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October 2012

Post image for New Life Insurance Diabetes Guidelines for 2016

Great news for people who are being treated for Type II Diabetes and looking for better life insurance rates There are new underwriting guidelines for diabetics seeking to purchase life insurance.  Some companies are now offering regular-non-diabetic life insurance rates, especially for recently diagnosed, Type II Diabetics. A highly rated insurer, and part of one of the World’s largest insurance organizations, is now offering the Standard Rate Class to diabetics; who are over 40 years of age and the duration of the Type 2 Diabetes is 5 years or less, with an A1C reading of 7.0 or lower (with a […]

Post image for The Importance of a Life Insurance Trust for Estate Planning

For the affluent, depending on your gross estate, everything you own may be subject to tax upon your death.  The taxes that must be paid to the federal government are called estate taxes.  A smaller but still substantial amount that may have to be paid to the state in which you live is called an inheritance tax.  While the laws regarding taxes are complicated, generally though, transfers between spouses at death are not subject to tax liability.  Conversely,  when the surviving spouse passes the estate to their heirs, often the children, that is when the tax is imposed and at […]

What is Life Insurance?

by Scott G on October 29, 2012

Post image for What is Life Insurance?

So exactly what is life insurance?   One of the best definitions that I came across was from Wikipedia.  It defines life insurance “as a contract between and insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.” en.wikipedia.org/wiki/Life_insurance.  This basically means if you pass away the life insurance company has to pay the out the money to your beneficiary.  A life insurance policy is a contract, so generally as long as you aren’t subject to one of the exclusions (typically there are 2 […]

Post image for What is the Difference & Costs Between Term Life Insurance vs. Universal Life Insurance

Term Life Insurance vs. Universal Life Insurance There are many kinds of life insurance but generally they will fall into two types; term life insurance and permanent life insurance.  For an explanation of life insurance you can check out What is Life Insurance? Today, I wanted to explain in simple terms, excuse the pun, the difference between term life insurance and permanent life insurance, specifically universal life insurance (or UL for short).  Also, I’m going to show  you an example of the premiums (payments) for each policy. Term Life Insurance Term life insurance is inexpensive in comparison to permanent insurance, […]

Post image for What If My Life Insurance Company Goes Out of Business?

My Life Insurance Company Goes Out of Business? A common and legitimate question a consumer may ask when shopping for life insurance is, “What if the company goes out of business or is unable to pay a claim?” The good news for consumers is that the life insurance industry is heavily regulated and monitored. Thus, large scale life insurance companies’ insolvencies have become rare.  Also, if you chose a highly rated insurer by an independent rating agency such as AM Best or Standard & Poor’s, then the odds of misfortune go down even further.  As a measure of security, each […]

Post image for Everyone Can Now See the Published Life Insurance Rates For Their Age & Rating Class Online

No-Hassle Life Insurance Quotes Life insurance shoppers can now instantly view and easily compare life insurance rates from the nation’s top companies with this life insurance quoting tool. It’s really unfortunate that so many consumers pay a lot more for their life insurance policy than they need to. With this life insurance quoting system, everyone can instantly compare the published rates from the country’s major life insurance carriers and save money! View the Published Rates

Post image for 3 Must-Follow Tips to Guarantee that Your Life Insurance Policy will Pay Out

Life Insurance Payout   One of the most common questions and valid concerns I hear in regards to life insurance is “how can I be assured that my life insurance policy will pay out if my family needed to collect on it?” You’ve been paying premiums every year to the insurance company, and you want be assured your family will receive the benefit in the event of unforeseen death. One reassuring fact is that life insurance policies are contracts.  As long as you don’t void the contract, it will pay out. Here are 3 tips to Guarantee that Your Life Insurance […]

Post image for What is the Difference Between Accidental Death and “Regular” Life Insurance?

Accidental Death Insurance vs Life Insurance   There is a huge difference between owning an accidental death policy (also called accidental death and dismemberment policy if the policy includes living benefits) and having a standard “life insurance policy” such as term or permanent life insurance. Accidental death policies only pay out the death benefit you if you die as result of an accident. Typical classifications of accidents include but are not limited to: auto accidents, poisonings, falls, fires and chocking. Deaths from natural causes such as heart disease, cancer and old age are not covered under an accidental death policy. […]

Post image for Synthroid and Life Insurance Rates

Synthroid Life Insurance Millions of people in the United States have thyroid diseases.  And it’s more common in women than in men.  So it isn’t unusual that I speak with someone who is being treated (typically with Synthroid) for a thyroid condition when applying for life insurance. What is a Thyroid Disorder? Diseases of the thyroid gland can result in when either the body produces too much thyroid hormone which is called Hyperthyroid, (over active thyroid) or where the gland does not make enough hormone called Hypothyroid (under-active thyroid). Let’s start with Hypothyroid (under-active thyroid) since it is more common.  The […]

Post image for Life Insurance Inspection Reports

Life Insurance Inspection Report   Sometimes life insurance companies, depending on your age and the face amount you are applying for, may request an Inspection report as part of the life insurance application.  This typically entails a telephone interview for 10-20 minutes, or for multi-million dollar policies, you may have to be seen in person, with an independent investigating firm.  The inspection organization will typically ask questions regarding but not limited to your; health, business, hobbies, habits, morals, and personal and financial information.  Depending on the policy, the questions can get quite detailed.  The reason why the life insurance company […]

Post image for What does the 4506T-EZ Form Have to do With My Life Insurance Application?

