Welcome to stat Life insurance..

The Life Insurance Business in Pakistan was nationalized during March 1972. before that 32 Life Insurance Companies are working in Pakistan. In November 1, 1972 these all companies are merged and all Life Insurance Business was consolidated and entrusted to the State Life Insurance Corporation of Pakistan.State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Board of Directors of State Life which runs the affair of this Corporation.

Sunday, 20 March 2011

About EQUOTE Life Insurance Services

Since 1998, EQUOTE has been providing our valued customers with the lowest cost affordable term life insurance products, including no medical and term life insurance from our California offices located in San Diego. We offer term life insurance quotes online, rates, and information with simple, straight talk. Now EQUOTE Life Insurance has added Annuities and Long Term Care Insurance plans to offer you more and better options to protect yourself and your family. After all, that is what insurance is for: Protection for yourself and your family.

Terms of Life Insurance
Term Life Insurance is the most popular type of life insurance today. As the name implies, term life is designed for a specific term (length of time). You buy a term life policy to provide coverage for a guaranteed number of years: 10, 15, 20, 25 or 30 years.  is also available. Some companies even offer a return of premium option on their policies. This allows you to receive 100% of the premiums you've paid into the insurance plan.

Universial Life insurance

One of the most misunderstood types of life insurance is Universal Life. Today's life insurance plans offer long term guarantees such as 20, 30, 40 years or even up to age 120! The face value amount of the life insurance policy is guaranteed to remain level and so is the premium for the period of time you select for coverage.

Trems Life of Universla Life Insurance

The biggest question facing many insurance buyers today is,
"Which type of insurance do I need, Term Insurance or Universal Life Insurance?" The real question should be, "What is Term Life Insurance and how does it differ from Universal Life?" Most people really don't understand these two types of life insurance. And admittedly, it is confusing. We can walk you through the different types of life insurance, and direct you to an online form where you can get instant No Medical term life isnurance quotes/rates and apply online.

Keep Person Term Life Insurance

Quite a few companies today are taking term life policies out on their key employees. Finding and keeping valuable employees is getting tougher these days. Affordable instant Term Life Insurance quotes/rates are available online or contact us for No Medical Term Life Insurance, which only requires you to answer a few health questions, in California or any other type of life insurance for the most affordable quotes/rates.

General Insurance

Most companies require general liability coverage before they do business with other companies. EQUOTE is familiar with all types of business insurance and can help you decide what amount of coverage is standard for your line of work-- a good rule of thumb is to find out what amount of coverage your clients require and to try to purchase at least that amount.

It’s a Boy! (Now Buy Life Insurance)

You’ve just had your first baby boy. Or maybe it was a little girl. Either way, congratulations. You don’t need us to tell you that life is going to change, and change quickly. You’ve no doubt already become accustomed to the idea of sleepless nights, midnight feedings, dirty diapers, and all of that kind of stuff. But what you may not have thought about with the birth of your baby is term life insurance.
But, you should. After all, there’s someone depending on you and your income now. If you haven’t already scheduled an appointment with your insurance agent, do so. You’ll want to adjust the amount of your term life insurance. And if you don’t have any life insurance yet, you’ll want to invest in some immediately.
Think about it. That little guy is totally dependant on your income. If you were to die today, what would happen? Who would pay for:
  • Diapers
  • Food (18-20 some years’ worth of groceries is a lot)
  • Health Insurance
  • College Tuition
Of course, there are a lot more expenses that junior will have growing up, but our purpose here is just to get you thinking about it. Even if your spouse has an income as well, chances are that it won’t be enough to cover your child’s expenses. These days, the average in state tuition is almost $8,000. And if, by chance, your little . Harvard and Yale are much, much more expensive.
We know, your little guy is probably going to get a football scholarship anyway. You can already see that killer instinct in his eyes when he screams and reaches for that rattle. But on the off chance that he might need a little help paying for college, you might want to consider putting aside some savings for him and investing in term life insurance, just in case the unthinkable happens.
And while you’re at it, consider taking out some life insurance on your baby. We know, no one wants to think about their baby dying, but in the unlikely event it happens, you definitely don’t want to worry about where the money for final expenses is coming from. Besides, buying life insurance on him now guarantees that he’ll be able to get life insurance himself later, even if he has health issues.

Term Life Insurance

As the name implies, Term Life Insurance provides protection for a specific period of time and generally pays a benefit only if you die during the "term." Term periods typically range from one year to 30 years, with 20 years being the most common term.

