One major drawback to traditional term life insurance is that life is messy.

Short of a functional crystal ball, we have no way of knowing exactly what our insurance needs will be 10 or 20 years down the road when our term policy expires. By then, we’re basically left with three options: buy a new (read: affordable) term policy if we’re healthy, extend it on an annual basis at exorbitantly higher rates if we’re not or walk away from it.

But consumers now have a more flexible choice in term-style insurance with the introduction of Term UL, a new hybrid product that grafts term life coverage onto a universal life, or UL, chassis.

One major advantage of the Term UL framework is that it allows you to extend the term of the policy on a level-premium basis after you are in the plan, although that level premium will be based on your age at the time you extend the policy. This provides the planning flexibility that term insurance traditionally lacks and can be a financial benefit should your health decline to the point that you become uninsurable down the road.

“It gives the policy owner much more flexibility than they get with term,” says Janet Deskins, senior vice president of life products for Genworth Financial, which introduced its Colony Term UL in late 2009. “With term, you basically have three choices, whereas with this product, you have eight to 10 different options depending on your financial situation at the time. The flexibility that a UL product gives you is really critical.”

Colony Term UL raised eyebrows when it was introduced because it offered more features at a price that beats many garden-variety term products. Other insurers, notably West Coast Life and Lincoln Financial Group, also offer Term UL products.

Deskins says the pricing reflects a recent tightening of reserve requirements within the insurance industry. By creating a term product with the reserve requirements of a universal life policy, Genworth saved enough to price Term UL competitively with term life, which has dropped considerably in recent years.

Continue Reading “Term Life Insurance Gets a Boost“ by Jay McDonald at Bankrate.com.

Responsible car owners need auto insurance. But not all policies are alike, and a little investigation can pay off handsomely. Start by making a list of the features that appeal to you. Then see which company can offer the policy you want at a price that works for you.

All is forgiven
Filing your first claim from an at-fault accident no longer guarantees that your rate will go up. Some insurers offer an “accident forgiveness” benefit, for which they’ll go easy on your first such claim. Ask your insurer whether it offers such a service, and whether you qualify. Some insurers expect you to have been with them for a few years first; others offer it right away.

This kind of coverage can cost you a little more, but the peace of mind it offers may be worth it to you.

Good guys finish first
Doing the right thing doesn’t always get rewarded in life, but it can where car insurance is concerned. If you’re a good driver with a clean record, you’ll pay less for car insurance than others. This can make a considerable difference. If you’re a “high-risk” driver laden with tickets and/or accidents, you can expect to pay 10% to 15% more than a good driver on average. If your policy costs you $1,500, that’s an extra $150 to $225 per year.

Continue Reading “5 Car Insurance Surprises” by Selena Maranjian at Motley Fool.

If you’re a homeowner, chances are your house is worth less than it was five years ago. But you could still be paying more to insure it.

Despite the deep housing bust of the last few years, the cost of rebuilding a damaged home — in other words, what you pay insurance for — has not changed much, according to industry experts.

That means that unless you have reduced coverage or increased your deductible, chances are you are paying as much or more to insure your home as before the housing bust.

“The price of homeowners’ insurance is based on the cost to repair or rebuild your home. The price of a home is based on the market value of that home and the land upon which it sits,” said Robert Hartwig, president of the Insurance Information Institute.

Continue reading the article ”Home Prices Are Down, So Why Not Insurance?” by Allison Linn on msnbc.com.

Keeping your personal property safe is important. Property insurance coverage protects your property against many risks. But have you thought about the exclusions in your property insurance policy?

Every property insurance policy has exclusions. It is important to realize that exclusions can be different depending on your particular property insurance coverage and what type of property is being covered under your property insurance policy. There are a few common exclusions that are usually contained in all property insurance policies. These property insurance exclusions are:

Losses Not Caused by an Accident: Since it is certain your carpet will get worn out, insurance will not cover worn carpets along with other things that are considered certain to happen and not a risk. Insurance is designed to cover risks and not something that is bound to happen over time such as wear and tear, rust, and mechanical breakdowns.

Read the rest of the article “5 Basic Exclusions in Your Property Insurance Policy“ by Bobbie Sage, about.com Guide.

The new year will ring in notable cash and time savings for drivers with car insurance policies, according to Insurance.com. “Like many businesses, insurance companies are feeling the sting of a bad economy. To try and hold on to customers, insurers are offering new products and incentives. Drivers who take advantage of these new programs can save time and cut their insurance costs,” says Chris Kissell, senior managing editor for Insurance.com.

Insurance.com identifies 5 car insurance trends that can lead to big savings on auto coverage:

Trend #1: More competitive car insurance rates
Auto insurance markets in many areas of the country are soft because of the economy. As companies chase fewer customers, premiums are likely to remain low or stable, experts say.

Read the rest of the release “Insurance.com Reveals 5 Car Insurance Trends That Will Save Time and Money in 2011” by Jessica Cultra at Insurance.com.

