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When you apply for life insurance coverage, your insurance agent should be very inquisitive.

They will want to ask you by your overall health, if you smoke and your family history.

One question that gets asked that many people that are applying for life insurance forget that will be asked is “How is your driving record?”.

Uh-oh…..

If you drive like a Nascar driver and have been ticket for it, it could cost you.

Not only does your car insurance go up, but also so does your life insurance! Life insurance is one of the most important purchases that you’ll ever make, and your driving record could have a huge impact on that.

Regardless of your lead foot, it’s important that you get a quality life insurance policy, and we can help you get that protection at an affordable price.

Yes, Your Driving Record Affects Life Insurance Rates

This may come as a shock to many, who may not believe it, but it is true. Life insurance rates and your driving record do have one thing in common: Death!

That might seem a tad over-dramatic to some, but death is certainly something to worry about on the road. When a driver does not care about the harm that dangerous driving causes, life insurance companies begin to realize they may not have a lot of time on this earth.

When you drive with only the end point and some fun in mind, that is why your driving record affects life insurance rates. This may seem unfair to some, but it is a real worry for insurance companies. Just like a disease or other serious health condition, bad driving raises your chance of death. When you have a higher likelihood of death, your life insurance rates go up. Just like if you were completely healthy and took steps to ensure you stayed alive and well for years to come, your life insurance rates would drop.

Your driving record affects life insurance acceptability, too. If you are a driver with a problematic driving history, they may consider you too much of a risk to insure. A person with a family they want to protect, even after they have entered the grave, will see this as a problem. They want to get good rates, a good company, and money for their family if they meet their demise.

Recent Driving History

A good thing for many drivers out there is that the top life insurance companies peek at your recent history, not everything. Life insurance rates and your driving record are a big worry, but so is whether or not you will get life insurance to begin with.

Any person out there who thinks they are safe to get life insurance simply because they are healthy needs to look into everything.

How Much Does Your Life Insurance Go Up Because Of Speeding Tickets?

Recently, I had a gentleman that was applying for a 20 year term life insurance policy.  I asked the usual questions and everything seemed to be on track for a Preferred Best rating.  I then asked about his driving record.  There was a pause.  Followed by a “Well, let me tell you about that…..”

The guy hadn’t had a speeding ticket in over a decade but happened to get his first one about 6 months ago.  Now one ticket wouldn’t have been an issue.  But he got not just one but two more tickets…..in the same week!

Having 3 speeding tickets on your driving record in one week does not do well for your life insurance premium. Especially when they occurred in the past 6 months.

His premium which would have been $1490 per year, ballooned to $1,913 per year. As you can see, your driving record does matter.

More than likely, you haven’t gotten three speeding tickets in one week. That’s a rare case that I may never run into again, but if you do have a couple of tickets in the last six months, then you could be facing higher premiums.

As long as your driving record isn’t filled with speeding tickets and accidents, then it isn’t going to impact your premiums too drastically. You’ll still be able to get affordable life insurance coverage, even if you’ve been caught going slightly higher than the speed limit.

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Getting Affordable Life Insurance Coverage

There are a couple of ways to trim down your life insurance premiums. Making a few simple changes to how you live will contribute money back into your wallet.

Always remember to slow down on your drive home from work. We’ve already shown that speeding tickets can cause your premiums to go up, which means that it’s important that you’re driving as safely as possible. Taking a little longer to get to work in the morning, could help you save money on your life insurance coverage.

Our second suggestion is to quit tobacco use. Did you know smokers are going to pay twice as much for life insurance for comparable coverage. Kicking that bad habit could make you rich! Well not really, but it some great motivation!

This suggestion is pretty simple, improve your health. If you think of it as a waterfall, the healthier you get the better your quality of life and the lower your chances are of getting a disease later on in life. Combining all of this could lead to great results on your medical exam and at the bottom you’re gonna get a lower rate from the insurer. So start that diet and exercise you’ve always wanted to. Now is the time to prepare for all the stuff you’ll go through once your application is signed.

No carrier sees your lifestyle, age or driving record the same. Whats the harm in getting more than one quote? Don’t fall prey to sales tactics from individual agencies; instead look to agencies like us, independent, we work with many carriers in the industry and have the same relationship with each one. Our quotes are full-service and you’ll always get more information that way. Your time is precious. Spend them at home with your kids, friends, and family instead of taking the time doing the work for yourself. We will spend our time working hard on your behalf to help you achieve your financial goals.

Term Life Rates and Your Driving Record

Your life insurance rates and your driving record are things you have to consider. A bad driving record negatively affects your life insurance rate, as well as your acceptability.

If you have a family to take care of, or are hoping to sometime soon, then you need to look at how you drive. Bad driving does increase your chance of death, and life insurance companies know that.

We know you don’t want your dependents to suffer paying for final expenses.

Stop thinking your driving record is going to lower your shot at purchasing great coverage at a low price. Get quality coverage starting today!

Source: goodfinancialcents.com

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Doctors often check the calcification levels in your arteries as this helps predict your risk of heart disease.

They can use noninvasive tests like the Electron Beam CT (EBCT) and Multislice CT (MSCT) to determine your calcium scores.

If you’ve ever had one of these tests, insurance companies will be able to see the results and this will be a factor for your insurance rating.

To help you out, we’ve created this article to guide you through the life insurance process as an applicant with high calcium scores.

Life Insurance Underwriting for Calcium Scores

After you’ve had your calcium score tested, the life insurance agent will ask several questions about the results:

  • When did you have your EBCT or MSCT?
  • What was your total calcium artery score?
  • Have you had any other heart tests like a stress test, stress echocardiogram and/or coronary angiogram? What were the results of these tests?
  • Do you have any other risk factors for heart disease?
  • Do you have any other serious health problems like cancer?
  • Are you taking any prescriptions?

While there are no specific medications to treat your calcium levels, you could be taking various heart medications. All of the common prescriptions are not going to cause you to be declined.

Be sure to answer all the questions on your application truthfully with as much information as possible. Insurance underwriters get nervous when an application seems incomplete and might give a worse rating than you deserve.

Life Insurance Quotes for Calcium Scores

Doctors test your calcium score because this information is a good predictor of future heart problems. They have found that the higher your calcium score, the more likely your arteries will build plaque which could lead to blockages and heart problems. As a result, a higher calcium score is worse for your insurance rating.

