Nobody wants to be a Debbie Downer. I get that. But sometimes, it s important to talk with your spouse about the inevitable. Like, say, death (insert dramatic chords here). As much as I d love to believe I m an immortal man, unaffected by freak accidents and the second law of thermodynamics, the reality is a number of unfortunate circumstances could expedite my transfer to the afterlife. One has to wonder . . . what would happen to my family s finances if I died? What would happen to your family if you weren t there to bring in the bread and butter? Scary prospect. Here are three reasons you should sit down with your spouse today and talk about life insurance (after all, it is Life Insurance Awareness Month):
When you have diabetes, you may worry that you can’t get life insurance at all. In fact, nothing could be further from the truth. Approximately 8.3% of the U.S. population has some form of diabetes, making the disease one of the most prevalent health concerns in the country. Getting affordable life insurance with diabetes can take some extra effort, but it is possible to get a policy with a favorable rate. How Does Diabetes Affect Life Insurance? With diabetes, just what your medical treatment is like and how well your condition is managed can make a big difference. Be sure to let insurance companies know whether or not you have to take medication to control your diabetes and what dosage you take. Knowing your average blood sugar level can help you to get more insurance offers and better rates if you have good control over your levels. If your diabetes is generally under good control, you can expect plenty of offers and reasonable rates for life insurance with diabetes. The time tha
Special risk life insurance is a lot like high risk life insurance, you can get it but you’ll wind up paying more than those the insurance companies deem not a risk. Smokers and seniors are the primary example of those who companies deem a ‘special risk’, along with any other person with a pre-existing medical condition. Fortunately, those who are a special risk can still find special risk life insurance policies from companies willing to work with them or law firms working on their behalf. Perhaps one of the best things about a special risk policy is that your premiums can decrease after a year or more with no complications. With benefits like that waiting for clients, getting a special risk policy doesn’t seem so bad. But to really know if a policy is the right choice for you, you need to get all your facts about it.
When you apply for life insurance, the insurance company might request a number of different tests to check your health. One commonly ordered test is the Complete Blood Count (CBC). This test looks at the three major cell lines in your blood (red blood cells, white blood cells, and platelets) to see if you have any undetected illnesses or problems. To get a better idea how this test works and how it might impact your insurability, be sure to review our complete guide to the CBC. When Would You Need a Complete Blood Count? Your doctor might order a CBC for you as part of a regular checkup, even if you’re healthy. This test looks at many different factors and can detect problems early before they ve started showing other symptoms. If you ve ever had a complete blood count, the results will show up in your medical history, which a life insurance company will review when you apply for coverage. Typically, life insurance companies don’t request a CBC as part of a regular application. I
The closer you get to retirement, the more you start to think about what might happen to your family in the event of your absence. Age sixty eight is not too late to start thinking about what type of policy is best for you and your needs. If you are healthy you can still secure a reasonable rate. Despite waiting pretty late in the game, you will be surprised to see how many options are still available to you in terms of different types of policies. What are Your Life Insurance Options at Age 68? There are many different ways to go about finding the best plan for you. The internet is a great place to start. Not only can shop across a wide variety of insurance companies, but you can compare several different plans all at once to decide which one is best for you. Because of the accessibility of this information, it is hard for life insurance companies not to be competitive for your business. Two of the most prevalent types of life insurance that people explore are term life insurance and
At the age of the sixty six looking for life insurance can be a difficult task. Health hopefully isn’t deteriorating too much but regardless, insurance companies place a higher level of risk on this age and you will see that in the premium. This is why it is so important to get life insurance as soon as possible if you are still healthy so that you will be protected from higher rates. Regardless of how much your life insurance is, it is something that provides you with the peace of mind you need to continue living a full and happy life. Coverage for a 66 Year Old If you are sixty six, chances are you will only need life insurance for another 10 years in extreme cases. This is true because of the fact that life insurance replaces lost income in the event that anything should happen to you. After retirement, life insurance really does not serve much of a function. The best option for someone who only needs insurance for a certain number of years is term life insurance. Term life insur
Age sixty five is not too late to start thinking about life insurance. The fact of the matter is that the longer you wait, the higher your premiums will be. Additionally you are more likely to develop a condition with time that may not be covered under your policy without a high price. Believe it or not, just because you have reached age sixty five does not mean that there are still not plenty of options for life insurance available to you. It may be difficult and time consuming to sort through all of the different policies that are available to you. However, this process is definitely necessary in order to find a policy that best suits you. If you are unsure about what policy to choose, or you have unique conditions, it may be in your best interest to seek the advice of a qualified life insurance professional. A good place to start researching your options is on the internet. Many sites clearly list the policy guidelines and makes it easy to compare rates between different policies.
