Know the different types of LIfe Insurance policies before you buy!
How to buy Life Insurance the right way. Learn what Insurance companies don’t want you to know, Learn how an experienced Broker can save you thousands and learn the different types of Life insurance out there for you to purchase. Even learn if a policy you have should be replaced.
The Essential Act of Getting Life Insurance
In general, people do not like to get life insurance. It tends to remind them of that which we all hate thinking about the most; our inevitable demise. Mortality is one of the most vexing subjects to think about for any of us. It’s always there in the back of our mind and we do our best to keep it there. As such, it can be difficult to accept that we all have to die someday. Most of us cast it aside and just take it for granted that the “someday” will be decades and decades later. Because of this, it is easy to ignore life insurance.
That is a huge mistake! What if you should suddenly perish due to some freak accident or a sudden turn in health? These things happen all the time. Should it happen to you, what will happen to the loved ones you leave behind? Do you want them to be burdened financially by your loss? It will only serve to further stress them out and make their lives miserable in light of your passing. There will be no time to even grieve properly with bills mounting one on top of the other.
Getting Life Insurance
It’s not too late to get life insurance, and it’s not too expensive. Check out life insurance brokers like TermLifeGo.com to see the vast myriad of options out there, even those that cater specifically to your personal lifestyle (including your age, health status, and workplace environment.) If you have a limited budget, there is still plenty of reason to look into life insurance. Surely you already know the trouble involved with living from payday to payday. Unexpected expenses like those pertaining to one’s death can throw anyone off of their game severely. You do not want to be the cause of such issues for your family, do you? It is essential that you get life insurance to stop this from happening.
Finding Affordable High Risk Life Insurance
Many people who have been unable to find affordable life insurance in the past may think that there is no way to find such policies. If you are in a high risk category and you cannot find a policy that you can afford, do not give up. If you spend some time looking at your different options, you can find a high risk life insurance policy that does not exceed your ability to pay.
For example, if you are over the age of 50 or have chronic health problems, you may have been declined coverage in the past. Even if you were offered coverage, the premiums may have been too great for your budget. However, having life insurance can be particularly important when you are in a high-risk category, so you need to keep looking.
Fortunately, there are insurance agencies out there that specialize in working with people in these risky categories. Their goal is to make sure that everyone is covered, not just the people who are in low-risk categories. These agencies know a great deal about various types of risk, and they can work with you to construct a policy that will give you the coverage that you need at a price that you can afford to pay.
You need to make sure that you supply these insurance agents with all of the information available about your situation. They can use this information to put together a policy that is well-suited to your situation. You may not be able to get a life insurance policy that is dirt cheap, but you can definitely find one that does not come with astronomical premiums.
By finding the right insurer, you can find affordable life insurance, no matter what sort of risk category you may be in.
Should You Keep Your Life Insurance Policy?
If you have a life insurance policy, there is a high chance that at some point in recent years you have considered cancelling it. Life insurance costs a lot of money, and it can be tempting to funnel that money towards a holiday, home improvements, car payments or something else more tangible. To act on those thoughts, however, would be a mistake. Life insurance is essential for the long-term wellbeing and peace of mind of your family.
If you are the only (or main) income earner in your family, then your spouse and children depend on you for financial support. If you die then your family will be faced with hefty funeral bills and a substantially reduced income; will they be able to manage during those initial difficult months? That scenario is exactly what having a life insurance policy is supposed to help with, and that is why life insurance is so important.
Your life insurance policy is designed to cover not just burial and other funeral expenses, but the day to day living costs of your closest family members during the period shortly after your death. Some policies cover expenses for a year or more while your spouse looks for a job or takes care of household finances – perhaps by moving to a smaller home.
You can find affordable life insurance from Prime America and other companies if you shop around, so before you cancel the policy you already have take a moment to compare prices. If you are generally healthy and young your policy need not break the bank. Talk to a few different brokers and pay attention to the sort of cover options that are out there. Talk to your family and find out what their needs and preferences are. Remember that life insurance is there to take care of them after you are gone.
Life Insurance Rates For Diabetics – A Basic Overview
It can be difficult for diabetics today to get life insurance policies. They have to be in nearly perfect health, without any other problems. Even with good health, finding a carrier that will be willing to provide them with one is sometimes difficult to accomplish. If you can get a policy, the rates will be far different from those advertised by the company in most cases. Let’s look at what diabetes is, how to find a company that will insure diabetics, and look at life insurance rates for diabetics today.
An Overview Of What Diabetes Is
A diabetic is a person that is incapable of producing the proper amount of insulin to handle glucose in the bloodstream. If left unchecked, it can lead to severe health problems, and even death. A type I diabetic is someone that needs to use insulin in order to stay alive. A type II diabetic needs to monitor their blood sugar, which also involves changing their diet to put less sugar in the bloodstream. These complications will prevent people from getting a typical life insurance policy. That is why you have to find a company that will be willing to provide you with affordable life insurance rates for diabetics.