Insurance companies also consider your age as they are more tolerant of higher calcium scores for older applicants. Every company has different categories, but here are the most common:

  • Preferred Plus: Possible for an applicant that shows no sign of calcification or an applicant older than 35 with very little calcification, usually a CACS score lower than 10. Applicant should have no risk factors for heart disease.
  • Preferred: Also possible for an applicant that shows no sign of calcification or an applicant older than 35 with very little calcification, a CACS score lower than 10. It’s a bit easier to get this rating than Preferred Plus. Applicants can have some minor issues like being overweight or high cholesterol.
  • Standard: Applicants that are older than 35 and have low levels of calcium could also qualify for a standard rating. This would be CACS levels anywhere from 5 to 50. Older applicants have more leeway and could qualify for a standard rating with higher calcium levels. Applicants who are younger than 35 cannot show any signs of calcification.
  • Table Rating (substandard): Applicants showing signs of calcification are most likely to get a rated policy. Applicants younger than 35 must have CACS levels lower than 10 to qualify for a rated policy. Applicants between 35 and 44 must have CACS levels lower than 400, applicants between 45 and 64 must have CACS levels below 1,000, and while there is no CACS limit for applicants older than 65. The lower your CACS levels, the better your rating will be. Your table rating will also depend on your other risk factors for heart disease and overall health.
  • Declines: Applicants with CACS levels above the accepted limit for their age group will be denied a policy. Also, applicants with other heart issues or risk factors may also be denied as these problems combined with calcification could be too much for an insurance company to accept the risk.

Calcium Score Life Insurance Case Studies

Each person is different, and everyone has different health situations. To give you a rough idea of what you can expect, here are some examples of clients we’ve worked with in the past.

Case Study 1: Male, 38 y/o, non-smoker, test for low levels of calcium at 34, was denied for coverage.

He had calcium levels of 34, and CACS of 11. When he applied after his test, he was declined. He assumed he wouldn’t be able to get life insurance.

After talking to us, he realized that he just applied too young given his calcium levels. Now that he was in a different age category, his chances were better. We also referred him to a company that regularly handles applicants with high calcium levels and was more accepting of this risk factor. By trying again this time, the applicant received a rated policy.

Case Study #2: Female, 58. Diagnosed with CACS of 500 at 54, former smoker and used to be overweight, now taking medication for cholesterol and high blood pressure.

For years, she was in poor health. She was overweight, smoked, and wasn’t treating her high cholesterol and blood pressure. After an EBCT showed that her calcium levels were quite high, she decided to improve her lifestyle. She lost weight, quit smoking, and started taking the medications and this made a big difference for her health.

After she made those changes, she applied again, assume she would get an excellent rate. However, she applied but was rejected. Even though this applicant had an acceptable calcium score for her age group. We knew the insurance company must be too focused on her past health.

All she had to do was get a statement from her physician which showed her improved lifestyle and better health. After that, she got a rated policy. Easy as that.

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Life Insurance with High Calcium Score

If you have a high calcium score, then you’re going to get a higher rating category. Before you apply, you should do some of the work we mention above, like improving your health.

Aside from improving your health, the best way to secure cheap coverage is to compare carriers. Each company will offer different rate classes to applicants with higher calcium scores. You want to find the best company, obviously, but how do you find it?

Source: goodfinancialcents.com

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Elevated mortgage rates are continuing to give homeowners a reason to stay at their current homes, according to the 2023 Borrower Insights Survey conducted by ICE Mortgage Technology. But while the inventory-lacking market has caused issues for buyers, one bright spot is that about half of the current homeowners say they plan to sell their homes in the next two years, according to survey data.

Of those who plan to remain in their homes, about one-third (36%) specifically cite high interest rates as the reason for staying put.

The survey polled 2,010 individuals age 18 and older in the U.S. in January and February. Of the total surveyed, 1,005 owned their current residence and had taken out a mortgage loan within the last five years. The rest of the participants were currently renting.  

Borrowers were asked about the factors and the elements of the experience that are most important to them during the loan process. Renters were asked about their perceptions of the home buying experience and their expectations about the requirements of homebuying. The survey was fielded using the Qualtrics Insight Platform and the panel was sourced from Lucid. 

What are borrowers looking for?

Nearly two-thirds of recent borrowers (63%) say they plan to seek new financing in the form of home equity loans, reverse mortgages, refinancing, or investment property loans.

About 34% of current homeowners who have taken out a mortgage in the last five years plan on taking out a home equity loan in the next year and 29% say they have considered refinancing. About 24% have considered a reverse mortgage, and 31% have considered investment property loans – an indication that there is still some degree of confidence in rising home values. 

Current homeowners who were recently involved in the mortgage process cited “more space” and” finding a good deal on a house” as the main reasons for buying a home, according to the survey.

But while recent borrowers cite more space and good deals as the reason for buying, fewer respondents say they are trying to transition from renting to buying – which may signal that this type of transition is difficult in the current environment. 

That result is a departure from last year, when “not wanting to rent anymore” (38%) was cited more often than finding a good deal (36%) or needing more space (36%). 

“The year-over-year change may indicate that it is more difficult in the current environment to transition from renting to home ownership,” the survey said.

Active home buying market coming?

Still, it seems likely that the home buying market will stay active or become more so in the relatively near future. Nearly half of current homeowners, as well as many younger homeowners, say they are planning to sell their home in the next two years. 

About 46% of respondents plan to sell their home in two years or less, according to the survey results. The reasons cited most were to cash in on increased home equity/value (39%), to change scenery (38%), or to downsize or upsize (36%).

Of the renters who are motivated to buy, Generation Z leads the sentiment. 

About 37% of Gen Z say they believe that owning a home is within their reach, compared to 27% overall. About 67% of Gen Z and Millennial renters say they are open to relocation as a path to homeownership, compared to just 448% of those Gen X and older. 

Homeowner, renter concerns

Saving money is a top concern for homeowners and renters, according to the survey. About 67% of people surveyed reported that when financing a mortgage, saving money overall is their biggest concern, followed by low lender fees at 56%.

When choosing a lender, Baby Boomers want low interest rates. Younger generations are more focused on finding a variety of loan terms and product options, study results show.

In addition, the survey showed borrowers tend to have different kinds of outreach preferences based on their experiences.

Experienced borrowers – defined in the survey as those who have taken out five or more mortgages in their lifetime – say they favor digital offerings. Borrowers, especially those who are least experienced, say they rely on referrals from family, friends or realtors to choose lenders.

“In other words, relationships mattered to high-interest rate borrowers. These borrowers are therefore likely to consider more than one lending institution when going through the mortgage process,” the survey report states.

Source: housingwire.com

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If you’ve ever shopped for life insurance, then you know that there can be some key variables to consider to determine whether you have the proper type and amount of coverage.

