Life Insurance for High-Risk Candidates

Those that suffer from specific health conditions or that may make certain lifestyle and/or occupational choices often feel as though obtaining life insurance is next to impossible. However, there are life insurance policies which are geared to those specifically deemed “high risk” by most insurers. Despite the negative stigma that is unfairly associated with these policies, they are often a viable option for many who would otherwise be turned down. 

Types of Coverage Available

As with any other type of life insurance, high risk life insurance policies can also differ. Two of the most common types of policies include term and whole or universal life insurance. Contrary to popular belief, both of these options may be available to the high risk individual. Term life is for a set period of years, such as 10 or 20 for example and whole or universal does not expire until death. Guaranteed policies are also often geared to those that are high risk and can offer life insurance without a medical exam for a higher premium.

Coverage Amounts

The coverage amount of a high risk life insurance policy is often somewhat lower than that of a traditional policy. While it varies by the underwriter, term life typically will allow for more generous coverage amounts than a universal policy and may be the less expensive option. This can vary by the individual company and the specific condition of the applicant.

High Risk Premium Costs

Premiums for those considered high risk is almost always more expensive than that of a traditional life insurance policy. However, this does not mean that discounts and affordable plans are not available to the consumer. Several factors will contribute to the costs. This can include but is not limited to the type of health condition or risk factor, age and overall health. The higher the coverage amount, the higher the premium typically. Another factor that can play a role is whether or not the individual is seeking term or universal coverage as term is generally more affordable.

Other Important Considerations

Life insurance is often considered a necessity and for good cause. Burial and final expenses can be costly and falls on the shoulders of loved ones if there is no insurance. While high risk life insurance policies will cost more than the traditional policies, this is still a wise investment. Comparing policies, rates and premiums can allow the consumer to obtain needed coverage and find a policy that suits their needs and budgets, regardless of pre-existing health conditions.

The Basics Of Life Insurance Policies

The majority of individuals who are looking at life insurance policies will often wonder whether or not it is worthwhile.  By considering the amount of expenses one already has, you would examine the reasoning behind another expense that may not be used.  This explanation is generally why some will not opt for a life insurance policy.

cheap life insurance informationWhile not purchasing a life insurance policy can save one some money in present time, it can cause some financial problems for one’s family in the long term.  Those without life insurance policies will often leave their families without a stream of income in the event of their death.  By not having this income the chances are your family will face financial ruin by not keeping up with particular payments and living expenses.

Furthermore, your family or partner may face the expense of an unforeseen funeral if the death is unexpected.  If there is an absence of life insurance to manage this expense, then the family may face an instance of bankruptcy or foreclosure as a result.  A means of avoiding this potential difficulty is by purchasing a life insurance policy early on in life.

When looking at life insurance basics, you must considerable whether or not the policy is affordable.  There are two policy options allowing one to ensure this insurance is not too costly.  Furthermore, the different options allow you to determine how much life coverage you will like in your policy.  This should be determined based on your family’s financial requirements.  You can get quotes from multiple companies and different types of life insurance from websites like Taik.org or by visiting a local independent life insurance agent.

The two life insurance policies available are the term life and the whole life insurance.  The term policies are usually less expensive than the whole life insurance policy.  This is due to the term policy building cash value over a set time period instead of the policy holder’s full life.

Further factors to consider when looking at a life insurance policy are your health and age at the time of purchase.  This is important as it can assist in identifying the amount of coverage and policies available for you.

Purchasing California Medicare Advantage Plans

California Medicare Advantage plans are also known as Medicare Part C plans offer individuals who are 65 years of age of over the opportunity to purchase a health insurance plan that is regulated by Medicare. Different insurance companies offer the plans and the senior citizen can choose which plans offer the best benefits. Some of the plans offer prescription coverage as well, but if a plan does not offer prescription coverage, the participant will have to by a Medicare Plan D, or prescription plan.

The pricing for the consumer is one big advantage in that pricing for Medicare Advantage plans is heavily subsidized by the government. There are many plans available that the cost to the consumer is $0 per month.

In order to qualify for a Medicare Advantage Plan, or an MA, the consumer must be enrolled in Medicare Parts A and B. A person who joins and MA plan will still belong to Medicare and will still have all the rights and privileges that pertain to benefits with California Medicare Advantage plans.

