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Determining what type of life insurance to purchase at age 52 calls for several factors that may otherwise not be considered at any other age.  At age 52, considerations that may not otherwise be a factor start to come into play.

For example, a 52 year old may start to think about the unexpected health scenarios and whether or not their families will be cared for in the event of one.

It is never too late or early to buy a life insurance policy, however age 52 could be the sweet spot as there is still a good chance that you are mostly healthy and can capitalize on a low rate.

Regardless, it is something that should definitely happen as it is not a pleasant thought leaving your family unattended to financially.

If you’re past your 50s, you may think you can skip out on the life insurance plans. More than likely, you still have a mortgage, credit card bills, car payments, and several other debts that would be passed on to your family.

Every year we hear of families that are struggling to pay bills that were left behind by a family member because they didn’t have insurance coverage as they were getting closer to retirement. It’s easy to see why life insurance is still an important purchase life insurance at age 52.

Is Whole or Term Life Insurance Best at Age 52?

When considering life insurance, there are always multiple options to choose from. Perhaps two of the best options to make a selection from at this stage in life are either whole life coverage or cheap term life insurance coverage. Term life insurance is one of the most sought after types of insurance as it is not only inexpensive but it allows for a decent amount of flexibility in coverage. The coverage on this policy expires at the end of the term, depending on what length you have selected.

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Whole life insurance is slightly different from that of term life insurance. Make your premium payments under whole life insurance, you are insured. Additionally, the policy starts to accumulate value over time and is actually looked at as an asset. This means that you can borrow from it in certain cases, almost making it a type of investment.   For anyone that doesn’t want to worry about losing coverage at the end of a term, these whole life plans are an excellent option. Because you will never lose the insurance coverage, you’re going to pay more for these types of plan.

Determining which type of insurance to use is mainly dependent on what your needs are at a 52 year old. The insurance provider is always another important decision to make. If you are not clear on what type to buy or which insurance provider to use, it is never a bad idea to seek the guidance of an experienced insurance provider.

We know that buying the perfect life insurance coverage can be difficult. Because it’s so important that you make a great choice for your life insurance needs, it’s vital that you work with an educated insurance agent.

The rates for term life insurance vary depending on how much insurance you actually need. Starting at $250,000, the rate that you will pay starts at $16.08. For $200,000 of coverage, the rate jumps up to $32.20. For $500,000, the rates will start at $55.32. The rates are for those that are considered healthy adults. This would include those who lead a healthy lifestyle, have no pre-existing illnesses, and those who do not smoke. Of course, there are various other factors that affect your insurance rates so the best bet is to get several quotes and consider all factors. Here are some quotes for $250,000 of coverage:

Sex 10 Year 20 Year 30 Year
Male Protective – $29.40/month SBLI – $50.90/month Banner – $90.34/month

Female Protective – $23.97/month SBLI – $38.72/month Banner – $66.94/month

The problem with these quotes is everyone is different. If you’re a smoker, you might as well disregard these quotes.This is because smoking cigarettes or using tobacco drastically increases your chances of health problems. If you want to get rates like the example above, it’s time to put down those cigarettes once and for all.

Similarly, if you’re looking for the lowest rates possible on your life insurance, it’s time to improve your health. You can do this through a diet and exercise. Both of these are going to health you improve your overall health that is going to translate into more savings on your insurance policy. Just like smoking increases your risk of health problems, diet and exercise LOWER your risk of health problems. It’s time you start using that gym membership that you’ve been paying for.

Aside from deciding which policy type and where to buy the plan, you’ll also have to calculate how much insurance coverage you need. Not having enough life insurance coverage could be as bad as not having any coverage at all. There are several different things you need to account for when deciding how much coverage to purchase. The first thing is your debt, and you’ll also need to calculate in your annual salary.

While it is a good idea to obtain insurance as fast as possible, it is never a good idea to jump into a plan without doing your due diligence. Seeking the help of a professional is as easy as filling out the form on the side of this page.

Obtaining life insurance for people over 50 takes working with an agent that is used to that market.  Since the policy needs of people in their 50’s vary much more than people who are in their 20’s, 30’s, and 40’s having the flexibility of an agent really is a need. To get the best insurance rates available to you, you’ll need to compare prices with different companies. Just like you would with a TV or new vehicle.