One of the biggest advantages of Term Life Insurance is its lower initial cost in comparison to permanent insurance. Why is it cheaper when initially purchased? Because with term insurance, you're generally just paying for the death benefit, the lump sum payment your beneficiaries will receive if you die during the term of the policy. With most permanent policies, your premiums help fund the death benefit and can accumulate cash value.
Term life insurance is often a good choice for people in their family-formation years, especially if they're on a tight budget, because it allows them to buy high levels of coverage when the need for protection is often greatest. Term insurance is also a good option for covering needs that will disappear in time. For instance, if paying for college is a major financial concern but you're pretty sure that you won't need life insurance coverage after the kids graduate, then it might make sense to buy a term policy that will get you through the college years.
When the Term Ends
But what happens if you buy a term policy only to realize at the end of the term that you still have a need for life insurance? Well, it's sort of a good news, bad news story. The good news is that many policies will give you the option to renew your policy when you reach the end of the term. The bad news is that you'll probably face much higher costs since age is one of key factors used to determine life insurance premiums. To renew the policy, you also may have to present evidence of insurability (that's insurance jargon meaning, "take another medical exam and answer a new round of questions about your lifestyle, health status and family health history"). If you're still a fine specimen with healthy living habits, you might re-qualify at a reasonable rate. But if your health has deteriorated, you may find that it's too expensive to renew your policy or you may not even re-qualify.
So if you're considering a term policy, make sure you carefully consider how long you'll need the coverage. If you're pretty sure that your needs are temporary, then term insurance is probably the right choice for you. But if you think there's a possibility that you might need the coverage for a long time, then remember that if you want to renew your term policy after it expires or buy a new term policy at that time, your age, health status or other factors may make coverage very expensive.
To better understand term insurance, consider this analogy. When you purchase term insurance, it's sort of like renting a house. When you rent, you get the full and immediate use of the house and all that goes with it, but only for as long as you continue paying rent. As soon as your lease expires, you must leave. Even if you rented the house for 30 years, you have no "equity" or value that belongs to you.
Return-of-Premium Option
One exception to this rule is what's called a return-of-premium term policy. With these policies, if you keep the policy in force for the entire term, say 20 years, the insurance company will refund the premium payments you made over that 20-year period. Of course, there is a price to be paid for this added benefit. The premiums for return-of-premium policies are considerably higher than premiums for standard term policies. The price difference can be 20%, 30% or more. Another factor to consider is that term insurance rates have dropped considerably over the past decade, mostly because people are living longer. If you own a standard term policy, there's really no harm done in dropping that policy in favor of a newer and cheaper term policy. But if you own a return-of-premium policy, dropping the policy before the full term has expired means that you will have paid a high price for your term insurance coverage and the premiums you paid won't be fully refunded. At best, you'll get a partial refund of the money you put into your policy to that point.
Key Policy Provisions
When considering a term purchase, one thing to keep in mind is that not all term policies are the same. Some may include certain provisions as standard features, while others may require you to pay extra to add these features as "riders" to your policy. So if you're comparing term policies, remember that price is not the only factor to consider. Ask your agent about provisions such as:
  • Accelerated death benefits - allows a terminally ill person to collect a significant portion of his or her policy's death benefit while that person is still alive
  • Disability waiver of premium - waives premiums when a policy owner suffers a long-term disability, typically one lasting six months or longer
  • Accidental death benefits - doubles or triples the benefit in the case of death by accidental means
Another provision that is very important is something called convertibility. Some insurance contracts only allow "conversion" in the first few years of the policy, while others allow it at any point during the term. This valuable feature allows you to convert your term policy to a permanent policy (e.g., whole life insurance) without submitting evidence of insurability. Being able to convert to a permanent policy is a great option to have in the event that circumstances in your life change such as failing health or maybe just the realization that coverage is needed for a longer period of time than you originally anticipated. That's why when purchasing a term policy, it's never a bad idea to find out what kind of permanent policies are offered by the company you are considering. Some companies may only have strong term insurance offerings, while others may have very competitive products in both categories.

How Much Life Insurance Should I Buy?

“I’m worth more dead than I am alive.” Most of us who own term life insurance have probably said this a number of times. It’s enough to make the average life insurance agent wince. The fact is that the average life insurance agent knows that it simply isn’t t true. You’re likely worth a lot more alive than you are dead.
And we’re not just talking about your sentimental and emotional value to your family. Don’t get us wrong; we know they’ll miss you, and you probably have a lot of intangible value to your family. If you don’t, we recommend family counseling, fast!
Believe it or not, though, you have a great deal of financial value to your family. Even if you work in a mediocre job with relatively low pay and little future, the loss of your income would likely hit your family fairly hard.
When you consider purchasing term life insurance, loss of income should be the main factor. Determine how many years of income you would need to replace, and multiply that by your current income. In most cases, you should take that number and add at least 25% to it, to account for the fact that your wages will probably (hopefully) go up at least that much over the course of the term policy.
There are other things to conisder when deciding how much term life insurance you need, of course. Here are the main factors, other than your income, which you will want to consider when deciding how much term life insurance to buy:
  • Debt Repayment. You will want to make sure your life insurance is sufficient to leave your family without burdensome debts after your income is lost. This includes car loans, personal loans, credit cards, and all other forms of credit.
  • Mortgage. This is figured separately from debt repayment because many mortgages have life insurance clauses built in. Additionally, many insurance companies will sell a special kind of term insurance that is designed specifically to pay off your house if you die during the term, and this kind of insurance is much cheaper even than regular term life insurance.
  • Kids’ College Expenses. If you want your kids to be able to attend Big Outofstate U, like their dad did, you might want to put something extra in the life insurance policy to make sure they’ll be able to do that if you die. Even community college is expensive enough to warrant making sure you cover the costs in your policy.
  • Burial Expenses. Even if you want them to cremate you and scatter the ashes in grandma’s meatloaf, it’s going to cost your family several thousand dollars. The average funeral expense is over $7,000 these days, and even if your family goes cheap, they’re going to spend at least $3,000.

