December 30, 2008
Life Insurance Medical Exam- Not as Scary as You Think
December 30, 2008 | By: Matt | Comments (0) | Posted in: Life
Are you worried about taking the medical exam for your life insurance policy? You might have a picture in your mind of you laying on a table while you're hooked up to dozens of machines. While medical exams vary from company to company and are dependent on the amount of life insurance you are getting, the exams are really basic.
Continue reading " Life Insurance Medical Exam- Not as Scary as You Think " »
December 29, 2008
Term Life Insurance - 2008 Year in Review
December 29, 2008 | By: Robert | Comments (1) | Posted in: Life
Before you know it, 2008 will be over. Think of all that happened this year: the housing and financial crises hit Americans hard, the Los Angeles Lakers/Boston Celtics basketball rivalry was renewed, and Barack Obama was elected the 44th president of the United States.
Now think of all the changes that occurred in your life this year. Maybe you got married, divorced, welcomed a newborn baby to the world, or retired. If so, have you updated your life insurance policy?
As we turn our calendars to 2009, take a few moments to review your term life insurance needs.
Continue reading " Term Life Insurance - 2008 Year in Review " »
December 10, 2008
The Basics of Long Term Care Insurance
December 10, 2008 | By: Matt | Comments (0) | Posted in: Life
Good news, the average life expectancy is 78.1 years, which means people are living longer these days. But are you financially prepared for getting old? Maybe you have been contributing to your retirement fund but have you thought about long term care insurance?
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December 2, 2008
10 Things You Should Know About Buying Long-Term Care Insurance
December 2, 2008 | By: Matt | Comments (1) | Posted in: Life
Looking to purchase long-term care insurance? If so, you might be trying to figure out what your best option is, how much it is going to cost you and any limitations that are associated with long-term care insurance. The National Association of Insurance Commissioners offers these tips you should consider when buying long-term care insurance.
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October 3, 2008
Getting Fit: My Weight Loss Plan
October 3, 2008 | By: Matt | Comments (2) | Posted in: Life
I recently found out that I am technically obese. I knew that I was a little on the heavy side but I didn't think I had crossed the threshold into obesity. So in light of this news, and why I am sharing it on the Internet, is I am going to embark on a get-fit mission.
Not only am I doing this to look good in my tux during my wedding, but also to improve my quality of life as well as lower my life insurance costs. As of October 1st, I am 6'2", and weigh 235 pounds; which equals a Body Mass Index (BMI) of 30.22.
September 5, 2008
Getting Married and Life Insurance
September 5, 2008 | By: Matt | Comments (1) | Posted in: Life
As I mentioned in my last post (Getting Married and Car Insurance), I am getting married. We still have 9 months until the wedding, but we are trying to get as much done as we can so we can relax in the weeks leading up to the wedding. During this time we have been meeting with DJs, caterers, and florists to get our big day all set. There is one detail that is on my mind that isn't wedding related but more of a long term need for our marriage: life insurance.
January 24, 2008
Life Insurance Savings: 5 Ways to Save in 2008
January 24, 2008 | By: Matt | Comments (1) | Posted in: Life
Happy New Year! Now that 2007 is over, it is time to think of the resolutions you want to make for 2008. According to USA.gov, the five most popular New Years resolutions were as follows: 1) lose weight, 2) pay off debt, 3) save money, 4) get a better job, and 5) get fit. Maybe your resolution made the top 5? If your resolution is to save money this year, or you need to save to pay off your debt, one way to save that you might not be aware of is finding savings on your life insurance policy.
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There are five basic ways to save on your life insurance policy: (i) shop around and compare multiple quotes; (ii) select the term length that is appropriate for you; (iii) buy only the amount of coverage you need; (iv) check for price breaks; and (v) buy when you're young.
Shopping Online and Comparing Multiple Quotes The amount you pay for term life protection depends on the amount and term-length of your policy, your health and age, and the insurance company you select. To find the best price though, make sure to shop and compare quotes from multiple companies. As you will learn, the cost of the same policy can vary by hundreds of dollars among different insurance companies. Just as your needs are always changing, so are term life insurance rates.
Selecting the Appropriate Length of Coverage Everyone has different life insurance needs; therefore, there isn't a one size fits all solution when it comes to term life insurance. While it may make sense for people in their 30s and 40s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement. Individuals who have 30-year mortgages for example, might consider a 30-year term life policy to ensure that the home is protected throughout the life of the loan.
Determining the Right Amount of Coverage In shopping for term life insurance, many agents may try to sell you more coverage than you need. Understand that the purpose of life insurance is to replace financial loss, and what most people should be looking for is income replacement" for their beneficiaries. Financial planners recommend a policy amount at least equal to 6-10 times your annual gross income.
Checking for Price Breaks: Paying Less for More Insurance companies are known to offer price breaks at certain coverage amounts (e.g., $500,000 vs. $750,000). Many people can actually pay less money for more coverage. Check how little your prices increase when you when you change your coverage to $250,000, $500,000, or $1,000,000.
Buying When You're Young While your financial needs may be lower at a younger age, the rates are also substantially cheaper when you're young. The best advice is to lock in as much protection at a young age while your health and prices are still good to avoid paying substantially more when a shorter-term policy expires.
Even if saving money wasn't your top resolution for 2008, saving money on your life insurance policy is easy enough that you can achieve two New Years resolutions this year.
