Want to learn more about ING Life Insurance Company?

We will give you a breakdown of our review of this life insurance company so you will know more about it and give you some of its strengths and weaknesses.

If you are thinking about getting your life insurance policy with ING, then please keep reading.

Company Overview of ING Life Insurance Company

ING is actually a multinational banking and financial company which began in Holland and has its world headquarters based in Amsterdam. The company officially became known as ING in 1991.

The company’s history with U.S. life insurance actually has it roots going back to as far as 1885.  ING’s parent company in the U.S. is called ING American Insurance Holding Group.  It consist of several companies which it purchased in the mid 1970’2 including Security Life of Denver, Life of Georgia (which was later sold), Equitable of Iowa, Furman Selz, and Relia Star located in Minneapolis.

The headquarters for ING American Insurance Holding Group is based in New York City, N.Y. so the company has a long and established historical base in the U.S.

Financial Strength of ING Life Insurance Company

One of the surest ways to know if your life insurance company is a good choice is to know its financial strength. This is important if you want to know how stable a company will be and has the ability to pay its claims.

Because a life insurance policy is a long term commitment it’s always best to see how a company is rated by the financial rating companies in the U.S.

Financial Strength of ING from Rating Companies

These ratings are valid as December 9, 2011.

Rating Company                A.M. Best          Fitch            Moody’s           Standard and Poor’s
Rating                                         A                    A-                 A3                       A+
Explanation                           Excellent         Good             Strong                 Strong
Rank                                         3rd                   7th                 7th                     7th

Overall, ING Life Insurance Company scores very high and is considered a financially solid and stable life insurance company.

Products Offered by ING Life Insurance Company

ING Life Insurance Company offers a broad range of life insurance products which the buyer can select from which gives you versatility in getting a plan that is most suitable to your life insurance needs….…(continue to part 2)….

Sample Life Insurance Quotes Ages 36 to 40

Young Married Couple Needing Life InsuranceWelcome to Huntley Wealth Insurance, where we offer affordable term and whole life insurance coverage to individuals of all ages.

In this article, I’ll be discussing the cost of life insurance for individuals ages 36 to 40. 

We’ll also cover the factors that influence your premium, how much you need, the appropriate type of insurance, and how to apply.

Sample Cost of Insurance, $500,000 Life Insurance, 36 to 40 Years Old

Age                                    10 Year Term             20 Year Term             30 Year Term
Male Age 36                          $14                                $24                             $39
male Age 37                          $16                                $25                             $42
Male Age 38                          $16                                $27                             $45
Male Age 39                          $17                                $28                             $49
Male Age 40                          $17                                $31                             *$53

*All Premiums per Month – and based on rates available as of June 1st, 2013, and are subject to change.  Rating class quoted above is Preferred Best Non Tobacco.

Factors Affecting Cost of Insurance – Ages 36, 37, 38, 39 and 40

The primary ingredients built into a life insurance premium are your age, sex, health, and type of policy you purchase.  Males cost a bit more, generally, than females, since on average, they die younger.  Age should be easy to understand.  A man who is 40 years old will pay a bit more than a male age 37 for the same amount of coverage.

Generally speaking, the healthier you are, the lower cost of life insurance you’ll pay.  So a 36 year old male with no medications and no history of health issues should be approved at a better health classification than the male, age 36, who applies for guaranteed term life insurance, but has a history of a seizure disorder, just as one example.

We routinely help clients purchase low cost life insurance between the ages of 36 to 40 with varying medical histories.  So please don’t be intimidated to apply for coverage if you have a history of high blood pressure or cholesterol, obesity, heart disorders, diabetes, cancer, any many other ailments.

Importance of Independent Agency

The most important factor in getting life insurance at age 36 or 37, or any age for that matter, is using an agency who can shop your case amongst many insurance carriers.  As independent agents, this is our specialty.  Some insurance companies may penalize you for certain medications, family history, or other medical issues.  The key is applying to the company who will offer you the most attractive rate classification.

For example, let’s say you’re a 38 year old seeking 10 year level term insurance, male with sleep apnea and use a CPAP.  Most insurance companies will rate you at standard non tobacco, even if the apnea is under good control, but if you apply to Pruco Life Insurance, you’ll have a fair shot at a Preferred rate, assuming you can otherwise qualify.  If you used an agent who was a captive agent for, say, MetLife, you would probably end up being approved at Standard rather than Preferred, and would pay approximately double the premium for the same amount of coverage.

