Ideas, tips and news about life insurance and the uses of life insurance

Term life insurance premiums have been at historic lows for the past several years. Unfortunately, the recent credit crunch is having an effect on life insurance premiums, according to Bob Barney, president of Compulife Software, Inc., a company that manufactures life insurance comparison software that is used by insurance companies and agents and brokers (including www.lifeinsure.com).

Many companies have been raising their premiums and/or canceling some of their longer term policies (30 years). According to Barney, while a number of companies have recently raised premiums, there are a number who have not yet done so. For this reason, it makes sense for consumers to do some comparison shopping now.

It is important to note that if you have a term policy with guaranteed premiums, the insurance companies cannot raise your premiums. The premium increases will only apply to newly-issued policies.

Some companies announce premium increases and give agents time to get outstanding applications in before the deadline date established by the company. If you are contemplating a new policy and shopping for quotes, be sure to ask your agent if the company whose policy you are applying for has announced impending rate increases. If so, be sure to get your application in before the deadline. Otherwise, you might be surprised by a higher premium when your application is approved.

Having attended various industry seminars and conferences, I am not a big fan of motivational speakers. However, I recently had the pleasure of seeing Dr. Jerry Linenger, retired U.S. Navy flight surgeon and NASA astronaut, speak at such a conference.

During what has been reported to be one of the most dangerous and dramatic missions in space history, Jerry spent nearly five months aboard the Russian space station Mir. He faced numerous life threatening events, including repeated failure of critical life support systems, a near collision between the space station and a massive re-supply spacecraft, and multiple computer failures that sent the space station tumbling uncontrollably through space. As if these problems were not enough, he narrowly survived a raging, smoke-billowing fire that was later described as the most severe fire ever aboard an orbiting spacecraft.

During this fire, the overwhelming thought Dr. Linenger had was that he hadn’t left anything behind or his new-born son. Of course, as a life insurance agent, I first interpreted his statement as, “I didn’t have enough life insurance.” He went on to explain that he wished he left a letter for his infant son that he would be able to read when he got older. He wanted to tell his son about himself and how much he was loved. His regret was that his son would never hear the words, “I love you,” coming from his father.

Dr. Linenger survived the fire and made a vow to himself that he would tell his wife and children daily how much they meant to him and how much love he had in his heart for them. Having confronted the possibility that he would never be able to do that again, he now makes sure that they hear those words from him every day.

While you might not be going to be on a space station for months, you never know what tomorrow will bring. Other than the financial wherewithal to continue the lifestyle you have created for your family a good life insurance policy will permit, what will you leave behind for your family? Will they have certainty that you loved and cared for them to the best of your ability? Will you have instilled in your children the values you would like to see carried forward to the next generation? While financial planning is a necessity for your family’s future wellbeing, Dr. Linenger realized the importance of this other planning at a time when it might have been too late. Don’t miss your opportunity to leave something behind for your family.