Reader’s Question:

I just recently added my teen daughter under my car insurance policy. According to my friends it would be cheaper to add her instead of getting a separate car insurance policy for her. However, I still find my car insurance premiums to be somewhat higher that what I’ve expected. Can someone help me? How can I get cheap car insurance in New Mexico?

Christopher

Santa Fe, NM

Adding a teen under your policy will in fact increase your car insurance premiums. Good thing that you’ve decided to add your teen daughter under your car insurance policy because if not, it would be more expensive to get separate car insurance for her.

There are still other means to get cheap car insurance in New Mexico. One is to make sure that your driving record is accurate before you go shopping around for auto insurance quotes. Driving record is one of the major factors that affect car insurance rates. From what I’ve learned, error on driving records is as high as 20%. It pays to check your driving records most especially if you have traffic tickets in the past.

It’s also important to check your credit report. The reason? Credit history may also be considered by your car insurance company as one of the basis in setting car insurance rates. Check with the credit bureaus to make sure you have an accurate credit report. Because if you have low credit score just because of errors, then I guess you badly need to update and check your credit report.

Since you are looking to get cheap car insurance in New Mexico, the best way I would say is to shop around online. This gives you vast choices and from those choices you may be able to get the best offer.

Reader’s Question:

I am interested to invest on a life insurance policy but as I search the internet about it, I get overwhelmed with the various jargon’s they use in their discussions. Can you give me the basics?

Andrea

Albuquerque, NM

Dealing with the very basic, let us define what life insurance is all about. Life insurance refers to a situation when an individual agrees to pay the life insurer, usually a life insurance company, at a certain amount throughout the agreed period. In return, the life insurer agreed to pay a certain agreed amount to the individual, or his/her beneficiaries or heirs, when specific agreed upon events happen, such as the death of the individual or termination of the agreement.

People purchase life insurance to secure their financial future. For some, they acquire a life insurance policy in order to make sure that when they die, their loved ones are still financially capable to go on with their lives and not crippled with the sudden loss of your income. For the business minded people, life insurance is required to maintain the business interests of their business partners.

I understand your situation when searching for the basics of a life insurance. The jargons may be too overwhelming to understand. Just like when you visit a life insurance adviser, it may also be possible that he may introduce you certain terminologies that you may find unfamiliar. It is very important that you are familiar with these terminologies to better understand what you will be entering into, especially when it involves spending your hard-earned money. So here are few of the basic terms that relates to your journey into life insurance:

(a) Beneficiary — these are the people that are named who are eligible to receive the value of your policy after your death;

(b) Sum assured — refers to the minimum amount that you, as the policy owner, or your benefactors will surely be receiving. This amount plays a very important part on assessing the amount to be paid as premium;

(c) Premium — is the amount that you have to pay the insurance company to avail the insurance coverage. This amount depends on your age, lifestyle, health status and the kind of insurance policy you have;

(d) Policy term — refers to the duration that you are required to pay premiums in order for your life insurance coverage to remain in effect.

There are even life insurance companies that offer additional “riders” to the basic life insurance product. For example, some life insurance policies include an investment portion, in addition to a life insurance coverage. Meaning, a portion of the policy owner’s premium will be used to invest on certain debt instruments, increasing the policy’s cash value, and thus, increasing the amount the policy owner will be receiving.

When you are talking to a life insurance adviser, it is recommended that you ask questions and clarifications since it is your money that you are risking. Actually, all life insurance companies offer almost the same products. What differs them from each other is their ability to give satisfaction to their clients, making sure their customers are well-informed and well-equipped to make a sound decision in their investments.

Reader’s Question:

I am a businessman here in New Mexico, and I recently filed for Chapter 11. I am wondering if my paid-up whole life insurance, which has accumulated cash value and dividends, will be subject to priority claims by my creditors?

Rodney

Rio Rancho, NM

Rodney, a brief thing about Chapter 11– it is there to be filed to give people in financial trouble like you a fresh start. You may be given complete or partial relief for most of your debts. Even though you filed for Chapter 11, it doesn’t mean that you don’t have to pay for your debts and other financial obligations anymore. Rodney, the good news is, your business will still be in control, and it’s still viable to run your business, but from then on, you will be subject to look-ins by the court. So, if it turns out that you have more debts than assets, then your creditors will try to squeeze out any asset or cash they can from you. Remember, you are not absolved from your debts, and that Chapter 11 simply allows you to reorganize, so you can pay everyone whenever you are able to in the future.

For your life insurance policy, well, I don’t think the creditors will be interested in that because your policy has an intended beneficiary. So, if anything happens to you, death benefits go to the beneficiary, who doesn’t owe anything to your creditors.

