life insurance plans Archives - Page 6 of 9

Life Insurance for People with Dementia

A diagnosis of Alzheimer’s disease or another type of dementia can be devastating for you and your family. It can be scary, and you might also be worried about the financial impact of the disease. Expenses can include nursing homes, assisted living, or even hospice care as the disease progresses, which could end up being very expensive, costing around $5,000 or more per month. Life insurance can help pay for some of these expenses, and leave your family with some money to help pay for any other medical expenses, debts, and more. But not all life insurance policies will cover medical bills that you accrue while you are alive, so if you are looking for financial help now, as well as after you pass, you should do some research on your options.

Life Insurance & Dementia

When you apply for a life insurance policy, the insurer you have chosen will ask a series of questions about your health, including your family’s health history. If your family has a history of dementia or Alzheimer’s, you should try to purchase a policy sooner rather than later, before you get to the age when developing dementia becomes more likely. And if you have already been diagnosed with Alzheimer’s or dementia, know that you can still qualify for a life insurance policy: these conditions do not disqualify you. You can still find a great life insurance policy, although you probably won’t be able to get a traditional term or permanent life insurance policy.

The types of policies available to you, if you have been diagnosed with Alzheimer’s or another form of dementia, are still excellent options that will financially protect you and your family. For example, you can qualify for a guaranteed issue life insurance policy, because these policies don’t require a medical exam, and your insurer will not ask health questions. Many people who have health conditions choose this type of policy to avoid getting denied or charged a lot for coverage. The only thing to be aware of is that these policies are generally more expensive than other policies, and won’t offer the same benefit amount, but they are better than not having any policy at all.

When Will Your Family Receive The Pay Out?

If you decide to go with a no medical exam policy, such as a guaranteed issue life insurance plan, there will be a period of time after you purchase the policy during which you will not be able to receive full benefits. If you die during that time, usually the first two to three years after you purchase the policy, your family will typically only receive the premiums that you have paid into the policy, and perhaps a little bit extra.

And if you are looking for extra cash to pay for medical expenses while you are still alive, consider adding riders to your policy. Terminal illness riders and living benefit riders can give you some extra protection and money to help pay the bills during this hard time. These riders will provide you the money to pay for any medical expenses, and your family will still receive life insurance death benefits after you pass, so they can pay off any debts and pay for your funeral expenses.

Find An Affordable Policy

We understand the need to protect and provide for your family. Even if you are diagnosed with a debilitating disease, you can still provide them with a financial safety net, and even help ease the burden of the medical expenses that will inevitably build up. 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.

Life Insurance Rates for Diabetics

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.

How Does Diabetes Impact Life Insurance?

diabetic monitor and pills — *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! price tag outline

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.

Average Life Insurance Payout Time

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.

illustration of a green calendar — *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.

Is There a Life Insurance Race Gap?

It’s no secret that there is a wealth gap between African-Americans and Caucasians in America. In fact, the net worth of the average Caucasian family is about 10 times greater than the net worth of the average African American family. And the gap exists in all aspects of people’s financial lives, including when it comes to the amount of life insurance that each group has. This disparity is just as concerning as any other aspect of the racial wealth gap, because life insurance is a necessary and affordable way to protect the people who depend on you. After all, death doesn’t discriminate.

Is There Racial Disparity in Life Insurance Coverage?

Surprisingly, African Americans are more likely to have life insurance than Caucasians, but studies show that, on average, they only have a third of the coverage that their Caucasian counterparts have. One study conducted by industry group LIMRA shows that almost half (46%) of African American adults say they need more life insurance, compared with just 38% of Hispanics and 29% of Caucasians who say the same.

What’s Causing the Life Insurance Coverage Gap?

The life insurance coverage gap has a long history: after the Civil War, life insurance companies began classifying African-Americans who were former slaves as higher mortality risks, meaning they were charged more or were denied coverage altogether. This practice of classifying African Americans as high-risk continued until the 1960s, and was a part of years of discriminatory policies that reduced African Americans’ access to medical care, housing, education, and, yes, even life insurance.

Fortunately today, thanks to the Civil Rights Act of 1964, it is illegal to discriminate based on race when evaluating a life insurance application. The Civil Rights Act also put an end to any discriminatory practices that increased premiums for African American holders of life insurance policies.

Still today, though, African Americans are less likely to see life insurance as a way to protect their families’ financial futures, and more likely to see it as a way to deal with the cost of their mortality:

African American adults (31%) are more likely to associate life insurance with paying for burial costs than White (19%) and Hispanic adults (24%)
African Americans (29%) are also less likely than Caucasians (37%) to cite income replacement as a reason to buy life insurance.

Closing The Gap

The fact of the matter is most people, no matter their race, overestimate the cost of life insurance, and think that a policy is something they can’t fit into their budget. But that is simply not the case: there are many different policies to choose from that can start as low as $15 a month!

It is important that life insurance companies make it clear that policies are accessible for everyone, and that there are multiple types of policies to choose from, so anyone can find an affordable policy that provides the coverage their family needs.

