Are You Looking for Affordable Senior Life Insurance?

The computation of premiums for life insurance is based on the risk that the company is taking by covering your life, the more likely you are to die soon, the higher the premiums. Because of the increase in the probability of death accompanying age, seniors are finding it difficult to find affordable life insurance and some can’t even get approved for one.

But with the growing competition between insurance companies, more and more opportunities are being opened up for seniors to get cheaper life insurance policies. It is now possible for seniors to get life insurance but most companies offer these policies, albeit with a slightly higher premium rate. With your growing medical and living expenses, it will be hard to keep up with high life insurance premiums, so before going out to sign that contract, consider these pointers on how to get more affordable senior life insurance.

Choosing an agent

When shopping for life insurance, make sure that you pick an insurance agent that specializes in providing life insurance for people within your age range. This will ensure that your agent has the experience on handling these types of cases and will be able to give you proper advice on how to keep premiums to a minimum. Someone who has a good understanding of the underwriting rules in insurance will somehow be able to find ways to work around it to give you the best price. If you are shopping online, the same rules apply. Find a site like this one that caters specifically to seniors looking for life insurance.

An agent who specializes in your type of applications will also have connections to different insurance agencies that offer the best insurance packages for seniors. This will give you the opportunity to choose which insurance policy best suits your needs as well as your budget.

Health Condition

Once you have picked an agent that specializes on senior life insurance applications, he or she may capitalize on your good health in order to get lower premiums. If everything else is kept equal, a person with better health will get a lower premium computation compared to one who is suffering from a pre-existing medical condition.

It is mandatory for applicants in the senior age group to go through a medical exam when applying for life insurance. Insurance companies will check cholesterol levels, blood pressure, your family medical history, your height and weight, and confirm medical conditions such as heart disease and diabetes. Any deviation from the normal values for these tests will result to a higher premium. So once you have decided to get life insurance, make sure that you exercise and maintain a healthy diet and lifestyle to keep the difference from the normal levels to a minimum.

Type of Insurance

A term life insurance makes more sense if you are looking for a more affordable life insurance. You can choose the duration of your coverage and it can always be renewed once it reaches maturity. Although a whole life insurance guarantees a coverage at any age of death, it can be very expensive because of the investment feature that you will most likely not need when you are already in your senior years.

Life Insurance Can Be Cheap

One of the easiest ways to ensure loved ones have the means to make responsible financial decisions after you’re gone is to purchase life insurance. The right policy is a smart long term strategy and an investment into financial security for family members. However, sometimes cheap life insurance makes sense as a supplement to existing coverage and an easy way to afford more protection. If you’re interested in learning how cheap life insurance can give you peace of mind, here’s what you should know.

Cheap Life Insurance Can Be A Practical, Reliable Solution

It’s important to realize that simply because life insurance is inexpensive, does not mean it is unreliable. And despite what you may have heard, quality coverage doesn’t need to be pricey. In fact, in many cases, cheap life insurance is exactly the dependable coverage you need to pay for a mortgage, medical, even education debt. Term, whole, even Universal coverage can be found at discounted rates, making it easy to secure a practical, reliable solution to fit your specific situation.

Comparison Shop For a Great Deal

Comparison shopping is an easy way to make sure you choose a policy to fit your needs best. Particularly with life insurance, reviewing all of your options before making a decision is a smart strategy. Keep in mind, different providers offer different solutions and it makes sense to have all of the information in front of you before making a decision. Make certain to compare apples to apples and you’ll be able find cheap life insurance that has exactly what you need in coverage.

Helping You Locate the Best Options

There’s a lot of information out there, and without the right guidance, it’s challenging to navigate the world of life insurance successfully. We don’t think it should be hard to find coverage you can afford and rely on, and that’s we’ve made it as simple as can be for you to locate the very best, inexpensive policies. We work with all kinds of providers and can easily help you locate the very best options.

When you’re ready to make an informed decision, a little guidance and some great information can help you make a smart choice in a policy you can afford and trust.

4 Tips for Estate Planning

Once a person decides they need estate planning, it is essential to take action. However, most people do not know where to begin and often let the idea linger for years. However, with these four tips and the guidance of an estate planning attorney, an individual can set up an estate plan.

Note: To get started, one must and note all their assets and liabilities. Ideally, one should be thorough in this approach as some assets may appreciate over time, and it is crucial to omit anything out of the plan. With this information, one will have an easy time working with attorneys and passing on assets after death.

