life insurance with prof von puppet on the importance of life insurance
Term Life vs Whole of Life – Term life insurance is the more common type of life insurance on the market today. It is of no cash value (unlike the Whole of Life or Endowment policies). A Term policy is in place for as long as you pay the premiums. There is no investment option with this type of policy, there is only death cover, and for this reason it tends to be cheaper. If you have a Term policy it is only of any monetary value upon a claim (the policy holder has passed away). Whole of Life policies were popular during the 1970’s and 1980’s along with Endowment policies. These are a mixture of insurance and investment, and are quite complicated with many aspects to them. They can also be difficult to evaluate and the investment portion can be quite limiting.
The Monthly Premium – as mentioned above there are many aspects of a Life Insurance plan that can significantly affect the cost that you pay for the insurance policy each month. If you are looking to take out a Life Insurance policy as well as another policy, such as an Income Protection policy or Health Insurance policy then you will usually be able to make significant savings if you choose to ‘bundle’ your policies together. Each of our expert insurance advisers at imcovered.co.nz is experienced and knowledgeable on what each of the reputable insurance providers offer to customers and are well informed to be able to work with you to ensure you work out the right plan for your budget. We wish to make insurance financially accessible to all New Zealanders.
Helpful Tips For Finding Affordable Life Insurance For Diabetics
While it is true that finding affordable life insurance for diabetics can be challenging, this does not mean that individuals suffering from diabetes cannot get life insurance at an affordable price. If you are a diabetic and have been looking for an affordable insurance policy, here are a few tips to help you find one.
One of the first things you need to do is to find out your A1C. This is the most important factor when it comes to life insurance for diabetics. It is a simple blood test that helps underwriters in understanding the way you have been managing your blood sugar levels for the past three months. This test measures the level of sugar in your red blood cells.
If the level of sugar is too high, it binds to the hemoglobin in red blood cells, and this can be measured with this test. It has been observed that underwriters want a level of 7 or lower. In fact, individuals in the range of 7 to 8 can also get standard life insurance rates with some insurance companies.
However, if the level higher, it usually means that the person does not have good blood sugar control and is considered “high-risk”. In other words, it is difficult to get affordable rates for levels above 8.
In case the level of the A1 C is not desirable, you need to make some lifestyle adjustments that will not only be better for the insurance rates but will also help in improving your overall life. Keep in mind that if you are a diabetic, you need to manage your blood sugar actively. So, the best way to bring down the level of blood sugar is to exercise on a regular basis and monitor your eating habits.
There are a number of diabetic resources available online where you can easily find out more about various foods that can help you in managing your blood sugar level. You should also consult your doctor to make lifestyle changes and stick to those changes.
You must be visiting your doctor on a regular basis in case you have diabetes. It is recommended to get your blood sugar level checked every three months. In fact, a regular history of checkups is required by underwriters especially if the applicant is above the age of 50.
Overall, it is important for you to visit your doctor on a regular basis and ask him or her to write you a letter detailing your medical history, current prescriptions, current regimen and any other assessments. This letter will give the underwriter an idea of your health.
Another important thing you need to keep in mind is that if your application for diabetics life insurance gets denied the first time, you will find it harder to get approved elsewhere. Every declined application gets notation on the MIB file which means that other life insurance companies will know that you have been declined earlier, and that doesn’t look good. So, it is important that you manage your blood sugar level and be able to get life insurance, at first try.
Another way to get affordable rates is to work with an agent who can guide you in selecting a company that not only meets your life insurance coverage needs but do so at an affordable rate.
These are some of the things you need to consider to get affordable life insurance for diabetics. To summarize, actively managing your blood sugar level will not only keep you healthy but will also bring down the cost of life insurance.
Why Having A Life Insurance Policy Is Important
A lot people have strange ideas when it comes to life insurance. Believing that it is wasted money since they won’t see any benefits themselves, they choose to omit purchasing any. Other people cancel their existing policies thinking that they will be able to reinvest this money elsewhere to become more financially stable.
Both of these ideas are mistakes that many people regret making later on in life. Should the worst happen and they die without having an insurance policy in place, their families will pay the price for this decision. To understand why canceling a policy or not purchasing one is a mistake, consider these reasons why life insurance is important.
After a death, the family members will receive compensation when a policy is in place. This amount is generally more than what was paid out in premiums. Life insurance means that the cost of a funeral and related medical expenses will be covered. Your family will not have to dig deep into savings to cover these costs.
Because of the life insurance payout, your surviving family members will be able to live the life that you wanted for them. In short, a life insurance policy allows you to take care of the people that you love even after you have gone. This is not the case for people who have chosen not to carry a policy.
Getting the Right Life Insurance Policy
To ensure that you have a large enough policy, do some calculations. Find out how much a funeral costs in your area and figure out the cost of health copay requirements. The minimum cover should be enough to provide enough money for these expenses plus provide an additional amount to help your family get through the first few months without you and the income that you have provided,
Instead of revoking a life insurance policy because it is more costly than you can afford, why not look for a better rate with Life Insurance 360. Check out other insurance companies to see how much coverage would cost you. It’s worth a look when you start thinking about how much some financial help would mean to your dependents.