term life insurance

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Finding the right insurance or any insurance at all can be a daunting task when there are pre-existing medical conditions present. It is oftentimes frustrating to find term life insurance as companies tend to flat out deny those with pre-existing conditions or is there is not denial they are placed in a high-risk policy which is oftentimes more costly. Despite these challenges and frustrations, finding insurance with pre-existing conditions is not impossible.

In fact, in just about every case, there are plenty of affordable life insurance options. Even applicants with pre-existing conditions are surprised to see how affordable their policy can be.

What is Your Pre-existing Condition?

The type of pre-existing condition is perhaps the biggest consideration when shopping for new life insurance. From one insurer to the next, the types of policies for people with certain conditions will vary. Life insurance companies rate conditions differently based on the level of risk they believe are associated with it.

When considering conditions such as cancer, many insurance companies may not accept that level of risk since there is not a long life expectancy associated with these types of conditions. Although this is the case, other considerations are factored in such as whether or not it is in remission.

The main thing that insurance underwriters are considering is how threatening the condition is to the life of the policyholder so obviously, there are usually multiple variables at play. The good news is that insurance companies are adapting and changing with medical advancements. When it may have been impossible in the past to receive insurance with pre-existing conditions, insurance companies recognize that certain conditions can be treated or slowed due to new research and technology.

Avoid The Fuss With No Medical Exam Life Insurance

Another great option is a no medical exam life insurance policy. If you have not been previously diagnosed with a condition, this may be a great option. Although these types of policies usually run at a higher premium, the coverage is usually guaranteed and the policy coverage varies slightly from a standard term life policy. Despite the guaranteed coverage it is a good idea to disclose any medical conditions you may have.

In today’s market, there is far more competition in terms of top-rated life insurance companies. Because of this, they are oftentimes aggressive in the risks that they take. For this reason, you need to shop around or even work with a professional who can point you in the right direction.

These policies of course usually come at a higher rate but it is a good option still for those who may have been denied by a more traditional life insurance provider.

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It’s Best to Compare Between Different Insurance Companies

Perhaps the biggest factor related to a pre-existing condition that there is no way around is the higher cost. Insurance companies need a way to compensate for the additional risk. However, many companies will treat certain conditions differently than other.  For example, there are some companies that view conditions like diabetes more favorably than others. With some companies, if you have well-controlled type 2 diabetes, you could get great rates, but other companies are automatically going to skyrocket your rates because of the diabetes diagnosis.

The best course of action is to be proactive with your condition and try to manage it the best way that you can. Insurance companies have been known to consider these types of things and reduce your premium over time as it is demonstrated that you are getting your condition under control.

Thankfully for advances in the medical community it is no longer the case that pre-existing means denial. It is still a good idea to shop around and find the best fit for your particular condition. Spending the extra time up front can save you a lot of money in the long run and the peace of mind that comes with knowing you are insured is invaluable.

The benefits of finding the perfect company are obvious, lower insurance rates. But finding the right company isn’t as easy as that. This is why you need an expert, like our independent agents. Not only can they represent several different companies, but they are also knowledgeable about the different companies and which one will view your pre-existing condition more favorably.

Getting the Lowest Rates Possible

We just mentioned a great way to get lower monthly rates, by working with an independent agent, but that isn’t the only way.

The first thing is to do is improve your health. Sure, you have a health problem, it’s going to impact your monthly rates, but there are still some health factors that you can improve to get a better classification from the insurance company.

The best thing you can do is to shed a couple of pounds. The majority of life insurance applicants are keeping a few more pounds than they should, and losing that weight could have an extremely beneficial impact on your insurance plan. Start a healthy diet and exercise program, it will save you money.

Deciding how much Life Insurance you need

The next most important decision is determining how my life insurance coverage you’re going to need. The bigger your policy, the more you’re going to pay for your coverage.

If you don’t have enough coverage, you could leave your loved ones paying for all of those debts you would leave behind. How are you supposed to know if you have enough coverage? There are several different questions that you can ask yourself to ensure that you’ve bought a large enough life insurance policy.

The first question is, “how much debt would I leave behind?” Before you buy a plan, make sure the policy will provide enough protection. Make sure that you add up your mortgage, car payments, credit card bills, student loans, and anything else your loved ones would be responsible for paying.

