Life Insurance for Seniors

In the past, many insurance companies shied away from giving life insurance cover to senior citizens, terming them as high-risk clients. The senior citizens are high-risk clients because the insurance companies assume they are likely to die or fall sick in the foreseeable future. To date, some insurance companies decline to offer their life insurance services to senior citizens. Read more here about life insurance.

Currently, there are many life insurance plans that senior citizens can choose from. This are contingent on their health, financial capability, and their age. Some medical conditions may cause the insurance premiums to be high since the insurance firms assume that they are an indication that the customer is likely to die in the foreseeable future. In addition, the more advanced the client is in age the more likely they will be charged higher premiums. Take a look at the information about the senior life insurance.

The high premiums do not deter the senior citizens or their loved ones to seek for life insurance covers for them. The life insurance covers and the benefits vary from one insurance company to another. Therefore, the prospective client should ensure they carry out some research to establish which firms offer the package that is most affordable and valuable to them. Some life insurance covers provide death and funeral expenses at the demise of the insured. In addition, to a lump sum amount paid to the beneficiaries at the demise of the insured, some policies also covered terminal diseases that may affect the health of the policyholder. These benefits encourage many seniors to sign up for life insurance policies.

There are many life insurance policy plans that a prospective client can choose from. Some prospective customers usually prohibit insurance firms from carrying out a medical test on them to determine the status of their health. In this case, the insurance company can exclude medical examination from their policy but will require them to pay a much higher premium than those that agree to the examination. Two policies can cover such clients, this is the guaranteed issue and simplified issue life insurance policies. In the guaranteed issue, the client gets a cover without undergoing a medical examination or being asked any questions pertaining to their health. In the simplified issue, the client does not take medical examinations but agree to answer queries pertaining to their health. Learn more details about life insurance at https://www.huffingtonpost.com/jason-alderman/life-insurance-101_b_1133878.html.

The senior citizens may choose to acquire the permanent or term life policies. The permanent life policy guarantees the policyholder of a lifelong cover. This policy also guarantees that the loved ones of the policyholder will receive benefits when they pass on. The term life policy covers the holder for a specified period. After the specified time the life policy expires. Although the term life policy is cheaper than the permanent policy, it is risky.

What's Happened To Low Cost Term Life Insurance?

A discussion of term life insurance premium costs. Visit: http://www.lifenetinsurance.com/blog-0/bid/88820/What-s-Happened-to-Low-Cost-Term-Life-Insurance

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4 Tips For Life Insurance Over 70

During our lifetime, we normally purchase life insurance to protect our family against a premature death.  To do that, most people purchase term insurance because of its relatively low cost.  This makes perfect sense because the need is great, but mostly temporary. As children grow and other assets may grow as well, the need for large amounts of coverage may become unnecessary.

Tip #1

If you currently have a term policy and you’re over 70, the first thing you should do is check with your current life insurance company to see if that policy is still convertible into “permanent” coverage.  If your policy is still convertible (some carriers allow conversion up to 75) then it makes sense to compare the conversion policy premium to the cost of a new policy.

Converting a policy requires no medical underwriting.  Whatever health rating you were given when your term policy was put in force will be the health rating you get on a conversion policy.  This is a great deal in many cases, especially if your health has deteriorated since the term policy was put in force.

However, before you decide to convert, make sure that a new policy is not a better value.  Some carriers will allow conversion into a lesser quality policy only, with fewer guarantees.

Tip #2

Currently it is possible for a 77-year-old female to purchase a 15-year term policy which will carry them to age 92.   However, should the insured live past the end of the policy, there will be no alternatives for new coverage.  A permanent policy for the same 77-year-old will currently be about 25% higher in cost, but of course the death benefit will be paid whenever the insured dies.  Obviously, there is a tradeoff here so keep in mind your objective.  It maybe that the coverage is only necessary for temporary protection in which case a term policy can make sense.  If not, perhaps a lower amount of coverage that is permanent will suffice.

Tip #3

A 77-year-old male will also be able to purchase a 15-year term policy assuming his health qualifies him for coverage.  The major difference here is that the term policy at this age and a permanent policy at this age are almost the same cost.  Don’t make a mistake and purchase term coverage in this situation.

Tip #4

Most people over 70 no longer own life insurance and the need for coverage is generally small in relation to younger ages.  For small amounts of life insurance, generally up to $25,000 the easiest type of life insurance to obtain is known as policy and you’re over 70. It is used primarily to pay funeral expenses and other small debts.  These policies are also known as “simplified issue” whole life policies because they do not require a paramedical exam.  If the applicant can answer all questions appropriately and accurately, then a policy is issued.  However, these insurance companies all ask slightly different questions which can mean the difference between acceptance and denial.  If you are considering such a policy, make sure that you disclose all health issues to your agent to make sure you purchase the appropriate plan.