December 13, 2007
2007 Life Insurance: It Was a Very Good Year...
December 13, 2007 | By: Matt | Comments (0) | Posted in: Life
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The year 2007 is almost over. Think of all that has happened this past year; gas and housing prices fluctuated all year, the final installment of the Harry Potter series by J.K Rowling was released, and Bob Barker stepped down as the host of the famous game show The Price Is Right. Now think of all the changes that happened in your life. Maybe you got married or divorced, started a family, or retired this year. But have you updated your life insurance policy?
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Newlyweds Need New Life Insurance
Congratulations if you got married in 2007. Perhaps you and your significant other felt lucky and tied the knot on 7/7/07. The average number of weddings registered on the website The Knot for any Saturday in July is about 12,000, but for 7/7/07 the number tripled to 38,000. Even if you are feeling lucky after your triple sevens wedding, you shouldn't gamble by not having life insurance.
Most newlywed couples do not need extremely high levels of life insurance coverage; however, securing extra coverage at a younger age is a sound financial decision. As you begin to purchase things together (such as a house) and acquire debt, it is important to make sure you are adequately covered in the event of a catastrophe. Many find it easy to pay their mortgage when they are part of a two-income household, but those same people could find themselves in a financial pinch if something were to happen to their partner and they had to survive on their income alone.
Divorced or Widowed in 2007? Why You Don't Want to be Like Mike
Famous Chicago Bull Michael Jordan is getting divorced from once wife Juanita. What makes this an atypical divorce is that if Juanita gets the customary half of everything, she could get more then $150 million in the settlement, making it the most expensive divorce in entertainment history.
Being newly divorced or widowed is a difficult time. As much as you may be hurting, you must also consider practical matters such as life insurance. You may have increased financial obligations now (for example, paying for accommodations and expenses on one salary instead of two, etc.), and you may have lost life insurance coverage you previously had through your spouse. Getting divorced means a change in your life insurance coverage needs; make sure you update your coverage if you did get divorced or widowed this past year.
Welcoming a New Addition to Your Family in 2007
This one may seem a little more obvious, but in the excitement of planning for their new baby, many people forget to adjust their life insurance to their new needs. In addition to other important forms of insurance, such as health insurance and coverage for catastrophes such as fire, flooding or burglary, it is also important to make sure that you will be able to take care of your kids financially.
If your spouse were to pass away, would you be able to provide for your children's many needs? Or, if you were a stay at home parent and the major breadwinner of the household were to pass away, how would you take care of your children? Make sure you and your spouse have adequate life insurance coverage to protect both yourselves and your children. And make sure to adjust your beneficiaries as your family grows.
Enjoying the Prime Years of Life
Maybe 2007 was the last year you had to work. Now you can't start relaxing and living the good life in 2008. But, it is also true that most new retirees do need to think about maintaining an adequate level of life insurance coverage. Consider your children or spouse you may leave behind. Even though your children may be grown and on their own, and your spouse may be able to live comfortably on his or her retirement savings, there are many special circumstances in which they may find themselves in financial trouble if you were to pass, or vice versa, you if they were to.
Life insurance is made to protect your loved ones financially in the event of your passing; keeping them financially secure and avoiding debt caused by funeral expenses. As your life changes, so does the amount of coverage you need. The beginning of the year is an excellent time to either shop around for new life insurance or reflect on the past year to update your coverage. As you ring in the New Year with your family and friends, think about how you could financially protect them with the right amount of life insurance.
Many people may feel they don't need life insurance when they are young. While your financial needs may be lower at a younger age, the rates are also substantially less expensive when you're young. Remember, the goal is to cover your primary assets so should something happen to you; your beneficiaries would be able to persevere financially. The best advice is to lock in as much protection at a young age while your health is good and the price is right.
November 19, 2007
Life Insurance Prices Expected to Continue Dropping Through 2008
November 19, 2007 | By: Matt | Comments (0) | Posted in: Life
The end of 2007 is a good time to evaluate your life insurance needs. Maybe you started a family in 2007; or got married, divorced, or retired? As your life changes, so do your life insurance needs. Evaluating your life insurance needs can help you find the coverage that is right for you. Another good reason to evaluate your life insurance needs is that life insurance rates are expected to drop in 2008.
Continue reading " Life Insurance Prices Expected to Continue Dropping Through 2008 " »
October 25, 2007
Everyone Can Find Affordable Life Insurance Rates: Even Smokers
October 25, 2007 | By: Matt | Comments (0) | Posted in: Life
Smokers are often under the impression that they can't find affordable life insurance coverage. With 21% of the US population smoking, or about 45 million adult smokers in 2005, there is a need for life insurance companies to provide affordable rates to smokers.
Although smokers indeed pay more for term life insurance, there is generally a unique policy for almost every budget, every lifestyle, and every stage of life. The need for comparison shopping for the best policy is critical; as underwriting criteria and rates for smokers can differ drastically from company to company.
Who is Considered A Smoker?
Insurance companies classify smokers differently based on their tobacco consumption. Some companies differentiate between moderate and heavy usage, and charge moderate users less.
Other companies use the classification of "standard" or "preferred" tobacco users, where smokers will generally fall into the preferred category if they smoke but are otherwise healthy with regard to their weight, blood pressure, and cholesterol.
Your Life Insurance Rates if You Quit Smoking
Those who recently quit smoking may qualify for non-smoker rates, depending on the insurer's guidelines for how long a consumer must be tobacco-free. There are policies that offer graduated scales, with rates that drop the longer a person remains tobacco-free -- sometimes reaching non-smoking rates in the course of a year.
