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Life Insurance For Stroke Victims

According to the CDC, every year more than 795,000 people in the U.S. have a stroke, and 1 in 4 people who suffer from a stroke will have a second one at some point in their life. If you have had a stroke, you know how scary it can be, as well as how difficult it can be to recover and avoid a second one. On top of all of that, you might be worried what would happen to your family if the worst were to happen, and you might also be wondering if you can still qualify for life insurance even if you’ve had a stroke, or even more than one stroke. The good news is that you will still be able to financially protect your family with a policy, but there are some things you need to be aware of.

Can You Get Life Insurance After A Stroke?

illustration of a brain with a red lightning bolt in the middle — *Obtaining a life insurance policy is possible if you’ve had a stroke, within certain limitations.*

The simple answer to the above question is yes, but there are some requirements you will have to meet. For example, if you have had a stroke recently, some insurance companies will not consider your application for 3-12 months after the stroke. This is referred to as a “postponement” period.

In addition, life insurance companies want to make sure that applicants with a history of stroke are taking the proper precautions to prevent another one, which is why they will ask for your medical history and that you undergo a medical exam, unless you opt for a more expensive no medical exam life insurance policy. If you do choose to buy a more traditional life insurance policy, such as whole life insurance, the questions you will have to answer might include:

When did you experience your stroke or strokes?
Was it an actual stroke or a TIA (Transient Ischemic Attack)?
What tests did you undergo after your stroke or strokes?
Have you experienced any lasting neurological issues or other effects?
Are you experiencing any other health issues that are likely to contribute to another stroke such as hypertension, high cholesterol, diabetes, or coronary artery disease?
What medications are you currently taking?

How Much Will a Policy Cost You?

How much you will have to pay for your policy will depend on the life insurance company, and on whether you experienced a mini stroke, a TIA (Transient Ischemic Attack), or a full stroke. Your insurer will also take into consideration how long ago your stroke was: if you had a stroke 6 or more years ago with no complications, the rate you will be offered will be lower than if you have had a stroke more recently; once you pass the 10-year mark, your rates will very likely be only slightly higher than those of someone who has never had a stroke.

The best way to know how much a policy will cost you is to work with a licensed agent who can review your situation and compare different companies’ plans.

Can You Lower Your Rates?

Absolutely! You cannot control all of the factors that go into determining your rate after you’ve had a stroke, but there are some lifestyle changes you can make to reduce your risk and rates: illustration of hands breaking a cigarette in half.

Quit smoking
Reduce alcohol consumption
Exercise regularly
Keep your blood pressure low
Reduce saturated fat and trans fat intake
Follow up with your doctor regularly

What If I Have Had Multiple Strokes?

This can be tricky, but if you have had multiple full strokes, your application for life insurance will most likely get denied – but you do have other options, such as final expense coverage or guaranteed issue life insurance. It is important to note that most insurers that offer guaranteed issue life insurance will cap the death benefit at $25,000 to $30,000 depending on your age, because they are accepting you despite your health being an unknown risk.

If you have had more than one mini-stroke, you might still be able to get coverage, depending on the insurance company; you will need to do some research to compare plans and companies, so you can find out which ones will offer you coverage and for how much.

Strokes are very common: on average, a stroke occurs every 40 seconds and kills one person every 4 minutes in the U.S. If you have suffered from a stroke, we understand that you are worried about leaving your family behind, and that you want to make sure they will be financially stable if you pass away. You can still purchase a life insurance policy, and protect your family, even if you have had a stroke, as long as you are honest during the application process.

There are many types of life insurance policies to choose from and many different companies to compare, so the best way to find the right policy for you and your specific needs is by working 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.

Life Insurance & Pre-existing Conditions

Having a pre-existing condition is very common; in fact, according to the Centers for Medicare and Medicaid Services (CMS), half of Americans under the age of 65 have at least one pre-existing condition. Unfortunately, when it comes to life insurance, pre-existing conditions can affect your coverage options. It’s no secret that the healthier you are, the less expensive a policy will be. But the good news is that having a pre-existing condition will not disqualify you from getting a plan. With a little bit of knowledge about how getting life insurance with a pre-existing condition works, and some help from a qualified agent, you can find a plan that will work for you.

What Is A Pre-Existing Condition?

