Official QuickQuote Blog

American General Life Insurance Company Update

2008-10-02T13:16:24Z

There has been considerable concern across the country over the past several weeks regarding the stability of our nation's financial system. We have seen several large financial institutions either collapse, on the verge of collapse, saved by the federal government or acquired by other companies. One such company, American International Group (AIG), is the parent company of one of our nation's largest term life insurance companies, American General Life Insurance Company.

Last month, we blogged in detail about the financial difficulties faced by AIG. Today, we'd like to provide an update and explain why American General Life is still an excellent company and a good choice for your term life insurance needs. Detailed information can be found in this fact sheet released by American General Life.

Surely you are aware of the federal government's decision to provide a line of credit up to $85 billion to AIG. In return, the government will acquire the right to receive up to a 79.9% stake in the company through stock options. This life-line extended by the government will allow AIG to restructure itself and sell off some of its assets to pay back the line of credit.
 
The important point to note is that the financial difficulties experienced by AIG are limited to AIG and do not impact the financial stability of subsidiaries such as American General Life. Life insurance companies are regulated at the state level, and as such, are required to meet financial standards set by the states to ensure adequate reserves are held to meet the ongoing obligations of the companies. In other words, at no point were any policies issued by American General Life in any danger. In fact, the National Association of Insurance Commissioners recently released a statement regarding the company to help calm the nerves of policy owners.

So despite all the negative news surrounding AIG recently, it is important to understand why we stand behind American General Life and continue to recommend the company's term life insurance products to our customers when appropriate.

Stop the Press! AIG Down But Not Out

2008-09-16T13:16:24Z

Surely you have heard of the current volatility in the financial markets. And most likely you've also heard the name AIG mentioned extensively throughout the extraordinary media coverage these recent events have received. As AIG is the parent company of one of our life insurance marketplace partners, American General Life Insurance Company, we believe it is important to communicate what we know to the many American General life insurance policy owners and current applicants we call our customers.

As you can imagine, we have received a considerable amount of concern over the recent developments at AIG and the media attention the company has received. Although we have heard directly from American General Life on this matter, the most direct answer we can provide at this point is we just do not yet know how all of this will shake out. Of course, as a subsidiary of AIG, American General is vulnerable to any negative developments its parent company experiences. Whether the company will be held by AIG, acquired or spun off in some fashion remains to be seen.

However, American General is still the nation's largest term life insurance company, and for that reason, we remain confident the company will come out of this in good shape.

For current policy owners, it is highly unlikely you will lose your existing coverage. There are many layers of protection for you, including cash reserves on hold to pay claims and state government guarantees. The articles listed below include more details on this. We recommend you continue to pay the premiums on your policy at this time.

For current applicants, we recommend you continue along with the application process. Keep in mind, despite these events, your original need for life insurance coverage still exists.

With that said, we certainly understand if you personally have your doubts or remain concerned. If so, we will absolutely work with you to move your policy or application to another A-rated company within our marketplace. However, please understand there is no rush to do this. In most cases, it is better to take a wait-and-see approach before making any drastic changes.

The following links may be helpful to you in learning more about recent developments at AIG and the possible effects of these events.

Protection for AIG Customers - The Wall Street Journal - 9/16/2008

Frequently Asked Questions - AIG American General Life - 9/16/2008

Finally, I'd like to close this blog with a copy of an article posted on CNNMoney.com earlier today. Please note this is a copy of the article as it is written by Chris Isidore, Senior Writer at CNNMoney.com (article link), and does not necessarily represent the views of QuickQuote.

5 Questions:  Why AIG Matters to You

NEW YORK (CNNMoney.com) -- American International Group is the world's largest insurer and at the moment, Wall Street's biggest worry.

The insurer is struggling to raise cash while economists and investors debate whether or not it should get a government bailout. Despite the company's importance, the average American is probably not sure how, or why, its problems will affect them.

Here are five key questions and answers about AIG's current woes and what they mean to you.

I have insurance through AIG. How worried should I be about the problems at the company?

At least in the short term, you probably don't need to be worried at all. The problems are with the AIG holding company, not the individual insurance company subsidiaries that you do business with, according to a source with New York State's insurance regulator.

Even if AIG's holding company is forced to file for bankruptcy court protection, there's a good chance that the subsidiaries will continue to operate normally with no disruption in claims payments. That has happened in the case of other insurance holding companies bankruptcies in the past, such as Conseco.

