Explore the Life Ant blog to learn more about life insurance. Our blog will be updated frequently with interesting news and informative articles in life insurance.
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 »
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 »
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 »
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 »
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 »
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 »
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 »
A lapse means a life insurance policy is no longer an active contract due to missed premium payments. A life insurance policy will lapse when both premium payments are missed and cash surrender value is exhausted if it is a permanent life insurance policy. The term lapse refers to a Read More »
Joint life insurance is a life insurance policy underwritten on the lives of two people. These two people are usually spouses, but not always. There are two forms of joint life insurance, first to die and second to die (second to die is also known as survivorship life insurance). Joint Read More »
Variable universal life insurance (VUL) is a permanent life policy whose cash value depends in part on the performance of variable sub-accounts within the insurance contract. The variable sub-accounts are usually modeled after mutual funds but may contain their own separate fee structures. A variable universal life insurance contract may Read More »
This is one of the most fundamental concepts relating to life insurance. The insured person is a primary subject in a life insurance contract, written between the owner and the life insurance company on the life of the insured person. When an insured person dies, the life insurance company is Read More »
A free look is an important part of life insurance laws and benefits in the United States. The free look period for a life insurance contract is sort of a trial period. This period is for policy owners to asses the policy and it is mandated by most states in Read More »
A chartered life underwriter is the highest designation in the life insurance industry that a life insurance agent can obtain. The designation is granted by The American College. The American College grants the Chartered Life Underwriter (CLU) designation after the candidate passes a series of classes and exams. A CLU Read More »
A life insurance agent is a person whose expertise is in fitting clients with life insurance to suit their needs. These needs can range vastly, from income protection for loved ones in the event of an untimely demise to transferring assets efficiently from an estate after death, and even to Read More »
The Coronavirus Pandemic has created havoc on the economy and the labor market in the United States. Nearly 15% of people are now unemployed as of May 8th, a level not seen since the great depression. A further 23% of people are underemployed, meaning they are working more menial jobs Read More »
The grace period is the time after a missed insurance premium is due, where a life insurance policy will not lapse even though the payment is past due. The grace period is a very useful feature, whose inclusion in every life insurance policy is mandated by every single state in Read More »
High cholesterol is one of the most common illnesses in the United States. According to the CDC, 12% of adults over age 20 suffer from it in America. If you have high cholesterol you may be wondering if you can still buy life insurance, and what effect it will have Read More »