life insurance Archives - Page 22 of 27

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.

Covid-19 and Life Insurance Coverage

The events of the past year and a half, during which we tragically lost so many people to Covid-19, have prompted many people to think more about preparing for the unexpected. After all that has happened, you might be thinking more about life insurance; for example, you might be wondering if a policy will still deliver death benefits if the policy owner dies from Covid-19, or if insurance companies have changed their policies, meaning you’ve missed your opportunity to buy life insurance. So how are insurers handling Covid-19? Do they cover deaths from it? And has the pandemic affected how they are selling policies?

Can I Get Life Insurance?

Life insurance is important because it offers financial protection for your loved ones if you pass away unexpectedly – it’s no wonder, then, that so many people have realized during the pandemic how important purchasing a policy is. In fact, application activity for U.S. life insurance was up nearly 8% year-over-year in 2020 among people under age 44, according to MIB Group’s Life Index. And there’s no need to worry: you can absolutely still purchase a life insurance policy – and thankfully rates have not been not impacted by Covid-19! With that being said, though, there are a few exceptions to be aware of.

What If…

I’ve Been Overseas Recently?

Because of uncertain pandemic conditions in other countries, some insurance companies will postpone your application approval if you have recently traveled internationally. They will also postpone your application approval if you have plans to travel abroad, or if a member of your household has recently returned from travel outside of the U.S. Generally, if you have traveled overseas, you can submit your life insurance application 30 days after the date you returned to the U.S.

If you do not disclose any international travel or plans on your application, your insurance company can deny claims to your beneficiaries.

I Have Covid-19?

Each company will treat your application differently if you have or have had Covid-19, but in most cases insurers will postpone your application for 90 days, or until you have made a full recovery, if you are currently sick. Depending on the severity of your symptoms, though, some insurance companies could postpone your application for up to six months; in addition, if you – and others – suffer from long-lasting effects of the virus, life insurers will incorporate that information into their underwriting standards, which could affect the cost of coverage for Covid-19 survivors in the future. The most important thing to remember, though, is that you need to be honest on your application about having the virus: lying about it will automatically mean that your beneficiaries will not be able to collect your policy’s death benefit.

I Die From The Virus?

Traditional life insurance policies, such as whole and term life, will likely cover deaths from Covid-19, according to spokespeople from industry research group LIMRA, State Farm, and Farmers New World Life.

Your life insurance claims will be paid out, even if you pass away from the virus, as long as you:

Were approved for a life insurance policy, either before or during the pandemic.
Did not omit information or lie on your application.
Paid your insurance premiums and did not allow your policy to lapse.

The Covid-19 pandemic has been hard on many Americans, and the death toll in the U.S. has caused many younger Americans to worry what would happen to their families if they were to pass. The sad reality that many people have passed away unexpectedly from the virus, and have left their families unexpectedly, has put a new perspective on the importance of life insurance.

Remember, you can still purchase a life insurance policy and financially protect your family, as long as you are honest during the application process. If you’re looking for a policy and are unsure where to begin, work with an agent who specializes in life insurance; this is the best way to find the policy that is right for your specific needs. 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.

Understanding Life Insurance Health Ratings

Life insurance is a great asset for your family. But it’s only natural that one of your main concerns when searching for a policy might be “how much is it going to cost me?” The answer to that question will actually depend partly on what is known as your health rating: life insurance companies will determine your health rating by gathering facts about your health history, age, family history, and other factors. Once they do this, they will put you in a category, which will determine how much you will pay for your life insurance policy. Understanding how these ratings work, and what they mean for your policy, will help you figure out how much you can expect to pay, and which type of policy is best for your needs and budget.

What Are Life Insurance Health Ratings?

person in a suit holding a heart with a heartbeat in it — *Companies ask questions about your health in order to rate how much of a risk you are to cover.*

When you apply for a life insurance policy, life insurance companies will take into consideration a whole host of factors when determining your premium price, including your driving record, the results of a medical exam, and even your criminal record. These factors, as well as your health and family health history, will determine your health rating.

Why do life insurance companies use health ratings? Well, they want to know how much of a risk you are to insure before they approve you for a policy, and that means knowing how healthy you are and what your anticipated life expectancy is. If you are in poor physical condition and likely to pass away sooner due to health conditions, such as cancer, you are a high risk for them to cover. On the other hand, if you are healthy, you are a lower risk and can get a lot of coverage for lower rates.