Source: goodfinancialcents.com

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A Minsky moment is an economic term describing a period of optimism that ends with a market crash. It describes the point at which a market boom marked by speculative trading and increasing debt suddenly gives way to a freefall marked by plunging market sentiment, asset values, and economic activity.

It is named for American economist Hyman Minsky, who studied the characteristics of financial crises, and whose “financial instability hypothesis” offered reasons why financial markets were and would be inherently unstable. Minsky died in 1996, and the phrase “Minsky moment” was coined in 1998, when a portfolio manager used it in reference to the 1997 Asian debt crisis, which was widely blamed on currency speculators.

How Does a Minsky Moment Happen?

A Minsky Moment refers to something sudden, though the economist maintained that it doesn’t arise all at once. He identified three stages by which a market builds up to the convoluted speculation and complete instability that finally undoes even the longest bull markets.

1.    The Hedge Phase: This often comes in the wake of a market collapse. In this phase, both banks and borrowers are cautious. Banks only lend to borrowers with income to cover the principal of the loan and interest payments; and borrowers are wary of taking on more debt than they’re highly confident they can repay entirely.

2.    Speculative Borrowing Phase: As economic conditions improve, debts are repaid and confidence rises. Banks become willing to make loans to borrowers who can afford to pay the interest but not the principal, but the bank and the borrower don’t worry because most of these loans are for assets — stocks, real estate and so on — that are appreciating in value. The banks are also betting that interest rates won’t go up.

3.    The Ponzi Phase: The third and final phase leading up to the Minsky Moment is named for the iconic fraudster Charles Ponzi. Ponzi invented a scheme that offers fake investments, and gathers new investors based on the returns earned by the original investors. It pays the first investors from new investments, and so on, until it collapses.

In Minsky’s theory, the Ponzi phase arrives when confident borrowers and lenders graduate to a new level of risk-taking and speculation: when lenders lend to borrowers without enough cash flow to cover the principal payments or the interest payments. They do so in the expectation that the underlying assets will continue rising, allowing the borrower to sell those assets at prices high enough for them to cover their debt.

The longer the growth swing in the market, the more debt investors take on. While those investments are still rising and generating returns, the borrowers can use that money to pay off the debt and the interest payments. But assets eventually go down in value, in any market, even just for a while.

At this point, the investors are relying on the growth of those assets to repay the loans they’ve taken out to buy them. Any interruption of that growth means they can’t repay the debt they’ve taken on. That’s when the lenders call in the loans. And the borrowers have to sell their assets — at any price — to repay the lenders. When there are thousands of investors doing this at the same time, the values of the underlying assets plummet. This is the Minsky moment.

In addition to plunging prices, a Minsky moment is usually accompanied by a steep drop in market-wide liquidity. That lack of liquidity can stop the daily functioning of the economy, and it’s the part of these crises that causes central banks to intervene as a lender of last resort.

The Minsky Moment and the 2008 Subprime Mortgage Crisis

The 2008 subprime mortgage crisis offered a very clear and relatable example of this kind of escalation, as many people borrowed money to buy homes they couldn’t afford. They did so believing that the property value would go up fast enough that they could flip the house to cover their borrowing costs, while earning a tidy profit.

Minsky theorized that a lengthy economic growth cycle tends to generate an outsized increase in market speculation. But that accelerating speculation is often funded by large amounts of debt on the part of both large and small investors. And that tends to increase market instability and the likelihood of sudden, catastrophic collapse.

Accordingly, the 2008 financial crisis was marked by a sudden drop and downward momentum fueled investors selling assets to cover short-term debts. Some of those included margin calls, which are when an investor is forced to sell securities to cover the collateral needed to borrow money from a brokerage.

How to Predict the Next Minsky Moment

While Hyman Minsky provided a framework of the three escalating phases that lead up to a market collapse, there’s no way to tell how long each phase will last. Using its framework can help investors understand where they are in a broader economic cycle, but people will disagree on how much debt is too much, or the point at which speculation threatens the stability of the markets.

