When it comes to life insurance rates, your health plays a big role: the unhealthier you are, the more you will have to pay in premiums. That means having chronic conditions like diabetes could lead to higher rates, but the good news is that this condition no longer means being denied life insurance, and it doesn’t necessarily mean unaffordable rates. With the medical advances of the past decades, we can now control diabetes, and that also means you can get a great life insurance policy that will provide for your family when you are gone.
Normally diabetes raises a red flag for life insurance companies, but because it is regulated now, it is more accepted.
Diabetes used to be considered a major health risk by life insurance companies, one that would often mean either denying an applicant or charging very high premiums. But as the number of Americans living with diabetes continues to rise, and treatments for the condition get more effective, many insurance companies are now acknowledging that, as long as an applicant’s diabetes is under control, it will not significantly impact life expectancy.
With that being said, though, as with any health condition, life insurance companies will factor being diabetic into your premium rate. The best way to find affordable rates is to prove that you are managing your diabetes, and that it is under control. You should also be sure to compare policies from different companies, because different insurers might offer you different rates.
Finding An Affordable Policy
If something were to happen to you, your family would be facing emotional hardships, as well as financial ones. Life insurance is a great way to help your loved ones with those financial hardships: the money they receive will help pay for expenses related to your death, and any other debts or bills they have. There are many different kinds of life insurance policies to choose from, including whole life insurance, term life insurance, and final expense insurance, so if you’re not sure where to begin, consider using online tools, or speaking with an agent. The right policy for you is out there!
We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
If you are wondering how long it takes for a life insurance company to pay out life insurance benefits, you should know that there are a variety of factors that determine this. How long it takes to receive the payout depends on how the policy is structured, and how long it takes the insurer to conduct any investigations they need to complete, because these investigations can delay a payout. But for the most part, the average life insurance payout time is not as long as you might think it is.
Life insurance companies typically pay benefits anywhere from 30 to 60 days.
The Typical Life Insurance Payout Time
The typical amount of time it takes for a life insurance company to pay benefits ranges from 30 to 60 days, but it can take as little as 2 weeks if the claim is straightforward and cleared quickly by the insurance company.
Factors That Go Into Determining Life Insurance Payout Period
If you are listed as the beneficiary of a loved one’s life insurance policy, after they pass away you will need to gather all of the necessary documents, such as a copy of the death certificate, in order to submit a claim. Most states give life insurance companies up to 30 days to review a claim and make a decision. Different factors can prolong the process, though, such as if there are multiple beneficiaries instead of just one beneficiary.
In addition, if you choose to take the life insurance payment as an annuity, instead of receiving a lump sum, you could receive your first payment as soon as 10 days after the claim is processed.
Other factors that can result in a longer wait time for a life insurance payout include:
The length of time after death that the claim is filed.
If you have all the documentation required for the claim.
If a claim form that you filled out is not correct or incomplete, you will have to resubmit the form, with the correct information, which can prolong the claim process.
If the policyholder died by suicide within two years of purchasing the policy, this could delay the payout up to a year. If the policyholder died by suicide within the contestability period, you could be denied the life insurance payout completely.
If the policyholder was murdered, the payout will be withheld until the investigation by authorities clears all beneficiaries of the crime.
Get Help
If you want to make sure that your family is completely taken care of when you are gone, you need to find the right life insurance policy for you AND know the rules and clauses of the specific policy you choose to go with.
The best way to find the right policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable rates, and give you ideas for how to cut costs. We have listed some companies to work with that will be able to find you the most coverage for the least amount of money. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.
The time has finally come: you and your spouse can enjoy having the house to yourselves, and it feels like you’re starting a new chapter of your life. It can be a bit sad seeing your children leave home, but you might also be happy that you don’t have the responsibilities you once had. But don’t throw all of your responsibilities out the window just yet! For example, you might be thinking that the time for life insurance has passed now that you’re an empty-nester and don’t have to worry about taking care of your children (as much), but that’s not necessarily true. So don’t let the following myths about empty-nesters and life insurance prevent you from purchasing a policy that will continue to protect your family.
Even though your children are grown up. you can still be able to help them for years to come after you are gone.
Myth 1: My children are grown and can support themselves now.
Ahh, the sweet moment you’ve been waiting for as a parent: watching your child go out in the world and support themselves. Like many empty-nesters, you might be thinking that now you no longer have to worry about supporting them, or leaving extra money for them when you are gone. However, if you were to pass away today, do you think your family would be able to pay for your funeral expenses? And don’t forget how hard it was to support yourself when you left your parents’ house – that’s no easy thing! It would be nice to be able to support your children, and your grandchildren, in the long run.
