What You Need To Know About Life Insurance For Diabetics

Most people are surprised to learn that life insurance policies are available for people with diabetes. Not every insurance company will write a policy and availability may be restricted by the laws within a state. However, insurance companies that understand diabetes very well will submit a request for a life insurance policy to their underwriting department for review.

What Information Should You Provide To The Underwriters About Your Diabetes?

People with diabetes are required to disclose details of their medical history in order to qualify for a life insurance policy. Here are sample questions:

1. What type of diabetes do you have? Policies are available for people with Type I, Type II, as well as applicants who have been diagnosed as pre-diabetic.

2. What medications do you currently take to control your diabetes? Underwriters will look at the dosage levels and frequency of medications. They will also ask about proteinuria in order to assess your risk of developing kidney disease.

3. How well controlled is the diabetes? This question will factor heavily in the price and type of policy offered to you. If your HbA1c is less than 7, you do not have any additional risk factors, and you regularly exercise while eating a healthy diet, you will be considered as a best case for a life insurance policy.

If you have diabetes and have been turned down for life insurance by one company, do not despair. Since underwriting departments at insurance companies vary, it may be that you need to contact a company that is more knowledgeable about diabetes. Working with an agent like Diabetic Life Insurance Solutions will allow you to shop many companies and have someone to help you go through the minefield of finding a good carrier.  If you have the condition well under control and are able to prove that, you may even qualify for a preferred plan. Comparison shopping really matters when it comes to purchasing life insurance for diabetics and a single rejection should not deter you.

Why you should make sure you have disability insurance

Disability insurance can come in very handy in the event that you become disabled. This type of insurance provides you with the money you will need to meet your financial needs while you are unable to work. Even if you already have money saved up for such an emergency, there are still many reasons to invest in disability insurance. Keep reading to find out more.

What the Statistics Tell Us

According to insurance statistics, the average adult is much more likely to become disabled than they are to die of a premature death. There are many reasons for this, including advancements in medicine and new treatment methods for many diseases. While it is possible to go through life without ever becoming disabled, the statistics are high enough to make disability insurance a good choice for most people. This is especially true for those who are the sole financial providers for their family.

How Would Disability Affect You?

disability insuranceIt is important to consider what you and your family would do if you ever became disabled. While some disabilities may be temporary, others can last for months, years or the rest of your life. It will be beneficial to come up with a plan for this scenario in advance. You may decide that another family member will need to become the main provider or that you will need to cut back on expenses. Disability insurance can be a great help to people who find themselves disabled, as it will provide you with a livable income until you find a more permanent solution, which is why it is also sometimes called income protection insurance.

Disability Insurance via an Employer

Many people assume that the disability insurance that their employer provides will be sufficient to sustain them in the event they become disabled. However, this may not always be the case. Many employers only offer short-term worker’s compensation or disability insurance that may not be enough to cover all of your living expenses. You may also be eligible for Social Security if you become disabled, but many applicants are denied many times before their claim is finally approved. Even people who are approved for Social Security may be subjected to a six month waiting period before receiving benefits.

Because of this, it is a good idea to become familiar with the worker’s compensation benefits offered by your employer. If you find that they are insufficient, you can find a third-party disability insurance provider to supplement any worker’s compensation or Social Security payments you would receive.

Disability insurance is a great safety net that will help to ensure that you and your family are financially protected in case you ever become disabled. Anyone who supports themselves or someone else should look into the benefits of this type of insurance.

A smoker’s life insurance options

Higher premiums are usually in store when it comes to getting life insurance if you are a smoker. At least this holds true for those under the age of 50. For adults in their 20s, 30s and 40s standard life insurance policies are available just as they are for everyone else. How healthy you are will be a large factor in keeping your premiums life insurance options for a smokerlow, but for those that smoke, the insurance rates can be significantly higher. Also, the rates are for those that smoke cigars as well as cigarettes. Cigars are seldom inhaled, but to an insurance company they will count as smoking. Whether you smoke cigarettes or cigars, your first option is to get a regular life insurance policy, but you will pay more for your premiums.

If you are over the age of 50, you can get a low cost life insurance policy with no medical questions asked. In fact, there will be no requirement for a physical. This type of policy will not pay much in the first couple of years, but after that, it will pay in full if you die. This type of policy can be a great deal, but the one drawback is that it is only available to those in a certain age bracket.

A third option is to quit smoking. This is obvious, but it needs to be said. One thing to keep in mind is that an insurance company will want to know when your last cigarette was smoked. If you have smoked in the last year, they may consider you to be a smoker. Each company has their own methods to compute premiums. However, the sooner you quit the sooner you will be able to enjoy lower cost life insurance.