Most recently, market-watchers keep an eye on the high rates of corporate debt in trying to detect a coming Minsky moment. And even the International Monetary Fund has sounded warning bells over high debt levels, alongside slowing growth around the planet.

But other authorities have warned of other Minsky moments over the years that haven’t necessarily happened. It calls to mind the old joke: “The stock market has forecast nine of the last five recessions.”

The Takeaway

A Minsky moment is named after an economist who described the way that markets overheat and collapse. And the concept can help investors understand where they are in a market cycle. It’s a somewhat high-level concept, but it can be useful to know what the term references.

There’s also a framework that may help investors predict, or at least keep an eye out for, the next Minsky moment. That said, nobody knows what the future holds, so that’s important to keep in mind.

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Taking the hassle out of renting.

From searching for the perfect apartment to making it your own, every step of the apartment-hunting journey brings anticipation and the thrill of creating a space that reflects your unique personality and aspirations.

When determining the apartment that’s the right fit for your lifestyle and preferences, understanding what you can afford is a huge first step. This is overwhelming when considering all the financial factors of how much you make, how much you want to save, your debts and your desired city’s cost of living.

Remove the complication of calculating

The Rent Calculator is your one-stop place for determining the best apartment, all factors considered.

  1. Determine the location of where you’re apartment hunting.
  2. Enter your ideal number of beds
  3. Put in your pre-tax income
  4. Calculate your monthly expenses or a rough estimate

After you enter this information the Rent Calculator will calculate options for you based on spending 30 percent of your income. The calculator pulls three options for you, where you can explore apartments where you’d live on a budget, live comfortably and live luxuriously. It’s up to you, depending on your style, saving method and desired amenities what apartment category is the best fit for you.

Salary and rent affordability examples

50k salary

On $50,000 a year, you’re making $4,167 gross per month. Taking 30 percent of that, you are able to afford up to $1,250 per month in rent.

75k salary

On $75,000 a year, you’re making $6,250 gross per month. Taking 30 percent of that, you are able to afford up to $1,875 per month in rent.

100k salary

On $100,000 a year, you’re making $8,333 gross per month. Taking 30 percent of that, you are able to afford up to $2,500 per month in rent.

125k salary

On $125,000 a year, you’re making $10,417 gross per month. Taking 30 percent of that, you are able to afford up to $3,125 per month in rent.

Fun facts about rent

Learn a little more about who’s renting. How old are they? Do they room up with anyone? See where you fall into the statistics.

What does the average person spend on rent?

While rent prices in the U.S. vary greatly by region, the national median rent as of December 2022 was $2,007.

Many people choose to live with roommates to save money on rent. However, if you choose to live with others, it’s important to be clear on how much rent each roommate will be paying.

What percentage of people have a roommate?

Nearly half of renters are rooming with someone. Most renters in one of our conducted surveys (49.8 percent) lived with one roommate. Another 24.8 percent lived in two-roommate households.

What is the average age and salary of renters?

The typical U.S. renter is 39 years old, has never been married, with at least four years of college education and has a median annual income of $42,500.

Renting made easy

This rent calculator removes the overwhelming calculations, thoughts and considerations that fill a renter’s head when apartment hunting. In simplifying this process by swiftly providing accurate and tailored rent estimates, the burden on renters disappears and allows them to make informed decisions with ease. Find your dream apartment today!

*Disclaimer: This calculator displays an approximation of how much rent you can afford based on your location, income and debt. Real numbers may vary based on your lifestyle and fixed expenses.

Source: rent.com

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Life Insurance for seniors “Over 65 years old” width life insurance serves a purpose at any age, even when you are over 65 years old. There are millions of people over the age of 65 that assume that they no longer need life insurance. In some cases, this might be true, but there are a lot of situations that life insurance is still extremely vital.

While getting older makes it a bit more difficult to find coverage, there are still many insurance options for people in the 65 year old age group.  A lot of older applicants are surprised to see just how affordable a life insurance policy for them can be. You shouldn’t have to spend a fortune to get a life insurance policy that will sufficiently cover you and your family.

The application process and market is a bit different for older applicants though.  If you are interested in life insurance for people over 65, there are a few key pieces of information you should know beforehand.

