Term Life Insurance for Armed Service Members
There are many different bills that ensure surviving members of those who serve our country in the military will be taken care of with financial benefits. However, it is still a good idea to take out a separate policy to ensure that payments will be sufficient as some of the benefits only cover household goods, personal needs (the basics) and some funds are only allocated to hardship cases. All the bills are dependent on different criteria such as if the individual was killed in combat or was killed from an illness or accident incurred from a past service. Indeed, to fully protect your family financially, taking out a separate simple term life insurance would help supplement any military benefits you would receive.
Each military policy is different, and low cost service members’ group life insurance (SGLI) policies are quite common. However, some of the military group member policies have a limited face value of about $400,000.00. You do not want your family to come up short in the event of your untimely death. The average military family income is sometimes barely enough to cover the basic bills. Term life insurance would be the most cost effective way to build a financially secure future for your family.
Deceptive Sales Practices and “Red Flags”
Unfortunately, just as the elderly are a commonly targeted group for fraud, military personnel are also often victims of deception. Because of the various benefits and discounts often given to military personnel, many who serve do not question services that they are offered. After all, one of the key words in the military is “honor” and of course it is common practice not to question orders (unfortunately, that has a tendency to sometimes transfer to other areas of life). The following is a list of deceptive sales practices of which to be cognizant:
• Solicitation of insurance policies as “investment” or “savings” products sold as or with savings or investment products.
• Non-military personnel posing as financial counselors or advisors on veterans’ benefits.
• Non-military or former military personnel acting as investment advisors in a group or classroom.
• Pressure to rush through the application process, to complete an allotment form or to authorize withdrawal of funds from your bank account for the purchase of a life insurance policy.
• Agents selling on military bases without proper authorization from base solicitations officer or the Department of Defense. When in doubt it is always best to check credentials.
• Agents selling without a valid license from a state insurance department.
• Delays in receiving a copy of the contract.
When you feel any of those “red flags” go up, it is probably best to leave the situation. If purchasing a separate term life insurance policy is something you and your family are seriously considering, it is important to make sure you go with a carrier that is “A” rated. Your best bet is to find a reputable broker who can advise you properly. If you wish to add “war risks” onto your policy, make sure you are familiar with the regulations set forth by the carrier. Some stipulate that your benefits will only be paid if you purchase the policy before you are given orders of deployment.
Making Your Service Count
Members of the armed services can be deployed on short notice, leaving little time to address their personal or business affairs. Be sure that your spouse and children are covered and financially secure, because life as a member of the armed forces is met with great unpredictability. By ensuring your family is properly covered you will be sure to serve them as well as you have been serving your country.
Term Life Insurance for Hazardous Occupations
Those who choose to really live life on the edge need to make sure they have adequate life insurance coverage as the risk for losing their lives goes up dramatically. One of the biggest aspects that underwriter’s evaluate when choosing to grant coverage is an individual’s career choice and their overall choice of regular hobbies. If an applicant is of greater risk to a carrier, premiums are higher and possibly issued for a certain number of years. An applicant could be subject to review upon renewal. The bottom line is that applicant’s who risk their lives regularly will pay a higher premium than the average person as rates are tailored according the average person.
Term Life Insurance for those with Hazardous Occupations
For some people, regular participation in hazardous activities is not a matter of hobby but is their livelihood. Many people count extreme activities as their primary source of income, such as pilots, aviation or scuba diving instructors or mountain climbing guides. Top professional surfers, racecar drivers and motocross riders depend on their thrilling professions to make a living. Unfortunately, all these people can expect higher life insurance premiums.
These professions, however, do not necessarily mean unreasonable term life insurance rates. You can still get affordable coverage if you obtain necessary licenses and take all the classes you can to make you experienced and prove that you are safe. For example, commercial airline pilots are not subject to extra fees. It is best to inquire about a carrier’s necessary requirements so that you can meet them before applying for coverage.
Participants of Extreme Sports
Many thrill seekers like to engage in extreme sports. Some common extreme sports include, skiing, snowboarding, skateboarding, dirt biking, hang gliding, mountain climbing and scuba diving. Other more extreme sports are bungee jumping, parachuting, and hang gliding.
Insurance companies are not “all or nothing” in their regulations. For example, most people do not regularly participate in the more novel extreme activities like bungee jumping and parachuting. Those activities are generally reserved for milestone events such as birthdays or anniversaries. In other words, premiums are not going to be affected by trying something once.
To be fair, most life insurance companies will charge a flat “extra” on your premium to cover the risks incurred for regularly participating in extreme sports and activities. This flat extra will usually double the average rate. As you get older, however, your rates could nearly triple – as age is always a factor in underwriting policies anyway. As you age, most people start slowing down in any regular extreme sport participation. In that case, immediately contact your provider and your rate will drop effective immediately.
Another possibility of obtaining cheaper term life insurance is if you asked to be covered for everything except the extreme sport in which you regularly participate. For example, if you regularly scuba dive, you would be covered for any death occurrence except in the case that you die while scuba diving. It seems extremely fair to be covered and paid for everything except the excluded activity you list.
