We have already discussed why having life insurance is important. Let’s talk about some ways to find affordable coverage.

Many people opt to get term life insurance instead of permanent because they want to save money. However, even though term life insurance is the cheaper option, it can still be expensive. The good news is that there are a number of things that can be done to save money on term life insurance. Below are some tips for saving money on your term life insurance:

Get Multiple Quotes

The company that you choose is one of the biggest factors that will determine the amount of money that you pay for term life insurance. That is why it is a good idea to shop around and compare the prices of different companies. Try to get quotes from at least three different companies.

Ask About A Price Break

As strange as it may sound, you should ask for more coverage, not less, when you are trying to save money on term life insurance. Some life insurance companies will offer price breaks to people who buy higher amounts of coverage. These price breaks are also known as milestone discounts. For example, if you choose $250,000 instead of $200,000 worth of coverage, then you may be able to get a discount. Even if you think you only need a certain amount of coverage, getting extra may be worth it because it can help you save money.

Buy When You Are Young

The cost of term life insurance is generally lower for young people are in good health. That is why if you are under the age of 45, then the best time to buy term life insurance is right now. Many people who are young do not think about buying term life insurance. However, it is important to remember that if you wait until you are older, then your age and health problems could cause an increase in cost. Even traditionally more expensive coverage options like term life insurance with no waiting period are much more affordable at a younger age. If you want to see the difference for yourself, grab a quick quote on life insurance for seniors and see the difference.

Ask About Different Payment Options

Some companies will allow you to pay quarterly, yearly, semi-annually or monthly. You will probably be able to save money if you pay an annual premium. There may also be additional fees for paying your premiums every month. These fees are often known as fractional premiums. Even though it can be hard to pay a whole year’s premium at one time, it will be worth it.

Term life insurance can be expensive, but there are things that you can do that will help you save a lot of money. You will need to buy when you are young, shop around and compare quotes, ask for a price break and ask about the different payment options.

Obtaining life insurance is not a topic a lot of people are eager to address, because it reminds people of their mortality. While it might not be something people look forward to addressing, it is a topic they need to come to terms with for the
sake of their families.

Being the breadwinner in a single income family that doesn’t have a lot saved makes it very important to have a life insurance policy; not having a life insurance policy can ruin your family financially. If your spouse doesn’t have any job required skills, they won’t be able to get a well paying job to take good care of your family, and to pay off the debts you left behind because you were uninsured.

One of the reasons people do not get life insurance is because they believe they are too young, they aren’t married and have no kids so they have plenty of time to address the issue in the future. The problem with that logic is nobody can predict the future, and we can all die at any moment. Putting off getting life insurance could leave your family in a financial bind.

Another reason to get life insurance as soon as possible is because you might be denied coverage or charged a higher premium in the future, it will be hard to get life insurance if you are diagnosed with an illness like cancer. Although it is possible that you might qualify for a life insurance policy with pre-existing conditions, you risk leaving your family with a lot of debt if you die uninsured.

Funeral costs are another reason to buy life insurance. Funerals are not cheap; having a life insurance policy covers the cost of your funeral, which in turn, helps prevent your family from incurring additional debt.

If you have children, and either you or your spouse die unexpectedly, the life insurance you purchased can be invested and be used in the future to pay for your children’s college tuition. That way you can still help provide a better future for your children even if you are not around for it.

There are many options available for those who want to purchase life insurance, you can set up a meeting with an insurance agent and they will provide you with information on the type of coverage you need, and help you find one you can afford on your salary. You can also compare quotes with other companies to make sure you are getting the best deal available. Competition has brought prices down to a point where you should be able to find a cheap term life insurance policy that will take care of at least your family’s basic needs.

Most employers also provide group term life insurance policies for their employees, they tend to be cheaper than getting an individual policy, and it is a way for people who can’t get individual policies because of pre-existing conditions to be able to get one because most of the group life insurance policies usually don’t require medical exams. If you are leaving a company that provides group term insurance, you can convert it to an individual plan instead of losing it.

