Life Insurance 101, An Explanation of Various Types of Life Insurance

TERM LIFE INSURANCE – Life insurance for a set number or years. You can choose from 5 to 30 year terms. No cash value, if you die during the term you collect the death benefit. The policy dies after the selected term has ended and you receive nothing unless you have a, return of premium rider or you convert the policy to some form of permanent insurance.

RETURN OF PREMIUM TERM INSURANCE (ROP) – A term insurance policy that returns all or a portion of premiums paid at the end of the term if the death benefit has not been paid.

SIMPLIFIED TERM INSURANCE – Term insurance which uses a simple application. Underwriting is done electronically. No underwriting requirements by the applicant unless red flags arise out of the electronic underwriting process. Policy is usually issued much quicker than regular term. There is a limit of death benefit for this type of policy ($350,000 or less) depending on the insurance carrier. This type of policy is generally more expensive because of additional risk by the insurance carrier. Less underwriting =more risk.

CRITICAL ILLNESS INSURANCE – Applied for as a stand-alone policy or as a rider to another life insurance policy. Pay immediate benefit for a covered illness even if death does not occur.

ACCIDENTAL DEATH INSURANCE – Pays benefit in event of a covered sudden accidental death. Applied for as a stand-alone policy or as a rider to another form of life insurance.

MORTGAGE PROTECTION INSURANCE OR DECREASING TERM INSURANCE – Term insurance that pays the balance of your mortgage should death occur. The amount of death benefit decreases to match the amount owed on mortgage. The insurance is set up to end at the same time your mortgage is set to end.

UNIVERSAL LIFE INSURANCE (non variable) – Flexible premiums. Can be a permanent insurance as long as premiums are paid and policy is funded properly. Investment policy in which risk lies with insurance company.

Has a minimum guaranteed interest rate which differs by company. This policy has the ability to gain contract value. The death benefit can be set to level (death benefit stays the same throughout) or increasing (death benefit increases as contract value rises). You may obtain loans or make withdraws but you must be careful, if the policy is not funded, it will collapse.

VARIABLE UNIVERSAL LIFE INSURANCE – Agent must have securities license to sell. Very similar to non-variable universal life. The difference is that the policy owner assumes investment risk. There is no guaranteed interest rate. Policy can collapse if investment does not do well and policy is not funded properly.

WHOLE LIFE INSURANCE – Simply put, you pay the premium and the policy will last your whole life. You usually have an option to borrow against the policy, amount depends on the value of the policy. This type of policy is usually much more expensive than the universal life policy.

GRADED BENEFITS WHOLE LIFE – Partial or no benefits paid until a named or tiered waiting period has passed. If you die before the waiting period has passed, you usually will receive the return of your premium payments with some sort of interest.

FINAL EXPENSE WHOLE LIFE INSURANCE – This type of whole life insurance is aimed at burial and funeral expenses and other final expenses. Usually, no medical exam required and death benefit is limited to $50,000 or less.

SINGLE PREMIUM WHOLE LIFE – This whole life policy is paid for by a single lump sum payment. In return the beneficiary receives a larger death benefit than the payment.

THINGS TO CONSIDER: You may be interested in mixing and matching different types of policies. For example; There is a need for 500k immediately. As time goes on, the kids have graduated college and are out of the house, the house is almost or totally paid off. Now the need is less. In this example you may want to purchase a 330k universal life and a 20 year 200k term. This plan will save you money and still protect your family for life.

Or, you may want to mix term, critical illness, accident, universal life, or whole life in various ways depending on your needs.

RIDERS:

Waiver of Premium Rider – pays life insurance premium if you become disabled and can’t work. There is usually a waiting period and rider usually expires at age 60 or 65.

Critical Illness Rider – Rider is explained above.

Return of Premium Rider – Rider is explained above.

Guaranteed Insurability Rider – this rider allows you to purchase an additional amount of life insurance at a later date without having to prove insurability again or take another medical exam.

Term Conversion Rider – allows you to convert a term insurance policy into a permanent policy without proving insurability again.

Accelerated Benefit Rider – this rider is only for permanent life insurance policies. This rider is usually included automatically for free. It allows you to collect a portion of your policy’s death benefit if you become terminally ill with a short life expectancy, usually one year. The portion paid out is subtracted from you policy’s death benefit.

Accidental Death Benefit Rider – This rider pays in addition to the death benefit if you die from an accident.

Child protection Rider – Usually used to pay final expenses if the unthinkable happens. Often, at a nominal cost and purchased in units of $1,000.

UNDERWRITING: requirements depend on insurance carrier, type of policy, amount of death benefit, age, build chart, gender, medical history, medications, family history, motor vehicle report, and other factors.

An application is always required, although, non-medical policies usually have a simple application.

Requirements could be: Paramed (certified medical processor or nurse comes to your place of choosing, takes you through a medical questionnaire, measures your height and weight, takes blood and urine sample, possibly EKG either resting or non-resting), Medical information from your physician or hospital, Medical exam, etc.

HEALTH CLASSES – Typical health classes would be, Preferred Best, Preferred, Select Standard, Standard, and then different nicotine classes such as, preferred nicotine, select nicotine, and standard nicotine.

It is possible to be rated less than standard depending on health and underwriting factors.

You must qualify for a health class. This is chosen by the underwriter after the underwriting process is complete. The agent can only quote you the different health classes but this can change with the underwriting process.

A Guide for Traveling To Turkey

Traveling to Turkey can be an experience like no other. Located between two continents, one portion of Turkey belongs to Europe where the rest is located in the Middle East. Whichever area you are visiting, though, is gorgeous and full of incredible customs and beautiful landscapes.

