How Life Insurance Companies Use Data

Generally, when businesses collect information about your shopping habits, they are trying to better understand what customers want, and to find ways to improve their products. Insurance companies are no different, and with so many of us shopping for insurance online, insurers are also collecting data so they can improve their products, offer different products, or adjust their service to benefit their customers. So what does this mean for you?  

What Is Big Data?big data written over a keyboard and mouse

Many businesses have access to information on current customers, or people who are shopping for the products or services they offer. They use this information to make better decisions about how to meet customer expectations and needs. 

And while it might seem intrusive to collect your personal data, there are benefits for customers to this practice. Businesses often use the data they collect not just to sell their products and services, but also to improve their products and services, as well as their customer service.

Insurance companies focus specifically on the digitization of health, and on lifestyle-focused data. These companies have used information about mortality rates, health trends, and consumer behavior for a long time to make better decisions for their policyholders. But now, with the ability to collect customer information online, insurers can better understand trends and speed up operations. 

What Data Do Life Insurance Companies Collect?

When you undergo the underwriting process or a medical exam, your life insurance company will collect data about your prescription history, motor vehicle record, criminal record, and health status. They use this information to better understand your overall health and the risk of insuring you, but they also collect this data on all applicants and customers, collate it, and use it to: 

  • Help make decisions about products they offer
  • Gain better insight into consumer behavior
  • Understand risks so they can underwrite policies more accurately 
  • Evaluate customer preferences and unmet needs so they can create better products and services

How Does Data Collection Benefit You?

Collecting data can help companies when they’re underwriting policies, allowing for faster approvals and denials. This means you can be approved more quickly, and if you are approved,  your plan will be effective sooner than it would have been in the past. 

Data collection can also help insurers price your plan more accurately, based on medical records and other health information – you might even be able to skip the formal medical exam. 

gold lock that is shut with a network around it
Insurance companies will never sell or release your information to anyone.

Last but not least, data collection can provide you with better customer service. If your life insurance company has a better snapshot of your needs and preferences, they can offer more personalized service.

Will Insurers Share Your  Information?

Life insurance companies manage your data the same way they would handle financial data, in a secure manner. All of your information will be kept within the company’s systems, and all insurers must follow industry standards, laws, and regulations.

Need Help?

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Do Men Pay More for Life Insurance?

It is no secret that, on average, women live longer than men do. In fact, women’s life spans are almost 8%  longer on average than men’s life spans. So does this make a difference when it comes to buying life insurance? In general, yes: life insurance companies know these stats, and typically view men as a higher risk to insure than women. So how much more can men expect to pay? And what determines their rates?

Why Men Are More of a Risk

As stated above, men usually pay more for life insurance because they are seen by life insurance companies as a higher risk to insure than women. Studies not only show that men tend to die at a younger age than women, but that they also tend to live riskier lives than women, engaging in more high-risk activities such as racing and adventure sports. These types of hobbies can mean higher rates when trying to purchase a life insurance policy. 

Studies also show that men are more likely to suffer from certain health conditions, like heart disease, diabetes, stroke, and cancer. In addition, according to statistics from Mountain Ice:illustration of a man grabbing his chest

  • Men are nearly 10 times more likely to develop inguinal hernias than women, and five times more likely to have aortic aneurysms.
  • American men are more than three times more likely than women to develop kidney stones, become alcoholics, or have bladder cancer.
  • Men are about twice as likely to suffer from emphysema or a duodenal ulcer. 
  • 1 in 2 men are diagnosed with cancer in their lifetime, compared to 1 in 3 women.
  • Men are more likely to develop oral and throat cancer, as well as periodontal (gum) disease.
  • 33% of men aged 20 and over have hypertension.
  • 36.6% of men aged 20 and over are obese.
  • Men are 1.5 times more likely to die of heart disease, cancer, and respiratory disease.
  • Men are three to seven times more likely than women to commit suicide.
  • Men live on average five fewer years than women.

And not only are men more likely to develop these health conditions, but they are also less likely to visit their doctor and stay on top of their health. Consider this:

  • Women are 33% more likely to seek outpatient care.
  • The rate of non-illness care visits by women is 100%  higher than that of men – this means that women are 100% more likely to visit the doctor than men!
  • Women ages 15-44 visit the doctor 56% more often than men in the same age category.
  • Men are 40% more likely to skip recommended cholesterol screenings.
  • 57.6% of men aged 18 and over meet the federal physical activity guidelines for aerobic activity.
  • 12% of men aged 18 and over are in fair or poor health.
  • Men account for 55% of the workforce but 92% of workplace deaths.