Having life insurance not only provide the financial assistance your family will need in the event of your death, it will also give you the peace of mind that comes with knowing that you did everything you could to make sure your family is going to be taken care of financially even after you are gone.

Millions of people have a pre-existing condition, making it increasingly difficult to secure quality, affordable life insurance. The good news is, you can find coverage that offers the protection you need at a competitive price- you simply need to know where to look. Here are some tips for how to find dependable life insurance with pre-existing conditions.

Understand Impaired Risk Life Insurance

No one knows for sure how many Americans have a pre-existing condition, but one thing is certain- finding life insurance coverage isn’t always easy. Companies have underwriting guidelines, or rules that define how premiums are set. Pre-existing conditions fall under impaired risk life insurance. In other words, life insurance companies assess risk, and determine premium prices based on that risk.  More than likely, someone with cancer would pay a higher premium than someone with diabetes as they pose greater risk.

Seek Expert Help

There is an upside because some companies specialize in providing life insurance with pre-existing conditions.  The trick is knowing which companies cater to which pre-existing conditions best. Experts can help you locate and find the right company to secure a policy that suits your specific needs best. Some companies offer very reasonable premiums for term life coverage even with a pre-existing condition.  Take the time to seek expert help and let the professionals who are familiar with the impaired risk marketplace guide you in making an informed decision.

Manage Your Condition To Reduce Risk and Lower Premium

While you can’t change the fact that you have a pre-existing condition, you do have more influence than you think. Taking proactive steps to manage your condition can reduce risk and will significantly impact your premium. In other words, if you suffer with diabetes, showing that you practice healthy lifestyle habits by maintaining a healthy body weight, exercising regularly and not smoking, you can potentially lower premium rates.

Finding life insurance with pre-existing conditions isn’t impossible. If you understand the impaired risk process and practice healthy lifestyle choices, you can generally secure a lower rate. Seek out the help of a professional and find those companies that specialize in your condition. With a little information and some guidance, you should be able to find coverage that’s not only reliable, but affordable too.

affordable care act insurance fraudFraudsters and scammers love opportunities that a new program like the Affordable Care Act, also known as Obamacare, presents. It is a law that impacts many people across the country, but it is a law that has created a lot of confusion and a huge amount of misinformation to be floated about. It’s a perfect storm for scammers.

In May, the FTC reported that they had received over 1,000 complaints about imposters claiming to be from Medicare and contacting seniors to request personal and financial information. Their MO was to tell seniors that they were required to provide them with this information because of the new Obamacare law.

The most frequent of these scams involves Medicare cards. The new law is going to have very little impact on Medicare in 2014, however, scam artists are telling consumers otherwise. Many Medicare participants are receiving phone calls from people claiming to be calling from Medicare and telling them that under the new law they will be required to have a new Medicare card. They asked for personal information as well as bank account information in order to pay for the new card or are being told they need to provide this information in order to verify their citizenship and be eligible for the new card. In either case, the fraudsters tell them that failure to provide this information will result in cancellation of their Medicare benefits.

They are trying to scare seniors into providing financial information by using the fear of losing healthcare benefits. In addition to the fact that the new law does not require anyone to get a new Medicare card, or any other healthcare card for that matter, Medicare will never, ever call you. If they have an issue with your benefits that needs to be resolved, they will contact you through the mail only.

Another scam that has been gaining steam is insurance agents telling consumers that they will lose their Medicare benefits or may lose access to their current doctors because of the Affordable Care Act. They offer them a solution of signing up for a Medicare Advantage plan. The agents pick up a nice commission for the sale of the new plan.

A similar scam is people posing as insurance agents doing the same thing, except that they then are just outright stealing the victims’ insurance premiums.

Now that Obamacare enrollment has begun, these and other similar scams are sure to only get more prevalent. Be on the lookout, and never give financial information out over the phone. If you have any doubts about an insurance program being offered, contact your state insurance commissioner’s office and discuss it with them.