Rodney, I hope you can straighten this out. Should you want a good lawyer in New Mexico, send me your e-mail and I will send you some contact numbers.

Tags: life insurance, life insurance beneficiary, life insurance claims

Reader’s Question:

My grand father is looking into getting a life insurance policy here in New Mexico, are Pre-need life insurance products any good?

Anna

Rio Rancho, NM

First there is a need to differentiate between a life insurance policy and a Pre-need policy to avoid confusion. Life insurance generally takes care of an insured person’s debts, financial obligations or grants monetary benefits to beneficiaries should this person die within the policy’s coverage period. Pre-need life insurance, on the other hand, mostly deals with (but may not be limited to) funeral arrangements and expenses upon a person’s death.

Pre-need life insurance policies are good investments since it will save the surviving family members or relatives the burden of having to pay the dead person’s burial requirements, and may even grant the remaining amount of money left to designated beneficiaries if the Pre-need policy’s amount exceeds the costs incurred for the insured person’s funeral needs.

But is this what your grand-father in New Mexico wants? You or your grand-father would have to make sure that you pick a life insurance product that is based on his long-term financial goals or needs. If he is looking into getting long-term life insurance coverage that also increases the value of his money in the long run, or wanting family members to get a large sum of money when he passes away, then he may be more interested to get a Whole Life Insurance Policy. If he just wants to save other people the trouble of burying him then a Pre-need insurance package is the way to go.

Tags: life insurance for elderly, life insurance for seniors, life insurance advise, life insurance

Reader’s Question:

What are the determinants of life insurance premium in New Mexico?

Henry

Las Cruces NM

Different life insurance companies have different pricing quotations and guidelines and policies in underwriting.
If you are looking for best priced rates, you will need to compare amongst these insurance companies.

Aside from this, personal information plays an important role in determining the price of your insurance. Health as a determinant is significant. Thus, it is important to disclose to the insurance provider if you have or have been treated for some major illnesses like diabetes, heart disease, cancer and hypertension to facilitate the calculation of the cost of your insurance. You will also be asked if you smoke and how long you have been smoking.

Other determinants of the price are age and gender.Insurance companies usually give higher premiums to older people because of the health issues and the risk. Usually, companies offer lower premiums to women because study shows that this group lives longer than men. Your occupation, which determines the price the cost of your policy, will also be asked because your working environment will also determine the risk involved. In relation to the environment, lifestyle and hobbies are also determinants.

It is important that you provide the complete and correct personal information to receive the right quotation. If you give incorrect information and something happens to you, your beneficiaries may not get paid by the insurance company.

Tags: life insurance, life insurance quote

Reader’s Question:

When I tried to go online looking for quotes, I ended up miscalculating my funds because the actual proposal was more expensive than the one I got online. Is this a scam being propagated by insurers in Albuquerque, New Mexico?

Forrest

Albuquerque, NM

Hold it, Forrest, and don’t run away from insurance companies in Albuquerque, New Mexico just yet.

Online quotes secured from websites such as this one, produced after entering your zip code on the blank space, will only serve as a guide for you when you do your application for life insurance. Remember that it is only computer-generated and does not take into account special conditions unique to you as a person. It is a generalized calculation based on a certain profile and that is why it is still advisable to talk to a live life insurance agent and even visit their office in Albuquerque, New Mexico for a more accurate quote, but that is not to say that the search tool is useless. By making use of it, you will see how each insurance company puts a price on certain profile. This means that the life insurance company that gave you the lowest quote you got from the net will probably also yield a relatively lower-priced quote when you do talk to them face-to-face. So the online search tool is still very useful for you.

When you talk to a live agent in Albuquerque, New Mexico remember to ask every little detail you are wondering about, no matter how small or insignificant it may seem. These professional insurance agents are trained to address your concerns completely.

Tags: cheap life insurance, cheapest life insurance, life insurance quotes, life insurance rates

Reader’s Question:

My wife of 40 years and I just retired and are enjoying our years in our cozy home in Las Cruces New Mexico. All our children have their own families now and are quite comfortable. Do we still need life insurance?

Adrian

Las Cruces, NM

Hello, Adrian, and hello to your dear wife as well! Life has treated you well, indeed. Aside from the many good tidings in your life, you are still with the same woman you loved some forty or more years ago. I’d say you’ve been jolly blessed, my friend!

