Banking Archives - Hanover Mortgages

Apache is functioning normally

June 8, 2023 by Brett Tams

Have you been diagnosed with congestive heart failure? It can make applying for life insurance coverage becomes a bit difficult.

You may be able to get it approved, however insurance companies will be concerned about offering you coverage because of your potentially serious medical condition.

However, it is still very possible to get insured with congestive heart failure. Obviously it doesn’t mean your heart has actually failed and stopped working, or you wouldn’t be reading this information. It simply means it isn’t working as efficiently as it once did.

That being said, CHF, along with other heart diseases like heart attacks, congenital heart disease, and coronary heart disease, are the Number One cause of death of adults in the country. This includes both men and women.

Since this is the case, trying to get life insurance approved can be a longer process than it would normally take. This is because of additional underwriting requirements such as medical records having to be ordered. If the doctor’s office is slow in getting medical records to the insurance company, it will just take longer to get approved.

This means the SOONER you APPLY for coverage, the sooner the process will get started. You can complete our brief form on this page to get the ball rolling.

If the condition is severe then your type of coverage will be impacted. First off let’s look at some underwriting guidelines for life insurance on how they relate to congestive heat failure. Hopefully this gives you a idea on what is ahead on your application.

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Life Insurance Underwriting for Congestive Heart Failure

Your agent, knowing you have CHF, will ask you some pre qualifying questions when you first talk with them. Listed below are a few of them:

When was your congestive heart failure diagnosed?
Did any health issues contribute to your diagnosis of congestive heart failure?
Do you have high blood pressure or hypertension?
What tests have you had done to evaluate your condition?
Do you have high cholesterol?
Is there any history in your family with heart disease or death in the family due to heart conditions?
Tobacco user?
Are you prescribed any medicine to help with your issues?

Even though you might take some medications, beta blockers, inhibitors, or nitrates, for your condition, you still might be insurable as long as you don’t take multiples of each and have other issues that coincide with CHF.

When it comes to life insurance underwriting, the more information you can give the better. If your application doesn’t clearly describe your condition, your chances of a bad rating or rejection go way up. Make sure to fully answer all the application questions plus give any other details you think are important.

Life Insurance Quotes with Congestive Heart Failure

Congestive heart failure has a wide range of different severity levels. Your life insurance quote will depend on how serious your health issues are because of your condition. Insurance companies also do not accept applicants that have recently been diagnosed with congestive heart failure because they want some time to see how the condition develops.

To avoid rejections and get the best rate, its best putting off an application for twelve months after diagnosis.. From there, your rate will depend on your condition plus your overall health.

It is even possible that you may have CHF and not even realize it because the symptoms usually don’t show up initially. The reason they don’t is because your body and your heart can mask it at first, which is called compensation. The symptoms will start showing up when the heart just can’t pump enough blood to the rest of your body.

These are some standard rating classes that most life insurance companies use, though every carrier determines how you’d fall into each category, I’ll explain your chances with each class.

Preferred Plus: Generally impossible. Congestive heart failure is too serious a condition and carries too many health risks for applicants to receive the best possible insurance rating.
Preferred: Very difficult but not impossible. If your congestive heart failure has only mild health symptoms and you are in great health otherwise, you could get a preferred rating.
Standard: The likely best rating for most applicants. Applicants that only started having heart failure at 60 or older, are in good health, and have waited at least a year after being diagnosed to apply can get a standard rating.
Table Rating (substandard): Many of you will end up in this class due to the health issue.
Declines: Most applications within 3 to 6 months of a diagnosis for congestive heart failure. And other persons who deal with many health issues combined with history of health

If there is a situation where you do find that due to your medical condition you are declined for traditional life insurance, then our next recommendation is to look at a guaranteed issue life insurance policy. This type life insurance application only asks a few health questions, but not to decline your application but only to determine how much and when the death benefit would be paid out.

As you are thinking about applying for life insurance, you may also try to improve your chances of getting the best rate by doing some of the following:

Lower your sodium intake
Lower your cholesterol
Stop smoking
Exercise more often
Eat a healthier diet
Keep all other medical conditions under control with responsibly taking medications
Continue with proper medical care by your medical professionals

These recommendations are common sense, and your doctor may have other activities and guidelines. Even though there really isn’t a cure for congestive heart failure, the above lifestyle choices can minimize the degree of your heart deterioration, and allow you to get a lower life insurance rate.

Other Considerations as You are Applying for Life Insurance

This is common sense, but if you haven’t thought about it, now is the time to be thinking about how much death benefit you are looking to buy. Since you have a serious medical condition, you might not be able to afford what you would want, so be realistic in also considering how much money you have to budget for a monthly life insurance payment.

Also, how long a period will you need life insurance? Although typically no one knows for sure when their beneficiary might be filing a claim on the policy, you will need to consider whether to buy a term life insurance plan or a permanent life insurance plan. We can help you with making this decision.

Lastly, it would be a good idea not to drop or cancel any life insurance policy you presently own. As you get older, the premiums increase. So if you are comparing an old policy vs a new policy, the rates on the new policy will probably be higher than what you are paying now.