There are two basic types of MA plans that are available to participants. An HMO plan would require the participant to use only the medical facilities and doctors that are involved with the HMO, usually within a geographic area. A primary care physician is assigned to the participant and that doctor will determine if the patient will be able to see a specialist or have tests performed.

HMOs are currently the most popular of the California Medicare Advantage plans because they offer more up front benefits, but they are not available everywhere in the state.

The other type of plan is called a Medicare PPO plan. This type of program also has a required network of doctors and hospitals, but is it a wider selection of providers and the participant can select any doctor or hospital, as there is now requirement to go through a primary care physician to get to any other facility or specialist. The deductibles and co-payments will tend to be higher, but the price will be lower in most cases.

Understanding Whole Life Insurance

whole life insuranceWhole life insurance is a type of life insurance policy that provides coverage as long as the policy is active and payments are made. It can be used to pay funeral and burial expenses, or it can be used as a financial investment. If you encounter tough financial times, you can cash out the policy and use the cash. With whole life insurance, you will always have life insurance coverage as long as you pay the premiums.

You will pay a set amount of premiums each month to the insurance company, and it usually stays the same amount. Premiums will not increase, and the company cannot cancel the policy as long as you keep it active. You can shop online and quickly get some whole life insurance quotes. If you decide to cash out the policy, the insurance is cancelled.

You can accumulate interest on whole life insurance policies. It is possible for you to borrow money from the policy and pay it back later. You can cash out a portion of the policy, or you can cash out for the full amount that you have put into the policy.

Whole life insurance has more than just death benefits. The value of the policy grows tax-free. The insurance company will invest the money, and once you reach a certain age and do not need as much coverage, you can cash out and use the money for your retirement, travelling or whatever you want.

Whole life insurance policies are a little more expensive than term insurance policies; however, the rates will not increase, so they are actually very affordable. It is wise to search around and compare companies. Ask for quotes, so you will know exactly how much you will be paying for premiums. You also want to make sure you choose a trustworthy and reputable company.

Whole life insurance policies are designed more for younger individuals. Older citizens, do not need this type of insurance because they will not need a long-term investment. It is a good choice if you want to provide for your family financially after your death. After purchasing the policy, you can have peace of mind that your beneficiaries will be financially comfortable after your death.

Should I Sign Up For Medigap Insurance?

In order to understand Medigap insurance, it’s important to understand what Medicare is. Medicare is a federal health insurance policy that focuses primarily on senior citizens. There are different options to choose from with Medicare and depending on what you qualify for, as well as what you can afford on your own, you may get coverage for things such as home care or hospice coverage. There are many things that Medicare does not cover so many people turn to a supplemental plan like Medigap. There are different options to choose from here as well.Medigap is considered a “supplemental” insurance because it works with your Medicare insurance. Many find that Medicare covers what they need, but that is not the case for everyone. Some people need further coverage to help with health expenses and Medigap can provide this coverage. Services included with Medigap insurance are an additional year of hospital services, the first three pints of blood needed every year are covered, and there is also coverage of the hospital coinsurance. All Medigap plans also cover the 5 percent coinsurance for prescription drugs during a hospice stay.

In total, there are 10 different Medigap plans to choose from and they are labeled Medigap plan A through Medigap plan L. Some of these plans may have a lower premium with higher out-of-pocket costs come time to receive medical services, or vice versa. If you need help deciding which plan may work best for you, you should contact your state’s insurance department for more details. Regardless of which plan you choose, it can be beneficial to have these insurance gaps covered with Medigap to ensure that if something were to happen to you, you will be covered.

In order to enroll for Medigap Insurance, you need to make sure that you are enrolled in both Medicare A, which covers hospitalization, and Medicare B, which covers doctor’s visits. You cannot have any other type of insurance from an employer or retirement plan. You also need to decide exactly how much you are willing to, or can afford to, spend on your monthly premium. You also still have to pay your Medicare premium as well.

Unlike other forms of health insurance where you may find widely different plans from market to market, because Medicare supplemental insurance is government regulated, the coverage options are identical in almost every state. Wisconsin, Minnesota, and Massachusetts have elected to create their own programs which differ slightly from the standardized programs adopted across the other 47 states. What that means for you is if you are examining Florida medicare supplement quotes and comparing them to quotes on the same Medigap plan in Iowa, the coverage is identical. The only thing that may be different is the price offered by different carriers.The best time to enroll in Medigap coverage is right when you turn 65 years old. This is called your “open enrollment” period and you cannot be turned down or charged more for any past health problems, assuming you have Medicare coverage already. If you do not enroll during this particular time frame then you could be denied or your premiums could be higher.