Other questions will inevitably come up, especially if your health history includes any serious health issues.  That’s another good reason for using an independent agent with access to many high quality carriers.

Lenny Robbins has spent his entire business career in financial services.  He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer.  In 1991 he founded LifeNet Insurance Solutions which specializes in life insurance for seniors (https://www.lifenetinsurance.com/) and baby booomers.

life insurance for baby boomers

Misinformation Salvation: Avoiding Monetary Myth

On forums, blogs, and other websites, you’ll find loads of helpful information to guide you through the world of finance. Whether you’re just starting out, trying to improve, or a seasoned veteran, there is probably something out there which you like to use as a support. Of course, though, you can’t always trust what you read across the web. Misinformation is rife, and a large portion of the content you consume won’t be backed up with any sort of source. To help you out with this, this post will be helping you to identify quality advice, along with providing some examples of the sorts of myth you might find.

Image Credit: Samuel Zeller (Unsplash)

Solving an issue like this can usually be a simple matter of trust. If you feel you’re able to trust a resource, you should be asking yourself why. In a lot of cases, consistency will be plenty of proof that someone is reputable, and you can often rely on time to help you with this. Cross-referencing the information you read with other websites, along with reading sources properly, are both excellent ways to ensure your knowledge is accurate. Fake news has become a common buzz phrase, nowadays. Of course, though, there is plenty of reason for this.

Checking your sources isn’t the only way that you can make sure that you’re using the right websites. There are plenty of places to read reviews about websites, from either users or professionals in the field of communications. This can give you a good understanding of the quality of a website’s offerings, as well as offering insight into the sort of people using it. To help you with this further, you can find some examples of common monetary myths below.

Age Is A Big Concern: Throughout your life, you’ve probably been given the advice that you have to start early with your finances. A lot of people will tell you to start investment while you’re still young, and most people believe that options like life insurance are only available to the young. Of course, though, not everyone gets the same start in life. Companies realize this, offering options like life insurance for seniors over 80, making it easy to overcome the issues which come with age. Most businesses will be more than happy to help you however old you are.

Speed Can’t Be Achieved: It can often feel like making, saving, and handling money is a very long process. When you first get started, the numbers you will be dealing with will often be quite small. This doesn’t mean that they aren’t going to grow faster and faster, though. As you finances start to bloom, the right actions can take you from nothing to everything in a matter of years. There are loads of resources out there dedicated to helping you become a millionaire in your 20’s. Even with these sorts of posts in mind, you should always make sure that you have a clear idea of the goals you’d like to achieve.

Chances Are Slim: The next myth follows on quite nicely from the issue of speed. A lot of people think that the chances of finding financial freedom are very slim. In reality, though, it only takes a sequence of good decisions to land you in a good spot. The best way to increase your chances is by getting some support. Whether you choose to look for an online advisor, a bank manager, or a specialized professional, having someone who has spent a few years in the game behind you will take a lot of the weight off of your shoulders. Of course, though, this is another source to back up and research.

Education Is Essential: Finally, as the last misconception about money, it’s time to think about something much broader; education. This part of life is often seen as the defining factor in the state of your future finances. Of course, though, you don’t need someone to teach you if you want to learn. Instead, for a lot of people, the best part of their education happens outside of the classroom. If you start your own company, the certificates and qualifications you have become much less important. With the ability to run a company and lead well, you will have almost everything you need, and will only have to think of an idea to get started.

Hopefully, this post will inspire you to start working harder on the time you put into your online information hunting. A lot of people will believe everything they read on the web, choosing to remain ignorant of the issues this can cause. But, with the right work, you should be able to make your financial life a lot more stable, and it only takes a little bit of background research.

life insurance for baby boomers

New Baby Boomer Life Insurance EBook Available

Redmond, WA, United States, February 12, 2015 /PressReleasePing/ - LifeNet Insurance Solutions released a free report today: Guide To Life Insurance For Baby Boomers. This new report reveals how to get the best value in life insurance coverage and what type of coverage is best for any circumstances. 

Lenny Robbins owner of LifeNet says For too long people have been in the dark on the costs and problems with various types of life insurance. This report helps to open the curtains on the industry and give non-agents the insights one won't find elsewhere. 

Many baby boomers Robbins says, have been told by consumer advocates that term insurance is always the best choice, and permanent coverage should be avoided at all costs. While this may be true, especially for young families with large insurance needs and smaller assets, baby boomers need to reexamine their priorities and make sure they're covered appropriately. 