Types Of Life Insurance Health Ratings

Health ratings range from low to high. If you are not healthy, you will have a lower rating, and if you are in great condition, you will have a higher rating; the higher your rating, the lower your premiums will be. Life insurance companies generally have two sets of ratings: regular ratings, and tobacco-user ratings.

Non-Smoker Regular Ratings

Premier/Premium/Preferred Plus or Preferred Best– This is the best type of rating you can get. If you are in excellent health, are not taking medications, and are a healthy weight, you can qualify for this rating class, and will have the lowest premium rates.

Preferred– If you are in great health, but have some health issues, such as slightly higher blood pressure or cholesterol that is above average, but your issues are controlled with medication, and you are a healthy weight, you can qualify for this rating class. You will also qualify for this rating if your family has a history of cancer, or other diseases, but you are otherwise in excellent health.

Standard Plus– You will qualify for this rating category if you have health issues that are more serious than those allowed with preferred ratings, such as high blood pressure or if you are slightly overweight, but are otherwise in very good health and have no family history of diseases.

Standard– If you are in average health, you will qualify for this rating. Under this rating, you can have health issues like being significantly overweight, high blood pressure or cholesterol, and if you need to take medications regularly. You will also be in this category if you have a family history of cancer or other serious diseases.

Smoker Ratings

Preferred Smoker– If you are a smoker, but are in relatively good health and would otherwise qualify for the preferred non-smoker category, you will probably be placed in this rating category.
Standard Smoker– This rating is given to those who smoke and have other risk factors or illnesses that are controlled by medications.

Changing Your Health Ratings

The good news is that once you’ve been given a health rating and purchased your policy, your rating can not go any lower even if your health deteriorates. This is why it’s important to purchase a life insurance policy when you are younger and healthier!

On the other hand, you can improve your rating even after you’ve purchased your policy if you address some of your health issues, and do things like bring your high blood pressure or cholesterol down, or quit smoking. If you do these things, you can ask your life insurance company to reconsider your rating; you will then have to undergo another medical exam. For example, if you inform your insurance company that you have been tobacco-free for at least 12 months, they could upgrade your rating, and offer you lower premiums, if you pass a medical exam and give them a clean urine sample.

You should also consider dealing with any health issues before applying for life insurance so you can get a better rating from the start.

If you’re wondering how much you might pay for a life insurance policy, the best thing to do is to start comparing plans from different companies. Not all insurance companies follow the same underwriting guidelines, and some might consider a health condition less serious than another does, so rates can vary from insurance company to insurance company. That means finding the best policy for you can be tough, but you can do it, with some help from an agent who specializes in life insurance, and who can help you compare plans.

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.

What is the Accelerated Death Benefit?

A life insurance policy is a great way to make sure your family is financially protected after you’re gone, but what if you become ill and your family needs financial help while you are still alive? Luckily there is a way to get benefits from your life insurance while you are alive. When looking for a policy consider adding an accelerated death benefit rider to your policy, which will provide you with money to be used for medical expenses if you become seriously, or terminally, ill. Do you have a family history of getting sick in your later years, do you just want to be cautious, or do you just want to be cautious? No matter what the reason, before you purchase a life insurance policy, find out how an accelerated death benefit rider can benefit you, and how it works.

What Is an Accelerated Death Benefit Rider?

sick person in a wheelchair being pushed by a young female — *An accelerated death benefit rider is beneficial to those who are terminally ill, and need help paying their medical bills.*

This type of rider allows you, the policyholder, to receive a portion of your death benefits before you pass away if you become terminally ill. It is a standard feature on most term life insurance policies; if it is not included in your life insurance policy, you have the option to add on this rider for an additional monthly premium fee. Generally this rider is meant to help with medical expenses, but you can use the money for anything you choose.

How Does an Accelerated Death Benefit Rider Work?

If you have an accelerated death benefit rider, most insurance companies will pay out if the insured is diagnosed with a terminal illness, and is expected to live no more than 1-2 years past their diagnosis. Every insurance company has guidelines on how much they will pay out on an accelerated death benefit rider; some will pay anywhere from 50-75% of your policy death benefit, and some will charge a one-time processing fee, usually $150. It is best to compare policies from different life insurance companies to determine which policy will provide the coverage amount you think you might need.

