Types of Life Insurance Policies – Term & Permanent

http://www.TimPelton.com Types of Life Insurance Policies – Term & Permanent are two types of life insurance policies that you will have to choose between as part of your estate plan. Term life insurance policies are the least expensive, and Permanent life insurance policies are more like an investment / annuity. Tim Pelton explains which is better for you Term Insurance Policies or Permanent Insurance Policies in his book, “The Ultimate Family Gift” available at: http://www.TimPelton.com

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Understanding Life Insurance: Guaranteed Issue

guaranteed issue life insuranceGuaranteed Issue Life Insurance is a very unique coverage when compared to other life insurance coverages. When applying the insurer will not ask any questions regarding health. All they need to know is the age of the insured. This is why it is referred to as a no exam life insurance policy.

Before this sets people running to get this coverage, it is important to understand some specifics regarding this insurance. While this may sound great you need to be aware that there are some draw backs. As always, you’ll get the services you pay for and this is no exception.

Premiums will be much more expensive for this sort of policy. While the benefits may not be as lucrative, most guaranteed issue life insurance policies are between $5,000 and $50,000. However, that is not a reason to take medical tests. The best part of the policy is that you don’t have to take any tests like you do with other companies that may have turned you down for coverage.

If you’re wondering whether or not this insurance is for you, if no other insurance companies are willing to take you and you are turned down for a policy, then yes, this is the right coverage for you and your specific needs.

Of course, signing up for one of these does not preclude you from finding better coverage elsewhere somewhere down the road. In fact, this gives you the opportunity to do more research and find a great policy without a lapse in coverage. Premiums for life insurance are typically worked up by an actuary. If you’re refused, you can still find a great policy for life insurance should you require it.

Is a Guaranteed Issue Policy Better than a Standard Policy?

A guaranteed life insurance policy isn’t necessarily greater than a regular life insurance policy. However, if there aren’t other options then you should probably go for this one. You can still continue looking but this will help to cover the gap in coverage between policies. You may find a great deal in time but you’ll still be covered while you search.

When all is said and done, and you need life insurance, ensure that you request several quotes for guaranteed life insurance policies form a variety of companies in order to ensure that you’re getting the very best possible deal available for your specific needs and requirements.

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Why It Is Important To Have Life Insurance

People are often reluctant to think about their own mortality, and it can be an especially difficult topic of conversation if an untimely death would mean leaving dependents behind. This is one reason why people avoid applying for life insurance. There are also many people who decide not to take a policy, or cancel an existing one, because it could mean that they save a significant amount by not paying for monthly premiums. However, life insurance is important for everyone.

term life insuranceNobody would want their family to go into debt to fund funeral costs, therefore it is essential that you take out insurance cover to meet these expenses. However challenging the topic is to discuss, you also need to think about what impact your death would have on your family’s ability to meet household bills and expenses. This consideration can help you to realize that the short term financial benefits of cancelling a life insurance policy do not match up to the long term risks. The prospect of your family dealing with financial instability while working through their grief is very hard to think about.

Getting Life Insurance when Money is Tight

If you have thought about the benefits offered by a life insurance policy, you can probably see that it is essential. But if money is tight and the premium costs are compromising your ability to meet other bills, you may think that you have no choice but to make the cancellation. However, before you do this, you should shop around at LifeInsuranceUnited.com to see if you can find a more competitive deal. You may also want to speak to your existing insurance company to see if they can agree a cheaper rate with the brokers, or can recommend a cheaper policy. The minimum amount of coverage is better than having no cover at all, when it comes to safe guarding your family’s future.

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Should you Really Bother With Life Insurance?

The most common thought about life insurance is that it is just another unnecessary bill. Most of us are already burdened down by  all of the never ending bills that keep coming in. So why bother with life insurance?

The easiest way to answer this question is to draw your attention to the fact that in the unfortunate case that you unexpectedly pass away, your family will probably be left without income. Not only will they have to deal with not having you there with them, but they will probably have to struggle to pay essentials like rent and food. Many families have lost everything that they had, from their house and vehicles to their dignity.  That‘s not to mention that they will also have an expensive funeral to pay for, a funeral which you probably will want to be respectable!   Just think that most of that suffering could be avoided. It could be avoided for your family if you invest in life insurance today!

