As reported by the American Cancer Society, lung cancer is the second most common cancer to affect men and women. A lung cancer diagnosis often makes you consider your loved ones' financial future, as with any serious medical condition. Buying life insurance is usually motivated by the idea of one's mortality.
After being diagnosed with lung cancer, can I purchase life insurance? YES. Life insurance is available to people with cancer (and survivors).
We will explore the 7 key questions your underwriters will ask you after you get a lung cancer diagnosis, as well as everything you need to know about buying a life insurance policy after a lung cancer diagnosis.
Life Insurance And Lung Cancer: One or both lungs are affected by lung cancer.
After Lung Cancer Diagnosis, Can I Purchase Life Insurance? Yes. Depending on your specific experience with lung cancer, you will qualify for different types of life insurance policies.
A lung cancer survivor (within a certain period of time) is usually eligible for traditional life insurance:
● Insuring your term life:
● Insurance for your whole life
Patients with advanced stage lung cancer can benefit from the following policies:
Life insurance with guaranteed issue To help you determine the type of life insurance policy that is best for you, we will dive into the specifics - so you know what the underwriters will want to know about your cancer.
Questions Life Insurance Underwriters Ask About Lung Cancer Prepare yourself for underwriting before applying for a life insurance policy.
Underwriters are responsible for evaluating how much risk an applicant poses. Although that may seem rather impersonal, we want to make sure that you are aware of everything you will be asked about lung cancer.
During the application process, you should be honest. Be honest in your answers. Any discrepancies can negatively affect your application.
1. When were you diagnosed with lung cancer? What was your age? When was the diagnosis made? Note the date on which you were diagnosed. It is almost always best to wait a while after being first diagnosed. Why? You are more likely to survive if you have been alive for a long period of time (years).
An underwriter usually wants to know if you have had cancer for at least 3 years.
Age at the time? When you are diagnosed, your age matters. A diagnosis later in life is generally viewed favorably by carriers. Why? If you were older than 40 when you were diagnosed with cancer, statistically speaking, your cancer is less likely to come back.
2. When did you develop lung cancer and at what stage? It is important to know what type of lung cancer you have, and especially what stage it is. You are able to qualify for different types of life insurance based on your cancer stage.
Firstly, let's talk about the types.
Cancers of the lung other than small cells (NSCLC)Most lung cancer cases occur in this form, which accounts for about 85% of all cases. In addition to squamous cell carcinomas, adenocarcinomas, and large cell carcinomas form NSCLC.
SCLC (Small Cell Lung Cancer)Also referred to as oat cell cancer, SCLC accounts for about 10 – 15% of all lung cancers. These cancers tend to spread rapidly.
Lung Carcinoid Tumors: Carcinoid tumors account for less than 5% of lung cancer cases. Their growth is typically slow. In general, the following stages are to be expected, although each carrier is different.
Stage Zero: An ideal situation. Also referred to as “in situ”. Deep lung tissues do not contain cancer cells. Only lung tissues contain cancer cells.
Stage one: The lung contains cancer cells. Lymph nodes don't contain them.
Stage two: Lymph nodes in the surrounding area may have been affected by cancer.
Stage Three: Cancerous growth can be found in lymph nodes and the middle of the chest.
Stage Four: This is the stage of development that is considered most advanced. Including your brain and liver, the cancer has spread to distant parts of your body.
An underwriting approach based on cancer stage: Your lung cancer stage and type influence the underwriting outcome. A traditional policy may be available to you after about 3 - 5 years if your cancer was caught early enough (e.g., stage 0, 1, sometimes 2).
As an alternative, you may need guaranteed issue life insurance (GI) if your cancer was advanced (stage 3 or 4). While GI policies have modest face amounts, they are guaranteed yes and ask no questions about your health.
3. Where was the cancer found in your lung? The following locations in your lungs were found to have cancer:
● Middle lobe of right lung
● Upper lobe of right lung
● Upper lobe of the left lung
● Lower lobe of right lung
● Lower lobe of the left lung
4. How was your treatment? Multifaceted treatment strategies are typically used to treat lung cancer.
The following treatments are common in medicine:
● Pneumonectomy, lobectomy, wedge resection, and segmental resection
● Cancer cells are destroyed by radiation or pain is alleviated by radiation
● Cancer cells are killed by chemotherapy by administering drugs intravenously or orally
● Radiation therapy that involves multiple angles of radiation treatment
● Therapy aimed at targeting specific characteristics of cancerous cells
● The power of immunotherapy in fighting cancer
To determine whether you experienced health complications and whether your treatment was successful, your underwriters ask about your treatment.
5. How long ago did you last receive treatment? If you are still undergoing lung cancer treatment, note the last day you received treatment for it.
Why? Your eligibility for a certain type of policy depends on how long has passed since your last treatment. If you were diagnosed early on, you may be eligible for a traditional policy after a certain time (e.g. 3 - 5 years):
Insuring your term life Life insurance for the whole family In contrast, you will need to buy a guaranteed issue policy if you are still in treatment or have just finished it.
6. What are your plans for follow-up? Applicants with a proactive approach to health monitoring are preferable to underwriters. A cancer survivor must follow up with their doctor regularly.
You should let your doctor know if you are going to your regular doctor's appointments.
7. Are you in remission? How are you feeling overall? Traditional life insurance requires that you be in remission.
You need a guaranteed policy without health questions if you are a cancer patient.
In addition, plan to discuss your overall health status. Risk factors for lung cancer include:
Occupations at high risk No Exam Life Insurance For Lung Cancer
Cancer survivors and cancer patients can get no exam life insurance.
A survivor Traditional life insurance generally requires remission for a number of years before it can be purchased.
Remember that every no physical life insurance company views and underwrites a history of cancer differently. Compare the quotes from the top companies before you apply. Independent agents can assist you in this process.
Patients Life insurance is often purchased by cancer patients. While waiting for the required amount of time, you're restricted to guaranteed issues (GI).
To Get Life Insurance, Apply Lung cancer survivors are eligible for coverage. For finding the best insurance policy, we recommend following two steps:
Keeping a medical history is important To ensure your application is processed quickly and efficiently, we're ready to answer questions about your cancer.
Engage the help of an independent agent !Get quotes from multiple carriers to find the best deal. You should be able to compare and contrast how different carriers view cancer.
If you are HIV positive, you can still get life insurance. In many cases, no medical exam is required. In order to find a carrier who approves you, you'll need to do a little research on a chronic health condition, such as HIV.
Our article will discuss types of no exam life insurance policies, sample rates, and how to apply.
HIV-Infected People's Options for Life Insurance: The following are seven things people living with HIV should know about life insurance. HIV patients or anyone for that matter do not have a one-size-fits-all policy.