It is important to note that the benefits you receive for your medical expenses will be deducted from the death benefit your beneficiary will receive after you pass away.

Qualifying For An Accelerated Death Benefit

Accelerated death benefits are best for people with shortened life expectancies, or for those who have major medical bills due to an illness. The rider is triggered under the following medical circumstances:

Terminal illness– This is the most common reason to make a claim on an accelerated death benefit rider. To receive your benefit, you will need to provide certification from your doctor or a medical professional proving that you are terminally ill and have a life expectancy of 12-24 months.
Critical illness– You can also use this rider if you are diagnosed with a condition that will leave you with a shortened life expectancy, including cancer, heart attack, stroke, kidney failure, major organ transplant, or paralysis.
Chronic condition– Any condition that prevents you from performing 2 of the 6 daily activities for living (eating, bathing, toileting, continence, getting dressed, and mobility) will also allow you to make a claim.
Long-term care– If you must be permanently confined to a nursing home, hospice care, or an assisted living facility, you can use your benefits.

An accelerated death benefit rider will provide you with extra money to help with large medical bills that stem from a terminal or critical illness. Claiming on this rider should not be confused with borrowing cash value from a whole life or universal life insurance policy, but those permanent policies will likely also have the accelerated death benefit rider built in.

To learn more about accelerated death benefits and any other riders that you think could be beneficial to you, consider using online tools to see what is available, as well as working with an agent who will help you compare plans and decide which is the right fit for you. 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.

The 4 Types Of No Exam Life Insurance

If you’re looking for a life insurance policy, but have pre-existing medical conditions, you might be worried about undergoing a medical exam to get coverage: your medical status could mean that you will have to pay more, or you could even get denied for a policy altogether. Fortunately, though, even if you have health conditions, you have options! There are four types of life insurance policies that do not require medical exams, meaning you’ll still be able to provide financial protection to your family no matter your age or health history. Comparing these different policies will help you better determine which no medical exam life insurance policy is best for your family’s needs.

1. Guaranteed Issue Life Insurance

stamp of the word approved in red with a red circle around — *You will be approved no matter your health or age with a guaranteed issue life insurance policy.*

The first type of life insurance that does not require a medical exam is guaranteed issue life insurance. With one of these policies, you will not be rejected for any health-related reason; you will simply need to answer a few questions about your health to determine your policy rate, and then you can receive coverage in as little as a day. The death benefit for this policy can be anywhere from $5,000 to $25,000.

The drawback to guaranteed issue life insurance? Premiums will be higher than those of other life insurance policies; your insurance company will not have very much information about your health status, so they will be taking on a higher risk by insuring you. In addition, before your family can receive the policy’s death benefit, there is a 2 year waiting period, which means if you pass away during the first 2 years that your policy is active, your beneficiary will only receive a portion of the death benefit. This plan is best for those who are looking for quick, easy coverage for their family.

2. Simplified Issue Life Insurance

This is a type of term life insurance that has been increasing in popularity over the last few years. These policies last for a certain time period (or term) – usually 10, 20, or 30 years, and are a step up from guaranteed issue life policies; they are more expensive than traditional life insurance policies, but cheaper than guaranteed issue policies, but coverage is often limited. When you apply for simplified issue life insurance, you will be asked detailed medical questions and will undergo a background check, but you will not have to undergo a medical exam.

These policies offer coverage anywhere from $25,000 to $200,000, depending on the results of your evaluation. Simplified issue life insurance is best if you are looking for convenience, quick approval, and coverage if you have moderate health issues.

3. Graded Death Benefit Life Insurance

This kind of insurance is similar to guaranteed issue life insurance, with some slight differences. You will have to answer some health questions, with the number of questions depending on the insurance carrier; because there might be more health-related questions, these policies are slightly less expensive than guaranteed issue life insurance. These policies offer coverage up to $50,000.One of the major differences between graded death benefit policies and other types of policies is that the death benefits are paid out in percentages; after each year of having an active policy, your beneficiary will receive a higher portion of your death benefit:

Death in year 1- 25% of death benefit paid
Death in year 2- 50% of death benefit paid
Death in year 3 or above- 100% of the death benefit paid.