A pre-existing condition is a health issue that you were diagnosed with or treated for before applying for insurance. Each insurance company has its own set of rules when it comes to these conditions. Some of the most common pre-existing conditions in the U.S. include:

a light blue colored inhaler — *Asthma is one of the common pre-existing conditions that can affect life insurance costs.*

Diabetes
Asthma
Heart disease
High cholesterol
High blood pressure
Cancer
Lower respiratory disease
Stroke
Obesity

Generally, if you have one or more of the conditions mentioned above, you will raise a red flag with life insurance companies. Don’t lose hope though – having one of these conditions does not mean you can’t find a great affordable plan.

How Pre-Existing Conditions Affect Life Insurance Costs

When you apply for life insurance, the insurance company’s underwriters will collect your medical history, and some will require you to undergo a medical exam. They do this to get a good idea of your lifestyle (such as if you’re a smoker or drinker) and current health before they agree to take you on as a risk. Depending on any pre-existing conditions that you have, they might raise your premiums. Your rates will be based on the following scale:

Super Preferred, or Preferred Plus- These are the lowest rates
Preferred
Standard, or Regular
Substandard- These are the highest rates

Many people will qualify for super preferred, but if you have a serious health condition that could be considered life threatening, you will most likely qualify for substandard rates. The higher a risk you are considered by your insurance company, the more you will have to pay, since your life expectancy would be presumed to be shorter than that of a healthy individual. For example, health issues including Type 1 and Type 2 diabetics can lead to substandard rates. Other conditions that can trigger a substandard rate are Multiple Sclerosis, Crohn’s Disease, history of cancer or stroke, or Hepatitis C.

It is important to note that not all insurance companies rate conditions the same; for example, one company might see asthma as a serious condition, while another company might not increase your rates if you have it. If you have any preexisting conditions, working with a licensed agent who knows which insurance companies will cover you at an affordable rate is definitely the way to go.

How To Lower Your Rate

a woman and 2 men running on a treadmill next to each other — *Exercising and losing weight can help lower your life insurance rates.*

Even if you have a pre-existing condition, there are things you can do to increase your chances of getting life insurance, and to lower your rates. The best things you can do are making lifestyle changes and trying to manage your condition. Consider doing the following:

Improve your health by following the treatment plan issued by your doctor for any medical conditions.
Exercise, which can help lower high cholesterol and high blood pressure, among other benefits.
Lose weight, especially if you are obese, which can affect your health and life expectancy.

The Best Life Insurance For Pre-Existing Conditions

Don’t assume you will be turned down for life insurance just because you have pre-existing conditions. Some insurance companies offer policies that cater to individuals with specific health conditions. In addition, there are many different kinds of life insurance policies that you can qualify for. For example, if you cannot get a permanent life insurance policy (which builds cash value over time), you can opt for a guaranteed issue life insurance policy, which was designed for people with severe or multiple health conditions. Unlike whole life, guaranteed issue life insurance does not build cash value over time, you simply make monthly payments in exchange for a fixed amount to be paid out upon your passing.

You can also choose to purchase a term life insurance policy for anywhere from 10 to 30 years and lock in the rates for that term. These policies are a more affordable option that you can get even with pre-existing conditions, as long as you are receiving treatment for your conditions and have them under control.

When looking for a life insurance policy, it’s best to work with an agent who is familiar with the underwriting process and standards for each medical condition that you might have. They will advocate on your behalf and will find you the best plan for you and your budget.

Remember, life insurance is an important financial security blanket for your family. And just because you have a pre-existing condition does not mean you can’t find a great plan that will help secure their future. We have listed some of the top-rated insurance companies below, so check your rates today and find out what you can do to get approved or lower your current rates!

Why Single People Need Life Insurance Too

When many people think of life insurance, they think about buying it as security for the families who rely on them. While life insurance is definitely something that everyone with a family should have, this doesn’t mean that single people don’t also need life insurance. In fact, there are multiple reasons why single people should consider getting life insurance! Odds are, many single people will have one the following reasons for getting covered.

You have student loans

graduation cap on top of stacks of hundred dollar bills — *If you have private student loans, then it can fall on your parents or other cosigners after your death.*

Did you know that the average American owes almost $40,000 in student loan debt? When taking out a large loan such as one to pay for your education, more often than not you will need a cosigner to secure the loan. And, while federal student loans are discharged when you die, that is not the case for private loans. If you pass away, you will leave your parents or other cosigner on the hook to pay that money back.