For example, knowing how much your policy’s proceeds should be can be beneficial, as you don’t want to underinsure and leave your loved ones with a financial burden, or over-insure and end up paying more than you need.

When shopping for the right life insurance policy, it is also imperative that you review the company that you are considering purchasing through, as you will want to know that it is stable and safe financially and that it has a good reputation for paying out its policyholder claims. One life insurer that has a long standing reputation – and is well-known in the insurance marketplace – is Bankers Life Insurance Company.

The History of Bankers Life Insurance Company

Bankers Life Insurance Company – also commonly referred to as simply BLIC – was initially founded in 1976 – and, while it may not be one of the older insurance carriers in the U.S., it has proven itself to be a viable player in the life insurance and annuity arena. Bankers Life is headquartered in St. Petersburg, Florida. The company does business in all 50 of the U.S. states, although it does business as Western Bankers Life Insurance Company in the state of Texas. It is a subsidiary of Global Bankers Insurance Group Company.

With $1.2 billion of assets under management, Global Bankers continues to deliver on its unique investment strategy, too, with sustainable and profitable growth. Global Bankers is itself a subsidiary of another company, Eli Global, LLC. Founded in 1991, Eli Global is a privately held consortium of more than 50 independent businesses that serve the needs of its clients in industries such as insurance, financial services, health care services, revenue cycle management, information technology, marketing and sales, publishing, distribution, market research, and business information.

Bankers Life Insurance Company Review

Bankers Life Insurance Company’s strategic use of reinsurance to reduce liability and add capital and surplus, as well as its commitment to disciplined management of company expenses, has positioned this insurance carrier to continue growing its business for years to come.

As of year-end 2016, Bankers Life has more than $447 million in assets and $27.3 million in statutory surplus. Both figures represent a considerable increase over those of just one year prior.

Insurer Ratings and Better Business Bureau (BBB) Grade

The Bankers Life Insurance Company investment policy is predicated upon ultimate protection and providing stable, predictable income to the company’s policyholders. Based on its overall financial stability and reputation for paying out its policyholders’ claims, Bankers Life Insurance Company has a grade of B (Stable) from A.M. Best Company.

Life Insurance Coverage Offered Through Bankers Life Insurance Company

Bankers Life Insurance Company does not provide any of the traditional life insurance products such as term, whole life, universal life, or variable life insurance coverage. Rather, it focuses more on the retirement income market through annuities.

Other Products and Services Offered

With the number one concern on the minds of retirees today is running out of income, the focus of many life insurance carriers today – as well as other financial companies – has been offering retirement annuities. One reason for this is because annuities can provide the ability to obtain a guaranteed lifetime income stream – regardless of how long a person lives. (Some annuities will also pay out income to a second individual, such as a spouse or partner, for as long as that person lives, too).

Bankers Life Insurance Company offers several annuity options. These include the following:

SPDA-5

The SPDA-5 is a five-year tax deferred guaranteed return annuity. With this annuity, the interest rate is guaranteed for five years. And, by choosing the interest rate lock, the annuitant will qualify for an interest rate lock for 45 days on incoming transfers from other financial institutions.

The interest on this annuity will begin 30 days after the policy issue – or if requested, after the policy issue date the payments will be made monthly starting one month after the monthly interest option effective date. The interest is credited daily, and it is compounded annually to yield the guaranteed rate.

This annuity also offers a nursing home care waiver whereby if a covered condition occurs to the annuitant, the policyholder may withdraw up to 50 percent of the accumulated contract value without incurring a withdrawal charge. (Otherwise, there can be a withdrawal fee for any money taken out more than 10 percent, during the first six years).

In this case, a covered condition is defined as confinement in a residential care facility or a skilled nursing home facility for at least 90 consecutive days. The annuity contract must also be in force for at least 90 days for this to be covered.

The SPDA-5 annuity is available to applicants who are between the ages of 0 to 85 years, and it has a minimum premium requirement of at least $10,000 – regardless of whether the account is qualified or non-qualified.

SPDA-7

With the Bankers Life Insurance Company’s SPDA-7 annuity, the interest rate is guaranteed for seven years. This annuity also requires a minimum premium of $10,000, and it is open to those who are between age 0 and 85 years. This annuity will also qualify for an interest rate lock of 45 days on incoming transfers from other financial institutions.

If the policy owner is required to take a Required Minimum Distribution (RMD) on a tax-qualified annuity, the withdrawal charges will be waived on any RMD amount that exceeds the 10 percent free withdrawal provision. Any withdrawal that is requested more than that allowed under one of the penalty-free withdrawal options is subject to the following withdrawal charges (which may vary by state):

Contract Year 1 2 3 4 5 6 7 8

Withdrawal Charge 9% 8% 7% 6% 5% 4% 3% 0%

As with the SPDA-5 annuity, the SPDA-7 also has a nursing home waiver option, whereby if a covered condition is to occur to the annuitant, the policy owner may withdraw up to 50 percent of the accumulated contract value without incurring a withdrawal charge. A covered condition, in this case, is defined as confinement in a residential care facility or skilled nursing facility for at least 90 days. The annuity contract must be in force for at least 90 days to become covered.

SPIA

The SPIA annuity is also available through Bankers Life Insurance Company. An SPIA – or a single premium immediate annuity – create instant income during retirement through taking a lump sum of money and converting it into regular payments that continue for a specified period, or for the lifetime of the insured.

An SPIA annuity could be a viable option for someone seeking an excellent return on their money that he or she will not outlive and does not want to worry about how to invest the money. The benefits of the SPIA annuity will also include the tax deferral that is derived from receiving income in payments instead of in one large lump sum.

The SPIA annuity option from Bankers Life allows the policy owner to elect to receive either monthly, quarterly, semi-annual, or annual payments over the course of five to twenty years – which will enable the annuitant to customize the size and the frequency of the income payments.

These income payments are fully guaranteed for the period that is elected – even if it is for the annuitant’s full lifetime. The payments will not fluctuate, so the annuitant can have the peace of mind in knowing that his or her retirement income will be stable.

If the annuitant dies while he or she is still receiving income payments from the SPIA annuity, and provided that these payments are a non-life only option, a named beneficiary (or beneficiaries) will have a few options. They may receive the remaining payments that left on the annuity’s income payment schedule, or, they may elect to receive the remaining account value as a commuted lump sum.

This annuity option is available to those who are up to age 90 (as of his or her last birthday) as the annuitant, and policy owners who are at least age 18 or over. The annuity has a minimum premium amount of $10,000 and a maximum premium amount of $500,000 (unless the annuity holder obtains home office approval from Bankers Life Insurance Company).

