Term Life Insurance Nevada NV
Reader’s Question:
I am a 30-year-old store manager here in Nevada. I want to get life insurance coverage but only until I’m 60 because, you see, I don’t to be paying any bills by the time I retire. What can you suggest?
Richard
Reno, NV
Hey, Richard. Sounds like you are retiring in a grand fashion there in Nevada. “I’m 60, that’s it. No more bills.” Well, Richard, I share your opinion also. When we come to that stage in life, I sure hope to be worry-free and relaxed. Maybe even travel the world. Well, in any case, I got your point. Nothing should be bothering us except how to spend our pensions, eh?
Richard, if you really think that you won’t need anything else by the time you’re 60, then term life insurance is your best bet if you are scrimping on budget. A term life insurance policy is cheaper than a whole life policy relative to face amount–meaning for the same face amount, your term life is way cheaper than a whole life insurance policy. You can also convert your term life insurance to a whole life policy should you change your mind.
However, Richard, most people find that term life insurance at a disadvantage. It is because at the end of the term, all premiums paid over the years are good as gone. What most people misunderstand about life insurance is that during when the policy is in force, the life insurance company is taking great risks in underwriting term life insurance as they give out higher face amount to term life policy holders, compared to other types of life insurance. You may not get anything at the end of the term, not even the amount you paid for, but this works really much to your favor as they promised to give you coverage for a number of years at a cheap rate and at a higher face value.
Tags: life insurance, term life insurance, whole life insurance
Compare Life Insurance Options Nevada NV
Reader’s Question:
What’s the best way to choose life insurance? I just made a down payment on a 20-year mortgage here in Nevada and a friend talked me into getting a policy.
Carla
Reno, NV
The best way to determine what kind of life insurance policy would be right for you (and your beneficiaries) is to determine your family or loved-one’s immediate future financial needs in the event that you suddenly pass away. If your are the household’s main, or sole, provider, you should definitely take into account any debts or financial obligations that you will leave behind. Like that 20-year mortgage you took-out on your home there in Nevada, (it would be terrible if the house your family is living in gets foreclosed due to non-payment and I’m sure you don’t want that to happen).
There are two kinds of life insurance policies that you can choose from. You could go with a term life insurance policy which is a cheap life insurance policy that still provides relatively big amounts of benefits (also known as the policy’s “Face Value” amount) but the coverage period is limited. Most career people choose this since they only need insurance until children are grown-up or once debt’s have been settled.
You can opt to buy a whole life insurance policy which gives lifetime coverage. Premiums are a bit higher but you are guaranteed a level or stable rate all throughout the coverage period. This kind of policies may also come with a ‘cash-value” feature that puts part of your premiums into a fund that can grow and be used for future needs without sacrificing your life insurance coverage.
Tags: cheap life insurance, life insurance, life insurance information, advise
Permanent Life Insurance Nevada NV
Reader’s Question:
What is a permanent life insurance? What are the benefits of this type of insurance in Nevada?
Alex
Henderson, NV
Permanent life insurance or whole life insurance is a type of life insurance that you can keep throughout your life. Unlike the term life insurance policy, permanent or whole life never expires. Furthermore, the life insurance premium of a permanent life insurance policy remains level. This means the premium will not increase throughout the life of the policy. There are different types of whole life insurance policy to choose from. These are universal life insurance, variable life insurance and variable universal life insurance.
If you choose to purchase permanent life insurance policy in Nevada, you can benefit in different ways. With guaranteed death benefit, premiums are guaranteed to remain level while the life insurance policy is force and can remain in force all throughout your life even at the age of 100. This is the reason why it is called permanent life insurance policy. Not even the life insurance company can cancel your life insurance policy. With whole life insurance policy, you can also accumulate cash value. These guaranteed cash values can be available in the event of emergency. You can also take a loan from this cash or surrender the policy and collect the cash value. This cash accumulates free from income tax. If you have a participating whole life insurance policy, you can earn dividends but these are not guaranteed. With these dividends, you can accumulate interest, buy paid up additions, reduce your premiums or just collect the dividends in cash.