What guarantees are there that my claims will be paid?

Typically, if an insurance company falls into financial distress and is at risk of having claims that exceed the assets it holds to make those payments, the insurance regulator in its home state will take control of the firm and make payments.

The state regulator will not only use the firm's own assets to make those payments but if necessary can also make payments out of a state fund into which all insurers in the state are required to pay.

This guarantee applies not just to traditional insurance policies but also to retirement products that have a promised payout, such as annuities.

But there are limits to the payments that will be made to customers that vary depending on which state a particular AIG subsidiary is based, according to Joseph Belth, professor emeritus of insurance at Indiana University and editor of The Insurance Forum, a newsletter often critical of the industry.

Should I be thinking about changing my policy away from AIG to another insurer?

While credit rating agencies downgraded debt held by AIG on Monday, AIG's ratings are still considered investment grade and the company's insurance subsidiaries are considered to be secure, at least for now.

Belth said changing insurers is not a simple decision.

"A lot depends on what kind of insurance you talk about," he said. "If you're talking about life insurance, you have to think about whether you can qualify with a new insurer, if your health has changed. But it's something you have to consider if the ratings decline into the vulnerable range."

Why should I care about problems at AIG if I'm not a customer?

AIG is by far the world's largest insurer and its stock is found in many mutual funds, including any S&P 500 index fund. It is also a component of the Dow Jones industrial average. All by itself, it's been responsible for dragging the Dow down more than 400 points so far this year.

AIG is also active in the business of credit default swaps, complicated financial instruments used by investors to protect themselves from bond defaults. Lehman Brothers was another major player in that field. If both go away, it would create a tighter credit market for consumers and businesses trying to get loans.

For this reason, there is a debate about whether the Federal Reserve will agree to lend the company the tens of billions of dollars it needs to cover its short-term funding needs or if the Fed will try and get private firms to assist AIG instead.

AIG is an insurer, not a lender. Why do I keep hearing about its problems with subprime mortgages?

All insurers take money they collect in premiums and invest them in different forms of assets. The idea is to make money on those investments so that the insurer can keep their premiums low and attract more clients.

But AIG made a bigger investment into securities that were backed by subprime mortgages than most other insurers. As defaults and foreclosures of those loans rose, the value of those securities fell, creating big problems for the firm.

In the past nine months, AIG has reported net losses of more than $18 billion, largely due to its exposure to bad mortgages.

Credits: CNNMoney.com, The Wall Street Journal

Life Foundation Announces Award Recipients

2008-09-04T13:16:24Z

The most rewarding part of our work in the life insurance industry is helping provide financial protection to our customers and their families. As insurance professionals, we sincerely hope none of our customers ever need the kind of protection we provide, but we know this is not reality.

The Life and Health Insurance Foundation for Education (LIFE) recently announced the recipients of its annual reaLIFEstories Client Service Awards Program, which honors insurance professionals for their outstanding service. The stories below illustrate the high level of service provided by these insurance professionals.

"These stories prove how necessary insurance is and are a testament to the critical role that insurance advisors and employers play in helping people remain financially secure, even in life's most trying times," said Marvin Feldman, President and CEO of the LIFE Foundation. "These stories remind people that none of us knows what the future will bring, and that's why preparing for the unexpected through proper insurance planning is so vitally important."

·         Michael Tokushige, Financial Representative, Principal Life Insurance Company, Honolulu, Hawaii. Jim Winand, a boat captain and firefighter for the Honolulu Fire Department, took out his first life insurance policy before marrying his future wife, Remle, and significantly increased his coverage after the couple had two children. In 2007, Jim died of cancer at 38. Jim's foresight and Tokushige's expert planning ensured that Remle and the kids did not suffer financially after Jim's passing. 

·         Lynne D. Crittenden, Insurance Agent, State Farm Life Insurance Company, CPCU, Altavista, Va. Unable to work as the result of a disabling accident, single mother Lauri Turnes had difficulty making ends meet. Lauri would sometimes turn to the accumulated dividends from her whole life insurance policy to pay the bills. When her budget became extremely tight, insurance agent Lynne Crittenden convinced Lauri not to cancel her policy, but instead take out a loan on it to ensure that her daughter's financial future would remain protected. When a car accident took her life in 2006, that wise decision meant her daughter Jessi, who now lives with her grandparents, would have money to help pay for college or perhaps a down payment on a home when she is older.