There are currently 1.1 million people living with HIV in the United States. 1 out of 7 of them (about 15 percent) are not aware of their infection.
Life insurance companies will determine what type of coverage you qualify for based on your HIV status. HIV positive people often purchase insurance.
In State laws have prohibited discrimination against HIV positive individuals and paved the way for them to purchase life insurance.
Those with HIV can purchase life insurance in the following forms:
● Insurance for term life
● Insurance for the whole life
● Insurance for groups
● Life insurance coverage with guaranteed issue
● Insurance for term life
A term policy lasts for a specific amount of time, making it the most popular type of life insurance. A 20-year policy, for example.
HIV-positive individuals can get term insurance through a few carriers.
There are a number of advantages to choosing Term for those who:
● Life insurance needs to be large
● Protection is needed for a short period of time
Term life insurance on exam carriers are plentiful, but if you have HIV, you will probably need to submit to medical underwriting.
Insurance for the whole life: Permanent insurance, also called whole life insurance, covers you throughout your entire life. Your coverage will remain in effect as long as you pay your premiums.
Whole life applications with HIV are also only accepted by a limited number of life insurance companies, just as it is for term.
For those who follow a traditional way of life, it works best:
● Need coverage on a permanent basis
● Would like to take advantage of the policy loan feature
Life insurance for groups Individual life insurance is typically offered through your employer (or other entity), but group life insurance is offered under one contract to a number of individuals.
A You will not be discriminated against if you accept a group life insurance policy through your employer.
The following features distinguish group life insurance:
● Employers typically offer these as part of their benefits package
● A low-cost or free policy is offered
● The size of the policy is modest
● When you separate from your employer, your coverage won't necessarily follow
The benefits of group life insurance include: If free coverage is offered, everyone should accept it:
However, you should determine if a group policy is sufficient. It is usually recommended that you purchase an additional individual policy if you can.
Life insurance that is guaranteed to be issued: The guarantee issue life insurance policy does not ask any health questions.
It is guaranteed that you will be approved for a guaranteed issue life insurance policy.
In spite of its value for HIV positive people without traditional health insurance, it shouldn't be your first point of contact.
The two types of life insurance are term insurance and whole life insurance. The former is cheaper than the latter.
Life insurance with guaranteed issue offers the following features:● No matter what your health status is, you will be approved
● Policies are usually capped at $25,000 ($40,000 is also available)
● Compared to other insurance policies, premiums are expensive
● Life insurance that is permanent
● The policy usually pays out after a 2 year waiting period
● At least 40 years old is the minimum age requirement
Before applying for HIV positive life insurance, make sure you understand the key features of each type.
Treatment options for HIV can be affected by your treatment plan: The type of life insurance you qualify for is heavily influenced by your HIV treatment history.
In the past, HIV was perceived as a terminal illness. Today, many physicians treat HIV as a chronic condition.
During the application process you should be prepared to answer some specific questions about your treatment (guaranteed issue life insurance skips those questions).
Underwriting questions vary from carrier to carrier, but here are some examples of what you may be asked.
Monthly premiums are influenced by your overall health:Underwriters need to know about more than just your HIV treatment. The reason carriers look at your health in general is because they absorb risk in exchange for your life insurance policy. Questions you might be asked include:
● How much do you weigh?
● What is your height?
● Would you mind describing your health history and providing the information about your physician?
● Who are your closest blood relatives? What is their medical history?
● Using tobacco products something you do?
● Previously, have you abused drugs or alcohol (illicit or prescription)?
● How long have you been taking prescriptions?
● Did you ever receive a cancer diagnosis?
● Is there another serious medical condition you have been diagnosed with? Which is more dangerous, hepatitis B or hepatitis C?
● Have you been treated for depression or anxiety?
● Have you ever undergone surgery? If so, explain.
Your overall health and HIV status determine your eligibility for various life insurance policies.
HIV/AIDS applicants must be at least 18 years old:Traditional health insurance policies generally only cover HIV positive individuals within a narrow age range, like 30 - 65 years old.
Why? Life expectancy has dramatically increased due to medical advancements, but the life insurance industry is still a few steps behind in their efforts to accurately reflect HIV-positive policyholders' long-term outlook.
In terms of group life insurance, if you are under 30, it is best to wait until your 30th birthday to explore your options.
Consider an AD&D policy until age 30 if you are at risk of accidental death.
Essentially not life insurance, AD&D only pays out in the case of an accidental death.
If you are older than 65, you may want to investigate a guaranteed life insurance policy. The benefits of some life insurance outweigh the costs. It is more beneficial to have some face amount than none, no matter how modest.
Do HIV-infected people need life insurance?HIV positive people will undoubtedly pay more for life insurance.
Life insurance companies still think HIV is a risk even though tremendous advancements have been made in HIV research and treatment.
Companies charge a premium amount based on the perceived risk any individual applicant poses, since they are in the risk-absorbing business.
Several examples will be given. Note that these are only examples and do not reflect the policy or price offered by your insurance company.
HIV-positive people can obtain term life insurance quotesIt is important for you to know that there are a handful of companies that offer no-physical-survival insurance but only a few accept HIV positive applicants. Additionally, you should plan on taking the traditional coverage medical exam. Please note that these are examples for 10 year term policies. It is important to understand that your life insurance rates are completely unique.
Is diabetic life insurance available without an exam? Yes. There are, however, some caveats. You can't sugarcoat it, I have diabetes. You can qualify for coverage without a physical even if you have type 1 or type 2 diabetes, however, it isn't as straightforward as the condition itself.
We are your go-to resource if you need diabetic medical insurance without an exam. There will be a discussion on the application process, which companies to apply to, and samples of quotes.
Diabetic life insurance with no exam: As a starting point, you should learn what life insurance companies think about diabetes.
Life insurance approval is affected by diabetes, why? In the end, carriers take on risk for the sake of financial security. Here, risk is a keyword. A carrier wants a fair amount to charge you for the amount of risk that you pose, whether that risk is based on your health or lifestyle or financial history.
It is well known that diabetics are at a higher risk for heart disease than the general public.
● Nerve damage
● Cardiovascular diseases
● Kidney damage
● Foot damage
● Eye damage
● Skin conditions
In order to qualify for no exam life insurance, you must jump through a couple of extra hoops due to possible health complications.
A Diabetic's Guide To Applying:You will be asked five questions about diabetes by underwriters, the carrier representatives who evaluate applications.
You should always be truthful and honest. There is no need for you to withhold health information since your records will be reviewed.
Prepare yourself by answering the following underwriting questions as effectively as possible.
1. How long have you had diabetes? Underwriters look differently at a recent diagnosis than one from 20 years ago. Why? You are more likely to be a carrier if you're younger at the time of diagnosis. It is generally advisable to find a life insurer when you have diabetes at age 40 or older.