The other questions that you have to ask is, “how would my family suffer if they lost my salary?” the other main purpose of life insurance is to help your family find a way to replace your annual income. Your family could have a difficult time finding a way to permanently replace that income without experiencing serious financial strain.

Source: goodfinancialcents.com

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There are a lot of Americans that skip purchasing a life insurance policy, especially once they start to reach their mid-50’s and early 60’s, but this could be an awful mistake.

When looking for life insurance at age 56 one of the greatest impacts on your premium is your health.

Unfortunately, at this age there are many medical conditions that can start to creep up if it hasn’t already started affecting you.

Depending on what type of medical condition you have, your rates may or may not be affected significantly.  There are a lot of people that think if you have any pre-existing condition, you can’t get life insurance. That isn’t true.

Regardless, life insurance is something that everybody should have for their own peace of mind.

What Type of Coverage Should I Get?

Ninety percent of 56 year olds who obtain life insurance typically only need it for 10 to 20 years. This is the case because the purpose of the life insurance is meant to fill in for displaced income.

With this in consideration it is assumed that you will not need insurance after retiring and for that reason you only need a policy for the term of your working career.

Buying cheap term life insurance is the solution for this. This type of insurance is surprisingly affordable, especially considering all of the benefits that come with it.  If you need more extensive or permanent insurance, whole life insurance is most likely for you.

As you can imagine, the biggest difference is whole life insurance is effective for as long as you pay the monthly premiums. This a significant advantage over term policies that expire after their predetermined time.

There are a lot of people that prefer having permanent coverage and don’t have to worry about reapplying for another policy. If you want the comfort of having a whole life policy, go for it, but be warned, you’re probably paying way more for life insurance coverage than you have to.

What are the rates for a 56 year old?

Your rates are going to be based on your age, your health, and much more. We can’t give you exact numbers, but we can give you a rough idea of how much coverage you’ll pay.

For example, let’s say you are a 56 year old man who wants to get a $500,000 insurance plan. You’re going to pay around $1,600 every year for your plan. A woman is going to pay $1,200 for the policy.

Here is some quotes for $250,000 of coverage for someone age 56:

Sex 10 Year 20 Year 30 Year
Male Protective – $42.48/month SBLI – $73.30/month Transamerica – $161.88/month

Female Protective – $32.07/month SBLI – $55.46/month Transamerica – $113.75/month

Keep in mind, these are only ballpark figures for life insurance coverage. There are so many variables, there is no way for us to tell you exact numbers without getting information from you.

What Risk Tables Does a 56 Year Old Operate On?

Pre-existing health conditions are the main reason people in this age group are declined for life insurance. This could be anything from diabetes to heart problems.

There are a lot of life insurance companies that have experience working with high-risk applicants of various conditions. These companies understand the conditions and how they can be controlled, which means they will view applicants for favorably than companies without that experience.

Even if you’ve been turned down for coverage because of your health conditions, there are still several insurance coverage options that you can choose from. Your health won’t prevent you from getting at least a small amount of coverage.

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How much Life Insurance do you need?

Aside from asking what type of policy that should get, this is the next most common question that we receive, “how much life insurance do I need?” and it’s one of the most important calculations you can make in regards to your insurance.

Shopping for life insurance at age 56 is extremely different than shopping for a policy in your 20’s or 30’s. There are many notable differences that are going to impact your life insurance needs. More than likely you don’t have as much debt as you did twenty years ago. One of the main goals of life insurance is to pay off any debt you would leave behind, you might be able to buy a much smaller policy at this stage of life.

Another key difference in a life insurance policy in your mid 50’s is your salary and how many people are relying on your income. Your salary is probably higher than it was when you first bought a life insurance policy many years ago, but that doesn’t necessarily mean that you need a larger insurance plan. If your spouse is still working, and your kids all have jobs of their own, you can consider getting a smaller, cheaper insurance policy.

Getting the Best Rates on Your Life Insurance Policy

Getting life insurance is important for the protection of your family, but it’s also important that it doesn’t break your bank. Even at 56, a life insurance policy can still be more affordable than most applicants assume. The older you are, the more your plan is going to cost, but just because you aren’t as young as you used to be doesn’t mean your policy has to be expensive.