The best way to find the best possible coverage if you regularly participate in extreme sports or activities is to shop around for insurance. Premiums that cover adrenaline junkies can vary significantly between carriers. If you are involved in a relatively new high-risk sport, many companies may not have developed their rate policies for that specific activity. On the other hand, other carriers may be charging way too much since they are one of the few to cover it.
If you love extreme sports or your profession involves putting your life at risk more frequently than most, be sure you shop around and compare rates before buying a life insurance policy. Educate yourself as much as possible about your sport or activity. For instance, if there are licenses you can get, it is wise to obtain them. Take any class you can that will make you more experienced in that activity.
North Dakota Tax Incentives for New Bakken Oil Wells
North Dakota has passed legislation aimed at increasing new investments in oil drilling in the Bakken geologic formation, a well known oil reserve located in the western portion of North Dakota and crossing into parts of Montana and Canada. This new legislation offers temporary state tax incentives for new wells drilled in the Bakken formation area, and is expected to increase investments in new oil wells over the designated time span for the tax incentives and bring about a positive impact on North Dakota’s economy.
The Bakken formation is a part of the Williston Basin, which lies beneath areas of eastern Montana, northwestern South Dakota and adjoining parts of Canada as well as a majority of North Dakota. The Bakken Formation is a lucrative producing area for oil wells, and progressive oil drilling methods such as horizontal drilling have yielded increased production in the area and prompted experts to reevaluate and increase the outlook for expected recoverable reserves there.
The newly approved legislation, which takes effect on July 1, 2007, provides tax incentives for the first 75,000 barrels of crude oil drilled from new wells in the Bakken formation. The required state tax is reduced from 11.5 percent to 7 percent of the value of the oil for qualifying wells drilled between July 1, 2007 and June 30, 2008. Such tax incentives combined with a positive production outlook for the area are expected to attract significant new drilling operations and thus revenues for the state.
Opponents of the temporary tax decrease assert that the tax cut is unnecessary and will result in an estimated revenue loss for the state in excess of three million dollars. Proponents of the incentive believe that the influx of additional oil investments prompted by the tax incentive will more than compensate for any losses caused by the tax decrease.
An announcement by Enbridge Energy Partners, L.P., of Houston Texas, is also expected to impact oil producers and investors in North Dakota. The company has announced plans to expand the capabilities of the Enbridge pipeline system in North Dakota, a project that is expected to increase the capacity of the pipeline by 45,000 daily barrels through the addition of new pipe and improvements to the pump systems. The Enbridge pipeline system transports crude oil from eastern Montana and western North Dakota to Minnesota, where it connects with other pipelines to be delivered to refineries.
About the Author: Bob Jent is the CEO of Western Pipeline Corporation. Western Pipeline Corp specializes in identifying, acquiring and developing existing, producing reserves on behalf of its individual clients.
Each military policy is different, and low cost service members’ group life insurance (SGLI) policies are quite common. However, some of the military group member policies have a limited face value of about $400,000.00. You do not want your family to come up short in the event of your untimely death. The average military family income is sometimes barely enough to cover the basic bills. Term life insurance would be the most cost effective way to build a financially secure future for your family.
Deceptive Sales Practices and “Red Flags”
Unfortunately, just as the elderly are a commonly targeted group for fraud, military personnel are also often victims of deception. Because of the various benefits and discounts often given to military personnel, many who serve do not question services that they are offered. After all, one of the key words in the military is “honor” and of course it is common practice not to question orders (unfortunately, that has a tendency to sometimes transfer to other areas of life). The following is a list of deceptive sales practices of which to be cognizant:
• Solicitation of insurance policies as “investment” or “savings” products sold as or with savings or investment products.
• Non-military personnel posing as financial counselors or advisors on veterans’ benefits.
• Non-military or former military personnel acting as investment advisors in a group or classroom.
• Pressure to rush through the application process, to complete an allotment form or to authorize withdrawal of funds from your bank account for the purchase of a life insurance policy.
• Agents selling on military bases without proper authorization from base solicitations officer or the Department of Defense. When in doubt it is always best to check credentials.
• Agents selling without a valid license from a state insurance department.
• Delays in receiving a copy of the contract.
When you feel any of those “red flags” go up, it is probably best to leave the situation. If purchasing a separate term life insurance policy is something you and your family are seriously considering, it is important to make sure you go with a carrier that is “A” rated. Your best bet is to find a reputable broker who can advise you properly. If you wish to add “war risks” onto your policy, make sure you are familiar with the regulations set forth by the carrier. Some stipulate that your benefits will only be paid if you purchase the policy before you are given orders of deployment.
Making Your Service Count
Members of the armed services can be deployed on short notice, leaving little time to address their personal or business affairs. Be sure that your spouse and children are covered and financially secure, because life as a member of the armed forces is met with great unpredictability. By ensuring your family is properly covered you will be sure to serve them as well as you have been serving your country.
