Higher Life Insurance Premium Rates For Smokers

If you happen to be someone that smokes cigarettes, you will end up paying a bit more for the premiums on your life insurance policy. All of the different rates for life insurance policies are partially based upon mortality tables, which are statistics. The companies dealing with life insurance keep track of millions of people at all different ages and note just how many people end up dying each year from a variety of health conditions.

When looking at the statistics, the life insurance companies are able to see that smokers do not live as long as others who do not smoke. They will charge a higher premium rate for life insurance for smokers because of this factor. For example, when looking at lung cancer, it is easy to see that the rate is much higher in those people who smoke. The facts go even further to show that once a patient is diagnosed with lung cancer, their life expectancy drops dramatically.

As a smoker, a person will inhale thousands of chemicals with each and every puff of a cigarette. Over 200 of the chemicals found in cigarette smoke are actually known carcinogens. Believe it or not, cigarette smoke is well known for containing both cyanide and arsenic, both of which can be fatal. Along with that, the tar that comes along from smoking can end up caked on the lunch and cause cancer to progress and shut down the ability to transfer oxygen into the blood stream.

In most cases, you will find that using tobacco in any shape or form will put you in the tobacco rating category with your life insurance company. This is because of the many studies relating to the dangers of nicotine including high blood pressure and the potential for heart failure.

Sometimes, if the patient has been tobacco free for about a year or longer, they can end up qualifying for a non-tobacco rate with their life insurance company.

Buying Term Life Insurance With Multiple Sclerosis

As a rule of thumb, you always want to secure life insurance while you’re young and healthy, but that’s easier said than done.  All too often, health conditions sneak up on us without and signs or warnings.  Multiple Sclerosis is one of those health issues.

Having MS (aka Multiple Sclerosis) can make finding life insurance a tough task.  Since the disease effects everyone differently, getting an accurate quote on life insurance is tough – even for the most savvy life insurance agents that specialize in high risks.

We can tell you that the best life insurance rates with multiple sclerosis are given to those whose first attack was at a younger age and only experienced minor symptoms in the last few years.

A life insurance agent will need to know the age of diagnosis, medications you’re taking, type of MS and number of attacks with dates of the most recent ones.  With this information a life insurance agent can shop the market for you.

Which brings us to the best advice we can give someone in the market for life insurance that has MS.  You ALWAYS want to use an independent life insurance agent since they can use any life insurance company on the market.  They work for you and don’t prefer and specific life insurance company.  More importantly you’ll want to seek out a high risk life insurance expert.

Securing affordable life insurance with MS is like securing life insurance for any other high risk.  Some companies look at your MS more favorably than others.  The key is finding the company that will view your risk most favorably which will in turn give you the best life insurance rates.  An experienced agent will know which companies provide the lowest rates for people with varying degrees of Multiple Sclerosis.

So if you’re in the market for life insurance and have MS – don’t use an instant quote engine because those rates are generic.  There are certain companies you’ll need to seek out and only an experienced high risk life insurance agent would be able to help you.   Interview a few agents and ask if they’ve had any experience with Multiple Sclerosis and start your search there.

Medigap Plan F

Millions of seniors in the United States rely on Medicare for their health insurance needs. However, Medicare by itself only pays 80% of any medical bills. To have total coverage, people need what is called a Medigap policy. This policy pays for whatever Medicare Parts A and B do not, letting people have peace of mind by knowing their medical bills will be covered.

There are eleven different Medigap plans offered to consumers, but by far the most popular choice amongst people is Medicare supplement Plan F. Why Plan F? In addition to covering what Medicare doesn’t such as copayments, deductibles and coinsurance, Plan F also offers basic Medigap coverage like Part A coinsurance and paying all hospital costs after Medicare hospital coverage is exhausted. Also covered is Part A hospice care and coinsurance or copayments and Part B coinsurance or copayments. Preventative Care Part B coinsurance is also covered.

The main items Medigap policies don’t cover are vision or dental care, long-term nursing home care, private-duty nursing, hearing aids and eyeglasses. These would have to be paid for privately or have other insurance plans pay for them. However, Plan F does cover skilled nursing coinsurance payments and health emergencies that arise if traveling in a foreign country. For retirees who love traveling, this is a great feature.

Plan F also covers any excess charges not covered under Medicare Part B. An excess charge is when a doctor doesn’t accept assignment and charges more than Medicare will pay for the service. As entitlement programs such as Medicare become hot political issues regarding their funding, more doctors are taking a second look at accepting Medicare patients or how much they can charge for their services. Medigap policies such as Plan F can help guard seniors against higher health care costs and the risk of not being able to find affordable care. For those seeking high-deductible options, Plan F does offer this. The drawback is the patient must pay the first $2,070 of Medicare-covered costs before the Medigap policy kicks in. When in need of Medigap coverage, Plan F is the best option.

What is Burial Insurance?

Burial insurance is a form of whole life insurance that pays out a predetermined benefit when the policyholder dies. Sometimes referred to as senior life insurance, the intention of this type of insurance is to pay for the funeral expenses of the policyholder so that undue burden is not placed on immediate family. Each policy can cover a single individual or an entire family. This type of insurance is often purchased in addition to another form of life insurance. Burial insurance is available through normal insurance brokers and through some funeral homes in certain jurisdictions.

Many burial insurance policies do not require a full medical examination. The premiums are generally very low when compared to some other life insurance policies. Premiums are paid on a month or weekly basis. Most policies require payments to be made for a set number of years before the full amount of the benefit becomes available. The benefits are normally paid immediately when the policyholder dies. Certain plans even allow for early withdraw of funds before death in exchange for some financial penalties. A few plans can be used in conjunction with funeral homes to pre-purchase products and services related to the funeral so that future costs are predictable.