This is especially true since many carriers have enhanced their policies with living benefits that have real value given the cost of long term care insurance as well as the need for cash in a medical emergency. Best of all, these benefits are free riders or incorporated into the policy itself, but have not translated into higher premiums. In fact, premiums have decreased in general as benefits have increased. 

For example, several carriers have recently incorporated a return of premium benefit into their permanent products which gives the owner/insured the right to cancel the policy at certain fixed times, so that if the protection is no longer needed a lump sum of cash is available instead of simply dropping the policy or trying to sell it through a life settlement. 

Remember, the educated consumer has the information necessary to make an informed decision when it comes to one of the most important financial decisions in one's lifetime. 

The report can be downloaded free at LifeNet Insurance Solutions website. 

About Lenny Robbins 
LifeNet Insurance Solutions was founded in 1991 by Lenny Robbins, and serves the Baby Boomers and Seniors insurance marketplace throughout the United States. 

For more information about us, please visit http://www.lifenetinsurance.com 

Press Contact: 
Lenny Robbins 
Lenny Robbins 
11505 Eastridge Drive Ne 
(425) 214-4757 
http://www.lifenetinsurance.com/

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Everything You Need To Know About Over 50’s Money Management

Retirement can really sneak up on you. For a huge range of reasons, people don’t actually start saving for their retirement until they hit the age of 50. If you have ignored your own pension pot or if you have not been saving for the future already then you could be in a bad situation. Fortunately, there are some things that you can do to try and turn it all around.

Work Longer

When you postpone retirement, you can continue to earn so you can pay for any of your current expenses. You don’t have to draw money out of your retirement account and you can also put way more money in your savings account. The longer you work, the more money you will have when the time does come for you to use your pension. Remember that you are still contributing to your pension while you work as well, so it really is a great way for you to try and set yourself up for the future.

Curb your Expenses

When you manage your expenses, you’ll quickly find that this frees up any additional funds and you can use all of this to contribute to your retirement savings. Think about your house and your budget. If you only save a little bit each day by skipping out on your daily coffee then you’ll quickly see that this can amount to hundreds by the end of the year. Managing your household costs is crucial at this point as well, so if you can save on your energy bills and even your general expenses then now is the best time for you to do so.

Emergency Accounts

Emergency accounts are designed to try and protect you from anything unexpected. Your account needs to have enough funds to cover around 6 months of rent and living expenses, so if something does happen then you know that you will always have time on your side. Cash on hand is also ideal when you are having an emergency situation, because if you have to withdraw from your investment account then this could include penalties of early withdrawal fees and even tax liabilities as well.

What About Life Insurance?

Life insurance is very popular when it comes to long-term financial planning. If you want to make the most out of the insurance policy that you have in combination with your existing plans and savings then it’s important to understand how sites like  https://www.lifenetinsurance.com/ work.

A lot of people when they are over the age of 50 want to start putting money away so that their family will be covered financially for the future and so that they can leave something behind for them as well. Life insurance is a fantastic way for you to do this and it is a great financial investment.

When Benefits Are Paid

Life insurance is usually paid when the person who is insured passes away. The beneficiary will file a death claim with the insurance company along with the death certificate. A lot of claims are paid within 60 days of the claim being made, so if you know that you have children who are living with you, you need to take into account the fact that the claim may take this long to process. That is where your existing savings come in.

What Could Delay Your Payment

If you, as the insurer die within 2 years of the policy being issued then the beneficiary could face a delay of up to the year. It is also possible that you have a contestability clause as well. A lot of policies contain this clause and it gives the insurance company the chance to investigate the application to make sure that it is not fraudulent. If homicide is listed as the cause of death then an investigation may also occur, to rule out the beneficiary as a possible suspect.

So now you know how important life insurance is, and how you might need to use it in combination with your savings in order to protect your family should anything happen to you. A lot of people believe that when they have life insurance, that savings are not required because if something did happen to them then their family would automatically be protected. If you have dependents, they could go up to a year without any form of payment should something happen. For this reason, savings are crucial when you take out life insurance and by investing in both you can be sure to give your family the best chance of financial security.

Installments

When setting up your life insurance, you can set it up so that it is paid in installments. This gives you the chance to set a predetermined and guaranteed income over a period of 5 or even 40 years. This is ideal if you want to protect your family financially for a set period of time.

ISA Accounts

Another financial investment that you need to think about when you reach the age of 50 is an ISA or savings account. When you set-up a savings account or anything else similar, you will receive a large amount of interest every year. You won’t be able to touch these savings, but the rewards that come with them are outstanding and this is especially the case when you invest in them over a long period of time. You can invest in multiple accounts as well, and this is a brilliant way for you to take advantage of the many savings and even free gifts that often come with them.