Congestive Heart Failure Life Insurance Case Studies

Its important to understand how filling out the application can hinder or help your approval percentage. Below are instances on how to and how not to go through the process.

Case Study: Female, 63 year old, non-smoker, diagnosed with congestive heart failure at age 61, taking Beta Blockers and Ace Inhibitors, no other health issues.

This applicant was only showing mild signs of congestive heart failure and was otherwise in very good health. She had no other health issues and no family history of heart disease. However, because of her condition, she was only receiving expensive, rated life insurance offers. We advised her to request an EKG to prove that her condition was under control. With this extra information, an insurance company gave her a much less expensive standard policy.

Case Study #2: Male, 54 year old, diagnosed with congestive heart failure at 51, father died young from heart disease, former smoker, improved health and weight since the diagnosis

This applicant had a very poor lifestyle prior to his heart failure diagnosis. He was smoking, overweight, and had high blood pressure. This combined with his family history of heart disease led to him being rejected from all his life insurance applications. However, since his diagnosis, this applicant dramatically improved his lifestyle. He lost a good deal of weight and quit smoking which made his condition much less severe. Since his health had improved we let him know it would be smart to get a written referral from his doctor stating how much healthier he is now. By reapplying with this extra certification, this applicant was able to receive a rated policy despite his relatively risky profile.

While congestive heart failure is quite serious, it is not enough to prevent you from taking out life insurance. You just need to handle your application well. To make sure the process goes smoothly, it helps to work with expert brokers that understand this condition.

Source: goodfinancialcents.com

Apache is functioning normally

June 8, 2023 by Brett Tams

Mortgage default risk has remained generally consistent for Freddie and Fannie acquisitions, down from 3.53% to 3.44% quarter over quarter. This brings the share of loans likely to be delinquent (180 days or more) to 3.44%. Read next: Debt ceiling debate hurts housing market Looking at borrower risk, GSE-backed loans remained relatively unchanged at 1.58%, … [Read more…]

Apache is functioning normally

June 8, 2023 by Brett Tams

If you have a mortgage, you may be unknowingly participating in a mortgage-backed security (MBS). That is, your humble home loan may be part of a pool of mortgages that has been packaged and sold to income-oriented investors on the secondary market.

Being part of an MBS won’t change much (if anything) about how you repay your home loan, but it’s helpful to understand how these investment products work and how they impact the mortgage and housing industries.

Key takeaways

A mortgage-backed security is an investment product that consists of thousands of individual mortgages.
Investors can purchase MBSs on the secondary market from the banks that issued the loans.
When MBS prices fall, residential mortgage rates tend to rise – and vice versa.

What is a mortgage-backed security?

A mortgage-backed security (MBS) is a type of financial asset, somewhat like a bond (or a bond fund). It’s created out of a portfolio, or collection, of residential mortgages.

When a company or government issues a traditional bond, they are essentially borrowing money from investors (the people buying the bond). As with any loan, interest payments are made and then principal is paid back at maturity. However, with a mortgage-backed security, interest payments to investors come from the thousands of mortgages that underlie the bond — specifically, the repayments in interest and principal the mortgage-holders make each month.

Mortgage-backed securities offer key benefits to the players in the mortgage market, including banks, investors and even mortgage borrowers themselves. However, investing in an MBS has pros and cons.

How do mortgage-backed securities work?

While we all grew up with the idea that banks make loans and then hold those loans until they mature, the reality is that there’s a high chance that your lender is selling the loan into what’s known as the secondary mortgage market. Here, aggregators buy and sell mortgages, finding the right kind of mortgages for the security they want to create and sell on to investors. This is the most common reason a borrower’s mortgage loan servicer changes after securing a mortgage loan.

Mortgage-backed securities consist of a group of mortgages that have been organized and securitized to pay out interest like a bond. MBSs are created by companies called aggregators, including government-sponsored entities such as Fannie Mae or Freddie Mac. They buy loans from lenders, including big banks, and structure them into a mortgage-backed security.

Think of a mortgage-backed security like a giant pie with thousands of mortgages thrown into it. The creators of the MBS may cut this pie into potentially millions of slices — each perhaps with a little piece of each mortgage — to give investors the kind of return and risk they demand. Mortgage-backed securities typically pay out to investors on a monthly basis, like the mortgages underlying them.

Types of mortgage-backed securities

Mortgage-backed securities may have many features depending on what the market demands. The creators of MBSs think of their pool of mortgages as streams of cash flow that might run for 10, 15 or 30 years — the typical length of mortgages. But the bond’s underlying loans may be refinanced, and investors are repaid their principal and lose the cash flow over time.

By thinking of the characteristics of the mortgage as a stream of risks and cash flows, the aggregators can create bonds that have certain levels of risks or other characteristics. These securities can be based on both home mortgages (residential mortgage-backed securities) or on loans to businesses on commercial property (commercial mortgage-backed securities).