Table of Contents

Uses For Life Insurance

As you get older, some of your life insurance needs go away. For example, once you are 65 or older chances are you no longer need insurance protection to support your children. But you still may have people that rely on your income (if you’re still working), and it’s vital that they would have the resources they need, if you do have anyone dependent on your salary. Even if you don’t have someone that relies on your paycheck, don’t’ assume that you don’t need a life insurance plan.   However, there are still a number of benefits to staying insured.

Eventually, everyone dies and this can be fairly expensive. Not only will your heir need to pay for your funeral, but they may also need to cover your unpaid debts. With life insurance, you make sure everything is taken care of.  If you were to die, your family could be left with thousands of dollars in debt. It’s vital that your life insurance policy is able to pay off all of those debts and give your family the resources that they need. Before you purchase a plan, you’ll need to add up all of your debts like your mortgage, your car payment, student loans, etc. Not having enough life insurance could easily leave your family struggling to pay expenses.

In addition, people are living longer these days and many find they need to work past age 65. If your spouse is still depending on your income, you’d want life insurance to replace this income should you die.

Lastly, you can use life insurance to provide an inheritance to your heirs. This is a great way to support your children and grandchildren by giving them extra money for a home or their educations.

If you want to leave a legacy to your loved ones, you’ll want to ensure that you have a life insurance plan. While you want to leave your family with your hard earned money, Uncle Sam is going to want his portion as well. Your inheritance can quickly be cut down because of taxes and fees.

Term versus Permanent

When you look for life insurance, you’ll have the choice between two main types of policies: term and permanent. Term insurance is temporary coverage for a set number of years. If you die during this time, your heirs receive the death benefit. If you don’t your coverage expires. These plans are usually sold in 5, 10, 20, or 30-year terms, but you can purchase them in just about any length of time depending on your needs. Permanent coverage lasts your entire life. So, provided you continue to pay your premiums each month for the coverage, you’ll never have to reapply for a new plan. For anyone that is worried about losing coverage in the future, these permanent coverage options are a great choice.

Because term plans have an expiration date attached to them, they are going to be cheaper than permanent policies. If you’re looking for the most affordable coverage, term life insurance is the way to go.

For the same amount of coverage, permanent insurance is more expensive than term insurance; that’s the trade off of getting coverage that never ends.

The right policy for you depends on your goals. If you just want to extend your coverage for a few years, maybe until you finish working or to pay off your debt, term is a better choice. Keep in mind that once your coverage expires, it will be very difficult to buy another policy. Most insurance companies refuse to sell insurance to people above a certain age.

If you want to leave behind a death benefit for sure, than permanent coverage is a better choice. Permanent insurance is better for covering certain needs like your final expenses or an inheritance. In this situation, you’d be better off buying a smaller permanent burial insurance policy than a larger term one. Your heirs would be better off receiving some money for sure than to gamble on possibly receiving money from temporary coverage.  As you can see, each type of policy has its advantages and disadvantages that you have to weigh based on your life insurance needs

Here are a few examples of what a $250,000 policy would cost for term and universal life insurance.

$250,000 10 Yr Term 15 Yr Term 20 Yr Term Universal Policy
Male Banner
$108.50/mo		 North American
$145.25/mo		 Minnesota Life
$208.78/mo		 Protective
$383.02/mo

Female Banner
$68.69/mo		 Banner
$92.53/mo		 Minnesota Life
$128.92/mo		 American General
$304.94/mo

Applying For A Policy When Over 60 Years Old

Applying for life insurance when you are 65 or older is pretty similar to applying at a younger age such as applying for life insurance at 50 years old. You’ll need to contact a life insurance company and put together an application. On your application, you’ll need to list how much coverage you want and answer some health questions.

From there, it depends on the amount of insurance you want to buy, your age, and your health, such as if you are seeking life insurance with diabetes. For smaller policies of only a few thousand dollars, you may be able to qualify just with your application. For larger policies, you will likely need to meet a nurse or doctor for a health exam. If you have any health problems, you might also need to take a medical test like an EKG.

Insurance companies tend to review your health more as you get older as there is a greater chance that you have medical issues.

Guaranteed Coverage

If you don’t qualify for a normal life insurance policy, you still could buy guaranteed coverage life insurance. These policies are designed for older Americans that have health issues. When you apply for guaranteed coverage, you won’t have to take a medical exam. Many policies don’t look at your health history either.

