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.

5 Things To Consider When You Buy Clothes For Your Baby

If you think that shopping for a baby is a simple affair, then it is time to think again. With so many options to choose from, it is difficult to make up your mind. Whether you are buying clothes for your child or for the children of your friends or relatives, you need to consider few factors.

The first and the most essential point that you must remember is that you should buy clothes that are at least one size ahead of the baby's present age. This is because babies grow very fast in the first few months and buying larger clothes will make sure that you can use them for a longer time.

The second important thing that you should take into account is the season when the baby will actually put on the outfit. If you are planning ahead and buying clothes for your newborn that it can wear in the near future, choose the specific range of outfits designed for different seasons.

The third factor in the list is to buy clothes that match your baby's need. As it is already said that babies grow very fast, do not buy very expensive outfits for it. Be realistic in your choice and choose outfits that are easy to put on and remove. Go for a bodysuit and a few pairs of comfortable pants, buy lots of bibs, booties and hats that your baby will need more often than any other designer dress. Pick the clothes that allow easy diaper change. Go for those dresses that have two pieces and do not opt ​​for single-piece outfits that do not allow you to access and change the baby's diaper easily.

The fourth thing in this list of discussion is to choose clothes that you can wash and dry very easily. Babies soil their clothes now and then and so it is important to buy out that that does not keep the stains or marks and are easy to clean.

Last but not the least, when you are buying clothes for your little one, make sure you choose clothes that you can use for both boys and girls. This is all the more important if you are planning to have more children in the future. You can reuse these clothes and save a lot of money.

Now that you know what to look for when you go shopping for your sweetheart, there is no chance of any confusion. Whether you shop online or offline, these points will guide you towards the right clothes for your baby.

Fast Food, Slow Death?

The all too familiar story: no time to cook, kids are late for soccer practice and McDonald's is on the way. Since it will not take more than a few minutes to shoot through the drive through we'll do the fast food stop. Or all too familiar story number 2: lunch hour at work and I need to pick up my dry cleaning, fill a prescription, and take the car to get gas and find time to eat. Sure enough Taco Bell is on the way and they have a drive through as well. These real life situations play out for all of us, millions of us, everyday. Since time has become one of our most precious commodities the sacrifice we make is often in our diet.

And yet it does not need to be this way. By following a few healthy practices you can still go to your favorite fast food chain and, 30 years from now, live to tell about it. The key is knowing what to select from the menu and balancing that meal with the rest of the day's food intake.

Choose Your Menu Items With Care

Choose a main dish item that is low in fat. As an example, when faced with the choice of a bacon cheeseburger or a regular hamburger, the regular hamburger wins every time. In the battle of the regular hamburger or the grilled chicken breast sandwich the chicken wins hands down. Why? Here's an example:

Wendy's Ultimate Chicken Grill Sandwich has 360 calories, 7 grams of fat, and 0 trans fat. Compare that to the Wendy's Big Bacon Classic which has 580 calories, 29 grams of fat and 1.5 grams of trans fat. Put either choice with a medium fry and you have added another 440 calories and another 21 grams of fat. Choose, instead, the Baked Potato with Sour Cream and Chive and you add 320 calories and 4 grams of fat – a better choice indeed.

Choose side salads and salad bar vegetables as these provide extra vitamins and add dietary fiber. In addition they fill you up without adding lots of extra calories. Be sure to use low fat or non-fat dressing or better yet, a simple vinaigrette dressing. More dietary fiber can be found in the choice of whole wheat or whole grain buns and rolls.

If your sweet tooth kicks in have fresh fruit or frozen yogurt. Or go for the reduced fat ice cream versus the shake. Again an example, this time from McDonald's: 16 oz. Triple Thick Vanilla Shake has 550 calories and 13 grams of fat. The Vanilla Reduced Fat Ice Cream Cone has 150 calories and only 3.5 grams of fat. Granted the lower calories alternative is not as decadent but it also will not clog your arteries by increasing your cholesterol intake and it will satisfy the sugar craving.

Watch Your Portion Size

Portion control is also a key element to successful fast food dining. Although many restaurants have discontinued the super size trend, most portions are simply more than we need to consume. These large portions look like real value when viewed in the monetary sense but when measured by way of their contribution to weight gain and its complications they are simply not worth it.

Choose the smallest size possible especially if you are having hamburgers or fried foods.

Share large or high items with someone else.

Eat half your order and take the rest home. Yes, I know we are provided to clean our plates because there are children starving in China. At least that's what many mothers over the years have been heard to say. The fact is being a member of the Clean Plate Club will also get you entry into the Fat Club, the High Cholesterol Club, and if your really fortify the Heart Disease Club.

Remember These 3 Key Points

1. Reduce total fat, saturated fat, trans fat, cholesterol, and sodium.
2. Increase intake of whole grains
3. Eat more fruits and vegetables

Fast food is one of the great innovations of the 20th century. Here in the 21st century we need to manage how we take advantage of its limitless access. To do so will maintain a balance between food as satisfying fuel that keeps our human engine running and toxic waste that will eventually lead to shorten life spans.

Culinary Arts Education – Degrees For a Job in the Hospitality Industry

There are many people that dream of a career in the hospitality industry and the most popular job is, of course, the head chef. To attain this role within a quality restaurant you will need to go through a culinary arts education course that will prepare you for working as a professional chef. These courses include the actual hands on preparation of food as well as the theories and lessons you will need to work in the industry. The courses run for anywhere from three to five years and even longer in you choose to complete a double degree.

There are many schools offering culinary education including everything from local community colleges through to world class cooking schools such as Le Cordon Bleu. Most of these schools offer professional degrees in culinary arts and will provide you with an opportunity to get a great job in the industry. However, it is more than likely you will need to get experience as an assistant, or sous chef, before you will be promoted or offered a job as a head chef. Like most other graduates you will need to make your way up the industry until you reach the top.

It is important to compare the different culinary arts education courses that are offered. Consider that some of the courses will not offer a formal degree so it is a good idea to put plenty of research into your decision. Create a short list of schools as it is a good idea to apply to more than one school in case you are not accepted by your first choice.