Ultimately, by understanding the life insurance that you have, the way that you save and even

the house expenses that you have- you can go on to make better financial decisions for the future. It is never too late to start making the right decisions and a lot of people even choose to invest in a financial advisor. This may set you back in the short-term, but in the long-term it could help you to save thousands on top of what you have already.

life insurance for seniors and baby boomers

Top 5 Reasons Seniors over 70 Purchase Life insurance

By the time you’re over 70 years old the reasons for purchasing life insurance change from when you were younger.  No longer are you concerned with protecting your family against premature death with a relatively large policy that lasts for a specific period such as 20 or 30 years.  Even through middle age the need for coverage is relatively high since most people are concerned with paying off large debts such as a mortgage or business loan.  In either of these cases the least expensive method is generally a term policy.

However, as we age the need for life insurance for seniors over 70 changes because the reasons for insurance change.  No longer are we trying to create an estate for family protection.  Most seniors are interested in buying insurance which will stay in force for their lifetimes.

Let’s start with reasons to purchase a small policy and what to look for when you do.

1. Paying for funeral and/or cremation costs
2. Paying outstanding bills
3. Leaving small sums to family members
4. Leaving money to charity
5. Not having to sell assets quickly

Most whole life policies that offer small amounts of coverage, usually up to $30,000 or $40,000 are known as “simplified issue” contracts.  These have applications that only require the answers to health questions.  The is no paramedic exam and if the applicant can answer all questions in the negative, the policy will be issued after a check of the medication database to confirm that no drugs are being taken for declinable conditions.

While many seniors are uncomfortable with a paramedic exam, in many cases the cost per thousand for coverage with a universal life insurance policy is substantially lower than for a whole life insurance policy without an exam.  Depending on what state you reside in, lower cost universal life policies are available starting at $25,000 or $50,000, although in a few instances the minimum face amount is $100,000.

These larger policies are like whole life insurance in that they are typically designed to last for the insured’s lifetime.  However, they differ in that their design is more flexible.  This means that a policy can be designed without cash value accumulation and therefore will have a lower premium than whole life.

One factor that most buyers are not aware is that most whole life insurance death benefits do not include your beneficiary receiving the cash accumulation.  If money has been borrowed from the policy, the death benefit will be reduced by that amount.  In rare instances, both cash value and death benefit are paid, but this choice which is made at the time of purchase is much more expensive and generally not taken.

In some situations, seniors will not be able to qualify for immediate coverage due to health issues.  If this is the case, they may be able to purchase “graded” coverage.  While most insurance companies will offer this alternative, some will pay a percentage of the death benefit during the first 2 (or rarely 3) policy years, while other carriers pay nothing during that time for death from illness.  If the insured dies in the first two years and no benefit is paid, the insurance carrier will pay to the beneficiary 100% of premiums paid plus interest. All carriers will pay 100% of the death benefit for accidental death during the waiting period.

For other seniors over 70 that do not qualify for either type of coverage, some companies offer “guaranteed issue” policies.  As the name implies, there are no health qualifications for acceptance.  This insurance pays nothing if death occurs within 2 years, and can only be purchased from 40 years old up to age 80.  Amounts are generally limited to $25,000.

Another reason for seniors over 70 to purchase coverage is not protection, but rather for the payment of estate tax.  While this does not apply to most people it can be an effective way to keep assets for the next generation.  The typical method used is known as survivorship or “second-to-die” life insurance.  As the name implies, the death benefit is paid only when the surviving spouse passes.  Because there are 2 deaths involved, the cost of coverage is generally lower as are health requirements.  In fact, in some cases only one of the applicants for this policy need be insurable.  Before buying this coverage it’s advisable to consult with your tax advisor so that the appropriate amount of coverage is purchased.

Whatever the reason for life insurance over 70, seniors should consult with an independent agent, someone familiar with the issues of older clients and willing to spend the time necessary for them to completely understand their purchase.

life insurance for seniors

The Easy Guide to Picking the Correct Life Insurance

Here’s an example.  Let’s say you own a term policy with level premiums for 30 years.  At some point during this time you are diagnosed with a serious health issue that would normally result in high premiums or even a decline of coverage.  With good conversion options, you will be able to convert part or all your term policy into a permanent policy without evidence of insurability.  Not every company has good conversion options. This is a most important feature and the least understood benefit of term life insurance.  You will not find this information on the typical website, nor will you find it on the quote forms that are generally provided by these sites.

