As a prime example, a 21 year old female (born in September of 1995) living in Los Angeles with an Anthem Blue Cross 2016 Platinum 90 D PPO plan paid $239.73 per month. Starting in January of 2017, her plan rate will be $494.88 per month! That is a 106% increase in premium! This quote was generated 10/18/2016 utilizing the shop and compare tool on Covered California.

Not only will her plan rate soar, but her plan will change from a PPO to an EPO. This means that her plan will no longer have any out-of-network benefits.

Open enrollment for 2017 begins November 1, 2016 and ends January 31, 2017. If you are in need of an individual/family health insurance plan, make sure to apply during open enrollment. Also, if you are unhappy with your current plan, open enrollment is the time to switch plans. Changing the tier level of your plan, changing carriers, or changing from a PPO to an HMO are all potential ways to mitigate the price increases.

Make sure to get several quotes for comparison and have your insurance broker review them with you. Health insurance plans have varying premium amounts, deductibles, copayments, coinsurance costs, out of pocket maximums, and drug benefits. You are going to want to find the right plan for your needs and budget.

Keep in mind that to establish a new group plan, there is no open enrollment period. A group plan can be put into place at any time throughout the year.

If you are a California resident in need of an individual/family plan or a group plan, please contact us at Secureterminsurance.com. We are insurance brokers dedicated to helping you find the right plan for your needs!

The post California Health Insurance Rates Revealed appeared first on Secure Term Insurance.

Make sure to get several quotes for comparison and have your insurance broker review them with you. Health insurance plans have varying premium amounts, deductibles, copayments, coinsurance costs, out of pocket maximums, and drug benefits. You are going to want to find the right plan for your needs and budget.

There will be both PPO plans and HMO plans available. PPO (Preferred Provider Organization) plans allow you to visit any doctor within the network without first getting a referral from a primary care physician. There are also HMO plans (Health Maintenance Organizations), which require a primary care visit first, before being referred to an in-network specialist. Make sure you understand the difference between PPO plans and HMO plans before selecting one.

If you have a doctor that you go to regularly, it is important to check to make sure he or she is in the network before committing to a particular plan. Once you commit to your plan, always make sure to go to doctors, hospitals, labs, and medical facilities within the network. If you have network questions you should contact your broker to help you.

If you are a California resident in need of a health plan feel free to contact us at Secureterminsurance.com. We are insurance brokers dedicated to helping you find the right plan for your needs!

The post Open Enrollment for Health Insurance Begins November 1, 2016 appeared first on Secure Term Insurance.

Life Insurance

If you are paying for your child’s tuition with your own income then it is recommended that you obtain a life insurance policy. This way your child will have the money to continue their education in the event of your death. Term life insurance is a great option because it is a relatively inexpensive form of life insurance and you can choose how long you want the policy to last. A good idea is to buy a term policy that will last until after your child’s college years.

Health Insurance

If your child is off to college for the first time then it is likely required by the school that your child obtains a health insurance policy. The college may offer its own health insurance plan, but make sure to understand the policy completely before committing to the plan. Keep in mind that plans have varying deductibles, out of pocket maximums, drug benefits, and doctor networks. Aside from policies offered through the school, there are plans available through the health insurance marketplace. Open enrollment starts Nov.1, 2016 and ends Jan. 31, 2017.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process and any assistance you may need thereafter. Contact us today and get the health insurance or life insurance coverage that is right for you!

The post Back to School Insurance Checklist appeared first on Secure Term Insurance.

Whether you are an employer looking to please your employees, or an employee searching for that perfect job, health coverage is on everyone’s mind. After all, a person’s health is his or her most important asset.

For employers looking to provide group health insurance benefits to their employees here is a list of considerations.

1. Group health insurance plans can be put in place for a company that has as few as two employees. However, if the company has only two employees there must be 100 percent participation in the plan.
2. If a company has more than two employees, then the required level of participation in the plan will vary. Typically, group health insurers require at least 50% participation. However, exceptions are made and it is often beneficial to seek a proposal even if the employer knows that participation would be as low as 25% (especially if the number of employees at the company is large).
3. In order to get a quote for a group health insurance plan, a census will need to be provided. A census is a list of all employees on the payroll.
4. To apply for a group health plan, a DE-9C form is required. The DE-9C form is a quarterly wage report.
5. When getting a quote the employer will have the option to see HMO and PPO group health insurance plans. In some cases, a custom plan with some employees on an HMO and some on a PPO is possible. HMOs are less expensive than their PPO equivalents. The level of deductible will be an important choice as well. A high deductible is less expensive than a low deductible.
6. An employer can decide the contribution amount. In some cases, an employer will pay for the entire premium or just a percentage of the premium leaving the employee to pick up the difference.
7. If the employer is on the DE-9C he or she can add his or her own dependents (spouse, domestic partner, children) to the plan.
8. Group health plans do not include dental insurance. Group dental insurance is an extra benefit that can be added at any time.

