Some Facts About High Risk Life Insurance Plans

A high risk life insurance plan is a special type of insurance designed for those people, who are exposed to risky jobs. For instance, jobs such as piloting plane, scuba diving, car racing, firefighting and stunt jobs are dangerous, as they always involve risk. People doing high-risk jobs often put their lives at risk. They thus require special life insurance packages as compared to people doing an ordinary 9 to 5 job. In addition, people fighting against diseases such as cancer, diabetes, heart ailments and others can buy high risk life insurance plans. Such plans are specially customized to handle the risks involved. Life insurance provider calculates the risk factors by incorporating them into the plan. Generally, people buying high risk insurance pay higher premiums.

Some people carry an opinion that people buying impaired risk insurance plan have to shell more money to find very little or less in return. Although, it is not completely true. People buying such plans may have to shell more money in the form of premiums, but they too gain similar benefits as one gets in ordinary life insurance plan. Following are some facts about high risk life insurance plans:

  • Answer It Right: While asking for a plan, you need to answer some important questionnaires that decide whether you are a high risk customer or not. It is ideal to answer the questions in a straight and simple way. For instance, if rock climbing is your hobby and not profession, then you may avoid talking about it during the questionnaire rounds. Such answers may confuse insurance providers while calculating the risks related to your plan.
  • Specialized Brokers: Always choose specialized broker while choosing an insurance. They are well equipped with knowledge on right policies, which would help you reap all the benefits from the plan. Their advices are indispensable and might help you in saving unnecessary premiums.
  • Beware of NSR: Some providers offer Non-Standard Rates (NSR) to people with high risks. These rates are considerably lower than what you might expect. It is ideal to compare quotes from different life insurance providers before investing in a plan. In addition, you may take help from specialized brokers.
  • Clinical Medical Underwriting: Choose quotes from providers that stick to using up-to-date methods for calculating risks in a plan. Some insurance providers use old formulas while calculating the risks. Clinical medical underwriting is a fair concept, which takes possibilities of modern treatment and facilities in curing your existing disease. This helps dissolve the risks in your plan.
  • Online Quotes: There are different impaired risk insurance plans available over Internet. You may use a good search engine to locate and compare online quotes from online high-risk insurance providers.
  • Limited death benefit: Most people are aware that risk factor plays an important role in deciding the premium rates of your plans. Owing to higher risks, you may require to pay more money as compared to ordinary plans. Also very high risk offer limited death benefits as compared to low risk plans.

Term Life Insurance Plans – Options for Protection of Loved Ones

To help protect your loved ones should you suffer a devastating injury or die, you need to consider term life insurance plans. Here are some further details.

Term life insurance plans offer a cost effective way to provide money for your beneficiaries. These plans do not offer any kind of cash benefit to them.

They are designed to pay out a fixed amount of money following your death. The premiums are based on the amount of the policy, your age, and the term of the policy.

Many people want to purchase term life insurance for a given amount and know that their premiums will remain fixed for a certain period of time. For example, you may wish to consider a policy which pays your beneficiaries $100K.

The premiums would vary depending on your age, health, and length of time you desire to have the premiums fixed. The premium for someone in good health at age 25 would normally be substantially less than the premium a 55 year old in poor health would pay for the same amount of coverage.

The term of a life insurance policy can vary. Normally it can range from 5 to 10 years and sometimes longer. The premium is higher for longer fixed terms.

In many case the person applying for a plan will be required to undergo a medical evaluation to assess his health. This may include blood tests and other diagnostic tests.

But for good protection of your loved ones, check out some term life insurance plans. They can bring you and your family good peace of mind.

$5,000 Personal Loans With Bad Credit: The Simple Route To Loan Approval

Getting access to cash loans when most needed is not a new phenomenon, but in recent years the number of people in need of financial resuscitation has grown dramatically. The good news is that the chances of securing even a $5,000 personal loan with bad credit are better than ever.

Traditionally, a low credit score would seriously impede the chances of getting loan approval, but the growth of the online lending industry means there is now a wealth of lenders offering more affordable terms to bad credit borrowers – including fast loan approval.