There are many languages ​​spoken in modern day Turkey. These include Turkish which is their official language, as well as Greek, Kurdish, Arabic, and Greek. If you are traveling from Western Europe, you are not required to have a Visa unless you live in Great Britain; but if you are coming from other areas, you will then need your Visa or a passport.

The transportation to and around Turkey is contemporary, so there are plenty of options to move about, from buses, to trains, to taxi cabs. Taxis are the main form of public transportation, and drivers welcome tourists who need to go not only to the main cities but also towns that lie on the outskirts. The buses are modernized as well and very comfortable for travel. Some of the buses offer a snack and a drink on a particularly long ride. They will even stop at restaurants every few hours if you are traveling outside the main sections of the nation.

When driving through Turkey you need to be fairly careful, as traffic accident rates are high. The roads tend to be in reliably poor condition. So if your trek will take you off the beaten path, it might be better to take a bus or car service to take you where you need to go. It is worth it though, since there are so many great things to do in Turkey.

Turkey's ski areas are extremely popular. During the winter season, they are the highlight of the country. In the warmer months there is plenty to do as well if you are adventurous and want to take a rafting tour or relax on a yacht for the day. The possibilities are endless.

The culture itself can not be beat. With innumerable great cuisines that consist of lamb, Turkish coffee, and incredible desserts you need to be sure to walk off some of the calories you consume through a day. To do that you can enjoy some of the Turkish history at museums and landmarks in just about every major city.

Try to get to Topkapi Place, Ayasofya Museum, and the ancient City of Troy if you can. Finally you have the diverse wildlife that is so popular in Turkey. The nation has preserved many rare animal species and are very proactive in their ecological research.

The landscape, the culture, and the history of Turkey are so important to the country, that you would be wise to try to take it all in while you have the opportunity.

How To Start A Restaurant Business

First of all you will need to think about the type of restaurant you want to open. Primarily, restaurants are grouped into three categories: quick service or fast food, midscale where you will get a good meal for a good price, and upscale with plenty of charm and fancy cuisine. This will also be dependent upon the type of food you want to serve, and the type of customers frequent the area.

One idea is to open an ethnic restaurant such as, Italian, Mexican, French, etc.. You can open an ethnic restaurant in any of the three categories, but before you choose take a look at the demographics of your area. You may want to take a demographic survey so you can get information on:

o The ages of the customers that will eat at your restaurant business.

o What types of ethnic groups live in the surrounding area.

o The occupations and income levels near your restaurant business.

o How many people will be interested in the type of food you will be serving.

o What are the needs, in terms of services or products, of the people in your area? Will you get enough business in the area you are planning to put your restaurant business?

A competitive analysis will show you what other restaurant business are in the area and what type of competition they will give you. You can do this by going to the restaurants as a customer, and checking out the menu to see how much they charge for their food and drink. This will help you decide how much to charge for your fare. To start your competitive survey, you should check the phone book and yellow pages in that area that have a restaurant business in the same category as yours.

The type and size of your restaurant business will determine the amount or size of the following:

o What you will need in the line of equipment.

o How many pieces of dishware, glassware, flatware, linens and napkins, you will need.

o Cooler, freezer, and storage size.

o How large your building will need to be.

o How many employees you should hire.

o How much parking you will need.

o What you will need in the line of advertising.

What will you call your restaurant business? The choice of a name should be one that reflects what you sell and will help you sell your goods. You will want all of your customers to be able to pronounce and spell the name to look it up in the phone book, or when writing a check. The name should be more creative than the competition, and represents the type of menu you are offering.

Make sure you are not stepping on someone else, check to see if the name you have chosen has been registered to someone else under a trademark. If it isn’t, make sure that you register the name with your county clerk. You should also check with the federal government to see that there are no trademarks registered through them with the name you have chosen. You can be sued for using an already registered name.

The iPhone 4 – New Features, New Design, Brand New All in One Gadget

The new iPhone is finally here. More technology packed then ever before, it sets new benchmarks for other mobile phones manufacturers that have been overwhelmed by the success of Apple's iPhone.

But I guess you're more interested in the features of then new phone rather than the impact it has on the business world so let me share with you the novelties it brings along.

Design:

The new iPhone is thinner, sleeker and better looking then its predecessors. The stainless steel looks good and refined giving it a more futuristic look. The metal buttons add to the overall feel of sturdiness without dramatically increasing the weight. It is heavier then the iPhone 3GS by only 0.1 ounces and it feels great in the hand.

Technology:

But the most obvious improvement is by far the new screen. The "Retina" is a 3.5 inch display which looks absolutely superb, mainly because its pixels are only 78 micrometers wide. It has four times more pixels then the previous version and it is by far the best display I have ever seen on a handheld device. The zoom is flawless and not a single bit of detail is lost in the process.

The "camera system" (as Steve Jobs called it) is comprised of a 5MP capturing device on the back and a VGA one on the front. The image can be shifted between cameras at any time during a video call. Apple calls this "Face Time" and although it has been praised by company officials it is pretty hard to believe it will revolutionize mobile communications or set a trend for other manufacturers to follow. It is undetected a clever feature but it is overshadowed by other technological marvels such as the flawless screen.

iMovie:

iMovie is an app that allows complex video editing like nothing I have seen before on a mobile phone. You can trim out a section of a movie, add a musical soundtrack to any clip, insert pictures in movies and many more. It costs $ 4.99 in the Apple applications store but it is really worth the money.

Conclusion:

The iPhone 4 is a great device with major improvements from the previous versions. Technology packed but also a looker it will unduly become a favorite among geeks and fashion savvy teens alike. A true all in one that certainly describes your attention.