There are different types of mortgage-backed securities based on their structure and complexity:

Pass-through securities: In this type of mortgage-backed security, a trust holds many mortgages and allocates mortgage payments to its various investors depending on what share of the securities they own. This structure is relatively straightforward.
Collateralized mortgage obligation (CMO): This type of MBS is a legal structure backed by the mortgages it owns, but it has a twist. From a given pool of mortgages, a CMO can create different classes of securities that have different risks and returns (like different size slices, if we use our pie metaphor again). For example, it can create a “safer” class of bonds that are paid before other classes of bonds. The last and riskiest class is paid out only if all the other classes receive their payments.
Stripped mortgage-backed securities (SMBS): This kind of security basically splits the mortgage payment into two parts, the principal repayment and the interest payment. Investors can then buy either the security paying the principal (which pays out less at the start but grows) or the one paying interest (which pays out more but declines over time). These structures allow investors to invest in mortgage-backed securities with certain risks and rewards. For example, an investor could buy a relatively safe slice of a CMO and have a high chance of being repaid, but at the cost of a lower overall return.

How do mortgage-backed securities affect mortgage rates?

The cost of mortgage-backed securities has a direct impact on residential mortgage rates. This is because mortgage companies lose money when they issue loans while the market is down.

When the prices of mortgage-backed securities drop, mortgage providers generally increase interest rates. Conversely, mortgage providers lower interest rates when the price of MBSs goes up.

So, what causes mortgage-backed securities to rise or fall? Everything from stock market gains to higher energy prices and even unemployment numbers have the ability to influence the prices. A variety of factors that affect the course of mortgage-backed securities, and lenders are constantly monitoring it.

Mortgage-backed securities and the housing market

Why do mortgage-backed securities make sense for the players in the mortgage industry? Mortgage-backed securities actually make the industry more efficient, meaning it’s cheaper for each party to access the market and get its benefits:

Lenders: By selling their mortgages, lenders save on maintenance costs, and receive money they can then loan out to other borrowers, allowing them to more efficiently use their capital. They often require borrowers to meet conforming loan standards so that they can sell mortgages to aggregators. They can also sell the loans they might not want to keep, while retaining those they prefer.
Aggregators: Aggregators package mortgages into MBSs and earn fees for doing so. They may give mortgage-backed securities features that appeal to certain investors. A steady supply of conforming loans allows aggregators to structure MBSs cheaply.
Borrowers: Because aggregators demand so many conforming loans, they increase the supply of these loans and push down mortgage rates. So, borrowers may be able to enjoy greater access to capital and lower mortgage rates than they otherwise would.

Of course, easier access to financing is beneficial for the housing construction industry: Developers can build and sell more houses to consumers who are able to borrow more cheaply.

Investors like mortgage-backed securities, too, because these bonds may offer certain kinds of risk exposure that the investors, mainly big institutional players, want to have. Even the banks themselves may invest in MBSs, diversifying their portfolios.

While the lender may sell the loan, it may also retain the right to service the mortgage, meaning it earns a small fee for collecting the monthly payment and generally managing the account. So, you may continue to pay your lender each month for your mortgage, but the real owner of your mortgage may be the investors who hold the mortgage-backed security containing your loan.

Pros and cons of investing in MBSs

No investment is without risk. MBS have their advantages and disadvantages.

For instance, mortgage-backed securities typically pay out to investors on a monthly basis, like the mortgages behind the securities. But, unlike a typical bond where you receive interest payments over the bond’s life and then receive your principal when it matures, an MBS may often pay both principal and interest over the life of the security, so there won’t be a lump-sum payment at the end of the MBS’ life.

Here are some of the other advantages and disadvantages of investing in MBSs.

Pros

Pay a fixed interest rate
Typically have higher yields than U.S. Treasuries
Less correlated to stocks than other higher-yielding fixed income securities, such as corporate bonds

Cons

If a borrower defaults on their mortgage, the investor will ultimately lose money
The borrower may refinance or pay down their loan faster than expected, which can have a negative impact on returns
Higher interest rate risk because the cost of MBSs can drop as soon as interest rates increase

History of mortgage-backed securities

The first modern-day mortgage-backed security was issued in 1970 by the Government National Mortgage Association, better known as Ginnie Mae. These mortgage-backed securities were actually backed by the U.S. government and were enticing because of their guaranteed income stream.

Ginnie Mae began providing mortgage-backed securities in an effort to bring in extra funds, which were then used to purchase more home loans and expand affordable housing. Shortly after, government-sponsored enterprises Fannie Mae and Freddie Mac also began offering their version of MBSs.

The first private MBS was not issued until 1977, when Lew Ranieri of the now-defunct investment group Salomon Brothers developed the first residential MBS that was backed by mortgage providers, rather than a federal agency. Ranieri’s MBSs were offered in 5- and 10-year bonds, which was attractive to investors who could see returns more quickly.

Over the years, mortgage-backed securities have evolved and grown significantly. As of May 2023, financial institutions have issued $493.9 billion in mortgage-backed securities.