·         Bob Arensberg, Insurance Agent, New York Life, CLU, ChFC, LUTCF, Wichita, Kan. After a disabling accident, Frank Ames was unable to work and had difficulty qualifying for more than a small amount of life insurance. However, his wife, Laura, a school teacher, qualified for preferred rates and purchased a sizable policy. Weeks later, Laura was diagnosed with a cancerous tumor in her abdomen. With the help of insurance agent Bob Arensberg, she was able to invoke a provision on her policy that allowed for an early payout to a terminally ill policyholder, and used part of the proceeds to buy land and build a home. Laura lived in the home for two years before passing away at age 42. Though still unable to work due to his disability, Frank is able to remain in the family home and provide for his two children thanks to smart insurance planning. 

Credits: LIFE (www.lifehappens.org)

Time for Life Insurance Awareness Month Already

2008-08-29T13:16:24Z

Wow ... where did summer go?

It's hard to believe Labor Day weekend is already upon us. And with that, comes September; which in the life insurance industry means Life Insurance Awareness Month (LIAM)!

QuickQuote supports the efforts of the Life and Health Insurance Foundation for Education (LIFE) to educate consumers about the benefits of life insurance and the importance of seeking insurance advice from qualified insurance professionals.

Please take a moment to read the following summary from the LIFE website about LIAM and enjoy a safe holiday weekend!

Why Devote a Month to Life Insurance Awareness

These days there’s a lot of talk about financial crises. The retirement savings crisis. The crisis of 47 million Americans not having any health insurance. The subprime mortgage crisis. These crises may get the biggest headlines, but there’s another one that’s just as concerning. The crisis of too many Americans not having adequate life insurance coverage.

According to LIMRA International, 68 million adult Americans have no life insurance at all and those with coverage have far less than most experts recommend to ensure a secure financial future for their families. In fact, ownership of life insurance has been declining for decades and the impact is being felt in very human terms today. When a loved one dies without adequate life insurance coverage, surviving family members often face very difficult financial consequences like having to work additional jobs or longer hours, borrow money from friends and family, move to smaller, less expensive housing, or put plans for a child’s education on hold.

With so many Americans in a financially vulnerable situation today, the life insurance industry has created a month-long public awareness campaign aimed at encouraging the public to take stock of their life insurance needs. Life Insurance Awareness Month (LIAM) is an industry-wide effort coordinated by the nonprofit LIFE Foundation. Each year, LIFE is joined in this educational initiative by more than 100 of the nation’s leading insurance companies and other industry groups. All share the same objective: to end the unnecessary financial suffering that so often occurs when a loved one dies.

Credits: LIFE (www.lifehappens.org)

Deposit Insurance ... Is Your Bank Account Covered?

2008-07-28T13:16:24Z

Many of us have insurance on our bank and/or savings accounts, yet most do not even realize it. The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage on bank or savings association deposits in the United States up to $100,000 (provided the bank or savings association is FDIC insured). The FDIC is an independent agency of the U.S. Government.

Recent bank failures have caused concern among citizens regarding the security of their bank accounts. The most notable recent failure involves IndyMac bank of Pasadena, CA. IndyMac is now considered the second-largest financial institution failure in U.S. history. The company had an estimated $32 billion in assets at the time of its failure.

Fortunately, nearly 10,000 depositors were covered for approximately $1 billion worth of deposits. For those wondering if their accounts would be covered in the event of a bank failure, please visit the FDIC's Bank Find service. And for those curious about their rights as FDIC depositors, the following is the FDIC's Depositor's Bill of Rights.

1) You have the right to automatic deposit insurance coverage when you open a deposit account at an FDIC-insured bank, with no additional cost or action on your part.

2) You have the right to separate FDIC insurance coverage for deposits held at different FDIC-insured banks.

3) You have the right to confirm that a bank is insured by using the FDIC's Bank Find service or by calling the FDIC toll-free at 1-877-275-3342.

4) You have the right to deposit insurance coverage of $100,000 for your deposits at an FDIC-insured bank â€“ up to $250,000 for your IRA deposits.

5) You have the right to deposit insurance coverage of more than $100,000 at a single bank when deposits are held in different "ownership categories," such as a single, joint and trust accounts.

6) You have the right to confirm that your deposits are within the insurance limits by using the FDIC's Electronic Deposit Insurance Estimator and other online resources or by calling the FDIC at 1-877-275-3342.