Myth 2: My mortgage is almost paid off so I don’t need life insurance for that.
One of the happiest moments of any adult’s life is the moment they pay off their mortgage! And if you are one of the lucky few, you might be thinking that you don’t have to worry about providing your spouse or family with life insurance benefits when you pass away. But there are still other expenses or even debts that will have to be paid off, which could be transferred to your spouse or children after your death. How will they be able to pay off these debts? Life insurance is a great way to cover any debts, as well as leave some extra money for your loved ones to survive on.
Myth 3: Life insurance will be too expensive now that I am older.
Life insurance rates indeed go up the older you get, and the less healthy you are. But that does not mean that you can’t find a very affordable plan, with the help of a life insurance agent. If you are a healthy non-smoker, you could get a $500,000 life insurance policy for only $130 a month, or less. The best way to find a great policy is to compare plans from different companies – there are so many different policies to choose from!
Even if you have enough money saved up. it could dwindle over time or if there was an emergency.
Myth 4: I have enough money saved up to pay for funeral expenses and more.
If you have a substantial amount of money saved up, that’s great! But will it be enough for the unexpected? What if you live a long time and continue to use money from your savings? Or if there is an emergency and you have to take money from your savings?
If you want to make sure that your children or grandchildren are taken care of when you are gone, whether they are adults or minors, you need to find the right policy for you AND know the rules surrounding minor beneficiaries.
The best way to find the right policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable rates, and give you ideas on how to cut costs. We have listed some companies to work with that will be able to find you the most coverage for the least amount of money. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.
Many people purchase a life insurance policy to financially protect their families in the event of their passing. But did you know that you can also donate your life insurance policy to a charitable organization? If you don’t have a family who would benefit from a life insurance policy, you should consider purchasing a policy and donating your benefits to a favorite charity as a way to give back to your community. If you are considering contributing in this way, there are a few things to consider before purchasing a policy, as well as a few things you need to know about how to donate the money.
Depending on how much you want to donate, there are different life insurance plans to purchase.
What Kind Of Policy You Should Get
If you plan on donating your life insurance benefits, great! When it comes to the type of policy or how much coverage you should purchase, it truly depends on your specific situation. It depends on your age, and how long you will need life insurance. For example, if you would like a policy to last you the rest of your life, a whole life insurance policy or permanent life insurance policy would be best. But if you want life insurance only for a certain amount of time, a term life insurance policy would be a better fit.
Ways To Donate Your Policy
When it comes to donating your life insurance policy, there are typically two ways that you can do so. The first way is to name the charity as the primary beneficiary of your policy. If you decide to do this, though, you need to make sure that the policy is still in your name and that you retain ownership, so that you have access to the policy while you’re still alive. This will mean that if you want to borrow from your cash value, you can do so. In addition, if you retain ownership of your policy, you can change your mind about the beneficiary, and give the benefits instead to a family member or anyone else of your choosing. The only downside to this option is that you will not be able to take advantage of any of the income tax deductions that you would typically have access to when making a charitable donation.
The second way that you can donate your life insurance policy is to transfer ownership of the policy to the charity while you are still alive. One of the main benefits of doing this is that it relieves you of the hassle of maintaining the policy or paying the premiums. If you do decide to donate your policy to a charity while still alive, you can write the donation off of your taxes.
Need Help?
If you want to give back to your community or to a specific charity that is important to you, donating a life insurance policy is a great way to do so. Before you do, though, you should consider speaking to a few different life insurance companies and discussing with them the best policy for you and your situation. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the advantages of each company.
When you apply for a life insurance policy, your insurer will look at your health, your family history, and even your employment and driving records to determine how much you will pay in monthly premiums for your coverage. Of all of the factors that they take into consideration, your health is usually the one that your insurer will take most into account when setting your rates, since your health gives them a good idea of how much of a risk you are to insure. And one of the things that they consider when looking at your health is your body mass index, or BMI. If you have a high BMI you may be worried that it will be tough for you to get approved for a life insurance policy. But there is some good news: if you are overweight, it is still possible to get life insurance, because there are many different types of policies available.
How BMI Affects Life Insurance Rates
In most cases, when you apply for life insurance, you will have to undergo a medical exam to determine your rates. This exam will include measuring your BMI, which is a simple calculation of your body fat based on your weight and height. The scale is the same for men and women, and it does not account for factors like your body build.
