Category Archives: Insurance

What to Do When Your Term Life Insurance Policy Runs Out

“All good things must come to an end.”

Fortunately, this doesn’t apply to modern day term life insurance policies!

While some analysts suggest that you won’t need insurance after a 20-year term. They may try to convince you that your children will be grown and you will have accumulated enough savings in cash and investment to support your spouse if you die prematurely.

Yes, in theory, it sounds like quite the plan. But it is important to understand that only a few people will have such a defined, and hassle-free life path.

What is term life insurance?

If you already have term life insurance, skip this brief section.

Term life insurance is life insurance that lasts for – you guessed it – a term.

This term can be 10 to 30 years, and they are usually offered in 5 year increments.

Term life insurance offers affordable life insurance coverage for people who need it.

But there is one problem with term life insurance: it expires!

What Happens When My Term Life Insurance Policy Runs Out?

Alright, let’s answer the big question.

When people buy term life insurance, they rarely give much thought to what would happen when their term runs out.

What Does Expiration in Term Life Insurance Mean?

Expiration in Term Life Insurance is a little different from the conventional meaning of “expiration”.

When your policy reaches the end of its term, your policy won’t just end.

This is where it gets interesting.

If you look into the details of your policy, there is a table that shows the cost on a year to year basis. This table that shows the yearly cost is usually called a rate or premium illustration.

For example, if you purchased a 20-year policy, you will notice a relatively higher price increase on the 21st year after your 20-year term has expired. The cost after the 20th year will continue to increase significantly, year after year.


Term life insurance does not “expire” once your term is through.  Instead, premiums go up drastically on a yearly basis until you either cancel the policy or open a new policy.

Now, you can put a stop to this if you no longer want the policy beyond the low-cost guarantee period.

What Should I do to Convert or Cancel My Policy?

You can contact the insurance company that you want to cancel the policy at the end of the term. If you wait to see it out, you will continue to get debited without warning.

Some people switch to paper check payments after the expiration of their policy to avoid the risk of getting their checking accounts debited.

One thing to note is that your policy is not actually expiring. Most policies will cover you until you the age of 95.

Your rate will only continue to increase rapidly at the end of each term (year, quarterly, or biannually or monthly), often to a point where the coverage is no longer worth the premium you will dole out.

The Relationship Between Term Life Insurance, Increasing Premiums, ART

First and foremost, let’s get this out of the way -Every year you live makes you a little more of an insurance risk to insurance providers.

When you buy an annual renewable term policy, your premiums will rise annually.

This kind of policy is known as an Annual renewable term (ART).

ART premiums might look like this for the first few years:

  • The 1st year might be $340
  • $465 in the 2nd year
  • $475 in the 3rd year

Ten years down the line, your premium may climb to $650 per month for coverage! This simple example illustrates why people tend to shy away from Annual Renewable Term.

Because of the low demand for ART, Many Insurance providers offer level term Insurance policy. They can cover you until age 95 but at a fixed premium rate for 10, 15, 20, or 30 years

Calculating Level Term Premium – It’s a Simple Average

To determine your level premium, life insurance providers add up the payments for each year in the 20-year term and divide it by 20.

In most cases, 20-year level term life insurance is the average premium for the first 20 years of coverage.

From the 21st year and above, it reverts to an annual renewable policy (ART).

What to Do When Your Term Life Insurance Policy Expires?

1. Shop for a New Term Life Insurance Policy

If your state of health is rock solid or relatively good enough, it is time to shop for a new level term insurance. Yes, you will have to pass a medical exam in most cases and pay the standard amount for an individual within your age range. You may not need as large a policy as the first one you purchased when you were much younger. This means the price will not be overwhelming.

Hold on to your wallet and look for another insurer who may be offering something cheaper. If you’re shopping around for rates for a new policy, be sure to consider one with Low Renewal Premiums!

A good source for doing your comparison analysis shop is our online term life insurance quote tool.  You can find this at the bottom of this post on mobile, or on the right for desktop.

2. Converting Term Policy to Permanent Insurance

If you have a poor health condition, much older (usually and do not want to undergo any form of medical examination, you can convert your existing term policy to permanent insurance.

Your insurance company will offer you different conversion policies to choose from. Converting to permanent insurance plus your health state means you will pay much more than when you were paying for term life insurance (Depending on your insurer, it is usually about 2-3 times the cost of your current premium).

The good part is you can control the cost by purchasing a smaller policy. This is a good fit, since you are older and don’t need many years of coverages as you once did.

Time is of the essence. You must convert within the period the term policy allows you to. Some insurance providers keep the conversion window open for only 10 years if you had purchased a 20-year policy.

It is also important not to convert too early. Always stay updated on the details of your policy and check with your agent to be sure you are getting the best coverage at the time.

3. Renewing or Extending Your Expired Term Life Insurance

If you are in a poor state of health and happened to miss the deadline for converting to permanent insurance, there is still an option for you – a rather costlier option.

You can renew your about-to-expire coverage without undergoing a medical examination. You will only have to pay much higher premiums and they will keep increasing geometrically, year after year.

This option is decent enough if you only need a few years, over 70, or have medical conditions that make it hard to get a new policy.

You probably won’t be able to sustain the cost of the policy for very long.

Think about future coverage well enough before the expiration of your term. If you think you won’t be able to pass a medical examination, you can convert your term policy to cash-value coverage while you still can.

Can I still get coverage with a health issue? 

Yes, no medical exam life insurance is recommended for people who are older, or who have a medical condition.

4. Decrease Your Death Benefit

Many insurance providers will allow a one-time decrease in face value to your life term policy. The result is a noticeable reduction in your premiums.

5. Sell Your Policy

If your policy is still convertible, you may be able to convert the policy and then sell it.  It’s called a life settlement. It is important to identify when selling your life term policy is a viable option and when you might be getting shortchanged.

Before you jump into a life insurance settlement deal, you will have to come to terms with the fact that a third party will own insurance on your life and profit from it when you die (no benefits for your family after death).

Also, some individuals are better candidates for a life insurance settlement than others. For example; Having a term life insurance policy or a universal life policy with a face value over of over $200,000 makes your policy more attractive to investors. You are more likely going to receive a worthy offer.

Can You Sell Your Term Life Policy?

Yes, you can sell your Term Life Policy.

A life insurance settlement involves the assured and another entity (usually an investor). The buyer or investor becomes the owner of the policy, settles the premium payments and will receive the death benefits in the event of death.

A life insurance settlement (also known as a viatical settlement) allows you to receive more money than you would have received from the insurer if you canceled or forfeited the policy but less than the coverage value/death benefit of the policy.

Selling a life insurance policy is a good way to get immediate cash for retirement, health bills or unforeseen heavy expenses. However, it is not always the easiest or best option to raise quick cash at your point of need.

Finding a buyer for your life settlement involves a bit of documentation.

You can do this on your own or use a life settlement broker to look for prospective offers to purchase your life term policy.

You will be asked to provide medical records and your term life policy documents to the potential investor. The settlement provider(s) will make you an offer after reviewing your files based on a range of factors such as:

  • Your age and health
  • The type of policy you have
  • The cash surrender value (accumulated cash value) of the policy
  • Amount of premiums

If you are much older or in a poor health state, you will receive a better cash offer as the face value of your policy is worth more to investors or settlement companies as they are going to sense an avenue to make some profit.

What Happens When My Term Life Insurance Runs Out – Takeaways

Even though your term period has “expired”, your policy may still have value to you. If you find that you still need life insurance protection at this point, you do have options for extending your term life insurance policy, converting or renewing, selling the coverage.

It is important to stay informed as making the wrong decision can cost you a fortune. Give us a call today, and we can review your policy and go over your options with you.

Or, use our term life insurance quote tool to compare some of the best term life insurance rates for a new policy!

compare the best life insurance rates

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Affordable Life Insurance is Possible

Is affordable life insurance possible?  According to the 2017 Insurance Barometer, an annual report published by LIMRA (Life Insurance and market research association), there are only three reasons consistently reported by more than two-thirds of respondents each year regarding why people don’t buy life insurance:

  1. It’s too expensive.
  2. I have other financial priorities.
  3. I have as much as I need.

Regarding #1, there are several studies (including the LIMRA annual report), that shows that most people actually overestimate the cost of life insurance.  #3 is debatable in most cases and while many people do have other financial priorities, if you have a family, life insurance should be one of those priorities.  In this article, I’m going to suggest that, perhaps, with a little shuffling of your budget, you will be able to afford a policy.

Reduce your spending on clothing

purchase affordable life insurance policy by saving money on clothing

According to an analysis conducted by the Bureau of Labor Statistics, Americans spend an average of $1,700 a year on clothing and accessories. If you want to bring that number down, but still dress stylishly, we offer the following suggestions:

  • Buy generic basics – You don’t need t-shirts and sweatpants from a luxury designer. Most big-box stores carry these items at an affordable price.
  • Know what you need to buy – We almost always go to the supermarket with a concrete idea of what we need to purchase. You should do the same thing at a clothing store – make a list and try to stick to it.
  • Purchase out-of-season items – Buying a coat in July or a swimsuit in December will usually be cheaper because retailers are eager to move these types of products off the shelves.
  • Use coupons – There are multiple websites dedicated to finding clothing store coupons. Be sure you know where the best discounts are before heading into any store.
  • Visit non-traditional retail outlets – You’re most likely not going to get the best deal at a department store in a mall, but there are plenty of other places you can go to find high-quality clothing. Discount retailers like Marshalls and T.J. Maxx sell name-brand items for a fraction of the suggested price. Additionally
  • Investigate the discount rack – While you won’t find a designer dress in the low-price aisle, you might come across something great for a bargain. Some people attach a stigma to the discount rack, but the reality is that most of the clothes there are only a few seasons old and are still in great condition.
  • Keep an eye out for future sales or special deals – Every so often, a product that you may need will get a temporary price cut that you would be smart to take advantage of. Look for advertisements around the store or in the newspaper to see when these special events happen, especially around the holidays.
  • Purchase clothes online when you can – Some online retailers offer exclusive deals if you’re willing to pay for shipping costs. Though it’s not true 100 percent of the time, buying your shirts, pants and accessories on the internet might help you squeeze a few more dollars out of your clothing budget. If you use sites like eBay, which sometimes allows you to buy far less expensively, remember to check the user testimonials before sending someone your contact information.

Reduce your car expenses

save on car expenses in order to buy affordable life insurance

Owning a car enables a person to drive to one’s job, travel on vacation or simply get around while doing errands. Unfortunately, a car can be rather costly, especially when repairs have to be made and gas prices creep up in the summertime.

When it comes to controlling your expenses, however, there are ways to lower the amount of cash you have to dump into your vehicle on a monthly basis.

Today, we’ll look at a few of these strategies and suggest ways of protecting your wallet from car-related costs.

To reduce spending that is associated with your car, you should:

Cut down on short trips – If you’re thinking of heading to the pharmacy or the library, you should see if it’s cheaper to ride public transit or simply walk. By reducing the number of times you drive around within your town, you can save on the fuel you have and keep you from visiting the gas station every other day. Also, the health benefits of walking cannot be overstated.

Maintain inflated tires – One of the easiest ways to improve your gas mileage and, by association, your bank account, is to keep your tires properly inflated with air. Improperly inflated tires create extra drag which may unnecessarily slow down your vehicle and reduce the mileage you get.

Survey the area for cheap gas – Most people opt for the convenience of choosing the nearest station. While this is definitely easier, it’s not a bad idea to keep an eye out for consistently cheap gas. By doing so, you can get more for less if you plan your fill-up visits. You can now get an app for your smart phone that will actually show you where the least expensive gas is in your area.

Avoiding driving during rush hour – Creeping along the highway and sitting in stop-and-go traffic does nothing but drain your gas tank. Many offices offer flexible work environments that give you some leeway as to when you can arrive in the morning. Leaving your house 30 minutes earlier or later can be the difference between a smooth ride to work and gridlock.