Mortgage-backed securities today

While mortgage-backed securities were notoriously at the center of the global financial crisis in 2008 and 2009, they continue to be an important part of the economy today because they serve real needs and provide tangible benefits to players across the mortgage and housing industries.

Not only does securitization of mortgages provide increased liquidity for investors, lenders and borrowers, it also offers a way to support the housing market, which is one of the largest engines of economic growth in the U.S. A strong housing market often bolsters a strong economy and helps employ many workers.

Mortgage Market

Bankrate insights

As of 2021, 65% of total home mortgage debt was securitized into mortgage-backed securities.

Bottom line on mortgage backed securities

While you might not deal with a mortgage-backed security in your daily life, your mortgage may be part of one. And if so, it’s a cog in the machinery that keeps the financial system running and helps borrowers access capital more cheaply. It can be useful to understand that the MBS market ultimately has a powerful influence over qualifications for mortgages, resulting in who gets a loan — and for how much.

Source: finance.yahoo.com

Apache is functioning normally

June 8, 2023 by Brett Tams

The unofficial start of summer is finally upon us, and not a moment too soon! School is (almost) out, the sun is high, and surf and sand are calling. Thoughts of your own little beach house might be very much on your mind, especially right now. But then reality intrudes: Who can afford that? Well, you could be surprised.

We found five ideal seaside dwellings that are remarkably well priced—all below a million dollars.

And one of the great things about most of these houses is that you can try before you buy. Most are available for short-term rental, and some come fully furnished.

Of course, this means that these well-appointed and perfectly located beachfront homes generate income, which can help with your house payments.

You can almost smell the salt air and hear the waves as you browse our list. Dive in!

Price: $949,000
Yachats rocks: Directly overlooking the beach on the dramatic Oregon coast, this newly renovated, four-bedroom, three-bath home has everything you need for a stylish escape for a weekend, or for decades to come.

Located on a bluff above the ocean, the home features a short path to the beach. It’s about 1.5 hours from Corvallis and three hours from Portland.

Expansive windows and decks with built-in seating allow you sweeping vistas of the ocean. You can also take in the views from one of two primary suites. Everything feels freshly new and nautical inside this 2,034-square-foot seaside home.

Price: $750,000
Cozy in Carrabelle: What appears to be a quaint seaside cottage on stilts is actually a decent-size domain with three bedrooms and three baths. The acre lot comes with three outbuildings and covered parking for your car, boat, or RV.

You might never want to leave this retreat, with its beautiful tongue-and-groove ceilings and wood floors. Standout features include a loft bedroom, three sunrooms, and remarkable views of the private beach and Saint George Sound.

It’s located in the town of Carrabelle, which prides itself on being “Florida Panhandle’s Gateway to the Gulf” and is known for its off-shore fishing and sugar-white sand.

Price: $999,000
Spend nights in Rodanthe: Remember that Nicolas Sparks novel made into an iconic rom-com starring Diane Lane and Richard Gere, called “Nights in Rodanthe”? In this traditional-style, shingled beach house, you can write your own romance.

Or you could let others create some seaside drama, as this six-bedroom, 4.5-bath, 2,924-square-foot home has a heart-racing rental history—$124,000 so far, with $85,000 already on the books for 2023. Hatteras Island on the famous Outer Banks is a well-documented vacation paradise.

You and your guests will enjoy taking long walks on the beach, just steps outside the door, and sunrise views from the east-facing windows and decks. There are also plenty of places to snuggle—including a great room and several seating areas.

Price: $750,000
Delightful on Dauphin Island: This beach house supports itself, not just literally on the stilts that keep it above the high tides, but also financially with its vacation rental income ($125,000 as of 2022).

The four-bedroom, three-bath house sits on a sandy spit of Dauphin Island, which stretches from the Mississippi Sound to the Gulf of Mexico. It’s a short walk across the sand from one body of water to the other.

This cottage is rustic chic on the outside and resort luxe on the inside. It features a comfortable main suite, a marble island and breakfast bar in the kitchen, and all-new bathrooms. It comes with all the furnishings, accessories, and artwork, so it’s totally turnkey.

Price: $579,000
Best beach buy: South of Tallahassee on the Gulf of Mexico sits this three-bedroom, two-bath abode with direct access to the ocean and a terrific spot for fishing.

The elevated home comes with an outdoor shower and a sink below, so you can catch, clean, and cook without making a mess in the indoor kitchen.

The screened porch off the great room features remarkable views. Inside, there are vaulted ceilings and low-maintenance tile flooring. This is also a well-established vacation rental property, and all the furniture is included in the very reasonable asking price.

Source: realtor.com

Apache is functioning normally

June 8, 2023 by Brett Tams

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From making lamps out of used bottles to bean bags out of waste fabrics, here are a few online brands that are making sustainable home décor out of recycled materials

Updated On – 03:01 PM, Thu – 1 June 23

These brands are turning waste into cool home décor — Representational Image

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Hyderabad: With growing environmental consciousness, sustainable home décor has emerged as a captivating trend with people eventually making more eco-friendly choices. From making lamps out of used bottles to bean bags out of waste fabrics, here are a few online brands that are making sustainable home décor out of recycled materials.

