 11 Reasons to Use Social Media in Business

Over the past few years, to say social media has exploded would be an understatement. Members of social media sites have discovered it's the easiest way to find, learn about, and share information that directly influences their purchasing decisions. It is this reason alone that every business should be on multiple social media sites in an effort to reach as many people as possible.

Below are the top 11 reasons to use social media in business:

  1. Build relationships – personal and professional; connect with all types of people – past and present coworkers, current clients, prospects, vendors, competitors, and marketing professionals to build your network
  2. Share your blog posts; share interesting and useful articles, other blogs, webinars, podcasts, presentations, and poll / survey results with your fan base
  3. Gather valuable information – research similar products / services, competitors, prospects, marketing tips, blog ideas, create your own poll / survey – the amount of information available is endless
  4. Join a social network of like-minded individuals or start a new interest group where you can further brand your product / service, build relationships, and share ideas and information
  5. Stay current with the latest trends – write a blog or join a discussion on a trending topic; become aware of new social media sites that might fit the needs of your business
  6. Land a great new job – using your new connections on various social media sites, you can get the inside scoop on companies that are hiring, as well as resume and interview tips
  7. Discover a new passion in life, become a volunteer, or start a fundraising event
  8. Get found by prospects by using inbound marketing tactics – spread the word about your product / service through social media sites; to form a complete marketing plan, combine this with outbound techniques (interruptive marketing)
  9. Build business reputation and brand – constantly add value to all your posts and become a trustworthy leader in your industry; to quote Bob Burg, "All things being equal, people will do business with and refer business to those people they know, like, and trust."
  10. Build a marketing department inexpensively – for start-ups, employing inbound marketing tactics is a cheap way to start marketing your product / service; most social media sites are free to join, while others have a minimal monthly or annual fee
  11. Help increase conversion rates – use social media and inbound marketing to steer more organic traffic to your website and convert more leads into sales; the average conversion rate is 2.3%, but varies by industries according to ClickZ, Marketing News & Expert Advice, http://www.clickz.com/clickz/column/1691779/benchmarking-average-conversion-rate .

I recommend choosing a useful of sites to manage and start getting your feet wet. Not every social media site available will be right for you or your business and it would overwhelming to try them all. For example, consistently maintaining a blog, Facebook, LinkedIn, and Google+ pages, a YouTube channel, as well as a Twitter account might be a great place to start. Depending on the type of business, a Pinterest, Tumblr, or Flickr account might or may not be worthwhile, but obviously they are great certain brands.

If you need help getting started, there are countless different types of resources. I have used the An Hour a Day book series on Facebook Marketing, Twitter Marketing, and Social Media Marketing. They address each entity in a step-by-step fashion that is very user-friendly. I also find Hubspot to be extremely helpful. They are continuously publishing user guides that contain valuable information, tips, and tricks. Lastly, when creating your profile on the various social media sites that best fit your marketing plan, it's a good idea to connect with other marketers to check out what they are doing to boost business.

Do you have a tip or trick to share with newcomers to social media? Share it with us; you are more than welcome to post questions and / or comments here!