The various income payout options and parameters for the SPIA include the following:

  • Lifetime Income – ages 75 and below
  • Life Income with Period Certain – 5, 7, 10, 15, or 20 years
  • Income for a Fixed Period – 5 to 20 years
  • Joint Life Income – 100 percent or 66 2/3 percent to the survivor

Interest Plus

The Interest Plus annuity from Bankers Life Insurance Company is designed for the individual who desires a higher than average rate of return, but with the ability to access funds for any reason or amount – without incurring an excessive surrender charge. By paying an upfront fee, the annuity owner will receive a large amount of flexibility.

The issue ages on this annuity are 0 to 90 years for non-qualified contracts, and 0 to 65 on qualified contracts. The minimum premium amount is $10,000, and the maximum is $500,000 without getting home office approval.

Annuity holders who have the Interest Plus annuity are permitted to access unlimited withdrawals – with the minimum being $1,000 – of their accumulated accounts for any reason after the annuity has been issued. Each of these withdrawals, however, will be subject to a 1 percent redemption fee schedule. The withdrawal fee schedule on the Interest Plus annuity is as follows:

Contract Year  1 2 3 4 5 30-Day Window 6-10 11

Withdrawal Charge % 1 1 1 1 1 0 1 0

It is important to note that not all of the annuities offered by Bankers Life Insurance Company are available in all 50 states.

How to Find the Best Life Insurance Premium Quotes

If you are looking for the best quotes on life insurance coverage, it is recommended that you work in conjunction with an independent insurance broker or agency that has access to multiple insurance carriers. This will allow you to compare the options that are available to you in an unbiased manner, and from there you can better determine which one will work for you, as well as for your budget.

We understand that the purchase of any insurance product can be a bit daunting. There are many different variables that you can choose from – and you want to be sure that you are going with the plan that will be the best for you and your specific needs. Going through this process can be much easier, though, with an ally on your side. So, contact us today – we’re here to help.

Source: goodfinancialcents.com

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Just like there are different types of homes, there are also different types of home insurance policies. The type that works best for you depends on the type of home you live in and the coverage you need. There are eight different kinds of homeowners insurance policies to choose from. Knowing more about each policy type and how they differ from one another might help you choose the policy that best fits your insurance coverage needs.


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Key takeaways

  • The most common type of homeowners insurance policy is the standard HO-3 Special Form policy.
  • HO-5 policies offer the broadest coverage of all policy types.
  • Open peril coverage means losses are covered unless specifically excluded, while named peril coverage means only named loss types are covered.

HO–1

An HO-1 policy is the most basic of all the types of homeowners insurance policies. It only provides coverage for the structure of your home, attached structures like garages, and appliances and home features like carpeting. It does not include coverage for personal property, liability or additional living expenses. Because of those limitations, it’s not as popular as more robust policy options.

HO-1 insurance is a named perils policy, meaning it only covers your home in specific situations, which typically include:

  • Damage from aircrafts or vehicles
  • Explosions
  • Fire and lightning
  • Hail and windstorms
  • Riots
  • Smoke
  • Theft
  • Vandalism
  • Volcanic eruption

Learn more: HO-1 insurance

HO–2

An HO-2 insurance policy is also known as a broad form and covers your home and your personal belongings. Most home insurance companies will cover your personal belongings up to a specified level no matter where they are at home, in your car or somewhere else. HO-2 policies may include liability coverage in some circumstances. To determine if your HO-2 policy includes liability coverage, contact your insurance carrier directly.

Like an HO-1 policy, HO-2 insurance is a named perils policy that covers your home and your personal items from the same circumstances covered by an HO-1 policy. This policy type typically covers the same perils that the HO-1 covers, but usually adds a few additional perils:

  • Accidental discharge or overflow of water or steam within the home
  • A falling object
  • Freezing of pipes and heating and air conditioning systems
  • Sudden and accidental damage from certain electrical currents
  • Tearing apart, burning, cracking from some household systems
  • Weight from ice, snow or sleet

Learn more: HO-2 insurance

HO-3

The most common type of homeowners insurance is the HO-3 Special Form policy, which covers your home, your personal property, liability, additional living expenses and medical payments.

Personal finance and insurance expert Laura Adams says, “An HO-3 is considered the standard coverage. It gives you ‘open perils’ coverage for your home structure, which protects you from all disasters unless the policy lists exceptions. However, you receive ‘named perils’ coverage for personal possessions, which applies to disasters named in the policy.”

Your home and other structures typically have the following perils excluded:

  • Any animals owned by the insured
  • Birds, rodents, varmint
  • Defective construction or maintenance
  • Earth movement
  • Flood
  • Foundation issues
  • Government actions
  • Intentional loss
  • Mechanical breakdown
  • Mold, fungus, wet rot
  • Neglect
  • Nuclear hazard
  • Ordinance or law
  • Pet or animal damage
  • Pollution and corrosion
  • Power failure
  • Smog, rust, or corrosion
  • Theft, vandalism and frozen pipes in vacant houses
  • Wear and tear
  • War

Although floods and earthquakes are not covered by a standard HO-3 policy, you may be able to get an endorsement or separate flood insurance or earthquake policy to meet these coverage needs.

  • Damage from aircrafts or vehicles
  • Damage from the weight of snow or ice
  • Damages caused by an electrical current
  • Explosions
  • Falling objects
  • Fire and lightning
  • Hail and windstorms
  • Pipes freezing
  • Riots
  • Smoke
  • Theft
  • Vandalism
  • Volcanic eruptions
  • Water damage from plumbing or HVAC overflow
  • Water heater damage

Learn more: HO-3 insurance

HO–4

An HO-4 policy, also known as renters insurance, is intended for renters who want to insure their personal belongings and get additional coverage, like liability and additional living expenses. An HO-4 is not technically a “homeowners” policy, as renters don’t own their homes, which is why this policy type excludes coverage for the building’s structure.

Renters insurance policies are usually named perils policies that cover the following events:

  • Damage from aircrafts or vehicles
  • Damage from the weight of snow or ice
  • Damages caused by an electrical current
  • Explosions
  • Falling objects
  • Fire and lightning
  • Hail and windstorms
  • Pipes freezing
  • Riots
  • Smoke
  • Theft
  • Vandalism
  • Volcanic eruptions
  • Water damage from plumbing or HVAC overflow
  • Water heater damage

Learn more: HO-4 insurance

HO–5

An HO-5 policy is the most robust option available, covering your home, your personal belongings, liability, additional living expenses and medical payments for others. These policies may also have higher available limits for things like jewelry compared to the more common HO-3 policy. However, not all home insurers offer HO-5 policies and not all homeowners will qualify for an HO-5 policy due to the more particular guidelines.

