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How Does Asthma Affect Your Life Insurance?

Around 1 in 12 people (25 million people) in the US have asthma, and the numbers continue to increase every year. For these 25 million Americans, life insurance might seem like an impossibility because their condition could mean higher premium prices. And while having asthma does affect life insurance because it’s a pre-existing health condition, you probably won’t get denied coverage because of it. The best way to get life insurance if you have asthma is to compare policies offered by different life insurance companies.

Asthma & Life Insurance

When you apply for a life insurance policy, insurers will review your medical history in order to see how healthy you are, and determine if they want to offer you a policy. Pre-existing health conditions mean you’ll be a higher risk to insure for the long term, and since asthma is considered a pre-existing health condition, having it might raise your rates slightly. But it does depend on how severe your asthma is.

If you have asthma and are looking for a policy, insurers will typically ask the following questions:

When were you first diagnosed with asthma?
How frequent are your asthma attacks?
Are you on any medication for it?
Do you take your medication as prescribed?
Have you ever been hospitalized due to your asthma?
Does asthma limit any of your activities?
Do you smoke or have you ever smoked?

After you have answered these questions, the insurer will determine your rate based on several factors, including how severe your asthma is and the insurance company’s policy on asthma. It’s important to remember that different life insurance companies will view different health conditions differently. Some life insurance companies will consider asthma as a more severe condition, while others will not.

Asthma & Life Insurance Classifications

Typically your rate class will be based on the type of asthma you have. If you have Mild Bronchial Asthma, in which your lungs are clear and your asthma is mild, you could be approved at Standard or even Preferred rates.

If you have Moderate Bronchial Asthma, meaning your asthma is chronic, and you have slight wheezing and acute episodes that need to be treated by spray or injections, you may be approved at Standard rates.

If you have Severe Bronchial Asthma, and you exhibit severe episodes of asthma and are treated by hospitalization and chronic steroid use, you may be approved for Substandard rates, which are generally the highest rates.

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 – even if you have asthma – 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.

How Life Insurance Can Protect Your Small Business

As a small business owner, you’ve worked very hard to build your business, and you want to make sure that you can keep it going for a long time, even after you are gone. You might be wondering what will happen to your business after you pass away, and how your loss will affect your family and employees. In most cases, a business will either go out of business or will be taken over by a partner when the owner passes, but in the worst-case scenario, your family could have to take on the debt carried by your business. If you don’t want any of these things to happen, life insurance is a great way to not only protect your small business but your family, as well.

What Might Happen to Your Small Business

Oftentimes business owners think that their spouse or other family members will take over the business when they are gone, but that’s very unlikely to happen. When you pass away, your family might not want to take over the company, or might not be capable of running it.

If a family member isn’t the right option, you might want to rely on a key employee to take over the business. But they might require a salary commensurate with the added demands of the job, and the funds that will be needed to keep everything going might be more than the business can handle.

In addition, there is the possibility that a competitor will try to take over your business, take away customers, or purchase equipment and inventory cheaply from your business.

Life Insurance Options For Your Business

All of the above instances will not end in a positive way for your family or business. This is why life insurance is a very important way to protect your assets and your family. You can consider:

Key person insurance – With this policy, when a key person like yourself dies, the insurance can help make up for lost sales or earnings and cover the cost of finding and training a replacement.
Buy-sell agreement funded with life insurance – This allows remaining business owners to buy the company interests of the deceased owner at a previously agreed-upon price. This will ensure that your surviving family members will be fairly and properly compensated for their share of the business.
Individual life insurance – You can also purchase a life insurance policy individually to provide your family with additional money to pay off any personal debts, and help with living expenses and future needs.

There are many great affordable life insurance options to choose from, which is why comparing plans is important.

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.

Life Insurance Replacement Pros And Cons

If you currently have a life insurance policy and are thinking about changing or replacing it, you should first weigh all the pros and cons of doing so. There might be several reasons why you are considering changing or replacing your policy, but depending on your situation it might not be a good idea. In addition, there are some rules and regulations that go along with replacing your life insurance, so make sure it’s the right move for you.

Life Insurance Replacement Rules

Each state has its own set of laws and regulations when it comes to replacing your life insurance policy. You can find out your specific state’s rules by going to the National Association of Insurance Commissioners’ website to make sure that you would be able to replace your current policy without any issues.

Why You Might Consider Life Insurance Replacement

There might be various reasons why you would want to replace your current life insurance policy with a new one. Some of these include:

Price- The cost of life insurance is a major reason to search for a new policy. Your policy might just be too expensive for you, or it might have too much coverage and you might want to lower the amount in order to save more money.
Life changes- Many changes could occur in your life that would make it necessary to find a different life insurance policy. You might have bought a home, got married, or expanded your family, and need to up your coverage. Or maybe you’re approaching retirement, so you might need less coverage than you did when you and your family were younger.
Health– If your health has changed, you might want to replace your current policy. For example, maybe you purchased your policy when you were not in the best of shape, but now have gotten in better shape and could get a better price.
Type of policy– You might have purchased a 10-year term life insurance policy, and now that it is coming to an end, you might need to renew it or search for a more permanent life insurance policy, or a universal life insurance policy.

Why You Should Keep Your Life Insurance

If you are considering replacing your current life insurance, be aware that there are a few reasons why you should reconsider and keep your current life insurance policy. stopwatch

Contestable period– When you purchase a new life insurance policy, a new contestability period will begin. This means that for around two years after purchasing the policy, you will have a waiting period. During which the insurer can challenge paying out the death benefit.
First-year charges- You might be subjected to first-year expense charges when you replace a life insurance policy, which might include underwriting, agent commission, and the issuing of the new life insurance policy.
Worse health- A new life insurance policy could be more expensive if your health is not what it used to be or has worsened. This includes if you have gained weight, are taking any new medications, or any other situation regarding worsening health status.

