Insurance

All What You Need to Know About Lincoln life insurance Company

February 16, 2020 by admin Leave a Comment

Lincoln National Life Insurance Company is an auxiliary of Lincoln Financial Group. The company was founded in 1905 and its headquarters is located in Indiana, Pennsylvania. The company provides insurance services and focuses mainly on life insurance, annuities, accident, health, dental, critical illness, group benefits, individual and group retirement plans. The company serves people in United States.

As at 2014, Lincoln National Life insurance company was ranked number 232 on Fortune 500 list in terms of company revenue and ranked 26 in terms of assets. It is also noteworthy to state that the company was also ranked number 218 on the Barron’s 500 2014 list for remarkable growth in revenue.

History and Structure

The Lincoln National Life Insurance Company was founded in 1905 in Fort Wayne, Indiana, where it maintains its headquarters. The company was established during an era of profound social doubt of corporate America by and large and of insurance agencies specifically, the first officers of Lincoln Life Insurance needed to pass on a notoriety of trustworthiness.

To that end, they persuaded Abraham Lincoln’s just surviving child, Robert Todd Lincoln, to allow the organization authorization to utilize the president’s name and similarity, which the organization keeps on utilizing right up till the present time. Within 10 years, the company had developed to end the standout amongst the most regarded organizations in the business.

Today, Lincoln Life Insurance is part of the Lincoln Financial Group (LFG), which includes several companies in the financial services industry. LFG is located in the Philadelphia Suburb of Radnor, Pennsylvania. LFG holds a very impressive record of execellent financial investing, and this can easily be seen in its ratings from the major agencies, A.M. Best, Fitch, Moody’s and also Standard & Poor’s.

These organizations set the benchmarks for how well a purchaser can confide in the solvency and future standpoint of a bearer and Lincoln can claim a better rating from each of the four rating offices, which few others can do.

Life Insurance Policies

Lincoln Life Insurance has a well-developed market share in insurance for individuals as well as the work place, retirement plans, executive bonus plans and retirement plans, executive bonus plans and investment avenues. The company offers four core life insurance policies and six different types of universal life insurance and indexed universal life insurance policies. However, what are their main life insurance policies or core products.

Term life insurance

Term life insurance is that form of life insurance that provides beneficiaries coverage at a fixed rate of payments for a limited period. Therefore, after that term expires, coverageis lost until the insurer can either forgo the coverage of obtain further coverage with different payments or conditions.

However, among lincoln’s term life insurance, there are two options;

Lincoln TermAccel

The TermAccel is the best choice for younger generations. The Lincoln TermAccel Level Term is for ages 18 to 50 for coverage of $500,000 or less. The TermAccel is potentially an exam free product (that is medical tests and examinations are not essential) can be issued for as little as two days.

Lincoln LifeElements

The Lincoln LifeElements Level Term is for people age 45 and older for a coverage of $500,000 and above. Blood test is also not necessary for the Lincoln LifeElements. All with a phone interview, a person with over age 45 wo needs more than $500,000 in coverage can be approved with ease just like Lincoln TermAccel.

Universal and Indexed Universal life insurance

Universal life insurance is a type of life insurance which is permanent with an investment savings element and low premiums like term life insurance.The Universal Life Insurance is based on a whole life insurance. It enables the policyholder to modify the approach in connection to life changes by joining the advantages of term life coverage with those of an investment account. Indexed Universal life insurance is a type of universal insurance which is distributed in the same manner as a fixed universal life, that is cash value can be linked to market index like the S&P 500. These policies have a minimum guaranteed interest rate.

Lincoln LifeGuarantee
Lincoln LifeCurrent
Lincoln LifeReserve
Lincoln LifeReserve Indexed Universal Life Accumulator
Lincoln WealthAdvantage Indexed Universal Life
Lincoln WealthPreserve Survivorship Indexed Universal Life

Variable life insurance

Variable Life Insurance is a type of permanent life insurance policy except that it has an investment opportunity. Variable life insurance provides lifelong coverage while adding value to cash value account. Variable Life insurance is very useful when one is looking for an insurance policy with a low level of risk.

Lincoln AssetEdge Variable Universal life insurance
Lincoln AssetEdge Exec Variable Universal insurance
Lincoln Variable Universal insurance
Lincoln PreservationEdge survivorship Variable Universal Life

Pros and Cons of Lincoln National Life Insurance company

Lincoln national life insurance company has so many advantages as a choice. The company offers a comprehensive choice of life insurance products. The company is known for its excellent financial strength rating. Lincoln national life insurance company’s quotes are usually sold at a very competitive price, especially for term life insurance.

