Archives for October 2013

Life Insurance For Those with Medical Issues

Life insurance can be confusing. That confusion can be compounded when you have medical issues. People who have diabetes, heart issues and high risk factors often think that life insurance companies will not approve them.

One of our readers emailed us recently about a high risk life insurance situation.

I know that life insurance companies require blood tests. I have smoked marijuana a couple of times in the last year. Will this hinder me from getting coverage?

We set out on a search and talked with Jeff Root from Rootfin.com. He deals with impaired and high risk life insurance. What we found is that you can get coverage with many types of impaired risk. Here is what he had to say about marijuana smokers.

“The key in getting the best life insurance rates as a marijuana user is securing non-smoker rates.  If you smoke up to 2 times per week, you can secure non-smoker rates and cut your rates in half”, says Jeff Root.

Consumers also worry companies or insurance agents will report them to the authorities for marijuana use. HIPAA privacy laws prohibit an agent or insurance company from sharing this information with anyone. You can rest assured your privacy and health information will be protected.

The following are the top 5 high risk life insurance types he deals with:

Life insurance for diabetics

Life insurance for marijuana users

Life insurance for smokers

Life insurance with Multiple Sclerosis

Life insurance with Cohn’s Disease

If you have any of the above conditions rest assured that affordable life insurance can usually be found for you. The biggest thing we have learned is that some companies have much cheaper rates than others for impaired risk.

For example, one quote we ran was $100 per month for $500,000 of term life insurance. This was with one company. We then ran a quote with an agency that represented 35 plus companies and found the rates dropped to $64 per month. Whatever your situation, make sure to do your homework and work with a company that offers multiple quotes.

For more questions about your financial or life insurance issues feel free to email mail me! jeff@heartheworld.org.

Life Insurance Is Necessary Protection For Your Family

No one likes to think about the unexpected happening to his or her family. The loss of a loved one is painful. Life insurance protects a grieving family from having to endure financial difficulties in the wake of a funeral. The loss of a loved one means the loss of income.

“When a loss is unexpected, it is often not just emotionally difficult but it is also financially difficult,” says Paul from TAIK Insurance Asociates , an online life insurance agency, “because a family has not had the chance to save money for a funeral and all the final expenses that go with one.” This is why life insurance is necessary. It is important to select the right plan based on your individual family situation as well as your budget.

“Life insurance needs to cover funeral expenses. It also needs to cover recurring living expenses such as mortgage or rent payments,” Paul continues.

A loved one’s income is something a surviving family must compensate for, but not shortly after the funeral when the grieving process is just beginning. This is where life insurance is especially helpful. Plan on purchasing enough life ensure to take care of any unexpected medical bills or credit card payments for several months, too.

Determining how much life insurance is best is a challenge. You want to buy enough, but you also want to save money on premium payments so that you can live within your current budget. Look online for life insurance calculators. These are useful for obtaining general life insurance amounts, and they can help you come up with a number that your life insurance agent can work with to customize a plan that ensures your family has all the coverage needed.

Try to have a plan amount that is equal to eight months of the family breadwinner’s salary. Be sure to ask your agent if the policies you are looking at are convertible or have exclusions. Life insurance is available in many forms and with the help of your agent, you are sure to find the right one to protect your loved ones in the event of an unexpected loss.