The first way is to focus on your health. Aside from your age (which you can’t change), your health is the next most important factor that impacts your monthly premiums. Sure, you probably aren’t in as good shape as you were twenty years ago, but now is the time to focus on your health.

If you’re carrying any extra weight, it could hurt your monthly rates. The more weight that you’re carrying, the higher your chances of having health problems. The higher your risk for health problems, the higher your rates.

Shedding some of those pounds through a diet and exercise will not only lower the number on your scale, but it will also work wonders for your cholesterol, blood pressure, and much more. Not only is this great for your health, but good for your wallet as well.

Additionally, kicking your bad habits like smoking cigarettes will also save you several hundred dollars on your policy coverage. Smokers pay double on their monthly premiums, sometimes triple, versus a non-smoker.

Whether it is standard term life insurance or a no medical exam policy, the best way to locate the perfect plan is to partner up with an independent agent. Each insurance carrier is very different. Different plans, rates, riders, and much more. Sure, you can look through them all to find the best, or we can bring you 50 companies all at once.

We work with all of the top-rated life insurance companies so that we can shop for you and get the absolute best rates. Life insurance is a long-term investment, and just like any other investment, you want to make the best choice. You should always work with an expert to make your choice.

Source: goodfinancialcents.com

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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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The closer and closer you get to age 60, the higher you will see your rates climb when it comes to life insurance. This is why it is extremely important at age 59 to start to seek out life insurance that is good for your current situation.

It is hopefully the case that you are still in very good health, but many life insurance companies start to associate age 60 with increased health problems. This is why it is extremely important to lock in a lower rate while you are still healthy and in your 50’s.

Not only that but life insurance provides you with the ability to sleep well at night knowing that your loved ones will be taken care of.

Coverage for Life Insurance At Age 59

Term life insurance is a very appealing type of insurance for someone at the age of 59. You can purchase it a variety of different periods of time anywhere from five to twenty years.

It is meant to fill the lack of income in the event of misfortune so it is extremely valuable especially given that it can be obtained at a very reasonable rate.  If you’re looking for the cheapest term life insurance option, term life insurance is the cheapest. Because they are only effective for a certain period, they are offered at a lower monthly premiums.

The other type of insurance that is appealing to someone at age 59 is whole life insurance. Although this comes at a slightly higher rate, it is a permanent insurance, at least for as long as you continue paying the rates. You won’t lose protection in the future, or have to reapply for coverage, these whole life policies are a great option.

What are the rates for a 59 year old?

Insurance premiums are based on a lot of things. Your age is only one of them. We can’t give you specific numbers without knowing your health, but we can give some example rates of what you may pay.

For a 59 year-old male who doesn’t smoke, they will pay around $1800 every year for a $200,000 life insurance policy. A woman who is in similar health is going to pay much less at $1100 for the same sized policy. In general, women are going to pay a lot less for their insurance

Sex 10 Year 20 Year 30 Year
Male Protective – $55.53/month SBLI – $100.27/month Transamerica – Not Available

Female Protective – $39.71/month SBLI – $70.25/month Transamerica – Unavailable

As we mentioned, these are only ballpark figures for life insurance plans. Even as a 59-year-old applicant, your rates could be drastically different.

What are the Risk Tables?

If you are a high-risk applicant, you need to find the perfect insurance company for your specific condition. There are a lot of insurance companies that specialize in insuring applicants with certain health complications. These companies have more experience working with high-risk applicants and under what is involved with the conditions and they are going to give you lower rates or a better chance of being accepted.

There are a lot of things which could cause you to be a high-risk applicant. The most common cause is diabetes. Anyone who has been diagnosed with diabetes is going to be a high-risk applicant.

Getting a Set of Quotes

If you are unsure of how to proceed in obtaining life insurance, it may be advisable to seek out the help of an experienced life insurance agent.  We provide easy life insurance quote by using the quote form on the side of this page.  This will allow you to compare term life insurance rates from all of the best life insurance companies.

We know that purchasing life insurance policy and applying for coverage can be confusing and difficult, but we can help walk you through the process to ensure that your family is getting the protection that they deserve.