No matter what type of diabetes you have, complications become more likely the longer you have it.
2. Does your diabetes have a specific type? You should pay attention to this.
Type 1 diabetics have a tougher time securing no exam life insurance. Type 2 diabetics have an easier time.
Type 1Type 1 diabetes patients MAY still be able to purchase life insurance without undergoing a physical, but it's important to realize why carriers are hesitant.
● Unfortunately, Type 1 diabetes does not yet have a cure
● A young age is typically the time when the diagnosis is made
● For Type 1 diabetes, carriers prefer diagnoses after 30 years of age
● There are serious risks associated with Type 1 diabetes
● The blood sugar could rise or fall dangerously if your insulin pump fails
Type 2Type 2 diabetics are more likely to approve.
● Exercise and diet are usually the best ways to reverse Type 2.
● A diagnosis is typically made at an older age
● There is a preference for carriers who are 40 (or 50) or older
3. How was your blood sugar level recently? Carriers pay particular attention to your A1C level.
Why? Over a period of time, around 3 months, A1C levels show changes in blood sugar levels. The applicant can't change A1C levels, as they can change blood sugar levels.
● A1C readings typically viewed by carriers -
● A range of 6.0 - 6.9 is favorable
● The range of 7.0 - 7.9 is usually acceptable
● A score between 8.0 and 8.9 puts you in a riskier health category
Traditional no exam life insurance is most likely to be approved if your A1C readings are favorable.
4. What medications do you take? Once again, if your diabetes is well controlled, underwriters are interested.
Treatment effectiveness is influenced by the type of medication used, if any.
How would you rate the situation? Diet and exercise are the only ways to control your diabetes. Those with Type 2 diabetes have this option.
Secondly, what do you recommend? Controlling blood glucose with oral medication. Obviously, this is only applicable to type 2 diabetics.
Is there a third option? Taking insulin. More specifically, using insulin responsibly to maintain constant reasonable blood glucose levels.
The worst that could happen? Uncontrolled diabetes if your treatment regimen is not followed.
You will want to share your prescription if you take any of the following diabetic drugs:
● DPP-4 inhibitors
● SGLT2 inhibitors
● GLP-1 receptor agonists
Have you been diagnosed with other medical conditions?Additional medical conditions are often associated with diabetes. A comprehensive understanding of your health will be required by your underwriter. The following conditions are more prevalent among diabetics than the general population:
● Vascular disease
● A number of cancers
Diabetes is more likely to occur if you smoke. Let your doctor know if you smoke.
Steps to follow:No exam life insurance is more likely to be accepted by diabetics for two reasons.
1. PreparationYou need to be ready to answer specific questions about your diabetes if you are applying for traditional life insurance, such as term. Answer the important questions using our infographic and a pencil and paper.
2. Self-employedYou should seek the advice of an independent agent if you have an unusual circumstance, such as a medical condition.
Why? To compare multiple providers and quotes. Diabetes is viewed differently by each company, so you should have options.
There is no captive agent system for independent agents. Independent agents can access a wide variety of carriers.
Life insurance is available to breast cancer survivors and patients. Depending on how you answer key underwriting questions, you may qualify for specific types of insurance.
Medical advances have contributed to the increase in breast cancer survival rates. Hence, life insurers are more likely to approve an application.
The information you'll find here will guide you through the process of underwriting breast cancer, how to apply to companies, sample quotes, and what to expect.
Breast cancer and life insurance:During the application process, underwriters will want to know specific details about your breast cancer.
Answer the following questions with a pen.
1. When were you diagnosed and when did you last receive treatment?The underwriter considers two dates crucial - the date of diagnosis and the date of treatment completion (if applicable).
The date of diagnosis:If you were diagnosed with breast cancer at an early age, how old were you? A diagnosis at age 40 or older is generally preferred by underwriters.
Why? Breast cancer diagnoses at a young age can raise additional concerns:
● Recurrence is more likely
● Other possible health conditions or genetic abnormalities
When was your last treatment? You should wait as long as possible after finishing treatment.
You can purchase guaranteed issue life insurance policies while you are still receiving treatment.
Most traditional carriers (e.g. a 20-year term life insurance policy) want to see proof that you have completed treatment for years.
2. How do you identify a particular type of breast cancer? Cancers of the breast are known as breast cancers.
There are different types of cancerous breast cells, and some are more treatable than others.
● Breast milk ducts are affected by a non-invasive cancer known as ductal carcinoma in situ (DCIS).
● Carcinoma cells that form in milk ducts and spread throughout the body are called invasive ductal carcinomas (IDC). They account for 80 percent of all cases.
● Breast cancer that is triple negative - tumor cells lack three of the three common growth receptors.
● Cancerous cells invade the skin and lymph system of the breast inflammatory breast cancer (IBC).
● A spongy or lumpy appearance sometimes characterizes a carcinoma of the mammary glands.
● Tumors specific to tubular structures usually appear after age 50.
● Colloid cancer (mucinous carcinoma) - an aggressive cancer that starts in the milk duct and spreads to nearby tissues.
Known as mammary Paget disease, Paget disease of the breast or nipple is a form of cancer that affects the breast and nipple.
3. Which stage and grade does the student belong to? You should discuss your breast cancer stage and grade with the underwriter during the application process.
Phase: The TNM system is often used by oncologists to determine the cancer's stage. As well as checking your hormone receptor status, protein production (Her2), and BRCA status, your oncologist may have performed other tests as well.
Underwriters ask specific questions, but be prepared to respond in detail to their questions.
You will need to provide at the very least:
Grade 1 - slower-growing, with good differentiation
Grade 2 - medium growth; moderate differentiation
Grading 3 - fast-growing; poorly differentiated
4. Which treatment plan did you follow? Your treatment plan should include one or more of the following:
● Excisional biopsy
● Radical mastectomy
● Partial mastectomy
● Teletherapy or Radiation therapy
● Hormonal therapy
5. Is prescription medication part of your daily routine? Tell me if you've been given a prescription or if you're currently taking:
6. Did you experience a recurrence? Recurrence refers to the return of the same cancer after its treatment, whether it occurs a short time after treatment or years later.- American Cancer Society
Cancer will not return to most breast cancer survivors. During the first five years after remission, you are generally at a greater risk of recurrence. As a result, life insurance companies prefer remission for long periods of time.
7. How are you feeling in general? Underwriters evaluate a client's risk of becoming ill in general, but not only for breast cancer specifically.
