Category Archives: Personal Finance

Insure Your Life and Your Love on Valentine’s Day

While something like life insurance might not seem that romantic at first glance, purchasing a policy is all about those special people in your life. When you buy life insurance, you’re telling your spouse, children and loved ones that you care about their future and you do not want to pass your debt on to them. If something were to happen to you in the years ahead, you’ll know that your loved ones will be financially well taken care of in your absence. Celebrate the most romantic holiday of all and insure your life and your love today!

  Love is the Driving Force Behind Everything We Do

Did you know that love is the number-one reason why people purchase life insurance in the first place? Well, that may not be a scientific fact, but providing for that special someone after you’re gone is one of the best ways to show them that you care. As dull as life insurance may seem, it’s actually the only way to make sure that your loved ones will have enough money to go forward after you’re gone. You may not want to think about those worst-case scenarios this Valentine’s Day, but something unexpected could derail your plans for the future. Why not err on the side of caution and insure your life and love with life insurance.

 Ensuring Their Future

Families are all about building a future together. You might like to think that you’ll be around to provide for your family as time goes on, but that isn’t always the case. Illness, accidents, and random acts of fate could strike at any moment, bringing your family’s plans for the future to a screeching halt. By purchasing a life insurance policy and by paying a small monthly premium, you’re taking precautions that will prevent your loved ones from suffering financially if you were no longer around to provide for them. Whether you want to leave something for your spouse/partner or your children, your life insurance policy will always be there when they need it. Your family can use those funds to pay for college, to secure their retirement, or to settle the mortgage on your house.

Article source: http://www.lifeinsure.com/show-care-life-insurance-valentines-day/

Life Insurance with Breast Cancer

Although most people understand how important it is to have life insurance, very few of them actually follow through with getting insurance in place. In fact, many wait too long and end up getting very high rates because of health conditions like breast cancer.

Life insurance is substantially more affordable if you buy it when you are young and healthy. Fortunately, there are enough insurance products out there that will accommodate your situation so that you will not be the one who leaves the cost of final expenses to surviving loved ones.

Life Insurers Have Changed

It wasn’t that long ago if you told a life insurance agent you’ve had cancer, they would suggest that you wait at least ten years before applying for traditional life insurance. The good news is that is no longer the case.

Because of innovative medical technology and advancements many cancer patients are finishing their treatment with a favorable prognosis and an expectation of living full lives.

Breast Cancer is one of the fields where because of abundant resources and committed research, many women can find traditional life insurance that is affordable.

The Stage of Your Cancer is The Determining Factor

It’s highly unlikely that you’ll be able to purchase traditional insurance if you are currently being treated for cancer with chemotherapy or radiation or if your cancer is diagnosed with an advanced stage. In these cases, the insurer will typically require a waiting period of about 3 to 5 years after you’ve gone into remission.

If, however, your breast cancer is stage one, and your treatment is nearing completion, you’ll likely have only minimal challenges getting an affordable traditional life insurance policy. For patients with stage 4 breast cancer, their only option is going to be a guaranteed issue policy, and they’ll have to survive at least two years before the death benefit will be available.

Research and Advancements Leads to Favorable Rates for Cancer Survivers

New medical research has demonstrated that many breast cancer survivors can expect a mortality rate that mirrors the general population. This means that breast cancer survivors are not automatically considered high-risk applicants as long as the cancer was discovered early on and the appropriate treatment has been completed.

More often than not, early detection and treatment result in a positive prognosis, making it completely possible to qualify for traditional life insurance with favorable rates. For applicants that have seen the significant difference between standard and below standard rates, this should be very good news indeed.

How Can I find the Most Affordable Insurance Rates with Breast Cancer

First, let’s be clear your expectations when considering purchasing life insurance with breast cancer. Unless your treatment has been completed and your prognosis is positive, you will probably be better off going with guaranteed issue insurance. The best way to find the most affordable rates, however, is to contact and experienced insurance professional who specializes in high-risk cases.

An independent agent such as LifeInsure.Com will typically represent many of the top-rated insurance carriers and among them will be several companies that are known to look at former cancer patients in a more positive light. After consulting with your agent, he or she will be able to select the company that is likely to be the most favorable option. This alone will save you a lot of time and disappointment.

Independent agents spend a lot of time learning the underwriting guidelines for the carriers they represent, and can typically find a solution for your individual situation.

What is the Underwriting Process?

When your independent agent submits your application to the selected insurer, there will be medical requirements ordered by the underwriter. Not only will there be a lengthy questionnaire regarding your condition and treatment, but there will also be an insurance medical exam ordered along with blood and urine analysis.

The underwriter will also order attending physician statements from each of your doctors and are likely to ask for copies of recent tests that have been completed. Once all this information is received and reviewed, the underwriter will determine which classification you qualify for and then forward that information to your agent. Your agent will then offer you a formal quote so that you can decide if you want to proceed.

What Happens if I’m Declined for Coverage?

If, after reviewing all of the medical information about your breast cancer, your treatment, and your prognosis, the underwriter decides to not offer coverage, your alternative would be  “guaranteed issue” life insurance.