Applying for Term Life Insurance
The process of applying for a term life insurance policy generally requires a medical examination that verifies the information provided by the applicant (height, weight, blood pressure, etc.). In order to identify tobacco users, most insurance companies administer a test that measures their body's level of cotidine, a byproduct of nicotine, in their urine or saliva.
Nearly everyone can find affordable term life insurance rates when paired up with the right company -- even smokers. Nearly a quarter of the US adult population smokes, creating a significant market for life insurance companies to offer competitive term life insurance products.
5 Ways to Save on Life Insurance
1. Buy When You're Young
Secure as much protection at a young age. Buying life insurance coverage while you're young and your health is still good could help you save money on life insurance.
2. Select The Right Length Of Coverage
Everyone has different needs, and not one size fits all when it comes to term life insurance. While it may make sense for people in their 30s and 40s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement.
3. Check For Price Breaks
Companies often offer "price breaks" at certain coverage amounts, e.g., $250,000 vs. $225,000. The truth is that many people can actually pay less money for more coverage. Check how little your prices increase when you increase coverage to $250,000, $500,000, or $1,000,000.
4. Buy The Right Amount Of Coverage
Many agents may try to sell you more coverage than you need. Independent financial planners recommend purchasing an amount of coverage equal to 6-10 times your annual gross income.
5. Review Your Policy Often
Conduct a review of your life insurance policy at least every three years, if not more often. Rates may be lower, and your circumstances may have changed, necessitating more or less protection.
September 24, 2007
The 20 Most Obese States: How Southern Cooking Could Mean Higher Life Insurance Rates
September 24, 2007 | By: Matt | Comments (1) | Posted in: Life
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127 million Americans are overweight, not counting the 69 million that are obese. Where we live influences our diet and lifestyle -- and maybe even how much we pay for life insurance. Understanding how carriers use different health ratios to determine policy rates, is the beginning to realizing savings.
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Why You Pay More for Extra Pounds
Obesity is a more serious problem than wondering how you look. According to WebMD.com, someone who is 40% overweight is twice as likely to die prematurely as an average-weight person. This is because obesity has been linked to several serious medical conditions, including heart disease and strokes. When determining life insurance policy costs, carriers use a simple adage: "The more a person weighs, the more they pay." Specifically, the formula begins with an individual's proportion of body weight to his/her height, known also as "physical build." It's no secret that the more a person weighs in relation to their height, the greater their risk for long-term health complications and a shortened life span.
Good News for Being the Exception
Direct medical costs of obesity alone top $100 billion annually, and the price tag keeps skyrocketing. Just as adding some extra pounds will negatively affect your life insurance premiums, losing weight can help you lower your life insurance costs. Not only will losing a few inches off your waistline help you lead a healthier life; but you can also start realizing savings on your life insurance. Make sure you notify your life insurance provider of any weight loss you have achieved, even a loss of a few pounds could lead to savings.
Losing Weight and Comparing Life Insurance Companies means Savings
If you do not see a reduction in your life insurance costs after notifying your life insurance company about your recent weight loss success, it's probably a good time to compare quotes. Many life insurance companies will offer the same coverage, but at drastically different prices. Therefore, taking a few minutes to compare multiple life insurance quotes can help you maximize your savings!
Fortunately, many people have the ability to win the battle over obesity by making simple dietary adjustments and lifestyle changes. However, others may require the direction of medical and nutritional experts for more serious health issues. Other than the obvious health benefits, it's good to know that term life insurance carriers may reward you with substantially lower premiums when you reach your target weight.
Term Life Insurance That Pays You For Living: Return Of Premium
Alcohol Consumption: How it Affects Life Insurance Rates
Keep Your New Years Resolution and Lower the Cost of Your Life Insurance
August 21, 2007
Instant Issue Term Life Insurance: Convenient Coverage for People Who Don't Want to be "Sold"
August 21, 2007 | By: Matt | Comments (0) | Posted in: Life
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In the era of wanting everything done five minutes ago, term life insurance companies have bought into that idiom by introducing the Instant Issue Policy. Recognizing that purchasing term life insurance can be an ambiguous and drawn-out process, Instant Issue insurance generally approves or denies you within 10 minutes of the completion of the online application. In fact, many carriers will allow you to secure a policy with a credit card at that moment -- just like you would reserve and purchase an airline seat.
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What is Instant Issue Term Life Insurance?
Instant Issue term life insurance is a convenient policy for those that don't want to "spend the time" shopping for term life insurance. In that fashion, most carriers give consumers an online platform to research, compare, and immediately buy a policy without even talking to another person, let alone an insurance sales person. Furthermore, there are generally no medical examinations required to put the policy in force, which is attractive to many people who would just as soon not bother.
Given the convenience of Instant Issue term life policies, the trade-off is that the coverage levels are generally smaller at a slightly more expensive monthly premium. As the insurance company is willing to underwrite a person without any medical examinations, the risk is shared with the consumer in policy cost.
Younger Families with Limited Free Time
Suited best for younger families, Instant Issue term life insurance can be thought of as a quick solution to your life insurance needs. This process allows you to get approval for term life insurance within minutes of completing the application. Basically, you can compare, shop, buy, and be approved all in the same day. Getting same day coverage allows you to be protected ASAP, instead of having to go through the process of waiting to hear if you are approved. Furthermore, you can use Instant Issue insurance if your current term life insurance policy is about to run out; you can quickly get a new policy without having a lapse in your term life insurance coverage.