Diti

Collecting waste fabric from local tailors, boutiques, weavers and block printers from across the country, Diti is on a solid mission to turn this into art for our walls and homes.

Sirohi

Sirohi works with women artisans from disadvantaged communities who are taught to upcycle leftover plastic and textile waste materials using traditional Indian styles. All of their products are handcrafted with either natural or upcycled waste materials.

Opaque Studio

The brand makes aesthetic pieces like candle holders, planters and ottomans using old tables, chairs, bookshelves, and other leftover materials. It also uses sustainable materials like cane, jute and terracotta to craft some of its most unique home décor items and furniture.

Design5

They turn discarded wood into pretty wall photo frames, decorative tray boxes, tray platters or candlesticks. The home accessories are also hand-painted with delicate Indian motifs, florals and nature-inspired designs.

Rimagined

The brand recycles empty wine bottles, old rags and car tyres as cushioned stools, baskets, vases and spice racks. According to their website, their team includes women and traditional artisans.

Artisanns Nest

The brand uses its surplus to furnish homes with regal, simple and patterned cushion covers and bean bags. Most were created using the patchwork technique that ranges between themes of monochrome, and florals.

The Retyrement Plan

They upcycle old and urban waste materials like used tyres, textile ropes, cane and bamboo and skilfully make colourful furniture like chairs, pouffes, stools, and swings. The Retyrement Plan works with skilled urban migrant artisans and craftsmen.

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Source: telanganatoday.com

Apache is functioning normally

June 7, 2023 by Brett Tams

To remain completely safe and protected in any situation, insurance is a necessity. A lot of people think about life insurance as a financial tool that protects them and their families. It’s one of the best decisions that you can make to protect your loved ones if you were to pass away. Not having life insurance can be one of the worst mistakes that you can make.

This may be obvious for many people, but it applies to more than an individual. Life insurance can also be used as a tool in businesses.

A business requires insurance to avoid legal and financial issues that could threaten to shut everything down.

The security insurance can offer help to keep people employed and the business running, no matter what problems the company may face in the future.

Having business insurance keeps everyone safe from the disasters that could happen. These may cover many different things, but there is one thing that they all have in common, which is the total protection of both the business and everyone who works there. This helps to avoid problem areas and holes that could otherwise cause the business to shut down.

Knowing what is out there and how they can benefit the company as a whole is an important step to ensure everything runs as it should, if not better than it did, for years.

Buy-Sell Life Insurance

One type of insurance that every company must consider is buy-sell life insurance. When the owners buy this for themselves, they can have peace of mind for the future. If one owner were to die, the other owner can then purchase their share of the company. This gives the deceased’s family the money they need and avoids possible problems within the business. Since new owners can be disa

strous, even if they are family, this prevents their takeover and the fall of the company after such a tragic event. With others who invest their time and money into the company, this also keeps them interested and free of worries.

This is a great way that owners can protect themselves and they can know that their family and business will be secure if anything were to happen to them. You’ve worked hard to make your business successful, don’t let all of that work be wasted.

This can also be a very affordable life insurance policy for the business to take out.

Key Man Life Insurance

Another type of insurance to consider is key man insurance. With most companies, there are several people who matter a lot and keep the company up. When this person passes, the company may suffer as a result.

Whether this is someone high up, like an owner or investor, or an employee whose contribution cannot be replaced, having insurance on them can save the company from going under.

This provides the company with enough money to do what it has to do so that problems can be avoided completely. With the absence of someone of such high importance, this could keep everyone from losing what they have.

The Importance of Business Insurance

Keeping a business up and running takes money. Business life insurance, and insurance for those who are important in the company, can keep everything in the green if something tragic were to occur. With the death of a co-owner, buy-sell life insurance can help the other owner avoid dangers. This makes sure no one else can come in to become a majority owner and that the family of the deceased is well cared for with the passing of a loved one.

Key man insurance is another type that can keep everything moving smoothly. If someone important were to die, this insurance gives the business money so that the person’s absence does not create a financial hole. These keep businesses afloat in dark times, helping to ensure everyone is free from worries.

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The Advantages to Key Man Insurance

If you’re a business owner, or a co-business owner, imagine a scenario where something tragic happens to you or your business partner. What would happen to the business? Would your family be left with business debt or personal debt? Would your business partner be able to recover from losing you? These are a lot of questions that most business owners never consider.

Maybe it isn’t an owner, maybe it’s a key employee, an adviser, or someone else. Regardless of who it is, losing someone inside of your business can be devastating, it could even cause your business to close. Key man insurance can help protect you against these losses and give you the funds you need to replace that person, outsource the job, or find a way to get the business running again.

Aside from deciding which type of policy you need for your business, you also have to determine how large of a policy you’ll need. There is no “perfect number”, especially when it comes to key man insurance policies. A lot of this decision is going to depend on how important that person is, what their duties entail, how much it would cost to replace them, have their job completed otherwise, and how much you pay that person. While there is no magic number, most insurance agencies agree that anywhere from 5 – 10 times that person’s annual salary is a good target for your insurance policy (this is the most that the majority of insurance companies will approve).