7) You have the right to be informed when a financial product offered by your bank is not covered by FDIC insurance.

8) You have a right, if your bank fails, to prompt access to your insured deposits.

9) You have the right, if you are an uninsured depositor, to receive distributions from the receivership as the sale of assets permits.

10) You have the right to sleep well, knowing that since the creation of the FDIC 75 years ago, no depositor has ever lost one penny of insured deposits.

Credits: FDIC, Reuters, LA Times

Life Insurance Options in Today's Economy

2008-07-23T13:16:24Z

There is a belief in the insurance industry that life insurance is 'recession proof' (there, I used the dreaded 'R' word). There is definitely truth to this belief, in that one's family, business or estate protection needs still exist even if death occurs in a down economy, In fact, many would argue the need is greater in this type of environment.

However, increasing gas, energy and food prices often force families to make tough decisions about reducing expenses. Research by a Harvard Law School professor shows median household income dropped by $1,175 from 2000 - 2007, while basic expenses such as food, housing, gas and health insurance increased some $4,655 during the same period. Numbers like these do not paint a very rosy picture.

Life insurance remains an important part of an individual's financial portfolio during slower economic times. Policy owners should do everything possible to keep existing policies in force. One option for those contemplating letting a policy lapse is to shop around for a new policy with a lower premium. As other expenses have gone up, term life insurance rates have dropped over 50 percent since 2000. Owners of older term or even permanent life insurance policies may be pleasantly surprised to discover today's lower premiums. Policy owners can often take out a new policy with the same amount of coverage for a lower premium than they are currently paying, despite being a few years older today.

Give one of our licensed representatives a call to comparison shop for you or view quotes on our website. You may even save enough to keep a little extra gas in your car!

Auto Insurance Rates on the Rise

2008-07-22T13:16:24Z

Everyone not living in a cave knows what is currently happening at America's gas pumps. $4.00 per gallon gas has become the norm, with some areas of the country closer to $4.50. Thanks to a recent report by Insurance.com, we now know auto insurance rates are increasing right along with gas prices. The company's quarterly Car Insurance Rate Report (actual name) shows auto insurance premiums increased on average 3.4 percent over the previously reported quarter. This is the second quarterly increase in a row reported by the company.

The state with the largest increases in auto insurance premiums was Indiana (6.7 percent). Other interesting findings included:

The states with the highest quoted premiums were Louisiana, New Jersey and Washington, DC (we know, not technically a state).
The states with the lowest quoted premiums were Ohio, Wisconsin and Maine.
The top five states with the largest increases:
1. Indiana - 6.7%
2. Arkansas - 6.1%
3. Texas - 4.3%
4. Nevada - 4.1%
5. Illinois - 3.8%

Credit: Insurance.com

Obesity and Term Life Insurance

2008-07-18T13:16:24Z

The Centers for Disease Control and Prevention (CDC) recently released the results of a government survey showing the states with the highest levels of obesity in the country. The south dominated the top ten, due mostly in part to diet habits that tend to include fatty and fried foods. Obesity is determined by an individual's Body Mass Index (BMI).

Learn more about BMI.

Calculate your BMI.

Mississippi had the highest obesity rate once again this year, with 32 percent of residents falling into the obese category. Colorado had the lowest rate in the nation at 19 percent.

Mississippi - 32%
Alabama - 30.0%
Tennessee - 30.1%
Louisiana - 29.8%
West Virginia - 29.5%
Arkansas - 28.7%
South Carolina - 28.4%
Georgia - 28.2%
Oklahoma - 28.1%
Texas - 28.1%

Build is a very important factor in the underwriting of a term life insurance application. Every life insurance company considers an applicant's height and weight when determining which rating class to place the applicant in. Most companies will offer coverage to individuals with larger BMI's; however, the premiums will be higher due to the increased risk taken on by the company.

Be sure to ask your agent how your build will affect your application. You can also input your build when obtaining quotes from our term life insurance quoting system. Be honest for the best results!

MetLife 'Rocks' With New Insurance Video

2008-07-11T13:16:24Z

Do you remember those old School House Rock educational videos? You know, the jams with titles like 'Conjunction Junction' and 'I'm Just a Bill?' Well, Metropolitan Life Insurance Company (MetLife) has put together an educational video with a similar theme as the School House Rock videos. The topic of the video is risk pooling in insurance. Risk pooling in insurance is a form of risk management in which insureds are 'pooled' together to help spread risk and keep any one individual from suffering large losses. It allows protection at a fraction of the cost it would take to do it alone.

