Category Archives: Personal Finance

Surprising, Yet Common, Health Conditions that Affect Life Insurance Rates

Regardless of whether or not you’ve ever shopped for life insurance, you’re still probably aware of the fact that your health can have a major impact on how much you pay each month in life insurance premiums. But while it’s common knowledge that chronic conditions like cancer and diabetes, and bad habits like smoking and excessive drinking, can seriously impact your rates, you might not realize that more subtle, less severe health issues can also affect your premiums. Here are a few potential health conditions to keep an eye on while you shop for life insurance:

Sleep Apnea – This condition causes sufferers to suddenly stop breathing during sleep. Over time, it can lead to such serious conditions as diabetes, heart disease, and stroke, among others, which makes sleep apnea a potential risk factor as far as life insurance companies are concerned.

High Blood Pressure – On its own, high blood pressure, or hypertension, might not affect your day to day life all that much. But it can be a sign of potentially more serious issues down the road, such as coronary artery disease, stroke, and kidney damage, which is why insurance companies tend to see it as a red flag. However, since it’s such a common condition, most insurers won’t dismiss you outright based purely on high blood pressure. What they will do is make sure you are managing it properly. If you are taking medication and can prove that you’ve been able to manage and control your blood pressure for an extended period of time, it shouldn’t affect your premiums too much, if at all.

Asthma – Like high blood pressure, asthma is an extremely common condition that can be relatively easy to manage (depending on the severity, of course). If your asthma is particularly severe, or has caused you significant medical expenses in the past, it might raise a few eyebrows during the underwriting process. If you can prove, however, that your asthma has been kept under control for a significant amount of time, you should be in the clear.

Low Cholesterol – It usually comes as no surprise that high cholesterol levels can cause your premiums to go up. But what many people don’t know is that low cholesterol can also be a risk factor because it can potentially be linked to other more serious conditions like cancer and Alzheimer’s Disease.

What Can I Do to Bring Down My Premiums?

Purchasing life insurance is one of the most important things you can do for yourself and your loved ones. So if you struggle with any of these conditions, don’t panic, you can still get coverage. The first thing you should do is to look into getting the best care possible. In most cases, if you can prove that your condition is under control and manageable, you won’t have to worry too much about your premiums. Then, you can start with getting an online life insurance quote, using our tool above.

Article source: http://www.lifeinsure.com/surprising-yet-common-health-conditions-that-affect-life-insurance-rates/

Fitness Gadgets That Can Keep You Healthy, and Save You Money

We’re living in a culture that runs on constant information. All factions of our lives are becoming automated, but we’re especially seeing great strides in technology meant to keep us healthy. Every day, it seems like there’s a new gadget that enables us to keep a close eye on our well-being or makes exercise more enjoyable. Here’s a list of top gadgets that can keep you healthy.

 

FitBit Aria: For the past few years, Fitbit has earned its place among health junkies as the go-to device to monitor movement. By tracking steps, wearers have a better mindset to achieve 10,000 steps-a-day—the doctor-recommended amount for healthy living. With the company’s new Aria, users can track their body mass index (BMI), which is a far more accurate indicator of health than weight. The data is then sent to your computer, which can be shared with friends to promote healthy competition.

 

PUSH Fitness Tracker: The PUSH is kind of like a mini personal strength trainer that straps to your arm. Instead of a coach monitoring you, this device gives you feedback on how many reps you’ve done, how quickly, and how powerfully you’ve completed each set. It can also provide you with information to you know when to call it a day, thereby avoiding injury. For the bodybuilding gym rats who may need a little direction, the PUSH is a very useful gadget.

 

Sensora Smart Clothing: Sports scientists are always trying to discover ways in which they can improve athletic wear by making lighter, more breathable and more water resistant. But Sensora’s shirt and sports bra actually have sensors in the material that transmit information to a small heart rate monitor attached to the front. Additionally, the Sensora Anklet tracks steps and distance, as well as monitors the landing technique of your foot. This data is useful in preventing common running injuries.