When you look into life insurance you will find that there are two basic options. One option is referred to as “term life” and the other basic option is referred to as “whole life”.   You will need to decide how much coverage your family will need, this can easily be based on the current household income. Obviously the more you want to be covered for the more you will pay for the plan. “Whole life” policies usually cost more, one of the reasons being that they create a certain cash value which can be received if you live beyond the time that is covered.

The age and health conditions of the insured one will also effect the cost of the life insurance plan. Obviously if you are older or have specific health conditions you will pay more than if you are younger and with out existing health conditions.  So why not look up an insurance agent today or check out a life insurance quotes website like Taik.org?  You will be able to find a policy that matches your families needs, and you will be sure that your loved ones are taken care of!

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Life Insurance for Diabetics

Securing a life insurance for diabetics can be tricky and there are a few key strategies that can be employed to help retain a good policy. In general, patients with a better overall picture of health will be better able to find a good policy than those diabetics in poorer health. Insurance companies will hone in on a few crucial elements in a diabetics health picture when considering the customer for a policy.

One of the most important items that insurance companies will inspect is the hemoglobin A1C (HbA1c). The HbA1c is a blood test that is frequently performed on diabetics that reveals how well the disease is being controlled. The test provides an average of blood sugar levels over a period of six to 12 weeks. When blood sugar levels are too high, the sugar binds to the blood’s hemoglobin and stays fixed for a period of time. The higher the level, the more times the blood sugar has been uncontrolled in the past weeks. The binding period of the sugar lasts for approximately 120 days. Most insurance companies require applicants to have a HbA1c of seven percent or less.

A consumer’s height and weight are also very important determining factors when being considered for life insurance. Overweight customers with type 2 diabetes are considered a poor risk for insurance. Maintaining a healthy weight gives customers a better chance at receiving a policy.

The age of onset of diabetes is a determining factor is securing life insurance. Generally, the older a patient at diagnosis, the more likely he or she will be insured.

The presence of the long-term debilitating effects of diabetes will be a great factor in determining insurance eligibility. Factors such as diabetic neuropathy, blindness, kidney pathology and an HbA1c of 10 percent or more can make finding a life insurance policy extremely expensive if not impossible to obtain.

Insurance companies vary in their policies toward orally controlled versus insulin dependent diabetic patients. Some companies are more likely to insure younger insulin dependent diabetics and others tend toward insuring older, orally controlled patients.

Other health issues will also play heavily into the eligibility of a diabetic for life insurance. Consumers with healthy cholesterol levels and good blood pressure are able to find a good policy easier than customers with uncontrolled health problems.

Diabetic patients may have to shop extensively to find a good life insurance policy that they can afford, and keeping health at optimal levels is sure to increase the options.

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When Funeral Insurance is a Good Option

Life insurance at its most basic type comes in the form of burial insurance. As we grow older – in these modern times – the popularity of getting and having burial insurance has rapidly grown. Funeral and burial insurance – unlike other term and whole life insurance policies that have senior citizens tying up thousands of dollars and trying to meet qualifications, is easy for people to qualify for and afford. What burial insurance essentially covers is funeral or cremation costs. People have invested thousands in funeral services and many are not left with any money – after the expenses add up – with no one to help cover those costs.

Funeral insurance is a good option when you are trying to prevent having the higher costing funeral. It simply is not as expensive as standard life insurance. It is insurance that is also purchased mostly by people later in life. But what people should know is that they can get funeral insurance at any age. This insurance covers everything from casket and tombstones, expenses for burial, legal and probate fees and other funeral expenses. So it would be critical for anyone to find the policy that fits his or her needs.

The funeral insurance covers individuals until they reach age 100. For one, it is an easier and more basic plan to obtain. The insurance helps loved ones be capable of covering the funeral expenses and gives them more flexibility on choosing the perfect policy at the time of death.
When preparing to get funeral and burial insurance, here are a few suggestions:
• Make sure you have all the correct licenses that are needed (funeral insurance director, etc..)
• Make sure all agreements are in writing
• Fill in all data on the forms in presence of relatives and others
• Make sure you get a price of guarantee from the funeral director, company)

Funeral insurance gives people a way to pay in advance so that loved ones won’t have to. There are many ways you can help make the burden easier on your loved ones by planning ahead including how you want to be buried. Whether cremating or in a casket. It can also help you reach a point to where you decide who you want to get your estate as well as which company to get you better term life insurance from.

Getting ahead of the game early can ultimately help the ones you love in the future after death.