For employees that are able to participate in a group health insurance plan here is a list of considerations.

1. If the employer is offering both an HMO and a PPO then it is important to weigh out the decision carefully. Keep in mind that choosing an HMO requires the selection of a primary care physician within the network before the plan is implemented.
2. Always ask for a network list of doctors and hospitals ahead of time before making a decision on what group health insurance plan to go with.
3. Considering finances is also important. If the employer is only subsidizing 50% of the premium, then going with the most expensive plan available might not be the right choice.
4. Dependents (spouses, domestic partners, and children) can be added to the plan, but it will add to the premium cost.
5. Varying deductibles will likely be available. The lower the deductible, the more expensive the plan will be.

Free Quotes and Personalized Service

Looking to implement a group health insurance plan in California? Contact us at Secure Term Insurance.  Our experienced brokers search the entire marketplace to find your company the right options. We offer step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

The post Group Health Insurance Plans in Silicon Beach: Show Me the Benefits! appeared first on Secure Term Insurance.

Key Person Insurance also known as Key Man Insurance is a life insurance policy on an employee that is deemed as vital to the ongoing success of a business. If that employee dies, the business receives the death benefit.

Basic Partnership Example:

Jenny and Audrey are business partners at an internet startup. Both are vital to the ongoing success of the business. If for any reason one of them were to die, the business would suffer dramatically in the short-term. To protect against this, Jenny takes out an insurance policy on Audrey and names herself as the beneficiary. Likewise, Audrey takes out an insurance policy on Jenny and names herself as the beneficiary. In this way, the business has protection.

Corporate Example:

The owner of a software company wants to insure the business against the potential death of his most skilled programmer and also against the potential death of his most skilled salesman. Both employees are instrumental to the success of the business. The owner makes sure that life insurance policies are taken out on both of these important employees and names the corporation as the beneficiary of these policies.

Term Life Insurance as Key Person Insurance

The type of insurance that is a great fit as ‘key person insurance’ is term insurance. There are three reasons for this.

1) You can set a length of time for how long you want the policy to last.

2) Term insurance is relatively inexpensive compared to Whole Life Insurance.

3) The policy can be dropped for any reason at any time. For instance, if the key man leaves the company or the need for the policy simply no longer exists, the business can simply stop paying the premiums and effectively drop the policy.

Customized Structure

Key person insurance is beneficial to many different types of businesses including but not limited to partnerships, corporations, family businesses, law firms, small businesses, sole proprietorships, etc. The policy can be customized in terms of the length of time the policy lasts and the amount of death benefit provided, so as to fit the needs of each business.

Free Quotes and Personalized Service

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter. Contact us today and get the coverage that is right for you!

The post Key Person Insurance: Is your Business Covered? appeared first on Secure Term Insurance.

• Protective Life: Total Premium is $433.00 annually.
  Analysis: This quote is very competitively priced. The cost is only $433.00 a year, which is just $36.08 a month. Underwriting for this product requires a motor vehicle report and a paramedical exam, which includes a blood profile and a urinalysis. Protective Life has an A+ rating from A.M. Best ratings agency.

• Principal National Life Insurance Company: Total Premium is $445.00 annually.
  Analysis: This quote is very competitively priced. The cost is only $445 a year, which is just $37.08 a month. Principal also has an accelerated underwriting program for all of their life insurance products, which allows certain applicants to bypass having to take a physical exam in order to qualify. Principal has an A+ rating from A.M. Best ratings agency.

• Metlife: Total Premium is $449 annually Analysis: This product is competitively priced. The cost is $449 year, which is approximately $37.41 per month. Underwriting for this product includes a paramedical exam, which includes a blood profile and a urinalysis. Metlife has an A+ rating from A.M. Best ratings agency.

• John Hancock: Total Premium is $454 annually. Analysis: This product is competitively priced. The cost is just $454 per year, which is $37.83 a month. Underwriting requires a paramedical exam. John Hancock has an A+ rating from A.M. Best ratings agency.