Getting a Business Insurance Policy

Getting a key man insurance policy, or any other type of business insurance is just like getting a typical life insurance policy. You’ll submit an application with basic information about the person you are insuring.

There is going to be several different questions that you wouldn’t see with a normal insurance policy. The insurance company will need to know basic information about the business, like when it started, what type of business you run, how much the net worth is, and what type of rationality the insured person has.

If you’re looking to buy a business insurance policy, or even a traditional policy, we can help. Our agent are experienced in every type of insurance policy and they can answer your questions and point you in the direction of the policy. There are hundreds of companies that offer different insurance plans, it can be difficult choosing which one works well for you and your business. Let us give you the lowest rates from the best-rated companies in the U.S.

When you run a business, or you are a vital part of that business, the main goal is to make sure that you’re making money. You want to keep your profits up and your expenses down. Regardless of the size of your business, you don’t want to have to pay more for insurance than you have to. One of the best ways to ensure that you’re getting the best rates possible is to compare several different companies before you choose one that works for you. You could spend hours researching companies in your area and calling dozens of insurance agents, but your time is valuable and we know that. Let us do all of that work for you. Fill out the quote form and we can give you some of the lowest rates in your area based on your specific situation.

Source: goodfinancialcents.com

Apache is functioning normally

June 7, 2023 by Brett Tams

From assistance with daily activities to medical support, long-term care insurance is designed to provide financial protection when you face chronic illness, disability or cognitive impairment. However, pre-existing conditions, advanced age, health issues and disabilities can disqualify you from getting coverage. Here are the ins and outs of long-term care insurance, a list of health conditions that insurance companies deem uninsurable and alternative solutions to help you get the care you need on a modest budget. You may want to talk to a financial advisor to get specific advice for your situation.

What Is Long-Term Care Coverage?

Long-term care insurance provides coverage for the costs associated with long-term care services. Specifically, it helps individuals pay for assistance with activities of daily living (ADLs) or medical services needed due to a chronic illness, disability or cognitive impairment.

Long-term care services support various activities, such as bathing, dressing, eating, toileting and movement. It can also cover services nurses, therapists and home health aides provide. Some policies may even cover care in nursing homes, assisted living facilities or adult day care centers.

In addition, this insurance aims to help individuals protect their assets and savings from being depleted by the high costs of long-term care. These costs can be substantial and standard health insurance doesn’t cover them. Likewise, Medicare and Medicaid don’t cover these expenses except under specific circumstances and eligibility criteria.

When an individual has long-term care insurance, they pay regular premiums to the insurance company. If they require long-term care services in the future, the insurance policy can provide benefits to cover a portion of the costs up to the policy’s coverage limits. The specific benefits and coverage provided by long-term care insurance policies can vary, so reviewing and understanding the terms and conditions before purchasing a policy is essential.

It’s worth noting that long-term care insurance is generally more expensive and harder to obtain as you get older or have pre-existing health conditions. Therefore, it’s advisable to consider purchasing long-term care insurance earlier in life when premiums are more affordable and eligibility requirements are more flexible.

What Disqualifies You From Long-Term Care Insurance?

Insurance companies consider certain factors disqualifying or exclusionary when you apply for long-term care insurance. These factors can vary between providers, but here are common reasons that may result in disqualification from long-term care insurance:

Pre-existing conditions: Insurance companies often review an applicant’s medical history to assess their risk. For example, if you have certain pre-existing conditions, such as Alzheimer’s disease, Parkinson’s disease or certain forms of cancer, the insurer may decline or exclude coverage for those conditions.
Age: Some insurance companies have age restrictions and may not offer coverage to individuals beyond a certain age, typically around 80 or 85. The cost of premiums also tends to increase as you get older. Conversely, you can’t be younger than 18 when purchasing coverage.
Existing disabilities or impairments: If you already have a disability or impairment that requires long-term care, insurance companies may consider it a high-risk factor and decline coverage.
Cognitive impairments: Severe conditions like dementia may disqualify an individual from obtaining long-term care insurance. Insurers assess the risk associated with cognitive decline and may exclude coverage for related care needs.
Terminal illness: Individuals with a terminal illness may not be eligible for long-term care insurance, as the policy aims to cover long-term care needs rather than end-of-life care.
Recent hospitalizations or surgeries: Insurance companies may impose waiting periods or exclude coverage for pre-existing conditions if an applicant has recently been hospitalized or undergone a significant surgery.
Substance abuse or mental health disorders: Some insurers may decline coverage or exclude certain conditions related to substance abuse or specific mental health disorders.
Declining health: If an applicant’s health is already in decline, insurance companies may deny coverage or charge higher premiums to account for the increased risk.
Criminal history: If crimes appear on your personal record, insurance companies might refuse to provide coverage, particularly if you have any felonies in your past.