Tags: life insurance, permanent life insurance
Car Declared Totaled By Auto Insurance Company Nevada NV
Reader’s Question:
I was involved in an accident here in Nevada, and my car was declared totaled by my auto insurance company. They want to pay off my car but we cannot agree on a price. What should I do?
Bonnie
Reno, NV
The first thing to do is to check out the website of the Nevada Department of Insurance. Here, you will find a list of your rights as a policyholder. Since all states control car insurance companies to an extent to protect your rights as to avoid getting cheated when you file for a claim, you should be able to get ample information on the website regarding just settlement of insurance claims.
Next thing to do is to check your appraisal provision. This allows you to get an independent assessment on the damage to your car. Once the independent assessment and that of your insurer is available, a third party or umpire jointly chosen by your independent appraiser and car insurer will step in to decide if the insurer and independent appraiser cannot agree on the car’s value. You will have to pay for the independent appraiser’s fees, though. You also have to shoulder a part of the umpire’s fees. But if you really feel you are being shortchanged by your insurance provider, paying extra may prove to be worth it.
If you still do not agree to the price set by the two parties, talk to a senior adjuster in the car insurance company. You can ask help from the state insurance commissioner, too. Another option is to take your case to arbitration, or you may even file a lawsuit.
Tags: auto insurance, auto insurance claims, car insurance, Car Insurance Company
Life Insurance Policy Nevada NV
Reader’s Question:
Hi, I would like to know the different points to consider when naming beneficiaries to my life insurance policy?
Lyle
Reno, NV
Naming the beneficiaries is a very important consideration when purchasing a life insurance policy. Once you now have your life insurance policy, you need to update regularly the beneficiary designation and ensure that the life insurance proceeds will go where you want them to.
It is a smart decision to assign a contingent beneficiary other than your primary beneficiary especially in the case when you outlive your beneficiary. You need to make sure that you state the full name of the beneficiary as well as his/her relationship with you. Indicating the full name of the beneficiary may not be accurate enough to trace the beneficiary because someone else can have the same name. If you have a newborn, you need to immediately add the name of your child as our beneficiary. Furthermore, to avoid delay in payments, do not make life insurance proceeds payable to your estate. Estate is required to go through validation before any payment is made. If you have more than one beneficiary, you need to state how much of the proceeds will go to whom. Otherwise, the benefits will be shared equally by your beneficiaries and may defeat the purpose of your plan.
Tags: life insurance
Misplaced Auto Insurance Policy Nevada NV
Reader’s Question:
Hi there. I kinda misplaced my auto insurance policy and I’ve forgotten when it expires, so I’m not really sure if I’m still covered. What’s gonna happen if I get caught without insurance in Nevada? Can I go to jail for this?
Andy
Las Vegas, NV
Well, Andy, I do hope you find your auto insurance policy soon. It’s really not safe to be out in the streets without the proper insurance. Why don’t you call your auto insurance agent in Nevada as I’m pretty sure he can give you a copy of your papers? You have to keep your insurance ID card in your car at all times if you want to drive legally in the state of Nevada. If you get caught by the police, and you don’t have your insurance card, they can suspend your vehicle’s registration. It’s gonna cost you more to have your registration reinstated. Also, the DMV guys can remove your license plates if they find out that you do not have auto insurance. They may also have your car impounded. Worse, if you get into an accident and your auto insurance has lapsed, you’re gonna have to pay for everything. And believe me, it can cost tons of bucks! Think about hospital bills, car repair bills, legal fees if you get sued. It’s gonna be a lot more paperwork and cost a lot more money to have things fixed. So please, try and find your auto insurance ID card or just pick up the phone and ask your agent.
Tags: DMV, driving without insurance
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