Not unlike "traditional" term policies, the online application process will ask you to provide a few points of information regarding your general health and lifestyle: your height and weight, smoking habits, and any existing health conditions such as cholesterol and blood pressure. Other than that, the application process is really about how much coverage you need and how long of a term you would like to secure.
Remember, life insurance coverage is intended to protect you and your loved ones in the unfortunate circumstance that you pass away. Make sure anyone who relies on your income is covered, or that any debts you may possess will not be passed on to loved ones. Term life insurance is an affordable way to cover your needs at any stage of life, and offers the added benefit of letting you choose your coverage amount and term length.
July 24, 2007
Term Life Insurance Summer Report: How Looking Better in a Swimsuit Helps Life Insurance Rates
July 24, 2007 | By: Matt | Comments (0) | Posted in: Life
Kirstie Alley's well publicized weight loss culminated with a public appearance in a two-piece swimsuit on the Oprah Winfrey show. As people with the same disposition as Kirstie took measures to look and feel better in preparation for this year's swimsuit season, they also took steps to improve their overall health. Body weight is one of the primary underwriting factors for life insurance premiums; therefore, if you've recently had weight loss success -- even one belt-size -- you may be missing out on savings.
When determining life insurance policy costs, carriers use a simple formula: "The more a person weighs, the more they pay." Specifically, the formula begins with an individual's proportion of body weight to their height, known also as their "physical build". It's no secret that the more a person weighs in relation to their height, the greater their risk for long-term health complications and a shortened lifespan.
Carriers use different health ratios to determine rates; therefore, shopping around may uncover potential savings and better coverage. At any time, you may request a medical examination to expedite the process. Your rates are locked in for the term of the policy, so the carrier cannot penalize you for any gained weight. If in fact, the medical examination determines that your health has improved, you should pursue lower rates.
To be considered for preferred life insurance rates, it is important to keep your height to weight ratio at or near the ideal range for your body type. If you already have a term life insurance policy, and you have recently lost weight and kept it off, be sure to notify your carrier. If your carrier fails to reward you with lower rates, it may be time for you to shop around for a policy that will.
The life insurance industry is rightfully concerned about the country's growing waistline, as the longevity and health impacts of extra weight affect the cost of insuring consumers. Wishing for all consumers to have long and healthy lives, life insurance carriers are rewarding weight loss through lower policy premiums. Fortunately, a significant amount of the overweight population is on the threshold of earning those lower premiums and saving hundreds of dollars -- if they simply make minor lifestyle adjustments.
Obesity is a serious problem for Americans, with causes that range from genetic predisposition and metabolism, to modern cultural and social pressures. The effects of obesity are more than just not feeling good in your bathing suit, but the possible serious health risks that come with it. Fortunately, many have the ability to overcome the challenge through simple dietary adjustments and lifestyle changes; others may require the direction of medical and nutritional experts for more serious health issues. At the finish line of a person's weight loss goal, term life insurance carriers may reward you with substantially lower premiums.
June 24, 2007
Term Life Insurance:Alcohol Consumption: How it Affects Life Insurance Rates
June 24, 2007 | By: Matt | Comments (0) | Posted in: Life
Whether it is going to happy hour with friends, sharing a bottle of wine at dinner, or downing a couple beers while watching a favorite team, alcohol plays a significant role in the lives of many Americans. In fact, it's reported that 64% of Americans drink alcohol regularly. Apart from alcohol abuse, drinking is a pleasure that seems relatively innocuous to most people, however; life insurance companies see it differently. Like smoking tobacco, alcohol consumption can easily affect how much you pay for life insurance.
Like your blood pressure, cholesterol level, and your weight, alcohol consumption is an important life insurance underwriting factor. Although the cost impacts on your premiums are harder to determine than other factors, carriers have specific definitions to determine the extent of potential health risk.
Obviously, the degree of consumption is relatively subjective, given that one person's "social drink" is another's six-pack afternoon. Therefore, insurance companies generally look at three things to determine your life insurance rates, as it relates to alcohol consumption: (1) Simple questions regarding your consumption of alcohol; (2) Your driving record; and (3) Results from your application medical examination.
Alcohol and Life Insurance Quotes
As you may notice during your life insurance quoting application, you may be asked several questions about any existing medical conditions including liver disease and high blood pressure. Further you may also be asked about any history of alcoholism and/or drug abuse. Make sure that you answer these questions accurately, so that in the event you pass away, the policy isn't cancelled under the realization that you provided false information. Although you are not shopping for car insurance, life insurance carriers are known to check your driving record for any alcohol related offenses. It's believed that there is a significant correlation between DUIs and alcohol abuse, therefore, insurance companies adjust premiums accordingly. Be aware that DUIs remain on driving records for up to 7 years in some states. Finally, most insurance companies require a medical examination to put the policy in to force. Other than verifying your actual weight, height, and blood pressure, these exams generally involve a blood test that looks for elevated levels of enzymes in your liver.
How You Can Find Lower Rates
Often times, recovering alcoholics and those who drink heavily underestimate the ability to find affordable life insurance with adequate coverage levels. However, even smokers can attest, nearly everyone can find affordable term life insurance rates when paired up with the right company -- even those who consume alcohol on a regular basis. Recognizing that 64% of Americans drink, there is a significant market for life insurance companies to offer competitive term life insurance products. So as you begin to comparison shop for the best term life insurance policy, consider these fundamental tips:
1. Buy when you're young
Secure as much protection at a young age while your health and prices are still good.
