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.

Fractions and Rational Numbers – What is the Difference?

Most of us go through years of school math courses and still are confused about some basic things. For example: Why can not you divide by zero? Why is .999 … equal to 1, and not a bit less?

There are loads of these kinds of questions, that would not be a cause of frustration at all, if they were taught reasonably and clearly.

Unfortunately most of these things are supposed to be covered in elementary school, and most elementary school teachers do not have a good understanding of basic math concepts. Instead they are supposedly to teach just a collection of "skills."

One of the simplest concepts that is usually left inadequately explained is the difference between fractions and rational numbers. Let's see if we can clear it up now.

A fraction is a number that expresses part of a whole as a quotient of integers (where the denominator is not zero).

A rational number is a number that can be expressed as a quotient of integers (where the denominator is not zero), or as a repeating or terminating decimal. Every fraction fits the first part of that definition. Therefore, every fraction is a rational number.

But even though every fraction is a rational number, not every rational number is a fraction.

Why? Consider this:

Every integer (all the whole numbers, including zero, and their negatives ….- 3, -2, -1, 0, 1, 2, 3 …) is a rational number , because it can be expressed as a quotient of integers, as in the case of 4 = 8/2 or 1 = 3/3 or -3 = 3 / -1 and so on. So integers such as 4 or 1 can be expressed as the quotient of integers.

But an integer is not a fraction . 4 is an integer, but it is not a fraction. 4 is not expressed as the quotient of integers. The difference here is in the wording.

A fraction is a number that expresses part of a whole. An integer does not express a part. It only expresses a whole number.

A rational number is a number that can be expressed as a quotient of integers, or as part of a whole, but fraction is a number that is (must be) expressed as a quotient of integers, or as part of a whole – there is a difference. The difference is subtle, but it is real.

There are slightly different variations of the definition of a fraction, including, "A fraction is the ratio of two whole numbers, or to put it simply, one whole number divided by another whole number."

That definition also shows that an integer is not a fraction, because an integer is not a ratio. It can be expressed as a ratio, but it is not a ratio in itself; it can be divided by another whole number, but it i s not being divided.

In a nutshell, the fractions are a subset of the rational numbers. The rational numbers contain the integers, and fragments do not.

Preparing Your Motorcycle For the Winter

So here we are in October, and the overnight and morning hours are a little chilly here in the Northeast of the US. What does this mean? Winter is coming of course, and seems to be coming fast. Most days are now starting out in the low 40's, getting up to maybe the high 50's / low 60's, and then dropping down again into the low 40's overnight.

So, what are you to do if you're not planning on riding through the cold, winter months? You need to prepare your motorcycle and winterize it. There are a few steps you should definitely do to keep your motorcycle safe and warm through those frigid months.

  1. Get the gasoline out of your engine – How do you do that? Start up your motorcycle with the petcock to 'on' and let your bike run for a few minutes. After your motorcycle is idling just fine, flip the petcock to off and let the engine do it's thing by cycling through any fuel that is left in the lines. You'll know as soon as the fuel is out of the engine, as the motorcycle will just stop running (like it stalled). It's OK if you leave some fuel in the tank as it should not cause any damage. But leaving it in your engine could cause serious damage to your motorcycle.
  2. Get a battery tender - A battery tender will keep your motorcycle battery charged throughout the winter so that when you're ready to fire her up, you will not be left with a dead battery. Battery tenders are fairly inexpensive and can be picked up at your local motorcycle shop or order one online.
  3. Clean your motorcycle – you do not want to store your motorcycle for long periods of time with dirt, grime, tar, grease, bugs, etc. all over your bike. Not only is this bad for the paint and chrome, but it's just not right to treat your baby so badly. Clean her up before she takes that long winter's nap. My motorcycle is actually cleaned after every ride. It's only right that my girl be taken care of and treated well through the year.
  4. Find a good spot – Your motorcycle is going to be resting for the next few months, so make sure you find a good location for the winter. The best location would be an attached garage, the next would be an outdoor storage building, and the least favorite would be outside in the elements. The winter elements can do some serious damage if not carefully watched, so I'd recommend making sure your motorcycle is stored in an area that is enclosed. My motorcycle is always stored in my attached garage, and kept in a prime location so as not to get bumped or something dropped on her.
  5. Get a motorcycle cover – just because your motorcycle may be stored in an enclosed area, does not mean you should not further protect her. You can get a cover for as little as $ 20 or as much as $ 100. A motorcycle cover will make sure no additional dirt or dust gets on your bike, and will also help protect any unfortunate bumps or dings. I can not speak for bugs, as they'll find their way into any warm place during the colder months.
  6. Start her up when you can – If there's a decent winter day, sun shinning, and not terribly cold, go ahead and fire up your motorcycle. Let her run for a while, she'll thank you in the spring. Just remember to follow all the steps above to ensure you put your motocycle back to rest properly.

Why Holiday Villas Are Popular in Most Holiday Destinations

Holiday villas with swimming pools are becoming a very popular form of holiday accommodation with holiday makers going on a family holiday. You are now able to stay in a villa in most countries in the world.

These holiday homes are especially popular in countries with a warm climate. There is nothing better than sitting outside your holiday villa by the side of the swimming pool with a cool drink.

When choosing a villa for your vacation you need to consider very carefully what sort of holiday that you want. The first thing to consider is what sort of climate that you are looking for. There are typically holiday villas in most climates but there is a much greater selection of villa in the countries that have a warmer climate. You must decide how hot you want it to be and what time of the year you want to go away on your villa holiday.

Having decided on the climate, you must then look to see which country can offer you that climate on your vacations. Some countries may require you to get a visa to spend your vacations there and other countries that you consider for a villa holiday may require certain vaccinations before you go there. Then check how long it will take you to fly to your chosen destination and also if there are flights available.

Once you have done this you can start thinking about what sort of villa accommodation that you are looking for. There are some superb villas available around the world and they vary in price to suite just about every budget.

For holiday makers looking for a relaxing holiday by the beach it is possible to find some stunning villas with swimming pools right by coast. For families looking for a villa in the mountains there are also plenty to choose from with some offering spectacular views over the local countryside.

Most holiday villas have swimming pools. You must check to see if you want a swimming pool with your holiday villa and what size the swimming pool is. Many holiday villas also have outside barbecue areas and outdoor seating areas. In some countries that have mosquitoes you will find that some of the holiday villas have mesh screens around them to keep the bugs out.

It is possible to find holiday villas to suite almost every budget. There are some small two bedroom holiday villas and also some huge holiday home with seven or eight bedrooms. Some families like to go on a villa holiday by themselves and others like to stay in a larger holiday villa and take friends with them.

Atypical villa will have bedrooms with en-suite bathrooms. Typically the master bedroom or suite will be much larger than the other bed rooms in the villa. It will also have the best bathroom in the villa. Typically it will have a walk in shower, large bath and his and hers washbasins and a toilet. Above the washbasins will be a large mirror and below there will be plenty of storage space.