If You Do Want to Replace Your Policy…

You should consider shopping around and comparing policies from different life insurance companies. 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.

Applying for Life Insurance After a Breast Cancer Diagnosis

When you apply for life insurance, insurers will usually look into your driving record, credit history, and most importantly, your medical history to determine how much of a risk you are before they offer you a policy. And while they will be somewhat lenient with certain health conditions, with others, they might offer you less coverage, higher premiums, or deny you altogether. Cancer is one of the medical conditions that is considered a red flag for life insurance companies. But even if you are diagnosed with breast cancer or have a family member who is diagnosed with it, it doesn’t mean that you or they can’t get life insurance.

How Breast Cancer Affects Life Insurance Eligibility

How a breast cancer diagnosis affects your eligibility for life insurance is often determined by what stage the cancer is in. If you have an early-stage form of breast cancer, you might be able to get a policy, but you will most likely have to wait several months to 10 years after completing your treatment before you are approved for a policy. And even if you do qualify by then, you will still most likely have to pay more for your coverage. Then, after you have been cancer-free for 5 years or more, you can qualify for a rate reduction.

If you have stage 3 breast cancer, it may take up to 10 to 15 years before you’re eligible for coverage. And if you have been diagnosed with stage 4 breast cancer, you will have to stick to a guaranteed issue life insurance policy, which maxes out at $50,000, another type of no medical exam policy, or final expense life insurance.

Applying for Life Insurance with a Breast Cancer Diagnosis

Because your case is unique when applying for life insurance after you have been diagnosed with breast cancer, there are a couple of steps and tips that you should follow, since not all insurance companies will look at your situation the same way. This is why it’s very important to compare policies from different life insurance companies.

When you apply, make sure that you have your pathology report ready because life insurance companies will ask for it, especially if it is an insurer that requires a medical exam.

And the best way to get as much coverage as you can afford is by looking into different policies, such as a term life insurance policy. You can try and get a long-term policy of 20 to 30 years, but if that is not an option, look into no medical exam life insurance policies. These policies will not require a medical exam, but in return, you will have a smaller coverage amount and will typically pay more in premiums than you would with a permanent life insurance policy. The reason they are more expensive is that, with these policies, insurers will overlook your medical conditions and provide coverage even though you are a high risk.

Consider Your Options

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 Credit Scores Affect Life Insurance Premiums?

When you apply for a life insurance policy, in most cases the insurer will dive into your background, looking at things like your driving record, your medical records, and even your hobbies. They do this to determine how much of a risk you will be for them to insure you. But how in-depth do they get? For example, will they look at your credit score, and will they consider it when setting your rate? The short answer is yes, your credit history does affect your life insurance premiums. Read on to find out just how it does.

Will Insurers Check Your Credit Score?

Some insurance companies review credit scores in order to determine if you are likely to repay a loan, while others do not. This is why it is important to compare policies from different companies. Remember, though, even if an insurer does check your credit score, it will just be a tiny part of what they will consider when deciding if they should insure you and how much you should pay.

Will Your Credit Score Affect Your Premiums?

Your credit score can indeed affect the price of your life insurance policy. Your insurer wants to know your credit attributes and how financially responsible you are, and wants to make sure that you will be able to pay your monthly premiums and won’t lapse on your policy. They will look for:

Bankruptcy
Carrying large credit card balances
High percentage of credit card use
Late or missing debt payments

green check mark in a green circle — *You can still find a great affordable policy, even with bad credit!*

But don’t worry too much – you will generally only be denied a policy or have to pay a lot extra if you have filed for bankruptcy or something similar.

Can You Find a Great Policy?

Absolutely! Life insurance companies are more concerned about your health and your lifestyle than they are about your credit score. And 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.

Life Insurance Dividends Explained

With so many different types of life insurance policies available, it can be quite confusing to figure out which particular policy is right for you. One type of insurance plan you should strongly consider is a whole life insurance policy. If you do decide to go with a whole life insurance policy you will have level premiums, guaranteed death benefits, and dividends.

Whole Life Insurance Dividends

Not all whole life insurance policies will provide life insurance dividends but it is something you can ask your agent about when shopping around for a whole life insurance policy. A life insurance dividend is a payout from the annual surpluses of the life insurance company. In a sense, it is a portion of the carrier’s profit that some whole life insurance policies provide to policyholders.

Popular Life Insurance Dividends

There are many different kinds of dividend options within life insurance companies and they vary on how you can use them.

Policy loan repayment- you can choose this option to pay the principal or interest of your policy loans.
Cash payment- you can choose to get your life insurance policy dividend as a cash payment, which is kind of similar to the dividends you would receive from stock. The life insurance company will pay your dividend at the beginning of the first or second policy year and will be treated as a tax-free return of premiums.
Paid-up additions- this is the additional life insurance coverage of the same type that are policyholder by, using the dividend. Your paid-up additions will also earn dividends.
Accumulate interest- You can opt to keep the dividends with the life insurance company to earn and accumulate interest over time. At any time you can withdraw cash from your dividend accumulation account, and if you were to die or want to surrender your policy, your policy will pay the face amount or the cash surrender value.
Reduce future premiums- you can apply your dividends to lessen or reduce future life insurance premiums.

Are The Dividends Taxable?

The dividends that you earn from any whole life insurance policy, if they are offered, are not taxed by the IRS. Life insurance dividends are not like traditional dividends from a mutual fund or stock so are not subjected to taxes

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.