Term Life versus Whole Life

After you determine how much coverage to purchase, next consider what type of plan you should purchase. Essentially, two types of life insurance plans exist: term life and whole life. Depending on your situation in life, one or both of these types of plans might be beneficial to your beneficiaries. Weigh each type carefully because doing so can greatly affect premiums and the eventual cash payout upon your death.

Term life insurance plans are typically purchased by individuals going through big changes in life – such as young parents wanting to have insurance during the years they are raising children, entrepreneurs who are just starting a business or newlyweds who might have significant debt. These policies typically are issued in five year increments with some having the possibility to convert to a whole life policy.

Alternately, whole life insurance plans are typically purchased by individuals who want full coverage for their entire lives because term life policies run out after so many years. After a term life policy expires, no death benefit is paid out if you are still alive. No cash accumulation is available with a term life policy either, whereas it is with a whole life policy. Furthermore, some whole life plans might even offer dividends that essentially increase the plan’s overall value. Allowing for withdrawals, whole life plans can supplement retirement income or be available during times in your life when you might need extra money.

Whether your death eventually becomes expected or unexpected, planning for it now will save your loved ones a lot of added stress when that day eventually comes. Although you can’t do anything after you have passed away, there is one thing that you can do today that will show your family and friends that you care: purchasing life insurance.

As you research life insurance plans, try not to become overwhelmed with terminology, plan options, carrier names, ratings and everything else in between. Take your time and read everything carefully while working with an experienced life insurance agent who can guide your decisions and answer any questions you have along the way. The way that you choose a life insurance plan might follow this general path of actions:

• Assessing your needs and determining the amount of coverage
• Deciding what type of plan you need
• Choosing a life insurance carrier
• Getting the best premiums

Assessing Your Life Insurance Needs and Determining the Amount of Coverage

Assessing your need for life insurance is much like trying to determine how many groceries to buy each week: Just how much is needed to survive? In the case of life insurance, assessing the need is determined by taking your beneficiaries into consideration. How much coverage do they need in order to recover from the loss of your income, to pay for your final expenses or to cover the cost of monthly expenses?

To determine how much life insurance to purchase, you must consider your expenses, debt and annual income. Sufficient life insurance coverage is determined by adding together the following:

• The amount of your annual income multiplied by about ten
• About $100,000 for each person in your household such as a spouse or children
• The dollar amount of outstanding debt you have such as collage loans, credit card expenses or a mortgage

For More Information

Life insurance is an essential part of financial planning.   Call a NISONA advisor today at 888-564-7662 to discuss details of affordable life insurance plans will safeguard the lives of your loved ones for years to come. 

Single Women Life Insurance

Just because a woman is unmarried or is without children does not mean she should go without life insurance. Having coverage even just for final expenses is essential. Moreover, consider any leftover debt an unmarried woman might have, such as collage bills or credit card expenses. Who will pay these bills if she suddenly passes away? For family and friends left behind, tapping into a life insurance policy would be much more desirable than pulling money out from a personal bank account to cover remaining expenses.

Single Mothers Life Insurance for Women

Another population of women to consider is single mothers. Recently, this number has steadily increased. The United States Census Bureau reports that in 2010, almost 10 million single mothers were living with children 18 years or younger. Additionally, the Bureau reports that nearly 40 percent of all women who gave birth in 2010 were either unmarried or married without an involved spouse. The bottom line: These women typically raise and support their children on their own and while doing so might dismiss or forget about having proper life insurance coverage.

If a single mother were to pass away unexpectedly, what would happen to her children? What about the individuals who would take the children into their care? Grandparents or other family members might have to step in to raise and to support the children. This sudden change could interrupt careers and everyday life, straining everyone emotionally as well as financially. This is the time when a life insurance policy for a single mother would be the most beneficial.

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Life insurance for single women is an essential part of financial planning.  . Call a NISONA advisor today at 888-564-7662 to discuss details of affordable life insurance plans for women that will safeguard the lives of your loved ones for years to come.

Life Insurance for Women

Your life is your most important asset, and Life Insurance for Women in Florida is the best way to protect that asset.  Everyone knows this fact, yet why is it that so many women in Florida are uninsured or underinsured when it comes to life insurance? According to a recent study conducted by the National Association of Insurance Commissioners and the Life and Health Insurance Foundation for Education, only about 40 percent of Americans have purchased and own an individual life insurance policy. Moreover, this small percentage doesn’t even have a sufficient amount of coverage.

Both men and women lack proper life insurance coverage, but recently more attention has been placed on women and the role life insurance plays in a women’s life. Perhaps it’s because historically women were not considered the “head” of the household and felt that life insurance was unnecessary. However, household dynamics have been changing. With these changing arrangements comes the absolute necessity for women from all walks of life to own low cost life insurance so that their families – no matter how big or small – are well provided for in the event of an unexpected death.

Life Insurance for Women – as Contributors to Dual-Income Households

Traditionally, men have been considered the head of the household: the sole provider of all financial support for a family. Most, if not all, life insurance coverage was placed on the life of the husband or male figure in the household. However, the reality of only a man supporting a family has dramatically changed in recent years.

More now than ever, we see that women – just as much as men – significantly contribute to a family’s income. For many households, a woman’s income is not just secondary: Rather, it is essential. As a result, it becomes extremely important that women purchase life insurance coverage to protect against the potential loss of this important and critical income. Because many families now depend on two incomes, losing one can make paying the monthly mortgage bill, utility expenses and car payments impossible.