Adams discusses how an HO-5 policy could be beneficial for individuals with high-value items. She says, “It typically costs more and may not be offered by every insurer but could be worth it if you have many valuable possessions.”

With an HO-5 policy, your home and your personal items are both covered under an open perils policy, which means that it will protect you from anything not specifically excluded in your policy. Some common exclusions include:

  • Earth movement
  • Government actions or laws
  • Infestation of birds, rodents or insects
  • Intentional loss
  • Mechanical breakdown
  • Mold
  • Nuclear hazard
  • Pets
  • Vandalism if the property is vacant more than two months
  • War
  • Water damages from floods or sewer backup

Because an HO-5 policy is written on an open perils basis rather than on a named perils basis, it covers more circumstances and can make it easier to file a claim because you do not have to prove that a covered peril caused the damage.

Learn more: HO-5 insurance

HO–6

HO-6 insurance is specifically for condo owners. It covers everything inside your unit, as well as personal liability and additional living expenses. Condo policies also typically include some dwelling coverage, as condo owners may be responsible for the interior walls of their units. Because condo residents only own their unit, and not the whole building, the condo association typically has its own insurance policy that protects common areas, grounds and external parts of the building. Condo owners generally help pay for the association’s insurance in the form of condo or HOA fees.

HO-6 policies are named perils policies which generally protect coverage for:

  • Damage from aircrafts or vehicles
  • Damage from the weight of snow or ice
  • Damages caused by an electrical current
  • Explosions
  • Falling objects
  • Fire and lightning
  • Hail and windstorms
  • Pipes freezing
  • Riots
  • Smoke
  • Theft
  • Vandalism
  • Volcanic eruptions
  • Water damage from plumbing or HVAC overflow
  • Water heater damage

Learn more: HO-6 insurance

HO–7

An HO-7 insurance policy covers mobile or manufactured homes, including trailers, sectional homes, RVs and modular homes. This type of policy provides coverage for your home’s structure, your personal belongings, liability, additional living expenses and medical payments.

The exterior of your home is covered under an open perils policy, which covers any situation that is not explicitly stated in your insurance policy.

However, HO-7 policies cover your personal belongings under a named perils policy. That means your personal items are only covered under a specific list of circumstances, including:

  • Damage from aircrafts or vehicles
  • Explosions
  • Fire and lightning
  • Hail and windstorms
  • Riots
  • Smoke
  • Theft
  • Vandalism

HO–8

The last type of homeowners insurance is the HO-8 policy, which is likely ideal for homeowners who have older homes or homes that would be difficult to replace. This includes architecturally significant houses, historic landmark homes or homes built with materials and methods that are not common today. If it would cost more to repair your damaged home than its current value, an HO-8 policy may be a suitable option.

HO-8 policies include the standard coverage for dwelling, personal property, liability, additional living expenses and medical payments. Both your home’s structure and your personal property are covered under a named perils policy. This includes events such as:

  • Damage from aircraft or vehicles
  • Explosions
  • Fire and lightning
  • Hail and windstorms
  • Riots
  • Smoke
  • Theft
  • Vandalism
  • Volcanic eruption

Frequently asked questions

    • Bankrate’s insurance editorial team analyzed average rate data to identify some of the cheapest home insurance companies in the nation, but the best way to find the cheapest insurance carrier for you is likely to compare quotes from multiple carriers. Your home insurance premiums could vary depending on your coverage selections, risk factors in your area, deductible amount and more.

    • Homeowners insurance costs vary significantly based on your home’s characteristics, location, your coverage selections and more. However, the average cost of home insurance in the United States is $1,428 per year for $250,000 in dwelling coverage. You might get an idea of how much homeowners insurance costs in your area by researching rates, speaking with local homeowners and comparing quotes.

    • There are eight types of home insurance. They are classified as HO-1 through HO-8. Each category is designed for a different type of home with its own coverage types.

    • Whether your homeowners insurance is named peril or open peril depends on the policy you are purchasing and whether your insurance company offers that type of coverage. As a policyholder, you are generally not able to amend the policy terms, but you may be able to turn down specific coverage options in writing. As such, it may be beneficial to speak with a knowledgeable licensed agent in your area.

    • Home insurance is not legally required at the state or federal level, but it is likely a requirement from your financial institution if you have a mortgage loan or lien on your home. Even if you owe no money on your home, a homeowners insurance policy could still be useful in protecting your finances. In the event of a total or significant covered loss, you wouldn’t need to pay the full cost of repairs out-of-pocket.

    • Which type of home insurance you should buy depends on the type of home you have and the coverage you want. Many policy names are synonymous with the types of home they cover. For example, an HO-6 policy is also called condo insurance and an HO-4 policy is often called renters insurance. When it comes to single-family homes and townhouses, you may have a little more flexibility on your policy type. In these circumstances, considering your home’s age and features as well as what coverage types you want. Speaking with a licensed insurance agent may help you identify the best policy type for your home and insurance needs.

Source: thesimpledollar.com

Apache is functioning normally

I’ve been thinking lately about the value of a college education. I earned a B.A. in Psychology from Willamette University in 1991 (with a minor in English Lit, and almost another minor in Speech Com). What have I done with this degree? Almost nothing. Yet I do not regret the money and years I spent working to earn it.

The Financial Value of a College Degree

Does earning a college degree make a difference to your future? Absolutely. The facts are striking. On average, those who have a college degree earn almost twice as much as those who do not. According to the U.S. Census Bureau:

Adults with advanced degrees earn four times more than those with less than a high school diploma. Workers 18 and older with a master’s, professional or doctoral degree earned an average of $82,320 in 2006, while those with less than a high school diploma earned $20,873.

Workers with a bachelor’s degree earned an average of $56,788 in 2006; those with a high school diploma earned $31,071. This flurry of numbers makes more sense when viewed in a table:

Education Avg. Income Increase
Drop-out $20,873 —
High school $31,071 48.9%
College $56,788 82.8%
Advanced $82,320 45.0%

Completing college is huge. Over a life-time, a college degree is generally worth almost a million dollars. That’s money that can be used for saving, for fun, for whatever. The financial benefits of a college education are significant, and they’re very real.

Other Benefits of a College Degree

Obtaining a college degree isn’t just about making more money. According to Katharine Hansen at Quintessential Careers, a college education is associated with other benefits, such as:

  • Longer life-spans
  • Greater economic stability and security
  • More prestigious employment and greater job satisfaction
  • Less dependency on government assistance
  • Greater participation in leisure and artistic activities
  • Greater community service and leadership
  • More self-confidence

A college education also gives you a broad base of knowledge on which to build. It teaches you to solve more of life’s problems. It gives you future reference points for discussing art, entertainment, politics, and history.

