Life Insurance For People With Diabetes
As we age, most people will develop some sort of health condition, like diabetes, that they think will preclude them from getting life insurance from companies like http://www.claybrooke.org.uk/diabetes-life-insurance/. And in the past, they would be right. However, today, people living with diabetes and other health conditions can get affordable life insurance from Claybrooke. This is true, even if they are age 50 and older.
Life insurance with no medical screening
As hard as it may be for some people to believe, you can get a life insurance policy without any type of medical screening. This includes no physical or even any medical questions that need to be answered. Many people will think that there is a catch or perhaps this type of policy has incredibly high premiums. The fact is that many of these policies are low cost, and once your take out the policy, there is seldom an increase in your premiums. There is some variance to these policies that is dependent upon which state you are living in as insurance companies can be regulated differently from state to state. However, for the most part, this type of insurance policy is low cost.
If you decide to look into this type of life insurance policy further, please take the time to get several quotes. It has become a popular life insurance policy for those over 50 years old, and there are many companies that are competing for your business. If you do not have any insurance on your life right now and have few assets to leave your loved ones, you will want to give this type of insurance serious consideration. A small policy valued at $5,000 to $10,000 will be plenty to pay for the basic cost of funeral expenses. By having a policy such as this, you will not be a financial burden to surviving family members.
Life Insurance 101
For anyone interested in protecting their loved ones against unexpected circumstances, there really is no substitute for a wisely chosen life insurance policy. While available policies run the gamut in terms of size and coverage specifics, there are some constants that are worth noting. The information below will serve to explain two of the most fundamental types of life insurance options.
One essential category of life insurance is the term life policy. This kind of coverage is essentially a policy issued for a set period of time that has a defined termination date. A 10-year term policy will thus be in place for a decade and that is it.
Term policies are the preferred choice of individuals who are looking to pay less per month while still receiving a substantial amount of coverage or looking for a high risk or over 50 life insurance policy that would cost much more with another type of policy. The negative aspects of these policies include the reality that once the policy term ends, there will be no residual value whatsoever. Premiums will have been paid consistently over the life of the term, but no enduring asset will result. This means the life insurance company doesn’t spend any extra money managing those assets and making sure that they get a reasonable return on investment. If you are a person that is high risk or looking for an over 50 policy, then this is going to be the absolute best option for you.
The other primary category of life insurance is that of the whole life policy. This type of coverage is not for a set term, but lasts for the entire life of the named insured. The main difference is that these policies yield actual cash value that can be tapped once the maturation date is reached.
Negative aspects of whole life policies include their high cost and the low coverage levels as compared to term policy options. Nevertheless, many insurance purchasers feel that the ability to build cash value outweighs these downsides.
Regardless of your specific needs or preferences, it is always wise to seek the advice of a seasoned insurance consultant before making policy selection. By discussing your unique financial and familiar circumstances with an expert, you stand a much better chance of securing an insurance product with which you can be truly happy.
Essential Life Insurance
Anyone who is healthy can buy a life insurance policy. A life insurance policy will ensure that a predetermined amount of money will be paid out on the death of the insured person. This can sometimes mean the difference between a family being able to continue living in the life style they have become accustomed to, or as serious as losing their home together with the income of the main provider if there is no insurance in place.
The person who buys life insurance becomes the owner of the policy and enters into a legally bound agreement with the insurance company. The insurance company promises to pay the amount agreed to the beneficiary or beneficiaries named by the owner in the insurance policy.
Life insurance policies are not limited to a father who is the main provider of the family in order to insure that his family is protected in the event of his untimely death. A mother can also take out an insurance policy on her own life. When a mother passes away, the family is deprived of a care taker and often the person who cleans and cooks. Insuring the life of a mother can help towards employing someone else to take care of the family.
Grandparents or other members of the family like uncles or aunts can also take out an affordable life insurance policy for the benefit of a grandchild, a niece or a nephew. This is done in order to insure that the chosen beneficiary will have an amount of money towards education or anything else the owner may want to gift to that person. The owner of the policy can state that the money is paid into a trust until a child reaches a certain age, usually the age of 21.
A life insurance policy has certain exclusions and will not pay out for example if the owner commits suicide within a certain specified period of time after the date that the policy was put into place.
Death can strike unexpectedly. It is good policy to have the peace of mind that family members will be protected should the person who provides an income pass away by taking out Life Insurance.