Determine: Now, it is one thing to sit down and note what a person owns; it is another to determine who gets what. Of course, most people will want to pass their money down to their kids or spouse. However, it is necessary for an individual to speak with friends and family and decide what to give away. For example, a nephew may have an affinity for a painting or piece of jewelry. In reality, it is essential to do this early on since it is easy to do so when a person is alive and under no duress.

How: Once an individual decides who gets what, they will want to determine how to pass on the items. Now, there are two different options that one must explore. One way to pass down assets is to do so outright. This is the best option for a person with little assets who does not expect a court battle or other problem. On the other hand, a person with substantial assets and a lot of heirs should use a trust to disperse his or her wealth. This is an important choice one must not take lightly as it can have serious effects in the future.

In Charge: Finally, it is necessary to appoint someone to be in charge of the process. Usually, one will have their child, sibling or spouse be in charge of the estate. When having a hardworking and intelligent person run everything, a family can avoid problems after someone dies. Remember, one should choose wisely as this person will have a lot of power.

With these four easy to follow tips, an individual can set up his or her estate plan and not worry about problems arising in the future.

Life Insurance Without a Medical Screening

People who have chronic health problems are often under the mistaken impression that they will not be able to get life insurance. They think that the health screening that is required for the typical life insurance policy will exclude them from ever being able to secure their family’s future after they are gone. Luckily, this is not the case. There are life insurance policies that can be obtained without a medical exam.

Employee Coverage

Many employers provide all of their employees with life insurance regardless of their health status. These company life insurance policies are often very affordable, and they usually do not require a health screening. Though the amounts are usually limited, these employer-provided life insurance policies should always be taken advantage of by people who have health problems.

Guaranteed-Issue Life Insurance

Although the company life insurance is nice to have, millions of people without access to it still need life insurance. For people who heave health problems, guaranteed-issue life insurance is the answer. The name tells people the most important thing they need to know about this form of life insurance. Everyone who applies for guaranteed-issue life insurance will get approved.

There are several types of guaranteed-issue life insurance policies. One of the most common of these is mortgage life insurance. A mortgage life insurance policy will pay off the outstanding balance of a mortgage upon the holder’s death, which frees their survivors from the burden of keeping up with mortgage payments when the breadwinner is deceased.

There are also guaranteed-issue life insurance policies that can be used to pay off any kind of debt that the deceased leaves behind. These allow the survivors the flexibility to pay for the things they need the most. It makes things a lot easier for the survivor during a time in which they will usually be overcome with grief. This is a great service that people can do for their loved ones, ensuring that financial burdens are not added to the grief of losing a loved one.

These are some of the options when it comes to life insurance without a medical exam. There is no need for anyone to ever worry about their deaths being a financial strain on their families. With all of these options available, everyone can find the right kind of life insurance to ensure that their passing will leave their families with the money they need to move on.

3 Things You Need To Know About Medicare Supplemental Insurance

Paying hospital bills out of pocket can easily drain the savings of a senior. To avoid this, seniors often purchase Medicare plans. However the original Medicare does not pay for all hospital expenses and one can often find themselves forced to dip into their pocket even with a Medicare policy. According to a report published by the Medicare Rights Center the elderly use about 15% of their income to pay for healthcare. In addition seniors spend close to $5000 every year to cover out-of-pocket medical expenses. Fortunately Medicare Supplemental Plans help to fill a portion of this gap. Here are a few things to keep in mind about Medicare supplemental insurance.

Standardized Coverage

Some people think that Medigap is exclusively for people with high incomes. However this is not true. It is a myth. In fact 54% of people with Medigap policies earn less than $30,000 annually. In rural areas this figure stands at 62% according to figures published by the Centers for Medicare and Medicaid Services (CMS). The standardization of Medigap plans means that you can easily compare policies offered by different insurers. Policyholders get the same benefits across all the states. However your insurer may or may not offer all Medigap plans. For senior citizens with limited incomes Medigap makes healthcare affordable.

Medigap and Medicare Advantage Plans Are Different

It is important to note that Medigap and Medicare Advantage plans are not the same. To start with Medigap plans supplement medical expenses left out of Medicare parts A and B. On the other hand Medicare Advantage takes care of your medical bills through privatized deductibles and co-payments. In addition both plans differ in the way policyholders can access treatment change plans and coverage. For example Medicare Advantage policyholders have coverage for prescription drugs. Unless you bought your policy prior to January 2006, Medigap does not cover prescription drug expenses. Medicare advantage policyholders have to contend with a maximum limit of out-of-pocket expenses that stands at $6700. For Medigap policyholders plan F covers nearly all conceivable medical expenses.