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Getting the Lowest Insurance Rates

More than likely, this isn’t your first time purchasing life insurance, and you’ve noticed that it’s much more expensive than it was the first time that you bought coverage. Regardless of how old you are, you can find lower premiums.

The best advice for getting lower rates is to not wait any longer to apply. Once you turn 60, you are going to see a significant increase in your monthly premiums. Start the process today.

You’re at the age where your health might be as great as it once was. Your health is the pivotal ingredient in getting cheap life insurance. Let’s look at some of the ways you can be healthier and save money.

It’s time to stop using your treadmill to keep clothes on. Instead, actually start using it to run. Getting extra exercise will help you lose weight and get in shape.

The next lifestyle change that you need to make to save money is your smoking habits. If you’re a smoker, then you’re going to pay around double or triple. Even if you use chewing tobacco or smoke cigars, you may still be lumped in with the smoker’s rates.

Anyone looking to purchase life insurance for people over 50 is going to need to consider all the possible life insurance options.  Because the needs of people in this age range varies greatly from person to person, working with an independent agent will allow you to get the best policy at the best price for your needs.

Source: goodfinancialcents.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

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 universal life insurance policy can accumulate cash value in addition to providing a death benefit. There are two basic types of universal life insurance policies you should know about. With indexed universal life insurance, the cash value can increase based on the performance of a market index. With variable universal life insurance, on the other hand, a policyholder directly invests the cash value into securities.

A financial advisor can help you determine how life insurance fits into your financial plan.

Universal Life Basics

Universal life insurance is a kind of permanent life insurance. Permanent life insurance differs from the other main variety of life insurance, term life insurance, in that permanent life insurance does not expire and part of the premium is used to build up cash value in a subaccount. Term life insurance generally costs less and is for a limited number of years but provides only a death benefit, without any cash value feature.

There are two major varieties of permanent life insurance, including whole life insurance as well as universal life insurance. With both types the cash balance in the subaccount can increase, but with whole life the growth is based on a fixed interest rate while with universal life the growth rate can vary.

Whole life premiums are also fixed. A universal life policyholder can opt to pay a lower premium during a period when cash flow is tighter, or pay more to build cash value. These policies also may also include other features, including long-term care coverage and other living benefits.

Favorable tax treatment is an important characteristic of permanent life policies. The death benefit is free of income taxes. Funds in the cash value subaccount also grow tax-free, and policyholders can withdraw funds or take loans against the cash value while still alive without owing taxes on the proceeds.

Indexed Universal Life

Indexed universal life is one of the sub-types of universal life. With an indexed universal life policy, the cash value can grow based on the performance of a stock market index. This allows for a potentially higher return than a whole life policy with a fixed return.

Indexed universal life policies typically have participation rates describing the return’s relationship to the index. A 60% return rate means the cash value will earn 60% of the return posted by the tracked index. If the index returns 10%, in this case, the subaccount will earn 60% of 10% or 6%.

However, these policies also often have caps on the maximum return. In the previous example, if the policy had a cap of 5%, the subaccount would earn 5% instead of 6%.

In addition, indexed universal life policies often have floor rates describing the minimum return the return will post. A floor of 1% means the policy will return 1% even if the index posts a negative return.

Pros of indexed universal life include the ability to get a death benefit along with tax-free growth and distributions. Policyholders can also contribute unlimited amounts and use the money at any time, which are useful advantages compared to retirement accounts such as IRAs.

Cons of indexed universal life include caps on returns along with sales, administrative and other fees which are typically higher than other investment options such as exchange-traded funds. Also, withdrawals from the cash value subaccount may become taxable if the policy is surrendered or lapses.

Variable Universal Life

Another type of universal life insurance is variable universal life. It shares many of the features of indexed universal life, including tax treatment and the ability to pay flexible premiums and accumulate cash value in a subaccount. The primary difference is how funds in the subaccount are handled.

Instead of tracking an index, the cash value in a variable universal life policy subaccount can be invested directly in securities, such as stocks and bonds. Variable universal life policies do not have participation rates, cap rates or floor rates as indexed universal life does.

The return on a variable universal life policy cash value will reflect the actual performance of the securities, without any limits up or down. This means it is possible to get a higher return than with an indexed universal life policy but also to get a lower return as well as to lose money.