• Banner: Total Premium is $459.99 annually. Analysis: This product is competitively priced. The cost is just $459.99 per year, which is approximately $38.33 per month. Underwriting for this product includes a motor vehicle report and an abbreviated paramedical exam, which includes a blood test and a urinalysis. Banner has an A+ rating from A.M. Best ratings agency.

• Nationwide: Total Premium is $465 annually Analysis: This product is competitively priced. The cost is $465 per year, which is approximately $38.75 per month. Underwriting for this product includes a paramedical exam. Nationwide has an A+ rating from A.M. Best ratings agency.

• United of Omaha: Total Premium is $482.50 annually. Analysis: This product is priced a little higher than other top rated carriers. The cost is $482.50 per year, which is $40.20 per month. Underwriting for this product includes a paramedical exam. United of Omaha has an A+ rating from A.M. Best ratings agency.

• Transamerica Life Insurance Co.: Total Premium is $550 annually. Analysis: This product is priced a littler higher than the other top rated carriers. The cost is $550 per year, which is approximately $45.83 per month. Underwriting for this product includes a motor vehicle report and a paramedical exam, which includes a blood test and a urinalysis. Transamerica Life Insurance Co. has an A+ rating from A.M. Best ratings agency.

Final Analysis on quotes for 35 year old:

As you can see, term insurance can be very inexpensive. The quote from Protective Life was the least expensive quote. However, the quote from Principal National Life Insurance Company was only a dollar more. Principal offers an accelerated underwriting program which would potentially make it worth while to go with Principal instead of Protective Life. Therefore, the lowest quote is not always the very best option. Pricing is very important but it is good to have a broker that has knowledge of the underwriting standards of each company. Ideally, you want to go with the company that is the best combination of four criteria.  1. Best pricing. 2. Easiest underwriting 3. Quickest underwriting 4. Best financial ratings. An experienced broker can help you compare quotes and find the best overall product for you.

Term Life Insurance Companies for a 50 Year Old

• Lincoln National Life Insurance Company: Total Premium is $1,688 annually. Analysis: This is one of the most competitively priced quotes for this age group. Lincoln was not one of the lowest prices for the 35 year old. Lincoln National Insurance Company has an A+ rating from A.M. Best ratings agency.

• Protective Life: Total Premium is $1,697.50 annually. Analysis: This quote is competitively priced. Similar to the 35 year old quotes, Protective is offering one of the lowest prices available.

• John Hancock: Total Premium is $1,710 annually. Analysis: This quote is competitively priced.

• Principal National Life Insurance Company: Total Premium is $1,710 annually as well. This product has an accelerated underwriting program to qualified applicants.

Final Analysis on quotes for 50 year old male:

As you can see. Lincoln National Life Insurance Company is the best priced option for the 50 year old. In terms of price, Lincoln was not even in the top ten for the 35 year old. This demonstrates that different companies are better priced for some age groups and not others.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter. Contact us today and get the coverage that is right for you!

The post Term Life Insurance Companies: Quotes and Comparisons appeared first on Secure Term Insurance.

The 60 minutes episode this week was called ‘Not Paid’. It shined a light on how  life insurance carriers have been avoiding paying claims. Even well known companies like John Hancock, Metlife, and Prudential were named as having failed to pay out to deserving beneficiaries. An investigation has shown that the number of policies that were not paid were in the millions and occurred over many decades. These policies amount to billions of dollars in unpaid claims nationwide.

The Bottom Line

The policies that were not paid all had one thing in common. The beneficiaries never came forward to make the death claim. In most of the cases, the beneficiaries just did not know of the existence of the policy or had forgotten about it. The insurance carriers are in trouble because in many cases, the carrier had actual knowledge that the death of their client had occurred. But, because there was no formal death claim submitted by the beneficiary the carriers simply did not pay the claim and essentially pretended that they did not know about the death.

Lessons Learned

Treat your policies like a piece of fine jewelry. Keep them in a safe place that you can check on easily. Many people buy life insurance and forget what they have because they lose the paperwork. If this has happened to you then make sure to call your broker or the company that you bought the policy from to get another copy of the documents. Also, the most important lesson in all of this is to make sure to let your beneficiaries know that you have a life insurance policy with their names on it. Make sure they have a copy of the policy or at least know where the policy is located. This way they can formally submit the claim when that time comes.

The post 60 Minutes Episode on Life Insurance Benefits appeared first on Secure Term Insurance.

