life insurance Archives - Page 18 of 27

Life Insurance For The Unemployed

Times have been tough. If you’re unemployed thanks to the pandemic, you’re living through an uncertain and stressful time, and you might be worried about taking care of your family if the unexpected happens. You should know that, even if you’re unemployed, life insurance is not out of reach for you. You can protect your family financially in the event of your passing, but the amount of life insurance you can buy depends on a few factors.

How Long You’ve Been Unemployed

Being unemployed is not an immediate disqualifier for buying a life insurance policy, but there are some factors that insurers will take into consideration when you apply if you’re not working. For example, being unemployed for a short time is more favorable in the eyes of life insurance companies than being long-term unemployed (27 weeks or longer), so you shouldn’t wait too long to apply for life insurance after losing your job. The longer you are unemployed, the less likely a life insurance company will be to provide you with coverage, because they will worry about how you intend to pay your premiums with no income. In addition, you will be more likely to be approved for a policy if:

You have a good skill-set and made a decent income not too long ago.
You have a history of steady employment and plan on working again.
You worked in an industry that has plenty of jobs.
You are recently unemployed and likely to work again.

If you are not looking for work, or are looking but cannot find a job, you could be denied coverage. In addition, if you are unemployed due to a disability, you will not qualify for traditional life insurance that requires a medical exam , but you can try a no medical exam life insurance policy.

But what if you left your job to be a stay-at-home parent? That will be viewed slightly differently by insurance companies: even though you are technically unemployed, you will qualify for life insurance equal to that of a working spouse.

Assets You Have

If you have assets you can live on while you are unemployed, you are also more likely to be approved for a policy. As we already mentioned, life insurance companies do not want to take the risk of you not paying your premiums and lapsing on your policy, so they will want to know if you have any assets to cover your premium payments.

When Applying:

If you are unemployed and looking for a life insurance policy, the best way to get approved is by: illustration of an orange person holding up multiple resumes

Showing you are ready to work and are looking for a job. This can include having a list of jobs you are applying for to show your unemployment will be short-term.
Providing any records of assets you have to show you can keep up with your premium payments, even when you are not working.
Applying for a smaller amount of coverage. Instead of trying to go for a million dollar policy, consider less coverage, which will be more affordable and attainable.
Looking at different types of policies. There are many different kinds of life insurance policies that you can apply for, from term life to final expense life insurance. The best way to determine which is best for you is by comparing policies from different companies, especially since every company has different guidelines.

Having life insurance is important for protecting your family’s financial future, especially when you are unemployed and don’t have a steady source of income for your family should the worst happen. If you need life insurance, the best way to get a policy that suits your needs is by using online tools, or speaking with an agent. 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.

Can Non-US Citizens Get Life insurance?

Think you can’t get life insurance? Well, we’d like to remind you that there are policies out there that are accessible to almost everyone: life insurance companies have come a long way in opening the market to more people. But what if you are not a U.S. citizen? Can you get life insurance? The answer is yes! Find out just how non-U.S. citizens can get life insurance.

Requirements For Non-US Citizens To Get Life Insurance

While yes, non-US citizens can get life insurance, there are some restrictions. You will need to have a green card or visa, and most, if not all, life insurance companies will need you to provide information proving your connection to the US, including: blue bank card

U.S. bank account information
U.S. address
Property deeds
Proof of your global assets
Your medical records for the last 5 years
The name of an attorney who represents you, in some cases

Applying With A Green Card

If you are a green card holder, you are considered a permanent resident, so you won’t typically have any issues getting life insurance coverage. You will also be eligible for the best class rates, and will just need to send a photocopy of your green card to prove your immigration status.

