About Thomas Rockford
Proud graduate of Brown University (Go Bears!) and a lifelong financial advisor and retirement planner.
Shopping for life insurance can be stressful. However, there’s one thing life insurance shoppers agree on - buying life insurance takes an enormous load off your back. The moment you pay your first premium on a good life insurance policy, you can rest assured that your loved ones will stay Read More »
A life insurance premium is a payment made to the life insurance company, to pay for a life insurance policy. One way to look at the premium payment is as the cost of the life insurance, but the cost of insurance and the premium due are not always the same Read More »
For consumers who find comfort in working with some of the biggest names in the market, The Guardian Life Insurance Company of America will be an appealing pick. It’s hard to find a company in this space with a longer history, as its roots can be traced to the mid-1800s. Read More »
Insurance companies have to weigh a lot of factors when they are underwriting insurance policies. They must analyze all the factors of a particular case to determine the ultimate risk they are taking on by issuing the policy, which, in turn, determines the premiums for policyholders. To make this process Read More »
Parents often take out life insurance policies on their minor children. But what happens if the parent in this case dies or becomes disabled while the child is still a minor? In some cases, a provision known as a payor benefit rider will ensure that the juvenile doesn't have to Read More »
The law of large numbers is a statistical principle that stipulates that if you have a large enough group that you are predicting an outcome for, you are almost certain of experiencing the expected result. The fact that this law holds true is critical to the foundation of life insurance. Read More »
Farmers Insurance Group is a major national insurance group in the United States. They are known for offering life insurance, car insurance, and home insurance and have operations in all 50 states. With so many different choices when it comes to life insurance, it can be difficult to determine which Read More »
Colonial Penn is a life insurance company based in Philadelphia, Pennsylvania. They were founded in 1968 and have a variety of life insurance options available. They are known for catering to customers over the age of 50. However, they do offer life insurance coverage for younger adults as well. Colonial Read More »
The Colonial Life & Accident Insurance Company is based in South Carolina and has been in business since 1939. They specialize in life insurance but also offer other types of insurance, such as accident and disability insurance. Right now, they offer policies in 49 states. This company was originally founded Read More »
Life insurance is a way to transfer the financial risk of someone passing away from the beneficiaries and heirs to the life insurance company. Life insurance is an insurance policy that pays a stated death benefit when the insured person dies. Life insurance is used to protect against the financial Read More »
Modified premium whole life insurance is very similar to basic traditional whole life insurance. The difference between the two products lies in the premium structure of the contracts. In a traditional whole life insurance policy, premium payments are flat throughout the life of a policy. With a modified premium whole Read More »
Many people know that life insurance can provide protection from the financial risk of early death. Fewer people realize that life insurance can simultaneously be an excellent investment. A life insurance policy can accrue a very large cash value and can actually earn money. Life insurance will usually outperform the Read More »
A medical exam is not needed to obtain a life insurance quote. You do not always need a medical exam even to obtain life insurance. Getting quoted a price for life insurance does not take a whole lot of personal information, but there is a lot of nuance in determining Read More »
Life insurance agents may compare quotes from different companies to get the best price for their clients, but it depends on who the agent is and where they work. They are also not always allowed to shop for the best price for every type of life insurance product. They are Read More »
The term surrender value refers to the amount a life insurance contract is worth after any charges and fees from the insurance company if the contract is fully surrendered (terminated early). This is not necessarily the same figure as the cash value, which does not include surrender fees. To properly Read More »
Reinstatement is the term for making a life insurance policy active again after it has lapsed. Reinstatement only happens after the grace period has ended, and the life insurance contract is no longer in force. The ability to reinstate a policy is not guaranteed by law, so the availability of Read More »
Universal life insurance is a permanent form of life insurance with more flexible terms than a whole life insurance policy. The policy owner has the flexibility to send additional premium payments over what is required, skip premium payments, and you can even increase the death benefit of the policy by Read More »
The owner of a life insurance policy is the person who has control over all of the policy's changes and rights. These rights include the right to change beneficiaries, which is significant because this is who gets the death benefit payout. Other rights include the right to transfer ownership to Read More »
Assigning a health rating to the insured person is a foundational component of life insurance. The health rating groups people of similar risk together so that the life insurance policy can be priced appropriately. The health rating is assigned through the underwriting processes and is ultimately assigned by the underwriter Read More »
A life insurance surrender is a full cancellation of a life insurance policy, usually for the cash surrender value. You are allowed to surrender your policy at any time, though charges may apply during the initial policy years. Surrender does not affect your credit score, and a surrender of your Read More »
Most people know about the death benefit paid by life insurance policies, but many people are not aware that life insurance policies can also accrue a cash value over the lifetime of the policy. This cash value can be accessed through a withdrawal or a loan from your life insurance Read More »
Aflac is a respected life insurance company based in Columbus, Georgia. They were founded in 1955 as the American Family Life Assurance Company, which was later abbreviated as Aflac. They offer a broad range of life insurance policies throughout the United States. They also have affiliates in Japan, which enables Read More »
Based out of Lincoln, Nebraska, Assurity Life Insurance Company is a mutual insurance organization consisting of 800 employees in 49 states. Originally three companies that merged in 2007, Assurity’s roots run deep with the founding companies having a presence in the field of life insurance since the end of the Read More »
American Fidelity Assurance serves a variety of specific markets with insurance products. Specifically, this privately-owned company focuses on four markets – education, public sector, automotive, and healthcare. Within those markets, employee benefits like life insurance, disability insurance, accident insurance, and other coverages are available. Also, the company offers reimbursement accounts, Read More »