Term Insurance Rates for a 30 Year Old

A healthy 30 year old male can get a 20 year term policy with a death benefit of $1,000,000 from Banner Life for just $422.50 a year. This is approximately $35 a month and approximately $1.15 a day. That is less than a Caffè Latte per day.

Another option for a healthy 30 year old male is a 20 year term policy with a death benefit of $1,000,000 from Principal National Life Insurance Company for $455.00 a year. This is approximately $38 a month.

Term Insurance Rates Analysis:

The quotes above are both competitively priced. Both of the companies have A+ financial ratings from A.M. Best ratings agency. In purchasing a life insurance policy, pricing and financial strength are both factors to consider. You will want to buy a policy from a company that is most certainly going to be around for many years to come. In this scenario, the Banner Life policy is slightly less expensive. However, Principal has an accelerated underwriting program that allows the possibility of waiving the paramedical exam, which is almost always an underwriting requirement. For this reason, the 30 year old may consider the Principal policy even though it is slightly more expensive. This example demonstrates the importance of having a broker that is familiar with the insurance carriers in the industry and their underwriting guidelines.

A healthy 30 year old female can get a 20 year term policy with a death benefit of $1,000,000 from Banner Life for $347.36 per year. This is roughly $29 a month.

Another option for a 30 year old female is a 20 year term policy with a death benefit of $1,000,000 from Transamerica Life Insurance Co. for $350 per year. This is roughly $29 a month as well.

Term Insurance Rates Analysis:

The above quotes are both competitively priced and from companies that have high financial ratings. As you can see, these quotes are less than the quotes for the 30 year old male. This is because women have a greater life expectancy than men.

Term Insurance Rates for a 40 Year Old

A healthy 40 year old male can get a 20 year term policy with a death benefit of $1,000,000 from John Hancock for $643.00 a year.

Another option for a healthy 40 year old male is a 20 year term policy with a death benefit of $1,000,000 from MetLife for $649.00 a year.

A healthy 40 year old female can get a 20 year term policy with a death benefit of $1,000,000 from MetLife for $519.00 a year.

Another option for a healthy 40 year old female is a 20 year term policy with a death benefit of $1,000,000 from Banner Life for $549.98 a year.

Term Insurance Rates Analysis:

It is important to note that the quotes above are from companies with A+ financial ratings from A.M. Best ratings agency. Also, notice that MetLife is the least expensive option for the 40 year old female but not the least expensive option for the 40 year old male. Sometimes if a married couple are both seeking life insurance, they might purchase from different companies in order to maximize savings. Insurance carrier prices all vary based on age, gender, health, etc. An insurance carrier might be priced the best for a certain age group and gender and have relatively higher prices for another age group and gender. This is yet another reason that it is important to go to a broker when looking for term life insurance. Brokers can compare prices from the various insurance carriers and find the best pricing. Also, some insurance carriers have better pricing for whole life insurance and much worse pricing for term insurance. So again, there is an advantage to going to a broker, as it is important to compare prices to get the best rate.

Term Insurance Rates for a 50 Year Old

A healthy 50 year old male can get a 20 year term policy with a death benefit of $1,000,000 from Lincoln National Life Insurance Company for $1,688 per year.

Another option for a healthy 50 year old male is a 20 year term policy with a death benefit of $1,000,000 from John Hancock for $1,710 per year.

A healthy 50 year old female can get a 20 year term policy with a death benefit of $1,000,000 from Lincoln National Life Insurance Company for $1,244 per year.

Another option for a healthy 50 year old female is a 20 year term policy with a death benefit of $1,000,000 from Banner Life $1,249.99 per year.

Term Insurance Rates Analysis:

The above quotes are from companies with A+ financial ratings from A.M. Best ratings agency. Notice that for both a 50 year old male and 50 year old female, Lincoln National Life Insurance Company had the best pricing. However, in the 40 and 30 year old age groups, Lincoln National Life Insurance Company was not priced that low. No insurance carrier has the best term insurance rates across the board in every age group, health class, gender, etc. For this reason it is important to go to a broker to get price comparisons to find the product that is right for you.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

The post Term Insurance Rates appeared first on Secure Term Insurance.

1. Getting a Quote

As an example, Greg is a married 29 year old with a newborn child. He is interested in getting a term life insurance policy to protect his family in the event of his death. Greg can go directly to an insurance company and will receive a quote from just that company. Or he can go to an insurance broker and receive quotes from multiple companies so as to compare them. For this reason it is advisable to go to an insurance broker when shopping for term life insurance. Term life insurance quotes are based on age, health, term length desired, and death benefit amount desired.

