Life insurance can play a key role in most any good, solid financial plan. One reason for this is because life insurance proceeds - which are received free of income taxation - may be used for any number of unique needs by loved ones and survivors.
These may include the payoff of debt (including a home mortgage balance), as well as the continued payment of ongoing living expenses - which can be highly beneficial if the insured is the family breadwinner.
But, as important as life insurance can be, it is also important to keep in mind that not all life insurance policies are the same. Nor are the insurance carriers that offer them. With that in mind, it is highly recommended that you ensure you are moving forward with the proper type and amount of coverage before you purchase a policy.
In addition, you should also make sure that the insurance company that you're considering purchasing the policy through is strong and stable from a financial standpoint, and that it has a good, positive reputation for paying out its policyholder claims. One company that meets these criteria is American General Life Insurance Company. (more…)
There are a multitude of reasons why someone may apply for life insurance. Just some of these can include the payoff of debt for survivors, and/or the ability to use the proceeds from a policy for paying ongoing living expenses in the event of the unexpected.
While life insurance can be extremely beneficial, it is important to understand that not all policies are the same. With that in mind, before going out and purchasing life insurance, it is essential to ensure that you are moving forward with the proper type and amount of coverage.
In addition, it is recommended that you make sure that the insurance carrier you are considering is strong and stable financially, and that it has a good reputation for paying out its policyholder claims. One insurance company that meets these criteria is Farmers Insurance Company. (more…)
Life insurance is one of the best safety nets you’ll ever buy for your loved ones. It’s one of the only ways you can guarantee your loved ones have the money they need, even if something awful were to happen to you. Not having life insurance is one of the worst mistakes you could make for your loved ones. Without that safety net, your family would be stuck under a mountain of debt and other final expenses, but that’s where your life insurance plan comes in.
When you’re shopping around for life insurance, it’s important you compare all of the different options available. Each kind of life insurance is going to have different pros and cons you’ll need to weigh based on your insurance needs. It can be confusing and frustrating trying to find the perfect plan for you, but that’s why we are here to help. It’s our mission to ensure you’re getting the best plan available. This post (and the video below) are going to look at some of the main types of plans and the benefits of these policies.
In the video below I discuss the different types of life insurance policies that you may be considering and which may be the right choice for you.
There are three main categories of life insurance. Each of them is slightly different in the coverage they provide and how much they cost. (more…)
When you’re shopping for life insurance, there are dozens of different factors that you need to consider to ensure that you’re getting the best rates possible. Because life insurance is one of the most important purchases that you’ll ever make, it’s vital that you make the best choice for you and your loved ones. (more…)
Life insurance is the best investment you’ll ever make for your loved ones. It’s one of the few ways you can ensure that your family has the money they need, regardless of what happens. When you shop for life insurance, there are several factors you need to consider to ensure you’re getting the best rates possible.
When you apply for life insurance, the company is going to review dozens of factors to determine how much they are going to charge you for insurance protection. One of the most important factors they are going to review is your health. If you have Crohn’s disease, you might be worried about getting declined for life insurance coverage. Don’t worry, it’s possible to get quality and affordable life insurance protection, even with a pre-existing condition. (more…)
When you apply for life insurance, the company is going to look at several different factors when they are deciding between acceptance or rejection. One of the most significant factors is your health. The health questions and the medical exam play a huge role in the rate calculations.
Aside from high blood pressure, or high cholesterol, one of the more common abnormalities on life insurance exams that we see is an elevation in liver function tests. Sometimes the person doesn't know until the exam that they have above normal elevations, and sometimes a person has been previously declined, or knows from getting a physical with their Doctor that their levels are high. The good news is that some life insurance companies are more apt to approve you if you have an elevation in your liver function tests. In this blog post I’ll cover questions that we will ask you when applying for life insurance that can help us find you the best rate for life insurance with an elevated liver function test.
Life insurance companies care about the results of an Elevated Liver Function Tests because an elevation can be a sign that your liver is not functioning as it should. There are several conditions that can lead to an an elevation that is outside the normal range - such as hepatitis,excessive drinking (alcohol), liver cancer, cirrhosis. There are also medications that can cause an increase in liver function tests, such as Dilantin, phenobarbital, allopurinol and many others. (more…)
If you suffer from Polycythemia and need to get a life insurance policy, this article will cover your what your options are. The disease causes an increase in the proportion of blood volume due to an increase in red blood cells, or by a decrease in the volume of plasma.
It’s possible to have Polycythemia vera - a rare disease, also known as Primary Polycythemia. Red blood cells increase slowly over a period of time and you may never feel any symptoms or know you have it. Usually this is discovered in a blood test.
Common treatments that can stabilize the condition are simply having blood taken out - called a phlebotomy - to reduce your overall blood count, medication, or even taking low dosage of aspirin. (more…)
With so many different life insurance providers offering you rates, it can be difficult to determine which one is best for you. We at Chooseterm.com will certainly help you narrow it down, but it always helps to have some inside knowledge of your own. For example, you may not know that Legal & General is not an entirely separate company, but is instead the head company of Banner Life and William Penn.