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Getting The Best Term Life Insurance Rates

Getting the best term life insurance rates is not about finding the best life insurance companies. It really is about knowing what the insurance companies are looking for.  When you break it down to the simplest pieces to get the best term life insurance rates you have to focus on age, health, history, and activities.

Age and Family History

These are the two pieces of the term life insurance rates puzzle that you have no control over.  You are the age you are, and you have the family history that you have.  If you are a man and all the men in your family have died of heart attacks then your life insurance rates are going to be higher.  What you can control is how soon you get your life insurance.  The younger you are when you get your term life insurance quotes the less expensive your premiums will be.  No matter what your family history all the best life insurance companies abide by the younger is better rule.

Your Overall Health

Getting your health to be as good as you can before you get your quotes can significantly help your chances of getting lower term life insurance premiums.  By dropping an extra ten pounds and doing some decent exercise you can have a very positive effect on your chances of getting classified in the premium insurance rate category.  If you are seriously overweight or have high cholesterol or high blood pressure then getting those conditions under control will net you a much lower insurance premium.

You can also look into no medical exam life insurance, but expect to pay a higher premium.


Your occupation and activities can have a big effect on how much you pay for your insurance.  If your job is to be up in a bucket truck fixing power lines then your life insurance premiums will be higher than the guy who sits in an office selling widgets over the internet.  This also goes for common activities.  People who smoke should stop.  Some companies do not make you wait very long ,two to five years, to get the smoker tag off of your application.  Life insurance for smokers is ridiculously more expensive than standard life insurance rates.  Any other recreational activities that are dangers, bungee jumping or sky diving, will also cause your rates to move up significantly.

By paying careful attention to these different areas that the top life insurance companies use to decide what your term life insurance rates will be, you can get the lowest possible rates for your life insurance needs.

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Why You Need a Medicare Supplemental Insurance

Most people have a wrong notion that Medicare insurance will cover 100% of their medical costs during old age. But this is not true, Medicare only pay less than 80% of the total medical costs of doctor visits and prescriptions. With the ever rising medical expenses in the country, this amount is not sufficient for someone who is already living on a limited income. Most of the medicines that seniors are prescribed are extremely expensive even after Medicare pays their portion.

medicare supplemental insurance in FloridaMost of the senior citizens in the country would find themselves in massive debt because of the high costs of their medical bills. They would often require to sell off their houses and other valuable possessions just to cover the escalating medical costs during old age. Even if they undergo a simple surgery, they would have to pocket out more than thousand dollars. This would make many seniors feel stressed and overwhelmed. Fortunately, there is a solution to this widespread problem in our society.

Medigap is a Medicare supplemental insurance that is offered by many insurance companies in the country. This policy would work in conjunction with Medicare in order to offset the portion of medical insurance that Medicare doesn’t cover. This is the best solution for anyone over 65 years to avoid going into massive debt just to settle their medical expenses during old age.

There are several types of Medigap plans available with most of the service providers.  The plans can vary slightly from state to state.  For instance we looked at medicare supplement quotes on FloridaMedicareSupplementQuotes.com and compared them to those from Minnesota and the plans were quite different. The consumer can select a policy that would ideally suit their requirements. The best feature of the policy is that it could be upgraded at any time. This means you will not have to stick with a policy that is not serving your basic requirements. If the patient want to increase the benefits of the policy, it could be done quite easily.

The best thing is to get several quotes from reputed insurance companies and compare their benefits with the rates offered. Some research on your part will help to find the correct policy to suit your needs.

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Turning 65 and Medicare

If уou аrе turnіng 65 or leaving аn employer heаlth plаn аnԁ nаvigаtіng through thе Medicаrе mаze, wаtch уour step. Thеre аrе 3 penаlty trаps уou don’t wаnt to gеt cаught іn when signіng uр for Medicаrе аnԁ mаkіng choices аbout Medicаrе plаns.

1. Sign uр for Medicаrе Pаrt A аt 65. Wіth full Sociаl Securіty retirement аt 66+ аnԁ thе economy, mаny people аrе choosіng to work pаѕt 65. You ѕtіll nееԁ to sign uр for Medicаrе whеn уou turn 65. You cаn thеn аdd on pаrt B once уour employer coverаge ends.

If уou аrе аlrеаԁу receiving Social Security bеnefіts, уou wіll receive Medicаrе іnformаtion іn thе mаil. But іf уou аrе ѕtіll workіng, уou’ll hаvе to seek out Medicаrе sign uр on уour own.