Prepare to answer the following questions:
● Weighing yourself (to see if you are overweight or underweight)
● Nicotine use
● Other types of cancers in history
● Family medical history (blood-related) of parents and siblings
● Addiction to drugs or alcohol
● History of prescriptions
● A history of cardiovascular disease (such as a stroke or high blood pressure)
● Convictions for DUI (e.g.)
How Do You Qualify For The Lowest Rates? Most of the following requirements must be met in order to qualify for a Standard Plus or Standard health rating:
● Involvement of a few lymph nodes
● For many months, even for over a decade, remission is possible
● Low-grade and early-stage breast cancer
● Treatment that has been successful and is complete
● Good general health
FAQs:The following questions are frequently asked by applicants.
If I am in treatment, what options do I have? Guaranteed issue life insurance is almost always only available to people who are currently undergoing treatment for breast cancer.
Is it possible to find an affordable insurance policy? Several things can be controlled by you.
The first step is to evaluate multiple carriers, since breast cancer is underwritten differently by each. Consider partnering with an independent agent.
A proactive approach is also necessary. Don't forget to contact your oncologist so that the pathology report can be shared with your agent.
Finally, go to your doctor regularly to show you are responsible. The underwriters look favorably on proactive health care.
Finally, take steps to keep your health in good shape. Consider quitting smoking. Lose weight by eating healthy.
If my application has been turned down, what should I do?You need not be concerned.
There is no definitive correlation between a decline with one company and a decline across the board.
A guaranteed issue policy or even traditional coverage with another company may be an option for you.
Is there a waiting period before I apply?You should apply for coverage now, even if you are eligible for lower rates in the future.
Buying life insurance was a good idea yesterday. It is an even better idea today.
When your health improves or you have exceeded the waiting period, you can reapply for better rates.
It's common for people to purchase life insurance following a health scare, such as a stroke. A reminder of our mortality is one of the few events that move us to act.
After a stroke, are you still eligible for insurance coverage? Sure. You will need to prepare, however, for the questions about the stroke and your overall health. Use this resource as a resource to determine what kind of life insurance policy you qualify for, the types of questions you will be asked, the companies to look at, and how you should proceed.
After a stroke, life insurance is necessary: Before you submit an application for life insurance, get ready to answer 10 important questions.
Basically, underwriters are responsible for assessing risk so as to determine if you qualify for coverage, as well as how much to charge you.
If you are applying for traditional coverage, such as 10-year term life insurance, a medical event, such as a stroke, will be taken into account during the application process.
Prepare answers to the following questions.
1. When did you have your stroke? You should have experienced a stroke a significant amount of time ago. Why? Strokes often lead to other strokes.
Traditional coverage may be available if it has been at least 12 months since your stroke or Transient Ischemic Attack (TIA), although some carriers may approve your application sooner.
Within 12 months after the event, consider seeking life insurance through a product like guaranteed issue, and then reapply after the year has passed.
Guaranteed issue life insurance has a limited face amount and minimal underwriting and is not subject to an exam.
Generally, you need to have suffered a stroke at least 10 years ago in order to qualify for preferred health classes.
2. What was your age? Strokes that occur in later life are preferred by underwriters.
Strokes occurring prior to age 55 are often an indicator of serious health conditions.
3. Did you suffer a stroke of what type? Insurers view Transient Ischemic Attacks (TIA), Ischemic Heart Attacks (IHS), and full-blown strokes (Hemorrhagic Heart Attacks) differently.
As ischemic strokes and hemorrhagic strokes carry a higher level of risk, TIAs, also known as mini-strokes, usually don't.
Moreover, you will have to tell the underwriter how many strokes you have had of each type. TIAs are often precursors to strokes, as you are aware.
A MRI, CT scan, or ultrasound is often preferred by underwriters as an imaging test to confirm your stroke type.
4. What symptoms did you experience? Carriers are specifically interested in learning how serious your stroke symptoms were.
● Symptoms such as these have you experienced?
● Irregular muscle contractions or paralysis
● Impairment of vision
● Having difficulty speaking
● Dizziness or fatigue throughout the body
● Limbs are numb
● Confusion in the mind
● Numbness of the face
5. How many of your effects are left? You may be experiencing long-term symptoms after a stroke depending on its type and severity.
If any of the following applies to your application, let the underwriter know.
● Problems with speech
● The loss of memories
● Changes in personality or behavior
● Problems with vision
6. Are you taking any medications? During the application process, prescriptions are checked regularly.
In the process of evaluating a prescription, the underwriter considers the benefits and risks associated with the drug.
The medications prescribed most commonly to patients include alteplase, blood thinners, statins, antihypertensive medications, and ACE inhibitors.
There are different types of risk classes for different kinds of drugs, according to life insurance companies.
In general, however, underwriters look for proactive, responsible actions toward your health, such as taking prescribed medications.
7. Is there a cause underlying the problem? Strokes are most often caused by pre-existing conditions.
● If any of the following apply to you, consider disclosing them:
● Strokes or TIAs in the past
● Blood cholesterol is high
● Having a heart condition
● Illness associated with sickle cells
If you have an underlying health condition, you may not be approved for traditional coverage. You could benefit from the guidance of an independent agent.
8. Would you like to follow up with your doctor? Are you a regular patient of your doctor? Follow the advice of your doctor?
Health choices that are consistent with doctor visits and consistent doctor visits are highly regarded by life insurance companies.
In this way, your medical history is recorded. You will not be able to verify your health status if that is not the case.
9. Has there ever been a stroke in the family? The health history of your siblings and parents, as well as those of your blood relatives, will be asked.
Heart attacks, high blood pressure, and high cholesterol usually run in families.
A health condition diagnosed earlier in life, such as when your loved one is 60 years of age or older, will not be considered a risk by most life insurance carriers.
10. How do you feel right now? In the interest of assessing your risk, underwriters want to know how healthy you are. What kind of diet do you follow? Do you exercise regularly?
Strokes are often associated with other health problems.
● high blood pressure
● high cholesterol
● tobacco use
Bottom line – In order to obtain affordable term life insurance, like 20-year term life insurance, you need to take diligent action geared toward taking care of your health.
Steps to follow: Having a stroke does not eliminate the need for life insurance. For term coverage, you'll need to meet the following requirements:
● A TIA usually occurs after 3 months (often longer)
● Stroke 12 months ago
● Rates are preferred after 10 years since stroke
● Medical care demonstrated in a proactive manner
● Choosing a healthy lifestyle
Until they reach the minimum time requirement, many people find that guaranteed issue life insurance is a good choice, at least temporarily.
Two steps must be taken:
A partnership with an independent agent can be beneficial. By doing this, you will be able to find coverage from several different companies, which is crucial if you have suffered a major health event.
Keep a record of your health. Take note of your medical history, prescriptions, and details about your doctor in order to find the best policy for you.