Driving the speed limit – When you think about it, driving a few miles per hour over the speed limit really isn’t going to get you to your destination that much earlier. According to Edmunds, driving 60 miles per hour results in 12 percent cost savings over driving 75 mph. In addition to saving gas, you’ll also avoid expensive speeding tickets.

Not moving erratically – Aggressive driving that involves speeding followed by quickly slamming on the brakes puts unnecessary wear and tear on your car and spoils your fuel economy. This type of driving may also increase your likelihood of being involved in an accident.

Saving money on common household expenses

A recent LIMRA study found that over half of Americans cite common expenses “such as energy costs, food, clothing and transportation […] as limits on [their] ability to save for financial goals.”

An affordable life insurance policy should be included in almost everyone’s financial plans, so we offer the following suggestions to help you cut down on common household expenditures:

Bundle services

If you have a landline phone, internet and cable from different providers, you should consider bundling them into one service from one company. Consolidating all of your accounts will not only save you money, it is also more convenient, as you will not have to deal with multiple bills.

Cut back on extras

While you’re thinking about phone, internet and cable, you may want to examine your bills and eliminate unnecessary costs. Do you really need caller ID and call waiting? Could you get rid of premium cable channels? Could you get rid of cable altogether? These expenses quickly add up, and after getting rid of them, you may find that they really weren’t necessary.

Scrutinize other insurance costs

The monthly premiums of auto and homeowner’s/renter’s insurance can take a huge bite out of your wallet. Simply shopping around for a better rate could save you hundreds of dollars over the course of a year. If you can’t find a cheaper policy, ask about discounts that may be offered for families and good students. If you have a car that you don’t drive, consider cancelling the insurance policy for it.

Avoid these money-wasting vices

Most people want to save money, but when thinking about how they’ll cut costs, many only focus on large expenses such as housing and transportation. It is important to remember, however, that items that you spend a few dollars on once or twice a week may make a huge dent in your wallet over the course of a year.

The following money-wasting vices should be avoided in order to keep your budget looking healthy:

Fast food

Not only is it bad for your wallet, it’s bad for your health. Instead of heading to the drive-thru, prepare your meals at home.

Gourmet coffee

A cup of coffee from Starbucks or a similar shop can easily cost $4 or more. If you bought a cup every weekday at this price, you would spend over $1,000 in one year. Making your coffee at home is a simple way to keep consuming your favorite beverage without paying the coffee shop premium. The price of home-brewed coffee is usually around $1 a cup, and depending on the brand that you use, it could be even lower. As an added benefit, you can brew your coffee to fit your taste.


The use of cigarettes, cigars, snuff and other forms of tobacco may be the most expensive and unnecessary habit that a person could have. According to Business Insider, a pack-a-day habit could cost a smoker over $100,000 over his or her lifetime. Tobacco use also increases the risk of heart attack, stroke and oral cancer, which could result in significant medical expenses.

Eliminating these bad habits will not only improve your health, but also free up your budget for a new life insurance policy or increased coverage.

Effectively using coupons

One of the easiest ways to save money on items you buy every day is to use coupons for your purchases. No, you don’t have to engage in any “extreme couponing” to cut back on your expenses, and we offer the following tips and suggestions to help you incorporate coupons into your shopping experiences.

Know where to find coupons

Yes, they’re most commonly found in the weekend edition of your local newspaper, but there are many other places to search for them. Don’t forget to check out online resources, as many manufacturers have coupons on their websites. In addition, keep your receipts from previous purchases, because many of them have coupons attached.

Only purchase products that you use

This is one of the most important rules of using coupons. Buying a bunch of items that you don’t actually want or need will just cost you more money. A significant discount on a dozen cups of yogurt may seem like a good deal, but is it really if no one in your house wants to eat them? You should only cut and use coupons for items that you and your family regularly consume.

Start at one store 

You may be tempted to use coupons at as many stores as possible, but it’s best to start at one. Many retail establishments have unique rules about how they accept and deal with coupons, and it may take you a while to figure it out. Once you are more comfortable using coupons during your shopping trips, then you may want to consider branching out to other locations.

Using coupons will not only keep your wallet in check, it may also open your budget to purchase life insurance or increase your existing coverage.

save on heating bill so in order to purchase affordable life insurance

It seems like every year when temperatures begin to cool, we hear the same discouraging news: Home heating costs are rising. This may not seem important for individuals who live in warm climates year round, but for folks in places that have long winters, this means more money out of their wallets. While you can’t completely eliminate turning on your heater this winter, taking a few simple measures can help you reduce your monthly bill. We detail a few common ideas below:

Adjust the thermostat

Want pay less for heat? Then use less of it. While we’re not suggesting that you sit in your house shivering, counting down the days until spring, making slight adjustments to your thermostat can help save you some cash. During the day and other times when you are not home, set the thermostat to 68 degrees.

If you don’t want the responsibility of adjusting the temperature every day, consider purchasing a smart thermostat. They cost about $50 and can be programmed to turn the temperature down during times when heat is not necessary. According to the Environmental Protection Agency (EPA), by using a smart thermostat, you’ll save around $180 on your annual energy bills.

Don’t let heat escape

Whenever the heat is on, all windows and doors should be closed, including your fireplace’s damper. Due to the fact that warm air rises, an open damper is similar to having a hole in the roof of your house. While heat escapes, cold air will flood in.

Small cracks and hard-to-see spaces are other avenues through which heat can leave your home. To find them, light a candle and hold the flame near windows, door frames and light fixtures. If you see smoke moving in a horizontal direction, this means that you’ve spotted a leak. To fix them, install caulking or weather-stripping material.

Make your home more energy-efficient 

While we generally like to offer suggestions that have minimal up-front costs, it’s possible that basic, inexpensive measures won’t make a significant difference in what you pay for heating. If this is the case, you may want to think about making significant adjustments to your house, including:

  • Adding more or replacing old insulation
  • Purchasing a new furnace or water heater
  • Replacing your windows.

With these heating-related cost-cutters, you could save enough to budget for a new life insurance policy or an increase in your current coverage, an essential piece for financial protection for your loved ones.

Hopefully, some of these suggestions can help you keep more money in your wallet and allow you to budget for that affordable life insurance policy you have been putting off. For a life insurance quote, use our online quote generator to find out which policies you may qualify for.

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Term vs Whole Life Insurance

Deciding which type of life insurance product is right for you can be difficult; regardless of whether you’re considering retaining your current policy or you’re shopping for new coverage, it’s important to note that there are benefits to both term life insurance and whole life insurance.

Which is the best fit for your needs, preferences, lifestyle, and family?

Here, we discuss Term Life Insurance vs. Whole Life Insurance. In this article, we will be covering:

Term Life Insurance

  • What is term life insurance?
  • Term life insurance FAQ
  • Who is term life insurance best for?
  • Term life insurance policy riders
  • Term life insurance pros and cons
  • Term life insurance rates

Whole Life Insurance

  • What is whole life insurance?
  • Who is whole life insurance best for?
  • Whole life insurance policy riders
  • Whole life insurance pros and cons
  • Whole life insurance rates

There are some key differences and similarities between these two types of coverage. As for similarities, they both offer a guaranteed death benefit, and they both offer generally federal tax-free benefits. But let’s consider some of the differences between whole life insurance and term life insurance.

How Does Term Life Insurance Work?

Term life insurance is something that you buy into for a specific amount of time. When you apply for term life insurance, you pick the amount of money you want to be paid out to your beneficiaries if you pass away during the length of that term. Then you set up the duration you want the term to last. 

The amount of money that is paid out to your beneficiaries is called the face amount. The length of time that the policy’s death benefit remains in effect is called the term length. Most life insurance companies offer term life coverage in 5-year increments between 10 years and 30 years although there are some companies such as AIG that will let you pick a specific length of time such as 17 years.

Premiums are usually paid on a monthly basis, but there are also options to pay annually, which can save you some money over the course of your policy. Once the term is over, your policy “expires”. I put this in quotations for a reason, check the warning below.

WARNING: Term life insurance does not expire in the traditional sense of the word at the end of your term. Instead, it is converted into what is called an Annual Renewable Term (ART) policy. This policy is renewed automatically every year unless the policy owner cancels it. The rates for ART’s quickly become very high and unaffordable within the first few years.

I take the time to warn you about this because I have heard dozens of horror stories of people not knowing about this process which is clearly defined in the terms of their policy, and by the time they find out, it is too late to change, and they have lost a lot of money on a policy with very little practicality.

When your term life insurance policy has “expired”, many companies will let you convert the policy you have into a whole life insurance policy without having to do the application process all over again or take another medical exam. This option is often offered through what is called a Guaranteed Insurability Rider. 

When is the Best Time to Convert From Term to Whole Life Insurance?

The best time to convert from term to whole life insurance is when your term life insurance policy is about to expire, and you are currently in your 50s or 60s. At this point, you will not be able to take out a longer term policy and given the average lifespan, this is the best time to convert to something permanent.

If you want to extend your current life insurance coverage but the annually-renewable term options are no longer available for you or are simply too expensive because of your current age, it is in your best interest to convert to a whole life insurance policy.

Another reason you want to convert to a whole life insurance policy is that you are setting up an estate and are currently concerned about estate taxes. You might be setting up a trust in your will. You might also need a nontaxable investment option. In all of these cases, a whole life insurance conversion may be the best option for you.

Who is Term Life Insurance Best For?

Term life insurance is best for people who have finite financial needs that they want to cover. People that fit some of the following criteria might be better off with term life coverage:

  • Somebody who has a mortgage and other large outstanding debts
  • Somebody who wants to cover expenses for childcare
  • Someone who wants to help replace income with life insurance in the event of their death
  • People who have financial dependents (spouse, children, etc…)
  • Somebody who wants to leave behind money to help pay for funeral expenses 

Those who have obligations such as alimony or child support can set up term policies to coincide with the length of those responsibilities.

Other people who might not qualify for whole life insurance could benefit from a Term Policy because it will be the only option they have or perhaps the more affordable option.

On that note, people who simply cannot afford a permanent policy at this time can easily take out a much more affordable term life insurance policy and convert it at a time when their financial situation is different.

Term Life Insurance Policy Riders

Below is a list of some of the common term life insurance policy riders that we recommend people purchase, based on their individual needs. While there are certainly more riders available depending on the company and policy you choose, these are generally offered by most life insurance companies, and provide the most value to the policyholder.

Each of these policy riders has their own costs associated with them that are added to the monthly premium you will pay for your term life policy.  Some are expensive, while others are cheaper, and some are even offered as complimentary with certain term life policies from certain companies.

1. Guaranteed Insurability Rider 

As described above, this rider allows you to convert a term life insurance policy into a whole life insurance policy without having to retake a medical examination, which could put you in a lower health class, and cost you more in monthly premiums.

2. Return of Premium Rider

This return of premium policy rider allows policyholders who outlive the term of their life insurance policies to receive all of the premiums they have paid into their policy back at the end of the term.

This is one of the more expensive term life insurance policy riders.  In some cases, companies offer it as an individual type of term life policy instead.

3. Accidental Death Rider

The Accidental Death Rider allows your beneficiaries to receive a multiple of your death benefit if you die as a result of an accident (as defined by your policy). This rider is also available on whole life insurance policies.

4. Waiver of Premium Rider 

The waiver of premium rider makes it so that you do not have to pay your life insurance premium in the event that you are unable to return to work full time as a result of injury or sickness. This rider is also offered on whole life insurance policies.

5. Disability Income Rider

This rider pays out a supplemental income that is proportional to your policy face amount in the event that you are permanently disabled and unable to return to work. This rider is also offered on whole life insurance policies.

6. Children’s Term Rider

This rider allows you to add life insurance for a child from age 15 days to 18-25 years (depending on the company).

Term Life Insurance Rates 

The following table shows term life insurance rates for people in the preferred plus health category, with no health issues.

Note that as you get older, certain term options are no longer available. This shows the need for some people who are looking for life insurance coverage that lasts their whole life to look towards permanent life insurance options as they get older.