In exchange, you can only purchase a limited amount of life insurance, usually $50,000 or less. The coverage will also be more expensive than traditional life insurance and likely will have a waiting period of a few years. What this means is if you die during your policy’s waiting period, your heirs will only receive a percentage of your death benefit; they won’t receive the whole thing. Once you outlive this period, you’ll go to full coverage.

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These types of policies work well for anyone that can’t be accepted for traditional coverage, but they should be a last resort because of how expensive they are. When it comes to knowing that your family would be protected if anything were to happen to you, peace of mind is priceless.

Finding the Right Choice

Many different life insurance companies sell to the 65 and older market so you’ll have plenty of options to choose from. This can sometimes be a bit overwhelming as it’s not always easy to figure out which company is best for your needs. Working with an independent life insurance broker like our company can help.

Working with an independent agent has several different benefits, but the main ones are that is will save you not only time, but money as well. Because there are so many different companies, each will view your application differently. Each company has drastically different rates for people over 65. Finding the perfect company could be the difference in thousands of dollars on your policy.

Without working with one of our agents, you could spend days calling different insurance companies to receive rates. You would be answering the same questions dozens of times. Don’t waste your time talking to different insurance agents, let us take care of bringing you all of the lowest possible rates.

Our company works closely with applicants over 60 years old so we know this market very well. We can not only assist you in completing your application, but we can also find superior companies that will have the best options for your particular situation. Since we aren’t working for any one company, we’ll be able to give you an unbiased opinion of your options.

To learn more about getting life insurance over 65 years old, please call us. Or, you can get free quotes by filling out the online application form. Our agents want to ensure that you and your family are getting the insurance protection that you deserve. You shouldn’t have to go without a policy just because of your age.

Source: goodfinancialcents.com

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If you owe creditors who keep calling asking you for money, you should think twice.  Not about paying.  But, about trying to negotiate your debt.

can you negotiate with collections

can you negotiate with collections

Before you hand them one penny, this is the time to put collections to work for you. Sometimes, you can cut the amount you owe by at least HALF just by offering a lump-sum payment. If that doesn’t work for you, consider negotiating a payment amount you can afford.  Of course, you need to make sure that the payment does not negatively affect your budget.

The one thing you must remember is that their debt is not your top priority. No matter what they say.

Read More:

HOW TO NEGOTIATE WITH CREDITORS

KNOW YOUR RIGHTS

There is a law called the Fair Debt Collection Practices Act (FDCPA).  This law provides rights to consumers regarding debt collection. The law also advises consumers as to the things which creditors and debt collection companies can and can not do.

Understanding and knowing these rights helps keep you in control and not falling victim to illegal practices. Things you need to know include:

  1. Debt collectors can not use the phone to annoy you. That means that they can not call you several times a day, all week long to try to collect the debt.
  2. They can not use vulgar language nor threaten you in any way. While they may get forceful, they can not they threaten to have you arrested, swear at you nor bully you. They also can not threaten you with violence. If they start to act this way, let them know that the way they are treating you is illegal.  Advise them that you will hang up and not speak with them until they can do so with respect.
  3. They must call during decent hours. Collection agencies are not allowed to contact you at inconvenient hours (such as before 8 am or after 9 pm or even on weekends). Also, they can not call you at your employer if you tell them that is not acceptable. If you have hired an attorney, then all calls must be directed to him or her. They are no longer allowed to contact you directly.
  4. They must disclose all of the details about the debt. When you receive a call, the company must let you know the name of the creditor.  They must also advise you of the amount of the debt.  Finally, they need to disclose the manner in which you can verify the outstanding balance.  If they do not do so on the phone, you must be notified in writing within five days of the initial call.
  5. They can’t threaten legal action (without permission). Your creditor MUST permit the collection company to threaten legal action. Most creditors do not want to even go that route due to the added expense it entails.
  6. Debt collectors can not falsely represent themselves. When contacted, collectors are not allowed to misrepresent themselves to get you to pay the debt. This can include claiming to be an attorney, government agency or even credit reporting agency.
  7. They cannot publish your name and debts. They may threaten that this information will be made public, but it will not. They can only report the details to the credit agencies.
  8. Your property can not be seized, nor wages garnished. They can not claim that this will happen to you. It can, of course, but only in the instance of actual legal action. This is something most creditors do not even want to pursue.
  9. Contact you once you have asked them not to. You can write to a debt collector advising them that they are no longer allowed to contact you. They are allowed to send a final letter confirming this.  Then, they can not contact you in any way, unless it involves legal action.