Pros of variable universal life policies include the possibility of a higher return while still getting favorable tax treatment and a death benefit. Cons include the possibility of a lower return or actual loss. Variable universal life policies also typically have higher fees than indexed universal life due to the added costs of managing the investments.

IUL v. VUL: Which One Is Better?

As outlined above, there are positives and negatives for both products. Which one is best for you will largely depend on what you want to get out of your life insurance policy.

Indexed universal life can be a good choice for someone who wants a death benefit as well as flexibility in paying premiums and the prospect of a somewhat better return on the cash value than is offered by a whole life policy. Indexed universal life buyers tend to be more risk-averse than variable universal life policyholders, who are willing to take the chance of higher returns in exchange for the possibility of a loss.

The Bottom Line

Indexed universal life and variable universal life are two types of permanent life insurance that let policyholders pay varying premiums and accumulate cash value. Indexed universal life cash value can grow based on the performance of a stock index. Variable universal life cash value can be invested directly into securities. Indexed universal life typically limits both gains and losses, while variable universal life offers the opportunity for higher gains as well as losses.

Life Insurance Tips

  • Life insurance can be an important part of a financial plan. A financial advisor can help you select which type of life insurance works best for your situation. SmartAsset’s free tool matches you with up to three vetted financial advisors in 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.
  • SmartAsset’s investment calculator shows you how much your investment will be worth over time assuming a constant rate of return and regular contributions.

Photo credit: ©iStock/Rockaa, ©iStock/AlexanderFord, ©iStock/Rockaa

Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.

Source: smartasset.com

Apache is functioning normally

A senior couple walking together on a sunny day. The man is pushing a bicycle with a basket on it.

Nitat Termmee/Getty Images

There are a few different types of life insurance policies to choose from when you’re shopping for coverage. That includes whole life insurance, which is a permanent type of life insurance policy that remains in place for your entire life and guarantees a death benefit, as long as premiums are paid. But while whole life insurance can offer a number of unique perks, it may not be the best option for everyone. Before you make a decision on your life insurance coverage, it may benefit you to learn more about the pros and cons of whole life insurance, as well as how it works, in order to make the best choice possible for your unique circumstances.

Key takeaways

  • Whole life insurance is a permanent policy that remains in force for your entire life, as long as premiums are paid, and guarantees a death benefit.
  • Whole life insurance policies may cost two to three times more than term life insurance policies because of the expected payout.
  • Whole life insurance policies usually have a cash value component that you may be able to put towards premiums when enough funds accumulate.

What is whole life insurance?

Whole life insurance offers coverage for your entire life as long (in most circumstances) as you’re paying your premiums. In return, the death benefit is essentially guaranteed to be paid out to the beneficiaries in the event that the policyholder passes.

In addition, whole life policies include other benefits, like a cash value component, which is an account that accumulates funds over time. This account is funded by the policy’s premiums, which are what you pay to keep your policy active. As the policyholder, you can choose to borrow against the cash value component during your lifetime under certain circumstances.

How does cash value work?

The cash value component of a whole life insurance policy can be used in a variety of ways and has a few tax considerations to keep in mind. You may borrow against it, use it to pay premiums or make tax-free withdrawals, within policy limits. Withdrawals over the amount of the cash value may be considered taxable income and will reduce the death benefit amount that goes to your beneficiaries. Your beneficiaries will also not be able to access this cash value when you pass away, as it can only be used while you are alive.

Knowing how to leverage the cash value can be a useful tool. When you borrow against the cash value amount, you will not have to undergo a lengthy approval process from a bank or lender, and you will likely enjoy a lower interest rate. Borrowing against the cash value account may be the right fit for individuals in a pinch who want a loan with an easy approval process. Additionally, a loan against the cash value is not reported to credit bureaus, meaning it does not impact your credit score. Just remember that any amount that remains unpaid when you pass will likely be deducted from the death benefit total.

Best whole life insurance

Many regional and national life insurance companies offer whole life policies, so choosing the right one will require some research. Bankrate’s list of the best whole life insurance companies may be a great place to start your search. To determine this list, our insurance experts chose these providers based on the following considerations: customer satisfaction rankings from J.D. Power’s 2021 U.S. Individual Life Insurance Study, financial strength scores from AM Best, reported complaints from the National Association of Insurance Commissioners (NAIC), available coverage options and digital policy management tools.