College offers other learning opportunities, too. Much of what I gained in college came from learning outside the classroom, from participating in clubs and other campus organizations. Many degree programs allow students to “test-drive” careers through internships and practicums.

The Label on Your Degree Does NOT Matter

I asked Michael Hampton, director of career development at Western Oregon University, what advice he would offer a student who is deciding whether or not to attend college. He replied:

Unless you are going to be an engineer, architect, teacher, lawyer, the label on your degree does not matter. The degree is a check-mark (as opposed to the focus) in most job requirements. Many job ads will state: “Business, Communications or other degree required.” Most folks have the “other”.

I have a BA in Speech, Telecommunications & Film. As a television news photographer, youth director, communications director, substitute school teacher, sports marketing manager, career programs coordinator, no one ever said to me: “You know what? We would like to hire you, but we’re not sure what that label is on your degree.”

Honestly, at the University of Oregon, I was looking for an “easy” degree because I was not a book-smart student. I was able to take mostly film & television classes to earn my BA, so I signed up. The experiences I took advantage of (internships, volunteering, and part-time jobs) in college set me up to be marketable to employers. Again, the jobs I went after required degrees, but the label on the degree was not a barrier.

Here are some more prominent examples:

  • What was Alan Greenspan‘s major? Econ, but he studied music first
  • What was Michael Jordan‘s major? Math, then Geography (dropped out to play professional basketball, later returned to earn his degree)
  • What was Lisa Kudrow‘s major? Biology
  • What was Cindy Crawford‘s major? Chemical Engineering (dropped out for modeling career)
  • What was Ted Turner‘s major? Classics (expelled for hanky-panky)
  • What was former HP CEO Carly Fiorina‘s major? Philosophy
  • What was George W. Bush‘s major? History
  • What was Jay Leno‘s major? Philosophy

If a student is struggling to get good grades, I encourage them to look at the course catalog and choose a major based on the likability of most of the classes they would have to take, their positive experiences with the professors in the major, and the number of credits they have already taken that are compatible. They should set themselves up to be successful. Getting through the pre-reqs is a major barrier for some. Combine some “fun” classes with the challenging required courses to try and make the experience more enjoyable.

Against the Grain

But what if, instead of paying for your child’s education, you provided this lump sum to them in a one-year certificate of deposit, earning the current highest return available (2.24% as of the writing of this article, according to Bankrate.com)? Now the child’s salary would be greatly reduced; the lifetime earning potential would only be $4.2 million assuming the same circumstances as before.

However, assuming that in both scenarios the child in question was able to save 5% of their annual income (assumed to be a lump-sum deposit at the beginning of the year to keep calculations simple), the child with the high school education will have accumulated $646,532 in the one-year CDs by the time they’ve reached retirement age. The child with the college degree would only accumulate $438.132, a difference of $208,400.

Perhaps it could be argued that the child with the college degree could live with the same expense basis as the one with the high school education, thereby freeing up more money for saving and investing. However, I would encourage a recognition of Parkinson’s Second Law, which tells us that “expenses rise to meet income”.

Rich or poor, thrifty or not, the current savings rate as of the end of May for Americans was only 6.9%. For much of the recent past it’s been lower than that, even to the point of occasionally becoming negative. For as many responsible people who are reading these words, there are many more who would be swept along by circumstances and society, spending exactly what they make (or more), year after year.

Public vs. Private

What if one were to assume a lower university bill? Perhaps a private school isn’t in the cards for these two kids (and their parents), but a public four-year institution could be.

The current median cost of four years at a public university for the 2009-2010 school year is only $29,021. At that rate, assuming the same parameters as before (rate of salary increase and inflation, etc.), the college grad does come out ahead, but only by $26,090 at age 65. Certainly, that’s a much smaller margin than I would have assumed, and I would guess it surprises many of you, as well.

In fact, for the lifetime earnings calculation to balance (that is, for both the high school and college grad to show the same dollar figure in savings at retirement age), the high school graduate would only need a “head start” fund of $38,030! Just think, for less than the price of a new SUV, four years of college-educated earning power can be rendered moot. This result, frankly, surprised the heck out of me.

Other scenarios could be run, as well. What if you’re not able to provide any funds at all for your son or daughter? My folks didn’t pay for any of my college expenses; I expect many of you are/were in that same boat. One could look at the opportunity cost of college loan repayment vs. a clean slate for a high school grad with no debt encumbrance.

For a graduate of an average private university, repaying a college loan bill of $114,626 at 6% interest (remember, student loan interest is capitalized while the student is in school) will take 10 years and $152,710. That’s assuming they’re able to make the monthly loan payments of $1,273 right out of college, and don’t have to go with a longer-term repayment plan. After this is done, the college grad will only amass $37,272 more in savings than the high school grad, simply due to the long repayment period they must overcome.

Be Cool — Stay in School

While a college education statistically provides a better shot at obtaining wealth, it does not guarantee success. There are English majors who end up with convenience store careers. There are high school drop-outs who go on to run multi-million dollar corporations. But obtaining a college education improves your odds.

For some young adults, college can seem like a waste of time. (Or worse, a waste of money.) Other things seem more important. I had friends who dropped out of school to pursue girlfriends across the country. I had friends who were convinced they could make more money by skipping college altogether. Student loans can be so enormous that they make a person lose sight of the fact that they’re an almost guaranteed investment in the future.

I personally had problems finding a career path — I simply had no idea what I wanted to do. When I went entered college, I wanted to be a religion major. Then I wanted to be a writer. Then I wanted to be a grade school teacher. Ultimately I earned a psychology degree, which has had little direct benefit to my life. But the education I obtained, my campus experience, and the contacts I made have been invaluable. A large part of who I am today was forged by my experiences in college. The value of a college isn’t just in the destination, but in the journey.

Resources

In preparing this article, I relied heavily on the following sources:

How many of you attended college? Are you glad you did? If you didn’t get a degree, do you regret it? If you could talk to your 18-year-old self, what would you tell her? If I had a chance, I’d tell the young J.D.: “Set goals. Study more. Find a direction for life!”

Update: As usual, there are some great comments. Many have noted that education does not cause all these wonderful things — it’s simply correlated with them. (It may be that people who obtain an education would live longer even without one.) Also — and this is key — more important than education is doing what you love. Passion and drive can bring success, no matter what level of schooling you have.