Nursing home residents can purchase life insurance. There are several policies available that include:
● Without asking about health
We have provided you with a wealth of information about this type of life insurance, including quotes and policy details.
A nursing home resident's life insurance: When you are living in a nursing home, there are five essential facts you need to be aware of.
1. Type of policy There is only one type of life insurance available to residents of nursing homes - guaranteed issue.
No matter how you live or what your health status is, a guaranteed issue policy will still be issued.
Traditional life insurance is not available for someone living in a nursing home, such as parents or another loved one.
Insureds are only willing to issue policies to residents of nursing homes if they assume significant risk.
Despite this, guaranteed issues can prove vital in covering modest expenses such as funeral and medical costs.
2. Answers are not needed:Unlike traditional life insurance applications, guaranteed issue policies do not ask about health. Therefore, you (or a loved one) can qualify for coverage even if they fit into any of the following categories:
● Seniors (up to 85 years of age)
● Feeling depressed
● Patient with cancer
● An alcoholic or someone who has struggled with other addictions
● The victim of a stroke
● High blood pressure is being treated
● Patient receiving dialysis
● Experiencing dementia
It is not possible to disqualify an applicant due to health or lifestyle concerns.
3. Differential premiumsA nursing home resident's life insurance policy has level premiums. How do they work? No matter how long the policy lasts, your premium payments will remain the same.
AARP, for instance, offers policies that increase your premiums incrementally as you age.
Your loved one or you can have peace of mind by paying level premiums for coverage.
4. PermanentThe life insurance provided to nursing home residents is permanent. How does that work? As long as premiums are paid, the life insurance policy will never expire. The policy will pay the beneficiary a death benefit if you live another five or 100 years.
5. InstantA guaranteed issue policy can be bought almost instantly. Most policies are issued within minutes. You can usually fill out the policy application process at home; it's simple and straightforward:
● Inform yourself about the basics
● Number of Social Security
● The date of birth
● Information about payments
● Information on beneficiaries
● Review policy details
● The amount of the face (the policy size)
● Amount of the premium
● Publication of a policy
● After premiums are paid, policies are issued
● There is an electronic copy and a paper copy available
FAQsHere are answers to some of the most frequently asked questions.
1. How do I deal with terminal illness?A terminally ill individual can buy life insurance. There are no health questions asked for guaranteed issue life insurance. This means that you can purchase coverage even if you have a severe illness like stage 4 cancer.
2. Are there age restrictions?Yes. Life insurance with guaranteed issues imposes age restrictions. This type of insurance is only available to people aged 40 - 85.
Nursing homes also house younger people.
The number of people in nursing homes is now 14 percent younger among those ages 31 to 64.
Consider an accidental death and dismemberment policy if you are under 40 and live in a nursing home.
3. Is there a special policy for nursing homes?No. Nursing home residents do not have a special policy. However, the only guaranteed issue policy available is for nursing home residents.
Nursing home residents are not the only ones eligible for guaranteed issue life insurance. A traditional life insurance policy may not be able to cover you, such as a 10 year term.
4. How do nursing home insurances work?It is a form of long-term care insurance that is different from life insurance.
As opposed to a death benefit, this kind of insurance can cover living expenses.
It should be noted, however, that this type of coverage is unlikely to be available to you or your loved one if you or they already reside in a nursing home or are suffering from serious health issues.
5. Am I supposed to name the nursing home as a beneficiary?No. If you have children who are financially dependent on you, name them as beneficiaries. Establish a trust if you wish.
6. What are the implications of life insurance on Medicaid eligibility?Sometimes. Medicaid eligibility is not affected by term life insurance (such as a 20 year term).
Even so, with its cash-value, whole life insurance can interfere with Medicaid, just as guaranteed issues can.
A life insurance policy's cash value is considered an asset, and Medicaid sets a limit on assets.
Generally, buying life insurance shouldn't be a problem for people on Medicaid, but there are workarounds.
As state laws differ, you should consult a local elder law expert.
7. Can you buy a lot of life insurance?The coverage provided by guaranteed issue policies is modest. Their purpose is to provide assistance with end-of-life expenses. The price range is between $1,000 and $40,000.
Stacking policies is sometimes an option. A stack of policies increases the death benefit by purchasing multiple policies.
8. Is there a company that I should apply for?It is a good idea to look at several top-rated carriers for nursing home residents.
Our first recommendation is to evaluate the following life insurance companies:
● Western Division
● Omaha Mutual Insurance
Several quotes should be compared since different carriers use different rates.
9. Can you explain graded death benefits?A graded death benefit is included in guaranteed issue policies.
What does that mean?
As a protection against insurance fraud, carriers limit how soon they can pay out full death benefits.
It's common for premium payments to be returned (plus interest) if the insured dies within the policy's first two years, or only a fraction of the death benefit will be paid.
In most cases, the death benefit is fully paid after two years. It is possible to receive your premiums and interest back in the worst case scenario. Your beneficiary receives the full death benefit if you live past the graded period.
There is nothing more compelling than your doctor telling you that you are terminally ill to consider life insurance options. I hope it is not too late to secure the financial futures of your loved ones. Life insurance can still be purchased even if you have a terminal illness. There are, however, few options available to you.
Following a devastating diagnosis, we'll provide you with everything you need to know about obtaining life insurance quickly.
Five essential facts about terminally ill life insurance When you have a terminal illness, you need to be aware of these five crucial things.
1. The only option available to you is guaranteed issue life insurance When you have been diagnosed with a terminal illness, the only life insurance that is available to you is guaranteed issue life insurance.
Why? The business of life insurance is risk assessment. Due to the high level of risk associated with terminal illness, insurers are only willing to issue a specific type of coverage.
If you cannot qualify for other types of life insurance, guaranteed issue policies can be an invaluable asset.
In the case of terminal illness, if you are under age 40 and under insurance age, it is likely you won't be able to find coverage.
If you are injured in an accident and die as a result, you can get accidental death and dismemberment insurance.
2. You'll Pay a Moderate Face AmountIt's important to understand that guaranteed issue policies are modestly sized.
As a matter of fact, most are capped at $25,000. Great Western will however offer policies up to $40,000.
Stacking life insurance policies is an option to consider. Your total death benefit may increase by purchasing multiple guaranteed issue policies, depending on your budget.
Contrary to traditional life insurance, which has a face amount of $500,000 or more, traditional term life insurance does not require physical examinations.
3. No medical exam is requiredGuaranteed issue life insurance does not require an exam.
If you are terminally ill, a medical examination will NOT be required for your life insurance application:
● Liquid samples
Seniors are increasingly interested in no exam life insurance. You can, in fact, purchase an insurance policy online.
4. Health questions are not asked
Purchasing is a very simple process. No health questions are asked when purchasing guaranteed issue life insurance.