The best way to find the best 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 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 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.

Do You and Your Spouse Both Need Life Insurance?

Do you and your spouse each have your own life insurance policy? Or does just one of you have a policy? The fact of the matter is that you and your spouse depend on each other, and so does your family. That means that life insurance is not something that only one of you should have, despite the commonly held belief that only the top earner of the household should have life insurance. Both spouses bring something to the table, whether they are the top earner, or they stay home with the children, so it is smart for both of you to have your own life insurance policy, each with the right amount of coverage to ensure that you have enough for your family’s future needs.

Stay At Home Vs Breadwinner

caucasian woman holding a baby — *Stay at home parents contribute to the household more than people think, and need life insurance too!*

So if you’re asking yourself if one life insurance policy is enough for your family, the simple answer to this question is that if someone depends on you, you should be covered by a life insurance policy. Even if you’re not working, or are staying home with your children, you bring just as much value to the household as the breadwinner: breadwinners help pay the bills, but stay-at-home parents help run the house and provide necessary childcare.

Just consider this: if your family didn’t have the person who runs the household, imagine how much money would need to be spent on daycare alone, not including a maid to clean your house, laundry services, eating out, and more. All of that adds up to thousands of dollars a year that your spouse contributes to the household, and is something that needs to be taken into consideration when looking into life insurance policies.

Whether you work full-time, part-time, or stay at home, you contribute to the house and your family, so you should each have a life insurance policy that fits your family’s needs. Now that you know how important it is that both of you have a life insurance policy, the next thing to figure out is just how much life insurance you each need.

How Much Life Insurance Do You Each Need?

Now that we have established that both spouses need life insurance coverage, you might be wondering how to balance the coverage between the two of you. To figure this out, you should add up all your day-to-day expenses, the cost of final expenses, child care costs, the amount of money your partner and children would need for future plans, and any income coming into the house that will need to be replaced.

Looking at all of this will help you determine what your family will need to stay financially secure should one of you pass away. Remember, too, that the stay-at-home parent can qualify for coverage based on the income of the entire household.

What Type Of Life Insurance Should You Get?

If you’re unsure what type of policy is right for each of you, speak to different insurers, or a life insurance agent. They can consider your individual earnings and determine how much coverage you will both need. Not only that, but they will also consider what type of life insurance you should purchase for your family’s needs. For example, term life insurance is great for a specific duration, such as to cover a 20 or 30-year mortgage. If you need more coverage, a whole life insurance policy is a permanent life insurance policy that will cover you for the entirety of your life or your spouse’s life.

Another option for couples is joint life insurance, which will cover both of you under the umbrella of one policy. It is important to note that these policies are more expensive than term life insurance because they are a type of permanent life insurance policy. You can choose between a second-to-die life insurance policy, which either covers your estate taxes or leaves a legacy for your children after you both pass away, and a first-to-die joint life insurance policy that pays out to the surviving partner after one spouse passes away.

The best way to find the best 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 of 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 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.

Wait- Why Are My Life Insurance Premiums Higher Than the Rate I Was Quoted?

Have you gotten a quote from an insurance company, only to find that your actual premiums are higher than expected? This can happen especially with life insurance policies because quotes are generated based on the small amount of information you provide while you are looking for a policy. Once the life insurance company looks a little more closely at you and your level of risk, they might find something that changes your rate.

Quotes Are Only An Estimate

large calculator — *Your initial life insurance rates provided are only an estimate.*

When you start researching life insurance, you will receive many quotes for policies. The quotes provided are only estimates of how much a policy might cost you based on the minimal information the insurance company has about you, or what you might call a “best-guess estimate.” These estimates are given to you before the life insurance company conducts a medical exam and gathers more information from you, so they will often change based on that information.

Why You Were Approved for Your Actual Rate

Once you provide your agent or insurance company with more information, you will be given a more accurate quote for your premiums: the more information you provide, the more accurate the quote for your premium rate will be. This is especially true after you have undergone a medical exam, because the insurer will then know the whole scope of your health history, as well as have information about your driving record, and any other factors that are used for determining rates. That means your real rates could be different from your initial quote because:

Your Initial Quote Was Not Based On Your Health

As we already mentioned, when you first begin looking at policies, your agent or insurer might not ask you the questions needed for a more accurate quote. For example, they might not ask you about your blood pressure readings, cholesterol levels, BMI, and so forth, and these stats help determine how much you will actually pay.

The Underwriting Process Reveals More

exam room tools — *After you undergo a medical exam, then the life insurance company can provide a more accurate rate.*

To follow on the above point, once you undergo a medical exam, your life insurance company will have much more relevant information about you, allowing them to better assess your risk. In other words, the more they find out about your health, the more accurate your quote will be. And if you are afraid of undergoing a medical exam, don’t be! It can work to your advantage, even if you have health issues: as long as you are managing any conditions and taking steps to improve your health, the exam can actually work in your favor.

The best way to get an accurate quote and not be surprised by your actual premium rates is to provide as much information as possible when comparing plans from different life insurance companies. 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.

Tag: life insurance plans