term life insurance plans

Whole Life Insurance

About Whole Life Insurance

Whole life insurance is permanent life insurance. It does not expire as long as the premium is paid when due. Whole life insurance is also called csh value insurance, because it accumulates value over time. Term life insurance, on the other hand, expires at the end ot the period and does not accumulate cash value.

The key to whole life insurance is guarantees.

  • Guaranteed Premium Payments. Unlike other types of  cash value life insurance, you can be sure that the cost of your policy is fixed from the moment you buy it.
  • Guaranteed Death Benefits; Knowing t  hat a death benefit will be available to your heirs – no matter when you die – is the primary reason for purchasing a whole life policy.  and
  • Guaranteed Cash Value, which combined with the potential for dividends, make whole life  a unique product. For retirement planning purposes, the cash value illustrated in later years becomes more credible when guraranteed cash represents a significant portion of the asset.

Whole life, which is also called Cash Value Life Insurance,  is life insurance for the whole of life. With its lifetime guaranteed cash value, guaranteed premiums and guaranteed death benefit, no other financial product provides such lifelong security.

Whole Life Insurance and the “Financial Gurus”

Despite these qualities, some consumer finance “experts” in the news media have criticized whole life because it costs more than term life or universal life for the same amount of coverage. Despite being one of the most misunderstood of all financial products, whole life has worked for families and businesses for more than 200 years. Compared to term life insurance, whole life has higher premiums. But it also delivers more, the same way a car costs more than a bicycle; both vehicles can get you where you want, but a car offers more utility for the money. Form more on this you can click on Term to Perm to visit our post on this topic.

Whole Life Insurance and Retirement Planning

Whole life can be a surprisingly versatile financial tool, with ongoing cash accumulation and instant liquidity through policy loans. It can even generate tax-favored retirement cash flow. And, it ultimately pays a death benefit that is free of federal and state income tax.

Want to Find Out More If Whole Life Insurance is For You?

While the INSURANCE GLOBE PARTNERS site is primarily dedicated to TERM LIFE INSURANCE, to SENIORS LIFE INSURANCE and to FINAL EXPENSE LIFE INSURANCE, it is appropriate to also talk in here about whole life insurance. After all, term life insurance is life insurance purchased to meet a temporary need. It will expire when its term ends and to renew it at that point becomes very expensive. Also, if the insured’s health has deteriorated, renewal of the policy after expiration may not even be an option. Therefore, when one is looking for life insurance, whole life should not be automatically excluded.

Call us at our Toll Free Number 888-950-8376 for a freee personal consultation; or,  go to Request Free Consulation.

No-Medical Exam Life Insurance

Information About No-Medical Exam Life Insurance.

In most cases life insurance companies require a medical exam as part of the underwriting process. The medical exam is done in order to come up with the Health Category of the applicant, and thus have a solid actuarial basis to establish the applicable premium. Many companies, however, do offer no-medical exam life insurance policies. If you are considering, for whatever reason, life insurance without medical exam, you should know that these policies tend to cost more (on a per dollar of coverage basis)  and also offer less coverage. Still, it is one way to obtain an adequate amount of coverage for a reasonable amount in a fairly quick time. When you apply for life insurance without medical exam, you will be asked by the insurance company to complete a health questionnaire. In most cases, if you answer “YES” to any of the health questions in the health questionnaire, you will not qualify for the policy.

 Below Is A Sample Health Questionnaire Found In Many No-medical Exam Applications:

  • Do you require assistance with dressing, toileting, taking medication, mobility or eating or do you use oxygen for a medical condition?
  • Have you been diagnosed with or been treated by a member of the medical profession for ALS, Lou Gehrig’s Disease, Alzheimer’s Disease, Dementia, Mental Retardation or  Down Syndrome?
  • Have you been diagnosed as having Acquired Immune Deficiency Syndrome (AIDS) or AIDS Related Complex (ARC), or received a positive result from a test administered by a physician for Human Immunodeficiency Virus (HIV)?