Burial insurance covers nearly everything related to a complete burial. This includes the cost of a casket or an urn for individuals who will be cremated. It also covers the cost of the plot, excavation and even transport of the casket in a suitable vehicle. Other necessary expenses such as a headstone and embalming are covered. Most plans will pay for extra services as well such as casket bearers. The beneficiaries of the policy are generally free to adjust purchases in order to receive the burial service that is most appropriate.

The low cost of most burial insurance policies makes it an attractive option for a number of people. It is often purchased so that the benefits from a larger life insurance policy do not have to be used for burial. It is a common form of insurance for individuals working in overseas and high-risk areas. Parents often buy these policies for the entire family including children so that everyone will be able to have a proper burial. The policies are popular for individuals who have specific burial wishes that need to be financed. They are also an option for people who do not have larger insurance policies and who are concerned about the burden of final expenses on loved ones.

Is No Medical Exam Life Insurance Right For You?

Life insurance is one of the most important financial decisions you can make. There are many types of life insurance polices to choose from. We often hear people talk about the medical exam associated with purchasing a life insurance policy.

Typically, to get the best rates, you will need to undergo a full physical. This means a blood and urine sample. A lot of people do not have time for this or do not want to have their blood drawn.

You can get life insurance with no medical exam from many different companies. Typically, these polices are issued in a week. A fully underwritten policy can take 2-3 months to get issued.

The premiums for these types of policies are higher. However, the process is much easier. This type of policy might be right for you.

The email below will give you a feel for how important life insurance is.

Some months ago, we contacted one of your recommended agents to purchase life insurance. I am 45 years old with 4 children. I am ashamed to say but I have never purchased life insurance. Your agent recommended that I purchase life insurance without a medical exam. He said that I could have a health condition that I did not know about that could show up in the physical. We opted to get a policy without a medical exam. 6 months later we decided to add more coverage on me and opted for a fully underwritten policy. Through the exam, we found out that I have a medical condition that would have prevented me from getting life insurance the first time around. I  am glad we listened to our agent! My health is improving and I hope to qualify for more coverage soon. I can rest easy knowing that I do have coverage during this time of sickness!

Medicare Supplement Plans

People frequently think that transitioning to Medicare is complicated, and that is mostly because of the wave of mail they get in their mailbox the six months before they turn 65.  The problem with it is that it does not cover all of your medical expenses.   To fix this problem the federal government worked with private insurance companies to create Medicare supplemental insurance.

Medicare Supplement Plans

Each Medigap plan is given an individual letter and there are ten plans in total.  The letters are not in direct alphabetical order (A-J) because plans that were once available have been retired and then they labeled the new plans with the next letter in the alphabet so as not to create confusion for people who were allowed to keep their old plan under the grandfather rule.  The plans can cover as few as four and as many as all nine of the gaps that are left by Medicare Part A and Medicare Part B.  The Gaps in Part A and Part B are:

Part A – the deductible, coinsurance, first three pints of blood, hospice care, skilled nursing facility care, and expenses for foreign travel emergencies.

Part B – The deductible and coinsurance

The plan that you choose determines how many or what combination of the gaps will be covered.  Plan A covers only four of the gaps while the most comprehensive is Plan F which covers all nine.

Who regulates the Medicare Supplement Plans

Each state regulates what plans are available in their state.  The vast majority of states follow the above ten plan options.  What you need to know is if your state is one of the exceptions to that rule.  The easiest way to get this information is through an independent agent who will shop all of the companies and plans available in your area.

Medicare Supplemental Insurance Quotes

Getting a Medicare supplement insurance policy is very easy if you sign up during the open enrollment window.  This window is between six months before and six months after you turn sixty five.  If you are outside of the open enrollment window you will have to go through medical underwriting which will make the process take a little longer but is usually pretty easy for people to get through.  Once you get your Medigap policy in place you can rest assured that you will not have any additional charges for your health care.

Shopping For Life Insurance

Life insurance is a necessary part of any plan to secure the long term financial security of your family.  Understanding how the insurance companies look at you and your health and the types of life insurance available will help you get the best life insurance rates you can.

What Type of Life Insurance Do I Need?

When you are looking at life insurance the two most common types are term life insurance and universal life insurance.  All of the best life insurance companies will carry both types.  Universal life is a policy that is made to last until you turn 100.  It has an investment account tied to it that gains a cash value as you pay your premiums.  You continue to pay premiums until the cash value reaches the face value of the policy.  Term life insurance is a much more basic form of life insurance.  You lock in a monthly premium for a specified amount of life insurance over a specific period of time.  These plans are very simple so the cost of the monthly premium is much less expensive that with universal life insurance.  Because of the low cost and the access to very large face values term life insurance is by far the most popular of the two types of life insurance.

How Do I Get the Lowest Rates?

No matter which type of life insurance you choose getting the lowest rates is the same.  People who are younger, in good shape, in good health, and who shop multiple companies will get the best insurance rates.  If you are smoking now, then quitting is the best choice you can make.  Life insurance for smokers is much more expensive than that for non-smokers.  Having high blood pressure or high cholesterol will also push you up into higher rate categories.  The best advice I can give is for you to get your weight down, and body in as good a health as possible before you go through underwriting.  By getting your health in order and making sure you are not participating in any unhealthy activities you can make sure that you get the absolute lowest life insurance rates.