Why is this the case? Well, it comes down to the fact that the key to getting any lender to grant a personal loan is to convince them that repayments will be made on time every time. There are several ways to accomplish this.

The Issue of Loan Approval

So, why would any lender be willing to grant a $5,000 personal loan with bad credit? Well, thankfully the approval process for any loan is standardized so that as long as the right boxes are ticked, there is no reason for a lender to reject the application.

This essentially means that approval is always possible as long as the set criteria and any additional conditions are met. Of course, when the sum of money applied for is relatively low (like $5,000) this is more easily achieved, and fast loan approval is well within reach. But larger sums are more challenging to secure.

The steps needed to build lender confidence are pretty straightforward, and really come down to addressing the usually problems with an application – for example, proving that repayments on the personal loan are affordable, and that there is a commitment to make the repayments on time.

Making The Loan Is Affordable

Affordability is the magic word when seeking loan approval. No lender, even for a small sum of $100, will give the green light if the applicant has no way of repaying it. So, getting a $5,000 personal loan with bad credit is dependent on proving repayments are possible over the full term of the loan.

There are ways to ensure affordability. For example, seek a longer loan term to ensure the monthly repayments are less. If a $5,000 loan is repaid over 2 years, the monthly repayments are usually around $225. But over 5 years, the same loan would cost just $90.

Getting fast loan approval is most likely when the sum to be repaid falls well within the 40% limit set by the debt-to-income ratio. The ratio stipulates that no more than 40% of available income can be used to repay any new personal loan – and it is likely that $90 will meet that condition easily.

The Criteria Applicants Must Meet

Of course, getting to the stage of proving affordability can only come after the basic loan criteria are satisfied. Even when applying to online lenders, these criteria are the normal set covering age, nationality and employment status. Applicants for a $5,000 personal loan, with bad credit or not, must meet these 3 criteria.

First of all, the applicant must be over the age of 18; secondly, the applicant must either be a US citizen or be a legal long-term resident; and finally, the applicant must be gainfully employed in a full-time job.

A fourth condition relates to having a bank account, thus allowing for fast loan approval and easy funds transfer. It also means the lender can arrange to have repayments made automatically from your account every month, thus reducing h possibility of missing any personal loan repayments.

Senior Life Insurance Plans – A Guide To Affordable Life Insurance For Seniors

The renowned philosopher and statesman, Benjamin Franklin, famously proclaimed, “Nothing is certain in this world, but death and taxes,” which compels thinking people to strongly consider preparing for the inevitable: death.

Since death is unavoidable and we must die eventually, why not be prepared for it, say wise men (and insurance agents).

So, while it is true that savings, pension plans and contingency funds are all good, old-fashioned tools for ensuring financial security, in the rapidly changing world of technology, wars, natural disasters and changing global economies, it is prudent to combine financial security with cash returns. This is where senior life insurance plans play an important role in providing the necessary financial freedom for people aged 50 plus.

While it is true that buying life cover at a younger age means paying lower premiums, since most factors that affect policy costs, like health and high risk lifestyle factors, are at optimum levels, there are many top rated insurance companies that specialize in senior life insurance plans.

These are also called ‘guaranteed acceptance life insurance’ policies by some providers, since they have minimal requirements for senior applicants, which can be met easily by individuals over 50.

However, if you are keen on buying affordable life insurance policies for seniors, remember that not all companies offer the same features, benefits, add-on covers and costs. So, check out the individual plans offered by top rated life assurance providers and clarify with the insurance agent about any riders you are not sure would benefit your financial goals.

Buying Senior Life Insurance Plans? Remember the following tips to buy an affordable plan!

• Ensure you meet the minimum qualifications for the senior life cover plan before you apply for this type of policy, which typically covers people aged 50-75 years of age that are residing in the area covered by the company.

• Clarify your policy commencement date with your insurance agent to avoid misunderstanding, as buying your policy online usually means your coverage starts from the time you’ve completed formalities of the registration process and made the required initial payment. However, if you are to buy a policy via the conventional medium, like over the telephone or in person, the insurance broker will confirm the date your policy starts and this may take a little more time than an online policy.

