Why Insurance Continuing Education Classes Are So Important

All insurance and financial professionals are required to take some type of continuing education. Every license and state differ, but agents must keep up to date with current rules, regulations, and new products available to their clients. Online insurance education is one way for an insurance professional to complete their continuing education hours. Many states allow continuing education to be done completely online as opposed to in a classroom. Agents prefer online classes because they are flexible, easy to use, and affordable. They can complete all of the continuing education requirements from anywhere in the world as long as they have an internet connection. If an agent chooses to sit in a classroom they will have to find a local seminar and listen to an instructor for however how many hours the course is worth. Sometimes this could last an entire weekend or more.

Continuing education is important for three main reasons. An agent must complete their insurance continuing education every 1-2 years to keep their license active. This is important because selling life/health insurance is typically an agent’s way to earn a living. If an agent falls behind on their education requirements their state could fine them or even suspend their license. Another important reason to complete your continuing education is to keep up to date with the latest rules and regulations your state has implemented. Without ongoing education an agent might be breaking the law and not even know it. And finally, the third reason is based on offering the best possible products to their clients. If an agent doesn’t complete their continuing education they might not know about the latest annuity available for example. These courses will keep the agent up to date on industry trends which will ensure their clients are receiving the correct advice when purchasing policies.

Because each state and license type have different educational requirements it is beneficial to contact a provider or your state department of insurance to find out what classes you need to take and how many hours you need to stay in compliance with your state laws. The courses you choose are important because some states will require an ethics course while others will not. Also, most states will not let you repeat the same course within a two year period. Finally, many states allow carry over credits. These are credits you took above and beyond your requirements the previous compliance period. Typically, you are able to use the remaining credits towards your credit requirement the following term.

4 Reasons Why You Need Life Insurance in College Itself

Life is full of uncertainties and we can never know what life has planned for tomorrow. And students are no different in that. Even if you are a student that doesn’t mean that you are immune from the unwanted events of life. Life insurance policies protect you and your loved ones against the uncertainty of life. In case of an unfortunate event, the insurance provider helps with a lump sum amount of money helping the family to take care of financial debts and other responsibilities. Losing a child can be a heart-breaking experience for any parent and accumulated cash amount can be very helpful in such situations. Parents or loved ones may utilize this amount to help them to take care of funeral expenses, pending personal or education loans and other essential expenses. In this article, we are going to explain what is the importance of a life insurance for students and the benefits offered by various insurance providers.

Life Insurance Options for Students

Insurance providers are coming up with advantageous life insurance policies for different types of customers and students are no different. Usually, students are more into enjoying their college time than thinking of protection from unfortunate incidents. For once, it may seem irrelevant to the students, but if you go into the details, you will find life insurance is a smart buy. However, most people don’t realize the need in the early stages of their life and hence can’t buy one for them. Such policies are providing the students a useful way to take care of their study and other essential expenses.

There are multiple companies offering life insurance plans at affordable rates online. You are just requested to fill an online for the official website of insurance providers or on an insurance portal with multiple providers. Insurance representatives from different companies will reach you with top insurance quotes as per your requirement. They will patiently listen to your queries, explain all the available plan clearly and suggest the most suitable for you. Comparing the different plans for their coverage and benefits, you can choose a plan offering the maximum coverage for the best price. Also, students are considered to have a longer life-expectancy than some older buyer and are expected to live longer. Hence, insurance policies offer a cheaper insurance plan to attract younger buyers. If you are unmarried along with being a student and make you mind buying a life insurance plan, you may qualify some great discount of your insurance plan and get a premium quite cheaper than someone who is married or is working with a firm. Moreover, if you buy a life insurance plan in early stage of life, you can help your parents take a breath if relief as they won’t have to think much about the uncertainty of future.

Reasons to buy a life insurance plan for students

There are several reasons that may compel a student to a buy a life insurance for themselves. Here are a few of them:

The Study Loan

This is one of the major reasons for students to buy a cheap life insurance policy for them. Almost every college student in the United States needs to take care of their educational and other essential expenses such the cost of lodging, food, and transportation themselves. They had to go for an education loan to pay their tuition fees that they will require repaying once the course is completed. There are two types of loans provided to students: Federal Study Loans and Private Study Loans. Federal study loans that are provided by federal Govt. waive off the loans if the insured dies before repaying the debt. But that not the case with private study loans. Generally, private loans are provided with a co-signer and if the insured dies without repaying the full amount, the co-signer will have to repay the balance. In cases, there is no co-signer, the debts are paid by selling a portion of estates named to the insured. Having a right insurance in place can help you avoid such consequences and secure you co-signer as well.