People may think there is a fourth option. You simply lie on the application. Make no mistake, this is not an option. It is insurance fraud, and you can go to jail. Naturally, if you are found to have been a smoker after you have died, there are no consequences. Your family, spouse or beneficiaries will suffer when they are denied money they should have received from the policy. All you did was pay premiums for nothing. Always be honest on your life insurance application.

The advantages of burial insurance

Close up of approved Funeral Insurance policyWhen the word insurance is mentioned, the first thing that comes to the mind of most people is common insurance policies, such as life insurance, health insurance or car insurance. All these insurance policies are important, but one type of insurance is often overlooked: funeral insurance. It is equally important and beneficial. Funeral insurance, also known as preneed insurance or burial insurance, allows you to cover your burial costs so that your family members do not end up struggling with the costs later on. How is burial insurance beneficial? Well, here are the major advantages of burial insurance.

Financial security

Burial insurance is not a protection against a potential risk but an advance payment to a future service. This is a perfect way to bring your finances to a close when your time on earth ends. This will ensure that your funeral does not affect the financial stability of your dependents. Surely, you do not want to trouble your loved ones with the costs associated with a funeral while mourning for your demise. This is the best gift you can leave them when your time comes.

It is also important to consider the high cost of funeral services today. On average, the cost of organizing a funeral for an adult is more than $4,500. Nearly one-third of that amount is spent on buying the casket only. This amount is so huge that it can literally empty the pockets of your dependents if they are left to meet the funeral costs.

Ability to customize your funeral

Preneed insurance enables you to customize your funeral arrangements before your time comes by paying for burial services. A burial insurance policy covers the cost of various products such as funeral caskets, hearses, burial plots, urns, vaults, flowers, grave digging and filling and grave markers. Funeral insurance also allows you to make known your wishes or preferences on how you want your funeral to be carried out, perhaps your favorite theme or church. Since there will be enough resources to fulfill your wishes, your family will certainly honor them.

No legal complexities

The common practice of organizing funerals was through a trust. A given amount was reserved to cover the burial costs. The concept of burial insurance became very popular due to the legal complexities that came with the trust setup.

Peace of mind

The death of a loved one is usually associated with a lot of emotions that may get out of hand. This necessitates the need for people going through such a loss to get assistance in arranging the funeral. This will save the family members a great deal of effort and time in arranging the burial.

To enjoy these benefits, ensure you buy burial insurance from a reliable company. A number of firms have entered the funeral insurance market. With preneed insurance, many people, particularly senior citizens, can now plan for their death in advance to shield their relatives from burden. According to many experts, buying this kind of insurance should be an important part of one’s financial planning process.

What is not in your credit score

credit reportOur credit scores are becoming more and more important to our daily finances. It was not long ago that credit scores were only looked at and considered when you were applying for a loan or looking to open a new credit card. Today, cell phone carriers often pull credit reports to decide whether or not they will require a security deposit from a new customer. Some electric and cable providers do the same thing. Insurance carriers will often give lower rates on auto insurance to drivers with better credit.

As important as our credit scores have become, there are few people that really understand what factors do and do not contribute to your credit score. Here are a few things that are not factored into your credit score:

Your race, color, religion, sex, and marital status.

United States law prohibits any of these factors being considered when calculating a credit score. Lenders are prohibited from using these factors when deciding whether or not to approve someone for credit.

Your age.

Lenders can consider a person’s age for any kind of credit scoring they might do, however, the official FICO scoring that is present on your credit report cannot consider a consumer’s age.

Your salary, occupation, title, employer, date employed, or employment history.

These things will clearly be important to a lender. Before approving you for a mortgage, they are going to want to see a solid work history and that you have enough income to support the mortgage payment. However, these factors play no role in your credit score.

I cannot count how many times I have encountered someone that when we started talking about their credit they said something like, “Oh yeah. I have good credit. I’m a doctor and make $225,000 a year.” It is a surprisingly common misconception that an individual’s salary impacts their credit score.

Along with your salary, any other income sources such as alimony, child support, or rental income are also not calculated into your credit score.

Interest rates.

The rates you are paying on your car loan, credit cards, and mortgage play no role whatsoever in your credit score.

Certain types of credit inquiries.

Credit inquiries (when someone pulls your credit report to look at it) show up on your credit report. They have a slight negative impact on your credit score. However, there are a few types of inquiries that do not impact your credit score.

Consumer-initiated inquiries (a request that you make yourself to check your own credit) do not impact your credit score. Promotional inquiries (when a lender looks at your credit to send you a “pre-approved” credit offer) do not count into your credit score, as well as “administrative inquiries” (when a lender reviews your account with them). If a new employer pulls your credit as a part of their background search before hiring you, it is not counted into your credit score either.