Applying With A Visa

If you are living in the U.S. on a visa, you do have options, but you will have more issues trying to get a policy, because visas have limitations or conditions, depending on the type of visa. You will have to speak to each life insurance company to find out if you meet their specific conditions, but most will offer coverage based on either what is known as “substantial presence” or “significant interest”:

Substantial Presence: To have substantial presence in the U.S., you typically need to have lived here for at least one year. Some carriers require up to five years of significant presence in order to offer best-class rates.
Significant Interest: Significant interest requires the applicant to prove that they have resources invested in staying in the U.S.. Most of the time, this means owning property or having assets here.

So, if you have a work visa, you will qualify for coverage, but if you have a student visa, you will struggle to get a life insurance policy. In addition, if you have a work permit that only allows you to travel and work in the U.S. for a certain amount of time, you will also be unable to purchase a policy.

If you have one of the following visas, you can apply for life insurance:

H-1B visas: Given to those in a specialized field.
E-1 visas: For individuals or company employees coming from a country that are trade partners with the U.S., allowing these individuals to engage in trade efforts.
E-2 visas: Non-immigrant classifications for a treaty country (one that the U.S. trades with) that sometimes allow long-term stays.
K-1 visas: For those with a fiancé or fiancée in the U.S. who is already a citizen.
K-2 visas: Allows the children of a K-1 visa fiancé or fiancée to enter the U.S. and remain here.
V-1 visas: For a person who is the spouse of a lawful permanent resident of the U.S., such as a person who holds a green card.
V-2 visas: Allows families to remain together while their immigrant visas are being processed.

How Much Will a Policy Cost?

Life insurance rates are based on a number of factors, such as your age, health history, driving record, and your income. The best way to find out how much you can expect to pay for a life insurance policy based on your immigration status is to consider using online tools and working with a licensed knowledgeable agent in your area. 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.

Yes, People Over 65 Can Find Affordable Life Insurance!

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?

older caucasian woman holding a red question mark — *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.

Your Life Insurance Options

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

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.

Permanent Life Insurance

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.

Final Expense Life Insurance

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.

No Medical Exam Insurance

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

magnifying glass with an eye in the middle and a yellow background — *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.

The A-Z of Basic Life Insurance Terminology

Actuary, grace period, face amount, death benefit, riders: if you’re researching life insurance, you will come across a lot of terms that you might be unfamiliar with. Learning what all of these terms mean can be overwhelming, and doesn’t make the process of searching for the best policy for your family any easier. But it doesn’t have to be overwhelming! Once you learn the following basic life insurance terminology, it will all make more sense, and will make the search process easier.

Actuary

This is the person, typically an insurance industry math expert, who gathers and evaluates your data. They will determine your risk classification, and set your life insurance premiums based on the analysis of your information.

Beneficiary

This is the person who will receive your policy’s benefits when you pass away. You can select one or more beneficiaries, and can add or change them at any time.

Burial Insurance

A type of life insurance that only pays for the policy holder’s burial. Normally these policies will pay out between $5,000 and $25,000 in benefits. If your burial expenses are less than the benefit amount, your beneficiary gets to keep the rest.

Contingent Beneficiary

This person will receive the policy’s benefits in the event that the primary beneficiary is no longer living when you pass away.

Cash Value

With some types of life insurance, like whole life insurance and permanent life policies, you accumulate a cash value along with your death benefit. If you access your cash value, it may affect the amount of the death benefit your beneficiary will receive, or you might have to make additional premium payments to keep your policy up to date.

Cash Surrender value

This is the amount of money the insurance company pays you if you voluntarily terminate a life insurance policy that earned cash value before your death, or before your policy matures.

Conversion

Some policies have a provision that allows you to exchange your current policy for another life insurance policy, without any underwriting requirements. For example, you can convert a term life insurance policy into whole life insurance.

Death Benefit

This is the amount of money your beneficiary will get in the event of your passing. Typically they have the freedom to determine how to use that money for your things like funeral expenses, debts, and more.

Face Amount

This is the amount of coverage purchased, and paid out to your beneficiary in the case of your (the policy holder’s) death or at maturity of the policy.

Grace Period

This is the amount of time between your premium’s due date and the day that your policy will get canceled, or lapse.