Find An Affordable Ratehands holding a little white piggy bank

These statistics might seem overwhelming, but they show why men are seen more as a risk by insurance companies. But despite all this, affordable life insurance is never out of reach! If your hobbies are not overly risky, and probably won’t get you hurt or killed, and if you live a relatively healthy lifestyle, you can find a great affordable policy. And having a life insurance policy will mean you will be able to provide your family with a financial security net in the event of your passing. 

There are many different kinds of life insurance policies to choose from, including whole life insurance, term life insurance, and final expense insurance, so if you’re not sure where to begin, consider using online tools, or speaking with an agent. The right policy for you is out there! We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance for People with Dementia

A diagnosis of Alzheimer’s disease or another type of dementia can be devastating for you and your family. It can be scary, and you might also be worried about the financial impact of the disease. Expenses can include nursing homes, assisted living, or even hospice care as the disease progresses, which could end up being very expensive, costing around $5,000 or more per month. Life insurance can help pay for some of these expenses, and leave your family with some money to help pay for any other medical expenses, debts, and more. But not all life insurance policies will cover medical bills that you accrue while you are alive, so if you are looking for financial help now, as well as after you pass, you should do some research on your options.

Life Insurance & Dementiahead with pieces dissipating

When you apply for a life insurance policy, the insurer you have chosen will ask a series of questions about your health, including your family’s health history. If your family has a history of dementia or Alzheimer’s, you should try to purchase a policy sooner rather than later, before you get to the age when developing dementia becomes more likely. And if you have already been diagnosed with Alzheimer’s or dementia, know that you can still qualify for a life insurance policy: these conditions do not disqualify you. You can still find a great life insurance policy, although you probably won’t be able to get a traditional term or permanent life insurance policy.

The types of policies available to you, if you have been diagnosed with Alzheimer’s or another form of dementia, are still excellent options that will financially protect you and your family. For example, you can qualify for a guaranteed issue life insurance policy, because these policies don’t require a medical exam, and your insurer will not ask health questions. Many people who have health conditions choose this type of policy to avoid getting denied or charged a lot for coverage. The only thing to be aware of is that these policies are generally more expensive than other policies, and won’t offer the same benefit amount, but they are better than not having any policy at all.

When Will Your Family Receive The Pay Out?

If you decide to go with a no medical exam policy, such as a guaranteed issue life insurance plan,  there will be a period of time after you purchase the policy during which you will not be able to receive full benefits. If you die during that time, usually the first two to three years after you purchase the policy, your family will typically only receive the premiums that you have paid into the policy, and perhaps a little bit extra.person with hands holding money

And if you are looking for extra cash to pay for medical expenses while you are still alive,  consider adding riders to your policy. Terminal illness riders and living benefit riders can give you some extra protection and money to help pay the bills during this hard time. These riders will provide you the money to pay for any medical expenses, and your family will still receive life insurance death benefits after you pass, so they can pay off any debts and pay for your funeral expenses. 

Find An Affordable Policy

We understand the need to protect and provide for your family. Even if you are diagnosed with a debilitating disease, you can still provide them with a financial safety net, and even help ease the burden of the medical expenses that will inevitably build up. We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Advantages of Hybrid Life Insurance with Long-Term Care

Have you ever heard of hybrid life insurance? If you haven’t, you’re not alone. But this type of policy can be very useful, and it’s growing in popularity. Essentially, hybrid life insurance combines both long-term care insurance and life insurance into one policy, meaning you’ll get unique benefits for you and your family as you age. Find out the advantages of hybrid life insurance, and if it’s right for you.

What It Is

Hybrid life insurance, as stated, is a combination of life insurance and long-term care insurance. As with traditional life insurance policies, your family will receive benefits when you pass away, but this type of policy will also pay for long-term care if you need it.

The Advantages of Hybrid Life Insurance

There’s a reason that hybrid life insurance is gaining in popularity. There are numerous advantages to these policies, including:approved stamp in green

  • More coverage– You and your family will be able to pay for long-term care if you need it, AND your loved ones will still receive death benefits when you pass away.
  • Easy approval– These policies are easier to get than some other life insurance policies, because there are only a few health questions that you have to answer. That means the probability of being rejected because of a health condition is slim.
  • Flexibility– You can pay for a hybrid life insurance policy as one lump sum, or annually.
  • Less worry– With a hybrid policy, you won’t have to worry about having two separate policies; instead, you will have one policy that offers both long-term care and life insurance benefits for your family. 
  • Tax savings– The life insurance benefits your family will receive won’t be taxed when your family receives them. And the premium that you pay towards your long-term care can be deducted from your taxes!
  • More pricing stability– With traditional long-term care policies, your premium rates can increase a lot over the years, but with a hybrid policy, you will have more pricing stability. 
  • Money-back guarantee– If you decide that you no longer want the policy, you can have your premiums returned to you after a set amount of time.
  • Locked-in premium– You can lock in your premium rates with some life insurance policies. 