Unlimited Hospital Access

If you have had an employer coverage plan in the past you know that you cannot just check into any hospital. Instead you have to visit a select network of hospitals that accept your employer’s healthcare plan. However this is not the case with Medigap. You can visit any hospital so long as you hold a valid policy. Even if individuals move from one state to another you, no matter where they purchased their Medicare supplemental plans, they can still use them to access health care. This translates to fewer hospital expenses if you find the need for an extended hospital stay.

Health insurance plays a big role in ensuring that you can settle hospital bills. While the original Medicare does cover most of the medical costs some are not covered. These expenses can easily run into thousands of dollars. If you do not have enough savings to pay these bills access to healthcare can become a pipe dream. According to the National Institute for Health Care Management (NIHCM) people over the age of 65 account for almost half of all healthcare spending. This is where Medicare Supplemental insurance comes in handy. Medigap plans A-N are standard meaning policyholders get the same benefits regardless of state. With Medigap you can access healthcare at any hospital. However Medicare supplemental insurance does not cover prescription medications. Apart from this out-of-pocket expense most other healthcare costs are covered.

Term Life Insurance Explained

Term life insurance is life insurance that pays the face value of the policy to the beneficiary upon the death of the insured. The name stems from the fact that the insurance is bought for a specific period or term, generally anywhere from one to thirty years. Term life insurance is the most straightforward type of life insurance: if the insured does not die during the term the insurance is in effect, neither the policyholder nor the beneficiary receive any cash from the policy.Term life insurance differs from whole life insurance in that it does not build cash value. Policyholders cannot borrow against term life insurance, nor can they use term life insurance as an investment vehicle. However, it is much easier to find low cost term life insurance,  so policyholders could invest the savings in monthly premiums themselves; frequently realizing a better return than they would receive by investing in whole life insurance.

Younger adults who have mortgages or other debts, would benefit the most from buying term life insurance. The death benefit would replace the lost of income from the deceased spouse, so anyone who wants to provide for their family in the event of his or her premature death would be a good candidate for term life insurance.

A general rule of thumb is that young adults should have term life insurance equal to 10 to 20 times his or her annual salary. While this may seem excessively high, life insurance also needs to cover the non-monetary contributions of a breadwinning spouse, like medical insurance and retirement benefits. As people age, they need less term life insurance but there are exceptions. Any individual who has a partner or child that is likely to have extraordinary medical expenses in the future should buy as much term life insurance as he or she can reasonably afford.

The breadwinner in a partnership where one partner is a full-time homemaker is not the only person who should have term life insurance. In the event of the death of the homemaker, the surviving partner will have to pay funeral expenses and hire someone to take over the stay-at-home partner’s homemaking and childcare duties.

Approximately 40 percent of Americans have life insurance, and many covered by employer-sponsored plans lack adequate overage. Buying early, when a person is young and healthy, will result in individuals getting the best rates. People who are overweight, smokers or individuals who have risky occupations or hobbies will pay higher premiums for term life insurance.

Hostess To Close Down Business – NO!

Yes, it is true. The maker of such iconic classic treats as Twinkies and Ding Dongs (the baked treat, not the people) has asked a court’s permission to shut down the entire company. This is after a nationwide strike has crippled its operations.

If all proceeds as planned, this will mark the closure of one of the oldest and largest producers of baked goods in the United State. Hostess was founded in 1930 and produces Twinkies, Ding Dongs, Ho Ho’s, Sno Balls, and Wonder Bread, which the company claims is the top-selling white bread in the country.

All baking operations have been suspended at all of their plants and most of their 18,500 workers will be laid off, according to a statement released by the company. Moving forward they will focus on selling off their assets. A motion has been filed with the U.S. Bankruptcy Court seeking permission to close its business and sell its assets.

This follows after one of the company largest unions, the Bakery, Confectionery, Tobacco Workers, and Grain Millers International Union (BCTGM), initiated a nationwide strike that crippled the company’s ability to produce and deliver products at multiple facilities.

“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” said Gregory F. Rayburn, chief executive officer.

I’m starting to think the Mayans were right. Can you imagine a world without Twinkies?

So far, there is no truth to the rumor that Mitt Romney and his Bain Capital group are planning to buy up Hostess, break it apart, and make millions more. I don’t know though. He wanted to kill Big Bird. Why not Twinkies too?

Is Funeral Insurance Right For You

I was just recently having a conversation with a client and making the case for looking into a funeral insurance policy, also sometimes called burial insurance. Why should you consider funeral insurance? In my mind, it has two primary benefits.First, having a burial policy gives you the piece of mind that when you go to meet your maker you will not be leaving a rather large financial burden on your loved ones. Many people do not realize it, but the average funeral in the United States runs between $10,000 and $15,000. All those flowers add up quickly.

