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Tag: Life Insurance

  • 6 Tips for Living a Healthy Lifestyle on a Budget at Any Age

    6 Tips for Living a Healthy Lifestyle on a Budget at Any Age

    Eating healthy, managing stress, and staying physically active are the most important things you can do to stay healthy at any age. It’s also possible for anyone, even older adults, to live a healthy lifestyle on a budget.

    Life insurance rates are based on your health status, medical history, age, gender, and occupation. These rates are the cheapest when you are young and healthy. It can be challenging and costly to find term life insurance for seniors, but there are other insurance options for older adults.
    We will include why a healthy lifestyle is important, tips for living a healthy lifestyle, and the impact this has on insurance rates.

    Why is a healthy lifestyle important?
    Eating a healthy diet and staying physically active are the best things you can do to lower your risk for health conditions. Diabetes, heart disease, and cancer are some of the most common chronic diseases in Americans. Living a healthy lifestyle goes a long way in helping prevent these conditions.

    If you are eating nutritious foods and staying physically active, you will also experience many other health benefits. You will feel more energized, have improved moods, sleep better, and manage stress.

    Older adults will find they feel better and move better when they are living a healthy lifestyle. You will have more energy to keep up with children and grandchildren. You will also find it easier to complete daily activities like carrying in groceries, checking the mail, and cleaning.

    6 Tips for Living a Healthy Lifestyle

    #1 – Plan Your Meals
    Planning meals and snacks not only helps you eat healthier but can also save you money. Before you go to the grocery store, think about what meals you will eat in the few days or weeks ahead. See what you have on hand and make a list of what you need for those meals.

    You can use the store advertisements to see what foods are on sale and plan your meals around those foods. Plan meals and snacks to include at least two to three food groups with a source of protein and fiber. Include colorful fruits and vegetables, plenty of whole grains, lean protein, and low-fat dairy products for a balanced and varied diet.

    #2 – Use Nutrition Labels
    The nutrition labels on foods are a wealth of information. They list the calories, portion size, the amounts of various nutrients for health, how those nutrients fall into our daily recommendations, ingredients, and common allergens.

    A quick and easy way to evaluate a food to see if it’s healthy or not is to use the percent daily value to the right of most of the nutrients on the label. If the percentage is 20% or above, the food is high in that nutrient. If the percentage is 5% or less, the food is low in that nutrient.

    #3 – Try Other Protein Options
    Meat can be an expensive part of your food budget. You can either cut back on the amount of meat you are consuming, buy meat on sale, or try other protein options. Foods that are a good source of protein but less expensive are beans, eggs, canned tuna, nuts, seeds, nut butter, and soy products like tofu and tempeh.

    #4 – Schedule Exercise
    One way to stick to an exercise routine is to plan it in your day like a doctor’s appointment or write it in your calendar if that’s helpful. Some people like to schedule fitness classes or meet with a personal trainer to help stay accountable. Others have success with exercising first thing in the morning, while some enjoy a workout after work or during a break in the day.

    Staying active can fit into any budget. If you don’t want to pay for a gym membership, fitness classes, or a personal trainer, hit the great outdoors. You can walk, run, or do bodyweight exercises in a park or your neighborhood to enjoy the benefits of physical activity.

    #5 – Do Activities You Enjoy
    There’s no reason to participate in physical activities that you don’t enjoy. You are more likely to keep up with a routine if you are doing exercises and activities that you like doing. Swimming, walking, biking, or dancing are affordable and fun for any age.

    #6 – Manage Stress
    Everyone has stress in their lives, but the key is finding a way to manage that stress. Hobbies, exercise, counseling, relaxation, spiritual activities, social engagement, and staying organized are all ways to manage stress.

    How does health impact life insurance rates?
    Life insurance rates are based on your health status, medical history, age, gender, and occupation. These rates are the cheapest when you are young and healthy. Your health status and any medical issues can make insurance more costly.

    You can work with an insurance agent or compare rates online to find the best life insurance options for your situation. Taking care of your health improves your quality of life and keeps you energized to live your best life.

    Stay Healthy and Save Money
    Living a healthy lifestyle can fit into anyone’s budget, from young adults to older adults. There are many ways you can eat healthily, stay active, and manage stress to stay healthy and manage money.

    Melissa Morris writes and researches for the life insurance comparison site, ExpertInsuranceReviews.com. She is a university professor of nutrition and a certified sports nutritionist.