Life Insurance Rates For Diabetics
In most cases, if an insurance company is willing to provide you with life insurance, it will be for a rate that is much higher than those given to those with normal health. It can be as much as $100 a month higher, depending upon which carrier you are working with. By getting multiple quotes from different insurance companies, you should be able to find an affordable rate. Using this information, you should be able to find the right life insurance company to give you a policy with affordable life insurance rates for diabetics.
Understanding What Medicare Supplmental Insurance Is All About
If you are individual over the age of 65, then Medicare’s supplemental policies are a sound investment that you need. Under Medicare, most health costs are covered by Parts A and B; however, not all of them are catered for. Costs not covered by Medicare, you will be required to pay for.
When one has reached the point where they only rely on fixed income from such avenues as Medicare and their Social Security, they most likely will not have the extra money required to pay for such unexpected bills not covered by Medicare. As such, it is essential to get cushioned for such situations as these by getting a supplemental insurance policy.
At a small fee, the costs your Medicare plan will not cover will be covered by the supplemental insurance plan you get. Known as the Medigap policies, these supplemental policies are a great way of ensuring that you stay cushioned and are mostly sold by private companies. The Medigap plan types are about 10 in total. As such, it will be important that you get to know everything there is to know about them before purchasing one.
For instance, there some Medigap policies that will charge deductibles. As such, if you think it will be hard for you to cover these costs before you can actually start enjoying your coverage, it is essential to ensure that you get in touch with a professional from the insurance company and discuss on finding a better supplemental cover that will suite you.
While some insurance policies will cover issues like vision care and dental, most do not. Again, it is important that spouses each purchase their own separate supplemental coverage. This is important as couples have differing conditions medically. It is important that you discuss these issues with an expert for you purchase covers that befit each of you. We found great help for Medicare supplements at MedicareSupplementQuotes.net. The articles were informative and the medigap quotes were quick and accurate.
A supplemental cover is essential and will help you in saving a ton of money. However, ensure that any of the supplemental policies you are going to consider will cover most things at the lowest cost. Strive to find a knowledgeable agent who will help you in choosing the best plan that will cover everything you need before you start paying for premiums.
Purchasing A No Exam Life Insurance Policy
There may be specific issues that would concern you in regard to purchasing a life insurance policy that would be affordable and possible to obtain, and if that is the case you might want to look into a no exam life insurance policy. Your insurance broker will most likely have some suggestions along those lines and can help you to choose one that would fit your needs. It is true that these policies usually cost more, but they are often more affordable than doing without life insurance coverage.
It is possible to save some money on no exam policies, and one of the first pieces of strategy in that area is to choose life insurance companies with proven backgrounds that you can justify as having a good track record. These types of companies are more likely to offer better premiums and good service. We found great results by getting no medical exam life insurance quotes from NoMedicalLifeInsurance.Net. They really focused on providing quotes from the best no exam life insurance companies.
Take a look at your lifestyle, and see if there are any changes that you can make that might enhance your rating. You might consider quitting smoking or the consumption of alcohol. This could lower the cost of your premiums.
Since the premiums on no exam life policies are higher, you will want to examine all of the fine print on the proposals and the applications, so you can be conversant to all of the terms that are involved. Your agent will be able to assist you in all off these situations.
If the company that you are considering is a new company, check with the Better Business Bureau, or the A.M Best Company, which is a company that rates life insurance companies as to their financial strength.
Once your broker has put together several quotes from different no exam proposals, you can sit down and compare the figures, and then you will be able to select the best policy for your needs.
The Cost of Not Having Life Insurance is More Than the Cost of Having It.
Many people put off buying life insurance because they can’t afford it, or don’t think they will need it anytime soon. But those are actually reasons why you should have insurance. It is there to provide for the unplanned, sudden death. It is meant to help with the financial needs of the loved one when the insurer is gone.
Financially strapped families that struggle on one income (or even two incomes) can lose everything when a main supporter of the family dies. Even if the insured is not a wage earner, it still cost just as much to bury them and to deal with associated costs of losing them.
Look at it this way. Do you think there has ever been a family dealing with a death who received the benefits of their loved one’s insurance and said “I wish they hadn’t wasted money on this”. Of course not. Death comes with many expenses and needs that have to be met. It also comes with emotional issues that can also interfere with the your loved one’s ability to provide all of the income and care to keep the family going. Insurance helps with all of these.
So educate yourself about the different types of life insurance and the options they offer. You may be pleasantly surprised at the variety of insurance policies and the range of prices. There are policies for every price range. Then you can add coverage or change it as your needs change or your finances improve. A great resource is the life insurance site put up by Root Financial, RootFin.com. You can find a wealth of information about different life insurance policies as well as get free life insurance quotes.
