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Day: August 16, 2019

A Guide To Life Insurance Settlements

Individuals often allow payment towards policies to lapse and lose amounts due to them even after money has been paid to insurance companies over the years. One of the choices that a customer has, is to cash in the policy and get cash surrender value, that is the amount which has been previously paid over and above the interest. Second choice may be to sell the policy to a bank or some other financial institution. These buyers provide cash settlements that exceed cash surrender value of policy. This cash payment is termed as a life settlement.

Generally amounts earned through life insurance settlement are much higher than the surrender value of the policy. More people are becoming aware about life insurance settlements. Brokers who bid and deal for various life insurance settlements are popularizing such a trend. Companies that are into buying life insurance settlements basically look for a policy that belongs to senior citizens above the age of 65. Such policies fetch a good value in the market, but this is valid only for individuals who may be keeping good health.

Treatment for illness could be expensive and a financial drain to a person. Viatical settlements provide financial support to families and provide comfort at an emotional level too in case of serious diseases. Such settlements allow individuals to use present day values ​​of their policies and cash them to reduce financial pressure. These settlements are legally recognized and value obtained for such claims are equal to their face values. There are various limitations involved with Viaticals sales as method of settlement depends on the state involved. Therefore, anyone considering a Viatical settlement should consult legal professionals.

Also before finalizing a Viatical settlement, policyholders can reconfirm various deals offered by insurance companies to check who offers the best deal. Some policies offer cash value apart from death benefit and accelerated death benefits that can offer access to cash. If no feasible options are available, Viatical settlements may be an ideal option for terminally ill individuals and their families. …

5 Ways to Lower Your Homeowners Insurance Costs

The price you pay for your homeowners insurance can vary by hundreds of dollars, depending on the insurance company you buy your policy from. Here are 5 ways you can lower your homeowner's insurance costs.

1. Shop Around:

How many of us know whenever we are getting a good deal on our home insurance policy? Shop around and comparison shop. You may be amazed at the savings that you are missing out on. Use the Internet, ask your friends, check the Yellow Pages or contact your state insurance department. National Association of Insurance Commissioners and get rates from 3-5 different homeowner's insurance companies.

2. Raise Your Deductible:

Deductibles are the amount of money you have to pay towards a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. While most insurance companies recommend a deductible of $ 500, if you can affords to raise your deductible to $ 1,000, you can save as much as 25{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} on your homeowners insurance.

3. Do not Confuse what you paid for your house with rebuilding costs:

This is the most common mistake that homeowners make when deciding the replacement value of their home. If your home is worth $ 150,000 and the land it is on is worth $ 25,000, then the cost to rebuild your house if $ 125,000. Do not get insurance for $ 150,000 as the land is not going anywhere.

4. Buy your home and auto policies from the same insurer:

Some companies that sell homeowners, auto and liability coverage will take 5 to 15{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} off your premium if you buy two or more policies from them. But make sure this combined price is lower than buying individual coverage from two different insurance companies.

5. Improve your home security:

Adding smoke detectors, burglar alerts or dead-bolt locks can drop the cost of your insurance by 5-10{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc}. Adding a sophisticated fire and burglar alarm that rings at the police, fire or other monitoring stations can also save you 25{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} -33{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} on your homeowners insurance. …