     

  • The Financial Toll of Living With Heart Disease

    The Financial Toll of Living With Heart Disease

    Heart disease has a financial influence on health insurance and life insurance. Trying to get life insurance after heart surgery can be highly challenging — which is why it is essential to understand the financial implications of heart disease.

    It is possible to get term life insurance; however, the premiums are higher. Below, we will go over why people with families face financial hardship, what people with heart disease can do when buying life insurance, and how to minimize the cost of life insurance coverage.

    Why do low-income families with heart disease suffer financially?
    Many families in the United States have financial hardship due to a persistent cardiac problems that they cannot afford to treat.

    The expenses associated with treating chronic heart disease place a heavy financial burden on about one in four low-income households. These costs may cause an economic catastrophe for low-income families, even those with insurance.

    Surprisingly, these expenses weren’t incurred due to extended hospitalization or costly medical treatments. Prescriptions, clinic appointments, and insurance premiums are often to blame for patients’ financial difficulties.

    Chronic illness has a significant financial impact that must be considered. People are harmed by both the disease and the associated financial burdens.

    The out-of-pocket expenses of low-income households with insurance were greater than those of people with limited insurance. Low-income families may not get enough subsidies to pay the total cost of insurance, and out-of-pocket maximums should be based on income.

    Compared to middle- and high-income families, low-income families are more likely to incur chronic heart disease costs totaling more than almost 20% of their income. Low-income families are also roughly 10 times more likely to experience health care expenses that exceed nearly half their annual income than higher-income families.

    Can I get life insurance with heart disease?
    Purchasing a life insurance policy is a great way to invest in your future. Unfortunately, some life insurance firms will not cover individuals because of their medical history. Your term life insurance premiums will be lower if you are in good health.

    Even if you have a history of heart disease or circulation troubles, it’s vital to know that even the first signs of heart disease may impact your ability to get the best life insurance rates.

    Death from heart disease is the most common cause of death in the U.S. As you would expect, severe cardiac diseases are at the top of the list of medical illnesses that impact life insurance premiums.

    Before granting you life insurance coverage, your insurer will consider the unique risk factors you bring to the table.

    You’ll also have to consider the sort of heart condition you have. Congestive heart failure, for example, may make life insurance more challenging to get than well-managed atrial fibrillation. You may have no choice but to pay a higher price in some instances.

    As a result, yes, you can get life insurance even if you have heart illness or issues. Heart patients’ health insurance and life insurance will be costly even if they are not excluded from coverage because of previous conditions.

    When it comes to life insurance, how does having heart disease affect it?
    A cardiac disease might complicate applying for a life insurance policy. You must be honest about your current health and medical history.

    Lying, misrepresenting, or omitting critical health facts will almost always result in a higher insurance premium or denial of coverage.

    Insurers may deny a claim if they find that you misled or misrepresented facts on your application while applying for a policy, or they may lessen the amount your family gets.

    Even if you can’t change the fact that you have a cardiac ailment or risk factor, doing all you can to keep things under control can benefit you.

    What is the relationship between heart disease and the cost of life insurance?
    Your insurance choices may be restricted if you have a family history of heart disease. There are, however, proactive steps you may take to keep your rates low.

    Having a family history of heart disease means that you might need to get life insurance at an early age. This is an essential financial step for long-term stability.

    The healthier you are as a person, the more youthful you are. Because you are less likely to have risk factors for heart disease such as elevated cholesterol or blood pressure, you will be able to get the best possible prices on term insurance.

    Getting healthy is the first step if you’ve put it off for too long and have cardiac problems to deal with. As your health improves over time, you may qualify for cheaper premiums on long-term coverage if you get a short-term policy.

    Your medical history, including doctor visits, prescriptions, and other preventive actions, should be well documented for insurance companies to review your health risks.

    Fortunately, certain life insurance firms provide no medical exam term insurance policies. You don’t have to disclose your medical history to apply for this insurance.

    Imani Francies writes and researches for the life insurance comparison site, Clearsurance.com. As someone who watched family members battle heart disease, she stays up to date with new health trends to help people make wise decisions with their medical care.

  • Prepare for the Unexpected: Why Buying Life Insurance Early is a Smart Decision

    Prepare for the Unexpected: Why Buying Life Insurance Early is a Smart Decision

    Thinking about life insurance makes most people cringe. Nobody likes to plan, let alone pay, for something completely dependent on their death.

    Though that time seems far away for most of us, in many cases, getting accidental life insurance quotes and then choosing a plan is the best way to protect your family in case something happens to you.

