life insurance Archives - Page 26 of 27

Why Having Life Insurance In Your 50s Is Important

Your 50s can be a time of big changes in your life. You might have a newly empty nest or a new love in your life; you might be getting remarried, paying off your mortgage, or looking forward to retirement. One thing you should definitely be thinking about at this point in your life is life insurance. While you might feel like there is no point in getting life insurance now because it will be too expensive or you don’t need it yet, nothing could be further from the truth! The reality is that people are living longer, and studies show that people are heading into their retirement years with more debts and dependents than ever before. There are multiple reasons why now is the perfect time to get life insurance, and protect the ones you love.

You Have Dependents

Did you know that 33% of Americans say their family would be left financially unstable or even bankrupt in the event of their passing? If you have children or grandchildren who rely on you, it is important to ensure that they will be financially taken care of when you are gone. Having a good life insurance policy is the best way to put their minds at ease. If you want a lower cost option, you can opt for a term life insurance policy that would cover things like your children’s college tuition in the event that you were no longer with your family.

You Have Debts

If you are still paying off a mortgage, or have other debts that could fall on your loved ones if you passed, you need life insurance. A life insurance policy is the best way to make sure that they would be able to pay off these debts without having to deplete their savings.

It’s Still Affordable

Many older adults are under the impression that life insurance would be too expensive for them because of their age, and that they missed their chance to get it in their 20s and 30s. But as long as you are in good health and are not living with any serious illnesses, you can still get life insurance at a great rate! The best way to find a policy with great coverage and a great rate is to compare multiple policies from multiple insurance companies.

Retirement Is Coming

If you get life insurance through your job, the moment you retire, you will lose that life insurance policy. In addition, that policy might no longer suit your needs. You can stay ahead of the game by finding the right life insurance policy for you now, before you get any older or develop any unexpected health conditions.

Final Expenses Can Be a Major Burden

Life is unpredictable. If you passed unexpectedly, would your family be able to pay for your funeral? Funerals on average cost around $10,000, which is an amount that not everyone can easily come up with. A final expense life insurance policy or a permanent life insurance policy will help you plan for the unexpected and make sure your family can pay for your funeral and cover any other expenses.

The Best Type Of Life insurance Policy For You

two arrow signs pointing in different directions with the word right on both. — *Both term and permanent life insurance policies are great options to choose from!*

If you are considering life insurance, you have multiple options. Two excellent, inexpensive choices are term life and permanent life insurance. Term life insurance offers life insurance for a set period of time. For example, would you like to have college tuition or or the remainder of your mortgage covered in the event of your death? A term life insurance policy is a great option in this case: one of these policies allows you to choose a term, or amount of time, that you will be covered for, so you know that your family would be able to continue to pay these bills.

Permanent life insurance is a great option if you want to help with final expenses and then some. It offers lifelong coverage as long as you pay your premiums. It can also be useful when you retire because these policies have cash value, which you can withdraw to use whenever you need it. The best way to 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.

Is Life Insurance With No Medical Exam The Way To Go?

The coronavirus pandemic has put a lot of things into perspective, including how fragile life can be. The pandemic has made many people realize how important life insurance is to providing for their family once they can no longer do so. So, if you’re one of them, why are you still hesitating? Is it the medical exam that is holding you back? If you have pre-existing conditions or are just worried about being required to undergo an exam, know that you can get a life insurance policy without a medical exam. These exams can mean higher rates, or an outright denial – but is life insurance with no medical exam the way to go?

No Medical Exam Required

Many life insurance companies base their rates on your age and health status, which they will usually determine with a medical exam. One of the reasons many people avoid even looking into life insurance is that they think they will be denied if they undergo an exam, or simply because they do not want to go through the exam at all. If you are worried that you will not pass a medical exam or that you will end up paying a lot for life insurance, guaranteed issue, simplified issue, or instant-approval term life insurance policies are great options for you. With these plans you will not have to undergo a medical exam, and will not be required to provide blood work or any other tests. You cannot be turned down for these policies for any health-related reasons.