Think about life insurance as one way to let your family know that you care about them after you are gone. It will be a source of support and comfort to them in their time of greatest need. It can be the final gift that you can give to the ones who mean the world to you.
Term Life Insurance – What You Need To Know?
Just about anyone can find a need for life insurance, but not everyone can afford a big monthly premium for the policy they want. Term life insurance offers a solution for someone looking for life insurance, but trying to minimize costs.
Term life Just about anyone can find a need for life insurance, but not everyone can afford insurance is flat out the simplest, most straightforward type of life insurance you can find. Term life insures the financial interests’ of families following a loved one’s death by paying the beneficiary or beneficiaries the full value of the policy. Term life insurance can usually be found in terms ranging from 1 to 30 years. Most do not provide any other life benefits.
You can find two variations on these policies, level term and decreasing term. A level term policy pays out the same benefit amount, no matter when the insured passes away during the term of the contract. Whether they die in year one or year twenty-one, the family is receiving the same benefit amount. Decreasing term, on the other hand, varies its benefit amount based on when the insured dies. The longer you go into the contract, generally the lower the benefit amount. Decreasing term policies are not very popular today.
The premium amount one will pay for a term life policy is based on the age and health of the insured at the time the plan begins. A health exam is usually required. Any type of lifestyle activity that can lead to a lower life expectancy is going to add to the cost of the policy. As you might expect, life insurance for smokers, for example, is going to be more expensive than life policies for a non-smokers.
On the flipside of that, some insurers will renegotiate rates if a preexisting health condition is cured or clears up following a policy’s purchase. Be sure to inform your insurance company in the change of your health condition and request a lower rate.
Some term life policies give you the option to convert them into a permanent policy with no further evidence of insurability. These policies are referred to as “convertible”. Their cost will be more than your typical term life policy, however it is an option many people are interested in as life insurance policies purchased later in life do get more expensive.
As mentioned in the beginning, these policies are pretty straight forward and easy to acquire. They lack all the confusing characteristics of most whole life policies. Once you understand the coverage amount you need and the period of time you would want to be insured for, you can simply shop around online or contact your insurance agent to compare rates.
Is Funeral Insurance Really Necessary?
Grief-stricken family members will be relieved of financial burdens during a traumatic time, should there be a funeral insurance policy in place. Upon the death of the plan holder, your beneficiaries will immediately accept the financial assistance that they will be needing. This will ensure that apart from lifting their emotional burden, you also lessen their financial expenses. You should take time and try and get multiple quotes. Of course, if there is any money left over, your nominated beneficiary will be able to use to tie up all your loose ends. You can even keep the premiums down with a bit of planning on your part.
These companies will offer you a policy at a certain premium and tell you that they can only guarantee that price if you sign immediately. Firstly there is the coffin and this is one of the major expenses. If you are traveling alone, maybe for a business trip or just visiting a family, your funeral insurance provides a two-way transportation for any family member who will accompany you as you return home. When it comes to funeral insurance, most insurance quotes cover all the expenses incurred for the funeral including the cost of casket, the burial plot and the head stone but probably they have collected a couple of times the expense they make for all these. As anyone can get it, you don’t have to run behind insurance agents to get yourself a funeral insurance policy.
Someone can complete the application procedure for the funeral insurance through the online help without dealing with a trained sales force or having to reveal personal information to strangers. They never charge you any money for their service. This means that your loved ones don’t have to worry about the setting and the entire program as well. You might think that this is a little morbid talking about dying and funerals. You will realize the value of the service these websites provide. All these costs are to be borne by the company to the funeral director. It is beneficial to know how the policy amount will be spent at the time of your funeral service as well as to know what the average cost for your funeral service is before signing the policy.
Perhaps one of the most important funeral planning responsibilities, is to appoint a family member or close friend of the deceased, to deliver a eulogy. Just as important as such things are those that you do not expect or are not controlled by you. You will have to submit the obituary to appropriate newspapers for publication. It can also be linked to your pension or payday. Many other insurance claims can take a great deal longer. It is quite evident that many people don’t want to think about their own funeral.
About Medigap Plan F
Medicare Part A covers hospitalizations and Medicare Part B covers outpatient health services, but the plan does not cover everything. At times, Medicare recipients will need to contribute to their healthcare in several ways. Medicare requires that recipients pay deductibles, co-insurance payments, co-payments and excess charges, and these charges and payments are considered to be part of the gap that Medicare leaves behind.
What Is Medigap?
The need for supplemental insurance became clear when Medicare recipients discovered how much they would need to contribute while they are on the Medicare plan. These supplemental plans are called “Medigap” plans, and one of the most popular is Medicare Part F.