Pros and Cons of Term Life Insurance


  • Term life insurance rates are far cheaper than whole life insurance policies
  • Term policies can be chosen very strategically to last a specific period of time, such as how long you have left on a mortgage payment, or how long until your children are no longer financial dependents
  • Term policies can be purchased together in order to have tapered coverage for later in life as your need for life insurance decreases, in a process called layering term life insurance
  • Policies can be converted into whole life with the same health classification as when you first purchased them (with Guaranteed Insurability Rider)


  • As the name suggests, term life insurance policies are temporary which means that if you outlive it you will have to purchase a new policy. At this point, you will be older and possibly less healthy which means that you will end up paying higher premiums.
  • Unless you specifically purchase a policy with a Return of Premium Rider you will lose all the money that you invest in your policy

How Does Whole Life Insurance Work?

Whole life insurance is a form of permanent life insurance.  This type of life insurance coverage lasts for your entire life. 

Part of the money you pay in your premiums get invested and depending on how well those Investments perform, you accumulate cash value in the policy.

This cash value can be borrowed against on a tax-free basis throughout the life of your policy, which can be a strong financial tool.

There are many types of permanent life insurance, including, but not limited to some of the following:

  • Variable Universal Life Insurance
  • Indexed Universal Life Insurance
  • Universal Life Insurance
  • Guaranteed Issue Life Insurance

What separates the various types of permanent life insurance policies apart is how the cash value is accumulated.

Whole life insurance policies have a guaranteed rate of return, which varies based on company and policy.  This makes whole life insurance one of the easiest and safest investment tools for people interested in purchasing permanent life insurance because even in bad years for the market, they will still gain the same amount of return (or more if the company pays dividends to its policyholders).

For people with more advanced financial knowledge, who want to have more influence in the way that their policy accumulates cash value, we recommend a different type of permanent policy such as variable or universal life.

Who is Whole Life Insurance Best For?

Whole life insurance coverage is best for people who:

  • Need permanent coverage
  • Want to use their insurance policy as a financial and investment tool
  • Want to cover estate taxes or inheritance issues

For example, a whole life insurance policy may work best for someone who has three children and one of them will inherit the family business while the other will receive a house, the third could receive a life insurance policy, so that everyone inherits something in the event of your death.

Whole Life Insurance Policy Riders

Below is a list of some of the common whole life insurance policy riders that we recommend people purchase based on their individual needs. While there are certainly more riders available depending on the company and policy you choose, these are generally offered by most life insurance companies, and provide the most value to the policyholder.

Each of these policy riders has their own associated costs that are added to the monthly premium you will pay for your term life policy.  Some are expensive, while others are cheaper, and some are even offered as complimentary with certain whole life policies from certain companies.

Additional whole life insurance riders include accidental death and waiver of premium, which were listed above with the term life policy insurance riders.

1. Term Insurance Rider

This policy rider is exclusive to permanent life insurance policies. It allows you to purchase additional term life insurance coverage in order to supplement your existing whole life coverage. This can be an affordable way to add additional life insurance to your policy for a set amount of time without having to apply for a new policy, or drastically increase rates on your existing one.

2. Children’s Term Rider

This rider allows you to add life insurance for a child from age 15 days to 18-25 years (depending on the company).

3. Long-Term Care Rider

This policy rider is strictly offered for permanent life insurance policies including whole life. It allows you to use a portion of your death benefit toward long-term care if the need arises in the future.

This rider is highly recommended for whole life insurance because people are living longer than ever, and the cost of assisted living is very high (upwards of $5,000-8,000 per month), which can leave a large financial burden upon a family.

Whole Life Insurance Rates 

The following table shows whole insurance rates for people in the preferred health category, with no health issues.

Pros and Cons of Whole Life Insurance


  • You can enjoy lifetime coverage, as long as you continue to pay your premiums, without ever having to get another policy
  • Whole life policies accumulate cash value which can be borrowed against tax-free
  • Cash value accumulates at a set rate, taking the need for you to worry about it out of the equation
  • Whole life insurance is a great option for someone looking to set up an estate or trust


  • Whole life insurance rates are inherently much higher than term life premiums because of the guaranteed payout
  • Whole life insurance does not offer as much cash value accumulation potential as variable, universal, or indexed life insurance policies
  • The excess in premiums paid into whole life policies over term that accumulate cash value could arguably be invested in the market to potentially yield higher returns over time

Choosing the Best Type Life Insurance Policy for You

When it comes to choosing the best type of life insurance coverage for you and your family, what you choose ultimately depends on a multitude of factors such as health, age, budget, coverage needed, and more.

We know that the options may seem overwhelming, that is why we are here to help!

Give one of our independent life insurance agents a call today to speak with them for free about which policy may be best for you and your family’s needs. Our agents can explain to you all of your coverage options from companies, to policies, to rates, to help you find the best coverage for you and your loved ones.

Call us today, or get started using our online life insurance quote tool to compare life insurance rates instantly!

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Can You Get Life Insurance if You’re Pregnant?

When you become pregnant, you begin thinking about the world in a different way. Your whole world will soon change forever, and you want to ensure that your child is able to live in a safe environment.  This includes your financial environment.

Often times, we have people ask us the question of: “Can I get life insurance if I am pregnant?” I wanted to take the time to answer this question in depth in order to give pregnant women and their significant others insight into the life insurance coverage options for pregnant women and to protect your young family.

This article helps to answer some frequently asked questions about life insurance for pregnant women.

Common Questions About Life Insurance for Pregnant Women

Can You Get Life Insurance if You Are Pregnant?

Yes. Life insurance companies will not turn you away because you are pregnant. Pregnant women looking for life insurance is not as uncommon as you may think, and thanks to modern technology, pregnancy is not as dangerous as it once was.

Does Being Pregnant Affect Life My Life Insurance Rates?

In most cases, being pregnant typically doesn’t even change the rates you are offered.

The main reason is that your costs are based on your health—specifically things that are going to decrease the longevity of your lifespan. These include heart diseases, smoking, diabetes, etc… Pregnancy does not fall under this category.

However, most insurance companies won’t offer coverage once you pregnancy enters the third trimester.  Also, your pregnancy weight gain might affect your rates so, for that reason, it might make sense to wait.

Should Pregnant Women Get Life Insurance?

It is easy to understand how life insurance becomes a thought once you are pregnant.  You are turning a new leaf and will now need to be more responsible than you have ever been in your life.

As parents having children, it is important to have life insurance for a couple of reasons:

6 Reasons Pregnant Women Should Get Life Insurance 

1. Protect Your Income

If you are pregnant, very shortly you will have your first dependent on your income. Overall, your child depends on your income in order to survive, even for a few years until they are able to fend for themselves.

You want to be able to ensure that your child will have income replacement in the event that you are unable to work, or gone. While it is not something pleasant to think about, it is an important thing to plan for. Life insurance helps you to do this.

2. Life Insurance for Your Child

As a parent also have the option insure your child. While it is tragic to think about, if your child needs medical care, or tragically pass away, this can cause financial turmoil on top of the emotional pain.

You can protect your child while they are young with a policy that is paid for in full and turned over to them when they are an adult. This is sometimes offered as a rider on term and permanent life insurance policies, and can also be purchased separately as its own policy.

3. Cover Debts 

Life insurance also serves as a way to protect your loved ones from inheriting your debt in the event of your death.

Mortgage payments, car loans, outstanding credit card debt, etc… all accounts for this debt. As you plan a family and your family grows, you will likely go through a stage where you accumulate more debt, before your income eventually allows you to chip away at it as you approach retirement.

4. Plan for College

Life insurance can be used as a tool to help plan for college for your child. Life insurance policies for children can be taken out which eventually build cash value and can be handed off to children once they become adults, which in the life insurance world can be between the ages of 18 and 25 (per policy).

With the cost of college increasing every year, life insurance is perfect for pregnant women who plan on sending their children to college.

5. Lock in Low Rates Young

Your age is one of the main factors affecting life insurance rates. When you get pregnant is a great time to get life insurance because you now have more of a need for it than ever before, and you are as young as you will ever be.

If you are in your 20’s, 30’s, or even 40’s and are in good health, and are a non-smoker, you will likely be able to secure very low life insurance rates to protect your young family.

6. Peace of Mind

Despite the fact that this is hard to quantify, peace of mind is one of the greatest things that life insurance provides, especially when you are pregnant, or have a young child.

Life insurance helps give pregnant women and new parents the peace of mind of knowing that their child is protected financially in the event of their death.

Can You Get Life Insurance Coverage for Your Baby if You’re Pregnant?

If you take out a life insurance policy while pregnant, you can certainly find one that gives you a rider, or special feature, to add your children to the insurance policy you already have.

In these cases though, you must wait until the child is born in order to add them. They can typically get coverage until they turn 18. Now, your coverage is probably going to be enough for them, but this is still something to consider.

How Much Coverage Do I Need?

In order to figure out how much coverage you need with your life insurance, start by gathering any important personal financial information that you have so that you can figure out your current income and your debts versus your assets.

After that estimate what your burial cost will be and how much money your family or your business will need in your absence. As someone who is pregnant, you need to consider the number of years your unborn child will need coverage, and what the average costs of that coverage for your area.

When figuring out how much life insurance coverage you need as a pregnant woman, you want to think about these 3 factors.

3 Tips to Determine How Much Life Insurance Coverage You Need 

1. Calculate Your Annual Income and Multiply 15-20

As a pregnant mother, you will now be accepting financial support of your child for the first 18 years of their life. On top of that, you may want to plan for college for your child. This should also be factored into the type of life insurance policy you take out as a new parent.

2. Plan For College 

Planning for college is not easy, it’s also not cheap. This is something you want to begin planning for as soon as possible to give your child the best financial resources to follow their aspirations in college if they choose to go. Life insurance is a great way to do this.

3. Factor in Existing Debt 

Like it or not, you probably have debt. As Americans, we each account for an average of nearly $70,000 in debt per person. Wherever your debt stands in relation to this, chances are, you do have debt, no matter the amount.

When considering how much life insurance is right for you while pregnant, you will want to account for your debt in order to financially protect your family.

What Types of Life Insurance Policies Can I Get if I’m Pregnant?

There are generally two categories of life insurance from which to choose: permanent or term.

Permanent Life Insurance

Permanent life insurance includes universal and whole life insurance as well as other types of policies.  This type of life insurance coverage lasts your whole life (usually through age 101, 112, or 121).

These policies may accumulate cash value on a tax-deferred basis which you can use while you are still alive. This means that the money you put into your policy builds cash value, which is cash that you can borrow without having to pay taxes or interest on it.

This policy is designed to have a level premium with a guaranteed death benefit. It accumulates cash value that you can use to help meet any living needs like buying a house, funding your emergency situations, cover college expenses, or adding to your retirement.

Permanent life insurance can take  variety of forms, such as:

  • Universal Life
  • Whole Life
  • Variable Life
  • Indexed Universal Life
  • Etc…

All these types of permanent life insurance policies vary in terms of premiums and cash value accumulation. Speak with an agent to learn more today.

The premiums for permanent life insurance are very high compared to term life insurance. For most people, term is best because it offers protection that can be layered in order to provide income protection and debt relief dynamically as life develops.

You should consider a permanent life insurance policy if:
  • You have long-term financial needs
  • You like flexibility with your premium payments and your death benefits
  • You want a policy that accumulates tax-deferred cash value

Term Life Insurance

Term life insurance will protect you for a specific amount of time, ranging between one and thirty years. It will only pay out the death benefit if you pass away during that time. It is considered a temporary form of life insurance.

Short term, it gives you the greatest level of protection for the lowest premium possible. Therefore, if you are on a tight budget this can be a great, cost-effective solution. If you know that your financial responsibilities will decrease with time, it might also be a wonderful way to free up your funds.

One of the drawbacks to selecting a term policy is that you never get any of that money back unless you pick a Return of Premium policy or policy rider, and your coverage expires when the term does. Whereas permanent life insurance accumulates cash value over time on top of your life long protection.

