Purchasing Cheap Term Life Insurance

When considering life insurance it is important to consider the reason it is being purchased for. Life insurance is generally purchased for a lot of coverage and a very low premium. In most cases, this is a great idea for a family with young children. If the main money maker should die then this would be necessary in order to provide for the family. It will help to keep the family going while the children grow up.

term life insuranceThere is also permanent life insurance that is much more expensive due to the fact that it will cover a person until they reach the age of 100. This is considered the whole of a persons life span. This type of coverage has a cash value that is readily available to the policy owner in the form of a loan should an emergency arise. Cash value policies like this are often used to maintain a premium level as people age.

Many startling statistic from the Goldsmith Insurance Agency shows one percent of all term life policies purchased ever result in a payout claim. This may sound very shocking and for this reason many consider these policies a total waste of money. That would of course depend entirely upon the persons perspective. It’s similar to someone who buys fire insurance yet never needs to use it, it’s there if you need it but few ever do.

If a permanent life insurance policy is kept in force it will result in a claim at some point in life. Many times these well planned life insurance policies also entail the purchase of both types of policy. One for when the family is young and in need should the main money earner die and the other for after the children have grown up and left home in order to cover those final expenses.

Finding Life Insurance For People Over 60

Amy, is life insurance over the 60 still a good idea? Can I even find decent options at my age?

I have seen this question and similar ones a lot. Life insurance can be important at any age, especially if you have people who depend upon you, or financial obligations that you have to meet. However, many people erroneously believe that as they grow older, life insurance is less important. In fact, even when you are over 60, having a good life insurance policy is still a sensible idea.

Your needs change as you age, and a policy that makes sense when you are in your 30s and have children may not be as well-suited to your needs as you approach retirement. It is a good idea to reevaluate your financial needs on a regular basis so that you can adjust your coverage as you see fit.

For example, when you are in your 30s, one of the primary purposes of a life insurance policy is to provide financial protection for your family should you pass on. You may need to make sure that your young children are provided for, or that your mortgage can be paid off without your income.

When you are in your 60s, on the other hand, your children are likely to be grown and living on their own. You may well have paid off your mortgage, or at least have so little left to pay off that doing so is not a concern. Instead, your main concern should be about providing for your spouse during retirement, or protecting your estate for your heirs.

Talking to an experienced financial adviser is often the best way to proceed when you are shopping for life insurance over the age of 60. Whether you have had life insurance in the past, or you are looking for it for the first time, the assistance of a good financial adviser can be a very great help to you.

Understanding Life Insurance for Diabetics

Obtaining life insurance for diabetics can be tough. Not only for consumers, but for many life insurance agents that don’t understand your risk.

Life insurance for diabetics will tend to be more than that with regards to non-diabetics, simply because it has been shown a person with diabetes certainly has a shorter lifespan than someone without diabetes.  This doesn’t mean you can’t secure life insurance with diabetes, it just means you’re going to be paying more than someone without diabetes.

Don’t let this deter you from purchasing coverage.  Your family needs the coverage just as badly as any other family.  What would happen if you didn’t walk through the front door from work tomorrow because you thought life insurance for diabetics was too expensive?

Puts things in perspective, right?

To find the best life insurance policy for those with diabetes takes an experienced agent who specializes and understands how diabetes effects you and your life insurance rates.  Simply using the wrong company can increase your premiums or even lead to a decline.  Some life insurance companies don’t like people with diabetes – even some of the most recognized names in the industry.

A significant component within the price life coverage for diabetics policies for individuals with type 1 or type 2 diabetes is how much control they have of their diabtes. In the event you have a reduced A1C, good blood glucose levels, proceed a good lifestyle, and not any complications from diabetes, chances are you’ll secure very affordable rates.

In fact, if you’re over 50 years old, Standard rates are available and if you were diagnosed over 60 years old, some companies can offer Preferred rates if everything is under control and there are no underlying health issues.

They key is knowing if you can qualify for these rates.  Your life insurance agent will be able to guide you through the process and if they can’t, then we recommend you find an agent that will.

The best thing you can do is search online for life insurance experts that specialize in high risk or helping those with diabetes.  We all use the same published life insurance rates, so it doesn’t matter who you choose…you just need to make sure you use the right life insurance company.

