Life Insurance for High Risk Individuals

by admin on September 28, 2012

high-risk-life-insuranceSome people are still told that it is impossible or unreasonably expensive to buy life insurance for high-risk lifestyles. However, this is not always true. There are several companies today offering more affordable plans designed specifically for individuals with risky jobs or lifestyles, or pre-existing medical conditions. There are several different factors that can put individuals in this special category. Soldiers who are on active duty may be classified as high risk, and many other individuals with dangerous jobs may be on the list. Health conditions can also earn a person to be classified as high risk by insurance providers. For example, people who have had organ replacement surgeries, diabetes or multiple heart attacks may be considered high risks by insurance companies.
Some companies are willing to work with individuals on their policy options and premiums. There are also the option of looking into a company or carrier that will offer a non medical policy, which does not require a physical and will not look at the health records of one, but these options are usually more costly. Certain companies take individual circumstances into consideration. This means one company may decline a person who has had a heart attack, but another company may take that person if he or she has met specific health improvement requirements and sufficient time has passed without additional complications. These may include smoking cessation, weight loss or enrollment in healthy living classes. However, not all companies are like this.  Insurance companies have standard rates for life insurance for smokers. However, other medical conditions are not as cut and dry. People who have special circumstances that place them at higher risks should evaluate their individual situations and needs. Whole life coverage is usually the most expensive option, but it is the most inclusive. Term life insurance may be best for individuals who are on tight budgets.

There are also other policy options, some high risk individuals may not qualify for them. Most insurers are willing to offer term life insurance to people with high-risk lifestyles. However, longer terms may come with higher premiums. Some people may not find this option ideal; it can be a good temporary tool. For example, a deployed soldier who plans to serve one tour of duty and then seek other work could buy this form of life insurance. When the term expires, he or she may have a job with fewer risks or controlled medical conditions, which would potentially mean a more affordable policy may be available. If there are no other policies available in your price range you will have the option to convert your term policy into a permanent solution. These are all important issues each person should think about. The first and most important step in the process is requesting a free quote. Our company offers a side-by-side comparison tool for various companies’ quotes, which allows consumers to view rates without spending hours researching each company. For those who have questions, we also offer access to live professional financial advice.


Life Insurance for Parents

by admin on September 21, 2012

parents-life-insuranceParents with kids should be considering life insurance to leave for their surviving family members. The money from the policy will cover any debt accrued by the policy holder. The policy should also cover the loss of a spouse’s income. Many parents use life insurance to plan for the untimely demise of both parents. Benefits may be allocated to guardians of young children for care until the children are of age to manage their inheritance.

Who Needs Life Insurance?

Parents of all ages should have life insurance to protect their children in the event of their untimely death. Even parents in their early twenties should have insurance. This ensures the family will be financially stable if either or both parents pass away.  Elderly parents, even those with high risk medical conditions can find affordable coverage.

What Type of Insurance Should Parents Have?

Parents have the option of cash value life insurance or term life insurance policies. Seventy percent of life insurance policies are cash value. Cash value life insurance policies typically have higher premium costs than term life insurance premiums.

When parents buy a cash value life insurance policy, they pay regular premiums. The insurer will invest the premiums, less any expenses, for parents. If one or both parents die, the insurer will pay out according to the premium. If no one dies before the policy expires, the premiums will be refunded back with interest and minus any expenses.

Most parents prefer this type of insurance because the premiums will be refunded if the parents do not die within the term. This ensures parents are protected, but no money will be lost if the insurance is not used. Parents also prefer this method because interest accrues on the money.

With term life insurance, insurers pay regular premiums for 20 to 30 years. If an insured party dies within the term, the insurer will pay a death benefit. If the insured parents do not die within the term, and the death benefit is not used, the premiums will be lost. Parents sign up for term insurance because the premiums are typically 10 times lower than cash value policies.

Many experts recommend buying a term life policy and investing the difference between cash value policy and term life insurance. Most investors will get between eight and 12 percent return on a mutual fund if invested properly, but a cash value policy will only yield 2.4 percent interest for whole life, 4.2 percent interest for universal life and 7.4 percent interest for variable life annually. The evidence reveals that investing in mutual funds will yield higher returns.

Many people are experiencing financial difficulty and cannot afford the higher premiums associated with cash value policies. The option for purchasing term life and investing the difference fits the budget constraints better than many other options. Premium costs can be lowered even further by converting a term life insurance policy to a permanent policy. Permanent life insurance ensures that premiums remain low and the death benefit will be guaranteed.

With cash value policies, it is possible to cash out a policy early with penalties if the cash is needed. The penalties can be substantial but, at least, the funds will be available. This may be a life saver if unexpected expenses arise.

Consider Purchasing Life Insurance

Unless parents are independently wealthy, life insurance is probably necessary. Many parents purchase insurance policies even when they do not think they need insurance. Before canceling a policy or cashing out a policy, parents need to ensure they do not need an insurance policy. Most parents cancel their policies after their children move out of the house, but many continue life insurance to pay for medical expenses, outstanding debt and final expenses.

Consider purchasing life insurance to ensure expenses will be covered. Fill out the form below and a representative will contact you to provide additional information. The effort will be worthwhile.


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