Before you by any term life insurance, make sure to speak with an independent agent (someone with access to many carriers) and ask about the specific conversion of the recommended coverage.  High quality carriers do not necessarily charge more or have stricter underwriting requirements.

Other insurance types fall into the permanent category.

This coverage is designed to stay in force for the lifetime of the insured, and includes whole life and universal life policies.  Today, most whole life policies are for small amounts of coverage.  Sometimes called “final expense” insurance, they are designed for easy acceptance and generally cover individuals for $25,000 or less.

For amounts over $25,000, a universal life policy with lifetime level premiums is the least expensive permanent coverage.  Unlike whole life, this type of universal insurance is intended to pay the death benefit only.  Because it does not generate any meaningful cash value, premiums are lower than whole life.  A side benefit is the ease in which policies may be compared because all premiums are level and guaranteed.

Whatever type and amount of coverage makes sense for you, don’t be shy about asking questions of your agent.  Good agents are a valuable resource that can help you understand your need and address the best way of meeting your requirements.

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Benefits of Buying Life Insurance Online

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LifeNet Insurance Solutions on Byzadee

LifeNet Insurance Solutions on Byzadee

LifeNet Insurance Solutions of Redmond WA is a family owned life insurance agency founded in 1991. Our areas of specialization include coverage for both the baby boomer and senior generations. We represent all major carriers throughout the U.S.

Contact Details

Contact: Leonard Robbins

Address: 11505 Eastridge Dr NE #420 Life Insurance in Redmond WA
Redmond -98053, WA, United States

Phone: (425) 214-4757

Website: www.lifenetinsurance.com

seniors life insurance

How Starting a Business Later in Life Made Me A Better Entrepreneur

The entrepreneurial bug hit me early.  The first time I got that rush of excitement takes me back to selling gum for the cub scouts door to door.  I realized then that I wanted to be number one, and remembered that feeling of pleasure when a sale was made.

Fast forward to high school selling encyclopedias and learning a lesson about myself in the process.  I remember having to memorize the sales script before heading out with the “boss” and others on a drive one evening up to small towns in New Hampshire, about an hour from my home.  Someone made a sale of the entire World Book Encyclopedia plus yearly updates and everyone was ecstatic from the manager on down.  But… I had to open my mouth.  What was this guy with no family, and it appeared not much money going to do with his purchase?  “Who cares, just count your money” was the answer.

It was not my answer and that was the end of my door-to-door sales career.

Fast forward to my first real job after college.  I started working for a large holding company that had recently purchased the smaller national firm that hired me.  This was my first taste of the corporate world, and I learned a valuable lesson there.  Make sure your boss likes you, and he did!  But, after 18 months on the job he was told to economize.  Last hired (me) was first to be fired.  It had nothing to do with me personally, it was just numbers.  But then, he found me another job in a different city and this was a promotion.  I went from being fired to promoted the same day.

Valuable lesson #2.  When you work for someone else, being good at your job is only part of the equation for success.  If you really want to be in charge, then you must be in charge of everything, and that means learning about all those things that allow you to sell and work effectively!

Valuable lesson #3.  Keep your overhead as low as possible.  Spend money only on those items which will either give you more time or can add to your bottom line.

One way of being in charge is to work on commission.  Now, before you start picturing the guys down at the local used car lot, remember that nothing in the world of business happens before something is sold.  From the paperboy delivering the subscription you bought to your physician selling his or her expertise.

Deciding that this was for me, I joined a stock brokerage firm that sent me to their training school for 3 months of learning about stocks, bonds and assorted other security transactions.  Boy, was this different that selling encyclopedias!  It wasn’t OK just to sell something, it had to be appropriate for the client’s objective, age and financial condition.  This is a valuable lesson that has stayed with me throughout my business career.

For me, being an entrepreneur is not just working for myself, but working in an ethical manner.  From past experience, I know there is the “rush” in getting that sale, but all of my lessons from earlier put me on the ethical straight and narrow.

Since I started my own life insurance business some 25 years ago, I have prospered because of how I treat the prospects and clients that have come to me.  When you start your own business, think about what you would want from someone selling whatever product or service you offer, especially if you have lots of competition.

Now think about how to set yourself apart from that competition.  My advice.  Find yourself a small niche in a great big market.  You will find that the smaller the niche, the more likely you are to succeed.  It seems almost counter-intuitive, but think about it this way.   If you want to solve a problem, would you rather speak with a specialist with extensive experience particular to your need, or someone who knows a little about everything.

With the advent of the internet, the entrepreneur spirit has grown dramatically because of the ease in which people can set up their own businesses while working their “day job”.  There are countless courses about building websites and ecommerce that are tailor made for the newly minted entrepreneur.