Do I Need Term Life Insurance
For starters, it is necessary to look at life insurance if you have family. If you do not have any family members, either older or younger, there isn’t anyone for your final expenses to past on to. Life insurance is designed to provide for your family and to help pay for a funeral and other services. Without the need to pay for any of these, life insurance is not necessary. However, if you want, in your final will, for your money to go to a charity or other cause you believe highly in, it is important to have the life insurance, although you might not need as much life insurance to do this. Ultimatley, it is up to you, although you can never go wrong with selecting life insurance and to make sure it is there for you and your family.
If you have decided you do need life insurance, as you have a family and other individuals for whom you want to continue to provide for, after you have passed on, than it now comes to what kind of life insurance you want to opt into. There are two basic forms of life insurance. One kind allows you to close out the account, before you have died. This is a good option if you are still young and you want a form of insurance that simply works as an investment. Every time you put money into the account it gains interest, and usually this interest is far more than what you would receive, had you just put it into the bank. Of course, you then should still opt back into life insurance, after you have cashed it out, although it is an idea to look into. There are other forms of insurance where you are not able to cash out the insurance, and you simply must continue to pay the insurance every month. These forms of insurance are usually less per month and is good for coverage at any age.
Always keep in mind, the younger you are when you decide to go with life insurance, the less money you have to pay per month and the more money you are available to receive.
What Is Final Expense Insurance?
It is actually very easy to understand final expense insurance. It is simply a type of whole life insurance that has been designed to be easy for older people to apply for. It is generally intended to cover the cost of funerals and associated expenses after the insured person passes away. Because of this, these policies usually have a fairly low face value when compared to average insurance policies.
Final expense insurance is sometimes called senior life because it is generally targeted at older adults. Many policies might be sold to people in their fifties to their eighties. Most of these policies do not accept anybody over eighty to eighty-five.
In some cases, applicants do not even have to answer any health questions. These are called guaranteed issue policies. In other cases, they may only ask a few health questions that most reasonably healthy seniors should be able to answer the right way to get a policy. These are called simplified issue policies.
If you can qualify for a simplified issue policy, it will be to your advantage. These usually have immediate death benefits and may be quite a bit cheaper. Guaranteed issue policies might accept everybody, but they use a waiting period to qualify insured people before they pay out the entire death benefit. They are also more expensive.
Do you need final expense insurance? If you are concerned that you and your family lack the money to pay for your funeral, you may consider purchasing one of these policies. Many funeral homes will even accept these policies instead of payment. Any money left over after funeral expenses have been paid can go to the beneficiary as a cash payment too. This may help defray other expenses like travel, hosting funeral guests, and providing food.
Not every family will choose to purchase one of these policies, but they can certainly be handy to have when faced with the high costs of today’s funerals.
Understanding Medicare Supplement Plan F
Designed to help fill in some of the gaps that can be found within the original Medicare coverage, you will find supplemental Medicare plans. For the most part, the Medicare Supplement Plan known as F is often looked at by both Medicare recipients and agents as the top of the line supplemental plan when compared to all of the rest. This is because any participant will have the benefit of the most complete coverage that is available. Often times, participants will even see that they end up not having to pay any sort of out of pocket costs whenever they make a visit to the doctor’s office or they have to stay in the hospital.
To better understand Medicare Plan F, you will want to look into the basic benefits that it covers with Medicare along with some of the additions that a participant can enjoy. To start off with, the basics to be covered will include hospitalization via Part A, 20% of medical expenses that are Medicare approved via Part B, the first three pints of blood per participant per each calendar year and even hospice care via Part A. When it comes to the additions to basic benefits of Medicare, Plan F will also cover care through a skilled nursing facility, deductibles for both Part A and Part B care, excess charges for Part B and even coverage for those that are traveling abroad and find themselves in need of emergency help.
Whenever you or someone that you know is looking into the variations that you can add on to Medicare, it is highly recommended that you look into all of your options for plan supplements. All too often, the wrong plan will be chosen where there could be money saved in the long run. Educating yourself on all of the Medicare Supplement Plans will give you the edge when looking to get the most for your money.
Is Medicare Advantage Right For Me?
Preferred Provider Organization (PPO) Plans are plans that allow you to seek medical service from any doctors or hospital. This plan give you the flexibility to see specialists and receive medical treatment at your leisure, but sometimes at a higher cost.