Source: getrichslowly.org

Apache is functioning normally

Knowing that you have life insurance protection can provide you and those you love peace of mind. While nobody wants to dwell on the unimaginable, life insurance can help to ensure that your dependents will have additional funds that they may require for paying off debts and / or continuing to pay their ongoing living expenses.
When you are searching for the best life insurance policy, it is important that you obtain the proper type and amount of coverage. That way, your loved ones won’t be left with too little to serve their needs.
It is also key to make sure that the insurance carrier that you purchase your life insurance coverage through is strong and stable financially – and that it has a good, positive reputation for paying out its policy holders’ claims. One company that meets these criteria is Phoenix Life Insurance Company.

The History of Phoenix Life Insurance Company

Phoenix Life Insurance Company has more than a century and a half in the business of providing coverage to its customers. Initially founded in 1851 as the Phoenix Companies, Inc., the company has grown and expanded throughout the years.
This insurer has a primary focus on helping those who are considered to be in the middle income market, as well as those who are more affluent, with securing the property life insurance protection for their needs.

Phoenix Life Insurance Company Review

Phoenix Life focuses on offering a variety of life insurance plans, as well as retirement annuities. These are offered via financial advisors throughout the U.S. The company also has a distribution subsidiary, Saybrus Partners, which provides insurance coverage to clients.
While Phoenix Life Insurance Company is considered by many to be a somewhat small insurance carrier – with roughly 600 home office employees – its products and services rate among the best. Phoenix Life is headquartered in Hartford, Connecticut.

Insurer Ratings and Better Business Bureau (BBB) Grade

Due in part to recent financial issues, Phoenix Life Insurance Company’s ratings are not currently among the best from the insurer ratings agencies. These ratings include a B+ (Credit Watch) from Standard and Poor’s (which is a rating of 14 out of 21 possible ratings), and a B (Stable) from A.M. Best Company (which is seventh out of a possible sixteen total ratings.
Even though the company’s ratings are not on par with where they could ideally be, Phoenix Life Insurance Company has been satisfying the financial obligations that it has to its current policy holders.
While Phoenix Life is not an accredited company through the Better Business Bureau (BBB), it has still been provided with a grade of A+, which is on an overall grading scale by the BBB of A+ through F). Over the past three years, Phoenix Life Insurance Company / The Phoenix Companies, Inc. has not had to close out any customer complaints through the Better Business Bureau.

Life Insurance Products Offered by Phoenix Life Insurance Company

With its key focus on life insurance and annuities, Phoenix Life Insurance Company provides a wide range of products for customers to choose from. This can be quite beneficial, as coverage can change along with the client, as his or her needs change over time.
The company provides several types of permanent life insurance, along with final expense coverage. With permanent life insurance, there is both a death benefit component, and a cash value component. Typically, once an insured has been approved for coverage, the amount of the death benefit protection is locked in, as is the premium amount – which means that the premium that is charged will not go up, even as the insured’s age increases, and if he or she contracts an adverse health condition.
The cash that is inside of the cash value component is allowed to grow and compound over time on a tax deferred basis. This means that there are no taxes due on the growth of these funds unless or until they are withdrawn.
Policy holders who have permanent life insurance protection are allowed to withdraw or borrow cash from the policy’s cash component for any need that they see fit – including to pay off debts, to supplement retirement income later in life, or even to take a nice vacation.
One type of permanent life insurance coverage that is offered through Phoenix Life Insurance Company is whole life. The Phoenix Remembrance Life policy is a simplified issue whole life insurance policy, which also offers supplemental benefits that are designed for protecting the insured’s loved ones and for leaving a legacy.
Because the Remembrance Life plan is a simplified issue policy, it will not require the applicant for insurance to undergo a medical examination, or to answer a long list of medical related questions. Because of this, these policies will oftentimes be approved within just days – or sometimes even sooner. So, if an individual is in need of life insurance protection quickly, this could be a viable option.
Another form of permanent life insurance coverage that is offered by Phoenix Life Insurance Company is universal life. With a universal life insurance policy, there are some similarities to whole life in that there is death benefit protection, along with a cash value component. However, in many ways, universal life insurance is considered to be much more flexible than whole life, as the policy holder is allowed – within certain guidelines – to change the due date of the premium, as well as to allocate how much of his or her premium will go towards the death benefit, and how much will go into the cash component.
Phoenix Life offers the Phoenix Accumulator UL universal life insurance policy. With this plan, policy holders may obtain a higher cash value crediting rate than they can with whole life insurance. There is also an interest bonus feature with this policy.
For those who are seeking both death benefit protection, along with a potentially higher amount of cash value build up over time (in a tax-advantaged manner), the Phoenix Accumulator UL policy may be a good fit.
Another type of universal life insurance that is offered through Phoenix Life Insurance Company is indexed universal life. Here, there is also a death benefit and a cash value component within the policy. However, instead of having the cash grow based on a certain rate of interest, the growth is based on the performance of an underlying market index (or indexes) such as the S&P 500.
With an indexed universal life insurance policy (IUL), if the underlying index or indexes perform well within a certain time period, then the cash value will be credited positively – typically up to a certain “cap.” If, however, the underlying index performs poorly – or even in extreme negative territory – then the cash value will not lose value. Rather, it will just simply be credited with a 0 percent for that time period.
Because of this, indexed universal life insurance is used by many policy holders who are seeking higher potential growth (than that of whole life, or even CDs and money markets), yet with protection of principal.
Phoenix Life Insurance Company offers the Phoenix Simplicity Index Life policy. With this plan, the policy holder may choose from several different cash value accumulation options. There is also a death benefit included in the policy, with the option to allocate policy value in a fixed account and / or to two indexed accounts.
As with the whole life insurance policy that is offered via Phoenix Life, this indexed universal life product will not require a medical examination by the applicant for coverage. There is also no need to fill out a large amount of paperwork. Therefore, those who may have certain health issues could still qualify for this policy – and it could be a viable option if someone is looking for guaranteed death benefit protection, along with protection of cash value and possible higher growth.