The following questions will NOT be asked of you:
● Use of drugs or alcohol
● Medical history
You will not need to disclose your health information even if you are diagnosed with stage 4 cancer.
5. Your life insurance will be effective immediatelyYou will be able to obtain your policy in just a few minutes since the application process is simple.
Coverage of other types takes longer. Whole life or term insurance, for example, may take weeks.
Terminally ill people can get instant life insurance coverage by following 3 stepsThe process for getting life insurance when you're terminally ill consists of three simple steps.
Application Step 1: Submit itSubmission of the application.
You can find a local agent here. Comparing local and national carriers is that easy.
Our recommendation is to solicit quotes from top-rated companies on the following policies, with the help of an agent:
● Assurance whole life guaranteed by AIG
● Life Insurance with Gerber Guaranteed Issue
● Insurance for final expenses provided by Great Western
● Life insurance offered by Mutual of Omaha
Basic information is all you need for your application:
● Full name
● Date of birth
● SSN (Social security number)
Step 2: Understanding Your PolicyIt is important that you fully understand the details of the life insurance policy before purchasing it. Make sure you know:
● Information about the carrier
● Details about the beneficiaries
● Payments for premiums
● Beneficiary of death
The Third Step: Making Your 1st PaymentIssuing and delivering the policy.
Your policy is issued and delivered once you provide payment and beneficiary information. As soon as your first payment is made, your policy becomes active. Ensure that your policy is stored safely in a place where the beneficiaries can access it.
A Graded Benefit is available for terminally ill people with life insuranceLife insurance that is guaranteed-issue is typically modestly sized and offers a graduated benefit. Graded benefits: what are they? After a certain period of time has passed, the death benefit will fully kick in, which is usually two years (sometimes three years). You will either receive your premiums back (typically with interest) or an amount equivalent to a percentage of your death benefit if you die during the graded period.
A death resulting from a qualifying accident usually waives the graded period. The entire death benefit is paid to your beneficiaries if you outlive the graded benefit period.
There is a possibility that you will outlive the period of graded death benefits. Your beneficiaries will be repaid your premiums plus interest in that case, allowing you to have peace of mind.
It is unlikely that you will experience a loss when you die during the graded period, and you will gain a modest interest amount from your premium payments.
Your beneficiary receives the entire death benefit payment if you outlive the graded period.
Q&As about life insurances for terminally ill peopleLife insurance questions and answers for terminally ill people.
How does a terminal illness differ from other illnesses?According to general definitions, a terminal illness is a condition in which a physician certifies that the patient has a terminal illness with a life expectancy of less than six months.
Illnesses that sometimes qualify as terminal include:
● Kidney disease
● Heart disease
● Lung disease
● Liver disease
● Late-stage Cancer
● Advanced HIV
● ALS (Amyotrophic Lateral Sclerosis)
It is well known that many terminally ill patients survive longer than expected. An expected lifespan does not reflect your specific condition, and is merely an estimation.
If someone is dying, can they buy life insurance?Yes. You can only buy a guaranteed issue life insurance policy in this case. The coverage amount will be lower and there will be a waiting period (often 2 years).
If I am terminally ill, should I buy life insurance?Financially dependent individuals need life insurance.
The only policy you can obtain if you have a terminal illness is a guaranteed issue policy that includes a graduated death benefit period.
I know you're worried about outliving the grading period because you're in the midst of it.
If you die before the graded period, you will not lose money. You will receive your premiums back, plus interest.
Your beneficiaries will receive the full death benefit if you live just one day beyond the graded period.
Life insurance is already in place for me. Does it cover terminal illness?Yes. Good news if you were able to secure health insurance prior to the diagnosis of your terminal illness.
You need to know two things.
● Death benefits are paid in full to your beneficiary.
● Make sure the policy has living benefits. A death benefit rider which accelerates death benefits may now be able to help you access funds.
What to do If You Have a Terminal Illness?There are two things you need to do when you are terminally ill in order to get appropriate life insurance coverage.
Make sure you work with a qualified independent agent who specializes in guaranteed issue policies.
Comparing multiple carriers and policies can be helpful in finding the one that fits your needs the best. Secondly, make sure you are prepared to communicate your basic information.
You can still purchase life insurance despite suffering from chronic obstructive pulmonary disease. But underwriting hoops will have to be jumped through.
It depends on a few factors whether you qualify for life insurance, and how much it will cost:
● COPD severity
● Treatments and medications prescribed
● Health in general
The following information will help you buy life insurance with COPD - underwriting questions, possible outcomes, quotes, and how to apply.
Insuring Life With COPD:Plan to answer several important questions about COPD during the underwriting process.
According to your answers, you can qualify for different types of life insurance.
1. When were you diagnosed with COPD?In underwriting, your length of time with COPD is important for two reasons:
● Demonstrate that the condition is effectively managed.
● There is no cure for this disease, which is progressive in nature.
2. Which specific diagnosis do you have?What kind of life insurance you can buy depends largely on how advanced your COPD is and the associated FEV.
3. Explain how you feel.Symptoms of chronic obstructive pulmonary disease can range from wheezing and shortness of breath to a chronic cough.
To determine what kind of policy you are eligible for, the severity of your COPD symptoms is essential.
4. Does your medication require a prescription?It is directly related to the severity of your COPD that you take medications.
Life insurance carriers often view prescriptions as red flags, even though prescribed medication may be necessary to manage the disease.
Why? It usually means that your condition is considered concerning when lifestyle changes alone (e.g. quitting smoking) are insufficient and medication is needed.
When you take/experience any of the following, you should speak with your doctor:
● Bronchodilators (Short-acting or long-acting)
● Steroids inhaled
● Inhalers that combine two drugs
● Steroids taken orally
● Potent inhibitors of phosphodiesterase-4
● Therapy to treat the lungs
● Thermotherapy using ventilation
● Surgical procedures
Be honest at all times. You may not be approved if there are discrepancies on your application. Online prescription databases are checked.
5. How do you see your outlook?Unfortunately, there is no cure for chronic obstructive pulmonary disease. Patients experience the condition differently, however.
How does your doctor describe your long-term outlook?
A person's life expectancy varies greatly based on factors such as the stage of their lives and their lifestyle.
A person's life expectancy after being diagnosed with COPD is often determined by a system known as the BODE Index.
Several factors contribute to the BODE Index, including:
● A blockage of the airway
● Tolerance to exercise
The index points range from 0 to 10 and forecast a person's chance of surviving four years - but not guarantee it.