If уou аrе unѕurе аbout how Medicаrе works wіth уour employer heаlth cаrе coverаge, check іn wіth уour humаn reѕources director. You sign uр for Medicаrе through Sociаl Securіty. No nееԁ to vіѕіt thеir office. It іѕ simple to sign uр for Medicаrе onlіne аt www.ѕociаlsecurіty.gov. In fаct Pаtty Duke, who serves аѕ а spokesperѕon for Sociаl Securіty, јuѕt turned 65 аnԁ signed uр for Medicаrе onlіne іn hеr pаjаmаѕ.

2. COBRA Cаn Bіte– If уou аrе leаvіng аn employer plаn, уou mіght bе tempted to tаke heаlth bеnefіts offered bу уour employer through COBRA. Wаtch out! It’s not аѕ simple а decіѕion аѕ іt seems.

You may gеt hіt wіth а penаlty on уour Pаrt B premium. The penаlty for lаte Pаrt B enrollment іѕ 10% of thе premium for eаch 12 month period уou weren’t enrolled аnԁ сoulԁ hаvе bеen.

Thаt cаn leаve уou wіth а gаp іn heаlth cаrе coverаge аnԁ а Pаrt B premium penаlty for lіfe

If уou јuѕt hаvе Medicаrе Pаrt A whеn уour grouр employee heаlth plаn coverаge ends; уou cаn enroll іn Medicаrе Pаrt B durіng а Speciаl Enrollment Period wіthout hаvіng to pаy а Pаrt B premium penаlty.

3. Delаyіng Choice of а Pаrt D Drug Plаn.

If уou don’t sign uр for Pаrt D drug coverаge when уou аrе fіrѕt eligible, уou wіll fаce а penаlty of 1% of thе monthly premium for eаch month уou did not join а plаn а сoulԁ hаvе. You cаn gеt coverаge through а Medicаrе Advаntаge plаn or bу purchasing а stаnԁ аlone pаrt D plаn.

Once you are enrolled in Medicare, do not forget to start looking around for a Medicare supplement plan. These private insurance plans will fill in some of the gaps left by Medicare in your healthcare coverage. The best Medicare supplement will cover nearly all of the gaps and leave you with no out-of-pocket costs in your healthcare.

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Medicare Supplemental Insurance

Millions of Americans are currently receiving Medicare benefits. Every day, thousands of more Americans are becoming eligible for Medicare benefits. Trying to decipher the complex Medicare system can be frustrating and confusing, especially when it comes to Medicare Supplemental Insurance. Here is a simple overview of Medicare Supplemental Insurance.

Medicare Supplemental Insurance is an additional plan for Medicare that is sold by private insurance companies. These plans offer a wide range of benefits, such as coverage for copays, deductibles, and even coverage when traveling out of the country. These insurance companies can each offer different incentives and coverage, however all the companies are regulated and overseen by the government.

Many people are unsure if a supplemental insurance plan is right for them. Traditional Medicare A and B offers great coverage. However, depending on your health conditions, medications, and even travel habits, you may end up paying quite a bit of money out of pocket for monthly prescriptions, doctor visits, or overseas medical care. The majority of Americans on Medicare have at least one or more chronic health issues. Having a Medicare Supplemental Insurance plan can save hundreds of dollars each month.

There are very few limitations when it comes to who can have a Medicare Supplemental Insurance plan. The only caveat is that you need to be currently enrolled in Medicare parts A and B. Since there are so many options to choose from, it is best to do some research before picking a plan. Medicare has a very helpful website and can also mail out information if requested. Many state and town governments also have departments that are dedicated to helping folks enroll in the best plan for them.

The best time to get enrolled in a Medicare Supplemental Insurance plan is during the Open Enrollment Period. The Open Enrollment Periods tends to be towards the end of the year, typically late October to early December. This enrollment period allows you to pick a plan, change the one you have, or drop any current plan without penalty.

It is important to explore your options during this time a many insurance plans tend to adjust prices, change coverage, and make other changes. The enrollment process is streamlined and simple during Open Enrollment. A simple call to the insurance company to get a couple of Medicare supplement quotes to compare is all it takes to get signed up.

For most people, Medicare Supplemental Insurance can be a great way to save money. The small monthly premiums are nothing compared to the hundreds or thousands of dollars that you would have to pay without the supplemental insurance.