Risk pooling is a basic component of insurance and this video does a good job of simplifying the topic. While it may not receive any 'Kids Choice Awards' anytime soon, it is still worth the time to watch.

MetLife YouTube Risk Pooling Video

Leave it to Google ...

2008-07-08T13:16:24Z

The ability to Google your medical records may be closer than you think. The Internet giant recently released Google Health, a health information service aimed at helping users store basic medical history, track medications, schedule doctor appointments, refill prescriptions, receive lab results online and a host of other related services.

The company will store personal health information on dedicated servers with additional security measures installed for protection. One long term goal of the project is to electronically maintain users' medical records. This would allow users to review and retrieve their own medical records at any time.

Privacy concerns will of course dictate how far we are from seeing this portion of Google Health become active. However, it will be well worth the wait for the life insurance industry. The storage of personal medical records has the potential to speed up the underwriting process significantly on life insurance applications. The current process of requesting medical records from an applicant's physician can take up to several weeks to complete. Imagine reducing that process to several days at most.

Insurance Companies Exhibit a Century of Quality

2008-07-02T13:16:24Z

A.M. Best Company has been issuing financial strength ratings on life insurance companies since 1906. Consumers have relied on these ratings for the past century as a tool for selecting a life insurance company to purchase a policy from. A.M. Best recently recognized the following insurance companies for maintaing an A.M. Best Financial Strength Rating of 'A' or better since 1907.
 

Federal Insurance Company
The Life Insurance Company of Virginia (Genworth Life and Annuity Insurance Company)
Great American Insurance Company
Hartford Fire Insurance Company
John Hancock Life Insurance Company
MetLife
National Fire Insurance Company of Hartford
New York Life Insurance Company
Northwestern Mutual Life Insurance Company
Penn Mutual Life Insurance Company
Providence Mutual Fire Insurance Company
Prudential Insurance Company of America
Standard Insurance Company
Western & Southern Life Insurance Company

California Drivers Beware ... Cellies Not Allowed

2008-06-30T13:16:24Z

Bluetooth headsets are about to become all the rage in California. The reason? On July 1, the state will begin fining drivers caught using cell phones while driving; unless they are using a hands-free device such as a Bluetooth headset. Additionally, drivers under the age of 18 will be ticketed if caught using any type of cell phone while driving, including a hands-free set.

Fines are scheduled to begin at $20 for a first offense, increasing up to $50 for multiple offenses.

It will be interesting to see if other states will take California's lead. Perhaps the new law will help to reduce automobile accident rates. If so, we could possibly even see auto insurance premiums affected.

Something tells me police officers in Beverly Hills will be busier than normal.

Federal Reserve Holds Rates Steady This Time

2008-06-26T13:16:24Z

The Federal Reserve Board changed course at its most recent meeting yesterday, June 25th. The Fed held its target for the federal funds rate at 2.00 percent. The federal funds rate is the rate consumers pay on credit cards, home equity lines of credit and automobile loans.

Yesterday's widely expected decision to hold rates steady breaks a string of seven consecutive rate reductions over the past eight months.  The Fed's last statement noted "uncertainty about the inflation outlook remains high." This comment had many experts believing the Fed may be done cutting rates, and it turns out now to be the case indeed. This meeting's statement noted "upside risks to inflation and inflation expectations have increased."

The federal funds rate is an overnight bank lending rate that affects rates on various types of loans such as variable-rate mortgages and credit card rates, among others. The rate may also impact rates on various investment and insurance products offered by life insurance companies.

Health Insurance Receives 'Failing Grades' in Many States

2008-06-12T13:16:24Z

Families USA, a Washington, D.C.-based health care consumer group, recently released a report claiming laws in most states benefit health insurance companies over health insurance consumers. The report, titled 'Failing Grades', is the result of the group's survey of insurance commissioners of all fifty states. The group contends the results show the individual health insurance market is a market of abuses and inadequate consumer protection.

According to the report, 35 states have no set limitations on the premium increases insurance companies can impose on consumers based on health status. The group also claims most states allow insurance companies to hand-pick healthy customers.

Some other findings include:

21 states allow insurance companies to exclude coverage for pre-existing condition for a period of more than one year.
44 states allow insurance companies to revoke coverage without state review or approval.