If you have an instance of any of these situations, you need to report the company immediately for unfair practices, which go against the law.

BE IN CONTROL

When you get a call from a debt collector, they are often pushy and demanding. Why? Well, they get a commission on the debt they collect. So, of course, they want to try to scare you into paying it all in full. Not only that, since they do not get any money until you pay, they will keep going on and on.

Also, keep in mind and know your rights (above) so that you can voice that to the agency if they start to push the limits. That alone shows them that you know what they can and can not do and that you will not be a victim.

Make sure that you inform them that you can not make the payment in full and there is no way that you can. This will open the door to allowing you to negotiate your debt.

NEGOTIATE LIKE A PRO

When you negotiate your debt, it is a great way pay less than what you owe! Once you know that the company is willing to negotiate the balance due, start by making an offer well below what you can afford. Doing so allows you room to increase what you will pay – without paying more than you need to. Then, do nothing.

Example:

YOU: “I will pay you $0.30 on the dollar?”
THEM: “We want $0.75 on the dollar.”
YOU: Silence. Say nothing. Wait.

Make them budge first. Once they come back with another lower offer, you now have the upper hand and are more likely to get a payment amount you can afford (perhaps even less than you want).

Why does this work? Debt collectors pay PENNIES on the dollar for debts. That means that they will make a profit on any payment made – even if it is 50% or less than the original amount owed.

GET EVERYTHING IN WRITING

Once you’ve agreed to an amount, it is essential that you get it all in writing. Keep detailed records of the call and the amount. Some of the information you should write down includes:

  1. Date.
  2. Time.
  3. Name of person (and badge number if applicable).
  4. Original debt owed.
  5. New agreed to terms.

The thing to keep in mind is that most debt collectors are not going to be in a hurry to get this to you. That means you may need to draft an agreement and mail it to them.

What should be in your agreement? You need to include all of the above details. It should also include wording advising that once you pay the debt, they agree to report that to all of the three credit reporting agencies. The agreement should also provide a time in which they must respond to dispute the terms and that failure to respond at all, means they agree with what you have sent to them.

Make sure you retain copies of any and all letters between you and the company. You need to have proof of the discussions should the need arise.

PAY AS AGREED

Once you have agreed to the terms, it is imperative that you pay as indicated. If they included a new monthly payment, make sure you pay on time.

If you do not pay on time or by the agreed upon date, you have instantly broken the terms of the agreement, and it can be considered null and void. Many times, you will not get the same deal if you try to negotiate again. In fact, they may not even agree to any lowered rate.

It is not fun to deal with collections, but you can do it. Just know your rights, and how to negotiate your debt and you’ll be in control of eliminating that debt once and for all.

how to get your debt reduced

how to get your debt reduced

Source: pennypinchinmom.com

Apache is functioning normally

For anyone with a health complication, like an irregular heartbeat, finding affordable life insurance coverage can be a painful task, but it doesn’t have to be.  Regardless of your health, you can find affordable insurance coverage.

One of the scariest conditions that an individual can deal with is issues to do with the heart.   As an independent life insurance agent, we work with several clients that have high-risk conditions and heart disease is no exception.

We’ve been able to work with clients that have had heart attacks, bypass surgeries, and in this case irregular heartbeat.

 Before you apply for life insurance coverage, it’s important to understand what the insurance companies will be looking at in regards to this condition.

Here’s what you need to know regarding applying for life insurance with me would be.

In working with applicants that are seeking life insurance that have a previous health issue, we can’t stress enough how important it is to be upfront with the underwriter.

Applying for Life Insurance with Irregular Heartbeat

We have many applicants when applying for life insurance omit certain facts hoping that the insurance company won’t find out about it.