You have other debts with cosigners

Student loans often have cosigners, but you could also have another type of loan that a parent or someone else has co-signed. For example, when you first started out after high school or college, you probably had no credit and needed a cosigner for any loan you needed, such as for a car or house. Anyone who co-signed your loans will be responsible for those debts even after you are gone.

This is an excellent reason to get life insurance – you don’t want your debt to turn into their debt! Term life insurance plans are a good choice, because you can take out these policies for the same amount of time that you will be paying back your loan. For example, if your loan has a payback period of 10 or 30 years, you can get a term life insurance policy to cover you during that time.

You own a business with a partner

silhouette of people shaking hands with gears in the background and the word partnership — *If you own a business with someone, you can help keep the business going with your life insurance money.*

If you plan to start a small business, or are currently running a business, you will probably have or need to take out small business loans to help it grow. If you have a business partner, your death would put a lot of financial strain on them, because they would need to take on the entirety of those loans. Life insurance would help keep your business going, and keep your partner out of debt, by replacing your share of the capital.

You plan on having children someday

If you know you want to have children in the future, it is best to take out a life insurance policy when you are young and healthy so you can get more coverage at a lower price. Planning ahead in this way will ensure that your future children will be taken care of. Remember, when you take out a life insurance policy, you can always add beneficiaries to it later, so you can be certain the money will go to them.

Your family has a history of health issues

If you have a family history of a serious health condition, such as heart disease or diabetes, then there is a chance you will be diagnosed with that condition in the future. Consider getting a life insurance policy when you are young and healthy, so that any pre-existing conditions will not prevent you from getting a good plan with low rates.

You want to cover end-of-life (final) expenses

white casket with white flowers on top of it in a car — *Final expense life insurance will help pay for your funeral, and other debts you may have when you are gone.*

It’s a hard subject to talk about, but eventually everyone will pass away. When that time comes, it will be emotionally tough for your family, and it could also end up being financially tough for them if you do not have a way to help them pay for your final expenses. Funeral expenses can cost anywhere from $10,000 to $15,000, an amount that many people just don’t have on hand. This will leave your family scrambling, trying to come up with the money to bury you as well as cover any other debts you might have. Final expense life insurance policies are inexpensive and can help your family at this difficult time.

There are many different kinds of life insurance policies to consider. Final expense life insurance is best for the end-of-life expenses, and is inexpensive. Term life insurance is a great option for a single person with loans, because you can choose a term that suits your specific needs. Speak to an agent to help you decide what kind of policy is right for you, both now and in the future. Below are some of the top-rated insurance companies in the country, all of which offer affordable plans specific to your needs. Look into rates today so you can protect your future.

9 Factors That Affect Life Insurance Costs

Are you looking to protect your loved ones financially? Life insurance is the best way to make sure your family is taken care of at the end of your life. It is also a great investment! As you are searching for a policy, though, you might be confused about the multiple quotes you are receiving. How do insurance companies determine your premiums? In order to find the policy that offers the most coverage for the lowest price, you should have an understanding of the different factors that go into premium pricing. Some factors you can control, while others you cannot.

1. Age

illustration of a woman holding her hand out with money over it — *The younger that you are when you buy life insurance, the cheaper it will be.*

Age is one of the primary factors in determining how much your life insurance policy will cost. The older you are, the more expensive a plan will be for you, simply because younger people have a longer life expectancy than older people. In addition, the older you get, the higher the risk of developing a health condition. Studies show that approximately 40% of people who have life insurance wished they had purchased their policies at a younger age, so don’t put off looking for your policy!

2. Gender

Gender is another primary factor in determining price. Statistically, women live longer than men, and because of this, life insurance premium rates are higher for men than for women.

3. Coverage Amount

The amount of coverage you choose will determine how much your premiums will be. The higher the coverage, the higher your premiums will be. For example, if you want $50,000 in death benefits, you will pay less for that policy than for one with a death benefit of $1,000,000. The duration of your policy will also help determine pricing; a term life insurance policy will be cheaper because it covers you for a certain amount of time, unlike whole life insurance, which covers you for your entire life.

4. Family History

Even if you have no current health issues, life insurance companies will look at your family history and take it into consideration when determining your premiums. If your family has a history of hereditary disease, you can expect to pay slightly more.