No Waiting Period

When you sign up for a life insurance policy that requires a medical exam, you will have to wait anywhere from 4-6 weeks after your application to find out if you are approved or denied. With a no medical exam life insurance plan, not only will you not be turned down for any health-related reasons, but you will also get instant approval.

stacks of hundred dollar bills in stacks laying on top of each other — *Your beneficiary will receive 110% of paid premiums if you pass within 2 years of the policy’s effective date.*

In addition, with many types of life insurance policies, the first 2 years following the activation of the policy is considered a waiting period. What this means is that if you were to pass away during these 2 years, your beneficiary would only receive the amount that you had paid in premiums. But this is not the case with no medical exam life insurance policies, such as guaranteed issue life insurance. With these policies, your beneficiary would receive 110% of paid premiums if you pass within 2 years of the policy’s effective date.

If you were to pass away without life insurance, your loved ones could be left to deal with a large financial burden. They would have to pay for your funeral expenses, which are on average $10,000, as well as any other bills they have relied on you to help with, such as a mortgage or college tuition. Life insurance can be expensive, and there is a chance some companies could deny you based on your health, but a no medical exam life insurance policy can help you get the coverage you need to protect your loved ones.

The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance policies that do not require medical exams. 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 no medical exam life insurance rates today.

Common Questions Expectant Mothers Have About Life Insurance

If you’re expecting a baby, congratulations! Before you know it, you will be holding your bundle of joy in your arms, and your strong instinct to protect your child will kick in. As an expectant mother, you might have some fears and questions about how you plan to raise your child and how you plan to keep them safe for their whole life, some of these questions and concerns might revolve around life insurance. Can you get a policy while pregnant? Will it be expensive because pregnancy is a pre-existing condition? What kind of life insurance should you get and how much coverage will you need? All of these are really good questions that we are going to answer for you!

Can I Get Life Insurance if I’m Pregnant?

When applying for life insurance, pre-existing conditions can either drive up the price of your policy, or prevent you from getting a policy altogether, so it is reasonable to wonder whether your pregnancy could prevent you from getting a life insurance policy. But as long as you apply early in your pregnancy and you have no medical complications, there is absolutely no reason you cannot get an affordable policy with substantial coverage to protect your unborn baby. But what about if you are further along in your pregnancy or have medical complications? Well, you can still get a great plan, but insurance companies will probably not insure you until after your baby is born.

How Much Will It Cost?

Life insurance prices are based on a number of factors, including your health, age, and family history. The younger and healthier you are, the cheaper a life insurance policy will be; life insurance companies see younger, healthier people as less of a risk to insure. If you are 30 or younger and healthy, you could get a plan for as low as $15 a month! But the answer to this question really depends on multiple variables, which can be best assessed by a life insurance agent. An agent can help you compare plans from different companies, so you are aware of all the options available to you.

What Type Of Life Insurance Is Best?

There are various kinds of life insurance policies to consider, which can make looking for the right one for you time consuming and frustrating. To help you get started in your search, the two most popular types of policies are:

Term life insurance, which will cover you for a set amount of years
Permanent life insurance, which will provide coverage for your whole life, as long as you continue to pay your premiums.

Both types of policy will provide coverage for your family’s needs in the event that you are no longer with them. Both policies will help pay debts, bills, funeral expenses and can even leave some money for your children to inherit. It all depends on whether you think you need a life insurance policy for 10, 20, or 30 years to cover major expenses like a mortgage, or if you want a policy that will provide coverage even after those expenses are paid off. Either way, you will be helping your family and providing money for your unborn child or children in the future.

Is My Employer’s Life Insurance Good Enough?

calculator on top of a notebook and pen next to it — *Your employer’s life insurance policy will not be enough, especially if you leave the company, then you lose it.*

If you are a working expectant mother, and your employer provides life insurance, you might think that you and your baby are adequately covered. However, this might not be the case, especially if you end up leaving the company, because you will lose your life insurance policy if you do so. In addition, the policy your employer currently provides most likely does not have enough coverage to provide for your family for a very long time, so that is something to take into consideration.