It’s very empowering to think of an idea that could possibly make money, then research it thoroughly to learn about your potential customer.  Put yourself in your possible new client’s position.  Whatever you’re selling, they will buy if it eliminates some “pain point”.

If you can alleviate your prospects’ pain points with a workable solution, you’re on your way.

Author: Lenny Robbins has spent his entire business career in financial services.  He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer.  In 1991 he founded lifenet insurance solutions which specializes in life insurance for seniors and baby booomers.

Life Insurance Agents - LifeNet Insurance Solutions

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See what real Zerys users are saying! - LifeNet Insurance Solutions

See what real Zerys users are saying!

I resisted outside content writers for a long time until we found Zerys. The ease of setting up a project, knowing there is no risk if I found the content unsuitable and the fabulous program made me do a 180 degree turn around. I will have my favorites writing my blog and going forward white papers and more. 

Terry Robbins  

https://www.lifenetinsurance.com/

life insurance for seniors and baby boomers

Smoking And Life Insurance

When it comes to California life insurance and cigarette smoking, the carrier with the best value or type of coverage cannot be predicted. Though rates for smokers are always higher than non-smokers, they become even more increased as the smoker ages. Age and sex play a essential role in determining which carrier is the best.

What should you disclose when it comes to your smoking habits? The short answer is to always tell the truth. Two drugs that insurance companies will always test for are nicotine and cocaine. These are very sophisticated tests and can tell the difference between current use and second hand smoke. Remember that more often than not, there is a two year contestability clause per policy that handles fraud in the application.

Will any organization give non-smoker rates to smokers? Some carriers will give smokers a reason to stop smoking by allowing premiums at a standard non-smoker rate for three years. This is only on permanent policies. If you’ve stopped smoking within those three years, you may proceed with the lower premium, or else the rate will increase to smoker rates.

Not every insurance company considers cigar or pipe smokers to fall into a smoker’s category, and there are drastic differences. This also applies to those trying to quit smoking through the use of a nicotine patch.

If a smoker remains nicotine-free after one year, most insurance companies will allow them to obtain a non-smoker rating, which can improve with time. A good agent will discuss your smoking history in detail prior to suggesting the best value for your needs.

In my experience, more smokers than not want to stop. In order for a previous smoker to quality for term insurance at non-smoker rates, they need to have been nicotine-free for a minimum of one year. If you have recently quit, tell your physician and discuss an appropriate notation being made in your record.

If you find yourself in this situation, you may want to consider purchasing a 10 year term policy. This policy is often less expensive than a shorter term one, and there is no reason to pay for a longer guarantee.

Do not forget that a couple of years down the road, you will most likely be able to get a better rating with a lower premium, despite the fact that you are older. Therefore, there is no reason to pay for a longer guarantee on a policy you plan to replace, in most cases.

Leonard Robbins has been a California life insurance agent helping smokers obtain the best in service and vaule for their premium dollars. Contact him at LifeNet Insurance Solutions for more information.

Article kindly provided by UberArticles.com

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Life Insurance: Is it just an expense or a guarantee of happiness

You cannot overstate the value of life insurance. Life insurance protects your family when you are gone and helps your family from not having the economic hardship.

Everyone’s life is valuable to their loved ones, but no one knows till when they will live. Life for anyone can end at any time leaving their loved ones to feel the stress. It is true that no one can take away the void space you will leave in your loved one’s heart, but at least you can assure that they do not face the financial hardship through life insurance policies.

The Value of Life Insurance

Some people think that life insurance is just one more expense. But the question you should ask is that do you want your loved ones should suffer economic hardship due to your death? Most people will reply, of course no.

Married and have children

Your young children are in this world because you wanted them to be on this earth. They depend on you and will depend on you till they are settled. Don’t you think you need insurance? A great philosopher and biologist rightly said that it is more surprising how human are living with their complex system. A human doesn’t need a reason to die these days, who knows out of hundreds of satellites one just falls on your head right now, or you just slip on your bathroom and crash your head. So, every step there is death written death written on every human being, and someday when you run out of your luck, you are dead, or your body gives up. So, if you die, your income will be deducted from your family’s source of income which will lead to financial hardship for the family. This will not only make hard to meet the ends need, but also it will have a huge impact you’re your children’s education. If you think that you are lucky that you don’t have to work, you are a stay home parent, so your death wouldn’t mean much loss financially, but then even as a home parent you saved a lot of money by doing stuff like taking care of the children, cooking, and some or all housekeeping jobs. Now, someone needs to get hired to do all those jobs, and there’s no way someone going to do them all for long without getting paid.