 

Finis Neptune Underwater MP3 player: How do you get motivated to move if you don’t have the right rhythm? For most activities, it’s easy to stick in some earbuds and let the music (and sweat) flow, but swimmers have always been left out to dry when it comes to exercise music. However, Finis has invented an MP3 player that lets you listen to music underwater. And the best part is that it doesn’t incorporate headphones. Rather, the gadget utilizes a technology called bone conduction, which transmits audio waves through the cheekbone into the inner ear. Swimmers wear them on their goggles. Finally, swimmers can get the right musical motivation to perform well underwater.

 

With all these gadgets that help us monitor our health and make exercise more enjoyable, staying active has never been easier or as quantifiable as it is right now. And an active lifestyle is invaluable to preventing conditions that may raise your insurance rates. Obesity, high blood pressure, cholesterol, and weight—all of which can be prevented by an active lifestyle—are factors that will negatively affect your rates when applying for life insurance coverage. The simple fact is that healthier people pay lower insurance rates—so any money spent on fitness apps may be saving you money in the long run.

 

Want to see how your current health affects your life insurance rates? Click here to start your life insurance quote today.

Article source: http://www.lifeinsure.com/fitness-gadgets-that-can-keep-you-healthy-and-save-you-money/

When is it appropriate to cancel a life insurance policy?

3 Most Common Reasons for Canceling a Life Insurance Policy

Just as the name implies, life insurance is usually for life. After all, the policyholder’s family will only receive the death benefits when the policyholder passes away. So why would anyone cancel a life insurance policy prematurely? Individuals usually sign up for life insurance to cover their own end-of-life expenses, to leave something behind for their spouse or their children, or to pay off the family’s mortgage and other burdensome expenses. Even with so much financial security in place, there are a few scenarios in which it might make financial sense to cancel a policy, depending on the policyholder’s current situation.

Loss Of Income

For millions of families across the country, times are tight. An unexpected loss in income will put added pressure on a family’s lifestyle, forcing them to reassess their monthly expenses. As much as someone may want to keep their life insurance policy, strict financial limitations might prevent them from paying their monthly premiums. If this is the case, the individual will save a little bit more every month by not having to pay for life insurance. However, there could be hidden cancellation fees and tax penalties that could dissuade a person from canceling their life insurance policy. A policyholder has other options if they want to lower their monthly expenses. A decrease in coverage or a change in plans can also lower monthly premiums.

Even if canceling a life insurance policy seems like the best way for someone to lower their monthly bills, it can have major repercussions down the line. Without life insurance, a family will have to cover end-of-life expenses out of pocket. An unexpected death in the family could easily cost someone tens of thousands of dollars. When times are tight, it’s best to cut out nonessential items first such as the cable bill, a Netflix account, trips to the hairstylist, or eating at restaurants.

If a loss in income is making you consider cancelling your life insurance policy, speak with your insurance broker about your options. Before you cancel your policy, make sure that you are aware of any additional costs a cancelation might accrue. Cancelling a policy prematurely can also make getting another policy in the future more difficult and more expensive.

Free of Dependents and Other Financial Obligations

If an individual originally signed up for life insurance to protect their children or to pay off their mortgage, they might not have any interest in keeping the policy once their children become independent and their mortgage is paid off. In this case, the individual should make sure that their family is financially prepared to go without coverage before they cancel their policy.

If a lack of dependents and other financial burdens is motivating you to cancel your life insurance policy, sit down with your family and talk about end-of-life expenses, medical bills, the family’s mortgage and other major expenses that will need looking after in the years to come.

Switching Plans

Some individuals might be tempted to cancel a life insurance policy because another insurance company is promising them a lower rate. Switching policies can be a great way to save money or to get more coverage for the same rate. Individuals should take a close look at their current policy and any other policies that they’re considering to make sure that switching is the right decision. Cancellation fees and other hidden expenses might outweigh the financial benefits of switching to a new provider.

Intramark Insurance is your best resource for comparing life insurance policies. Offering quotes from the industry’s best life insurance companies, you can always find exactly what you’re looking for. Get started with a quote now.

Article source: http://www.lifeinsure.com/when-is-it-appropriate-to-cancel-a-life-insurance-policy/

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