Understanding Medicare Supplemental Insurance

Many people do not understand the ins and outs of Medicare and Medicare supplemental insurance. Medicare is available for people 65 and older who are eligible for Social Security, railroad retirement benefits, or are eligible under other conditions, such as under 65 and disabled.

Medicare comes in Parts A and B. Part A covers hospital care, skilled nursing facility care, nursing home care (under certain circumstances), hospice and home health services. Part B covers medically necessary services and preventive services such as an ambulance, some prescription drugs, partial hospitalization and so forth.While Medicare covers many things, there are different regulations depending on the state. There are also limitations, such as the length of time a person can stay in a hospital or nursing home, medical problems outside the United States, and so forth. That is why many people purchase additional Medicare supplements, also called Medigap, from a private insurance company.

There are ten Medicare supplemental insurance plans, lettered A, B, C, D, F, G, K, L, M and N. The premiums and benefits of each plan differ, depending on the coverage. When contemplating this extra coverage, it is essential that each plan be considered as the premium and benefits vary.

Supplemental insurance plans cover things such as:

• Hospitalization when regular Medicare ends
• Hospice care
• The patient’s portion of medical expenses (when required)
• First three pints of blood each year

In addition, depending on the plan chosen, the following is offered:

• Pays for nursing facility after Medicare coverage ends
• Pays excess doctor fees not covered by Medicare
• Additional coverage in various areas
• Covers medical care outside the United States

Supplemental insurance plans do not cover:

• Long Term Care
• Vision or Dental Care
• Hearing Aids
• Eye Glasses
• Private-duty nursing
• Prescription drugs (Medicare Part D covers this)

To obtain Supplemental Insurance (or Medigap):

• You must have Medicare Part A and Part B
• Pay a premium to a private insurance company
• Have one policy per person
• The insurance company must be licensed in your state.

Supplemental Medicare laws are reviewed each fall by the government and changes are often made. It is important to know the details of this important medical coverage in order to assure adequate health care protection.

Benefits of Term Life Insurance

Amy,
My husband and I have started looking into life insurance options. Whole life insurance seems a little confusing and more expensive. Is term life insurance the better option?
 
Sincerely,
Concerned Parents
 
Concerned Parents,
That is great that you are taking this step to start looking at life insurance options to protect yourselves and your children. Normally, I recommend term life insurance over whole life insurance. Term life has some pretty significant benefits.
When purchasing life insurance, there are a few different varieties that you could choose to pursue. Term life insurance is sometimes passed by in favor of permanent products like whole life. In reality, term life coverage has a number of benefits that you cannot get from other types of insurance.Much Less Expensive Premiums

One of the big benefits of going with term life insurance is that the insurance premiums you have to pay are much lower than comparable whole life insurance policies. With a whole life insurance policy, you are paying for the death benefit as well as an investment component that grows a cash value. With a term policy, you only pay for the death benefit. That means that the monthly or annual premium is going to be much less overall. Given the choice of cheap life insurance versus more expensive insurance providing the same benefit, I will take the cheaper option.

Higher Death Benefits When You Need Them

For the majority of people, then need life insurance the most when they are young adults. Many people buy a home, get married, and have kids during this time of their lives. While they have a mortgage and other kinds of obligations, it is important to have a large life insurance benefit available to them. Most term life insurance policy last for 20 or 30 years. This is usually enough time to get their debt paid down, get their kids out of the house, and save up some money for retirement. Then if they die, it wouldn’t be as catastrophic for the other members of the family financially. With term life insurance, if you spend $30 a month, the death benefit that you get will be much higher than if you put $30 into whole life insurance. This provides more potential money for your loved ones if you were to pass away without having to spend any more on premiums.

Gives You Control Over Investments

Many people use whole life insurance products as a type of long-term investment strategy. The problem with this is that you do not have any control over the investments that the insurance company makes with your money. The returns are generally very low, and you could probably do a lot better on your own. With term life insurance, you just pay for the death benefit and then you can use the rest of the money that you would have spent on a whole policy to invest on your own. The returns will be much better, and you’ll have full control over the investments that you choose to put money into.

Overall, term life insurance is the way to go for most people who are looking to buy coverage.