You should have enough life insurance

If someone dies in a family it is a big loss for the family, emotional and traumatic stress. But the sad thing about life is that it doesn’t stop there if someone dies. The life goes on and living has an expense. If those expenses are not met, life gets more difficult, the situation gets even worse. Your loved ones would grieve your loss, and also they will struggle with the added financial burden on them. Mostly your loved ones would move away from the current living scenario and would shift to a less expensive home, forget about their carriers and education, and start living a restricted financial life. They even might have to apply for a loan or two for funeral and burial expenditure, and also the medical bills which are left and taxes.

Consider making life insurance policy before it’s too late and your family and loved one suffer. There are many options to choose from life insurance companies. You can also visit here, and get the best policy that you can afford.

life insurance for seniors and baby boomers

Check Out Different Facts About Buying Life Insurance for Baby Boomers

Getting a life insurance is a sort of safety net in these days where there are volumes of health problems that are surprising everyone. Usually young people will be opting these and the people who are in their 50’s and above usually feel that they are settled and they don’t need. But this is not right, as these baby boomers who belong to the period of 1946- 1964 also should know about how to get their life insurance without fail. Here you will know everything about buying life insurance for baby boomers. Usually all of us will be in a conclusion that at this early age, the cost of premiums will be very high and it is hard to take the insurance. But always keep in mind that getting insurance at your 60’s and 70’s is not impossible. There are different options like the term insurance and many more. All these are available for an affordable cost and the best part is that all these are of useful for most of the baby boomers of the present days.

Necessity for Life Insurance:

Those who are nonsmokers and highly qualified for health insurance with respect to their health must pay less amount when compared to those who are having a lot of health issues. If you are considering that the life insurance policy which your employer has given is enough, you are mistaken as this will not be enough to claim when all your family emergencies or requirements are concerned. So, it is always wise to get a insurance policy which is not a part of the group one so that you can be on safer side. Compare the face values of the different policies that are available and thereby one can choose the best ones which they can afford to pay the monthly premiums.

Consider your Responsibilities:

You might always need a permanent policy when you think that there is a dependent who needs some financial support for the rest of their life. Whoever might be dependent these sorts of policies will be of great help even of something happens to the person taken the insurance. Besides, just health there are many other concerns like the financial responsibility in bringing up the children etc. in these days, there are different policies that are available. So, take a wise decision as to which one helps you the best. Whenever know what happens to us at any time, for this reason always think about the premature death which suprises the family. If this is the case, check out the amount which they get from this insurance coverage will be helpful and as well sufficient for them at every instance of their life. Keep in mind, the changing conditions and the cost of everything.

Types of Policies:

There are two different policies namely the term and as well the permanent policies that are used by everyone. The different is that the term policies are helpful only for a certain time and the permanent ones will be staying for the life time. Before you choose a policy, check what is the additional amount that costs you for the conversion rate. When you feel that these policies should also cover your children educational charges, one must be more careful and take the right one. So always think beyond just the cost which you must pay as this will be useful in taking care of your family in your absence.  When you feel that your health condition is changing, then you can convert to the permanent insurance and this will be of great relief for you in the long run.

As life keeps on changing, think about the different types of riders that are helpful to add extra features for the policies which you are taken long back. The long-term benefits like the death benefit can be used early if you must pay for the nursing needs which you haven’t thought that are needed. There are even other options like the accelerated death benefit which helps you to use the amount while you are terminally not well. Always check out that the term insurance policy which you are paying premiums form a long time can even be converted to a long-term insurance. It works for you if you can pay the premiums. All these are the different aspects which one should consider while taking the insurance. Otherwise even though having an insurance will not be of more use in times of need.

buying life insurance for baby boomers

Life Insurance for Seniors Over 80

Life Insurance for Seniors Over 80

Life insurance is available for purchase at almost any age, but there are some special considerations when applying to purchase life insurance for seniors over 80.  These choices are dependent upon the amount of coverage desired as well as the general health of the proposed insured.

Photo by Wikimedia Commons

While there are exceptions due to State insurance regulations, most people over 80 can purchase a policy that will last their lifetime with no increase in premium cost as long as they haven’t reached their 90th birthday before application.  The least expensive option is known as a “guaranteed level premium” universal policy.  To qualify for this coverage, an applicant must be in relatively good health, undergo a paramedic exam and have bodily fluids taken for laboratory results.  Coverage amounts start at $25,000 or $50,000 depending upon the applicant’s State of Residence.  Premiums are based on age and health category which in turn describe the health risk from “super preferred” to “standard” and higher.  These are the same policies issued at lower ages with some additional requirements to confirm the applicant’s mental competency.