Term Life Insurance for Hazardous Occupations
Those who choose to really live life on the edge need to make sure they have adequate life insurance coverage as the risk for losing their lives goes up dramatically. One of the biggest aspects that underwriter’s evaluate when choosing to grant coverage is an individual’s career choice and their overall choice of regular hobbies. If an applicant is of greater risk to a carrier, premiums are higher and possibly issued for a certain number of years. An applicant could be subject to review upon renewal. The bottom line is that applicant’s who risk their lives regularly will pay a higher premium than the average person as rates are tailored according the average person.
Term Life Insurance for those with Hazardous Occupations
For some people, regular participation in hazardous activities is not a matter of hobby but is their livelihood. Many people count extreme activities as their primary source of income, such as pilots, aviation or scuba diving instructors or mountain climbing guides. Top professional surfers, racecar drivers and motocross riders depend on their thrilling professions to make a living. Unfortunately, all these people can expect higher life insurance premiums.
These professions, however, do not necessarily mean unreasonable term life insurance rates. You can still get affordable coverage if you obtain necessary licenses and take all the classes you can to make you experienced and prove that you are safe. For example, commercial airline pilots are not subject to extra fees. It is best to inquire about a carrier’s necessary requirements so that you can meet them before applying for coverage.
Participants of Extreme Sports
Many thrill seekers like to engage in extreme sports. Some common extreme sports include, skiing, snowboarding, skateboarding, dirt biking, hang gliding, mountain climbing and scuba diving. Other more extreme sports are bungee jumping, parachuting, and hang gliding.
Insurance companies are not “all or nothing” in their regulations. For example, most people do not regularly participate in the more novel extreme activities like bungee jumping and parachuting. Those activities are generally reserved for milestone events such as birthdays or anniversaries. In other words, premiums are not going to be affected by trying something once.
To be fair, most life insurance companies will charge a flat “extra” on your premium to cover the risks incurred for regularly participating in extreme sports and activities. This flat extra will usually double the average rate. As you get older, however, your rates could nearly triple – as age is always a factor in underwriting policies anyway. As you age, most people start slowing down in any regular extreme sport participation. In that case, immediately contact your provider and your rate will drop effective immediately.
Another possibility of obtaining cheaper term life insurance is if you asked to be covered for everything except the extreme sport in which you regularly participate. For example, if you regularly scuba dive, you would be covered for any death occurrence except in the case that you die while scuba diving. It seems extremely fair to be covered and paid for everything except the excluded activity you list.
The best way to find the best possible coverage if you regularly participate in extreme sports or activities is to shop around for insurance. Premiums that cover adrenaline junkies can vary significantly between carriers. If you are involved in a relatively new high-risk sport, many companies may not have developed their rate policies for that specific activity. On the other hand, other carriers may be charging way too much since they are one of the few to cover it.
If you love extreme sports or your profession involves putting your life at risk more frequently than most, be sure you shop around and compare rates before buying a life insurance policy. Educate yourself as much as possible about your sport or activity. For instance, if there are licenses you can get, it is wise to obtain them. Take any class you can that will make you more experienced in that activity.
North Dakota Tax Incentives for New Bakken Oil Wells
North Dakota has passed legislation aimed at increasing new investments in oil drilling in the Bakken geologic formation, a well known oil reserve located in the western portion of North Dakota and crossing into parts of Montana and Canada. This new legislation offers temporary state tax incentives for new wells drilled in the Bakken formation area, and is expected to increase investments in new oil wells over the designated time span for the tax incentives and bring about a positive impact on North Dakota’s economy.
The Bakken formation is a part of the Williston Basin, which lies beneath areas of eastern Montana, northwestern South Dakota and adjoining parts of Canada as well as a majority of North Dakota. The Bakken Formation is a lucrative producing area for oil wells, and progressive oil drilling methods such as horizontal drilling have yielded increased production in the area and prompted experts to reevaluate and increase the outlook for expected recoverable reserves there.
The newly approved legislation, which takes effect on July 1, 2007, provides tax incentives for the first 75,000 barrels of crude oil drilled from new wells in the Bakken formation. The required state tax is reduced from 11.5 percent to 7 percent of the value of the oil for qualifying wells drilled between July 1, 2007 and June 30, 2008. Such tax incentives combined with a positive production outlook for the area are expected to attract significant new drilling operations and thus revenues for the state.
Opponents of the temporary tax decrease assert that the tax cut is unnecessary and will result in an estimated revenue loss for the state in excess of three million dollars. Proponents of the incentive believe that the influx of additional oil investments prompted by the tax incentive will more than compensate for any losses caused by the tax decrease.
An announcement by Enbridge Energy Partners, L.P., of Houston Texas, is also expected to impact oil producers and investors in North Dakota. The company has announced plans to expand the capabilities of the Enbridge pipeline system in North Dakota, a project that is expected to increase the capacity of the pipeline by 45,000 daily barrels through the addition of new pipe and improvements to the pump systems. The Enbridge pipeline system transports crude oil from eastern Montana and western North Dakota to Minnesota, where it connects with other pipelines to be delivered to refineries.
About the Author: Bob Jent is the CEO of Western Pipeline Corporation. Western Pipeline Corp specializes in identifying, acquiring and developing existing, producing reserves on behalf of its individual clients.