The cost of whole life insurance

Generally, whole life insurance is more expensive than the same amount of term life insurance coverage. This is because whole life insurance policies are guaranteed to be paid out, as long as the policy remains in force and premiums are paid. As such, whole life policies might also come with a lower potential death benefit compared to a term policy.

However, whole life premiums remain stable and the policy comes with a cash value account, which policyholders can leverage for other financial needs. Your specific whole life insurance policy cost is determined by multiple factors, including the amount of coverage you choose, your age and your relative health.

Learn more: Affordable life insurance companies

Is whole life insurance worth it?

Some people may prefer whole life insurance because it remains in effect for the insured’s entire life and because the cash value component adds additional financial flexibility. However, these financial components also contribute to a higher rate compared to premiums associated with a term life insurance policy. Whether or not whole life insurance is worth it to you depends on your financial situation, budget and long-term goals.

On the other end of the spectrum, many people prefer the shorter-term coverage that comes with a term life policy. For instance, if you only want coverage for a limited amount of time — such as when your children are in school or while you still owe on a mortgage — you may want to apply for a term life insurance policy just for the period of time when the financial protection is most critical. Term policies are typically much more affordable, as a payout is significantly less likely to occur. If deciding between term life vs. permanent life insurance, knowing what your immediate and long-term needs are, budget and purpose for life insurance can help you make a choice.

Frequently asked questions

    • A whole life insurance policy comes with a cash value account that can be invested, but since it is considered low-risk the cash value is usually minimal. Whole life insurance policies are designed to provide loved ones with a death benefit after your passing, rather than to act as an investment vehicle. While the investment component of insurance can be a nice added perk to a whole life insurance policy, other forms of investment may generate higher returns. A financial advisor can help you determine whether or not a whole life policy is right for your situation, taking into account its investment component.

    • How much life insurance you need typically depends on your situation and the goals you have for your policy. You may also want to keep in mind your individual financial obligations when determining the amount of life insurance you need. For instance, if you have personal debt, a mortgage, or upcoming college tuition payments for your children, you may want to factor in those expenses. If you financially support someone into adulthood, such as a special needs family member, you may want to factor their living expenses into your life insurance coverage, as well. Typically, a licensed agent or certified financial professional can guide you in estimating how much life insurance you need, or you can use Bankrate’s life insurance calculator as a starting point.

    • You may have less need for life insurance coverage if you’re single and have no dependents, since this likely means that you have less people who would be financially at-risk if you were to pass away. However, some policyholders choose to purchase life insurance to pay for their funeral expenses, or to leave money to a favorite organization or charity.

      This is one reason single people may choose to obtain a term policy, which can typically be converted to a whole life policy ahead of the policy’s expiration when you may marry or have dependents in the picture. Obtaining a policy when you are young and in relatively good health may help you secure good rates for such a time when insurance becomes more critical.

Source: thesimpledollar.com

Apache is functioning normally

Because life insurance is such a vital purchase, you want to ensure that you’re making the best decision for you and your family. There are several different types of life insurance that you have to choose from, but the most popular option is term life insurance. Buying life insurance doesn’t have to be a long and painful process, we can make it quick and easy.

If you’re shopping for term life insurance, the two most important factors to your policy are how much coverage you need and how long your term should be.  In this article, we’ll go in depth on how long you should buy term life insurance coverage.

While most consumers focus all their time on the amount of coverage, the length of the policy is also an incredibly important factor most consumers don’t put much thought into.

Since term life insurance doesn’t last forever, the premiums are much, much cheaper.  Term policies are the best option if you’re looking for affordable life insurance coverage for your loved ones.   However, how long should you have term life insurance for?

Good question!  It’s depends on your situation.  Probably not the answer you’re looking for, but we’ll guide you through the thought process below.

The Thought Process for My Term Life Insurance Policy

Lets start with my thought process when I purchased a term life insurance policy.

Last year, my wife and I purchased 20-year term policies when we had our first child. The logic was that we wouldn’t need life insurance once the kids were grown, out of college and could fend for themselves if something happened to us.