Remember, not all insurance providers have the same criteria and the availability of long-term care insurance and the specific conditions they cover can vary. Therefore, when considering long-term care insurance, it’s recommended to consult with multiple insurance companies, carefully review the policy terms and conditions and seek advice from an insurance professional or financial planner specializing in long-term care planning.

Examples of Uninsurable Health Conditions

Because each insurance company has underwriting guidelines and practices, the specific list of uninsurable conditions can vary between providers. That said, here are some health conditions that insurance providers typically perceive as high-risk:

AIDS/HIV
Alzheimer’s Disease, dementia and other forms of cognitive issues
Ankylosing spondylitis
Amyotrophic Lateral Sclerosis
Bipolar Disorder or other depression with the use of antipsychotic medications
Cardiomyopathy
Cerebral Atrophy (Paralysis)
Cerebral Palsy
Cirrhosis of the Liver
Confusion
Current Cancer and Metastatic Cancer
Cushing’s Syndrome
Cystic Fibrosis
Huntington’s Disease
Kidney Disease requiring dialysis
Multiple Sclerosis
Muscular Dystrophy
Myasthenia Gravis
Parkinson’s Disease
Schizophrenia
Scleroderma
Spinal Cord Injury
Significant Stroke/Cerebral Vascular Accident (CVA)
Systemic Lupus

In addition, if you require help with activities of daily living or live in a care facility, companies will likely consider your conditions uninsurable. Likewise, if you use a wheelchair, walker, cane, stairlift or hospital bed, you may be ineligible. Furthermore, oxygen therapy also disqualifies you from coverage in most situations, as do disability benefits, with the possible exception of military benefits.

Remember, this list is not exhaustive and the availability of coverage for these conditions can vary between insurance providers. Insurance companies may also consider factors such as the severity and stability of the condition, the age of the applicant and other individual circumstances when assessing insurability.

Long-Term Care Health Qualifications

Typically, individuals aged 65 and above are eligible for long-term care insurance, even if they have a notable health condition. Nonetheless, eligibility depends on specific criteria each insurance company sets. For instance, certain companies may mandate a specific level of net worth or income to qualify, while others focus on your medical conditions and history.

In other words, your eligibility for long-term care insurance rests with the insurance company. Therefore, it’s crucial to research the criteria of long-term insurance providers to identify the one that aligns with your circumstances.

How to Pay For Long-Term Care without Long-Term Care Coverage

When shopping around for long-term care coverage, you might have disqualifying health conditions or discover that the insurance premiums aren’t realistic for your budget. If so, you can pay for long-term care through other means, such as:

Self-Funding: If long-term care insurance is not feasible, you can adopt a simple approach of living on a reduced budget to save and invest more. It’s an excellent idea to set aside money regularly for investment purposes, whether through a 401(k), an IRA or a non-retirement investment account.
Group Plan Coverage: If your employer offers long-term care insurance as a benefit, you may be eligible for enrollment regardless of your health history. Taking advantage of such coverage is advisable if you have a chronic condition, as it may allow you to continue it even after leaving the employer.
Long-Term Care Annuity: Consider investing in a long-term care annuity, where you make a lump sum payment and receive a consistent, specified income for the rest of your life. Long-term care annuities often include provisions to assist with long-term care expenses.
Hybrid Life Insurance/Long-term Care Policy: Some life insurance policies come with a long-term care rider, making it easier for individuals with chronic conditions to qualify for coverage. These policies combine life insurance benefits with the option for long-term care coverage.
Short-Term Care Policy: Instead of a long-term care policy that provides coverage for multiple years, you can choose among short-term care policies offering coverage for a year or less. While the benefits may not be as extensive as traditional long-term care insurance, having some coverage is better than none.
Medicaid: Individuals with limited income and countable assets below certain thresholds may be eligible for long-term care services covered by Medicaid, a government program.
Life Insurance Policy Settlement: If you currently hold a life insurance policy, pursuing a long-term care life settlement is possible. To do so, you can sell the policy and use the proceeds to cover long-term care expenses.

The Bottom Line

Long-term care insurance covers the costs associated with long-term care services, assisting individuals with activities of daily living (ADLs) and medical services related to chronic illness, disability or cognitive impairment. It aims to protect assets and savings from the high expenses of long-term care, which are often not covered by standard health insurance, Medicare or Medicaid. Therefore, researching and evaluating options is essential to find the most suitable approach for individual circumstances.

Tips for Qualifying for Long-term Care Insurance

Long-term care looks different for everyone because of the endless combinations of health conditions and financial circumstances. As a result, there’s no simple answer for how to navigate long-term care and financial management in retirement. Fortunately, an experienced financial advisor can help establish a sustainable plan for your golden years. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
As with many aspects of retirement, timing is crucial for long-term care insurance. If you’re unsure how your timeline matches your long-term care situation, here’s how to know when to apply for long-term care insurance.

Ashley Kilroy
Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.