You should consider term coverage if:
  • You have a temporary financial need
  • You need large coverage on a tight budget
  • You want to use it for specific business needs like executive benefits

How Does Life Insurance Pregnant Women Cost?

The cost of your life insurance policy, regardless of how far along you are in your pregnancy or if you are trying to become pregnant, is going to be based primarily on your age, gender, and health. It will also be based on a how much coverage you want and how long the policy is—either term wise or permanent.

As a healthy, pregnant female, your sample rates for the preferred health category are as follows:

How Do I Find the Best Life Insurance Rates for Pregnant Women?

Different companies charge different rates. So, you need to do some homework on the rates available – get quotes from many companies. Talk to a broker or third party to compare the rates based on your situation.

Give us a call today to speak to an independent life insurance agent who can help you compare life insurance policies from dozens of the best life insurance companies for pregnant women.

They will work with you to determine how much coverage you need, what your budget is, and whether term or permanent is the solution. They can even work with you to discuss riders that can help get life insurance coverage for your children.

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Term Life Insurance | The Ultimate Guide

Term life insurance policies are easy to understand and do not cost as much as a permanent whole life insurance policy. 

Term Life insurance typically comes in 10, 15, 20, 25, and 30 year terms. This means when you reach the end of your policy’s term, you will need to either look for another life insurance option or renew the term for a much higher premium.

What is Term Life Insurance?


Term life insurance is often called “pure life insurance” or “temporary life insurance” because it’s intended only to protect your dependents in case you pass away during the term period.

A term life insurance policy is strictly meant to pay your beneficiaries if you die during the policy’s term.

You may be thinking “Isn’t that what a life insurance policy is supposed to do”?

Yes and no.

Other types of life insurance policies offer additional values that most term life insurance policies do not such as building cash value.

What Types of Term Life Insurance are There?

getting life insurance?


There are two basic types of term life insurance policies: level term and decreasing term.

Level term means the death benefit (aka “face amount”) will stay the same throughout the length of the policy.

Decreasing term means that the death benefit amount will drop, usually in one-year increments, over the course of the policy’s term.

For term life insurance policies, the premium will usually stay the same throughout the entire term.

Common types of level term are:

    • Annually renewable term
    • 5-year renewable term
    • 10-year term
    • 15-year term
    • 20-year term (Most popular term)
    • 25-year term
    • 30-year term

    • Term to a specified age (usually 65)

It’s important to note that most life insurance companies will not sell term insurance to an applicant for a term that will end past his/her 80th birthday.

Is Term Life Insurance Right for Me?

So how do you know what term length you should purchase? Here are a few guidelines to keep in mind when looking to buy a term life insurance policy:

    • Choose a term that coincides with the years you’ll be paying large bills such as your mortgage, car note, business loans, student loans, and children’s education. Remember, just because you are deceased does not mean the bills go away. 

    • Buy an amount that would replace your income. Will your family need one year of your income to continue meeting regular expenses? Or will they need two years? Five years? Factor this amount of time into your decision.

As far as term life insurance premiums go, you lock in the premium for your age and health at the time of the application.

What Should I Do if My Term Life Insurance Policy Expires?

Term or Whole Life?


So you purchased your term life insurance policy for 10 years. The decade has flown by and now your term is up.

What happens next?

Well, that outcome is specific to the term life insurer and the way your particular policy is written.

There are a few different options.

If you have a renewable term life insurance plan, the coverage can be renewed annually (up to a specific age) with an increase in premium every year.

If you have a term policy that is convertible then you, as the policy owner, have the right to convert the policy into a permanent life insurance plan without additional evidence of insurability.

How Do Premiums Work on a Term Life Insurance Policy?

You may also be wondering what happened to all that premium you paid for the last 10 years. Your premiums on a term life insurance policy bought you protection during your term period.

Your premiums will not be refunded when your term ends. In the same way that auto or homeowner’s insurance works, the life insurer figures they provided protection to you that you needed for all those years but you just didn’t use it.

If you had a death claim then they would have willingly paid to your beneficiary the death benefit. Some insureds do not appreciate this term life insurance concept.

For that reason, a few life insurers have created term life insurance policies with a Return of Premium (ROP) rider because of insured complaints. The premiums for ROP term life insurance policies are usually much higher than policies without this feature. You also must keep the policy in effect and current until its term ends to avoid forfeiting the premium benefit.

Always review the fine print on your term life insurance policy so you understand how your specific term life insurance coverage works.

Can I Renew My Term Life Insurance Policy?

final expense life insurance

Let’s say your term is coming to an end and you can’t decide what to do next. Many people will convert the term life policy into a permanent life insurance policy.

If you aren’t able to do so (or don’t want to do so), then there may be a few other ways to renew your existing term life insurance policy without paying a huge premium increase.

 Have you lost a lot of weight? Stopped smoking? Or have you gotten your Type 2 diabetes under control and no longer need the metformin pills? 

If you have improved your health since you originally purchased the term life insurance policy then you should check with your insurance agent or life insurer to find out if you can do a “health re-classification”.

Many carriers allow an insured one opportunity to submit an application in which the insured will be re-classified based on his/her current health. This can lead to a really nice reduction in premium.

Many term life insurance companies will allow an insured to reduce their death benefit one time.

You can do this when the term is coming to an end and avoid the high renewal premiums. Although it’s only a good idea to do this if you can actually forgo the original death benefit amount.

If your family is still going to need that $100,000 policy then it doesn’t make much sense to reduce it now just to save a bit on premiums.

However, if finances have changed in your life since the original policy was purchased, perhaps it makes sense to reduce the death benefit and save some cash up-front.

If you are still healthy enough to qualify for a low-cost replacement term life insurance policy then go that route.

You can work with your insurance agent to find different or better term life insurance coverage than what you previously purchased.

Buying a new policy and receiving the new policy rate always saves in comparison to renewal premiums.

Once again, it’s worth mentioning that many individuals decide to convert their term life insurance policy into a permanent life insurance plan.


How is Permanent Life Insurance Different than Term Life Insurance?

Unlike a term life insurance policy that only lasts for a maximum of 30 years, a permanent life insurance policy provides protection for your entire life.

Your family will receive a death benefit no matter your age at the time of death. Many term life insureds smartly convert their term life insurance policies into permanent life coverage because of all the unique benefits.

For instance, permanent life insurance offers a tax-deferred savings element. Plus, permanent life insurance premiums stay the same throughout the years while a term may go up significantly every time it is renewed.

If your term life insurance policy is coming to an end, or you are looking for better coverage that will last your entire life, and also act as a savings vehicle, then permanent life insurance is right for you.

Permanent Life Insurance – Whole vs. Universal


lifetime term life insurance


There are four different types of permanent life insurance coverage: whole (ordinary) life, universal (adjustable) life, variable life, and variable universal life. The majority of consumers purchase either whole or universal life insurance coverage.

Whole or ordinary life insurance offers a death benefit and potential cash value. If you select a whole life insurance plan then you will have a set face amount (or death benefit) and set premiums. Over time, as you pay on your whole life insurance policy, the cash value will grow from dividends paid by the life insurer.

Universal or adjustable life provides more flexibility than whole life insurance. Universal life insurance allows insureds to increase the death benefit, secure savings at fixed interest rates and modify your future premium payments. To increase the face amount you will need to pass a medical examination.

Obviously, the life insurer wants to be sure that you were not recently diagnosed with a life-threatening illness and that is the reason for increasing the death benefit. The premium payments can be changed by you after you have accumulated enough cash value.

Keep in mind, you’ll need to have enough cash value to cover the costs. This is important to know because if you stop or reduce your premiums and the cash value becomes deplete, your life insurance policy could lapse.


    • Use the cash value to pay premiums as long as there is enough cash accumulated.
    • If unexpected expenses occur, you can stop or reduce your premiums.

    • As we mentioned earlier, you can borrow money from the insurance company using the cash value of your permanent life policy as collateral. 

Who is Term Life Insurance Best For?


For people who are looking for life insurance coverage for a specified period of time in their life, like while their children are still living at home, or for the remainder of their career, term life insurance is the right fit.

Term life insurance offers very affordable rates for healthy people who often times can’t be rivaled by that of other policies if bought at a young age.

While it does not build cash value, term life insurance serves its purpose well in protecting your family from financial loss in the event of your death.  Policies can start as low as $10/month and provide coverage upwards of $500,000.

How Much Does Term Life Insurance Cost?

While we can’t promise that these numbers will always be accurate for any given health classes, we have gathered some average rates you can expect for term life insurance.

Below is a chart displaying the cost of a $500,000 term life insurance policy for  10, 15, 20, 25 and 30-year terms. Males and females in this example are healthy, non-smokers, who are both 32 years old.

Below is a chart displaying the cost of a $500,000 term life insurance policy for 10, 15, 20, 25 and 30-year terms. Males and females in this example are healthy, non-smokers, who are both 42 years old.

As you can see, the older you are, the more life insurance rates go up.  For term policies especially, it is best to lock in low premiums early.

This gives you time to convert your policy into a whole life policy later in life if you so choose, or renew a policy if you are still young enough to obtain affordable life insurance coverage after it has expired.

The 6 Best Term Life Insurance Companies 

Here is a brief overview of our 6 Best Term Life Insurance Companies (Ratings as of :

1. Banner Life

banner life logo


Banner Life is known widely for their affordable coverage for people who are not in the best health conditions.

They also offer very competitive term life insurance rates that are almost always below most of the competition.

With terms ranging from 10-30 years, and renewable and convertible rider options, Banner Life is definitely one of the best term life insurance companies.

Banner Life Insurance Company Ratings



2. Protective Life

Protective Life Logo

Protective Life has been around for over 100 years in the United States.  Over this time, they have built quite the reputation as a life insurance and investment giant.

They offer some of the best term life insurance rates in the industry and also offer a wide array of whole life insurance offerings.

Protective Life Insurance Company Ratings

3. Pacific Life

Pacific Life logo

Pacific Life has been around for over 150 years. In 2018, they mostly specialize in universal and whole life insurance, having the #1 spot in total sales for indexed universal.

They are also #1 in the industry in overall life insurance sales.  There is a reason for this. Pacific Life has a wide array of options and has been successful since their inception at helping customers find the best whole and term life insurance rates.

Pacific Life Insurance Company Ratings

4. AIG

AIG logo

AIG has also been around for almost a century.  With a high financial rating, and a continuously successfully performing portfolio, AIG is another life insurance giant that offers a wide array of life insurance products.

Their term life policies in specific are very affordable and offer the ability to convert to whole life or renew the policy.

AIG Insurance Company Rating

5. Prudential

Prudential is probably best known as a life insurance company for its ability to consistently get people the lowest rates possible by classifying them in the best health class possible.

For this reason, they have very affordable rates compared to the competition, even with applicants who have substandard health.  They offer 6 different term life policies, each with their own benefits, riders, conversion terms, and coverage.

This wide array of coverage allows for Prudential to be one of the best term life insurance companies year after year.

Prudential Life Insurance Rating

6. Mutual of Omaha

Mutual of Omaha logo

Mutual of Omaha has also been around for over 100 years. During this time, they have built a solid financial rating to combine with their impressive portfolio.

Mutual of Omaha offers some of the best no-exam term life insurance policies in the industry, making it fall just short of Banner Life and Prudential on our list.

Mutual of Omaha Life Insurance Company Ratings

How to Find the Best Term Life Insurance

get quote

The best piece of advice anyone can offer you during the process of searching for the best term life insurance is to speak with an independent insurance agent.

The reason being, there are hundreds of options available on the market.  And while the internet can make searching for rates a bit easier, there are still a lot of details that need to be known about the insured’s needs, finances, and health in order to find them the best life insurance policy.

Speaking with an agent is entirely free, and can help you narrow down your choices from hundreds to a handful in a few minutes.