But if you’re not careful, you might even be penalized for a family member’s health history.  Assume you are a 39 year old man applying for 30 year term life insurance, who takes no medications, completely healthy, but your father had prostate cancer at age 56.  Most companies will not allow you to qualify for their best rating, since cancer is proven to be passed genetically, but we do know of at least one company who won’t even ask about your family’s cancer history on the application, making them the ideal company to apply to for this 39 year old healthy man.

So no matter where you purchase your life insurance, be sure to ask your life insurance agent if he or she is an independent broker or captive to one life insurance company.

Which Type of Insurance and How Much?

Ninety percent of our insureds in their late 30’s will need term life insurance.  In most cases, I’ll recommend 20 or 30 year level term.  This means your premium will stay level during the initial 20 or 30 year term, and prices are guaranteed not to increase until after the initial term has ended.  Term insurance is the most affordable type of coverage, making it ideal for young families who simply need the death benefit protection at a low cost.

There are types of life insurance that provide additional benefits, such as guaranteed coverage throughout your entire life and building cash values, such as whole life insurance or universal life insurance.  We do offer these plans, but we find them inappropriate for most of our clients age 36 to 40.

To calculate how much life insurance you need, please use our income replacement calculator.

Applying for Life Insurance

Simply get started by getting a quote using our instant quote form to the right or calling us toll free at 877-996-9383.  In some cases, a medical exam will be required, as well as authorization for the insurance company to obtain your medical records.  We handle all of this and there’s no cost to you to apply.

25 Year Term Life Insurance – Quotes and Description

25 year term life insurance is a type of policy that offers guaranteed level premiums for a 25 year term duration.

After the initial term has expired, the premiums will increase mightily, so if you need coverage longer, you might consider a 30 year term or guaranteed universal life contract as an alternative.

Interesting Fact… Who Sells 25 Year Term Life Insurance???

Very few.  I represent dozens of life insurance companies, and many of the large carriers do NOT offer a 25 year term option, such as Genworth, Prudential, and Met Life.  All of the above offer 20 or 30 year policies, but not 25.

The companies who do offer a 25 year term policy are:

  1. Savings Bank Life – the product name is “25 Year Term Guaranteed 25″
  2. American General – Product name is “Select-A-Term 25″
  3. ReliaStar/ING – Product name is “TermSmart 25″
  4. Transamerica – “TransTerm UL 25″.  Note: this is a term/universal life hybrid, which means at the end of the 25 year initial term, the policy automatically “converts” (you might say) to the underlying universal life policy structure on which it is built.
  5. Protective Life – Product’s name is “Secure T 25 Year No Lapse UL”, and the same note applies here as to the TransTerm UL 25 above.

… and there may be a few more, but I don’t represent them.

Cost of a 25 Year Term Policy

As for cost, it will probably cost a bit more than 20 year term life insurance and a bit less than 30 year term.  You can quickly get a quote using our form on the right.  We have dozens of companies to compare, so you can be sure you’ll find the most competitive rate.

Be Careful! — Fewer Options means Less Competition

One word of advice.  If you have any type of health history or any other risk factors such as hazardous occupation, travels, or hobbies, a history of drug or alcohol abuse, or mental health disorder such as PTSD, bipolar disorder, anxiety/depression, be very careful about being narrow minded about “having to have” a 25 year term life insurance policy.

Remember that since only a handful of companies offer it, you may be shooting yourself in the foot by only having these companies to apply to.  It’s very possible that a different company (such as Prudential, Genworth, or Met Life) would offer you a lower rate class than the companies offering 25 year term.

That could mean that for the same price or lower, you could purchase a 30 year term policy instead.  Keep your options open and be sure to speak with a knowledgeable agent about your needs, as well as your health history.

We at Huntley Wealth Insurance are also happy to help with how to buy 25 year term insurance if you call us at 877-996-9383.

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How to Buy Life Insurance

There are a few ways to explain how to buy life insurance.  Some people prefer using their local insurance agent from State Farm, Farmers, AAA, etc.  Others needing life insurance might see an advertisement from an insurance carrier such as Met Life, and call the company directly.