5. Tobacco Use

caucasian woman with her hood up smoking a cigarette — *If you smoke, then you can expect to pay more for a life insurance policy.*

Smokers have a lower life expectancy than non-smokers because they are more likely to develop health issues such as cancer. Smoking will increase your premiums, but if you quit smoking for 6 months or more after purchasing your plan, you can get your rate lowered!

6. Hobbies/Lifestyle

Do you go skydiving a lot? Are you into extreme sports? Well, your hobbies can impact your life insurance premium prices. The more risky hobbies you have, the higher your risk of death, which will raise a red flag for insurance companies.

7. Occupation

The same goes for your occupation: the higher the risk of you getting hurt and killed in your job, the higher your premiums will be. Pilots, roofers, and people who deal with toxic chemicals, for example, will have higher life insurance premiums.

8. Health

Some insurance companies might require a medical exam before issuing a policy. If you have a history of health conditions, including high blood pressure, high cholesterol, heart disease, or are overweight, then your premiums will be higher. If you lower your blood pressure or cholesterol, your insurance company might lower your premiums. The healthier you are and the better your habits, the less you will pay for coverage.

9. Driving Record

close up picture of a car's front bumper that is smashed up. — *Your driving record may be looked at by some life insurance companies to determine premium prices.*

Many people are unaware that your driving record plays a role in determining how much your life insurance premiums will be. Because accidental death is something that underwriters consider when making their decisions on premiums, insurance companies will take into account things like DUIs or at-fault collisions. However, as long as your last infraction was over 3 years ago, your driving record will probably not have an impact on pricing.

When it comes to life insurance premiums, some factors are out of your control, such as your family’s health history, but there are some things that are in your control, such as your driving and lifestyle habits. If you quit smoking, are a safe driver, and engage in safe hobbies, you can get a lower-priced life insurance policy. Just remember: when applying for your policy, make sure to answer all questions honestly, because if you lie, it will be considered fraud and you will lose your policy and possibly face criminal charges.

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.

8 Life Insurance Myths Debunked!

Life insurance is necessary: it will keep your family protected, and give you peace of mind knowing that you can keep on providing for your family even after you’re gone. But many people choose not to purchase a life insurance policy because they think they do not need it or that it will be too expensive. In fact, there are many common life insurance myths that are simply not true and cause unnecessary confusion and hesitation. You can find an affordable insurance plan even if you’re on a tight budget!

Common Life Insurance Myths

Myth 1: Life insurance is expensive

hands opening an empty wallet — *A common myth is that life insurance is expensive, but for less than $30 a month, you can get affordable life insurance.*

Truth: Cost plays a big role in why people choose not to buy life insurance. People often overestimate how much it will cost them, but the truth is, the average cost of a life insurance policy is only about $26 a month. Your life insurance rates depend on various factors such as your age and health, but more often than not, you will find that it is more affordable than you thought it would be.

Myth 2: Only the breadwinner of the family needs life insurance.

Truth: This is one of the biggest misconceptions about life insurance. Just because you are a stay-at-home parent does not mean that you don’t need a life insurance policy. Your partner would have to find a way to take care of your children and keep the household running without you in the event of your death, and that would be challenging and expensive. They would have to pay for childcare, keep up with the household chores, and deal with meal preparation and more, all while continuing to work. Life insurance can help provide benefits to cover some of these expenses.

Myth 3: You have health issues so you won’t qualify.

Truth: It is true that the healthier you are, the less you will pay for life insurance. But this does not mean that you won’t qualify at all for life insurance if you have health conditions. Different insurance companies will rate conditions differently than others will, which is why it is important to compare multiple companies’ policies and rates.

Myth 4: You’re single with no children, so you don’t need it.

Truth: Single people need just as much life insurance as people who are married or have children. Do you have a private student loan? A mortgage? Car loan? Any of these loans, especially if you have a cosigner, will get passed on to your cosigners. They do not just go away when you pass. In addition, you should have life insurance to cover the $10,000-$20,000 needed to cover your funeral expenses, so that your family will not have to struggle to come up with that amount. Consider a final life expense life insurance policy for your future, and the future of your family.

Myth 5: Life insurance through your employer is good enough.

Truth: Did you know that you should have life insurance coverage that is worth 10-12 times your annual salary? Your employer’s life insurance policy is helpful, because it is probably free or very low-cost, but it will not provide this amount. In addition, the moment you are let go or leave your job, you will lose your employer-based life insurance policy. It is more cost effective to buy your own individual plan.