Source: smartasset.com

Apache is functioning normally

June 7, 2023 by Brett Tams

United Wholesale Mortgage CEO Mat Ishbia may no longer financially support Michigan State University (MSU) athletes to “avoid conflict” with Ishbia’s professional sports teams, the Phoenix Suns and Phoenix Mercury. UWM said it has decided to end its name, image, and likeness (NIL) deal with MSU at the end of June. The Pontiac-headquartered wholesale mortgage … [Read more…]

Apache is functioning normally

June 7, 2023 by Brett Tams

Funding education with student loans is extremely common, thanks to the high cost of earning a degree. But while it may be essential to borrow to pay for things like tuition and living expenses, there are some things it doesn’t make sense to buy with loan money.

While I borrowed money to earn both my undergraduate degree and my law degree, there were four things I made sure never to spend my student loans on — even as some of my peers splurged more than I was comfortable with. Here’s what they are.

Two adults looking at financial paperwork.

Image source: Getty Images.

1. Vacations

It was tempting to fund spring-break trips or trips home from school to see family with my student loans. But the reality is, student loans typically come with long repayment terms of a decade or more. It didn’t make sense to pay for a vacation — and incur interest costs — for a 10-year period of time for a vacation that would be over in a week or two.

2. A car

Having transportation would have been very convenient while in school, but I wasn’t willing to pay for a car with a student loan.

Like with a vacation, it didn’t make sense to fund a vehicle purchase with a loan I’d be repaying for so many years. In fact, there was a substantial likelihood I’d still be paying my student loans even after the car got too old to drive, so I’d ultimately have been paying for a vehicle I no longer even owned.

If you can qualify for one, a car loan can be a better option than a student loan if you absolutely must borrow to buy a vehicle while in school. These loans have shorter payoff times and sometimes lower interest rates than student loans, so they can end up being more affordable.

Instead, you can do what I did: Rely on public transportation until you can afford to buy a car with cash or make car payments from your paycheck, rather than your loan checks.

3. TVs and video game systems

While I was in school, some of my friends bought televisions, video game systems, and other expensive electronics with their “extra” student loan funds. But this was something I wasn’t willing to do. The technology would have been obsolete before the loans were paid off, and I know I would have regretted making this decision.

4. Dining and drinking at restaurants and bars

Finally, spending money on fancy restaurants and drinks at bars was another common thing people did with student loan money. While it makes sense to spend time making these types of memories in college, borrowing to do it isn’t the best idea.

Every extra dollar of student loan payments can make it more expensive and difficult to pay back these loans later. A few drinks at the bar may not be worth having to wait to buy a house or start a family or begin saving for retirement because of lingering debt.

Ultimately, you are not supposed to spend your student loan money on these types of expenses. These loans are intended to be for educational costs only. While your lender isn’t checking your bank account to make sure you didn’t take a trip to the Bahamas with your loan funds, there’s a reason that you’re restricted to borrowing up to the cost of attendance.

You don’t want to trap yourself in a ton of debt just to “enjoy” your college years, only to end up spending the next decade or two of your life struggling. I made the decision early on to borrow the minimum necessary for the essentials, and others who need to rely on student loans may want to do the same.

Source: fool.com

Apache is functioning normally

June 7, 2023 by Brett Tams

There’s nothing more satisfying than watching a celebrity home tour on Architectural Digest as you ponder over your own interior decorating decisions. The videos often provide good tips, like styling your pool chairs with corn motif side tables (thank you, Emma Chamberlain for that one), or designing your room around a single furniture element. This latter trick comes from a feature on Shay Mitchell’s home, as the actor reportedly has a penchant for light fixtures. Yes, Mitchell loves this furnishing element so much — she specifically adores a chandelier — that she designed the rooms of her house around them.

In one of the living spaces for example, which features exposed beams and a fireplace, Mitchell suspended an orbed lantern, which she bought from Marrakech, Morocco, from the ceiling. Meanwhile in the breakfast nook of her 1920s Spanish villa-style home, the Béis founder created a modern farmhouse mood with a wicker light pendant from Leanne Ford. The actor also used chandeliers sparingly around her property — you can spot one hanging from inside one of her bathrooms, which boasts glamorous Hollywood Regency vibes. It seems the beauty of decorating with different light fixtures around the house is that it gives each room a unique personality.

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In fact, no matter where you turn in Mitchell’s home, you feel a sense of discovery in every corner of the space. “For me, I couldn’t have a house that’s one color,” she said in the AD interview, explaining why all her rooms are not uniformly decorated. “I like the rooms to be different and emote different things when I walk into them.” The entryway, which features a large hanging chandelier, for instance gives off a Mediterranean air while the bar area of her home is decorated with moody pink floral wallpaper and a golden orb light fixture. “I was reminded of all these cute speakeasy-style bars that I’d been to, whether in Paris or Istanbul, that all had awesome wallpaper,” the actor said, describing her sources of inspiration.

We can continue to wax poetic about Mitchell’s stunning house and her taste in lights, but we’ll spare you. Watch the full video of her home tour, above, to take in the decor for yourself. Afterwards, if you feel inspired by her eye for design, shop similar ceiling lamps to the star’s to incorporate into your own living space.

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