We both already had 30 year term insurance for income protection which would get us near retirement.  This new 20 year term policy was “earmarked” to take care of the kids and make sure either of us wouldn’t have to work and can give our child any opportunity they wanted.

The point of our example is that determining how long of a term to sign up for can be just as difficult as determining how much coverage you need.  We’ll add and possibly replace coverage as our needs change.

That’s the thing.  Your life insurance program should be reviewed every few years or when big changes happen in your life.  So when you purchase that cheap term life insurance policy, remember that it will probably be different in the future.

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2 Tips For Determining How Long To Buy Term Life Insurance

So here are the 2 biggest things to consider when deciding how long your term life insurance coverage should last:

1.  Consider the Purpose of the Coverage

My #1 tip is to consider WHY you’re buying this coverage to determine how long you should buy your life insurance.

Like our example above, the purpose of the coverage should be your main deciding factor.  If you’re buying to protect your children, then buy coverage until they can earn their own living.

If you’re considering coverage for your family to protect your income, you’ll want to buy coverage until you hit retirement age, or at least near retirement age.  That doesn’t mean that once you’ve reached retirement that you’ll no longer need life insurance. You will still have to evaluate your specific situation and determine your life insurance needs from there.

If you’ve buying coverage to cover your mortgage, choose a term length that equals the amount of time left on your note.  This is one of the most important factors to consider. If you were to pass away, your family would be left paying for the mortgage, which can put serious financial strain on a grieving family. Having the proper length of life insurance will prevent this and give them the money they need to pay off those expenses.

The purpose of coverage should always lead to your desired term length.

2. Consider the Cost of Coverage

Once you determine how long you need the coverage, make sure you’re comfortable with the premiums.  The longer the term length, the more expensive your premiums will be.  The best way to determine cost is by utilizing instant life insurance quotes on this site.  You can ballpark the cost of term life insurance at different term lengths.  In most cases, term life insurance is much more affordable than most applicants think. It’s a great way to get your family the life insurance protection they deserve without breaking your bank.

Also, as attractive as no medical exam life insurance can be, make sure you can afford it.  Bypassing the medical exam can make life insurance more expensive.  If you can afford it, it’s a quick and easy way to purchase coverage and we highly recommend it.  If you can’t, opt for the medical exam.

ANY health issues you have can increase your premiums and will force you re-think the term length you’re considering.  If this is the case, opt for a shorter term length and re-visit purchasing a longer term length in the future when you’re health issues are under control.

If you do have poor health, or any serious health complications, don’t automatically assume that you don’t qualify for a term life insurance plan, or that the premiums will be too expensive. There are dozens of insurance companies that specialize in insuring high-risk patients with health problems. Our agents can help connect you with the perfect insurance company that is going to view your application favorably, which can be the difference in being denied for coverage, or finding an affordable policy.

Bottom Line

Working through the purpose of coverage,  factoring in your term life insurance rates and the best life insurance companies in order to meet your needs,  should make you confident in your decision of how long you should buy your term life insurance policy.

Remember that your life insurance needs will be changing throughout the years.  It’s not uncommon to own multiple policies to meet your needs as they change. Everyone goes through major life changes that impact their life insurance needs.

You should always review your policies every few years, or when you have major events to see if your policy is still giving you the protection you need.  Since the earlier you buy coverage, the less expensive it is – you usually keep your policies when you buy more coverage down the road.

If you’d like to discuss how long you should buy term life insurance, please don’t hesitate to contact us.  We can answer any questions about you have about term life insurance and ensure that you and your loved ones are getting the best possible plan.

Our agents at Life Insurance by Jeff are independent agents, which means that we don’t represent one single company. Instead, we represent dozens of highly rated companies from across the Untied States.

Working with one of our agents during the life insurance process can help you save both time and money on your policy. We can give you quotes from best-rated policies from dozens of companies, no calling and answering the same questions.

You never know what’s going to happen to you tomorrow. You can’t predict the future, but you can always protect your loved ones against the worst. Don’t wait any longer to purchase a life insurance policy that will provide for your family, regardless of what happens to you.

Source: goodfinancialcents.com