Term Life Insurance Facts - Term Life Insurance

DFW firm is working to get ahead of the insurance curve Fort Worth Star Telegram

17.04.10

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The Texas connections were missing from the New York-based announcement. At a time when healthcare reform was sending insurance companies scuttling for cover, three large investment firms were forming a company to offer a wide range of insurance options to small businesses, the self-employed and middle-income consumers. The partners -- The Blackstone Group, Goldman Sachs and Credit Suisse -- said Insphere Insurance Solutions would become the largest independent distribution group for insurance agents in the nation. But the July announcement made no mention of Insphere's parent company, HealthMarkets of North Richland Hills, or the regulatory problems that some of HealthMarkets' other subsidiaries had faced. Nor did it mention the $37 million in settlements reached in more than 30 states amid allegations that the companies misrepresented policies and failed to pay claims for covered ailments. Or that the company's insurance subsidiaries had effectively been banned from selling their own policies in Massachusetts for five years. There was not even acknowledgement that the companies shared a chief executive. HealthMarkets, it appeared, was the country cousin or worse -- not to be mentioned, operating from its headquarters just off the main roads in Northeast Tarrant County. When Insphere formally announced that it was open on Jan. 21, it had a force of 2,200 agents, offices in more than 40 states and authorization to do business in all 50 states and the District of Columbia. It also had marketing deals lined up with big names in the insurance industry: John Hancock for long-term-care insurance, Aetna and UnitedHealthcare's Golden Rule Insurance Co. for individual health plans, ING for term and universal life insurance, Minnesota Life for whole life insurance and The Plus Group Texas for products from MetLife, Principal Financial Group and The Standard. "We are extremely excited to launch Insphere Insurance Solutions nationally and offer a broad range of products that meet the needs of the underserved small-business and middle-income markets through our arrangements with leading insurance carriers," said Phillip Hildebrand, president and CEO of Insphere and HealthMarkets. "Launching an agency like Insphere during this time of evolution and change in the insurance industry is important for both consumers and agents." Insphere also distributes products written by HealthMarkets' subsidiaries, including Mega Life and Health Insurance, although sales of those products have been outstripped by the offerings of other companies in just the first quarter of operation, according to the company's 2009 annual report, filed with the Securities and Exchange Commission. HealthMarkets officials declined to discuss the new company or its approach to doing business, but Insphere's Web site, www.InsphereInsuranceSolutions.com , and the SEC filing make clear that they have big plans. This year, Insphere expects to expand its offerings and the size of its field force by developing additional marketing arrangements with insurance carriers or intermediaries, despite stiff competition in the industry, according to the SEC filing.

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Short Term Life Insurance

Can you advise me on how to get the best of a short term life insurance to cover for a house mortgage?

Denny

Houston Texas

 

A short term life insurance, say for five or ten years, is good for people who are just starting out. People who are building their first house may find it a strain on their budget to get a permanent life with a higher face amount. What they can afford is probably a $25,000 coverage, which is low and not enough.

Getting the best of a short term life insurance means getting the lowest deal with the maximum coverage and using it to provide coverage while the family cannot afford a more expensive one.

Purchasing the lowest deal with the maximum coverage will not be difficult for you because a short term life insurance is way cheaper than the permanent one. If you have a mortgage for $250,000 on your newly-built house, you would not want that house to go to your creditors should something untoward will happen to you. Getting a $250,000 coverage could be enough to satisfy your house loan but how will your family survive? It is good if your wife has a well-paying job. But if her job is paying only the minimum wages, she would have difficulty raising your kids and sending them to good schools. This is a grim scenario but has happened to too many families.

What you should do is to get at least double that amount, and even four times of your annual income. Half-a-million term coverage only costs about $250 a year, which puts a million dollar coverage at about $500 to $600. That’s not a lot for insuring for family’s future.

Do not forget though that a term coverage is only to be used when there are no funds to buy a permanent one with a higher face amount. Once you have the financial flexibility later on, buy the permanent plan and still continue with the term plan if you want to.

Source: Life Insurance Houston- Houston Life Insurance

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