If an applicant needs less coverage than required for a universal policy, typically less than the  $25,000 mentioned above, the best choice may be a “simplified issue” policy which only requires that all qualification questions are answered in the negative.  Each policy has two portions.  The first set of questions will determine if you can qualify for the policy.  Questions include both mental and physical issues.  Should you answer all correctly, there is a second set which will determine if coverage starts immediately or there is either a wait time for death benefits or in some cases a partial benefit is available. While this type of insurance may have a waiting period, there is no wait if death occurs from an accident as long as the accident does not occur due to a health issue. 

Not all simplified issue policies ask the same questions, and so it’s possible to obtain coverage from one company and not another.  Also, prices for all coverage can vary significantly from carrier to carrier, so make sure to ask your agent for a comparison of premiums based on your need, and any health issues you may have. 

In the event that you cannot qualify for any of the policy types mentioned, then your last choice is “guaranteed issue life insurance.”  If the proposed insured can sign their name, then coverage will be issued.  The death benefit is only paid after a 2-year wait. However, all premiums plus interest are paid back to the owner of the policy should the insured die within this period.  Considering that many seniors who apply for guaranteed issue policies are on fixed incomes, the return of all premiums is an important benefit to discuss with the policy owner.

Most of these policies will insure anyone from age 40 to 80, while at least one carrier now has increased the age for application to 85.

Another word of advice for the children of seniors over 80.  If your parent is in reasonably good health, the cost of fully underwritten policies are approximately 40-50% less than a simplified issue policy.  Even if you only need a small policy below $25,000, you may be significantly better off with a fully underwritten life insurance policy at a higher amount for a similar premium.

If this all seems too complicated there is one method that will help you to make sure you’re on the right track.  Find an independent agent (that’s a licensed professional who is able to represent multiple insurance companies) and discuss your objective with that person.  You’ll know you’ve found good advice when your questions are answered. Look for an agent that you are comfortable with and who will show you why a particular policy is your best value.

Lenny Robbins has spent his entire business career in financial services.  He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer.  In 1991 he founded LifeNet Insurance Solutions which specializes in life insurance for seniors and baby boomers.

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How to Convince People They Need the Best Life Insurance

Convincing People They Need the Best Life Insurance

Convincing people to pay out for their future should anything happen to them can be a challenge. Here’s how to get people on board with the best life insurance.

85 percent of consumers understand that life insurance is important, yet a mere 62 percent say they have it. Why is that?

Life insurance is a sensitive subject that few want to consider, however, it is a lifeline when families need it most.

Choosing the best life insurance is an emotional decision. Below we’ve highlighted the best strategies to get customers on board with life insurance.

Focus on Flexibility

Life insurance is not a singular product. Insurance, particularly life insurance, comes in all sorts of prices and policies.

When a customer becomes hesitant, focus on the flexibility your company can offer them regardless of their age or background.

Whether your customer is purchasing life insurance over 50 or they want to protect their young family, there are policies for every situation and budget.

Be sure to discuss the intricacies of life insurance and any additional action they may need to take, such as a doctor’s visit following their application.

Remove the mystery from life insurance and present it in a clear, concise manner that customers can not only understand but they’ll stand behind.

38 percent of people who have yet to purchase the best life insurance haven’t done so because they don’t know how to, or are unsure of the best steps to take.

Guide the customer through the confusing rhetoric to get to the heart of why families need life insurance.

Explain the Benefits of Choosing the Best Life Insurance

Life insurance is one of the most important coverage someone should have, yet it’s also the least discussed. Choosing life insurance is sensitive due to the very nature of what they’re buying.

Nearly a third of those who aren’t purchasing life insurance cite disliking thinking about death as a reason.

An experienced insurance agent understands the imperative need for empathy throughout the discussion and sale of life insurance.

Explain the benefits of what you believe to be the best life insurance for your customers in terms they can understand. Be hesitant of using industry terms as they will be less likely to understand and may become disengaged.

Deciding to purchase life insurance is an emotional decision. Focus on the best choice for their family and be patient.

Delve Into Payment Options

The reason most people are reluctant to purchase life insurance is because they don’t think they have the budget for it. This is where you come in.

Life insurance policies come in all shapes and sizes and many of them are very affordable.

In fact, people without life insurance tend to overestimate its cost by three timeswhen in reality life insurance for a healthy 30-year-old man could be less than $13/month for a 20 year, $250,000 policy.

A good salesperson anticipates a customers hesitance and does everything in their power to address their concerns.

Keeping Your Most Valuable Assets Protected

Life insurance is just one of the many ways you can protect your loved ones. What about the other facets of your customer’s life? Their home, or more importantly, their small business?

Find out the best types of insurance for small business and protect their most valuable assets.

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