Founded in 1907 as the Automobile Insurance Company of America, Amica Mutual Insurance was based in Providence, Rhode Island, and offered automobile, theft, and fire insurance. Owned by policyholders rather than stockholders as a mutual company, the company expanded its insurance portfolio to include umbrella, home, condo, renters, marine, motorcycle, Read More »
Bestow is a company that sells life insurance. Life insurance is a fantastic resource to ensure you leave your family financially secure if the worst happens and you pass away. The benefits from your life insurance will help your family pay for any immediate financial needs and can help replace Read More »
Most term life insurance policies are what is known as a "level term policy" type. A level term life insurance policy is one that is not permanent, but the death benefit and the premium rate are fixed at the same amounts for the specified term of the policy. When people Read More »
Whole life and term life insurance are two very different products, even though both are forms of life insurance. While term life insurance is fairly straightforward, whole life insurance can be complex and a bit complicated to understand fully. Many people may know that popular TV personalities such as Suzy Read More »
Final expense life insurance is meant to cover funeral and burial costs for a person who dies. This type of life insurance is not meant to leave any extra money for the people the deceased leaves behind, it is meant to not leave them with the burden of expenses associated Read More »
If you are disabled, fear not you can still get coverage with a life insurance policy. Depending upon your exact condition and the prognosis for your disability, you may not even need to pay a higher price for life insurance than your non-disabled counterparts! There are many different dimensions to Read More »
If you’re looking for affordable life insurance, chances are you’re going to go with a term life insurance policy. Life insurance prices are always fluctuating, and before you start shopping, it’s helpful to know what the average cost of a policy is, so you can determine if you are getting Read More »
Split dollar life insurance is a strategy that employers often use to offer life insurance to their employees. While it is most often used in a business setting, it can also be used between two individuals. Split dollar life insurance is not an insurance product offered by companies, but instead Read More »
For many people, life insurance can feel like a taboo topic. Talking about death can be uncomfortable, and as a result, it’s not uncommon for someone to take out a life insurance policy without ever informing the beneficiary. Maintaining a life insurance policy for years on end can also be Read More »
If your employer offers life insurance coverage, you may have heard the term group universal life insurance in the past. Group universal life insurance is a form of permanent life insurance coverage that is marketed towards employers, who can then offer insurance to their employees as a fringe benefit. Typically, Read More »
When people take out a life insurance policy, it's typically a step taken to prepare your loved ones for life after you pass away. What you may not know is that insurance policies are owned entities, which means they can be used as collateral for a loan or even be Read More »
Wondering what a viatical settlement is all about? This kind of settlement happens when somebody who is chronically or terminally sick sells their life insurance policy to someone else. The buyer of the policy gets the death benefit when the seller passes away. The policy seller will receive a payout Read More »
One of the most common pieces of advice given about life insurance is to avoid permanent life insurance policies and purchase a term life policy instead. You may be wondering why exactly this is the case, or if there’s ever an instance where you should purchase a term life insurance Read More »
What are you leaving behind for the ones you love? Are you leaving mounds of debt? Are you afraid of taking out a loan because you don’t want to burden your loved ones when you pass? There is help out there if you are worried about leaving behind debt, and Read More »
Irrevocable life insurance trusts (ILIT) are special trusts that can serve both the beneficiary and the owner of a life insurance policy. It can help you with both estate planning and financial planning. An ILIT can help protect your assets, such as large life insurance death benefits. That way, they Read More »
In most cases, employers and other organizations offer term life insurance for their employees. Typically, the coverage amount is a specific multiple of the worker's annual salary. This leads to varying coverage amounts for each person based on what they do and how much they make doing it. Some people Read More »
People can make a lot of mistakes when it comes to life insurance. Life insurance is complicated and lots of people give different advice. There are a lot of agents out there who are not highly trained, and some of the talking heads on television don't always give the best Read More »
A life insurance application is a pretty substantial document. People can sometimes get pretty frustrated with how long it takes to complete the application process and get their life insurance approved. The application itself is long. It averages about 30 pages, and each page needs to be initialed or signed Read More »
There are many instances where you may need a short term life insurance policy to provide your family with the security and peace of mind they need in case you were to pass away. Although it’s never pleasant to think about, it’s always important to have the coverage you need Read More »
Adjustable life insurance is a hybrid mix of whole life insurance and term life insurance that allows flexibility to the policy owner. Choosing the right life insurance plan for your needs can be difficult. There are so many different types of plans available, and a lot of the terminology can Read More »
A life insurance medical exam is a special examination required by some life insurance companies on some policies. This exam, also known as a paramedical examination, is used to determine your current medical condition and therefore estimate your life expectancy. The results of this exam along with your medical records Read More »
Dividend payments are a feature of whole life insurance policies. The dividend payment is a way for whole life policy owners to take part in the money an insurance company makes in profit. Dividends are paid annually, and policy owners have a choice of how to use their dividend payment. Read More »
Life insurance is a very important investment, as it protects your family’s financial stability after you pass away. As a stay-at-home parent, you’re an integral part of both your child’s development and the stability of your household. In addition, a stay at home parent is providing a high degree of Read More »
When you purchase life insurance, it doesn’t activate right away - there is a waiting period before the coverage takes hold. When you purchase any life insurance policy, it’s important to be aware of the waiting period and understand how it applies to you. Here’s what you need to know Read More »
A life insurance rider is an additional feature added to a life insurance policy. A rider is a legal term, meant to denote an amendment, change or addition to a legal contract. Life insurance riders can be an added feature for an additional charge, or they can be included in Read More »
A modified endowment contract (commonly referred to as a MEC) is a tax qualification of a life insurance policy that has been funded with more money than allowed under federal tax laws. A life insurance policy that becomes a MEC is no longer considered life insurance by the IRS, but Read More »