• Pay attention to the duration of coverage you choose, since most senior life insurance plans cover you till the time your premium payments are up-to-date. However, if your premiums lapse, you are not entitled to any benefits from the company. So, it is advisable to include a premium cap option, which means you don’t need to pay any more monthly premiums than the coverage you expect to receive; this way, you stay covered for the rest of your life.

• To buy affordable life insurance for seniors, choose a plan that allows you to pay premiums based on extent of coverage. This will enable you to pay for a life cover plan that you can afford to buy comfortably at the time you apply for the policy. Alternately, you can opt for the premium cap feature that only requires you pay premiums till you meet your coverage amount. So, either way, you get to control the cost of plan.

Selecting a Life Insurance Plan

When shopping for life insurance, it seems that most people just look at getting the lowest possible rates for the most amount of coverage. There is nothing wrong with that. But why do some companies charge more or much more for what seems the same plan? And if rates are not the same for the same plans with all companies, why do some people want to pay more for the “same” coverage? Are they just not interested in saving money on their life insurance? Do they know something you do not know? Here are some possible reason.

Convertibility

If you are considering a term life insurance plan, then you should also consider the convertibility option. This option simply allows you to convert you term plan to a permanent life insurance without having to go through more medical underwriting. This is important as even though you may feel that term is all you need or can afford today, in 10 years or more, as your health or needs may change, convertibility may be the most important aspect of your policy. If your policy is not convertible, you may lose your coverage when you need it the most. In addition, the ability to convert your policy is not the only important part of this option. What can your policy be converted to? You need to make sure that your term life plan is convertible to a high quality permanent insurance plan. Many companies offer great whole life and universal life options to convert to. Unless, you are absolutely certain that you will only need your plan for a term period (as with some business loans) make sure to request more information on convertibility.

Term Guarantee Period

With term life insurance, you must make check that your rates are guaranteed for the full period. In other words, a ten year terms may be cheaper with company A than company B but company A may have the option to raise rates at some point before the 10 year is over while company B will guarantee rates for the full 10 years. What may have started as the cheapest rate may end up the most expensive.

Customer Service from the Insurance Company and the Agent

We feel that customer service is of prime importance. You need a company that will keep in touch with you regularly and inform you of new programs that may benefit you. They also need to inform you about your policy. Most people get a life insurance plan and file it away and if you would later ask them about the plan they have they either would say that they have no idea or worst, they think they know but are incorrect. A good company will be easily reachable and answer your questions in a simple manner and tell you about your present plan and possible options available.

Riders

You may not need them today but who knows what your needs will be tomorrow. Riders can be important from the start or at some point in the future. Make sure that you are ware of which riders are available and whether or not they can be added later. Some may include:

  • Guarantee Insurability Rider (allows you to add insurance later with no or limited underwriting)
  • Waiver of Premiums Rider (pays your premiums in case of disability – read definition carefully)
  • Inflation Rider (adjusts or allows you to adjust your policy face amount based on a percentage you pre-select)
  • Disability Income Rider (pays you a disability benefit in case of a covered disability – read definition carefully)
  • Spouse Rider (allows you to add a spouse to your policy – this may be an inexpensive way to cover a spouse)
  • Child Rider (allows you to add a child to your policy – maximum age is usually 21 to 25)
  • Return of Premiums Rider (returns some or all of the premiums you paid to the insurance company)
  • Accident Rider (pays a benefit in case of accidental death)

Value Added Benefits

Value added benefits that are often free can give your extra protection, discount on products you are already using or even such things as scholarships for children and grandchildren. If you are already paying for some of these benefits with other companies then you can save money as your new life insurance will give them to you for free. When buying certain products or using certain services, with some life insurance policies, these products or services can be greatly discounted. In the end, look at the added benefits some companies are just giving you and see if this “more” expensive insurance plan is actually cheaper for you to have.