2. Select the right length of coverage
Everyone has different needs, and not one size fits all when it comes to term life insurance. While it may make sense for people in their 30s and 40s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement.
3. Check for price breaks
Companies often offer "price breaks" at certain coverage amounts, e.g., $250,000 vs. $225,000. The truth is that many people can actually pay less money for more coverage. Check how little your prices increase when you increase coverage to $250,000, $500,000, or $1,000,000.
4. Buy the right amount of coverage
Many agents may try to sell you more coverage than you need. Independent financial planners recommend purchasing an amount of coverage equal to 6-10 times your annual gross income.
5. Review your policy often
Conduct a review of your life insurance policy at least every three years, if not more often. Rates may be lower, and your circumstances may have changed, necessitating more or less protection.
April 17, 2007
Term Life Insurance That Pays You for Living: Return of Premium
April 17, 2007 | By: | Comments (0) | Posted in: Life
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Return of Premium (commonly known as ROP) policies, while a bit more costly, offer the benefit of returning your paid premiums if you are still living when the policy term is up. They also provide the same benefits of a term life insurance policy; namely offering you the choice of your term length and policy amount.
Originally, ROP term life insurance was designed only to refund the policyholder at the end of the chosen term (for example, 20 or 30 years) if the policyholder outlived the term. As the product has matured, there are now several variations that allow policyholders to receive partial refunds by canceling the policy several years into the term. For example, if a policyholder selects a 20-year ROP product, he/she may be able to receive a 50% refund for paid premiums at the end of the 15th policy year. Graduated refunds may be received down to the sixth policy year; no refunds will be returned if the policy is cancelled before the end of the fifth policy year.
ROP term life insurance offers consumers options. Price-wise, it usually falls in the middle of less expensive pure term life insurance products, and more expensive (and often confusing) permanent or whole life insurance products. It offers the same benefits as traditional term life insurance, while offering consumers the added bonus of getting their paid premiums returned to them if they outlive their policies; or receiving partial returns if they find they have a greater need for the money partially through the policy’s term.
InsWeb’s ROP term life insurance offerings are most competitively priced at a 30-year term, where a healthy 35 year old male can get a $500,000 ROP policy from one of our top companies for as low as $68.72* a month (compared to $44.63 a month for a comparable traditional term life insurance policy). The difference between the 2 premiums is only $24.09 a month; however at the end of the 30-year ROP policy the owner could get back up to $24,739.20! And according to industry averages, this rate would still be significantly lower than purchasing a permanent life insurance policy, and again offers the consumers the benefit of choice offered by term life insurance.
*Quotes based on a composite of participating carriers, which have at least an A- rating by A.M. Best. Rates effective as of 1/31/2006.
InsWeb Life Insurance Learning Center
Learn how much coverage you will need to provide financial security for your loved ones when you're gone. InsWeb's quick and easy way to find affordable term life insurance.
March 9, 2007
High Blood Pressure and Cholesterol Levels and Your Term Life Insurance
March 9, 2007 | By: | Comments (0) | Posted in: Life
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Any time you improve your health by losing weight, lowering your cholesterol or blood pressure, you should contact your term life insurance company and request a lower rate. More than likely, you will be subject to a medical examination to confirm your health, however, you have nothing to lose. Your current rates are already locked in and cannot be increased if the results are to the contrary. After the examination, if you are not rewarded with lower rates, it may be in your interest to shop around for a new policy.
If you have a history of high blood pressure and cholesterol and take medications to maintain healthy levels, you may still qualify for preferred rates. Term life insurance companies are more concerned about your actual levels when you apply for coverage than how you manage them. A blood pressure level at or above 140 over 90 is generally considered to be high (hypertension), as is a cholesterol level above 200. Being just over the threshold for each does not independently affect your rates; rather it's in combination with other negative underwriting factors such as obesity and smoking when your rates suffer. An experienced term life insurance agent can help you find the right policy at the best price as different insurance companies assign different rates to the same health risks.
In 2007 as you continue on your road to better health, take notice that your life insurance rates are likely to improve as you lower your blood pressure and cholesterol levels. Savings are only realized though when you compare quotes from multiple companies, or request a review of your current policy. Remember, term life insurance rates are always changing and the cost of the same policy can vary by hundreds of dollars among different companies.
InsWeb Life Insurance Learning Center
InsWeb's quick and easy way to find affordable term life insurance
November 13, 2006
Expecting To Gain Those Holiday Pounds?
November 13, 2006 | By: | Comments (1) | Posted in: Life
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People comfortably accept a certain amount of holiday weight gain; knowing that they can simply use one of their New Year’s resolutions to undo such indulgence. However, the timing of the classic weight loss resolution clashes head-on with the other New Year’s resolution: Getting finances in order — especially as it relates to term life insurance.
It’s no secret that the more a person weighs in relation to their height, the greater their risk for long-term health complications and a shortened lifespan. Therefore, it should be no surprise that carriers use a simple formula to determine term life insurance policy costs: “The more you weigh, the more you pay.”
To be considered for preferred life insurance rates, it is important to keep your height to weight ratio at or near the ideal range for your body type. If you already have a term life insurance policy, and you have recently lost weight and kept it off, be sure to notify your carrier. If your carrier fails to reward you with lower rates, it may be time for you to shop around for a new policy. Carriers use different health ratios to determine rates, therefore, shopping around may uncover potential savings and better coverage. At any time, you may request a medical examination to expedite the process. Your rates are locked in for the term of the policy, so the carrier cannot penalize you for any gained weight. If in fact, the medical examination determines that your health has improved, you should pursue lower rates.