It’s often not the first question that comes to mind when you find out about a life insurance payout, but it certainly is important to know the tax implications of a life insurance payout. Unfortunately, the answer isn t cut and dry and your tax liability for life insurance policy payouts can vary based on your situation. We’ll look into the basic rules and a few specific cases in this article. This should give you a good basic understanding, but you should contact your certified financial planner and CPA for tax advice regarding a life insurance payout. Does the Life Insurance Policy Meet IRS Qualifications? The first thing you need to know is whether the life insurance policy meets the IRS qualifications as an insurance policy. The fact is that many policies are really investment vehicles and may be taxed differently upon distribution to a beneficiary. That’s why it’s so important to check with your financial planner first to determine the type of plan that is providing the
At age 62, life insurance should be on the forefront of people’s minds. Shopping for life insurance while you are still healthy is a great idea so as to lock in the lowest rates possible. This is also a great time for people to buy life insurance for their children. There are plenty of options for life insurance at this age so it is strongly advised that you shop around before making a decision. With thorough research a 62 year old can come away with a great life insurance policy that can provide you and your family with peace of mind. Your Options for Insurance In Your Sixties There are multiple options for life insurance for those that are at or nearing age sixty two. The two most popular types of insurance are term life insurance and permanent life insurance. Term life insurance is known for its availability to be purchased for different periods of time. These periods can be purchased in a variety of different intervals and are known to be relatively affordable. Permanent life in
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. It is for this reason that 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
Most of the time when you apply for a life insurance policy, you need to provide a urine sample as part of your medical examination. This is one way the insurance company reviews your health along with also giving you a short physical, check your medical records, and drawing a blood sample. There are a few important reasons why insurance companies perform a urinalysis as part of their application process. Why Do Insurance Companies Use Urinalysis? Insurance companies usually perform two main types of tests as part of a urinalysis. First, they do a chemical analysis of your urine. This is so they can check for nicotine or illegal drugs in an applicant’s system. They also perform a microscopic review of your urine to check for a number of diseases and health conditions. When you apply for a policy, the insurance company will send over a medical professional to give you a quick medical exam. You can usually pick where and when you want to meet. Part of this exam will be to take a blood
Thrombocytopenia is when a person has a low blood platelet count. This can be a significant health problem because it increases the chance of severe bleeding and also could be the sign of other more serious issues. As a result, if you have thrombocytopenia, it’s going to be an issue when you apply for life insurance. However, you could still qualify for a policy at a fair rate with this condition. It depends on a number of factors including the severity of your condition and how well you manage your application. To get prepared before you apply, take a few minutes and review our guide to the life insurance rules for someone with thrombocytopenia. Life Insurance Underwriting with Thrombocytopenia When you apply for life insurance with thrombocytopenia, you’ll need to answer several questions about your condition. You’ll probably need to answer: When were you diagnosed with thrombocytopenia? What were your tested blood marrow results? Have doctors discovered the cause of your thro
When applying for life insurance, insurance companies take many things into consideration. One of the things they are most concerned about is the mortality rate of the applicant. What contribute to the mortality rate are the applicant’s lifestyle, health, pre-existing conditions, and mental health as well. For example, if a smoker who rides motorcycles frequently without a helmet, who is a heavy drinker, and has diabetes, applies for life insurance, they will not have a very good chance of getting accepted. In contrast, someone who has no pre-existing conditions, does not smoke, lives a safe and healthy lifestyle and never drinks applies for life insurance, that individual will have a better chance than the previous individual. Depression as a Pre-Existing Condition Unfortunately, depression falls into the category of pre-existing conditions and can affect an individual’s chances of being accepted for life insurance. It has been shown that people with depression have a higher rate
Life insurance is something that is unique to your particular lifestyle and needs. So it comes as no surprise that being over the age of 70 is another contributing factor to the type of insurance you end up needing. Perhaps the most important thing to remember when shopping for insurance at the age is to not have any type of lapse in coverage. It is for this reason that it is recommended to obtain a policy that is immediate in coverage. This equates to any beneficiaries of the policyholder receiving a payout in the event of death immediately after the creation of the policy. What Should My Coverage Be If I am Over 70? Not all policies will offer this but it may also be a good idea to look for a terminal sickness driver when shopping for a policy. This provides the opportunity for the policy holder to benefit from coverage in the event of a terminal sickness. An additional benefit that is worth considering is a long-term excellent care protection. This allows for the care (both medical
Cushing’s syndrome is a medical condition that can lead to obesity, weak bones, hypertension, diabetes, and other serious problems. As a result, life insurance companies are stricter with applicants who have this condition. If you have Cushing’s syndrome, you still might be able to qualify for coverage though. It really depends on a few different factors. To learn more about the underwriting process for this condition, be sure to review our guide to life insurance with Cushings syndrome. Life Insurance Underwriting for Cushing’s Syndrome When you apply for life insurance with Cushing’s syndrome, you’ll need to answer several questions about your condition. Be prepared to answer: When were you diagnosed with Cushing’s syndrome? What evaluations have you had of your condition (MRI, urine test, and/or blood test)? What were the results? Have you ever been hospitalized because of your condition? Are you taking steroids for another medical condition? Do you have any other healt
If you have iron deficiency anemia, it’s going to be an issue when you apply for life insurance. While most cases of anemia are temporary and aren t serious, in some cases this condition can be a sign of a very major health problem. To learn more about how your condition will impact your insurance rating plus determine the best way to apply, be sure to review our complete guide to life insurance with iron deficiency anemia.