Legal & General has a long, solid history and a variety of coverage options. Before deciding that this is the company for you, however, it is important to get as much information as possible ahead of time. We offer many company reviews on our site, such as reviews for AICPA Life Insurance, Mutual of Omaha and AARP.
There are over 800 insurance companies on the market. All of the have different products and rates that they are going to offer. When you’re shopping for life insurance, it’s important that you find the perfect company for you. Instead of wasting hours research, we are here to help. This post is going to look at Legal & General and give you the information that you need to find the perfect life insurance company. (more…)
When you apply for life insurance, there are dozens of hoops that the insurance company is going to make you jump through before they give you insurance protection. If you have diabetes or you’re overweight, then you might be concerned that you won’t be able to get approved for protection. In most cases, that couldn’t be further from the truth.
Before you apply for life insurance, it’s important that you understand all of the questions that the insurance company is going to ask. Don’t let your health keep you from getting the insurance protection that you and your family deserves.
Everyday I speak with people in unique situations looking for life insurance. By sharing their questions and my responses perhaps I can help others looking for the same information.
Today I spoke to someone with the following question:
“I missed my life insurance payment with state farm and my $100k policy lapsed I have diabetes type 2 and need to replace that policy looking for $100k policy again. “
Here are the questions I asked:
The responses were the following:
45 year old male, 6’1 350 pounds, A1c of 7.6, oral medication only, also has sleep apnea (controlled with a CPAP).
Getting approved for life insurance as a diabetic is possible as long as the diabetes is being treated and under control. However with a “build” (which is what life insurance underwriters call height & weight) of 6’1 350 pounds combined with diabetes, this person would be declined for a regular life insurance policy.
The alternative is to consider a graded benefit life insurance policy - also called a simplified issue policy. These type of policies have only a few health questions you have to answer to qualify for coverage. The policy is called “graded” because the death benefit is graded - it increases a bit for the first few years of the policy until it reaches the amount you buy - for example if you buy a $100,000 graded policy, the $100,000 won’t be fully in effect until after 3 years (or two years depending on the company). In the first, second, and third year, coverage increases each year until it reaches $100,000. In this case the 45 year old can get a 10 year term policy for about $200 per month. Whole life is also an option, but term will be significantly cheaper.
Each one of the issues here by themselves would qualify for a regular policy. Someone 6’1 350 might be able to get approved for a policy, barring no health issues. A Diabetic or someone with sleep apnea can get approved as well, the issue here was multiple conditions combined, which would cause a decline for a regular policy and requires us to look at a high risk life insurance policy, or graded benefit policy.
If you’ve been declined for life insurance, don’t assume that you can’t get insurance coverage. There are still several options for life insurance. Nothing should keep you from having the coverage that your family needs.
One option is to purchase a guaranteed acceptance life insurance policy. As you can guess from the name, nobody is turned down for these plans. Regardless of health, complications, or weight. All that you have to do is answer a few basic questions, like age and gender, and then you can get approved for life. While this might sound like the perfect solution to your life insurance problem, there are a few caveats that you should be aware of when you’re shopping around for insurance coverage.
The first is that these plans are going to be more expensive per a coverage dollar compared to a traditional policy. Without the health questions or medical exam, the insurance company is taking a much higher risk to hand out coverage. They are going to offset that by charging drastically higher premiums.
Another problem with these plans is the limit on how much coverage that you can buy. Guaranteed acceptance plans only allow you to buy around $25,000 (depending on the company). For most households, that won’t be nearly enough life insurance. Not having enough coverage is one of the worst mistakes that you can make for your family. Before you purchase one of these plans, take the time to calculate how much life insurance your family would need if something tragic were to happen to you. If you need help doing this, one of our agents would be happy to walk you through the process.
On the other side of the coin, there are a few benefits to choosing one of these plans. The obvious one is that there is no chance of getting rejected for coverage. You can be approved for these policies regardless.
Another advantage is how quickly you can get approved. Because there is no medical exam or health questions involved, this is the fastest way to get life insurance. With a traditional plan, you could find yourself waiting several weeks, or close to two months. Guaranteed acceptance plans will get your life insurance in a matter of minutes. With most companies, it will take you less than an hour to get your life insurance.
If you would like a quote for coverage fill out our quote form below and we can discuss your specific situation. I know that shopping for life insurance can be difficult, but that’s why we are here to help. It’s our mission to help you find the perfect life insurance plan to meet your needs.
If you have any questions about getting approved for life insurance as an applicant that is overweight or has diabetes, please contact us today.
Life insurance is one of the most important purchases that you’ll ever make for your loved ones. It’s one of the best ways to ensure that your family has the coverage and money that they need, even if something awful were to happen to you.
When you apply for life insurance, the company is going to look at dozens of factors to determine if they will accept you for protection. One of those factors is your health and any pre-existing health conditions that you may have.
Every year, there are over a half a million people that have a heart stent surgery. Those people might have been declined for life insurance or have been given insurance quotes that are through the roof. If you’re one of them, don’t assume that you can’t be approved for an affordable policy. There are a couple of different things that you can do to improve your chances of getting life insurance at reasonable rates. (more…)