The second big benefit that a funeral policy affords you is that you can plan your final arrangements ahead of time and put the policy in place to ensure that your final wishes are indeed carried out.

It’s not exactly fun or pleasant to think about your inevitable demise, but the fact is that at some point we are all going to leave this world. Before you do so, you can sit down with a funeral director and plan things like what kind of service you want to have, do you want to be buried or cremated, where would you want your remains to be laid to rest, what do you want your headstone to look like and to say, the flower arrangements at the service, and the urn your ashes will be put in if you choose cremation.

If you do not have the financial ability to pay for your final wishes up front, you can instead purchase a funeral insurance policy with enough of a benefit to cover your projected funeral and final arrangement costs, and you can do so very cheaply. There are pleny of places where you can get a free quote on funeral insurance. Whether you are young or old (after all, we do not know when our time will come), you will find the price of a funeral policy to be fairly inexpensive.

I always tell my clients that making plans for their future is a necessary component of financial planning, and planning for what happens when you die, is a part of that plan. If you do not what your potential inheritance to be tapped into by funeral costs, just do not think that there will be enough money in your estate to cover the expenses, or a young family that could ill afford the financial burden of a proper burial on top of the heartache over a loved one, it is worthwhile to discuss a funeral policy with your insurance professional.

Housing Recovery Could Relapse If We Go Off The Fiscal Cliff

If Congress does not find a solution before the end of the year to our looming “fiscal cliff” issue, we could see a massive relapse in the housing recovery.

There is a provision that erases taxes on selling a home for less than what is owed to the bank that will expire if we go off the ‘cliff’. The expiration of this provision would mean the end of short sales, which have greatly helped in the housing recovery.

The removal of this tax provision would be a major new headache for homeowners who owe mare than their house is currently worth. Right now, that number stands at one in four homeowners. Sellers who find themselves stuck in this situation would be forced to come up with a big check to the government to pay the tax on the difference.

Paul Diggle, a housing economist at Capital Economics was quoted as saying, “That would blow the housing recovery. The increased use of short sales, rather than foreclosures, has become an important support to the recovery.”

At this time, roughly 25% of all home sales in the United States are short sales. This is the situation we have been left with after roughly 12 million homeowners found themselves owing more than their homes are worth when the housing market collapsed.

When a short sale is made, the lender accepts the proceeds as payment in full. They then write off the remaining value of the loan. It has become a more efficient way for lenders to get bad loans off of their books. Consider it the foreclosure alternative.

This past week, Bank of America reported that 62,000 borrowers have completed short sales that have saved them $7.4 billion in debt. That is an average of $120,000 per borrower.

Before the housing crisis, forgiven mortgage debt was taxed to the borrower as ordinary income. Under those rules, the typical household who has received a settlement so far would be facing a tax bill of $19,000.

To combat this, in 2007, Congress passed the Mortgage Debt Relief Act. This protected the borrower from paying taxes on their forgiven debt. The law was extended in 2010, but is currently scheduled to expire at the end of 2012 unless Congress steers us clear of the “fiscal cliff”.

This law is credited with helping to get the housing market out of its worst recession since the 1930s. Although, we have not recovered to a pre-mortgage crisis level yet, the sales of both new and existing homes have been steadily rising. In many areas of the nation, housing prices have started to rise again.

If the law expires, more people may choose foreclosure when faced with the burden of a tax bill they can ill afford. Foreclosure has a much more negative impact on the neighborhood and home values than a short sale does.

For lenders, it is nothing but bad news too. On average banks make over $25,000 less on the sale of a bank-owned property than one transferred by short sale. They also avoid all the legal costs of taking a home and the costs of maintaining it until it is sold.

Hopefully, Congress acts quickly to extend this law and keep the housing market moving forward. If not, expect to see more foreclosures in your area, which is bad news for all of us.

Welcome To The Site

I would like to start off by saying thank you and welcome to the new site. I certainly hope that you enjoy it.

I have over 27 years of experience in the financial industry. I have originated mortgages, worked as a stock broker, am a certified financial planner, and even spent some time selling real estate. I have helped people with everything from setting up a weekly or monthly budget in order to meet personal savings goals to fleshing out a detailed path to retirement. I have helped people shop for their first home. I have helped people repair their credit. I also have helped people to plan for the unexpected.

I plan on posting articles from my own experience as well as things I find around on the internet that I think are useful or worth discussing. I hope to help you to save more money and make more money. I hope you find this a useful resource for money matters.

Please feel free to join in the conversation and ask questions.

Thanks for stopping by.