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Medigap Open Enrollment

enrollmentMany of us know that working for at least ten years and paying Medicare taxes enables us to qualify for Medicare at the age of 65. Medicare itself is quite simple. Once you have filed the appropriate application with the Social Security Administration, your Medicare begins the month you reach your 65th birthday. Part A of Medicare is free, and covers your inpatient hospital expenses. Part B of Medicare requires a premium and covers outpatient and routine medical care.

What many of us do not know, however, is that Medicare itself does not cover 100% of health care costs. For those expenses, you have the option of purchasing additional coverage through a Medicare Supplemental Insurance plan, commonly referred to as Medigap. You can purchase either of these plans from a private insurance company to help defray the costs not covered by Medicare such as copays or healthcare costs while traveling outside of the United States.

Medigap plans help cover the “gap” between what Medicare pays, and what you have to pay.

If you are going to elect a Medigap plan, you have to make a decision quickly as you approach your 65th birthday. Like most types of insurances, there is an open enrollment period. This period is the small window from your 65th birthday, when you sign up for Medicare and the following six months. If you enroll during the open enrollment period, your coverage can begin immediately and you cannot be denied a plan because of any past or present health issue. This is clearly the most advantageous time to enroll and should be utilized if at all possible. If you find yourself in a situation where you miss the open enrollment period for Medigap, the insurance companies have a lot more options for whether or not they provide coverage for you and at what cost. Once the open enrollment period ends, insurance companies can deny you coverage for your past or present health problems. They can also make you wait a period of time before your coverage begins, so you may incur some large expenses in the duration.

As you reach age 65 and begin planning your enrollment in Medicare, take a good look at the healthcare expenses you expect to incur with basic Medicare Part A and B coverage. From there, you can begin looking at and comparing different Medigap Plans to see if purchasing one of those plans will help save you money.

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Medicare Supplemental Insurance vs. Medicare Advantage Plans

There has been so much in the news lately regarding Medicare that it is difficult to determine exactly what Basic Medicare, Medicare Supplemental Insurance, Medicare Advantage Plans, and Medigap Open Enrollment is.

Medicare is a government health insurance program for people over 65 and those with specific disabilities. It has a monthly premium, the same as any insurance policy. One section is divided into Medicare A and Medicare B. Part A covers hospitalization, while Part B is designed for outpatient care and doctor visits. All workers have a Medicare Insurance deduction on their paychecks. On Social Security checks, there is also a monthly deduction for this insurance.

If only Part A and B are chosen not everything is covered. To cover this extra cost many people choose to enroll in a Medicare Advantage Insurance plan through a private insurer. This Medicare (Part C) Insurance not only covers Parts A and B but also can include extra benefits related to vision, dental, hearing and preventive service. Some plans also include deductibles and co-pays. Medicare Part D is designed only to help with drug costs. There is also Medicare Supplemental Insurance available.

A Medicare Advantage Plan combines hospital, medical, and includes or reduces drug costs and co-pays. Medicare pays a fixed amount to this plan and makes all payments directly to the medical provider.

To break this down:
• Medicare A pays for hospital care
• Medicare Part B pays for doctor care
• Medicare C (Advantage) combines A and B plus other advantages
• Medicare D pays for drugs
• Medicare Supplement Insurance covers costs not covered by A and B
and provides for additional hospital stays

Medicare has limitations regarding when a person is eligible for enrollment. This is called a ‘Medigap open enrollment period’. You must be 65, older, or disabled to enroll in this program. If, at the time of enrollment, you are still covered by your employers insurance you do not have to choose a Medicare Plan until the insurance expires. The majority of people receive a Part A and B Card three months prior to turning 65. There is an additional three-month period allowed to enroll in Medicare Advantage. You are allowed six months after enrolling in Parts A and B to enroll in Medicare Supplement Insurance.

Laws regarding Medicare change in the fall of each year. In most plans, after $2,970 (2013) is spent for drugs you reach what is called the ‘donut hole’. When this amount is reached, you will have to pay $4,750 out of pocket, for the drugs, prior to receiving catastrophic coverage, where drug costs drop. This will be phased out in 2020, at which time you will pay 25% of the drug costs until your deductible is reached.

It is important that everyone know the details of Medicare coverage. However, with laws constantly being changed in Washington, the rules regarding this insurance may change as well.

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