    Who should get life insurance?
    The easy answer here is that anyone with a family or loved ones who depend on them should get life insurance, but it is also beneficial for those with large debts or loans.

    If you were to pass away and you have someone else depending on your income such as a spouse or children, it’s a good idea to invest in life insurance so they would have money to live on after your death.

    The other reason life insurance may be a good idea is if you have a home mortgage or a significant amount of student loan or even credit card debt. In this case, if you were to die, you don’t want to leave your loved ones with a massive debt to pay, so life insurance is a good option.

    What types of life insurance are available?
    Generally speaking, life insurance can be broken down into term and whole life insurance. The main breakdown goes like this:

    Term life insurance: This is the most affordable option. You pay a premium each month, and your beneficiaries get paid if you die within the term of the plan. Most plans are about 10 to 30 years, and if you outlive the plan, you can renew it year by year or start another plan.
    Whole life insurance: This plan extends until you die, and it has a cash value. As long as you pay your premiums, your premium rate and the death benefit don’t change. You won’t have increases in your premium as you get older, but this is countered by a base level of higher premiums compared to term life insurance.

    When looking at these two types of plans, the next step then becomes how to decide between them and which type is the most affordable in the long term.
    How to Choose the Type of Life Insurance

    The general recommendation is that term life insurance is the way to go for good coverage at a reasonable price. Because whole life plans are far more likely to need to pay out (because they span all the way until death), the premiums are much higher.

    As far as spending the extra money on whole life insurance, though, these have a cash value and are meant to be a form of investment. However, there are better ways to invest your money.

    Rather than spending more on life insurance, it’s typically better to put that extra money toward a 401(k), a Roth IRA, and other investments.

    The purpose of life insurance is to replace your income, not to be an investment. So find the most affordable term life insurance plan and put the rest of your money in sound investments.

    When should you buy a life insurance policy?
    The younger you start your policy, the better. If you are single, you should probably wait until you have a spouse or some dependents. But after that, youth is in your favor.

    With term life insurance, if you are young, you can find a variety of relatively low-cost life insurance plans. For example, Allstate has a 20-year, $250,000 plan for a healthy 25-year-old that costs $11 per month. A similar plan at State Farm is just over $15 per month.

    The other point to consider is that the earlier you start your term policy, the lower your rates. If you are 25 years old and you get a 30-year plan, you can keep the same low rates until you get a new plan at age 55.

    As you age, rates go up, as you are more likely to die when you get older, statistically speaking. Thus, expect the plan you get at 55 years old to have a higher rate than the one you got in your 20s.

    What happens when the insurance term ends?
    With term life insurance, there is a fixed term. This can range based on the company and plan you choose, but let’s say you have a 30-year plan. At the end of those 30 years, you’re still alive, so what comes next?

    There is no cash value to term life insurance, so you don’t cash out any money if your term expires and you are still living. Your family only gets money if you die within that 30-year term.

    So if you have outlived your plan, the next step is to talk to your company about options for getting a new plan. Price competitors for life insurance quotes to see who can give you the best rate. Make sure to go with a reputable, reliable insurance company.

    Luke Williams writes and researches for the insurance comparison site, Clearsurance.com. His passions include writing about personal finance, insurance, and other ways people can save and invest their money.

     

  • 4 Ways Seniors Benefit by Selling their Unwanted Life Insurance Policy

    4 Ways Seniors Benefit by Selling their Unwanted Life Insurance Policy

    Each year in the US upwards of 1,000,000 seniors lose more than $112 billion because they allow their unwanted life insurance policies to lapse. Maintaining these policies is not compulsory, however, many people over the age of 60 continue to pay expensive premiums even though they could benefit better from using their cash in a different way.

    It is possible to sell your unwanted life insurance policies for a large cash settlement, this type of arrangement is sometimes referred to as a life settlement. In the past, life settlements have been a prolonged procedure that can be time-consuming and off-putting. These days, companies like Mason Finance offer a fast and efficient service that can be up to 12 times faster than the industry standard.

    For the average person, selling a life insurance policy can lead to an upfront cash settlement of up to 20% of the complete policy size. That is potentially a huge lump sum as you can sell a life insurance policy worth over $50,000 in face value, money that you otherwise may not ever have access to. These life-changing sums could be available to any life policyholder right now, so if you’re considering cashing in your current policy, consider these four ways seniors can benefit from selling their unwanted life insurance policies below.

    Cover Medical Expenses.