InsWeb Life Insurance Learning Center
InsWeb's quick and easy way to find affordable term life insurance
October 18, 2006
How Smokers Can Get Affordable Term Life Insurance
October 18, 2006 | By: | Comments (0) | Posted in: Life
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Insurance companies classify smokers differently based on their tobacco consumption. Some companies differentiate between moderate and heavy usage, and charge moderate users less. Other companies use the classification of “standard” or “preferred” tobacco users, where smokers will generally fall into the preferred category if they smoke but are otherwise healthy with regard to their weight, blood pressure, and cholesterol. Those who recently quit may qualify for non-smoker rates, depending on the insurer’s guidelines for how long a consumer must be tobacco-free. There are policies that offer graduated scales, with rates that drop the longer a person remains tobacco-free — sometimes reaching non-smoking rates in the course of a year.
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The process of applying for a term life insurance policy generally requires a medical examination that verifies the information provided by the applicant (height, weight, blood pressure, etc.). In order to identify tobacco users, most insurance companies administer a test that measures their body’s level of cotidine (byproduct of nicotine) in their urine or saliva.
The bottom line is that nearly everyone can find affordable term life insurance rates when paired up with the right company — even smokers. Nearly a quarter of the US adult population smokes, creating a significant market for life insurance companies to offer competitive term life insurance products.
InsWeb Life Insurance Learning Center
InsWeb's quick and easy way to find affordable term life insurance.
September 29, 2006
Top 10 Money Saving Tips for Term Life Insurance
September 29, 2006 | By: Inszo | Comments (0) | Posted in: Life
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1. Buy when you're young
Many people may feel they don't need life insurance when they are young. While your financial needs may be lower at a younger age, the rates are also substantially cheaper when you're young. Remember, the goal is to cover your primary assets (like your salary and house) so that if something were to happen to you, your beneficiaries would be able to persevere financially. The best advice is to lock in as much protection at a young age while your health and prices are still good.
2. Your “half” birthday could be costly
While some companies raise their prices based on your actual age, most companies increase the price of their policies six months before your birthday. It's a term called “Age Nearest” in the industry, and that half-year price increase could really add up over a 20-year term policy. As above, the quicker you purchase your policy the better.
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3. Select the right length of coverage
Everyone has different needs, and not one size fits all when it comes to term life insurance. While it may make sense for people in their 30s and 40s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement.People who are trying to quit smoking, for example, might be best suited purchasing a shorter term (and then replacing it with a longer term policy when they qualify for non-tobacco prices). Lastly, individuals who have 30-year mortgages might want to consider a 30-year term to ensure that the house is protected throughout the period of the loan.
4. Check for price breaks
Companies often offer “price breaks” at certain coverage amounts (e.g., $250,000 vs. $225,000). The truth is that many people can actually pay less money for more coverage. Check how little your prices increase when you increase coverage to $250,000, $500,000, or $1,000,000.
5. Buy the right amount of coverage
Many agents may try to sell you more coverage than you need. The purpose of life insurance is to “indemnify” (replace financial loss), and what most people should be looking for is income replacement for their beneficiaries. Independent financial planners recommend the following rule of thumb: purchase an amount of coverage equal to 6-10 times your annual gross income.
6. The right hobby with the wrong company could cost you
People who participate in high-risk sports or activities (such as hang-gliding, skydiving, mountain climbing, scuba diving, and racing), or even those who like to have an occasional cigar could very well pay more money if they don't pick the right company. Every company looks at risk factors differently and some are more liberal in certain areas than others. Speak with a licensed insurance expert and make sure they have all the underwriting criteria at their disposal and match you with the right company.
7. Work policies aren't always the best deal
While purchasing a life insurance policy through your employer is convenient, it may not be the best deal available to you. Work policies are often based on a composite profile of the employees you work with, many of whom may be less healthy than you, or have other underwriting factors that might drive up rates. These type of policies also expire if/when you leave the company. Inexpensive term life insurance polices that cover your dependents until they can live comfortably on their own are often a better alternative.
8. Check out your payment/billing options
Many life insurance companies offer discounts to consumers who pay their premiums annually, or who pay monthly by electronic funds transfer (EFT).
9. Review your policy often
Do a review of your life insurance policy a minimum of every three years, if not more often. Rates may be lower, and your circumstances may have changed, necessitating more or less protection. If you are replacing a policy, make sure you allow enough time to get your new policy in place so coverages won't overlap or lapse.
10. Don't overspend on protection
Term life insurance is the most affordable and cost-effective pure protection available, and it is typically much less expensive than a comparable whole life policy. The old axiom still rings true: “Buy Term and invest the difference.”
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September 18, 2006
September Is Life Insurance Awareness Month. Ice Skater Scott Hamilton is 2006 Spokesperson!
September 18, 2006 | By: Inszo | Comments (0) | Posted in: Life
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According to U.S. Census data, there are nearly 300 million people in the U.S. If 68 million of them lack any form of life insurance, that means that approximately 23% of people in this country are uninsured. And of the approximately 77% of people that do have life insurance, most of them do not have adequate coverage.