Life Insurance Options for Kids

One of the questions we ran into a lot when we were working in the insurance business is, “Why should we put life insurance on our kids.” The answer, abrupt as it may sound, is quite simple: because they could die. Nobody wants to think about their children dying while they are young, of course, but it is possible. So, whether you cover them with term life insurance policies or permanent insurance, don’t neglect insuring your kids’ lives.
How Much Life Insurance Do I Really Need for My Kids?
Kids don’t come into the world with a lot of debt. That starts when they go to college. The only thing you really need to cover for your kids are their final expenses and enough money to allow you to grieve without reporting right back to work on Monday. In most cases, $10,000 is more than enough life insurance to handle that.
Of course, if you are buying permanent life insurance, you may want to consider buying a larger amount. The reason for this, quite simply, is that you lock in a low premium, guaranteeing that your child will be able to continue that life insurance at a low rate for the rest of his or her life. On top of that, you build cash value for your child.
There are many whole life policies which also guarantee your child the right to buy more insurance when he becomes an adult, regardless of health issues he may have developed. And example is Gerber’s Grow Up Plan.
Term Options
On the other hand, if you are buying term life insurance for yourself, many insurance companies will allow you to add small policies on your children as a rider (a small policy that “rides” on your larger policy) on your policy. Sometimes, one small price will cover all of your natural and dependent children.
Some whole life policies even allow you the option of adding your children onto your policy with a term insurance rider. Ask your insurance agent. They often fail to mention term insurance rider options because the commissions on them aren’t very good.

Should I Borrow Money from My Life Insurance?

We’re living in tough times right now. With unemployment hovering dangerously close to double digits and credit harder and harder to come by, many are wondering just what they’re going to do for extra cash, especially with the holiday season upon us. Some may be considering borrowing money from sources such as their cash value life insurance policies. Of course, those with term life insurance don’t have that option, but in most cases, it’s just as well.
Generally speaking, it just isn’t a good idea to borrow money against your life insurance policy’s cash value, even if you are able to do so. Here’s why:
  • You have to pay the money back. Even though it’s your cash value you’re borrowing against, you  like any other loan: with interest. And, like any other loan, the interest rate you will pay for your loan is going to be higher than the interest rate the insurance company pays you on the cash value.
  • Any money you haven’t paid back comes out of the death benefit. If you were to die before you paid back the loan, the insurance company will take the balance of the loan out of the death benefit paid to your beneficiary. Most people really don’t have enough life insurance as it is, and if something happens to you, your family will need that money to handle final expenses.
  • The loan doesn’t help your credit rating in most cases. While you may find that you don’t have many other options if your credit is poor, you should at least look into all of your other options first. If you have to pay high interest rates anyway, you may as well have it reported so it can benefit your credit rating.
While insurance companies can’t cancel your insurance for failing to pay back a loan (unless the amount owed exceeds the face value of the policy), you can put yourself into a really bad position by borrowing against your life insurance policy. If you’re that hard up for money, you’d be better off simply cashing out your whole life insurance policy and buying term life insurance instead. It may not build cash value, but the premiums are a lot cheaper, and we’re sure you have better purposes for the rest of the money.

Don’t Be a Sucker – How to Avoid Life Insurance Fraud

If there’s money involved, there are folks out there who will try to find a way to take it. It’s true in politics, in entertainment, in sports, and even in life insurance. While just about everyone can benefit from having a trem life insurance to give them peace of mind and protect their family, the fact is that there are people out there intent on stealing your money (and your peace of mind).
Here are some things to remember during the process of buying life insurance that will help you to avoid getting ripped off:
  • If something sounds too good to be true, it probably is. Don’t allow yourself to get sucked into a scam just because it’s attractive.
  • Don’t ignore mail from your insurance company. Even if your agent tells you the correspondence is a mistake, you should follow up with the company directly.
  • Watch out for a policy that promises “vanishing premiums.” You may find that the only thing that vanishes are your premiums when the company takes them from you. This can be a legitimate feature, but make sure to check it out first.
  • Don’t get pressured into buying too soon. While you can’t be sure if or when disaster will strike, there is the highest probability that you will live long enough to have a few days to do some research and consider the purchase.
  • Don’t buy something you don’t understand. No one expects you to become an expert with actuarial tables, but you should grasp at least all of the basic concepts.
  • Don’t confuse life insurance with retirement income. Yes, some policies do offer a cash value. These “whole life” policies are very much out of style, however, and most experts believe that term life insurance is the more useful and affordable product.
  • Keep everything. Make sure you have a hard copy printout of your policy, and store it somewhere safe.
  • Never give money to anyone without a receipt. This includes your insurance agent.

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