Please feel free to call the insurance professionals at at (866) 691-0100 during normal business hours or contact us through our website.

When it comes to planning for your family’s financial future, you want to understand everything you can about the choices available to you in order to make the right decision.

Speak with an agent today to get started!

Compare the Best Term Life Insurance Rates

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Use the form on the right (bottom on mobile) to get started.



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6 Tips When Buying Life Insurance Coverage for Your College Child

The cost of college has been increasing rapidly over the last decade and shows no sign of slowing down. There is currently $1.4 trillion in outstanding student debt, demonstrating just how much the costs of higher education have increased, and how many college students have to resort to borrowing in order to pursue it.

At 93% the vast majority of private student loans have a co-signer, most often the student’s parents, meaning it’s not just the students who are liable for student loan repayments. While it’s an uncomfortable topic, this responsibility makes it advisable for the parents of a child with a student loan to take out life insurance against their child.

Private student loans are notoriously unstable, quite often a contract will contain a clause stating that the loan enters ‘automatic default’ after the death of one of the co-signers. This means that the entire sum of the loan becomes due after the death of either you or your child, a situation that would almost certainly cause financial hardship during an already incredibly difficult time. If your child has a student loan it is worth checking if life insurance is advisable and educating yourself on the best actions going forward. This article outlines some of the most important things to be aware of when taking out life insurance for your child and how to be sure you are getting the best policy for your situation.

Make sure life insurance is necessary

There are two main types of student loan, private and federal. Federal student loans, which are unlikely to require a co-signer, will not require life insurance as these are written off in the case of the borrower passing away. Even if your child has a private loan it is worth checking to see if there is a similar clause written into their loan agreement, as you may not be required to repay it in the case of their death.

“There is one exception to this- the federal parent PLUS loan, which will be void in the instance of either you or your child passing away but is however treated as taxable income. This could make you liable for a large tax payment so it may well be worth taking out insurance in the case too”, – explains Julie Moore, a College adviser at Stateofwriting and Ukwritings.

Ensure the insurance covers in case of ‘Automatic default’

As mentioned above, many private loans include an automatic default clause meaning in the event of the death of a co-signer the entire loan will need to be repaid immediately. If your child’s loan includes such a clause it is important to make sure any insurance you take out accounts for the possibility of an automatic default.

Go for term life insurance

There are two types of life insurance, whole and term. Term insurance only covers the individual for a set term before expiring whereas whole insurance does not expire but is significantly more expensive. “Luckily, term life insurance is the most appropriate here as it is only required to cover your child’s student loan for a set period. When taking out your policy do not allow yourself to be pressured or convinced to take out whole life insurance as this will be approximately four times the price and completely unnecessary”, – says Stewart Phillips, a Financial adviser at Boomessays.

Determine the amount of coverage needed

This can be done by looking at the loan’s rate and term, your policy should cover the entire repayment period and not just the time in which your child is in study. It should also cover any interest which the loan will incur and not solely the amount of money borrowed. It is worth calculating both the term of repayment and the amount of expected interest when deciding how much your policy should cover. Typically, private student loans range in term from 5-15 years and annual interest rates range from anything between 3% and 15%.

Insurable interest

When buying a life insurance policy for someone else you will need to demonstrate ‘insurable interest’, that is to say that you would suffer financially if the individual passed away. In the case of you being the co-signer of a private student loan you would qualify in this regard.

Preston Briseno, a Financial writer at Essayroo and AcademAdvisor comments:, “It’s important to note that in order to take out life insurance for your child they will have to be involved in the process and consent, which leads to the next point”.

Use the experience to educate your child

While uncomfortable, the process of buying life insurance is the necessary and responsible action to take and can be turned into a key teaching moment for your child as they take on more adult responsibilities. Use the experience to demonstrate the importance of financial contingency plans and discuss important financial skills such as budgeting and maintaining a good credit score.

This may not be a particularly enjoyable moment for you and your child but, by teaching them these vital skills at an early age you are setting them up for a more successful financial life.

Freddie Tubbs is a communication strategist at Academized. He helps companies create successful communications campaigns, and contributes articles to Paper Fellows and Bigassignments blogs.



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The Complete Guide to Final Expense Insurance

Actually, Final Expense Insurance is not a type of insurance product but a “purpose” for life insurance. What we mean by this is that when you buy final expense insurance, your policy is unlikely to have the term “Final Expense  Life Insurance” anywhere on the contract.

You see, insurance is a method of mitigating financial risks in your everyday life and the type of insurance used is always going to be some form of the following

Although you can purchase a final expense policy using Term Life Insurance, in the majority of cases, Whole Life insurance will always be the type of policy used for Final Expense Insurance. The primary reason for using whole life is that the policy can last a lifetime while term insurance usually provides temporary coverage.

term insurance

Also, when you buy final expense insurance on a whole life policy, you will get the same guarantees and benefits of a traditional whole life insurance policy. These guarantees are important in order for your policy to provide lifetime coverage and build cash value.

 This is what makes Whole Life Insurance the better policy for final expense insurance:  


The policy will last a lifetime as long as the premiums are paid. Your insurance company cannot cancel your policy for any reason other than non-payment of premium.

Your periodic premium (usually monthly) will never go up, even if you become terminally ill and have to live in a nursing home or hospice facility.

Your whole life insurance policy can potentially build cash value over time and you will have access to that money through policy loans or withdrawals. Your cash value can be used for any reason you choose.  It’s your money.


What is Final Expense Insurance?


Final Expense Insurance is a whole life insurance policy that is designed to pay for your final expenses when you die. Unless these expenses are taken care of with other life insurance or money from your estate, these costs are typically passed on to surviving loved ones.

Certainly, the last things you want to leave when you pass away are the costs of a funeral and other services to your grieving family members, when you can easily pre-fund all of these expenses by purchasing affordable final expense insurance.

For most seniors, the most significant final expenses that must be dealt with when they die are their funeral and burial service. Even if the policyholder prefers to be cremated, there are still significant expenses if you choose to have a memorial service along with the cremation.


How much will a Funeral and Burial Cost?


Although funeral costs vary depending on the type of funeral and the state you live in, we can estimate very closely what you should expect to insure for. When we determine the average cost of a funeral and burial it makes sense to go to the source, The National Funeral Directors Association. Here is what they reported for 2018:


National Median Cost of an Adult Funeral with Viewing and Burial 2017


It’s important that we remind you that this chart is for the national median cost (average) of a funeral and burial. Funerals can become significantly more expensive when you start adding the bells and whistles that most funeral directors will always bring up. You can, however, pay much less than what’s listed here if you shop a funeral in advance, shop the casket, and get your church to offer their facilities.


What if I decide to be Cremated?

final expense life insurance


Cremation is certainly an alternative that can reduce the cost of a traditional funeral, but even cremation can be expensive when you add a memorial service or decide to bury the ashes.


National Median Cost of an Adult Funeral with Viewing and Cremation 2017



Will I have to Qualify for Final Expense Insurance?


It depends. If you are looking for the lowest rate for a traditional final expense policy that offers a level death benefit and first-day coverage, you won’t have to have a medical exam but you will have to answer a lot of questions about your health on the application.

Most companies will offer coverage even when you have some health issues but there are some questions that are considered “knockout” questions and if you answer yes you will likely be declined.

The health questions that will likely lead to a decline if you answer “Yes” are:

Chest pains (Angina) in the last 12 months

Currently in the hospital, a nursing home, or hospice care or facility

Tested positive for HIV or AIDS

Currently on Dialysis

Diagnosed with any kind of Terminal Illness

Stroke in the last 12 months (excluding mini-stroke)

Alzheimer’s or dementia

Currently under treatment for Cancer

Wheelchair-bound as a result of a chronic illness

Had or on a waiting list for organ transplant (corneal excluded)


Other Underwriting Information the Company Reviews

pay attention


Even though final expense insurers do not order medical exams or blood and urine tests, they can still find some medical information about you in other places besides the insurance application.  Some of the sources are:


Medical Information Bureau (MIB) – The Medical Information Bureau is an organization owned by the member insurance companies that compile data about your health. The bulk of the information that is compiled is the information you supply on your insurance application. This is not a mammoth database that has every person’s medical history, it is a repository for insurance companies to verify the information you’ve already supplied elsewhere and you give the company permission to view this data when you sign your life insurance application.


RX Check – There are several companies that store information on all the prescription drugs you take and the information comes from pharmacies across America. While this data doesn’t include why you were prescribed a medication, the insurance underwriters can surmise why you may be taking it.


If Your Application is Declined

Denied life insurance for felons


As we mentioned earlier, there is an alternative insurance product that is available that does not take your health into consideration when they underwrite your insurance policy. These policies have become very popular with the senior crowd who are dealing with multiple health issues that prevent them from getting approval for traditional final expense insurance.

  1. Graded Benefit Insurance Plan

A graded benefit plan typically contains a two or three-year waiting period before the insurance company will pay the full death benefit if a policyholder dies because of natural causes.

Typically, these policies will pay a percentage of the full death benefit if you die of natural causes in the first year of about 25 to 40% of the death benefit. If you die because of natural causes during the second year of the waiting period, the company will then pay about 70 to 80% of the death benefit. Then, starting in year three, the company would pay the full death benefit.

It’s important to note that most insurers will pay the full death benefit from the first day if the death is the result of an accident.


  1. Guaranteed Issue Plan

The Guaranteed Issue final expense plan is similar to the graded benefit plan accept for how the death benefit is paid out. Typically, if a policyholder dies within the two or three year waiting period from natural causes, the insurer would pay your beneficiary 110% of the premiums you’ve paid to the company.

For example, let’s imagine that you have a Guaranteed Issue final expense policy with a $15,000 death benefit and you’re paying $80 per month. If you were to die 18 months after your policy was issued, your beneficiary would receive $1,584 ($80 x 18 plus 10%) instead of the full death benefit of $15,000.

Once your waiting period is exhausted, your beneficiary would receive the full death benefit no matter the cause of your death. Also, death resulting from an accident would not be subject to the waiting period. In other words, the full death benefit begins from the first day of coverage for accidental death.


How Much are the Rates for a Level Benefit Policy?


Like any other type of life insurance, the insurance rates are based on your age and your health. If you were to apply for and be approved for a $20,000 Final Expense plan, here’s what you can expect to pay:


Mutual of Omaha Final Expense Insurance Rates


As you will notice, the life insurance rates for men are more than the rates for women. This is because women typically live longer than men and therefore the insurance company will have a long period to collect premiums. Please note that these rates are for non-smokers, smoker rates are significantly higher.


What if I’m Declined and have to Purchase Guaranteed Issue Final Expense Insurance



As we mentioned earlier, a guaranteed issue policy does not take your health history into consideration when the policy is underwritten. There are a few knockout questions on the application but most applicants are able to get the coverage they need.

Here are the actual rates for a $20,000 Guaranteed Issue Final Expense Policy:


AIG Final Expense Insurance rates


As you will plainly see, the rates for Guaranteed Issue Final Expense Insurance are much higher than the rates for Level Benefit Final Expense Insurance. This is because the insurer is accepting an unknown health risk.


Where can I find the Lowest Rates?


It’s important that you shop your final expense insurance with an independent broker who represents the top-rated carriers that offer Level Benefit Final Expense insurance and Guaranteed Issue Final Expense Insurance.

This means you should stay away from buying directly through a company or doing business with a “captured agent” who only represents one company.

When you use an independent broker like, you have the ability to shop your policy with all the top rated carriers and get advice from an insurance professional who is experienced and reputable.  At, we will shop your application with all our carriers and then deliver the best solution that will meet your needs and your budget.


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Life Insurance Health Classification and your Health

How can you improve your life insurance health classification?  If you have been following this blog, you have probably noticed that not all of our posts are about the subject of life insurance. We have recently included posts related to improving one’s health and lifestyles (that’s why we changed the name to Insure Your Life). I must admit that we have both selfish and unselfish motives for including these categories.