Insurable Interest

This is when individuals who are related to you have to prove that they would suffer financially if you died, so they can be listed as a beneficiary on a policy.

Lapse

This is when your life insurance policy becomes inactive and coverage terminates due to non-payment past the grace period.

Paid-up Insurance

Only available with whole life insurance policies, this is the amount of life insurance available with no premium payments due, after the surrender value accrues enough to cover the premium payments.

Premium

The payment you make to the life insurance company for your coverage. You can opt to pay monthly, semi-annually, or annually.

Rate Class

You will be assigned to a rate class during the underwriting process, which will dictate what you will pay for your life insurance coverage.

Rider

Also sometimes called an endorsement, a rider is add-on coverage to your policy that provides additional benefits or exclusions.

Suicide Clause

medical record written on a paper — *When you apply for permanent life insurance, you will have to undergo an underwriting process, which includes information about your medical record.*

An agreement in life insurance policies that define the life insurance company’s liability in the event that you die by suicide. Typically, you will need to have held the policy for 2 years for your policy to cover death by suicide.

Underwriting

The process used by insurers to review each new policy application. They will gather your medical and driving records, and assess your risk, so they can determine how much your premiums will be.

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. The best way to understand how it all works, and find the right life insurance 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.

Should You Have Life Insurance for Your Children?

We know what you’re thinking: life insurance for children? That’s not something I even want to think about! And why would I even need it? We understand that it’s not easy to think about the death of your child, because we all want our kids to live long, healthy lives, but as a parent you always need to think about the unexpected in life. That’s why purchasing a life insurance policy might be a wise financial decision – but is it necessary? Well, it depends: you will need to consider your family’s needs, and if it makes sense to purchase life insurance for your child/children.

What Is Child Life Insurance?

young girl hugging a man — *You can purchase a permanent life insurance policy for your child/children.*

Child life insurance is exactly what it sounds like: policies that cover the life of a minor, typically purchased by a parent or grandparent. Generally, these policies are a type of permanent life insurance, which means the policy will be in effect for your child’s entire life, and your child can take ownership of the policy when they turn 18 (or in some cases, 21). In addition, a portion of the premiums you pay grows over time, so your child’s policy will be building a cash value that they can use later in life.

Pros & Cons of Life Insurance For Children

If you’re considering life insurance for your children, and are unsure whether one of these policies is right for your family, think about the following pros and cons before deciding to buy a policy:

Pros

Guaranteed insurability for your child, which will be beneficial if your child develops a pre-existing condition, such as diabetes or high blood pressure, or if they choose to have a risky occupation later in life. If your child already has life insurance, they won’t have to worry about being denied by insurance companies when they’re adults.
The money that builds cash value over time can be used towards college, or for a down payment for a home when your child is grown up.
Children’s life insurance is helpful in covering unexpected funeral costs and grief counseling if necessary.

Cons

Your child can find affordable life insurance when they are in their 20s, and the chances that they will develop health issues are low until they are much older. Therefore, life insurance for your child might not be necessary.
Cash value takes time to grow based on your premiums paid, so it’s not necessarily a reliable investment for them in the future.
It is uncommon that a child will die when they are young, so the risk of going without life insurance for them might outweigh how much the policy accumulates over time. You can opt for a child rider in your life insurance policy instead if you want extra coverage for them.

Do You Need It?

If you are considering life insurance for your child or children, you should consider why you might need it, as well as assess your budget and determine if the benefits outweigh the costs. Can you cover final expenses if the unexpected happens? Do you want a policy that your child can carry with them for the rest of their lives, and will give them cash value for college, buying a car, or other expenses? Does your family have a history of hypertension or diabetes and you worry they will not be able to find affordable life insurance when older? Or do you think they will be okay and will be able to get an affordable plan when they are older?