Parents with Debts

Most often, when the students graduate, their parents will have their own debts that they might have taken to make the college education possible. The study loan alone will cost $30,000 on average and there are additional debts such as home equity lines of credit, credit card debt, 401(k) loans or mortgage debts that aren’t be waived off upon the death of the borrower. In case they die before repaying the debt, this may create a trouble for the parents who are grieving the loss of their child. Grieving parents may have their own debts and financial responsibilities, and this may add an additional financial burden to them.

In such cases, insurance companies provide a lump sum death benefit to the parents that greatly helps to take care of pending financial debts of their deceased child. Hence, it’s always a good idea to buy an insurance in your college only. Just by filling a form on their websites, you can get multiple life insurance quotes online and choose a preferred insurance policy for you as well as your family. If you are in a dilemma, you can get the help experts from different insurance companies that will provide the life insurance policy details for each clearly and help you decide the most suitable insurance plan for you.

Expenses of Young Marriage and New Parents

You may not believe it at first, but a large number of students get married and have kids while there are in college. According to the National Center for Education Statistics, around 20 percent of undergraduate students are married, and more than 25 percent of undergraduate students are taking care of their kids while going to college. Losing a spouse at this age can be disheartening and the pending study loan can put an additional burden on the surviving spouse. Having a life insurance will provide an accumulated cash amount that will help the surviving spouse take care of pending financial debts, funeral expenses and help to raise the kids as well.

Care of Older Parents

For the students, who are youngest in their family or are born in later years will have an older parent by the time they will graduate. They may or may not have a full-time to take care of the family expenses and might be partly or fully dependent on their child as well. If they lose their child at such age, this can be heart-breaking for the parents and the additional burden of paying the pending financial debts may make the things worse. If the students would have a life insurance in place, this would help their parent to repay the financial debts as taking care of other essential expenses.

Is Life Insurance Right for Me?

Life insurance provides money to your family or loved ones if you should die. Life insurance can also help protect the financial interests of a business if a key employee should die. Here, we will discuss the use of life insurance for your family.

Now, no one likes to think about the consequences of their death. Yet, people die of accidents and diseases every single day. Around 2.5 million people in the United States die every year. While diseases lead the list of causes, over 100,000 people die every year of accidental causes.

If you have family members that depend on your earning power, the important question you must ask yourself is, “What will happen to them if I am no longer around to provide for them?”

And, you must ask that question now, before you die of an accident or are diagnosed with a deadly disease. Once you are involved in a deadly accident, it’s to late to obtain life insurance. And, once you are diagnosed with a deadly disease it’s awfully hard to obtain life insurance.

Life insurance can protect and provide for your family in a number of ways:

– Pay off debts

– Provide care and education of your children

– Provide needed money before your spouse can make up for your lost income

=== Life Insurance Can Pay Off Debts ===

Many families live in a home with a substantial mortgage. Your mortgage typically represents your greatest debt. Your income is probably what provides the money to pay your mortgage payment. Life insurance can be used to pay off that mortgage debt if your income is lost.

Millions of families have a large credit card debt. They often cannot pay off their credit cards every month. Those families that seldom pay off their credit cards have an average debt of nearly $8,000. And, many families that declare bankruptcy have tens of thousands of dollars in credit card debt. Life insurance can be used to pay off that credit card debt.

=== Life Insurance Can Help Pay for the Care and Education of Your Children ===

If you are a family with “special needs” children, you may be paying for special tutoring or child care. These expenses will continue beyond your untimely death. Life insurance can help provide for your child’s special needs. This help could continue for quite some time.

A university education often costs $20,000 a year or more. Your savings and investments over the years could help pay that cost. But, if your income stops before those investments can grow to help your children with their education expenses, your children will have less money available to get them through their university education. Life insurance can be used to help provide the educational costs of tuition, books, fees, and living expenses.