However, as flexible as the insurance policies of the company can be, Lincoln National Life Insurance Company does not permit customers to change their information online. This makes it tedious for individuals who hate filling paper forms and phone interviews.

Which coverage suits you

Lincoln National Life insurance company offers a nice variety of insurance policy. However, knowing a good insurance company is not enough, it is also paramount to know the kind of coverage that is most suitable for your needs, is it universal or term and so on.

The first step is to know how much capital your family would need to meet immediate obligations at the time of your death. This means expenses like medical bills, funeral expenses, even college costs and also other outstanding debts
It is also important to consider how much is needed to sustain the household when you are gone. This is not so easy to calculate especially if the market flow is not so predictable. Therefore, if this is the case, selecting a policy with investment component is the most appropriate choice.

Conclusion

There are a lot of advantages that Lincoln National Life insurance company attracts, aside from the fact that it offers a nice variety of term and universal insurance policies, it also contains investment components. This feature makes the company stand out. Also, just like all life insurance policies, premiums and available benefits are dependent on various factors like your health, age and other factors. There are so many insurance companies for your competitive especially for term life insurance.

In essence, Lincoln Financial Group is a trusted name with more than 100years of business. It has excellent ratings and is known for its remarkable financial strength. In a time whereby, the future cant be predicted, it is of utmost priority to at least first secure a future for your family, so even after you are gone, they wouldn’t live in hardship.

When to Purchase Short-Term Car Insurance

August 23, 2019 by admin Leave a Comment

Short term vehicle insurance, equally known as temporary car insurance, offers the same amount of coverage as the regular car insurance for a shorter period of time. Normal auto insurance policies should last 6-months to one year. Temporary auto insurance can be bought for as little as one day to two months, depending on the insurance provider.

In the United States, driving car without car insurance is illegal. If caught, you are subjected to hefty fines, points and potential suspension on your driver’s license, and higher rates on later insurance policies due to the strikes against your driving record. Additionally, should you get involved an accident while without insurance, you could end up paying medical and property damage expenses for an extended time.

When to buy Short Term Car Insurance:

People take out temporary vehicle insurance policies for a variety of reasons to refrain from driving with a lapse in insurance coverage. Here are some instances when one would purchase temporary insurance:

In between vehicle insurance policies.If you’re switching insurance providers at a time that doesn’t automatically keep you covered, temporary insurance can bridge the gap in protection.
Bothered about liability limits.If you’re disturbed about the minimum insurance may not cover the already-insured car in a liability claim, you may take out short-term insurance as supplemental coverage.
Renting a car while out of town.You can buy the rental vehicle company’s insurance for the duration of using the vehicle or choose another provider.
Avoiding rental vehicle insurance prices.If you intend to drive a rental car on and off for multiple occasions or for a few months, temporary coverage may be cheaper than rental company fees.
Borrowing a friend or family member’s vehicle.You may be using their vehicle while your vehicle is getting fixed, or you’re briefly in between cars. If you’re a house guest and they’re loaning you their car, it would be wise to take out some kind of insurance. Do not assume somebody else’s policy covers the car you’re borrowing.
Short-term ownership of the car.You still want insurance on your car, however short the period of ownership is. This could apply to an extended vacation or work-related trip, as well as a vehicle you buy only to resell.
Your car will be in storage.To protect your vehicle against damages that may happen while in a storage facility, it may be smart to take out a short-term insurance policy.
You’re selling the vehicle soon.Your old insurance policy may be up, and you are looking to sell the vehicle without losing coverage in the interim. You may also want it protected against test drivers.
Instant coverage while driving a new car off the lot.You don’t want to take any chances — particularly with a new car that may have higher maintenance costs.
Coming home from college for a break.While visiting, you may only need a car for a few weeks, but you want to ensure you’re covered.
Moving-van rental coverage.Ensure your regular auto insurance agency covers rented moving vans — otherwise you should key into temporary insurance.
Ride-share driver of a company car.If you do not have the vehicle you use for ride sharing, you still want it covered under an insurance policy.