If you are interested in providing your family with financial stability when you are gone, or are looking for coverage for your children, life insurance is the right choice for you. For low monthly payments now, you can make sure your children are taken care of later. Picking a life insurance policy is an important decision, but you have multiple coverage options, some with added benefits. To make the decision-making process easier, consider using online tools, or speaking with an agent. We have provided the top Life Insurance companies in the nation that offer hassle-free assistance and the most competitive rates below. Always check multiple sites to make sure you have bargaining power and know the different advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Is Residual Disability Insurance Enough?

Approximately 20% of Americans are living with some form of disability, and that can mean being unable to work, and dealing with a lot of financial strain. But if you can no longer work due to a disability, and you have disability insurance benefits through your job, you might get some financial help, depending on your policy’s definition of disability. And if you can return to work part-time, you can still receive partial disability, or residual disability benefits – this is great, but is it enough? And if your job doesn’t offer insurance with residual disability benefits, should you buy it on your own, or should you consider purchasing a life insurance policy with disability riders?

Definition of Disability

black and white picture of handicap sign — *Life insurance companies have different classifications of who can receive what benefits for how long.*

When it comes to receiving disability insurance benefits, it all depends on your insurance policy’s definition of disability: the definition of disability can differ between different insurance companies. Their different classifications of who can receive what benefits for how long include:

Total disability– You are completely disabled and you can’t work, and can receive your insurance benefits because you have lost your income source.
Partial disability– You can still work, but perhaps only part-time or on reduced duties, so you have lost part of your income. In most cases, you will still be able to receive benefits.
Extended partial disability– When your partial disability benefits run out, you might be eligible for extended partial disability, which is essentially the same as partial disability, but lasts for as long as you need with reduced benefit amounts.
Presumptive total disability– This is a form of total disability, meaning you will never recover from your disability due to loss of limbs, deafness, etc. There is no elimination period.

What Are Residual Disability Benefits & How Do They Work?

As mentioned above, when you are facing partial disability, meaning you can perform some of your duties at work part-time, you will receive residual disability benefits. Typically, you will get full disability benefits that last for 6 months and will then be reduced to a percentage of your monthly income, which will be based on how much income you have lost. Depending on your insurance company, though, a life insurance policy with a residual disability benefit rider could cover more.

Life Insurance Disability Benefits

So the question is: would the residual disability benefits on a disability insurance policy be enough for you or should you invest in a life insurance policy and add disability riders? Life insurance can be very affordable, and will be active for the rest of your life, not only while you are working, and can provide you with help if you become disabled. It will also leave your family with benefits in the event of your passing.

There are multiple long-term disability insurance riders available to add on to your life insurance policy, and many of them are free! In fact, this type of rider usually comes standard on a policy or can be added at no extra cost. Some different riders to consider include:

Waiver of premium– If you become totally disabled, and can no longer work or pay for your life insurance, this rider will cover your premiums until you’re no longer disabled, or until you reach a certain age, typically between 65 and 70.
Disability income rider- This type of rider provides monthly income payments if you are permanently disabled. Payouts are typically a percentage of the policy’s total coverage amount.
Long-term care rider– The money from this rider can help with living expenses if you have a chronic illness and are unable to complete daily tasks on your own.
Accelerated death benefit rider– You can get part or all of your policy’s death benefit while you’re still alive if you have a terminal illness. There are no restrictions on how the money can be used, which is great because you can use it to pay for medical care and treatments.

If you want extra protection, you can always have both disability and life insurance if you can afford it. If you cannot, though, consider looking more into life insurance and speaking with a licensed agent who can help identify which life insurance policy will suit you best, as well as which rider would be best in case of disability. Each company offers different rates and policies, which is why it is important to compare all of them.

Want More Information?

Before purchasing a life insurance policy, you should consider any additional riders you want to add on: riders are a great way to add coverage for unforeseen circumstances. If you need help finding a policy, or with reviewing your current policy, it’s in your best interest to speak to a local agent, who will help you compare plans and see which is the right fit for you. Consider also using online tools to see what is available. To get you started, 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.