How to Buy Life Insurance

The best way to buy life insurance, in my opinion, is to get multiple online life insurance quotes from a company that offers quotes from several different carriers.  For example, a company such as Select Quote or Accuquote will be able to provide quotes from multiple companies.

Selecting the Amount You Need

The two questions you need to know before purchasing life insurance are “how much do I need?” and “what type of insurance is right for me?”  We’ll first address the amount of death benefit needed.

Most people purchase life insurance to cover a specific financial need.  One of the most common is when an income producing spouse and/or parent wants to protect against his or her loss of income due to an unexpected death.  This is a wonderful reason to have life insurance in place on your life.

Say you make $60,000 per year and you’re a 38 year old male.  You might be working for another 20 to 30 years before you’re able to retire.  Just imagine how much future income is lost if something happens to you before reaching retirement age!

Since income replacement is a very common reason to purchase life insurance, we provide an income replacement life insurance calculator on our site for free.  Just go to: How Much Life Insurance Do I Need?

If the life insurance calculator is too complex for your needs, a good rule of thumb is to carry 5 to 10 times your annual income on your life.  Of course you’ll need to take your current assets and debts into account.  The individual who has $500,000 in a personal IRA may have a decreased life insurance need in comparison to an individual with nothing in the bank and $100,000 in credit card debt, all things equal.

Other valid insurance needs are to cover debts, a mortgage, a business loan, to cover a key employee (known as key man insurance), to pay for estate taxes or death taxes, and to pay for death and funeral  expenses.

Which Type of Life Insurance is Right for Me?

Please read the section above before this section.  If you’re need is for income replacement, you almost certainly need term insurance and nothing more.  Term life insurance covers you for a specific period of time, and is typically much less expensive than whole life or universal life insurance.

On the other hand, if your need life insurance protection for the rest of your life, or if you are interested in the ability to grow cash value (from which you can borrow or withdraw funds), then you will need to consider a whole life insurance or universal life insurance quote.

If you’ve read the sections on selecting the amount you need and what type of insurance to buy and are still confused, call us at 877-966-9383 to tell us your situation and we’ll help you.

How Much Will I Pay?

This question depends on several factors.  Life insurance companies charge different rates to males and females of the same age and health status, so sex is the first variable.  They take mortality risks into account such as health problems (heart disease, cancer, diabetes, high blood pressure, etc) or other risks not related to your health such as occupational risks, hobbies and activities, and family health history.(continued on page 2)

What Women Need to Know about Life Insurance

Life Insurance for WomenAt Huntley Wealth Insurance, we help males and females alike purchase affordable term and whole life insurance to provide valuable protection for their families, businesses, and estates.

While the name of this particular website intends to attract a male audience, we DO provide quality advice and pricing for women needing life insurance as well.

Why Women Need Life Insurance – And Why They Typically Don’t Have It

At Huntley Wealth, approximately 30% of our life insurance clients are women.  This statistic speaks to the importance of the working wife and/or mother in modern times.

Today, many women provide a valuable, irreplaceable income for their families, which, if lost due to sudden death, would leave these wives’ and mothers’ families having to cope with one less income.

That’s where life insurance comes to the rescue.  Life insurance is commonly used to insure future earnings.  For example, if a woman earns $75,000 per year, and will do so for the next 20 years, she might purchase a 20 year term life insurance policy with a death benefit in the range of $1 Million to $1.5 Million.  If the death benefit earned 5%, her surviving husband or children could draw 50K to 75K from the death benefit to pay bills, the mortgage, and provide for needs without the funds ever depleting.  What would the surviving family have done without these funds?

The problem with modern families is that women generally have less life insurance than men, according to MetLife’s most recent “Employee Benefits Trends Study” in 2011.  The study also showed that women are more concerned about the impact their sudden death could have on their families than men, which is wonderful, and in my opinion, as a man with a wonderful, loving wife, I can certainly understand that.  So why aren’t females properly insured?

The key problems, or myths, I think, revealed in this study and others have to do with cost and simplicity of the life insurance process.  A study from Nielsen/Claritas proved that 44% of high income women (earning in excess of 50K per year) believe that life insurance costs more than they can afford.  Furthermore, 67% of the same women believe that selecting a life insurance product is a complicated process.