It’s very easy to think that you wouldn’t need life insurance anymore at this stage, right? After all, everybody can fend off for themselves now; but how about your dear wife, Adrian? I guess because you have been together for a long time, it’s very easy to assume that you will always be together but sadly, there will be a time when one of you will leave the other. When this happens, would the one left behind be fully equipped to continue with the lifestyle he or she is already comfortable with, or hang on to the house, or still have that vacation from time to time? True, the kids will come in and take care of things but it would still be nice to know that nothing will be disrupted (at least financially) because of somebody’s passing, right? Aside from this, you might want to leave some gift or inheritance to your children or to your yet-to-be-born grandchildren.

Believe me Adrian when I tell you that the money your family will get from a life insurance policy will always be welcomed than repulsed. You can discuss this with your wife but meanwhile, please take a look at some proposals by entering your Las Cruces New Mexico zip code on the blank space at the top of this page. You and your wife can evaluate them in your own sweet lazy time in your cozy home in Las Cruces New Mexico.

Tags: cheap life insurance, life insurance quotes, life insurance rates

Reader’s Question:

How can I shorten the time in getting a life insurance policy in Santa Fe New Mexico NM? It seems such a waste if I need to devote a lot of time in choosing my insurer. Can’t I just pay and be done with it?

Michelle

Santa Fe, NM

Please allow me to have a different opinion on this one, Michelle. Getting life insurance can probably be one of the biggest investments you will do on your lifetime. Because of the many implications it will have both on you and your loved ones, while you are still here on this Earth and beyond, it is only proper that you take some time to analyze your life insurance policy. Imagine the implications of having life insurance has okay.

First, you need to pay premiums to the insurance company so you are essentially entrusting them with your money. Then when you have completed paying your premiums, this policy generates cash value that will be managed by your insurer if you do not take an active hand in managing it (and it seems to me that you would not). And finally when you have left this world, this insurance company is obliged to give back the money to your loved ones. So really, Michelle, once you sign up with your insurer in Santa Fe New Mexico NM your lives will be intertwined. Therefore it is only proper that you take some time choosing your insurance company Santa Fe New Mexico NM.

But for a woman on the go like you, there are still ways to cut the process, and that is by making use of the internet. You don’t even have to go far, stay on this page and enter your zip code on the space you see and you will be given instant life insurance quotes. You can proceed to fill it up (still online) and submit it (still online) to your insurer. You will have to take a medical exam but you have already reduced the application time significantly.

Tags: life insurance options, life insurance premiums, life insurance quotes, life insurance rates

Reader’s Question:

I’m just wondering if life insurances have any effect on divorce and vice versa? Are there special conditions in Las Cruces New Mexico NM?

Frederick

Las Cruces, NM

Thank you, Frederick! This is a question which may not be very commonly asked but which answer is just as relevant as the other more frequently asked questions.

Life insurances and divorce are inseparable. Life insurance affects divorce and divorce affects life insurance, that’s a straight fact. Once you get a life insurance, it is not only an insurance policy; it is an asset and an investment and will come into play if divorce happens between parents. The first thing that comes to mind when we hear divorce is alimony and child support. Depending on the life insurance that you have in Las Cruces New Mexico NM, it will have cash value and/or dividends which can be used to pay for alimony or child support. Life insurance exists to provide security for you and your loved ones and it may be timely to utilize those cash value and/or dividends.

In cases of divorce, the policy owner may also want to modify their existing beneficiaries. You may also want to change your death benefits because of the divorce. Or you may want to expand your coverage to give more coverage to your beneficiaries. You will need to consult your insurer in Las Cruces New Mexico NM for these changes. In expanding your coverage, you might want to shop online first for a free quote. Please enter your zip code on the space in this page to do so.

Tags: life insurance leads, life insurance quotes

Reader’s Question:

The insurance provider here in Albuquerque, New Mexico introduced a new product called ROP policy. I’d like to know what this means and what’s in it for me?

Carrie

Albuquerque, NM

It means Return of Premium Policy (ROP). It offers the benefit of returning your paid premiums if you outlive the term of the policy there in Albuquerque, NM. This one comes a bit more costly compared to regular insurances, but tender its holders the choice of term length and the policy amount similar to the conventional term life insurance policy.

ROP is in the middle of affordable term life insurance and the expensive permanent life insurance policies, it offers options to customers and has all the benefits as that of a life insurance with the difference of having paid premiums returned to customers provided they have outlived the term or receive a partial refund if there is a need for money while under the policy term.

Originally, ROP’s main goal is to refund the policy holder should the term ends at their choosing or outlived the term. Depending on the place (in your case- Albuquerque, NM) there are now existing variations such as the one mentioned above which caters policy holders to receive partial refunds thru the cancel of their policy in a given time at their chosen term.

Tags: cheap life insurance, life insurance leads, term life insurance