Myth 6: You’re better off investing your money instead of buying life insurance.

Truth: Sure, it would be nice to be able to consistently invest money over your lifetime in case of the unexpected, but oftentimes it just doesn’t work out how you planned. Things come up and you will often need to use the money that you have saved up. Having a life insurance policy will mean that, even if your savings and assets are depleted when you pass, your family will still be financially secure.

Myth 7: You’re young and don’t need life insurance.

roll of money bills — *The younger you are, the more you will save on life insurance.*

Truth: When you are young, the annual premiums for a life insurance policy are less expensive than they are when you are older. Insurance companies base their rate partially on age, because generally the younger you are, the healthier you are. The longer you wait, the greater your chances of developing a health condition – which would make it more expensive and challenging to get coverage.

Myth 8: If you get term life insurance, you can’t convert it to become a permanent policy.

Truth: Term life insurance is great because you get to choose how long you will need coverage for depending on your financial situation. But let’s say you choose a 20-year term life plan because you have a 20-year mortgage. Once the 20 years is up, you will forfeit all of that money, unless you convert your policy. It is a popular misconception that you cannot convert your term life plan, but you can easily choose to convert it into a permanent or whole life insurance policy.

These are just a few of the myths about life insurance that prevent people from looking into a policy. Don’t let these misconceptions stop you from comparing plans and finding out what your options are. To get more helpful information about different types of life insurance policies, and how you can get covered within your budget, take a look below. We have provided information for top-rated insurance companies that specialize in life insurance, so check out rates today and see just how simple and affordable it is to protect your family. 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 Employer-Provided Life Insurance Enough? Most Likely Not

Life insurance is something everyone should have. Fortunately, most employers offer life insurance as part of their employee benefits package. It is a valuable benefit because it is convenient, and costs little to nothing to have. But while employer-provided life insurance is a nice perk, does it provide enough coverage for you and your family? The answer to this question may vary depending on your situation, but most of the time the life insurance your employer offers is simply not enough.

Benefits Of Employer-Provided Life Insurance

red prohibition sign — *One of the major benefits of employer life insurance is not needing to undergo a medical exam.*

There are some benefits to having employer-provided life insurance. For one thing, it’s usually free, or only a few dollars a month at most. Another major benefit is that you do not have to undergo a medical exam in order to get coverage. If you are looking to get private life insurance, many companies will require a medical exam, and if you have any health conditions, your policy might be expensive, or you could be denied coverage.

Disadvantages Of Employer-Provided Life Insurance

Although employer-provided life insurance is convenient and costs little to nothing, there are major downsides:

Limited Options-The life insurance plan offered by your employer is not tailored to your specific financial needs. You will not have the ability to choose the best policy for you, as you would if you worked with an agent and purchased private life insurance.
Not Enough Coverage– If you have dependents who rely on your income, then you need coverage that is at least 6 times your annual salary. Some experts even recommend getting coverage worth 10 to 15 times your salary. Employer-provided life insurance generally does not offer this much coverage.
When you leave your job, you will lose your life insurance policy.
You Can Get Dropped– Unfortunately, if your employer decides to drop this benefit (which they can do because the contract is between the employer and the insurance company), you will lose your policy. You can also lose your insurance coverage if you work past a specified age or when you retire.
You Lose It When You Leave– You cannot take your life insurance policy with you when you leave your job or if you lose your job. The moment you are no longer employed, you will have to buy your own coverage, which can be difficult as you age or if you develop a health condition.
Supplemental Coverage Can Be Expensive- You have the option to buy additional coverage through your employer-based policy; however, supplemental policies can cost more than buying your own individual life insurance policy. Not to mention, you cannot convert your supplemental policy when you leave the company; even if you can, expect to pay even more.

Finding An Affordable Individual Life Insurance Plan

The disadvantages of employer-provided life insurance outweigh the benefits, especially if you have a family who depends on you. An employer-provided plan might not offer enough coverage, but you can tailor an individual life insurance plan to meet your specific needs and finances. You can do all of this at a reasonable price, you simply need to speak to an experienced agent who can compare different plans available in your area. We have provided the top life insurance companies in the nation – all of which offer hassle-free assistance and the most competitive rates – below. Make sure your family is properly prepared for the unexpected by checking rates today!