Pregnancy can be exhausting and exciting at the same time. You are busy preparing for your baby’s arrival, and you might have put life insurance at the bottom of your to-do list and forgotten about it. But if you are thinking about expanding your family, are an expectant mother, or are a new mom, life insurance should be on the top of your list, so that you and your family can have peace of mind. Now is the time to get your policy: the healthier you are, the lower the price and the better the coverage you can get. After all, life insurance rates increase by 4-9% each year as you age!

Every life insurance company treats pregnancy differently, which is why comparing quotes is essential to getting the most coverage with the most savings. The best way to 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.

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!

Choosing Life Insurance Beneficiaries

When you make the wise choice to purchase a life insurance policy, you have a lot of decisions to make. First, you have to decide if you want term life, whole life, final expense life, or another type of life insurance policy. Then, you need to decide how much coverage is needed to provide full financial protection for your family. After you have researched companies, found quotes and picked a policy, your next important step is to pick a life insurance beneficiary. This is the person who will receive the money in the event of your death. It sounds simple enough, but there are some details to be aware of before making the choice.

Know Your Options

a caucasian woman and afircan american man holding a baby — *You have different options when choosing a beneficiary; you can choose your spouse, or children, or a business.*

A beneficiary can be one person, multiple people, your estate, a charity, a business, or a trust. If the beneficiary is an individual, you can choose a relative, child, spouse, friend or anyone else. However, if you live in a common property state, also called community property states, life insurance beneficiary rules will require your spouse to waive their rights if you want to designate someone else as beneficiary. There are 9 common property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

If you choose to make your beneficiary a trust, that trust will manage the dispersal of the money; for example, you could arrange it so a trust manager would be in charge of paying for your children’s needs as instructed by you.

Legally making your estate your beneficiary is generally not recommended because, in this case, creditors would be able to go after your life insurance money. Once the creditors, court fees and lawyer are paid from the estate (however much that dips into your loved ones’ life insurance money), whatever is left will be divided among your beneficiaries.

Choosing A Beneficiary

When choosing who to name as your beneficiary, you should ask yourself who relies on you financially and will need help paying ongoing bills when you are gone. Would you like to leave some of the insurance money to charity? Do you want your business to continue? If so, you can make your business partner a beneficiary.

When you do choose who you want the money to go to, you will need to be as specific as you can and put everything in writing, including their Social Security numbers if possible, relationship to you, dates of birth and addresses. You can change, add or remove beneficiaries at any time.

Multiple Beneficiaries

pie chart with different colors for each piece — *If you choose to have multiple beneficiaries, the amount divided will have to equal 100%.*

If you want to give a payout to multiple beneficiaries, check your life insurance policy first. Some will have a limit on how many you can have. If you do decide to have multiple beneficiaries, you can also choose how much each beneficiary will receive. For example, your spouse can get 50% of the benefits, and the remaining 50% can go to your child. If you don’t specify how much you want each person to get, they will all receive an equal amount.

Primary vs. Contingent

You also have the option of naming both a primary and contingent beneficiary. Your primary beneficiary will be first on the list to receive the benefits after your passing. If your primary beneficiary dies before you, refuses the proceeds, or can’t be located, the contingent life insurance beneficiary will receive the benefits.

Naming Children As Your Beneficiaries

If you have minor children, they will not receive any of the money until they are 18. To make sure they can have access to it, you can:

Name their legal guardian as beneficiary.
Designate a custodian for the proceeds through the Uniform Transfers to Minors Act. This person is then named as the beneficiary.
Create a trust for the child and make the trust your beneficiary. The trustee will oversee the money and distribute it as per your wishes.

What Happens If You Don’t Designate A Beneficiary?

If you do not name a beneficiary for your life insurance policy, the insurance company will issue the death benefit to your estate. The probate court will then decide how to distribute the funds, which will include settling your debts, which will mean less money for your loved ones.

Taking the time to make sure loved ones are protected with a life insurance policy is admirable. But in order to make sure that the proceeds go where you want them to, you have to choose the right beneficiary or beneficiaries. When choosing a life insurance company, ask about their beneficiary rules to make sure that the plan will meet your needs. To get more helpful information about different types of life insurance policies, and how you can get coverage that fits your budget, take a look below. We have provided information for top-rated insurance companies that specialize in life insurance, so check their 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 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.

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.

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