3 Main Types of Temporary Car Insurance:

Short-term car insurance still offers the same coverage as long-term insurance policies that often automatically renew every 6-months to a year. It can be included to existing policies or take the place of standard coverage. Temporary insurance land in many forms, but the main 3 are:

Non-Owners insurance.Non-owners insurance helps those who do not own their own car but occasionally find themselves driving other cars. Non-owners policies will provide liability for medical bills should an at-fault accident happen, as well as additional protection.
Gap insurance.Gap stands for guaranteed asset protection, and it protects you when your regular insurance only covers the amount your vehicle is worth. vehicle value decreases greatly the older it becomes, and serious repairs can exceed the amount of the vehicle’s new worth. Should your vehicle be wrecked in an accident, gap insurance will take care of excess costs, and should be considered if you’ve put down less than 20% toward your car and financed it for 5 or more years.
Rental vehicle insurance.Your regular insurance may only have limited coverage of a rental car, or you don’t own a vehicle and therefore don’t have auto insurance. Rental vehicle companies will offer insurance or additional coverage plans such as liability protection, loss-damage waiver, personal accident insurance, and personal effects. Rental agency prices can get high, so be sure to seek out third-party temporary insurance policies too.

Price and Qualifications for Short-Term Car Insurance

Similar to the regular insurance policies, the insurance company will take your place and vehicle make and model into account before quoting you a price. Companies will eqùally consider any notable marks on your driving record. Short-term insurance is often more expensive than long-term coverage, but it is only to cover the requirements for a limited amount of time.

Before setting your sights on an affordable price, ensure you meet these requirements to buy temporary insurance:

You are over 21 years old.
Your driver’s license has been valid for a min of 1 year.
You have no more than 6 penalty points in the last 3 years.
You have had no more than 1 at-fault accident in the past 3 years.

How To Get A Better Auto Loan If You Have Bad Credit

June 12, 2019 by admin Leave a Comment

No matter how much we may try, things don’t always go our way. The high cost of living, growing insurance costs, skyrocketing taxes, and dwindling finances all result to the same path for some of us: the path of bad credit. Once you have a bad credit history, it gets increasingly more difficult to acquire loans, mortgages, new credit cards, or increased credit limits. If you are in the market for a vehicle and need a loan, don’t despair. Fortunately for you, there are ways to improve your chances not only of getting a car loan, but also, of getting a car loan with reasonable terms. Even for you, the bearer of bad credit, specific strategies can bring you closer to the vehicle loan that you need.

Simply follow as many of the suggestions as you can to increase your chances of getting a better car loan, a loan with lower interest rates. Some of the strategies should be finished before you go in to ask for the loan, and other strategies should be followed when you are applying for your car loan. Don’t worry if some of the strategies don’t seem possible for you to follow. It isn’t required to complete all of them to improve your chances.

Strategies to Follow before Applying for Your Auto Loan

Get your credit score so that you know what you are dealing with in regard to your credit score. Each of the three major credit bureaus, Trans Union, Experian, and Equifax, offer consumers a free credit report once a year. Contact one of these bureaus to get your credit report.

Improve your credit score as much as possible. To improve your chances of getting a more agreeable interest rate, as well as a lower needed down payment, then attempt to improve your credit score as much as possible before applying for the auto loan. Granted, this may take some time, but any positive effort can only make a favorable impression. In general, the higher your credit score, the better your chances of obtaining a loan with favorable terms.

Secure a steady job with steady income. Lenders are going to expect anyone who applies for a loan to have steady job. If you don’t have one, get one. In fact, persons who can show that they have held the same job for over ninety days have a better chance of being given favorable loan terms.

Increase the size of your down payment as much as you could. The amount of money that you place on the vehicle provides the security the lender needs in order to offer you a loan. Larger down payments offers greater equity or security for the loan.

Comparison shop. Different lenders will give loan packages with varying terms. Even if you have bad credit, shop around and see which lenders are offering the best terms for auto loans.

Apply for pre-approval for an auto loan. It is possible to get pre-approval for an auto loan. This will take out the stress and mystery of wondering what the car dealership is going to present you for a loan.

Consider a sub prime lender for your loan require. Sub prime lenders make a living out of dealing with individuals who have bad credit. The possibility of getting approval for an auto loan is probably very good when dealing with a sub prime lender.

Strategies to Follow when Applying for Your Auto Loan

Purchase a used car instead of a brand new one. Since used vehicles usually have a lower price tag attached to them, the auto loan that you require in order to make your purchase will be smaller. A smaller loan translates to smaller monthly payments. Typically, smaller monthly payments are more affordable and less of a risk for the company that is considering extending an auto loan to someone with less than stellar credit.

Get to the car dealership with a co-signer who has a good credit history. Since co-signers of a loan are held responsible for the loan should the primary borrower fail to pay, it may be hard to get someone to agree to co-sign for you. However, the presence of someone who is willing to trust your financial stability should improve your chances of getting an auto loan with good terms.

Use a reputable or well known company for your auto loan. Typically, companies that have a long standing record of offering services to the community also offer better terms for their borrowers. These companies have not made it to where they are with questionable practices.