People often shop for life insurance the way they shop for car – they look for the best package of options. They look at investment provisions, cash values, loan provisions, and a large enough death benefit to handle any potential outcome. That’s noble, but it’s also complicated and expensive. And for that reason, many times …
Most people are aware that certain diseases or health conditions can negatively impact an application for life insurance. While that’s well-known to be the case with common diseases like cancer and heart disease, there are lesser known medical conditions that also affect the process. One of those is Addison’s disease, which is so rare that …
There are a lot of questions when it comes to buying a life insurance policy. What options and riders are available? Will my premium go up? Are there any potential exclusions or loopholes? But fewer people concern themselves with distribution options from a life insurance policy. And that’s just as important as any other provision …
Have you avoided applying for life insurance because you have high cholesterol? It is a health condition that can affect your life insurance application. But the degree of that effect will be determined by how you handle the application process. You can get life insurance with high cholesterol, and even get a policy with affordable …
If you tend to think long-term when it comes to managing your finances, you’ve probably seriously considered (or are considering) purchasing a whole life insurance policy. After all, whole life is permanent life insurance, so you’ll be able to keep it for your entire life. But you may be able to achieve all of your …
As is the case with any type of health-related condition, hepatitis can complicate the process of applying for life insurance. However, it’s important to understand that a hepatitis diagnosis does not mean that you cannot get life insurance. There are various types of hepatitis, that occur to different degrees, and when matched with the right …
Eating disorders are one of the most common health-related conditions in America. They are particularly pronounced among young women, who are under extreme social pressure to attain and maintain a certain body type. This can lead to severe psychological stress, that causes unusual eating activity that can result in serious health conditions. If you need …
Of all the health conditions that can affect your application for life insurance, diverticulitis is one of the most mild. Only in the most severe cases will it have an impact on your application or your premium rate, and even then not to the degree that will be the case with most other chronic health …
The empty nester phase is that welcome time in life that fits nicely between the end of what are usually life’s biggest challenges and the retirement years. No, you’re not yet enjoying retirement, but at the same time you no longer have to worry about raising children, putting them through college, building a career or …
Buying life insurance isn’t at all like buying a TV. You’re not making a one-time purchase – usually to get the lowest price – and then never come back. Buying life insurance is more like engaging the services of an accountant or doctor, where you’re looking to establish a long-term, working relationship with the agent …
We don’t hear too much about burial insurance these days, but it actually figures significantly in the history of life insurance in the US, or at least one very prominent insurance company. According to the article on Prudential Insurance in Wikipedia, the company was actually built on burial insurance policies: “Started in Newark, New Jersey, …
There are actually two short answers here – no, and sometimes. Confused? It’s actually not that complicated. There are two answers, because there are two potential tax liabilities that could be incurred as a result of receiving life insurance proceeds. Regular Income Tax Liability This is the tax liability that most people are most immediately …
Just like virtually every other insurance policy that you can purchase, disability insurance policies have various options and riders available that you can add to the policy. Those options may be more than just luxuries – they may provide you with the type of complete coverage that you’re really expecting a disability policy to provide …
Who doesn’t love employer paid benefits? That includes health insurance, life insurance, disability insurance, a company match on 401(k) contributions, and other assorted perks. In each case, the employer pays at least some of the cost of maintaining the benefit. But certain benefits are better when you have them on your own. Disability insurance is …
If you know anything about Social Security, then you know that it isn’t just to provide retirement benefits. Social Security also pays disability to those who need it. So why do you need disability insurance when you can apply for Social Security? Two reasons: it won’t be easy, and it probably won’t be enough. Let’s …
If you have a standard disability insurance policy through your employer, are you adequately covered? In many cases, the answer to that question is no. That’s because standard disability insurance only replaces a certain percentage of your pre-disability income. If that won’t be enough for you to live on, you may need supplemental disability insurance. …
There can be a wide difference of opinion as to when to make a disability insurance claim. Either you or your employer may decide that you are no longer capable of working. Your doctor may even agree. But the final determination – at least as it relates to the payment of benefits under your disability …
Disability insurance provides protection of your ability to earn a living. That makes it one of the most important forms of insurance you can have. But there are provisions in disability policies that the average person isn’t familiar with. One of the most important is a disability insurance exclusion. They are the events that will …
The short answer to that question is maybe! It all depends on who pays the premiums on the policy – you, your employer, or combination of both – and whether or not you pay the premiums with pre-tax or after-tax dollars. With employer-sponsored plans, those points aren’t always entirely clear. Even if you have an …
If for any reason that you are under the impression that if you’ve seen one disability policy, you’ve seen them all, then I have some news that may be a real shock. There are two important definitions, and which your policy relies on can affect your ability to make a successful disability claim. The definitions …
You have a disability insurance policy, and you’re sure that you have just experienced a disabling event that will enable you to collect benefits under the policy. But will the insurance company actually pay your disability claim? That’s a question that is not uncommon among people who file for disability benefits. Sometimes insurance companies do …
All disability policies come with a waiting period. This is true whether the type of disability policy that you purchase is a long-term or short-term plan. The waiting period with disability insurance functions very much like the deductible with auto insurance and with health insurance. It reduces the insurance company’s liability, by forcing you to …
If you decide that you need disability insurance, the next important question is Do I need short-term or long-term disability insurance? That’s an important question – you want to have disability insurance, but you want to make sure you have just the right amount and no more. Why Short-term Disability? Short-term disability insurance is so …
Though it can seem counter-intuitive, short-term disability sometimes cost more than long-term disability. That may not seem right on the surface, because ultimately a long-term plan can potentially pay out far more in benefits then a short-term plan. Yet still, it is often true that short-term disability costs more. How can it be? Short-term Disability …