    Unexpected or sudden medical bills can be expensive. In fact, in America, the average healthy couple will spend upwards of $377,000 on health care during their retirement. You can help ease the cost of any future medical expenses by selling your life insurance policy, giving you peace of mind.

    Improve Quality of Life

    By eliminating premium payments and receiving a large cash settlement in exchange for your life insurance policy means you will much better off each month. When you consider an estimated 25,000,000 Americans over the age of 60 are living within or below the poverty level, this money can vastly improve your quality of life.

    Enjoy Leisure Activities

    It is a surprising statistic that 60% of retirees overlook budgeting for leisure activities when planning their retirement fund. As a result, many seniors can’t enjoy retirement to its full extent. Selling your life insurance policy can provide you with the extra cash you need to be able to partake in the more rewarding things in life like travel and visiting family and friends.

    Boost Cash Savings and Achieve Greater Financial Security

    As you can sell your life insurance policy for a large cash settlement, as well as ridding yourself of monthly premium payments, doing so will both boost your cash savings and provide you with greater financial security. Financial security in later life can allow you to enjoy life to the fullest and live more comfortably. If you already have healthy financial security, you could use the extra cash to treat your family.

    Visit Mason Finance for more information about how you can sell your unwanted life insurance policy today, and start enjoying a worry-free retirement.

  • How life insurance could serve as an inheritance

    How life insurance could serve as an inheritance

    Leaving an inheritance to their family may seem out of reach to many Australians. The latest ME Household Financial Comfort report (released June 2017) shows that nearly 25% of Australian households have no money saved for emergencies. Once funeral costs and other final expenses are factored in, many may be more likely to leave behind debt rather than an inheritance.

    Even for those with large estates, a planned inheritance can be chipped away at or delayed by taxes and legal fees. However, life insurance could allow you the freedom to spend your assets now and also leave behind an inheritance when you pass away.

    Avoid tapping into a planned inheritance

    Contrary to popular belief, spending does not appear to decline through a person’s retirement. A 2016 study by the Australian Centre for Financial Studies suggests that the yearly expenditures of Aussie retirees is relatively consistent.

    This may be an issue for anyone planning to leave a specific dollar amount to the beneficiaries of their will.Much retirement advice hinges on the assumption that you’ll spend less the older you get. But if spending remains more or less consistent, you may find yourself tapping into funds earmarked for a future inheritance to pay your bills.

    A life insurance policy can help supplement your estate. You can worry less about how much you’re spending in retirement, knowing your family could receive the insurance payout on top of any estate you do leave behind.

    Playing the waiting game                                                

    Even if you’re leaving an inheritance behind in other forms, it can take months for an estate to be settled. In Australia, the minimum time to finalise an estate is six months from the date of death.

    Why so long? The process of administering a final estate can be complicated. Once a will is located, the executor must meet with beneficiaries, determine the amount of assets and debts, and apply for probate before the estate can be distributed or trusts established. Most wills are sorted in about nine months, but more complicated estates can take years to fully settle.

    A life insurance payout can help your loved ones whilst they wait. Policies are typically paid out much sooner than an estate. The life insurance benefit can serve as a financial cushion, helping your loved ones financially until the bulk of their inheritance is received.

    Cover your funeral costs

    Helping cover final expenses is another way a life insurance benefit can serve as an inheritance booster.

    Funeral costs are on the rise, with services in Australia ranging anywhere from $4,000 to $15,000 or more. If you haven’t set aside funds to pay for a funeral, your family will likely need to cover the costs out of pocket. This can be “paid back” by any inheritance received once your estate is settled, but may put loved ones in a financial bind whilst they wait.

    Life insurance policies often offer an advance on the full payout specifically to help families quickly pay for funeral arrangements. You can also take out a funeral insurance policy, designed to help with the immediacy of funeral planning. Benefits are often paid within 48 hours of receiving the completed paperwork, providing families with peace of mind during a difficult time.

    Negotiating family politics

    The typical Australian family looks a lot different today than it did just a few decades ago. Divorce, remarriage and cohabitation are more common, with families often welcoming step-children, multiple grandchildren, de facto partners and new in-laws into their inner circle.

    A will is one way to stipulate who gets what after you pass, but they can be called into question. Almost anyone can contest a will. This can prolong the legal process of dividing the estate, and could fracture already tenuous family relationships.