IN THE PAST 2 YEARS (SOME INSURANCE COMPANIES MAY HAVE DIFFERENT TIME STANDARDS SUCH 1 YEAR OR EVEN 3 YEARS):

  • Have you been diagnosed by a physician with or received treatment for a heart attack (myocardial infarction) or stroke (cerebral vascular accident)?
  • Have you had or are you now waiting for an organ or bone marrow transplant (except as a donor)?
  • Have you had cancer; or received or been prescribed radiation chemotherapy or dialysis?
  • Have you been advised by a physician of the possibility that your life expectancy may be less than 24 months?
  • Have you been confined to or been advised by a physician to be admitted to a nursing home, extended care facility, hospice, or special treatment facility?
  • Are you now confined to a  hospital?
  • Have you used controlled substances such as cocaine, heroin, amphetamines, hallucinogens or barbiturates except as prescribed by a licensed medical professional; or been treated for or been advised by a physician to seek treatment for drug or alcohol use?
  • Have you had more than one DWI (DUI) violation, been convicted of a felony or are you now on probation?

HAVE YOU EVER?

  • Been treated for insulin shock, diabetic coma, of have you taken insulin injections or by other methods prior to age 40?

We Can Help!No Medical Exam Life Insurance

If you would like to find out which policy is best for you (fully underwritten or no-medical exam), give us a call at our Toll Free Number (888) 950-8376; or go to Contact Us; or call our Local Miami Number (786) 353-2528.

 

life insurance quotes and high blood pressure

Type 2 Diabetes And Life Insurance

What is Type 2 Diabetes?

Type 2 diabetes is a typically referred to as adult onset diabetes.  When you have Type 2 Diabetes, enough insulin is not produced by your body.  Most type 2 diabetics need to take some type of oral medication to treat their diabetes.

Life Insurance Underwriting and Type 2 Diabetes

InsuranceGlobe.net understands what information life insurance underwriters are looking for when it comes to Type 2 Diabetes and we know which life insurance companies have a tendency to make a better offer on a Type 2 Diabetic.  By the same token, we know which companies to avoid if you have Type 2 Diabetes.

Some of the things that life insurance underwriters will want to review if you have Type 2 Diabetes will be your diabetes medications, your current diabetes info like your HbA1C, diabetes history and overall health.  In addition, they will look for any history of Proteinuria as part of underwriting.

We will take to get all of the pertinent information about your Type 2 Diabetes history, any medications you are taking and in addition we will pay attention to any positive factors that might help you get a better rate on your life insurance policy.

We will also ask you additional life insurance underwriting questions that we know life insurance companies will be looking for in order to get you the best chance at getting the best and lowest rate on your life insurance policy.  We know that life insurance underwriters will be looking at your overall health history not just your Type 2 Diabetes history.

Rest assured, if your Type 2 Diabetes is controlled, we have life insurance companies that will offer you competitive rates on your life insurance.

Is Your Type 2 Diabetes Well Controlled?

type 2 diabetes and life insurance

Life insurance underwriters will pay particular attention to how well controlled your diabetes is.  The most important indicator they will look at is your HbA1c level.  Your HbA1c measures your control over a period of time.

Best Scenario – If your HbA1c is less than 7, you have no complications from diabetes, well controlled cholesterol and blood pressure, good height and weight, exercise regularly, eat healthy and follow your doctor’s orders including taking all medications as prescribed.

Average Scenario – HbA1c between 7 and 9, you have neuropathy or retinopathy, slightly overweight, varying history of diabetes control.

Worst Case Scenario – HbA1c is 9 or greater and in addition you suffer from one of the following – stroke, kidney problems, vascular disease, heart attack or severe neuropathy.  If you smoke or are overweight in combination with type 2 diabetes, this will severely hurt your chances of getting a good rate on your life insurance.

For a life insurance quote, please don’t hesitate to call us at 1-888-950-TERM (8376). Or, you may go to Contact Us.