4. Final Expense Life Insurance

This kind of policy is also known as burial insurance; coverage is designed to cover end-of-life expenses, including burial costs, funeral ceremony costs, final medical bills, and any small debts. Even if you don’t have any other type of life insurance, you should consider having this policy: the average cost of a funeral is around $10,000, which is a lot of money for your family to come up with, especially if they are not prepared.

Final expense policies offer coverage from as low as $2,000 up to $50,000. The great thing about these policies is that your premiums will not increase, and your death benefit will remain the same throughout your life. This policy is a good choice for people who have some health issues and need a smaller amount of coverage to help with costs related to their passing.

There are options for life insurance that allow you to get a policy without having to undergo a medical exam – this means that, no matter what health conditions you have, you will still be able to get life insurance coverage. If you’re interested in one of the policies above, and you need help deciding on a policy, consider using online tools to see what is available, as well as working with an agent who will help you compare plans and see which is the right fit for you. 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.

5 Types Of Term Life Insurance Policies

Life insurance is not one-size-fits-all, so insurance companies offer many different types of life insurance policies. This means you have lots of options, but it also means you’ll need to do some research to figure out which type of policy is right for you. One popular type of policy is term life insurance, because it offers a lot of coverage for a low premium: term life insurance premiums can be around $30-$40 per month for a 30-year, $500,000 policy as long as you’re young and healthy.

What makes these policies different from other types of life insurance is that, with term life, you choose how long you want your policy to cover you for, which can be anywhere from 5 to 30 years. This makes term life insurance perfect for families who have major expenses, such as a mortgage, other loan debts, or car payments: these policies will provide coverage while you’re paying off those debts, as long as you keep paying your premiums. If you’re interested in a policy like this, you’ll need to know the 6 different types of term life policies, and consider which is best for your family.

1. Guaranteed Level Term Life Insurance

illustration of an open padlock with an arrow pointing down to lock it — *Guaranteed level term life insurance will lock in rates throughout the whole policy.*

This is the most common type of term life insurance. It’s a simple, solid choice: with this type of policy, your premiums will never go up during the life of the policy (typically 10, 20, or 30 years), and your death benefits will never change. Most policies have a renewal clause, but you are not guaranteed the ability to renew the policy – it depends on the wording of the policy, so you’ll need to speak to an agent and make sure the policy is renewable if that’s an important feature for you.

2. Return Of Premium Term Life Insurance

With some term life policies, no benefits are paid out if the insured lives past the term of the policy, but with return of premium term life, if the insured lives past the term, the premiums that have been paid over the years are returned. For example, if you have a 20-year return of premium policy and survive the policy, you will get back all of the premiums you paid at the end of the 20 years, as long as you kept up with your premium payments throughout that time. These policies typically have 15, 20, or 30 years terms, and are generally a little more expensive than other term life policies, because you or your beneficiaries will receive some sort of payout no matter what.

3. Annual Renewable Term Life Insurance

This is a short-term life insurance policy that can be renewed each year for a specific period of time. It is important to note that every time you renew the policy, the premium will go up, and will increase even more after you have hit the 20 or 30-year mark.

4. Modified Term Life Insurance

Premiums for these types of term life insurance policies change over time, usually in 5 or 10-year intervals. For example, if you start out paying $10/month for your policy, the premiums might increase to $17/month in 5 years, and so on. If you don’t have a lot of money in your budget for life insurance right now, but think you will have more money for a policy in the future, this type of policy might be the right choice for you; you’ll be able to protect your family for a low price right now, and can plan for the future rate increases.

5. Decreasing Term Life Insurance

With these policies, your premium rates will stay the same throughout the life of the policy, but the longer you have the policy, the less your death benefit will be. Policies can last anywhere from 5 to 30 years, and each year that you have the policy, your coverage will decrease by a certain percentage of the original payout, typically 4-5%, depending on the insurer. These policies are cheaper than permanent life insurance policies with similar coverage, so if you’re looking for a good price on life insurance, and think that you will have fewer debts in the future or will be more financially stable, this plan might be perfect for you.

Which Is Best For You?

One thing is certain: you need life insurance to protect your family financially and prevent them from struggling in your absence. But there isn’t one policy that is right for everyone, so you’ll have to consider how much debt you have, how much debt you will have in the future, as well as how financially stable you are now and expect to be in the future. All of this, on top of researching each type of policy, can seem like a lot, so your best bet is to use online tools and work with an agent who can help you compare different policies from different insurance companies. 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