To make sense of the numbers you will see when your BMI is measured, the scale looks like this:
Underweight = <18.5
Normal weight = 18.5-24.9
Overweight = 25-29.9
Obese = 30 or greater
Why do life insurance companies look at your BMI? The higher your BMI, the higher your risk for developing conditions such as heart disease, high blood pressure, diabetes, and even some cancers. And because being overweight means that you are more at risk for developing these health conditions, it also means that you’re more likely to have a shorter life expectancy, and you are more of a risk to life insurance companies.
Every life insurance company has its own set of criteria that will determine your rates for their insurance policies. If you do have a higher BMI, it’s generally not something to worry about, because BMI is only one part of what goes into determining how much you will pay for coverage.
Options For People With High BMI
There are many different life insurance policies available, even if you are overweight.
Even if you fall into the overweight or obese category, there are life insurance options available to you. If you are denied life insurance, you can still shop around for policies that don’t require a medical exam, such as simplified life insurance.
The best way to find a great affordable plan is to compare plans from different life insurance companies, especially because each insurer has its own separate BMI requirements, along with different ratings for other factors. In the meantime, while searching, you should consider making some lifestyle changes that can improve your overall health; making these changes will mean that many insurers will be more likely to approve you for coverage, or even possibly lower your premiums.
The best way to find the most affordable policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a company with good rates, and give you ideas for how to cut down on costs. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.
As you head into a new chapter in your life, and look forward to retirement, you’ll have a lot to think about. For example, you’ll need to switch from private health insurance to Medicare, and figure out how to live on a fixed income; with all of this going on, you might overlook the importance of having life insurance at this stage in your life. Life insurance for people 65 and older is important, because it provides you additional coverage for those “what ifs” in life – but you might be thinking that it’s not possible to find an affordable life insurance policy at your age, or that you might not be able to buy one at all. Rest assured that is not the case: there are options available to you!
How Much Life Insurance Do You Need?
Before purchasing life insurance, you need to figure out how much coverage you will need.
As we said, having a life insurance policy is important for older adults, but how much coverage do you actually need at this stage in your life? The amount of life insurance that you need will depend on what you want covered in the event of your passing: for example, if you still have mortgage payments or other debts that need to be paid off, you need to take those into consideration when choosing your coverage.
To work out exactly how much coverage you’ll need, think about your current income, as well as what your final expenses are likely to be, as well as possible nursing home costs that will not be covered by Medicare, and any other unpaid medical or hospital bills. Keep in mind when doing these calculations that the average funeral costs around $10,000 to $15,000 depending on where you live.
Life insurance rates are based on your age, health, and the amount of coverage you need. The older you are, the more expensive life insurance premiums generally are; however, that doesn’t mean that there are not affordable options out there for people over 65.
Term life insurance policies are a great option because you get to choose how many years you would like to be insured for: you can generally choose a policy that covers you for anywhere from 5-30 years. These policies are also very affordable, and provide higher benefit amounts for older adults than no medical exam policies do. These policies are best for people who are in relatively good health, and want to cover big expenses for a few years.
This type of insurance is best for people who are in good health and want lifelong protection for big expenses. The only downside to permanent life insurance policies is that they are more expensive than any other types of life insurance. Just like with term life insurance policies, you will have to undergo a medical exam to qualify for coverage, and if you are not in great health, you could be denied or charged more in premiums.
If you just want enough money to cover your funeral expenses (which can be $10,000 or more), a final expense policy, or burial insurance, is your best option. This type of policy covers the expenses associated with your death, including funeral and burial costs, as well as any medical bills and other debts. You have the option to choose policy coverage anywhere from $5,000 to $50,000, depending on your needs, and you will not need to undergo a medical exam to be approved for a policy.
If you are not in great health or have some serious medical conditions, you have the option of choosing a no medical exam policy. You will not have to undergo a medical exam to be approved; some companies will still require you to complete a short medical questionnaire, while others will have a no-questions-asked policy. The only downside to no medical exam policies is that they are generally more expensive, because your life insurance company will be taking you on as a risk without knowing your health status.
How To Find An Affordable Policy
The best way to find an affordable life insurance policy is to research and compare life insurance policies.
As previously mentioned, your rates will be determined based on your health and your age, which means a life insurance policy will be more expensive for you now as an older adult than it would be if you were younger and healthier. However, you can lower your rates by living a healthy lifestyle, including keeping any medical conditions under control with medication or exercise and changes to your diet. The same goes for if you are overweight: if you lose the extra pounds before you apply for your policy, you could save almost 50% on your premiums.
If you’re looking for the lowest rates possible, the best way to find them is by comparing life insurance policies from different life insurance companies. Each life insurance company has different criteria for their applicants, and one may consider a health condition more serious than another. To make comparison shopping much easier, and to find the right life insurance policy for you and your specific needs, work with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