Other Products and Services

While Phoenix Life Insurance Company is known for its offerings of life insurance coverage, the company also offers some options for retirement annuities. Today, because many baby boomers are reaching retirement age, there is worry about whether or not retirement income will be able to last through the remainder of their lifetimes. This is particularly the case as life expectancy has increased.
With an annuity, a guaranteed, set income can be received – and, if the annuity holder opts for the lifetime income option, they can literally receive an income stream that will last for the remainder of their lifetime, regardless of how long that may be. Do your research and make sure you’re getting the best annuity rates.
All of the annuity products that are offered via Phoenix Life Insurance Company are designed for flexibility – depending on what it is that a client needs. These annuity products include the following:

  • The Phoenix Personal Retirement Choice – The Phoenix Personal Retirement Choice is a deferred annuity that provides its holder with the ability to build up long-term savings over time on a tax deferred basis. Deposits can be made into the annuity over time, prior to converting the annuity to an income stream. This annuity has several different income options to choose from as well.
  • The Phoenix Personal Income Annuity – The Phoenix Personal Income Annuity is a fixed indexed annuity, so it allows the opportunity to grow cash over time, based on the performance of an underlying index – but if the index should perform negatively in a given time period, there are no losses of principal.
  • The Phoenix Personal Protection Choice – With the Phoenix Personal Protection Choice annuity, the client can deposit a single premium up front. Because this annuity is a fixed indexed annuity, the cash will be protected from market downturns, while at the same time having the opportunity to grow, based on an underlying market index. There are also several options that are available when it comes time to convert this annuity to an income stream.

How to Get the Best Premium Rates on Life Insurance Coverage

If you are looking for the best premium rates on life insurance coverage on plans from Phoenix Life Insurance Company – or from any life insurance carrier – then it is typically recommended that you work in conjunction with an independent life insurance brokerage or agency.
In doing so, you will be much better able to shop and compare – in an unbiased manner – from numerous life insurance policies and carriers, and from there, you can choose the plan and premium quote that works the best for you and your specific needs.
If you are ready to take a look at the life insurance coverage that may be available to you, we can help. We are an independent life insurance brokerage, and we work with many of the top insurance carriers in the market place today. We can get you the details that you need quickly, easily, and conveniently – all from your own computer – and without you having to meet in person with an insurance agent. Whenever you are ready to begin the process, all you need to do is just simply take a moment to fill out the quote form on this page.
We understand that the purchase of life insurance coverage is a big decision. There are many different variables that you need to be aware of – and you want to be sure that you are obtaining the property type and amount of protection for your needs. The good news is that this process can be made so much easier when you have an ally on your side. So, contact us today – we’re here to help.

Source: goodfinancialcents.com

Apache is functioning normally

If you have an aortic valve disorder like aortic stenosis (AS) or aortic insufficiency (AI), the condition is going to be an issue when you apply for life insurance. Insurance companies are very cautious about aortic valve disorders because of their potential to cause serious heart problems.

However, you still could get insured despite your condition. It depends on several factors including the seriousness of your condition. To get a better idea of what to expect, give our guide to insurance underwriting for aortic valve disorders a read.

Life Insurance Underwriting for Aortic Valve Disorders

During the application, you’re going to have to answer about a hundred different questions about your health. Some of those are going to be focused on your aortic valve disorder:

  • How long have you had an aortic valve disorder?
  • What type of disorder do you have (aortic stenosis, aortic sclerosis, or aortic insufficiency)?
  • Has your disorder led to any negative symptoms like chest pains, dizziness, heart palpitations, shortness of breath, or heart failure?
  • Have you had an echocardiogram or cardiac catheterization to check the seriousness of your condition?
  • Do you have any other additional risk factors?
  • What medications are you taking?

 

While there are no medications for an aortic valve disorder, your doctor could prescribe medications for your heart like: Thrombolytics, Beta blockers, Nitrates, and cholesterol medication like statins.

Be sure to answer every question on your application in complete detail. Underwriters will want to know everything they can about your aortic valve disorder to make sure there isn’t a serious problem. If your application appears incomplete, you could get rejected or pay higher rates.

Get Quotes for Life Insurance with Aortic Valve Disorders

The biggest factor for your rating will be the severity of your condition. If you have aortic stenosis, the insurance company will want to know by how much your aortic valve has narrowed as the narrower the valve, the higher the chance of heart problems. If you have insufficiency, the insurance company will want to know how much blood backflow there is in your valve.

Beyond the severity of your condition, there are plenty of other things the company is going to look at. They are going to look at your age, general health, activity levels, and much more. After they’ve gotten all the information, they are going to place you in a rate class. Each company is different, but here are the classes most companies have.

  • Preferred Plus: Impossible for someone with an aortic valve disorder. Even if your disorder isn’t causing any problems now, insurance companies will be too worried about future problems to give you this rating.
  • Preferred: Also impossible for someone with an aortic valve disorder. Insurance companies consider this condition too serious to give a discounted price on a policy.
  • Standard: Best possible rating for someone with an aortic valve disorder. Usually only given to applicants that are 60 or older because the real issue with valve disorders is they cause early heart problems. To get this rating with AS, your AS should be minimal meaning the peak gradient is ≤15mmHg. If you have AI, the blood backflow should only be mild. In addition, you must be in overall decent health and not have other heart problems.
  • Table Rating (substandard): This is where most applicants with the disorder get rated. Your rating will depend on how severe your condition is, your age, whether you have any other heart problems, and your overall health.
  • Declines: Applicants with severe AS (valve opening)

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Aortic Valve Disorder Insurance Case Studies

While an aortic valve disorder will make it harder to qualify for a policy, there are some ways you can get cheaper coverage. As a high-risk applicant, you need to do some work beforehand. To hammer this idea home, we will show you some stories of clients we’ve worked with.

Case Study: Male, 61 y/o, diagnosed with minimal aortic stenosis at 56, never caused any problems, overall in decent health

This applicant was in good health, it was surprising when he was diagnosed with minimal aortic stenosis at 61. He maintained his good health habits and the condition never developed into anything serious. After he applied, he got very bad rates.

While the applicant seemed fine, this isn’t enough for life insurance companies. We recommended he go for an echocardiogram to recheck his valve condition. The tests showed the AS was still minimal. This new information helped the applicant receive a Standard rating.

Case Study #2: Female, 59 y/o, diagnosed with mild AS at 56, used to be overweight and former smoker, taking statins for cholesterol

This applicant used to have an unhealthy lifestyle. She smoked, was overweight and had high cholesterol. When she was diagnosed with mild AS at 56, her doctor warned her that she needed to take better care of herself to avoid future heart trouble. She took this advice to heart and quit smoking, started taking statins regularly, and lost a lot of weight. All in all she was much healthier and this helped her AS from getting worse.

After she applied, her application was rejected. She was stunned. We told her the insurance company hasn’t seen enough of her changes. We suggested her go to her doctor and ask for a note which detailed her improved health and the improvements she made. After she did this, she was approved for a rated plan.

 

Getting Cheaper Life Insurance with Aortic Valve Disorders

As an applicant with a serious health condition like aortic valve disorder, you’re going to pay more for your plan. There is no ifs, ands, or buts, about it. Just because you’re going to pay more doesn’t mean you have to spend a fortune on your coverage.

Source: goodfinancialcents.com