Other things to consider

  • Cost to have a policy mailed
  • Cost to get a loan on your policy (if you have a cash value policy)
  • Interest rate charged on loan
  • Effect of loans or withdrawal on the death benefit
  • Cash value growth
  • Agent availability
  • Customer service agent availability
  • Company financial rating
  • What other plans besides life insurance do they or they agent offer? – This may be helpful later when you need other coverage and do not want to have to deal with a whole new set of people.

We hope this article has helped you understand why price really is not everything. Sometimes when you think you are saving on premiums, you are actually postponing much higher costs in time and money later. We are always happy to hear from you. Your suggestions and questions are most welcome. Be well!

Personal Loan Insurance – Should You Consider?

I have had an experienced cash crisis recently. I was thinking to borrow some money then from a friend or relative of mine, but I dropped that idea. I seldom request anybody to lend me money or any thing like this. Cash withdrawal from credit card could have been a better option instead. However, I instantly dropped that idea too as borrowing charges from credit cards were high enough because of high rate of interest (normally up to 3% a month) after expiration of a fixed period, say 50 days. Finally I’ve decided to go for a personal loan because it was fast in approval and hassle free.

A personal loan is a great option to have your funds for consolidating your debt and you can take personal loan to further your higher education, repairing your car, or even taking up a vacation.

You may know that personal loans, just like credit cards, can be secured or unsecured. Secured loans are often much riskier because you may have to ensure the repayment of the loan by providing the lender with collateral security. If anyhow you fail to meet that repayment, the lender will legally repossess your property, vehicle, or what ever asset you used to secure the loan.

But don’t be worried thinking about the failure. Personal loan is still a better option and offer plenty of opportunity for individuals to improve their overall financial condition. But you should develop a habit of good money management skills. However, certain inevitable incidents in life can changed everything and you may not have control over those things such as unexpected death of the lender, loss of employment, or becoming a disable person.

Skipping the first issue of unexpected death of creditor, rest of the things can affect our ability to repay the personal loan. If that loan is of a secured type, you may lose your asset as well, being a collateral security.

Now to protect yourself against all those probabilities, you should consider purchasing a personal loan insurance. Being an insurance guy,I would suggest you to actively consider the insurance option.

I personally feel that personal loan insurance is the best protection you ever have for repayment of the loan and ensures you to have a peace of mind during the repayment term if opting for a secured one. The cost of such insurance, however varies and is generally determined by the outstanding balance of your loan amount. The type of personal loan insurance coverage will also affect the premium too.

There are three types of personal loan insurance coverage to choose. For Americans, the specific dollar amount of coverage will depend on the laws in your State and the dollar amount of your loan. But I always suggest you to discuss the matter regarding your personal loan insurance with your lender.

Personal loan death insurance will pay up to a certain dollar amount in the event of death of one of the individuals on the loan. In that case, the nominated person on the policy will be paid in full up to the maximum dollar amount or assured amount. Personal loans generally have a maximum loan amount of $15,000 in the USA.However it is not uncommon for individuals to take out more than that.

Disability Plus personal loan coverage is such type of coverage that most often be purchased for personal loan protection. It will pay you the monthly personal loan repayments(EMI) up to a certain dollar amount. Additionally you will receive a cash payment for a percentage of your loan amount each month to help you with the cost of living expenses.

Involuntary Unemployment Coverage Insurance for personal loans is very popular. This type of insurance will pay you up to a certain dollar amount per month in case your are being laid off.

You may be aware of the fact that personal loan is a great financial tool when you use it properly. Personal loan insurance is a very reliable option to help you ensure to continue your repayments regardless of medical issues, unemployment, or death. And this type of insurance is especially important for individuals with a secured personal loan. Not having a personal loan insurance will create a kind of situation where, not only your credit score will be negatively impacted, you would be end up losing your valuable collateral assets that are tied to your personal loan.

You’ll be happy to know that personal loan insurance is very affordable and can often be purchased through the lender. It is important that you educate yourself properly and inquire about it while you’re looking for such personal loans. Most lenders are readily available and more than happy to discuss about this option with you as it further assures them that they will receive the refund.