Private Fee-for-Service (PFFS) Plans are plans offered by private insurance companies. These plans determine how much they will pay doctors, hospitals and specialists. They will also determine how much they decide to pay you as well. A great benefit to this plan is that you do not need referrals to specialists, nor pick a primary care physician. Note though, some doctors or hospitals may deny you service even if they have seen you before. You must also make certain that these doctors or hospitals decide to treat you under the plan.
Medicare Special Needs Plans (SNP) are designed for people with special needs and conditions. These plans customize their offering to provider choices, drug dispensaries who decide to meet your coverage needs. With these plans however, you will need to visit specific doctors and hospitals. Prescriptions drugs are covered, but you will also need to choose a primary care physician.
Some of the plans, like HMO Point of Service Plans (HMOPOS) allow you to get out-of-network coverage at a slightly higher cost. This may be needed for certain illnesses or physician or hospital preferences. These are not always available in all areas. For instance, with California Medicare you can get an HMO in all urban areas but maybe not some of the rural counties.
As you can see there are a wide range of choices when it comes to Medicare Advantage Plans. Determining which plan is for you will require an understanding of not only the plans that are offered, but your medical needs and budget as well. Some plans offer more flexibility, but at a higher cost. Others are slightly more customizable depending on your needs. Whichever plan you choose, getting coverage under a Medicare Advantage Plan is a smart choice.
In order to help American seniors obtain affordable health insurance coverage, in 1965 the government established Medicare. The government realized that if left unregulated, insurance companies would charge much higher premiums to seniors, who obviously pose a higher health risk. Many seniors would be unable to afford health care coverage. Medicare was their solution.
Unfortunately, many seniors can find the transition from private insurance to Medicare rather confusing. In reality, it is fairly simple to understand.
There are three primary parts of Medicare, known as Part A, Part B, and Part D. Medicare Part C exists, but is a private insurance program known as Medicare Advantage. Medicare Advantage actually removes one from traditional Medicare and puts them into their own private insurance plan.
Medicare Part A was the first part to exist and assists in paying for hospital coverage.
Medicare Part B was created shortly after, and it will help to pay for well-patient and out-patient services like visiting your local doctor’s office.
Medicare Part D was created to help seniors in paying for prescription drug coverage.
For most people, Part A does not cost most people a monthly premium, but a deductible and co-insurance for each piece of its coverage does exist. Medicare Part B has a monthly premium of $104.90 in 2013. There is a deductible of $140 and an ongoing co-insurance of 20% off your medical expenses for Part B. Part D comes with a monthly premium that will vary based on what prescriptions one needs. Obviously, these out-of-pocket costs could add up to be a substantial cost for many seniors.
To combat these out-of-pocket costs, Medicare supplemental insurance was created to help seniors pay for the gaps in their healthcare costs. There are ten supplement plans that will fill anything from a few of the coverage gaps to nearly all of them. Medicare supplement plan F and plan G are more expensive, but they fill almost all of these coverage gaps and keep the insured from having to pay anything additional out of pocket beyond the insurance premium.
The plans are identical from state to state in their coverage options, with the exceptions of Wisconsin, Massachusetts, and Minnesota. Any of the California Medicare supplements are going to provide beneficiaries with the same coverage as the equivalent Indiana Medicare supplements.
How To Find Life Insurance If You Are Diabetic
For individuals living with diabetes, finding life insurance can be difficult, but, it is definitely not impossible. Many carriers are now offering policies specifically designed for individuals who have manageable chronic conditions, such as diabetes. So, with a little time and effort you can be sure that you will find a life insurance policy that suits your needs, and fits your budget.
There are many reasons you might want life insurance, whether it be because you have children and want to be sure that they are well cared for in the event of your death, or want to make sure your spouse and family aren’t left with the expense of your funeral and debts. This is a constant worry for individuals with insulin dependant diabetes who run the risk of not having access to their insulin or developing other complications due to their condition. For these individuals agents specialized in finding life insurance policies for diabetics.
One of the most important factors in finding life insurance as a diabetic is that you have your condition under control. In other words, you weight is within healthy range, you exercise regularly, eat right, and generally watch your health. The agency will most likely require a copy of your medical records in order to offer coverage, but it is usually available.
Individuals who don’t manage their condition will have a much more difficult time finding coverage or will have very high premiums. This is because of the seriousness of complications involving unmanaged diabetes including coma, heart problems, blood pressure problems and death. Properly managing your health is essential to finding coverage.
If you are diabetic and need life insurance coverage, don’t give up hope. Finding life insurance for diabetics is possible and with a little shopping around you can find the policy that best suits your needs.