Life Insurance Costs Too Much

In most cases, life insurance is very affordable… dirt cheap even!  First, women pay less than men for life insurance, since their life expectancy is longer on average.  If you are in good health, let’s just say you can probably afford life insurance at some amount.  For example, I’ve provided quotes below for $500,000 of coverage.  Of course, your coverage could cost even less if you purchase a lower face value.

Quotes for Female, Excellent Health, $500,000 Coverage, Non Tobacco User

Age                                    10 Year Term             20 Year Term             30 Year Term

Female Age 30                          $13                                $18                             $27 – Per Month

Female Age 40                          $16                                $26                             $42 – Per Month

Female Age 50                          $35                                $59                             $97 – Per Month

Female Age 60                          $78                                $148                           $213 – Per Month*

*Note that these quotes are available as of 12/15/2011 and are subject to change.  Rates quoted would apply to female, non smoker, who can qualify for best class health classification.

The Life Insurance Process

For those of you who believe selecting a life insurance product is complicated, please allow me to outline the steps to selecting, applying for, and purchasing a life insurance policy.

  1. Speak to a knowledgeable independent agent about your health history.  If you take any medications or have a history of medical conditions, a good agent will know which companies will rate you at the best health classification, which will save you money.  Your agent should also be able to quickly and clearly explain the types of life insurance and how much is appropriate for your needs.  This should take about 10-15 minutes over the phone.  Call an agency like Select Quote, Accuquote, or our agency, Huntley Wealth.
  2. The application process is straight forward.  At our agency, we take information (address, drivers license, legal name, beneficiaries, etc.) over the phone and send the application to our clients to sign.
  3. After completing and signing the application, most insurance policies require a medical exam.  The cost of the exam is paid by the insurance company.  The exam typically includes blood and urine specimens.
  4. After the medical exam, you’ll be approved typically in 2 to 6 weeks.  The time it takes to approve you primarily depends on whether or not medical records will be ordered from your attending physician’s office.
  5. Once approved, your agent will forward your policy to you.  You send payment, and sign a form showing you received the policy.  Once all requirements are received by the insurance company, your policy will be in force, or effective.

The Met Life study reported women who do have life insurance typically are unaware of the type of coverage (i.e. term, universal life, or whole life) that they possess, and undervalue the amount needed to properly insure their lives to meet their families’ financial needs.  Please don’t fall into this category.  If you have a policy and aren’t sure what benefits it has, or if you need life insurance, please call us to review your needs at 877-996-9383.

Yes, You Can Still Qualify up to Age 85. Sample Quotes Below.

Life Insurance for 81 to 85 Years OldYes, you can still purchase life insurance between the ages of 81 to 85, and in some cases, even to age 90.  Before reading too much below, let’s look at some sample cost of insurance rates.

I always feel it’s best to discuss life insurance pricing right out of the gate when dealing with my clients over age 80, since sometimes the premiums are prohibitive.

The quotes below are for a male age 81, 82, 83, etc in good health, who can qualify for the best health classification, and purchasing a 10 year term policy.

Age                        $100,000              $250,000
Male Age 81       $395                       $903 per month
Male Age 82       $453                       $1049 per month
Male Age 83       $531                       $1245 per month
Male Age 84       $620                       $1468 per month
Male Age 85       $718                       $1719 per month

Note: Life insurance for people over 80 listed above are valid as of 12/2/2011 and subject to change.  Not available in all states, and based on Preferred Non Tobacco User.

Psst! As an added bonus, you can find out what my picks are for the best life insurance companies – click here to read more! 

Please keep in mind you can also get quotes for $25,000 or $50,000.  You don’t have to buy $100,000 if the premiums are out of your budget.  Use our quote form on the right for a quick quote.

You should also be aware that if the cost of life insurance as a senior is prohibitive, you can potentially save thousands per year by purchasing a second-to-die policy, which only pays a death benefit upon the second death.  This could be the perfect solution for a estate planning need or to leave an inheritance to your children.

How to Purchase Life Insurance at Ages 81 to 85

The key purchasing life insurance at age 82 or 84 years old, or any age for that matter, is your health.  If you’re healthy and have had no history of serious medical impairments, such diabetes, COPD, or heart disease, you will pay a lower premium than the policyholder who has had medical problems.

Having said that, be sure to speak to an experienced independent agent such as myself, Chris Huntley, about your health history.  A good agent will know which company will give the best health classification, and therefore lowest premium….(continued on page 2)