    In these cases, a life insurance policy naming one or more persons as the beneficiary could be a tactful way to honour your relationships or supplement an inheritance. Life insurance policies are not part of a person’s estate unless the estate is specifically nominated as the beneficiary. By naming a spouse, family member or close friend as beneficiary, the payout will go directly to them, and can be kept separate from the contents of your will.

    Life insurance may not be the first thing that comes to mind when thinking about an inheritance, but as you can see, a policy could be a good option for creating or supplementing one. Take some time to consider your financial situation and what you want to leave behind for your family. A life insurance policy could be the tool you need to help protect their financial future, while also helping to form your legacy.

     

     

  • Let Your Kids Realize Their Dreams with Life Insurance for Children

    Let Your Kids Realize Their Dreams with Life Insurance for Children

    Children in the family are as important as any other member and thus it becomes critical to ensure their financial security. Different insurance companies are providing insurance plans to help children make their dreams a reality. Learn about the available insurance plan benefits and choose the most suitable insurance plan for your child.

    Every parent wants their child to better in life and they try doing everything to ensure the same. Along with providing a good lifestyle while growing, they try to ensure that their future is equally secure should the unthinkable happens. Life insurance policies for children are designed to provide the required financial security to the kids that are vital for a successful parenting. Every child has their own dream and the parents are supposed to help their kids realizing their dreams in an easy way. Considering the rising cost of education and the uncertainty of life, it becomes vital to have a financial security to realize the plans even in the odd situations.

    There are insurance providers offering dedicated life insurance quotes for children that cover them for accidents and injuries in future. That means if your child gets injured any time after receiving an insurance, the insurance provider will pay for the treatment expenses. Generally, it’s not considered necessary to have an insurance plan for the child in the family, but this is very important as you never know when what can happen tomorrow. It has been found that older parents or grandparents in the family buy a life insurance plan for them as they understand the importance of having a life insurance policy in place. Also, there are plans that take care of child’s educational expenses in case the parent passes away. There are multiple benefits that a child can receive from a life insurance policy that we are going to mention below.

    Receiving A Planned Corpus

    Under a cheap life insurance plan for children, you will receive a planned corpus as the plan matures. This corpus ensures that your child’s education will never get interrupted due to lack of money as the insurance provider will provide financial assistance in such instances. Moreover, it saves the insured from unnecessary complications while going for a claim.

    Securing the Well-Being

    When properly structured, these insurance policies ensure the well-being of the children in the families and lessen the financial burden on the family to take care of educational as well as medical expenses. Through their various plans, several companies provide immediate compensation to the beneficiary in the event of loss of income. Some companies provide an accumulated cash amount equal to the life cover to the beneficiary in the event of the parent meeting an accident or passing away. Generally, the life cover is at least 105% of the premiums paid till date but insurance buyers aging 45 or more have a unique option to choose the life cover seven times bigger of the annualized premium.  All future insurance premiums are waived off and are fully paid by the insurance provider. Moreover, the policy remains in effect without paying any single premium and the beneficiary will receive the fund value as the policy matures. This fund value is calculated as the unit price on the date of maturity multiplied by the number of units.

    Risk-Return Preferences

    There are insurance policies that provide risk-return preference in the same. That means you can invest a portion of the premiums into the market and can receive attractive returns on the same. Insurance companies have a group of experienced professionals that advise where to invest the money that can receive more and more benefits. This can provide an additional income other than the promised accumulated cash amount help your child fly higher to realize their dreams. Moreover, some companies allow you to add a surplus amount to the policy to further increase the benefits. However, it’s not applicable in the last five years of the policy.

    Flexible Premium Payment Period

    Most of the insurance companies take care of insured’s comfort and provide different options to help them pay their premiums. They are providing flexible premium periods to choose when the customers feel more comfortable to make the premium payments. Insured can choose whether they want to make the premium payments monthly, half-yearly or annually. You can get in touch with an insurance expert to understand the various policy details and receive top life insurance policy quotes for the same. Moreover, they can choose a suitable premium payment period such as a 10-year insurance policy with a premium payment period of 5 years or a 25-year insurance policy with a premium payment period of 10 years. Whenever you complete the 10th, 15th or 20th year of the policy, the companies reward you with their loyalty benefits. This benefit is calculated as 2 percent of fund value of current added with the fund value of previous year divided by two. Moreover, these policies enable you to receive tax benefits on the premiums you pay and help you save big every year.

    Author Bio:

    Anil Kumar is the owner of Optinsure.com and has been providing insurance-related support and services to help customers make their most crucial financial decisions.