Guaranteed issue life insurance is whole life insurance with no medical requirements but with some conditions attached:

 There is typically a 2 or 3-year waiting period before the company will pay the full death benefit if you die from natural causes. Most companies will, however, pay a death benefit equal to the total premiums you’ve paid plus a small percentage of 5 or 10 percent. 
 If you should die within the waiting period as a result of an accident, most companies will pay the full death benefit to your beneficiary. 
 Most guaranteed issue insurance policies offer a maximum death benefit of $25,000 depending on your age. 

 

Remember, guarantee issue life insurance is always going to be more expensive than traditional life insurance because the insurer is accepting an unknown risk. It is, however, better than having no insurance at all and leaving your surviving loved ones with the burden paying for your funeral and other final expenses associated with your passing.

 

Article source: http://www.lifeinsure.com/life-insurance-with-breast-cancer/

What if I Live to 100?

Typically, most people do not expect to live to 100. Some of us that have long-life traits in their ancestry might think it’s possible, but for most of us, we’ll be happy with 90. What’s interesting in the 21st Century, however, becoming a centenarian is more realistic than you may have imagined. What once was considered medically impossible is no longer the case, and many people are living to be 100 or more.

The Census results for 2010 make this argument even more compelling. It revealed that there were more than 50,000 U.S. citizens that have reached the milestone of 100 years of life. Even though many are suffering from illnesses and ailments that most seniors deal with, over a third of these centenarians continue to live at home, and 25 percent are cognitively intact.

If you are concerned about living to 100, or if 100 is your goal, your lifestyle and diet must support your efforts of survival.

  •  Your Exercise : The human body was not designed to be sedentary. We can burn calories through regular exercise while remaining fit and mentally sharp. Most of us remember Jack Lalanne who was 96 when he passed as a result of pneumonia. Exercise kept him healthy and happy.
  •  Your Diet : What you eat and how you eat it makes a considerable difference in your physical and mental well-being. Researchers have found that people in countries where the diet is primarily fish, vegetables, and fruit, have a much better chance of living longer than those who consume fatty meats and processed foods.
  •  Your Stress Level:  Believe it or not, most Americans don’t particularly care for their job, but many put their job before their health. Doing what you love and keeping a balance between working and relaxing will go a long way in reducing stress and staying healthy.
  • Your Meals away From Home: Americans that eat out frequently are typically less healthy than those who do not. Most popular restaurants are not as concerned as much about your health as they are about how much you’ll spend. Eating at home allows us to be in control over the food we eat and how it’s prepared.
  •  Your Partner in Life:  Who you share your life with is very important. According to a Duke University study, married couples or those in a partnership, tend to live longer than single people.
  •  Your Teeth:  Yes, your teeth are very important to your overall health. People who brush and floss two or more times per day have healthier teeth which reduce the risk of heart disease, dementia, and stroke.

Long-term Financial Planning

When we consider living to 80, 90, or 100-years-old, it’s important to prepare and plan for our financial future. When working is no longer an option, we will need a retirement fund so that we can continue to live comfortably and not becomes a burden to our family or friends if we live to 100. Most of us would be unable to do this with only a Social Security benefit, so we must make additional plans and start saving now to be able to enjoy tomorrow. Doing this sooner rather than later makes it a lot easier to achieve our retirement goals.

While many people implement a retirement plan on their own, others will hire a professional to design a plan that they can afford and manage. Thankfully, since the financial planning industry has become so competitive, hiring a financial planner to help design and manage a retirement plan that will help you meet your needs, has become more affordable as technology evolves.

Preparing to Depart

Even if your goal is to outlive many friends and family, and live to 100, it’s important to prepare for the expenses that are involved when you leave this world. The fact that you will one day die and leave expenses behind you makes it incumbent upon you to prepare for these costs in advance, especially knowing that life insurance costs more every year you wait to get a policy in place.

For those who want to be positive that a death benefit will be there when your surviving loved ones need it, you should consider buying Whole Life insurance because it provides a death benefit for a lifetime and the rates can never change when you become older or sick. Although term insurance is much more affordable, there is a very good chance that you’ll outlive your policy and then unable to afford it at renewal.

An even more affordable scenario would be to have a whole life policy that will cover the costs of your funeral and other final expenses, and also a term policy that will cover your debts at a much more affordable rate. Think of it as your term insurance covers living expenses, and your whole life policy covers your final expenses if you live to 100. Remember, a moderately priced funeral will cost at least $10,000, and you certainly don’t want to leave your final expenses to surviving loved ones.

It is Never Too Late

Like many others, you may have consistently put off taking care of purchasing life insurance until your later years. There’s no need to worry because your age and health condition is unlikely to affect your ability to purchase coverage, although your rates will be higher for putting it off.

Most insurers that offer final expense insurance will accept applicants up to 85-years-old and not require a medical exam or a laundry list of health questions. These non-medical policies, also referred to as guaranteed issue, are typically issued quickly and without any medical requirements, but have a waiting period before a full death benefit is paid if death results from natural causes.

Article source: http://www.lifeinsure.com/what-if-i-live-to-100/

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