(CNN) — A Virginia federal judge on Monday found a key part of President Barack Obama’s sweeping health care reform law unconstitutional, setting the stage for a protracted legal struggle likely to wind up in the Supreme Court.

U.S. District Judge Henry Hudson struck down the “individual mandate” requiring most Americans to purchase health insurance by 2014. The Justice Department is expected to challenge the judge’s findings in a federal appeals court.

Hudson’s opinion contradicts other court rulings finding the mandate constitutionally permissible.

“An individual’s personal decision to purchase — or decline purchase — (of) health insurance from a private provider is beyond the historical reach of the U.S. Constitution,” Hudson wrote. “No specifically constitutional authority exists to mandate the purchase of health insurance.”

“Despite the laudable intentions of Congress in enacting a comprehensive and transformative health care regime, the legislative process must still operate within constitutional bounds,” Hudson added. “Salutatory goals and creative drafting have never been sufficient to offset an absence of enumerated powers.”

Read the rest of “Virginia Judge Rules Health Care Mandate Unconstitutional” here….

By Bill Mears, CNN.com

Insurance is a liferaft new tenants cannot do without, an insurer says after a house rented by three young Blenheim people was gutted at the weekend.

They lost all their gear and did not have contents insurance. The fire in the George St house is being treated as suspicious.

Detective Barry Raemaki, of Blenheim, said one of the two people seen on a nearby property the night of the fire had come forward and had identified two other people with him.

The person had explained how he came to be at the property and appeared to be innocent, Mr Raemaki said. He was still corroborating the story with his companions and the witness who saw him, he said.

AMI Blenheim branch manager Karl Townsend said contents insurance could protect tenants from more than just the loss of their possessions and was a must for tenants as well as homeowners.

Insurance should be sorted by the time people moved into a property, he said. People should get quotes from different insurance companies and ask questions to find out exactly what was covered.

Under the Tenancies Act 1986 the tenant is responsible for the property, and could be liable for a five-figure bill if they are found to have caused damage through negligence.

“You could be faced, potentially, with a large bill. Not only have you lost all your own gear, but you’re faced with a liability situation. The biggest asset you have got [as a tenant] is the house that you are renting, which you have to protect.”

Contents insurance would prevent tenants from being caught liable like that, he said.

Written By MICHAEL BERRY – The Marlborough Express

This is something we run into all to often, as well.  New business owners are always concerned about the proper entity structure for asset protection and tax purposes among a host of other things, but inevitably the item that is least discussed or forgotten about altogether is Liability Insurance.  Read this great article below….

By Gregory Boop, Business Insurance Guide Posted 11/15/10

On occasion in my practice I work with the home-based business owner. Frequently, the discussions center around proper business set up and proper business entity selection. Limiting personal liability, collections, and compliance issues are discussed.

And then…I ask “the” question. Does the business have insurance?

Surprise frequently follows. Then a discussion of why, the owner believes, they do not need business insurance for a home-based business.

My experience is not unique. The Independent Insurance Agents & Brokers of America (IIABA) commisioned a study earlier this year that concluded that 1 in 10 U.S. households operates some type of home-based business. However, nearly 60 percent of these businesses do not have insurance coverage or do not have appropriate coverage. “40 percent of home-based business owners say they thought they were protected by some other type of coverage, while almost 30 percent say their businesses are too small to insure. Notably, nearly 20 percent could not give a reason for not having insurance.”

Madelyn Flannagan, IIABA vice president of education and research, states, “home-based business owners are at risk for significant financial losses associated with theft, accidental damage, natural disasters, vehicle accidents and liability if an employee suffers an injury while on the job or a business guest is hurt while visiting the home-based business. Homeowners’ insurance normally does not provide protection in these situations.”

Read the rest of “Home-Based Business Risk“…..

By Bobbie Sage, About.com Guide

Today, lawsuits are everywhere. Lawyers are awarding larger amounts of money than ever. Homeowners, auto, and watercraft policies have a limit on liability insurance. If an unfortunate accident should happen that is your fault, do you have enough liability insurance from your current policies to cover your costs for negligence? Since no one can predict how much a judge may award the injured person, umbrella insurance is not just for the wealthy anymore, but a needed protection for every policyholder.

Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance company, one can add an additional 1-5 million in liability protection. This protection is designed to “kick-in” when the liability on other current policies has been exhausted.

Read the rest of The Tip of the Week on Umbrella Policies here….

I ran across this article this morning, and since I have seen three dead deer on the side of the road on my way to the office over the last three days, I figured it would be an opportune time to pass it along!

-J

From: theautoinsurance.com

October and November in most states mean deer season – but according to car insurance companies, this really means that drivers are more likely to encounter deer and other large animals on the road – and such encounters can mean bad things for automobile operators.

At the very least, hitting a large animal at highway speeds can cause substantial damage to a vehicle, and this damage will not be covered unless a driver is carrying full coverage auto insurance.

Continue Reading the article here…..