'New' Life Insurance Travel Guidelines

2008-06-11T13:16:24Z

Life insurance companies may soon take a different view of applicants' foreign travel history and future plans when considering applications for life insurance. The National Association of Insurance Commissioners (NAIC) recently adopted new guidelines aimed at protecting consumers from discriminatory underwriting practices by life insurance companies in the sale of life insurance. The guidelines modify the NAIC's Unfair Trade Practices Model Act to limit an insurance company's ability to deny an applicant life insurance based solely on lawful past travel or lawful future travel (under specific circumstance on the latter).

The new guidelines state that future travel cannot be the basis for a coverage decision unless travel to a specific location at a specific time is found to create a risk of loss greater than that for individuals who do not travel to that place at that time. Such findings must be based upon sound actuarial principals and actual or anticipated experience.

The language implies there is plenty of room for 'interpretation', and seems somewhat ambiguous. Specifically, it will be interesting to see how life insurance companies adapt and justify their findings based upon 'sound actuarial principals and actual or anticipated experience.'

Longevity Insurance - Get Paid to Live Longer!

2008-06-02T13:16:24Z

Most people are familiar with the concept of life insurance; you purchase a policy and the insurance company will pay a death benefit to your family (or other beneficiary) if you die while covered. The concept of longevity insurance may be a bit more unfamiliar.

Symetra Life Insurance Company hopes to change that. The company recently released a new product called the Symetra Freedom Income Annuity, which the company states acts like longevity insurance. The idea is to purchase the annuity at today's premiums to insure you do not outlive your retirement savings.

For example, a 65-year old could purchase a policy today that will begin regular monthly payments at a specific age, say 85. For a monthly benefit of $2,500, the premium would be approximately $30,000 today. The premium would be significantly higher if the policy was purchased at age 85.

This new product from Symetra is called a single premium deferred annuity (SPDA). It is not a new product to the industry and longevity insurance is not really an insurance product at all. It's simply a unique way of looking at the benefits provided by this type of annuity.

Making a Case for Good Auto Insurance

2008-05-29T13:16:24Z

This won't come as news to many, but poor drivers abound on America's roads. Now we have the results of the 2008 GMAC Insurance National Drivers Test as proof of such. The survey, which polled over 5,500 Americans in all 50 states, shows 16.4 percent of drivers would not pass a written driver's test if taken today. This number represents approximately 33 million licensed drivers! The test used was a sampling of 20 actual exam questions.

Some of the more interesting findings are as follows:

Kansas drivers recorded the best scores at 84 percent.
New Jersey drivers recorded the lowest scores at 70 percent.
20 percent of women failed the sample test, while 13 percent of men failed.
The top five states were Kansas, Wyoming, Nebraska, Idaho and Minnesota.
The bottom five states were New Jersey, Washington, D.C., New York, Massachusetts and Georgia.

Earthquake Insurance

2008-05-28T13:16:24Z

Earthquakes are a hot topic in our corporate headquarters located in Reno, NV. Several hundred quakes have shaken the region within the past few months. Yes, several hundred. And while most are considered minor quakes (the largest registered as a 4.7 on 4/25/08), they are still enough to put people on edge. This is especially true if you are a home or business owner.

California, Nevada and Alaska are the three states with the most seismic activity in the United States. However, earthquakes have been felt in all fifty states. Some 5,000 are recorded each year in this country.

Seismologists recently released a report that predicts a magnitude 7.8 or greater quake will rock southern California at some point in the future. The group says it is more a matter of 'when' not 'if.' A quake of this magnitude is projected to cause an estimated $200 billion in damages. Not to mention the toll it will take on citizens in the form of injuries and fatalities.

Still, far too few Americans carry earthquake insurance on their homes and businesses. One reason may be that many believe their homeowners insurance policy covers earthquake damage. Unfortunately, this is not the case. Earthquake coverage must be purchased separately, and is typically fairly expensive in relation to a homeowners insurance policy.

But with all this shaking going on, it may be a prudent time to look at some quotes for this coverage. Major insurance companies will put a moratorium on new policies for a period of time following a major quake (typically 30-60 days). So it may be best to look now.

Memorial Day and Simplified Issue Term Life Insurance

2008-05-23T13:16:24Z

Gas prices got you down? If so, it appears you're not alone. According to AAA, Americans are planning to travel less this Memorial Day weekend than they did last year. This is the first decrease in travel on this busy travel weekend since 2002. An estimated 12 percent of Americans will travel this weekend, with 83 percent of those taking to the roads. That's a 1 percent decrease from 2007.