Falling into both the unselfish and selfish categories, we (the employees of, befitting of the Southern California stereotype, are truly interested in anything having to do with health, exercise and nutrition. We actually like these subjects and enjoy reading and writing about them. We also like sharing (and admittedly, sometimes preaching) this information with health-minded people, as well as those who know they need to make some changes in their live.

As life insurance brokers, we speak to a lot of folks on a daily basis. As would be expected when dealing with a large cross-section of the population, we run into people that fit into every imaginable health profile, from the super-healthy to those who have been far less fortunate in regard to their health. As life insurance rates are a reflection of one’s health, less-than-perfect health usually means a lower life insurance health classification, resulting in higher premiums. If any of our articles inspires you to improve your health and, in so doing, lowers rates for life insurance policy, the results are compounded, which we enjoy too (both unselfishly and selfishly if it helped to make a sale).

Note:  As of  7/7/2018, we have incorporated content from some of our health-related posts into this one article so you don’t have to search the website to find them (Medical Disclaimer: This Content is not intended to be a substitute for professional medical or health advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified health provider with any questions you may have regarding any medical or health-related condition).

Heart Health

Heart Health for Life Insurance

Half of people with high blood pressure don’t know it

Do you have high blood pressure? According to a new study, the answer may be yes, and you may not even be aware of it. In a study involving over 140,000 adults from 17 different countries, an international team of researchers found that more than one-half of those with hypertension were unaware they had the disease. The findings, which were published in Journal of the American Medical Association, were similar for people from both richer and poorer countries.

The research team, led by Dr. Salim Yusuf of McMaster University’s Michael G. DeGroote School of Medicine in Hamilton, Ontario, analyzed the data of participants in a long-running health study of urban and rural settings. Each individual had their blood pressure measured and medication use recorded and were asked whether they knew if they had hypertension. The study found that fewer than half of those with high blood pressure were aware of the diagnosis.

In a press release, Yusuf referred to his team’s findings as “disturbing” and called for better screening measures for high blood pressure.

“The widespread lack of hypertension awareness and poor control in all countries studied, despite the identification and control of blood pressure being prioritized by many national and global organizations and despite the availability of inexpensive and effective medications, is concerning,” he said.

The American Heart Association recommends that those at risk for high blood pressure consider lifestyle changes like engaging in regular exercise and reducing sodium intake.

Having a healthy lifestyle may not only reduce your risk for high blood pressure, it might also qualify you for lower life insurance rates. Get a term life insurance quote, using the quote request to the right of this article.

Avoiding Death from Heart Attack and Stroke

Cardiovascular disease is the leading cause of death in the United States (approximately 800,000 a year) and many of them are avoidable.

According to the Centers for Disease Control and Prevention (CDC), over 200,000 avoidable deaths from heart disease, stroke and hypertensive disease occurred in the United States in 2010.   Avoidable deaths are defined as those deaths that were either preventable by addressing risk factors or; treatable, as in treating conditions once they occurred.

Unhealthy lifestyle behaviors (e.g., tobacco use, , excess weight, poor diet, inactivity and excessive alcohol use), coupled with uncontrolled hypertension, elevated cholesterol and obesity account for 80 percent of deaths due to heart disease and approximately 50 percent of deaths due to stroke in the united States.

Immediate care at the onset of a heart attack or stroke would help to avoid even more deaths.  In these situations, it’s always recommended that those present with the afflicted person call 911 immediately so life-saving treatment can begin immediately.  Emergency medical services (EMS) staff can begin treatment as soon as they arrive – they might need to revive someone whose heart had stopped.  If treatment weren’t to begin until the patient arrived at a hospital, treatment might not happen for an hour.   Eliminating that extra hour can literally save the person’s life.

Heart Attack Warning Signs

In order to get early treatment for a heart attack, it’s important to know the signs.  These come from the American Heart Association website:

  • Chest Discomfort – Most heart attacks involve discomfort in the center of the chest, lasting more than a few minutes, or that goes away and then comes back.
  • Discomfort in Other Areas of the Upper Body – Symptoms can include pain or discomfort in one or both arms, the back, neck, jaw or stomach.
  • Shortness of Breath – with or without chest discomfort.
  • Other Signs  – may include breaking out in a cold sweat, nausea or light-headedness.

Cardiac Arrest Warning Signs

  • Sudden Loss of Responsiveness – No response to tapping on shoulders.
  • No Normal Breathing – The person does not take a normal breath when you tilt the head up and check for at least five seconds.

Stroke Warning Signs (Spot a Stroke F.A.S.T.)

  • Face Drooping – Does one side of the face droop or is it numb?  Ask the person to smile.
  • Arm Weakness – Is one  arm weak or numb?  Ask the person to raise both arms.  Does one drift downward?
  • Speech Difficulty – Is the speech slurred, are they unable to speak, or are they hard to understand?  Ask the person to repeat a simple sentence, like “the sky is blue.”  Is the sentence repeated correctly?
  • Time to Call 911 – If the person shows any of these symptoms, even if the symptoms go away, call 911 immediately and get the person to the hospital immediately.

Improving your lifestyle can reduce the risk of heart attack or stroke, but if it should happen to you, it would certainly be helpful if those around you had this information.  The American Heart Association website also has some valuable information on preventing heart disease and stroke by improving your heart health with better nutrition, physical activity and weight management.  If you follow their guidelines, it would also go a long way toward getting a better life insurance health classification and lower life insurance rates.

Yet another study connects fish oil with heart health

Often associated with the long-term betterment of personal health, fish oil – which contains high levels of omega-3 fatty acids – appears to have been justified even further by a new study conducted by the Harvard School of Public Health.

The Endocrine Society, a U.S.-based organization that funds medical research, reported in a press release that investigators at Harvard pored over data from a number of clinical trials that focused on the effects of fish oil. Hundreds of participants consumed fish oil tablets on a daily basis, and the researchers found evidence that those who did exhibited fewer signs of diabetes and heart disease.

The key behind the benefit appears to be a hormone known as adiponectin. This compound helps to boost the metabolism in the body while also reducing inflammation levels, the latter of which is a risk factor for conditions such as cancer. The team noted higher amounts of the hormone in participants who were regularly taking the fish oil supplements.

“While prior animal studies found fish oil increased circulating adiponectin, whether similar effects apply in humans is not established,” Jason Wu, the lead author of the study, said in a statement. “By reviewing evidence from existing randomized clinical trials, we found that fish oil supplementation caused modest increases in adiponectin in the blood of humans.”

These developments are a sign that a holistic approach to wellness can be largely beneficial to older individuals. However, while pursuing a healthier lifestyle, it’s important to plan for unexpected events in the future. Part of this process involves buying a life insurance policy, which provides financial assistance to your loved ones when they need it most.

Could abnormal sound levels impair heart health?

Medical research, in recent years, has established a relationship between excessive noise levels and a gradual impairment of hearing. Other studies have shown that even moderately loud sounds can have a degrading impact on this sense. However, a new study has shown that even the slightest noises – a car horn or a jack hammer at a construction site – can create temporary but potentially harmful fluctuations in a person’s heartbeat.

According to a report published in Environmental Health Perspectives, a scientific research journal, an investigation involving 110 people fitted with heart rate monitors showed that changes in a person’s anticipated sound level, or the level of noise they are accustomed to, can briefly increase a person’s pulse.

Additionally, researchers noted that participants’ so-called “heart variability” – which relates to beat changes during inhalation and exhalation – may be negatively impacted. Medical experts have suggested that a lower variability can raise an individual’s risk of suffering from a cardiovascular event like a heart attack.

The findings suggest that folks who have a higher chance of developing heart disease may want to show caution around sources of loud noises.

“Our main focus was to find a possible mechanism that could be responsible for the observed health effects in other studies,” Alexandra Schneider, a researcher who was involved with the project, told HealthDay, an online healthcare publication.

The developments could point to a correlation between heart attack risk and sound-induced stress, which may increase over time. As such, folks with medical histories that point to cardiovascular illness should consider ways to protect themselves from excess sound levels.

Your Diet

Life Insurance and Healthy Foods

Why calcium and protein are vital to your health

Our bodies thrive and develop from the foods we eat. If a person eats fast food and other types of junk on a regular basis, they will most likely feel terrible a lot of the time. On the other hand, if they choose wisely and eat healthy foods like fresh fruits and vegetables, they will notice a substantial difference in their energy levels and overall demeanor.

Today, we’ll discuss the importance of calcium and protein-rich foods and how they can make you healthy.

Medical experts largely agree that the human body needs:

Calcium – You remember the food pyramid from high school health class, right? If you look for the modern update, you’ll notice it more closely resembles a dinner plate now. Yet beside it, in the shape of a drinking glass, is the reminder that you need plenty of dairy during the day in order to get an adequate helping of calcium. Calcium is important for maintaining bone and tooth integrity. However, don’t think that ice cream will do the trick. Doctors recommend that adults try to avoid “fatty dairy” products as they can significantly contribute to weight gain.

Protein – Adult men and women require between five and seven ounces of protein-rich food every day in order to maintain muscle strength and overall fitness levels. However, there are some caveats to keep in mind. When preparing meat, you should eschew a lot of breading or oils because this can negate the health benefits of the meat. Additionally, some protein-based foods have preservatives or other additives that could lead to long-term health problems. You should read packaging labels carefully before you purchase any kind of food to make sure those choices will help.

Summertime snack ideas

Summer brings many changes to people’s lives, whether it relates to their work schedules, travel opportunities and everything in between. As such, you might find yourself looking for ways to prepare food that is both easy to make and better for your health than what you can pick up at the store.

There are a wide variety of recipes to choose from, and in today’s article, we’ll look at a few snacking suggestions made by wellness experts:

Cheese and crackers – Organic cheeses are a good source of proteins and calcium, and make a great snack if you’re looking for something easy to put together. Paired with unsalted crackers, you’ll be full enough until your next meal without packing on too many calories.

Fruit salad – This perennial party favorite is a great opportunity to put together your favorite fruits. It makes an ideal snack for mid-day, as it can give you a natural – and delicious – energy boost. We recommend choosing oranges, apples, grapes and pineapple, which are chock-full of antioxidants and unprocessed sugars.

Trail mix – A grab-bag of tasty items is the perfect selection for an on-the-go snack. The ideal combination may include different types of nuts, berries and dried fruits. Adding a small amount of chocolate can help tie these flavors together in a healthy and practical way.

Maintaining a balanced diet with smart choices is essential to staying healthy and strong. Not only will you feel better and have more energy, but you’ll also be able to benefit from other advantages like improving your life insurance health classification, with will lower rates on a life insurance policy, which is a helpful form of financial protection for your loved ones.


Running can improve your life insurance health classification

Tips for exercising in the office

Those who spend long hours working at a desk know all too well the effect this lifestyle can have on the body. In order to combat the problems associated with a sedentary job, you need to make sure that you are exercising accordingly. For those who don’t have time to get to the gym before or after their day job, there is another solution available: working out at your desk.

Today, we’ll look at methods you can use to keep active even if you are sitting for extended periods of time.

To maintain your fitness at the office, you can:

Go for a walk every hour – The simplest way of staying active is to get up on a consistent basis. When you sit for a long period of time, blood flow can be restricted to your lower extremities, causing soreness and tiredness in some cases. Medical experts suggest getting up for a five to 10 minute walk every hour to help promote better circulation.

Stretch, stretch, stretch – On a day when you have to write five reports and put together a presentation, you hardly have enough time for lunch, let alone exercise. During these instances, simply stretching in your seat – or standing, if you can – is a productive way to get your muscles moving without losing too much time. Neck, back and arm stretches are perfect if you have to spend most of your day typing.

Use weights under your desk – If you can do it stealthily, this is a great way to keep your hands and arms in good shape when you’re stuck in the office all day. While you might need to adjust your seat a bit, you can do some light weight exercises at your desk. In the event that you go out for a lunch break, bring them with you for a bit of power walking as well.