Newsflash: The insurance company will find out about it as they will request your medical records and an APS (known as attending physician statement). If you’ve been treated for any type of heart condition in the past, it will certainly come up, so if you are applying for life insurance and have some sort of heart condition, be ready to spill the beans.

At the end of this post, you’ll see a sample questionnaire that the insuring underwriters will want to know regarding your irregular heartbeat.

In short, be prepared to share the date it was diagnosed, any treatment you’ve had since the date of diagnosis, and also what medications you may take.

They will also want to know how the condition affects you on a day to day basis.

  • Has the condition improved since your original diagnosis or has it worsened?
  • Also, what steps are you doing to take care of that condition?
  • Are you exercising?
  • Are you eating right?

The big fear from insurance companies is that not just the lone heart condition, but also how that might transfer over to other areas.

For example, we had an applicant that had an irregular heartbeat but also had high cholesterol, diabetes, and on top of that was a tobacco user. (Here’s more information regarding life insurance for smokers). The irregular heartbeat on its own would have made the life insurance coverage affordable but by having the other conditions on top of the smoking the life insurance premium ended up being fairly pricey but even so we were able to get him coverage.

Irregular Heartbeat Questionnaire:

  1. Date or frequency of episodes of irregular heartbeat.
  • Date of first episode
  • Recent frequency of episode
  • Date of the most recent episode.
  1. The irregular heartbeat has been diagnosed as-
    1. Paroxysmal Atrial Fibrillation (or flutter)
    2. Premature supra ventricular (atrial) contractions (TPACs)
    3. Chronic atrial fibrillation (or flutter)
    4. Premature ventricular contractions (PVCs)
    5. Other
  2. Provide dates of any of the following tests or procedures that have been done to evaluate the irregular heartbeat-
  • Resting EKG
  • Stress EKG
  • Thallium Stress EKG
  • Echocardiogram
  • Holter Monitor
  • Chest X-Ray
  • Other
  1. Please check the cause for the irregular heartbeat, if known-
  •  Unknown
  • Heart disease —- type:
  • Thyroid disease
  • Alcohol use
  • Other
  1. Are there any symptoms that accompany episodes of irregular heartbeat?  If yes, check all that apply-
  1. Dizziness or lightheadedness
  2. Blackouts
  3. Chest pain
  4. Palpitations
  5. Other
  6. Do you currently take any medications, yes or no?
  1. If so, please name details.
  2. Name of medication, dates used, quantity taken, frequency taken.
  3. Has a pacemaker been installed to control irregular heartbeat?  If yes, date of installation

These are only a few of the questions in the insurance agent is going to ask you, and your answers will impact if you are accepted or not. They are also going to be used to calculate your monthly premiums. As we mentioned earlier, the insurance company isn’t only concerned with your irregular heartbeat, but your overall health as well.

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Want to improve your chances of being accepted? Start walking! Cardio exercises can improve your health. It will help you lose some of the extra weight that you’ve been packing on for years. Losing weight will not only help you feel better, but will decrease your risk of health problems later in life. Both diet and exercise are going to lower your weight, lower your cholesterol, and lower your blood pressure.

Additionally, if you have an irregular heartbeat, smoking can cause your rates to go through the roof, in drastically increase the chances of you being denied coverage. If you’re looking for the most affordable term life insurance, you’re going to have to kick the cigarettes. When dealing with a heart condition, companies are going to look for anything that could increase the risk of further heart complications, and smoking is one of them.

If you want the lowest monthly premiums available to you, work with an independent agent. Instead of only representing one company, independent agents represent some of the most highly rated companies across the United States.

Don’t let your family be stuck under all of your final expenses. Having quality life insurance is the best decision you can make for your family. Make that decision today.

Not having life insurance is one of the most selfish things you can do for your family members. They are your debts, don’t let them become someone else’s responsibility.

It’s not impossible to get affordable life insurance with an irregular heartbeat. You just have to know how to approach it. 

Source: goodfinancialcents.com

Apache is functioning normally

A few weeks ago, I wrote about how I refinanced my mortgage for the second time in a year. The second refinance wasn’t actually part of my master plan, but I ended up having to refinance in order to remove my private mortgage insurance. And although refinancing our home again proved to be a huge pain, we are now saving $135 per month by no longer paying private mortgage insurance premiums.