Despite the reduced number of drivers on the road this upcoming weekend, the Memorial Day holiday still represents one of the deadliest weekends of the year on America's roads. Whether you are travelling or not this holiday, you may be interested to know QuickQuote offers Simplified Issue Term Life insurance policies through HSBC/Household Life and RBC/Liberty Life. The application process takes as little as 15 minutes, with no medical exam, coverage lengths up to 30 years and coverage amounts up to $500,000.

Click or call us at 800-867-2404 to get started ... just in time for the holiday. And have a safe weekend!

American General Life Releases New ROP Term Life Insurance

2008-05-22T13:16:24Z

AIG American General Life Insurance Company recently announced the release of its new Return of Premium (ROP) term life insurance product, named AIG ROP Select-a-Term. As with the company's flagship term life insurance product, AIG Select-a-Term, the new ROP version allows policy owners to select from fourteen term periods (15 and 20-35). As with all other ROP term life policies, these policies will return all base premiums to the policy owner should the primary insured live to the end of the premium term.

Look for quotes on this new ROP term life insurance product from AIG American General Life Insurance Company in our ROP term life marketplace.

Do You Take This Health Insurance Policy as Your Wedded Spouse?

2008-05-08T13:16:24Z

The Detroit News recently reported about a poll released earlier this month that shows 7 percent of Americans said they or someone in their household married in the past year to obtain health insurance benefits through their spouse's policy. The same poll revealed 28 percent of Americans have experienced serious problems due to the high cost of health care.

Federal Reserve Cuts Key Interest Rate Again

2008-04-30T13:16:24Z

The Federal Reserve Board once again cut a key interest rate at its meeting today, April 30. The Fed lowered its target for the federal funds rate by 25 basis points to 2.00 percent. The federal funds rate is the rate consumers pay on credit cards, home equity lines of credit and automobile loans.

Today's cut was the seventh rate reduction in the past seven months.  As the central bank continues to allay fears of a U.S. economic recession, it also has the challenge of keeping a watchful eye over inflation. The Fed's statement included the comment that "uncertainty about the inflation outlook remains high." This comment has many experts believing the Fed may be done cutting rates for now as it directs its attention toward inflation and away from the economic slowdown.

The federal funds rate is an overnight bank lending rate that affects rates on various types of loans such as variable-rate mortgages and credit card rates, among others. The rate may also impact rates on various investment and insurance products offered by life insurance companies.

HSBC Introduces New Term Life Insurance Product

2008-04-24T13:16:24Z

HSBC, through Household Life Insurance Company, recently introduced a new Simple Issue Term life insurance product. The product requires a simple seven question application form to be completed by the applicant, either through a secure website or over the telephone with a licensed representative. If approved, the applicant can sign the necessary documents by voice or electronic signature, pay by credit card or EFT and print out the new policy within minutes.

Coverage is available for term lengths of 10, 15, 20 and 30 years in amounts ranging from $25K to $500K. The policies are also convertible to select permanent life insurance products offered by the company.

This new product through HSBC Household Life Insurance Company is the only Simple Issue Term life product currently available in amounts up to $500K. For quotes on this new term life product, please call one of our licensed representatives at 800-867-2404, Option 1.

Protective Life Announces Electronic Policy Delivery

2008-04-17T13:16:24Z

Protective Life Insurance Company recently announced the release of Electronic Policy Delivery for all of its life insurance products. The new system allows customers to review and download their policies in a secure online environment. Customers will also be able to electronically sign any necessary documents and make their initial premium payment online.

Electronic Policy Delivery is a significant advancement for term life insurance processing and a tremendous benefit for those who purchase online. This feature has the potential to reduce processing times by several days and get policies in the hands of customers more quickly.

Protective Life Insurance Company is the parent company of West Coast Life Insurance Company, a member of the QuickQuote term life insurance marketplace.

Insurance for Fido

2008-04-16T13:16:24Z

Last fall we blogged about the growing trend in pet insurance. Well a new report out this week estimates Americans will spend around $1.1 billion (yes, with a 'b') annually on pet insurance by the year 2012. Pet insurance revenues for 2007 were estimated to be approximately $248 million, which is an increase of 21 percent over 2006 revenues.

The report cites the growing number of affluent households in the United States and their willingness to spend money on their pets' health care needs.