Walking: How a few steps can bring big health payoffs

It’s one of the easiest ways to exercise, it has plenty of rewarding qualities and it’s absolutely free. It’s not a special one-time gym offer that brings you these benefits, but rather, it’s something you can do with your own two feet: walking.

Today, we’ll discuss the ways in which a few loops around your neighborhood per week can boost your overall health and fitness levels.

Every time you go for a walk, you are:

Decreasing your chances of getting diabetes early – As you may know, a person stricken with diabetes does not produce enough insulin for their bodies to operate normally. However, recent medical research has linked fast-paced walking with an increase in the level of insulin resistance in the body. This makes you more sensitive to the onset of the disorder and helps doctors identify it faster.

Lowering the bad cholesterol, boosting the good – Doctors regularly recommend walking to older patients as a way to decrease low-density lipoprotein (LDL) levels, also known as “bad” cholesterol. On the same hand, this heightened activity can improve high-density lipoproteins (HDL), which are important for maintaining good circulation.

Saving money – While there’s no doubting that a gym membership can help you improve your fitness, walking is a free activity and can be done at different levels of intensity. According to some exercise experts, a quick pace – approximately 6,000 steps per hour – can award the same level of heart and muscle-building benefits of 30 minutes of weight training.

This quick and easy method for exercising is a must for anyone trying to stay healthy. However, it always helps to be ready in case something goes wrong. Obtaining a low-cost life insurance policy  helps to ensure that the financial stability of your family remains strong when they need it most.

Save as you get in shape: Cheap ways to exercise

Exercising, in some cases, can be a rather expensive affair. The average basic cost of a gym membership in 2018 is between $40 and $50 per month, though that price can rise if you include other expenses. These occasionally-prohibitive costs may keep some people from pursuing their obvious benefits. Thankfully, there are ways to achieve the same level of fitness without emptying your wallet at the gym’s front desk.

Today, we’ll look at methods for exercising on the cheap that will leave you just as worked-out as if you were shelling out $200 for that cross-fit course your friend told you about.

To get in shape while saving cash, you should:

Jog every morning – Medical experts say that running a few laps each day is one of the easiest ways to trim the waistline without spending too much money. Sure, you might need to pick up a new pair of running shoes every six to nine months – depending on how quickly they wear out – but this is much better than shelling out hundreds of dollars for a new treadmill.

Make time at home to work out – Instead of going to a gym several days a week, you can turn your home office or living room into a full-on exercise space. You can pick up a few weights at your nearby sporting goods store and install a pull-up bar in one of your doorways.

Walk instead of driving or taking the bus – This is especially helpful if you live in or near a town that you frequent often. While it may add some time to your travel routine, depending on the area, this might not be as much of an inconvenience as you would think.

There’s nothing better than the double advantage of saving money while also getting in shape. It also helps, however, to buy a life insurance policy to protect you and your loved ones from potentially huge costs in the future if something bad unexpectedly occurs. Exercising and maintaining a healthy weight might also help you get approved for a better life insurance health classification, saving money on your life insurance policy.

Moderate exercise may encourage a healthier lifestyle

In the quest to slim down, some folks do too much too quickly. Trying to train for a marathon when you can barely run a mile, or spending hours in the gym with no visible results can leave you sad, unmotivated and may drive you back into old, bad habits.

A new study suggests that hard exercise may not be the right way to approach weight loss, especially for people who are severely overweight or obese. Researchers from the University of Copenhagen in Denmark have found that overweight people who exercise for short periods of time feel happier and more motivated to continue their work than those who exercise for an hour or more.

“The subjects in the test group that exercised the least talk about increased energy levels and a higher motivation for exercising and pursuing a healthy everyday life,” said Astrid Jepersen, one of the study’s authors, in a press release. “They take the stairs, take the dog for an extra walk or cycle to work. In contrast, the men who exercised for one hour a day, after training, felt exhausted, unmotivated and less open to making a healthy change.”

Jepersen added that public health officials should take a more holistic rather than a one-size-fits-all approach to combating obesity. Psychology, culture and social structures should all play an important role in determining how a person can develop and maintain a healthy lifestyle, she said.

Maintaining a healthy weight may reduce your risk for heart disease, stroke and diabetes. In addition, staying fit may qualify you for lower life insurance rates. For convenient life insurance quotes, use our online quote generator to find out which policies fit your needs.

A few laps for a longer life: How jogging makes you healthier

Getting in shape doesn’t necessarily mean going to the gym several times a week and exhausting yourself by doing squats or lifting weights. Good exercise comes from a consistent, semi-strenuous activity that is performed throughout the week. Doctors and fitness experts agree that you should diversify the methods of staying healthy, and almost always settle on one reliable choice: a daily jog.

The health benefits of going for a moderately paced run around the neighborhood include:

Better circulation – As we age, our bodies naturally atrophy over time. One of the most common effects of this process is the slow wearing-down of veins and arteries, which can lead to higher blood pressure. When you run, your breathing and heart rate patterns change and, over time, the muscles in your body become stronger.

Lower weight – The simplest benefit is that, as you work out, you will lose weight. Not only will this improve your sense of personal well-being, but you will naturally feel better and more energetic.

Mental health stability – While jogging, you’ll most likely be taking deeper breaths in order to stay at a certain pace. When you do this, your blood vessels deliver this fresh oxygen throughout your brain. You may not realize it at first, but this alteration in your breathing pattern will actually help calm you down. By reducing stress, you take the pressure off your mind and are able to think more clearly.

After a few weeks of daily jogging – and getting over the sore muscles – you will notice a substantial change in how you feel. Regardless of health and fitness levels, however, it’s important to always be prepared for the unexpected. If you purchase a life insurance policy from, your financial future will be secure. And remember, the healthier you are, the better your life insurance health classification and the lower your premiums.

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

We’re living in a culture that runs on constant information. All aspects 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: 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 one of the Fitbit fitness-trackers, users can track their exercise and sleep patterns The data is then sent to your computer, which can be shared with friends to promote healthy competition.

Apple Watch:  A major feature of the Apple Watch is its health and fitness tracking capability.  The watch monitors your movement throughout the day, including workouts, and even reminds you to get moving.  Plus, you can use the watch to track your heart rate and view your workout stats, all from your wrist.

Samsung Watch:  With a Samsung Gear Watch  you can record and track your daily activities and life as you get closer to your health goal.  You can enjoy Samsung Health to the fullest and make it more useful with a variety of apps and partner accessories. 

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.

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 lower your life insurance health classification and raise your premiums. 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.

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Real-Life Impact of Life Insurance

Life insurance agents typically share hypothetical stories about how life insurance can save families from financial ruin following the death of a loved one.  Fortunately, many families have felt the real-life impact of life insurance after the death of a spouse, parent or other family member.  The real-life stories below come by way of LIFE (the Life and Health Insurance Foundation for Education , a nonprofit organization dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products, including disability and long-term care insurance):

Jim Clara Bix

Jim Bix was a young, recently married electronics technician when the unthinkable happened: He was diagnosed with incurable lung disease. As his health began to deteriorate from the illness, Jim needed to turn to disability insurance to pay for the daily living expenses of his wife Clara and two daughters.

Clara recounted this struggle in a feature story for the Life and Health Insurance Foundation for Education (LIFE), a nonprofit that aims to help consumers make smart insurance decisions.

But, while she says the initial news was bad, Jim’s health stabilized over the next 20 years. During this time, Clara says Jim kept his family in their home and his daughters enrolled in a great private school.

Jim’s good fortune, however, wasn’t destined to last. Just when his health took a turn for the worse, the family received more bad news. Clara would need surgery to remove a cancerous kidney tumor.

After her successful operation and a brief spell of happiness for the family, Jim succumbed to his illness. But, while the family may have fallen on hard times, smart decisions made by Jim helped keep the family afloat through these difficult circumstances. Jim had paid extra to double his coverage amount, and as a result, despite his untimely demise, the Bixes were able to enjoy the same lifestyle they had before his passing.

“Life insurance was the greatest gift my dad could give us,” says Brittany. “It has allowed us to live life the same way as when he was here with us.”

According to the source, Brittany was so thankful for what insurance was able to provide for her family that she is now planning to pursue a career as a licensed insurance agent, hoping to pass on the gift of financial security to more families dealing with difficult situations like those her family faced.

Bill Connie Hobson

The Life and Health Insurance Foundation for Education’s (LIFE) series of personal life insurance videos are clear and positive reminders of the importance of these policies. Families shattered by the death of a loved one need all the support they can get, and a life insurance policy is an ideal method of ensuring economic safety.

One of the stories by LIFE focused on Bill and Connie Hobson, who were your average American couple. Bill had a job at ATT as a product specialist that paid well, but complications began to occur when he noticed the strength in his hand had begun to weaken. Eventually, he was diagnosed with Lou Gehrig’s disease.

This degenerative neurological disorder can take years to develop, and over time Bill became less and less able to work. Yet it was before and during this time that Bill began putting his affairs in order, which included purchasing a term life insurance policy to supplement other policies he had obtained from ATT. When Bill passed away in 2009, the Hobsons were devastated but able to recover financially thanks to his forward planning.

Combined, Bill’s death benefits enabled Connie and the couple’s daughters to set enough money aside to both prepare for the future and settle some of their existing debt. Connie’s financial planner set up a retirement account while utilizing Bill’s 401(k) and pension payouts to ensure economic stability while her kids were still in school.

If you would like to learn more about the advantages of life insurance policies and how they can change your life, contact us today.

David Sarah Lewis

The Life and Health Insurance Foundation for Education (LIFE) has long supported the idea of educating everyday folks about the benefits of a life insurance policy. In one of their “Real LIFE Stories” segments, the organization told the story of Sarah Lewis, who was faced with an uncertain financial future following the death of her husband.

David Lewis was a pediatric cardiologist who spent a considerable amount of time working overseas, especially in Latin America. Despite the long-distance trips, he made a commitment to protect his family , and working with a life insurance specialist, David purchased a life insurance policy. He even reviewed it with a professional twice a year to make sure that he and his loved ones were safeguarded in case anything should happen to him. His efforts put in place a level of financial protection for his wife and their three children.

Tragedy struck in 2001, when David suffered a heart attack and died in Ecuador. When he passed away, Sarah was able to access these funds to settle a number of financial liabilities that the family was facing. Not only did she pay off her mortgage and credit card debt, she also put money away for her children’s college educations. The remainder of the benefits were used to help maintain the Lewis family’s quality of life as they adjusted to a future without David.

“The greatest gift you can give your family is to think ahead and be prepared,” Sarah said in the LIFE interview.

If you’re unsure about which benefits that a life insurance policy can offer, visit today. We offer online life insurance quotes as well as general information regarding the purchase and use of a life insurance policy. Call us today at 866-691-0100 to learn more about this useful form of financial protection.

Boomer Esiason

In an earlier post, we mentioned that former NFL player and current sports commentator Boomer Esiason served as the spokesperson for Life Insurance Awareness Month (2013), which annually runs through September. Today, we’ll explain the reasons why the former MVP and Pro Bowler chose to include life insurance in his financial planning process.

In an interview with the Life and Health Insurance Foundation for Education (LIFE), Esiason said that he learned the importance of life insurance at an early age. His mother died of cancer when he was seven, leaving his father to raise three children alone. Although she was not the breadwinner in the home, his mother’s absence made life difficult for the family. Esiason told the foundation that if his mother had purchased a life insurance policy, his father could have used the money to hire someone to keep the household running.

Because of his experience as a child, Esiason didn’t think twice about purchasing a life insurance policy for himself.

“When I became an NFL football player and decided to have kids in the early 90s, I recognized that I didn’t want to have happen to my kids what happened to us, as [we were] struggling when I grew up,” Esiason told Forbes.

The importance of life insurance is further compounded by the fact that Esiason’s son, Gunnar, has cystic fibrosis.

“If I don’t protect [Gunnar’s] future […] then if we ever found ourselves in the situation that I found myself in when I was seven, it would be an unmitigated disaster,” Esiason told the Forbes.