2. Choosing a Term Length

Greg has a wife, a newborn child, and also a 30 year mortgage. In choosing a term length, he would like a term policy that lasts for the duration of his mortgage. He also hopes to one day send his child to college and potentially graduate school, so he wants the policy to last at least until his child is an adult. Therefore, a 30 year term policy seems like a good term length. If Greg dies at some point within the next 30 years the death benefit will go to the beneficiary of his choice, which in this case is his wife Kimberly.

3. Choosing a Death Benefit Amount

Greg is the main breadwinner of his family. He currently makes $100,000 a year. After assessing his financial situation including his income amount, outstanding debt, junior’s educational costs, and potential final expenses, he decides that he should have a policy with at least $1,000,000 of death benefit. Here is a needs assessment test to take if you are considering term life insurance. Greg’s insurance broker presents him quotes with 30 year term lengths with a death benefit of $1,000,000. The best quote comes in at $700 per year, assuming that Greg is in good health. Keep in mind that the pricing and the financial stability of the insurance company are both important factors to consider when shopping for term life insurance.

4. Underwriting Process

Greg decides to pursue the policy at which point the broker sets him up with a paramedical exam. The paramedical exam can be taken at his home, his work, or wherever he chooses. It includes a blood test, and a urine test. The results are sent to the insurance company. The insurance company may also request doctor records.

5. Policy Approval & Delivery

Once Greg is approved the policy is issued and the broker delivers it to him in exchange for the first premium amount, which in this case is $700. Keep in mind, you can opt to pay the premiums monthly if you would like.

6. How Does Term Life Insurance Work?

Once the check is received, the coverage is bound. Greg’s premiums are level at $700 per year for 30 years. As long as he pays the premium every year his $1,000,000 of death benefit is in force. If he dies within the 30 year period, the $1,000,000 will go to his beneficiary. If he does not die within the 30 year term the policy ends after year 30. At that point, if he wants to get a new policy he will need to reapply and go through underwriting again.

7. Know Your Rights

Many term policies can be converted to whole life policies within a certain amount of time with no additional underwriting required. You can change the beneficiaries of your term life insurance policy at any time. You can also drop your term life insurance policy at any time. For instance, if you buy a 30 year term policy you are not required to keep the policy for the entire 30 year term. There is no penalty for dropping a policy. Once you discontinue paying premiums the policy terminates and there is no death benefit coverage. However, if you do wish to keep the policy for the entire 30 year period, the premium amount is level and will never increase during the entire term length. You can add another policy at any time. As your financial needs change you can buy another term life insurance policy. It is a good idea to review your coverage to maintain the proper amount of life insurance.

8. Term Insurance is Relatively Inexpensive

It is very important for young families that have not been able to accumulate a lot of savings to buy term insurance.  Often, a term life insurance policy costs less than it costs to buy a cup of coffee per day. Proceeds from the policy create an estate for the benefit of the surviving spouse and children.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

The post How Does Term Life Insurance Work? appeared first on Secure Term Insurance.

For example: A 35 year old female in excellent health can purchase a $1,000,000 death benefit for a term length of 20 years for $380 per year.  That is $1.04 per day, which is quite a bit less than the cost of a morning latte.  A 30 year term policy can be purchased for as low as $680 per year, which is $1.86 per day!

A 35 year old male in excellent health can purchase a $1,000,000 death benefit for a term length of 20 years for $442 per year.  That is only $1.21 per day.  A 30 year term policy can be purchased for as low as $815 per year, which is $2.23 per day!

These quotes are from an insurance carrier that has an A+ rating from A.M. Best rating agency.

Term Life Insurance Cost (continued):

Term Life insurance quotes are based on your age, health, death benefit amount desired, and the term length desired. If you are a smoker you may still qualify for term life insurance. Most all term life insurance policies have a level premium amount. So the premium does not change from year to year. To find out how much term life insurance you need, here is a simple checklist to reference. You can also drop your term life insurance policy at any time. For instance, if you buy a 30 year term policy you are not required to keep the policy for the entire 30 year term. There is no penalty for dropping a policy. Once you discontinue paying premiums the policy terminates and there is no death benefit coverage. However, if you do wish to keep the policy for the entire 30 year period, the premium amount is level and will never increase during the entire term length. You can add another policy at any time. As your financial needs change you can buy another term life insurance policy. It is a good idea to review your coverage to maintain the proper amount life insurance.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

The post Term Life Insurance Cost: It can be less than a caffè latte per day! appeared first on Secure Term Insurance.