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This year’s Life Insurance Awareness Month spokesperson is world renowned ice skater Scott Hamilton. Here is part of his moving story from LIFE’s August 28, 2006 Press Release:
Scott was only 19 when he lost his mother to cancer. On a personal level, Scott took the loss very hard but his mother’s death also strained the family’s finances. Without his mother’s income, there wasn’t enough money to continue to pay for Scott’s training. Had it not been for the generosity of an anonymous donor, Scott would have given up the sport he loved right before his skating career was about to take off. As it turned out, the experience strengthened his resolve to achieve skating greatness and he went on to become one of the most successful skaters in the history of the sport, eventually winning gold at the 1984 Winter Olympics in Sarajevo. Thirteen years later, Scott achieved an even more important victory when he successfully completed treatments for testicular cancer.
"Losing my mother and fighting my own battle with cancer taught me that unexpected events can rock your family at any time," said Scott Hamilton. "When my mom died, the emotional challenges that my family and I faced were compounded by financial struggles because she didn't have any life insurance. Because of that experience, I've owned life insurance since I was a young adult. Now that I'm married and have a son who’s almost three, I value the financial security life insurance provides more than ever."
Scott’s story illustrates why it is so important to have life insurance to protect your loved ones. Many people that do not own life insurance may not realize how affordable it can be, especially inexpensive term life insurance, which you can tailor to your personal needs.
Current rates on InsWeb for a 40 year old male of average build with good health are as low as $34.56/month for a 20-year, $500,000 policy (a comparable female’s rates are even lower; as low as $26.69/month). Policy lengths can be as short as ten years, and coverage amounts as low as $100,000, although a good rule of thumb is to take your annual gross income and multiply it by a factor of 10, 15 or even 20 (depending on your age) to make sure your family could continue in their current lifestyle.
Also, according to the Insurance Information Institute (III): “Premium rates for individual life insurance – both term life and “permanent” insurance – are expected to drop by 3% in 2006, driven largely by significant mortality improvements and increased competition.” The time to shop for life insurance couldn’t be better! And since rates vary widely from company to company, you should compare multiple rates before purchasing a policy.
InsWeb Life Insurance Learning Center
InsWeb's quick and easy way to find affordable term life insurance.
September 12, 2006
Life Insurance for Those Recently Retired or About to Retire
September 12, 2006 | By: | Comments (3) | Posted in: Life
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Life insurance needs may not be as high as they are at other stages (i.e. having a baby, getting married) in life for those that are newly retired. But, it is also true that most new retirees do need to think about maintaining an adequate level of coverage.
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Simply consider your children or spouse you may leave behind. Even though your children may be grown and on their own, and your spouse may be able to live comfortably on his or her retirement savings, there are many special circumstances in which they may find themselves in financial trouble if you were to pass, or vice versa, you if they were to.
If you are very ill before you pass away, you will incur many health costs, many of which may be passed on to your spouse or children if you pass away. Many seniors may have to live with a child if they are on their own and need help, and this may put a financial burden on the affected family members. There are also funeral costs to consider. It is important to ensure that your family members can recoup any financial losses after you pass away.
- Life Insurance: Different Needs For Different Stages of Life
- InsWeb Life Insurance Learning Center
- A Quick and Easy Way to Find Affordable Term Life Insurance
September 11, 2006
Term Life Insurance That Pays You For Living: Return Of Premium Policies Explained
September 11, 2006 | By: Inszo | Comments (0) | Posted in: Life
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Originally, ROP term life insurance was designed only to refund the policyholder at the end of the chosen term (for example, 20 or 30 years) if the policyholder outlived the term. As the product has matured, there are now several variations which allow policyholders to receive partial refunds by canceling the policy several years into the term. For example, if a policyholder chose a 20-year ROP product, they may be able to receive a 50% refund of paid premiums at the end of the 15th policy year. Graduated refunds may be able to be received down to the sixth policy year; no refunds will be returned if the policy is cancelled before the end of the fifth policy year.
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ROP term life insurance offers consumers options. Price-wise, it usually falls in the middle of less expensive pure term life insurance products, and more expensive (and often confusing) permanent or whole life insurance products. It offers the same benefits as traditional term life insurance, while offering consumers the added bonus of getting their paid premiums returned to them if they outlive their policies; or receiving partial returns if they find they have a greater need for the money partially through the policy’s term.
InsWeb’s ROP term life insurance offerings are most competitively priced at a 30-year term, where a healthy 35 year old male can get a $500,000 ROP policy from one of our top companies for as low as $68.72 a month (compared to $44.63 a month for a comparable traditional term life insurance policy). The difference between the 2 premiums is only $24.09 a month; however at the end of the 30-year ROP policy the owner could get back up to $24,739.20! And according to industry averages, this rate would still be significantly lower than purchasing a permanent life insurance policy, and again offers the consumers the benefit of choice offered by term life insurance.
InsWeb's Life Insurance Learning Center
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August 16, 2006
Using Term Life Insurance To Ensure College Is Covered
August 16, 2006 | By: | Comments (1) | Posted in: Life
With all the popularity of 529 Plans and other methods of saving for your children's educational future, one great way of ensuring that all of college is paid for in the event of anything happening to you is often overlooked. That method is term life insurance. It's quick, easy and usually very inexpensive to take out a policy on yourself with a term length that ensures that your children will have all of their college expenses taken care of; including things 529 Plans just can't cover. Or even better, obtain both a 529 Plan and adequate term life insurance coverage.
Continue reading " Using Term Life Insurance To Ensure College Is Covered " »
July 17, 2006
The Cost of Being Overweight
July 17, 2006 | By: Inszo | Comments (4) | Posted in: Life
It is a simple fact that many Americans are overweight. According to the American Obesity Association, approximately 127 million adults in the U.S. are overweight, 60 million are obese, and 9 million are severely obese.