● A score of 0 to 2 points equals 80%
● A score of 3 - 4 points equals 67%
● A score of 7 to 10 points equals 18%
● A score of 7 to 10 points equals 18%
6. Is tobacco a habit of yours?The cost of life insurance is affected by smoking, as expected. Traditional life insurance is more expensive if you smoke. Life insurance policies that are guaranteed to issue do not ask health questions.
7. Are you in good health?To assess your risk, underwriters will also be interested in your general health. In most cases, COPD is not a result of a vacuum. COPD is often accompanied by other medical conditions:
● Having diabetes
● Blood pressure is high
● Cardiovascular disease
Is it possible to get life insurance with COPD?Your life insurance application will be adversely affected if you suffer from COPD. Regardless of your health, you will have the option of purchasing some form of coverage. It is important to be aware of three possible outcomes.
1. Approval of Standards:The best scenario.
Standard or "regular" coverage, such as a 20-year term policy, may be suitable for your needs. You must have mild (Stage 1) COPD symptoms to be approved at standard rates. As an example, you may not require medication and can continue to perform daily activities without difficulty. The standard approval process is relatively rare.
2. Approval of the ratingsHowever, you'll pay a table rating surcharge on your premiums as you qualify for traditional coverage. Table ratings range from a 20 – 200% added cost to premiums. Let's look at an example of a COPD rating schedule. Below is an example only, and individual experiences may differ. A typical COPD rating is:
Minimal - occasional throat clearing/infection
Airway difficulty during physical activity
Labored breathing with daily activity
Steroids, multiple Rx
Oxygen, multiple Rx
3. Final Expense or Guaranteed IssueLast expense insurance and guaranteed issue insurance are often interchangeable terms used to describe insurance coverage for those who would otherwise not qualify for it. How do they differ? They are underwritten differently.
The guaranteed issue application does not ask for any health information, whereas the final expense application does.
Term and whole life insurance may not be available to you if you suffer from serious COPD. Looking into the final expense or guaranteed issue may be your best option.
The process for obtaining a traditional policy may take weeks, whereas with a guaranteed issue policy you can obtain a quote instantly.
Do not overlook the importance of life insurance.A traditional life insurance policy (e.g. a term policy) does not provide no exam coverage. A medical exam will be required as part of your underwriting process.
No Health questions are often the deciding factor for a physical life insurance policy's underwriting.
Quotes for COPD insuranceIt is extremely important to determine your rates based on your diagnosis, symptoms, prognosis, and medications prescribed.
Here are some examples of term life insurance quotes to give you a general idea.
How Do You Buy?COPD can be insured with life insurance.
Putting together a medical history, including the contact information of your physicians, is the first step.
Make sure your coverage needs are determined by conducting a needs analysis.
● Costs of funerals
● A loved one's financial needs
● Credit Cards
● Income per year
Working with an independent agent is also important. Why? COPD is underwritten differently by each carrier. To find the best deal for your needs, you should have access to multiple companies.
Insuring yourself against the loss of your life is not impossible due to your high cholesterol. It does, however, make things more complicated. There are a number of important factors that determine whether coverage will be approved or declined:
● Cholesterol numbers specific to you
● Applying to a company
● Coverage type you want
● The age and health of you
Getting affordable life insurance with high cholesterol is easier when you know how to find it.
Getting started:Body cells contain cholesterol, which is a waxy substance that plays an essential role in life. Cells, hormones, and vitamin D are largely dependent on this molecule.
Cholesterol is made in the liver and derived from certain foods, such as animal products. When you apply for life insurance, lab tests can reveal high cholesterol.
The fact that you have high cholesterol and are looking for life insurance does not mean you cannot secure coverage.
Managing high cholesterol:Some specific information will be required by life insurance companies. Preparation makes the application process less likely to throw you off.
The following are typical questions that underwriters (who assess the risk) ask when assessing traditional life insurance.
1. When were you diagnosed?Underwriters are interested in dates on the calendar. Provide the date of your diagnosis and your current age.
Depending on your age, some carriers may leniently measure cholesterol as you age (often after age 60).
Remember - if you are an older person, you may want to examine no exam life insurance for seniors, as your needs and options will change.
2. Do you have high cholesterol levels?The HDL ratio is used by most life insurance companies to determine your health class.
Take the following example into consideration. However, a company's acceptable ratio will vary.
For life insurance, the HDL ratio is:In As well, there are usually limits on total cholesterol. There are some carriers that allow a maximum of 300 total messages with a minimum of 120.
Your carrier may require your physician to provide a statement regarding your cholesterol readings, called an Attending Physician's Statement (APS).
3. What is your treatment plan?If your doctor has prescribed lifestyle modifications and/or other treatments for your elevated cholesterol levels, you are likely already following them.
Share the following information:
● Reducing stress
● Modifying your diet
● Medical care
4. What medications do you take? Most commonly used medications won't result in too much of a penalty. It is common for statins to be prescribed all the time, and your doctor will certainly consider prescribing them to treat your condition if he or she considers it necessary.
5. Have you ever been hospitalized or suffered from a major medical condition? Additional medical problems are often preceded by high cholesterol. You will need to disclose if you have recently undergone major surgery or experienced a medical emergency.
Associated with hospitalizations, it is left untreated:
● An event of cardiac nature
● The stroke
6. How are you feeling overall? High cholesterol is caused by a number of lifestyle and health factors. Underwriters are responsible for evaluating risk.
You are less likely to be approved for traditional coverage if you have concerns about your health.
Prepare questions related to:
● Having a smoking habit
● Overweight people
● Drunkenness and alcoholism
● Depression history
Always remember - honesty is the best policy. Databases are checked by underwriters. Trying to deceive them can jeopardize your coverage.
7. Has the family experienced any health problems in the past? Do you have a family history of high cholesterol? Do you have a family history of other serious diseases, such as cancer?
An insurance company may ask whether one of your close blood relatives (such as your parents or siblings) has been diagnosed with a heart disease or another condition before the age of 60.
When you want life insurance coverage: When you have high cholesterol, you need to do two things to obtain life insurance coverage.
Gathering information about your health is the first step. Your physician should be notified about your health history.
Second, independent agents are best. Why? To find the best policy for yourself, you will need access to multiple carriers.
Your service in the military could affect your life insurance options, but coverage is not out of reach. Because you are inherently placed in higher-risk situations due to the nature of the job, carriers have specific underwriting criteria based on your experience in the armed forces. Everything you need to know about buying military life insurance is available here for active duty and veterans, including underwriting concerns and the best companies to apply with.
Military life insurance:We know that in your busy life you have friends and family you want to protect, but haven’t had time to do so. Recently, a friend told us that they’d recently remarried and they had a baby on the way. They felt very much like this was going to be their last chance to make sure their loved ones were taken care of after they were gone and that it wasn’t something they wanted to put off any longer. Well, we’re here to tell you that these feelings are common – many people in our society worry about getting around to this, or simply assume it can’t be done. We think you deserve more information than that!
