Life Insurance Weblog

It cannot be disputed that customers of life insurance policies often take decisions without completely understanding how a life insurance company works. It is important to dispel some of the prevalent myths such as:

Insurance companies follow the same methodology as far underwriting of policies are concerned.

Risk is measured for populations and not individuals.

Same age means same premium

People who had suffered from medical complications in the past do not get insurance.

High risk life insurance policies offer no scope of bargaining

>A study of insurance brokers and insurance consultants reveals that maximum value is attached to good service. In the long run, freebies and other frills have no significant impact. The most admired qualities included providing excellent service, possessing financial strength, having the ability to meet the client's needs and smart utilization of technology. The study reinforces the belief that competitive rates will attract customers while providing quality service will help the insurers retain them.

Sony Life Insurance Co. Ltd has been assigned a financial strength rating of A+ indicating a superior status of the company. It has been assigned issuer credit rating as well by the A.M. Best Co.

The rating is the result of the stellar performance by the company in all the aspects of its operations. The fact that the company showed positive growth as against the negative premium growth witnessed by Japan indicates that it deserves this rating.

The decision whether a retiree should continue with his or her life insurance is contextual. John Olsen, co-author of "The Annuity Advisor" and principal of Olsen Financial Group in Kirkwood sums it up accurately when he says “I'm afraid that the only meaningful answer is: 'It depends’”

The way forward is to reassess one’s goals and objectives.

There are certain scenarios where continuing with your life insurance is advisable. Mortgage payment, large debts, open home equity line of credit with a large balance- these are just a few instances. To know more about life insurance and retirement read on.

With the cost of obtaining a life insurance policy at its lowest in a very long time and with mortgage and refinancing your mortgage no longer the attractive option that it was, refinancing your life insurance policy is a very smart thing to do.

Unlike mortgage refinancing, there are no costs involved in terminating your existing life insurance and taking out a new life insurance policy at a lower premium with the same benefits if not more.

The monthly savings due to the reduction in premium can be used elsewhere.

For more information on refinancing your life insurance policy, click here