As this story illustrates, losing a loved one is always difficult, but it can be easier financially if you take the right steps for your family. For online life insurance quotes that can help you begin planning for the future, use the quote box on the right.

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The Life Insurance Approval Process: How Long Does it Take?

The thought of applying and getting approved for life insurance initially seems like a daunting task. But today, this couldn’t be further from the truth. Magnificent technological strides in life insurance industry
have been made, allowing companies to create quick life insurance quotes specifically tailored to customers in minutes.

How long does it take for life insurance to be improved?

Depending on the type of life insurance policy you are purchasing, and a number of other factors, a life insurance policy can be completely filled out and approved within 24 hours, or could take a few weeks or even months.

What is the process for being approved for life insurance?

In order to be approved, many insurance policies must go through a process called underwriting, in which rates are determined based on the assessed risk of each individual.

What is underwriting?

Underwriting is the process by which insurance companies assess risk of an individual in order to determine premium rates. This is based on statistical analysis of multiple factors that are used to determine risk of the insured.

This being said,

what is the role of an underwriter in an insurance company?

How long is the life insurance underwriting process?

As I stated above, the underwriting process can be as quick as 24 hours or take up to a couple of months.

This really all depends on a lot of factors involving your profile and your needs in a policy. Follow along as I dive deeper into the underwriting process, the various types of underwriting, what to expect in the process, and how long the underwriting process can take.

What factors are considered in underwriting process?

Before an underwriting decision is made, underwriters need to account for all elements that determine your overall risk.  If we look back to our underwriter definition, it becomes easy to understand why underwriting is one of the longest parts of the life insurance approval process, because so much must be taken into account.

There are quite a few factors that are taken into consideration during the life insurance underwriting process:

  • Health history, family health history, age, gender, height, weight
  • The purpose of the insurance policy (estate planning, final expenses, business, or individual life insurance)
  • Marital status, children (if any)
  • If the applicant has life insurance already, and how much coverage
  • If the applicant plans on buying additional coverage from a third party
  • Occupation (more dangerous jobs are higher risk)
  • Income
  • Smoking habits, alcohol, hobbies, lifestyle
  • International travel

Each one of these questions regarding your health, history, and lifestyle helps insurance underwriters to determine the overall risk profile you have to the insurance company.  The higher risk you are in their eyes, the higher your premiums will likely be.

For instance, if you work on skyscrapers, cleaning the windows on the outside, 800 feet above the ground each day, you are probably a much higher risk than say someone who works at the DMV, behind a desk all day.

How long does it take for an underwriter to make an underwriting decision?

Depending on the type of life insurance coverage you are looking for, there are a number of different types of underwriting you can go through in the application process.  Each one of these types of underwriting takes longer or shorter based on the amount of information that the insurance company needs in order to properly assess your risk and premium.

The main types of underwriting in the life insurance application process are:

Guaranteed issue

Guaranteed Issue life insurance is insurance that is offered to any eligible applicant without regards to their health status.  More often than not, this is for people who are in terminal or very poor health. On average, guaranteed issue policies are usually small in face value, often below $50,000.

In this type of underwriting process, there is no medical exam, and no health questions, making the process very fast, but making the rates equally expensive as a result.

Usually, the application process can take as little as a few minutes, but can take up to a few weeks in some instances.

Simplified issue

Simplified issue is the next step up from Guaranteed issue.  In this type of life insurance underwriting, applicants are asked brief questions regarding their health, but are still not required to take a medical examination.

Because this means anyone qualifies for coverage, just like with guaranteed issue, it means that rates are also expected to be fairly high.  The reason for this is that without proper knowledge of your health history, insurance companies assume the risk that you could die before your policy is through, leading them to have to pay out your policy.  As a result, premiums for these types of policies are higher to reflect the higher risk taken on by the insurer.

For simplified issue, the process usually takes less than a week from application to approval, but can take longer depending on the company.

No Medical Exam Life Insurance

In no medical exam underwriting, as the name implies, no medical examination is required.  However, there is more information the insurer requires about your background and financial history.

It is common for the insurance agent or company to require you to be submitted for a background check in order to see any criminal history.  Also, they check your DMV records to see accident history. Lastly, they will usually check prescription databases in order to get an idea of your medication history.

The premiums on policies with no exam underwriting are lower than those of simplified and guarantee issue, but still higher than those with more scrutiny in the application process.

Depending on the company, the third parties involved, and the medium through which you seek approval (online, phone, in person), this process can be done in as little as 24-48 hours, or can take up to 1-2 weeks.  

Fully underwritten

Full underwriting in the insurance application process takes longer than the accelerated underwriting choices listed above.

This type of underwriting is comprehensive, and is included in whole life and term life insurance policies alike.  It takes into account a long list of medical history from a medical examination, and combines it with background checks, prescription database information, DMV records, credit history and more.

In a fully underwritten life insurance application, a medical examination is required.  This is usually administered by a Primary Care Physician, and is essentially the same as a physical.  On top of this, urine and blood samples are usually taken in order to uncover health conditions, and the drug use/habits of applicants.

In some cases, where face values of policies are very high (usually in excess of $1,000,000), and/or the applicant has reached a higher age group (usually above 60), an EKG can also be a necessary part of the medical examination to ensure brain health.

If you are healthy and do not need insurance immediately, it is definitely the ideal type of underwriting for your application process.  The reason I say this is because if you are healthy, and willing to take a medical examination and undergo a background, credit, driving, and prescription check, and you know that all of your information will come back positive, you will undoubtedly receive a lower rate than an applicant who is not in similar health, with a similar background.

As far as time frame goes, it can be difficult to give an estimate for policies that undergo full underwriting.  The reason for this is because depending on the health conditions you have, Primary Care Physicians and Underwriters may have to go back and forth a few times until the insurance has all the relevant information needed to make a decision on your premium based on your risk profile.                  

If the process goes smoothly, and you are able to secure a medical examination within 3-5 days, the whole life insurance application process could take as little as 2-3-4 weeks and as much as 6-8 weeks.  In some cases, even less with technological advances allowing doctors to send over information almost instantly.

Can you get away from underwriting and medical exams/questions?

The short answer is yes, you can.

There is such thing as no medical exam life insurance policy, as I described above. As implied in the name, this type of insurance does not require a medical examination in order to open a policy.

As a result, however, the premiums are much higher for these types of policies.

This is largely due to the fact that insurance is entirely based on risk, and if they cannot properly assess your risk based on the results of a medical examination, they must protect themselves from the risk you may pose.

No medical examination life insurance policies usually run anywhere from 15 to 20% higher premiums than those with medical exams.

Other factors that can slow the underwriting process

During the underwriting process for a fully underwritten life insurance policy, there are a few factors that can slow down the underwriting process that you should be aware of:

The company you choose

The insurance carrier you choose often has a big impact on the time it takes for the underwriting and application process to be completed.  Often times, the larger the firm, the shorter the time frame to be approved. This is due to the fact that larger firms have more resources available to them to conduct their research, and more technologically advanced methods of calculating risks.

However, the large size of af company can also work against you in some cases. For instance, if an insurance carrier is so popular that they have hundreds or thousands of backlogged applicants awaiting underwriting, your application timeline could be extended as a result.  However, this is usually a pretty rare occurrence in the world we now live in, where everything happens instantly.

Additional health problems/conditions

Suppose you take your medical examination, and it uncovers that you have diabetes, cardiovascular issues, cancer, or some other form of unexpected health complication.  As you can imagine, this would raise concerns to an insurance company. As a result, they will want to take more caution when evaluating your risk profile.

This can often times result in additional medical examinations, health questions, and waiting periods.  Due to the varying level of danger any number of health complications can bring to your well being and therefore an insurance company’s bottom line, there is no telling how long the process can take in these cases.  Often times, these cases can result in a 1-3 month extension in the life insurance application process.

Face amount

Depending on the size of your life insurance policy, and the coverage you need in the event of your death, your policy can take a bit longer to review and approve.

As you can imagine, the larger the policy, the more eyes are going to be taking a look at it in order to ensure all the i’s are dotted and t’s are crossed.  Usually, the magic number is $2,000,000. Any policy larger than this can be expected to have additional people besides just the underwriter and agent involved in the process.  This is just to make sure that from the insurance company’s standpoint, they are doing everything they can to mitigate their own risk and secure you the best premium for the level of coverage you need.

As a result of this, the underwriting process can take a few more weeks than usual.

Type of life insurance policy

Depending on the type of life insurance policy you are looking to open, there may be a longer waiting time and processing time associated with it.

A solid example of this are whole life insurance and indexed universal life.  Both of these policies can take longer in the underwriting process because they are policies that cover someone for life.  Inherently, this presents a whole new set of risks for an insurance company, and as a result, they do their due diligence in order to ensure they secure the best premiums for applicants while still protecting themselves based on your risk profile.

Your age

As I briefly touched on earlier, your age can be a big factor in the underwriting process. The older you are, the more health problems you can potentially have, and sadly, the reality is, the more likely you are to die.  As a result, people over the age of 50-60 can usually expect the underwriting process to be a bit longer than those who are younger.

Usually, as long as no additional health concerns are discovered through your medical examination, your age can result in just a few additional questions and tests from your PCP, and lead to a week or two being added to the approval process.

How do underwriters get your information, and what are they looking for?

Naturally, with all this talk of background checks, driving records, health examinations, and medical history, you must have a bit of concern regarding how insurance companies access this information, and what they do with it afterwards.  Don’t worry, you are not alone. These questions are asked very frequently.

It is important to understand that insurance agencies keep your information 100% confidential.  They do not share or report your personal information anywhere other than in their own internal records.

Also, they secure their data from very reliable, trustworthy, and high authority sources that are responsible for keeping this type of information up to date and secure.  Some of the commonly accessed reports by life insurance companies in the application process are:

5 reports used in the underwriting process

Motor Vehicle Report

As you could have probably guessed, this information comes from the DMV.  Mostly, it is used to determine your car accident history. The more accident prone you are while driving, the more of a risk you are in the eyes of an insurer.  Applicants with frequent accidents in their past can expect higher insurance premiums as a result.

Prescription Database

Usually, the prescription databases that insurance companies access during the underwriting process are state regulated at the state level through PDMPs, which stands for Prescription Drug Monitoring Programs.  Each state has their own PDMP, with the lone exception of Missouri at the moment, which is currently in the process of approving one.

MIB Report

The Medical Information Bureau (MIB Group) is a non-profit entity in the United States and Canada that collects and validates medical information on people within their areas of operation.  

Most insurance agencies work directly with the MIB to ensure that the information applicants give in the application process is valid and corresponds with their data.  This helps underwriters to do their job more quickly, and protects insurance agencies from fraudulent applications.

Background Check

Background checks can be conducted by numerous third party sources.  For the most part, insurance companies are looking to see if you have any criminal history.  Depending on what history you have, you may be more of a risk in their eyes.

Credit Check

This is mainly done in order to ensure that you in fact have the resources and financial history to appropriately pay your premiums on time.  At the end of the day, an insurance company does not want to insure someone who is not going to pay their premium.

How Long Does it Take to Be Approved for Life Insurance – Takeaway

To sum things up, the time it takes to be approved for life insurance varies on a number of different factors.  Depending on your age, the policy you are looking for, the type of underwriting you want, the existing health conditions you have, the company you choose, and other uncontrollable factors, the time it takes to be approved for life insurance can vary from less than 24 hours to a few months or more.

For those in a rush and in poor shape who need coverage quick, no medical exam life insurance may be the best option, but it comes with a hefty price as a result of the higher risk taken on by the company insuring you.

However, for those who are in no rush to get coverage, your best bet is to wait out the process, and try to be as helpful as possible when giving your information to your agent.  While the process may seem lengthy at times, there have been major strides made in the last 20 years to improve the life insurance application and approval processes. It is also important to remember that the underwriters job is to ensure that you get the best premium possible for the coverage you need.  So while it may seem they can take long at time, they are working for you, not against you.

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