● Veteran or active duty service member
When on active duty:In order to determine what type of life insurance they need, military members should consider the following seven items.
As a benefit of serving in the military, the following financial protection measures are provided:
● Family SGLI
● Death Gratuity
● Surviving Beneficiary Plan
As for the second point, many members of the military should consider additional life insurance coverage options:
● Factors to consider when underwriting service members
● An insurance policy for term life
● A full life insurance policy
1. SGLIIn most cases, life insurance coverage for active duty military members is automatically provided through SGLI, or Servicemembers' Group Life Insurance.
The U.S. Department of Veterans Affairs offers low-cost term insurance to eligible service members under Servicemembers' Group Life Insurance (SGLI).
What services does SGLI provide?A SGLI policy provides the following benefits:
● Up to $400,000. Coverage in $50,000 increments
● 120 days of free coverage upon separation from the military
● If you're totally disabled, your coverage may be extended for up to two years
● If your Reserve status does not qualify you for full-time coverage, you can choose part-time coverage
Can I qualify?Most do.
You must be one of the following to apply to the Department of Veterans Affairs:
● Served in the Air Force, Army, Coast Guard, Marine Corps, or Navy or
● Served as a commissioner of the National Oceanic and Atmospheric Administration or the U.S. Public Health Service
● Academi or midshipmen of an American military academy or college
● Students or cadets enrolled in Reserve Officers Training Corps training, or midshipmen engaged in authorized training
● The Ready Reserve or the National Guard is a member of a unit responsible for participating in at least 12 periods of inactive training per year
● Mobilize the Individual Ready Reserves as a volunteer
What is the cost of SGLI?Automatic deductions from your base pay cover your insurance premiums. Consider the following rates as a general guide:
The Traumatic Injury Protection (TSGLI) coverage is an extra $1 per month with SGLI.
Is SGLI sufficient?Usually, it isn't.
The Service Members' Group Life Insurance policy is a good automatic life insurance plan, but it is advisable to conduct a needs assessment to determine if $400,000 will cover the needs of your loved ones.
● Getting a mortgage
● Having debts (e.g., credit cards, auto loans)
● Groceries, utilities, and other living expenses
● Fees for dependent college students
If you investigate additional coverage choices, you will likely discover that it makes sense to do so.
2. SGLI for familiesAs part of the Family Servicemembers' Group Life Insurance (FSGLI), members who have SGLI coverage for themselves and their spouses may purchase coverage for their dependent children.
FSGLI offers what?FSGLI policies provide the following benefits:
● Spouses are covered up to $100,000
● Children under age 18 are covered for free for a total of $10,000
Does FSGLI apply to everyone?You and your spouse will automatically be enrolled in FSGLI if you were married before January 2, 2013, if you are enrolled in a full-time SGLI policy and you have a civilian spouse.
On or after January 2, 2013, you will need to enroll yourself and your spouse if you were married on or after that date. Children with dependents are automatically covered.
Cancellation, reduction, or decline of this coverage is not allowed. - Veterans Affairs Department.
3. Gratuity upon death
SGLI is not the only benefit provided by the Department of Defense.
A $100,000 lump sum payment is intended to provide immediate financial assistance to surviving family members in the case of the death of a spouse or parent.
The gratuity is subject to specific requirements. For example, death must be caused by one of the following conditions:
During active duty
Serving in a reserve status
The death gratuity is not affected by the cause of death.
Furthermore, the death gratuity is payable if the deceased was injured or died as a result of the injury or illness contracted on active duty within 120 days of release or discharge.
A survivor may be designated by active duty members at any time. This includes:
● Surviving children
● Administrator or executor of the estate
● It is possible to divide a gratuity payment by 10% increments.
● The next of kin
4. Benefits for survivors:The Department of Defense also offers a plan called the Survivor Benefit Plan (SBP).
Upon death of an eligible service member, beneficiaries can receive up to 55% of the member's retired pay.
The following beneficiaries are eligible:
● Former spouse
● Spouse and children not included
● There are no spouses, only children
● Interest that is insurable
Someone can demonstrate that they have suffered a financial loss due to your death if you become uninsured.
Survivor Benefit Plans (SBP) are lifetime annuities that pay a beneficiary a monthly income with inflation adjustments over the course of their lifetime.
5. Underwriting criteriaThere are several factors that you should consider when applying for life insurance coverage beyond what is offered through the military, as many do.
A life insurance company's underwriting process involves assessing how much a policy is going to cost based on an applicant's risk profile.
The type of insurance you want and the carrier you choose may require you to answer the following questions:
● How would you describe your specific job title and responsibilities?
● What kind of combat or hazardous situations will you be faced with?
● Do you belong to any special operations forces?
● Do you have orders for deployment or are you currently deployed?
A life insurance policy may contain financial protection clauses to protect the firm's solvency. War exclusion clauses vary from carrier to carrier; however, they usually state that death benefits are ineligible to be paid if a war or terrorist act was the cause of death.
Despite some underwriting red flags, active duty military personnel can still find coverage. If you want to obtain military life insurance, it is best to deal with an independent agent who has extensive contacts with carriers.
6. Choices for term life insuranceIn addition to what is inherently offered by their service, military members typically look for term life insurance.
Why? You get the best return on investment with a term.
Your family can be protected during the time when they need it most with a large face amount and affordable premiums.
Policies with a term expire after a specified period of time. You should choose a plan that lasts so long as your loved ones still depend on you (for example, until your children are grown).
● Term of 10 years
● Term of 15 years
● Term of 20 years
● Term of 30 years
● Term of 40 years
7. The whole life insurance optionPurchasing a policy that will not expire makes sense for some people. No matter when you die, whole life insurance will pay a death benefit if you pay your premiums.
● A whole life insurance policy consists of the following components:
● Inexpensive compared to term
● Option for policy loans
● Option to withdraw from policy
● Protection for life
Members of the armed forces can purchase a whole life insurance policy on active duty in the same way as term.
It is advisable to work with an independent agent if you belong to a military branch because some carriers offer better coverage for military members.
Life insurance's main objective is to provide financial security to those who need it. This requires purchasing additional coverage beyond that provided by the military.
Veterans:You should revisit your life insurance needs and options as soon as you separate from the military. A reminder that military life insurance isn't portable, and is only available via SGLI. Is that what you mean? You cannot continue to be covered by your SGLI policy once you separate from the military. Furthermore, SGLI policies are convertible to other forms of insurance. Veteran life insurance is still available through the military's conversion options. Additionally, it may be an advantage to combine military and private coverage for veterans.
Write something about yourself. No need to be fancy, just an overview.