Business Life Insurance Arkansas AR
Reader’s Question:
I have a business here in Arkansas. Due to unavoidable circumstances, I have incurred a substantial amount of loan in a local bank. Can I get an insurance that will pay off my business loan in case something happens to me?
Randolph
Jonesboro, AR
Randolph, as you have guessed, there is a life insurance product that targets, specifically, business owners, even key persons of businesses, and the businesses themselves. So, meaning, it is not only living persons that get life coverage. Did I lose you there? You see, businesses are also considered as entities as far as life insurance is concerned.
You may have a sole proprietorship, a partnership or a corporation type of setup; there are life insurance produces that are designed to fit the needs of each business type. Being a businessman, I assume you watch business news, and you often hear the phrase “health of a company.” This is because, like living persons, companies do have health, which also needs taking care of.
I take it that you have a sole proprietorship business model, which means that the entity of the business is basically you. Whatever loans you have availed, you as an individual will be liable to pay for them. Your properties are not spared should your family have no cash in the event you die and leave everyone hanging. Everything you own will be confiscated as by law as your creditors have first claim. Should you go bankrupt in your death, that would mean your family, especially your wife, will be much in misery as they will be penniless. too. To avoid this kind of financial tragedy, have a serious talk with your insurance agent in Arkansas and ask about business life insurance.
Tags: business insurance, insurance, insurance advice
Children’s Life Insurance Planning Arkansas AR
Reader’s Question:
I would like to get your opinion about life insurance for kids, I’m planning to get one for my kids here in Arkansas. Thanks!
Bea
Little Rock, AR
This is a very interesting question. Life insurance is supposed to be for those who do not want other people depending on them to suffer financially in the event of their death right? So why get one for children? Aside from saving parents the burden of having to pay burial expenses for their children, believe it or not, it may prove to be a good idea to get life insurance for your children there in Arkansas.
There is no rule preventing a parent to get very cheap life insurance for their kids and maintain that policy until they become adults and is ready take over the policy on their own. The benefit is that your kids would enjoy paying one of the lowest amounts of life insurance ever heard of, which they would have never been able to get on their own had their parents waited to do this until they are already adults (and may have already picked up a few unhealthy habits, like smoking).
Parents would want to make sure the get the right kind of life insurance policy. It should be something that would last their kids whole lifetime, preferably with a company that has been in business for the longest time, or renewable without having to undergo medical exams. A whole life insurance policy would be perfect since rates stay level and part of your premiums go into a cash value account that your kids can use for future financial needs (like going to college).
Tags: childrens life insurance, life insurance coverage, life insurance rates, advise
Health Insurance Coverage for Disablement Arkansas AK
Reader’s Question:
My health insurance agent here in Arkansas is telling me about disablement being divided into different categories. What are these and how are they different?
George
Jonesboro, AR
Your health insurance agent in Arkansas is right.
Some people have medical conditions that are so debilitating that they find themselves unable to work or function properly for the rest of their lives. They are considered permanently disabled. If they only lose one or some of their functions, say for instance sight or movement of a part of a limb, they would be referred to as permanently partially disabled. Those who have hope for recovery would fall under temporary disablement. If they were bed-ridden due to an accident or illness and consequently they could no longer do their jobs, they would be categorized under temporary total disablement.
If Social Security makes them eligible for disability benefits, they may likewise expect health insurance coverage. After waiting for about 24 months, their health insurance policies will shoulder the medical expenses as a result of their disablement. The definition of disability by social security, though, is quite different. Basically, it only considers total disability. Social Security has three criteria for disablement: one must be unable to perform the responsibilities required by his or her profession; one must have some difficulty doing other kinds of work; and finally the disability could possibly last longer than a year.
Tags: Health Care, health insurance
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