Thankfully, we managed to secure a no-cost refinance that only cost us in time and effort. It’s a huge relief that the process is finally over, and I am fairly hopeful that this is the last time we will ever have to refinance.

Refinancing Has Its Perks

Luckily, I am no stranger to the benefits of refinancing. Not only did we refinance our primary residence, but we also refinanced our two rental homes within the past 18 months. We did so in order to take advantage of record low interest rates and to shorten the terms of their loans.

Now that we have refinanced our rental properties, they will be paid off much faster. In fact, our two rental properties are due to be paid off in about 13 years. Once they are completely paid off, we will then have another (somewhat) passive income stream and will be that much closer to our lifetime dream of early retirement.

Since I have refinanced properties so many times, I decided to write about some of the reasons that people choose to refinance. Like me, you may find that refinancing could save tens of thousands of dollars in interest and years of mortgage debt repayment. Unfortunately, it does take some effort to get the process started. However, the time and effort spent could easily be worth it depending on your situation. Here are some reasons that you may want to consider refinancing your home loan.

5 Reasons You May Want to Refinance

Refinance to shorten the term of your loan. If you have a 30-year mortgage, now may be a great time to consider refinancing. With record low interest rates, you may find that a 15-year mortgage is not much more expensive than the 30-year loan payment you have been paying.

Start by entering your information into a mortgage calculator to see what your new payment might be. If your new estimated payment is feasible, consider contacting a mortgage professional. (When we first refinanced our home from a 30-year mortgage at 5 percent to a 15-year mortgage at 3.25 percent, our payment only increased by about $200. Since the increase fit easily into our budget, the decision was a no-brainer.)

Refinance to lower your interest rate. As I mentioned before, interest rates are near a record low. And as I write this, 30-year mortgage rates are hovering above 3 percent and 15-year loans can be secured for an even lower rate. If your home is now financed at a higher interest rate, it may be a great time for you to consider refinancing. You could literally save tens of thousands of dollars just by taking the time to fill out the necessary paperwork and gather the needed documents.

Refinance to lower your payment. Refinancing your mortgage at a lower interest rate could mean drastically reducing your payment and saving tens of thousands of dollars in interest. Lowering your mortgage payment could also free up hundreds of dollars per month that could be saved or invested. Although refinancing to lower your payment could increase the term of your loan, it could make sense in your particular situation.

Refinance from an adjustable-rate mortgage to a fixed-rate loan. If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. Interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from rising interest rates in coming years. Additionally, a fixed payment is easier to plan for and budget.

Refinance to cash out home equity. It’s a tempting proposition to cash out your home equity by refinancing your home. It could even be a great financial move in some circumstances. For instance, it may make sense to cash out some of your home equity in order to buy an investment property or start a business. It mostly depends on what you are trying to achieve and if you are someone who can manage your debts responsibly.

Can Refinancing Help You Meet Your Goals?

Before refinancing, consider what your goals really are. Do you want to lower your monthly mortgage payment? Do you want to pay off your mortgage and get out of debt faster? Only you can answer these questions.

It is also important to take all closing costs and fees into consideration. Depending on which new loan you choose, you may have to pay thousands of dollars in fees for your new mortgage. It may take several years to recoup the costs of refinancing, and it is important to identify your breakeven point. If you plan on moving in the near future, it may not make sense to refinance your home loan at all.

Do You Even Qualify For a Refinance?

Due to government-backed programs, you may be able to refinance your home even if you owe more than your home is worth. The Home Affordable Refinance Program, known as HARP, loosens requirements for traditional refinancing. According to MakingHomeAffordable.gov, your loan must meet several requirements in order to qualify:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Consider Refinancing Decisions Carefully

There are many things to consider before refinancing your mortgage. Most importantly, you should weigh the pros and cons of your particular situation and act according to your own best interest. With some thorough research and planning, refinancing your mortgage could turn out to be the best thing for your family and for your pocketbook. Have a look at the table below for the best mortgage rates.

Have you considered refinancing your mortgage? If so, why did you decide to refinance? If not, why haven’t you?

Source: getrichslowly.org