Interested In A Plan?hands over a person in a network of people

Hybrid life insurance is worth looking into, because it offers both long-term care benefits for you, and death benefits for your family. But we understand that choosing the right life insurance policy can seem complicated and frustrating. Don’t worry, though, it can be done, with some help. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance Rates for Diabetics

When it comes to life insurance rates, your health plays a big role: the unhealthier you are, the more you will have to pay in premiums. That means having chronic conditions like diabetes could lead to higher rates, but the good news is that this condition no longer means being denied life insurance, and it doesn’t necessarily mean unaffordable rates. With the medical advances of the past decades, we can now control diabetes, and that also means you can get a great life insurance policy that will provide for your family when you are gone. 

How Does Diabetes Impact Life Insurance?

diabetic monitor and pills
Normally diabetes raises a red flag for life insurance companies, but because it is regulated now, it is more accepted.

Diabetes used to be considered a major health risk by life insurance companies, one that would often mean either denying an applicant or charging very high premiums. But as the number of Americans living with diabetes continues to rise, and treatments for the condition get more effective, many insurance companies are now acknowledging that, as long as an applicant’s diabetes is under control, it will not significantly impact life expectancy. 

With that being said, though, as with any health condition, life insurance companies will factor being diabetic into your premium rate. The best way to find affordable rates is to prove that you are managing your diabetes, and that it is under control. You should also be sure to compare policies from different companies, because different insurers might offer you different rates. 

Finding An Affordable Policy

If something were to happen to you, your family would be facing emotional hardships, as well as financial ones. Life insurance is a great way to help your loved ones with those financial hardships: the money they receive will help pay for expenses related to your death, and any other debts or bills they have. There are many different kinds of life insurance policies to choose from, including whole life insurance, term life insurance, and final expense insurance, so if you’re not sure where to begin, consider using online tools, or speaking with an agent. The right policy for you is out there! price tag outline

We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

How to Find a Lost Life Insurance Policy

Doesn’t it feel like it happens all the time? When you need a document or other important thing, it’s nowhere to be found. This scenario could easily happen with a loved one’s life insurance policy, and if it does, you might panic – but there’s no need to worry. You and your family will not lose out on financial support from your loved one’s policy if you can’t find the paperwork. There are ways to recover a lost policy!

magnifying glass with an eye in the middle
If you lost your loved one’s life insurance policy, don’t worry, there’s multiple ways to find it!

How to Find A Lost Policy

If you are not sure how to find your loved one’s life insurance policy, begin by doing a thorough search of your home. For example, check any desk drawers and filing cabinets; remember also to check any safety deposit boxes you might have at the bank. If you still can’t find the policy, the next step is to contact the lawyer who administered your loved one’s estate, if there was one. 

If you are still unable to find the policy, and so don’t know which insurance company to contact, try the following:

Locator Services

Did you know that many states have registries where you can search for active policies at all the insurance companies licensed to do business in the state? If you are looking for a life insurance policy and have had no luck searching your house, or with a lawyer, you can use a locator service. All you need to do is provide basic information such as name, date of birth and death, and the death certificate of your loved one. The registry will then forward the information to the insurance companies in the state, and if you are a beneficiary of a policy, immediate family member, or executor of the estate, they will contact you.

Check The Mail

You can also check the mail for any correspondence from an insurance company to your loved one. Eventually, there will be a statement, invoice, or payment request coming in for the policy.

Contact Their Employercaucasian woman on the phone

If you think your loved one had a life insurance policy through their job, you can contact their employer to request the policy number and the name of the insurer so you can contact them.

Get Help

If you want to make sure that your family is completely taken care of when you are gone, you need to find the right life insurance policy for you, and make sure that you give your family all of the necessary information about your policy, so they don’t need to scramble around to look for it at what will be a difficult time!

The best way to find the right policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable rates, and give you ideas on how to find a policy for less. We have listed some companies to work with that will be able to find you the most coverage for the least amount of money. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.