Life insurance can provide value for anyone, regardless of their age. Although it is more difficult to obtain life insurance at age sixty seven, it is still very possible. The goals of someone at this age are likely very different though so it is likely that they will want to steer towards certain types of insurance and away from others. Regardless, there are multiple factors that must be considered before settling on any one type of insurance. What Do you Need? As a sixty seven year old retirement has early come or is rapidly approaching. You are most likely an empty nester and your family is largely independent of you. However, caring for your family is probably still a high priority regardless of how dependent they are on you. Knowing that your family will be well taken care of in your absence is a feeling that cannot be replaced by any amount of money. What are the going rates for a 67 year old? Insurance companies have a complex algorithm that they use in order to determine what
Welcome to the 202nd edition of Cavalcade of Risk. Can t believe it s over 200 editions! Here s this weeks inclusions: Jason Fisher presents The Complete Life Insurance Riders Guide posted at Waterway Financial Group blog. To help consumers understand a life insurance policy can do more than just pay a benefit when you die. There are other benefits which can help you while you’re still living, whether it’s to help you convert to a new product seamlessly, or to cover an additional risk like disability, critical illness or a long term care situation. Utilizing life insurance riders effectively can help you mitigate risks in multiple areas of your financial life and help you to secure your financial foundation now, as well as later. Nate Ogden presents Self Funding and Community Rating posted at Insure Blog. Nate Ogden, InsureBlog s resident Third Party Administrator (TPA), explains how to use self-funding to mitigate the risk of higher ACA-related insurance rates. Bob Wilson present
It probably isn t your first go at searching for life insurance if you are age sixty four and in the market. However, if you have never obtained life insurance, there are a few things that you should keep in mind. Believe it or not, you can still receive a very reasonably priced policy. As a sixty four year old it is very important to start seriously considering a solid life insurance plan. It is shown that the more you age from this point on, the more likely your rates are to skyrocket. Despite your level of physical well-being, life insurance companies place more risk on this age group. It is for this reason that it is extremely important to seek out quality life insurance as soon as possible. Which Life Insurance is Best for a 64 Year Old? Two of the best types of insurance for someone of age sixty four are whole life insurance and term life insurance. These two types of insurance vary in some pretty significant ways so it is important to understand the differences before jumping i
By the age of sixty three, you probably have started to think about how important it is to get things prepared for the well being of your loved ones in the event that you are no longer able to take care of them. Hopefully at age sixty three you are still in good health and can obtain a quality life insurance at an affordable rate. Scouring through your options is the best bet as there are numerous options for those that are age sixty three. What are Your Life Insurance Options at Age 63? Despite what one may believe, there are multiple options available for those that are age sixty three. Two of the most popular categories of life insurance that a sixty three year old will look into are term life insurance and permanent life insurance. Term life insurance is that it only lasts for a term that is determined at the point of purchase. This is a characteristic that is unique to term life insurance. In addition to this characteristic, it is also known for its affordability compared to many
At age 61, you may begin to question what will happen to your family or loved ones if you were to meet some kind of misfortune. This is a natural reaction for someone who has most likely retired and met many of the goals in their working life. The next natural progression is to make sure that your family and loved ones are set to reach their own goals in life. Unfortunately, the options that were once available to those over the age of 60 are becoming increasingly difficult to obtain. There are however still options for someone of age 61. One such option is guaranteed universal life insurance. This is not the most well known type of policy but it serves someone of the age of 61 very well in terms of meeting their needs. There are several benefits to this type of insurance such as it being a long term option and reasonably priced compared to whole life insurance. Additionally, this type of insurance guarantees a benefit until the age of 90. Because of this reason, it can often times be
There’s no denying the importance of having life insurance coverage when you have loved ones to protect. For the most part, obtaining life insurance is rather simple. It requires making the decision to purchase it, seeking a life insurance agent to assist you, and figuring out how much you need. The one part about the process that many people find uncomfortable is the medical exam. If you’re not a big fan of needles and having your blood drawn, then getting life insurance might bring you into a state of anxiety. If this is you or if you’re just in need of getting life insurance fast, then you’ll be excited to know that there is a way to get term life insurance with no physical. That’s right; no needles, no urine samples, no excuses to prevent you from getting the life insurance that you need. If you’re interested in getting term life insurance with no physical, here’s what you need to know. In and Outs of Life Insurance Without a Physical To get life insurance with no ph
Regardless of where you are in life, chances are life insurance can provide some kind of benefit to your life. A person of age 57 most likely has different priorities than that of a person of another age. When it comes to insurance, there are multiple factors that must be brought into consideration before deciding on a particular type of life insurance.
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. Regardless, life insurance is something that everybody should have for their own peace of mind. Coverage for a 56 Year Old 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 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.
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