=== Life Insurance Helps Your Spouse ===

Your spouse may or may not be able to make up for your lost income. Depending on your spouse’s age or other circumstances, your spouse may:

– Re-marry and gain another source of income.

– Wait until a pension and/or Social Security provides an additional income stream.

– Increase income from employment or entrepreneurial efforts.

Life insurance can help your spouse make the transition from the time of your death to the time of a new income stream. While life insurance sales people often want you consider your family’s lifetime income requirements, this is often beyond what is really required.

You need to consider how large an income stream your spouse needs and for how long before a successful transition to another source of income can be made. The face value of your life insurance can be tailored to help provide the income stream through this interim period.

Typically, as you become older and income from pensions and Social Security are closer at hand, your need for life insurance decreases. And, if you have built up sufficient financial resources, your need for life insurance is almost non-existent.

=== Types of Life Insurance ===

There are two basic types of life insurance:

– Term Life Insurance

– Whole Life Insurance

Term life insurance is simply a contract that calls for you to pay a premium for a certain number of years for a certain face value of life insurance. The length of the contract can vary from 1 to 30 years. If your term policy ends without your death, you receive no benefits. If you die before your policy ends, you survivors receive the full face value of the insurance.

Some term life policies are called “decreasing term” because the face value of the policy decreases over the years. Term life insurance policies are often “renewable” when they expire, allowing you to get another policy of term life insurance without a new physical examination.

Whole life insurance is a long term policy in which you pay premiums that provide for both life insurance and a “cash value” investment plan. When the policy is surrendered, it either pays the face value death benefit (if you die) or the “cash value” of the policy. Often the “cash value” of your policy is determined by a fixed rate of return on your premium payments. After some initial period, you can borrow against the cash value of the policy. The premiums for whole life insurance are higher than for term life insurance.

Whole life insurance is also offered with some variations in premium payments and face value amount. Such variable plans can be called universal life insurance, variable life insurance, or other names.

Several factors are important when considering whole life insurance. You should clearly understand:

– When Cash Value Begins to Build — Often whole life insurance policies do not allocate much of your premium to begin building a significant cash value before you’ve paid into the policy for 10 years or more.

– Rate of Return — The rate at which your policy builds cash value is often below the rate you could get if you invested elsewhere.

You should carefully investigate both term life insurance and whole life insurance plans. It is often wise to consider buying a term life insurance policy and investing the excess of what the whole life insurance policy would cost. That way you would have the benefit of both life insurance and a higher rate of return on your investments.

Overall, you should evaluate your circumstances to determine if you need life insurance. If you need life insurance you should determine how much insurance is appropriate and the type of life insurance policy that would best meet your family’s needs.

Health Insurance Continuing Education for Producers

All health insurance professionals are required to acquire a certain amount of continuing education credits every 1-2 years depending on the state in which they reside in. Health insurance continuing education keeps agents up to date with the latest products available to their clients. Many agents choose to do their education online to save both time and money. This allows them to stay focused on writing new policies and signing new contracts. The real money in health insurance sales is selling to different corporations. Many corporations do their research and contact different health insurance companies so the companies’ employees get the best benefits possible. The health insurance agent in charge of selling the products must be up to date on current market trends and know exactly what small and large companies are looking for. Continuing education provides the knowledge to agents on new laws and regulations and also new services they can provide their clients.

Many agents hold both a life and health license so they need to complete certain classes to fulfill their continuing education for both licenses. A new agent should contact a reputable school to see when they are due and what courses they should take. An approved provider or an agent’s state can provide them with the correct courses to take and how many continuing education credits they need to stay in compliance. Agents who do not stay in compliance with state regulations could be subject to significant fines. The education provider will assist you over the phone and even take your order right then and there to assure you get what you need. Many online schools also report to the state within 24-48 hours from when you complete the course.

Continuing education schools will also let the agent know if you need a monitor present or your exam is open book. This is a very important rule to follow. Some states require a third party to watch you take the exam then sign an affidavit. Other states allow you to refer back to the textbook while taking the exam. Some states even require the agent to complete their continuing education in a classroom. Make sure to ask the provider what your state requires before you begin the course. Health insurance continuing education is essential and helps the agent and their clients stay up to date on the latest products available. Health insurance education also keeps the producers in compliance with their state to avoid any fines.