The 4506T-EZ Form and My Life Insurance Application Some life insurance companies are now requiring the 4506T-EZ (Short Form Request for Individual Tax Return Transcript) IRS form to be completed as part of the life insurance application.  One company for instance, is requiring all applicants over the age of 26 complete the 4506T-EZ IRS form, while another company is requiring that the form be completed for applicants applying for certain face amounts and or if you are over a certain age and face amount.  While the implementation of the 4506T-EZ may be a new practice in life insurance underwriting, it […]

Post image for How To Ace Your Medical Exam & Save Money!

Tips For The Life Insurance Blood Test As part of the application process, most life insurers are going to require a brief health screening.  The health screening, also referred to a a praamed exam, is done in the convenience of your home, office or a health facility.  It takes about 30 minutes and involves a certified health professional measuring your height, weight and taking a small blood and urine sample.  For some applicants, a resting EKG will be done as well. Follow the tips to ace your exam & save money! 1. Take your medical exam in the morning, if […]

Post image for Can I get life insurance if I had coronary artery disease, a heart attack, angioplasty and multiple stents?

Yes!  You may be still be eligible for life insurance even if you have had coronary artery disease, (CAD) heart attack, angioplasty, and stents in the past.  Most likely you’re going to be table rated, even though you may be in better health now then you were when you had the heart attack.  The rate that the life insurance company is going offer with these health concerns will depend on many factors including, but not limited to, the number of vessels affected by the coronary artery disease and the actual vessel affected.  For example, a recent client had these health […]

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There is Better Pricing on Life Insurance in 2014 A common mistake people make when shopping for the best deal on life insurance is choosing the incorrect face amount.  Many of the top life insurance companies will have a cost-per-thousand price break or “bands” at certain levels.  For example, let’s look at 40 year old male at the Preferred Plus rate class with American General Life (AIG): $200k 20 year term would be $23.04 a month. $250k 20 year term would be $21.29 a month. As you can see, it is actually CHEAPER in this case to get the $250k […]

Life Insurance on Plavix

Life Insurance while Taking Plavix Obtaining life insurance while on Plavix may be difficult but still possible.  Plavix (Clopidogrel) is an oral medication often used to reduce the chances of having a heart attack or stroke by assisting blood flow more easily. Get a Free Quote   Plavix is typically used by people who may have had a heart attack, stroke or some type of heart disease. In most cases, if you have had or at risk for having one of those health concerns your agent will probably want to gather some information upfront and send a quick quote or […]

Post image for Should You Buy Your Life Insurance at Walmart?

Walmart Life Insurance Review The largest retailer in the world has recently announced they are selling life insurance policies to certain stores in Georgia and South Carolina.  The policies will be handled by MetLife and will consist of one-year prepaid life insurance policies ranging from $10k to $25k depending on age and how much coverage you are seeking. Walmart customers simply purchase a prepaid card at the store and call a toll free number provided by MetLife to activate the life insurance policy. This may be an easy alternative for consumers looking to purchase a small amount of life insurance […]

Post image for Am I Eligible for Life Insurance After a Cerebral or Brain Aneurysm?

Am I Eligible for Life Insurance After a Cerebral or Brain Aneurysm? Yes!  You may be eligible for life insurance after a brain aneurysm if there are no complications or residuals.  I’ve had clients that are healthy but had a brain aneurysm in the past and were approved at a standard rate. A brain or cerebral aneurysm is an abnormal bulge in the wall of an artery in the brain.  The artery balloons out and fills with blood.  The two most common types of treatment include surgical clipping and endovascular coiling. Underwriting factors will likely include: Diagnosis Size of the […]

Post image for What is the Best Way to Shop for Life Insurance with a Major Health Problem or Condition?

If you have or had a major health condition or problem, you may not know where to start in looking to obtain an adequate life insurance policy.  Many of the do-it-yourself quote engines you see on the internet (even the one on this site) will only allow you to select a particular rate class but will typically not offer quotes for major health conditions or problems.  There are just too many health impairments out there, and every situation is different.  What you want to do to ensure you are getting the best rate you qualify for is to talk to […]

Post image for Lower Rates and Improved Guidelines for Buying Life Insurance with Hypertension 2012-2013

Purchasing Life Insurance While Taking Lisinopril or another High Blood Pressure Medication   Obtaining a great life insurance rate while being treated for hypertension just became easier.  Whether you are currently taking Lisinopril (Prinivil), Amlodipine besylate (Norvasc), a water pill or any other medication for hypertension you still may qualify for the best possible rate class.  Hypertension or (high blood pressure) is one of the most common health concerns I encounter when quoting someone for life insurance.  And Lisinopril (Prinivil) is one of America’s most prescribed medications and a common treatment for high blood pressure.  According to the CDC, as […]

Post image for Will taking Zocor, Crestor or Lipitor Affect My Life Insurance Rate?

Life Insurance on Zocor Great news for people taking a medication to control elevated cholesterol such as Zocor, Crestor or Lipitor.  Many of the top life insurance companies in the market today will not penalize you for taking a statin or non-statin medication used to lower cholesterol.  In most cases whether you are with or without treatment, the insurer is going to look at your readings.  Every company has their own guidelines, so if you know your last reading it would be best to tell your agent upfront so they can put you with the best company for your situation.  […]

Post image for Breakdown of the Life Insurance Rate Classes-What do they mean?

Explaining The Life Insurance Rate Classes Today, I want to breakdown the life insurance rate classes so hopefully will it make a little more sense. Life insurance rate classes can be confusing. Life insurance companies use rate classes to define your risk.  The best rate class equates to the lowest the risk-i.e. mortality. Most life insurers will usually have the same levels of rate classes but will just use different names.  For example, Prudential calls their best rate class Preferred Best, while ING ReliaStar uses the name Super Preferred and then American General call their best rate class Preferred Plus.  […]