The issue has arguably become a primary focus of both lawmakers and the national media. Schools are removing soft drink vending machines, the FDA is requiring stricter nutritional labeling, and television networks are incorporating the cause into new types of programming, as demonstrated in NBC's sensational hit, "The Biggest Loser."
July 14, 2006
I've Been Shopping For Life Insurance
July 14, 2006 | By: | Comments (0) | Posted in: Life
Recently I have been shopping around and doing some research on life insurance. Well, it's just that I didn't really think I would need life insurance. After doing some research, it seems as though it's a good way for someone to protect their possession, assets and mortgage. There was a lot I learned that I didn't realize, like the many different types of life insurance that are available, which was really interesting.
I realized how inexpensive the premiums would be the earlier I buy a policy than if I wait until I get older. Checking around, different companies provide different types of coverage and prices so there are a lot of competition among companies. Also, there were a lot of articles about life insurance that I found really interesting and helpful. For now, I'm actually asking around about the pros and cons of life insurance and what I should do in my situation and what coverage amounts would be best.
I recommend reviewing InsWeb's Top Ten Term Life Insurance Money Saving Tips For 2006
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July 5, 2006
My Cholesterol Level Affected My Term Life Insurance Premium
July 5, 2006 | By: | Comments (3) | Posted in: Life
First off let me just say that there is nothing better than a big juicy hamburger, a couple fries, or a thick slice of pepperoni pizza on an empty stomach on any given day that just makes you feel, well fat and happy. In fact I used to eat all of those on a regular basis in high school before a big football game, you know to "carb up" so that I can perform my best. Back in those days I don't think any of us really cared what we ate, our priorities in life most likely consisted of dating, Friday nights, and loud music. Good times...
The only problem is, I'm not 18 anymore, and my priorities have changed, to family, work, mortgage, gas prices, and sleep. In that order. And thanks to my great eating habits from my adolescents, I have this wonderful thing called "cholesterol" and "blood pressure," which I'm now supposed to watch. Nah, not this guy, as long as you can fit into your elastic high school gym shorts you're fine right? I wish! I learned this the hard way when I started to think about Life Insurance, and the needs of my family's financial security if anything was ever to happen to me (like a clogged artery). So I decided to find out more.
I ended up going to www.insweb.com and finding a rate for Life Insurance. After my agent scheduled me for a medical evaluation, I discovered (much to my dismay) that my cholesterol was high. OK it was really high, which attributed to a higher premium than someone with normal cholesterol levels. But hey, the cholesterol levels of approximately a quarter of the adult population in this country are higher than normal according to the InsWeb article "How Improved Health Affects Your Life Insurance Rates". In fact there were a lot of key factors I didn't know about that effects how much money comes out of my wallet due to certain health factors, and what I could do to get a better rate. Once I knew what I was up against, I was determined to lower my cholesterol and my blood pressure. With 3 months of hard work I lost 20 pounds and significantly lowered my cholesterol and blood pressure. Here are some tips for lowering your cholesterol, your blood pressure, your weight and your Life Insurance premium that worked for me.
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Continue reading " My Cholesterol Level Affected My Term Life Insurance Premium " »
June 19, 2006
Wedding Season: Until Death Do Us Part. But Then What?
June 19, 2006 | By: Inszo | Comments (0) | Posted in: Life
The summer months of June, July, and August are truly the peak wedding season. Brides and grooms have been diligently planning over the past year to create an event of lifelong memories. Whether you're the bride or groom, a member of the wedding party, or simply a guest, weddings create an environment of love and mutual caring for one another.
One's own understanding of life's priorities, and their devotion to the people around them is profoundly clear. To love someone with such purpose is to accept responsibility for their well being. For the newly married couple, this is obviously the spouse and any children, and for the parents of the bride, perhaps this is the entire family. But what would those people do if something were to happen to you?
What if "until death do us part" became an unfortunate reality? The "what if" explains why marriage is an important time to review your needs for life insurance protection.
Ideally, reviewing your life insurance coverage and making adjustments to meet your new financial obligations should be the first thing that you do as a married couple--even before the honeymoon. If you already have an existing life insurance policy, getting married is the best time to update the beneficiary designation to name your spouse as the beneficiary.
Continue reading " Wedding Season: Until Death Do Us Part. But Then What? " »
May 23, 2006
Think You Don't Need Life Insurance? Think Again!
May 23, 2006 | By: | Comments (0) | Posted in: Life
Many people in certain stages of life think they do not need life insurance coverage. This blog posting attempts to dispel certain misconceptions about circumstances where consumers think they don't need protection, but actually may. If you're single or married with no children, or even if you're retired, you should absolutely consider shopping for
Already Have Coverage Through Work?
Employees pay premiums for employer-sponsored health coverage based on risk profiles that take into account factors such as the age and health of the entire group. That system can extend to life insurance as well. If you have a job, is your employer's life insurance program the best deal around? Not necessarily!
Are You Single?
If you are single and do not own a home, your life insurance needs are probably not as high as they are at other stages of your life. But, what you do need to consider is whether anyone relies on your income. If you are single, who would assume the burden of paying for your final costs if you were to pass away? This may fall to your parents, who have hopefully planned well for their retirement but are also likely to be living on a fixed income, one which does not take into account the possibility of you passing away before them.
Continue reading " Think You Don't Need Life Insurance? Think Again! " »