What Medigap Plan F Covers
Plan F provides the most extensive supplemental coverage for Medicare recipients. The plan pays 100 percent of the deductible for both Part A and Part B. If there are any excess charges attributed to Part B coverage, Plan F will pay these costs in full. Medicare does not necessarily pay for emergency services that people need when they are outside of the country, but they will have this coverage up to a certain limit with Medigap Plan F.
As was mentioned above, Medicare Part A covers hospitalizations. It also covers a portion of the cost if people need to be admitted to a skilled nursing facility, hospice or nursing home. Plan F pays the co-insurance for hospitalizations until Part A coverage ends.
If Medicare recipients are charged a co-payment of co-insurance amount for their stays in hospice, Plan F will cover the cost. It also covers the co-insurance amount that skilled nursing facilities charge. Every time people visit their doctors, they may need to pay a co-payment under their Part B benefits. Medigap Plan F also contributes toward this cost. Lastly, if Medicare recipients need to receive blood, Plan F will pay for the first three pints.
The High Deductible Option
Medicare recipients have the option of choosing a high deductible version of Medigap Plan F. This will require that recipients pay their medical expenses up to the amount of their deductibles before Plan F begins to take effect.
The Importance of Estate Planning
As a person ages, their type of estate planning typically changes quite a bit. At this point proper estate planning is a must, especially if you have a spouse and children. In many places, your spouse is entitled to collect two-thirds of your assets automatically. Your children will divide up the remaining portion equally.
If you wish to change this distribution, you will need to have a will written up. For example, if you wish to specify that your house goes to your children rather than an estranged spouse, you must get make sure this is stated in the will. If you would like to leave certain assets to charity, you must also get this specified in writing.
Proper estate planning should also concentrate on making sure that all tax laws are obeyed as well as asset distribution. In many places, states that are under a certain amount are entirely exempt from any taxes at all. If you have a complicated estate or an estate with much greater assets, it is wise to consult a tax attorney specializing in this field.
You spend a lifetime working to establish certain fiscal goals. Working with an estate planning attorney to plan properly will make sure that once you pass away, your assets are protected and given in accordance with your deepest wishes.
Protecting Yourself Against Fraud
We hear stories everyday on the news and radio about identity theft, credit card fraud, and banking fraud. I saw it quite often in my banking days. Everything from people getting charged for stuff they did not purchase, to being tricked into sending money to someone in exchange for promised riches in return, to outright identity theft. Thieves are getting more and more clever every day and finding new ways to swindle people out of their hard earned money.
Here are a some of the most popular fraud schemes out there and how they work, so that you can be on the lookout for them.
ATM skimming. This one has several variations in how it works, but the common thread is that fraudsters attach a device to the outside of the card slot of an ATM machine. The device reads the card number off of your ATM or Debit card. The second part of the plan is they need to get your PIN number. The most common way they do that is to attach a tiny camera that points to the keypad. They videotape you typing in your PIN number. The last step is they create fake cards with the stolen account numbers, hit up an ATM, use the stolen PIN numbers, and start withdrawing funds. Often times they will withdraw the funds from ATMs in other states.
To protect against this type of fraud, many banks have installed ATMs that make attaching such skimming devices difficult to impossible. Nonetheless, always inspect the ATM you are using. If it looks to you like any type of additional equipment is attached to the outside of it, do not use the ATM. Walk into the financial institution and make them aware of your suspicion.
You won the lotto. This one has never ceased to amaze me. Not that fraudsters try it, but that so many people fall for this. Here is how it works. You receive a phone call, email, or piece of mail informing you that you won the lottery, whether you have played the lotto or not, many times it is a lottery in another country. In the same correspondence or later in the mail your winnings are to arrive. However, they have made an error. They wrote the check for too much money!
Well, instead of the more obvious, and much simpler solution, of simply cancelling the check and reissuing you a new one, they want you to deposit the check into your bank account and just wire them the excess funds.
Here is where people often get duped. The check they send you is an “official check”. Many consumers have the misnomer that when they deposit an official check and it clears (usually within one business day), that the money is as good as theirs. So they deposit the check, wait 1-2 days, and then wire off the funds as instructed. By the way, these instructions will tell you not to inform your bank why you are wiring the money or to discuss your recent stroke of good luck with them at all. Of course, the reason you are instructed not to tell the bank about it is because most bankers are well educated on this fraud scheme and will stop you from sending the wire.
The funds get wired off, and the consumer thinks everything is fine. They might go buy some new furniture, that new appliance they have been eyeing up, or in some cases a brand new car. Then the floor falls out from under them.
What people do not realize is just because funds from a deposit are available in your account, that does not mean that the check cannot be later returned as fraudulent. Sometimes it is 4-6 weeks later. All of the money that was deposited into your account from the check is removed. At a minimum, victims are out the money they wired off to the fraudsters. That money cannot be recovered by your bank.
Bottom line, if it sounds too good to be true it probably is.