Getting The Best Rates on Term Life Insurance

Term life insurance is great for people who want to protect their family. With a term life insurance policy, the insured can get a terrific deal when compared to other life insurance policies. A lot of people forgo life insurance as they feel it is too expensive. In reality, it is easy to find an affordable policy.

When beginning the search for a policy, one must know what factors affect rates. The two biggest factors are age and gender, seeing as these factors cannot be changed, one must dig further. Current health status is another key factor when determining the rates. A smart consumer should kick any unhealthy habits such as smoking. One must remember, when applying for insurance, a non-smoker will get more favorable rates than a smoker.

When looking for a policy, one must know how much coverage they require. Obviously, the higher the coverage needed the more money the insured will need to spend. Most people try to save money by obtaining a smaller policy this is often a mistake. A consumer must remember, in the event of their untimely death, their family may need to rely on the life insurance funds for years to come.

Once a shopper knows what affects rates and what they need from a policy, they are ready to begin searching for a policy. Ideally, a consumer would use the Internet in their search for a good deal on a policy. There are plenty of comparison websites that allow the consumer to get quotes from multiple companies at one time. For example, a site like www.termlife360.com allows users to quickly get a quote from some of the best life insurance companies.

With a comparison website, a consumer would put their information in and then receive quotes from multiple companies. From here, one can compile a list of the best companies. Remember, price should not be the only factor; it is crucial to use a solid life insurance company.

Next, a consumer needs to sit down with an agent and get a quote. Sometimes agents will have the ability to get a good deal for their customers. If the agent offers a poor deal, the customer should show the agent some quotes he or she reviewed on the Internet. Oftentimes, an agent can attempt to meet or beat a quote from the Internet.

When a customer has a few quotes, he or she should research the insurance companies. One can research by checking out reviews online and by searching on the BBB website. With insurance, it is crucial to choose a solid company with a great history.

With a little research on the Internet and in person, one can find a superb deal on a term life insurance policy. One must remember; it is okay to pay more money for a policy; a well-established company may be worth the extra cost.

Term Life Insurance is Enough: Avoiding the Whole Life Trap

its-a-trap“You have to be prepared, you never know what is going to happen. If you died a month from now, how would your son be taken care of?” the insurance agent asked me over the phone. I had called to get a quote on a term life insurance policy, but the agent obviously wasn’t interested in selling a policy that would bring in about five bucks a month in premiums.

“I just need term,” I responded, “Once my kids are grown they can fend for themselves.”

The agent snorted as if I was the worst parent in the world. But I still believe now, as I did then, that whole life insurance is a bad deal all around (even for those who want to leave something behind for their children.)

This story may sound familiar. It is a scenario that plays out far too often in the insurance world, but with a different result. It far too often ends with the customer being bullied into signing a whole life insurance policy instead of standing their ground like the character in this story.

When approaching the question of life insurance, it’s important to go into it knowing what your goals are. For most people life insurance is truly only a necessity during the years of their lives when they have others (who are incapable of working) dependent upon them financially.

This is where term life insurance comes into play. Term life insurance covers a person for a set span of years, generally in ten year increments. Additionally,term life insurance is a great deal cheaper than whole life insurance and offers larger amounts of coverage in comparison to premiums paid than whole life.

How much cheaper is term life versus whole life? For an average male, age 30 premiums for a $500,000 twenty year term life plan can run upwards of thirty-five dollars a month. Whole life plans can run closer to $250 dollars a month. That two hundred plus dollar difference could be put to better use in any number of ways over the course of your lifetime, especially if you’re hoping to leave something behind.

Term life does have its draw backs. Unlike whole life, which pays your survivors upon your death, term life pays nothing out if you live to the end of the term. It simply expires. So yes, if you live (and here’s to hoping you do) to see the end of your twenty or thirty year term, then you are indeed left with nothing.

In reality, the actual need for whole life insurance in an estate plan is rare. Do your research and review your goals for the future thoroughly before committing to any insurance plan.