Life Insurance for Women as Stay-at-Home Mothers

If you grew up in a family with a stay-at-home mother or are one yourself, you understand the invaluable presence and privilege of having someone who manages the household from dawn to dusk. The jobs of a stay-at-home mother are many: doing laundry, cleaning, taking care of children and elderly parents and/or neighbors, cooking and shopping. How would a family survive if all of the services a stay-at-home mother provides would suddenly be removed from the picture? The deficit would be great: Childcare or home health services might now be needed as well as help with cooking, cleaning, shopping and washing clothes. These examples serve as only a few of many functions a stay-at-home mother performs in a day’s time. If these were to suddenly halt, who can step in? Having proper life insurance coverage could help the surviving family get back on track.

For More Information

Women’s Life insurance  is essential for both married and unmarried women. Call a NISONA advisor today at 888-564-7662 to discuss details of affordable life insurance plans for women that will safeguard the lives of your loved ones for years to come. 

Life insurance is essential coverage for your beneficiaries in the event of your untimely passing. When you consider your life insurance options, you can choose from two general classes: temporary insurance or more commonly referred to as term,  and permanent  insurance which would include whole life and universal life insurance. Each has its benefits, and you can also pair the two if needed.

Term Life Insurance

Term life insurance is generally referred to as temporary insurance, meaning that it provides coverage for only a specified period of time. This type of insurance is typically issued in five-year intervals and is generally available up to 30 years. As a non-permanent type of life insurance, low cost term life insurance offers the following benefits:

• More affordable premiums than typical permanent life insurance premiums
• Additional coverage during specified periods in your life when extra life insurance might be needed
• Supplemental life insurance with permanent life insurance

Though affordable, term life insurance might not always be the most suitable coverage for you. Keep in mind that it:

• Does not accumulate cash value, meaning that it is “pure” insurance. Once the term date has been reached and you are still alive, you cannot cash in the policy.
• Does not guarantee death benefit payout if you pass away after the policy expires.
• Can increase premiums if you choose to continue coverage after the policy’s expiration date has been reached.

Whole Life Insurance

In contrast to term life insurance, whole life insurance is a type of permanent life insurance that provides coverage for a person’s entire life. This type of insurance has been available for many years. Whole life insurance provides the following benefits:

• Insurance coverage for a person’s entire life
• Fixed premium prices
• Tax-deferred cash accumulation
• Guaranteed death benefit payout
• Possible dividends that can increase the value of the policy

Some considerations that you might want to think about include:

• Even though they do not increase, premiums are generally more expensive for whole life policies than for term life insurance policies.
• Withdrawals or loans taken from the whole life insurance policy can diminish the amount of the death benefit.
• Dividends are not guaranteed.

Premiums for Term Life Insurance and Whole Life Insurance

The longer you wait to purchase any type of life insurance, the more likely you are to pay higher premiums. The reason is that as time goes on, the more likely you are to die which increases the risk. In addition to age, other factors that affect premium rates and insurability include gender, health and tobacco use.

Cancer can be one of the most devastating diagnoses to ever face in your life. As if going through exhausting treatments are not overwhelming enough, now you worry you might not qualify for life insurance after cancer. With the multitudes of life insurance companies available today, however, you will find that qualifying for life insurance is not impossible. In fact, many companies offer specialized high risk life insurance plans that can provide you with suitable life insurance coverage.

Life Insurance for Cancer Survivors

Just because you have been diagnosed with cancer does not mean that you cannot become insured. What it typically means, though, is properly researching many insurance companies to find the right life insurance policy. It also means having the right life insurance agent and having together all of the facts of your diagnosis readily available to share with life insurance carriers. For example, some considerations life insurance companies will use to determine insurability include:

• The type of cancer you had
• What stage the cancer was when found
• What types of treatments you received
• The length of time that has passed since you have been “cancer-free”

Typically, if your prognosis is promising, you can receive life insurance coverage in a relatively short period of time. This means that the cancer is not likely to recur, was in its earliest stage when detected and has a high recovery rate.

Premiums and Ratings for Life Insurance after Cancer

The amount you pay in premiums and the rating you receive for life insurance after a cancer diagnosis depends much on the type of cancer you had and your prognosis. Lower-risk types of cancer such as early detection of skin cancer often do not affect your life insurance premiums. In fact, you can often receive standard or higher ratings. On the other hand, more aggressive or progressed cancers could result in substandard ratings and higher premiums.

Generally speaking, your chances of obtaining favorable premiums and ratings for life insurance after cancer improve tremendously as time goes on and you remain cancer-free. In time, you could even qualify for the same life insurance plans as those of cancer-free individuals.

Buying Life Insurance after Cancer

Obtaining life insurance after cancer can be optimized if you do the proper research before signing your name to an application. In particular, you can:

• Discuss life insurance after cancer with a qualified cancer risk life insurance agent. He or she can help find and research companies offering the best life insurance coverage for the best rate.

• Consider signing up for life insurance with a group. Most likely, you can sign up under a group life insurance plan through your employer or an organization without any hassle of medical examinations or lengthy questionnaires. Group plans assess risk as a whole, not individually, making your insurability more promising.

• Follow and disclose all treatment plans. Advancements in cancer treatments make recovery so much more promising today than even just five or ten years ago. Showing proof that you are following or have followed proper treatment plans is essential to obtaining life insurance after cancer.

• Consider Final Expense or Life Insurance with No Medical Exam. Most likely, if you cannot qualify for other types of life insurance plans, these two types could serve as viable options.

Insurance Companies Offering Life Insurance after Cancer

Some companies offering life insurance after cancer include The Hartford, American General Life, MetLife, American National, Transamerica, Lincoln Benefit, West Coast Life, Aviva Life, Banner Life, Lincoln Financial Life, Genworth Life, John Hancock, Mutual of Omaha and Prudential.

Florida Life Insurance for Smokers

Convincing evidence over the last 30 years has shown that smoking cigarettes and other forms of tobacco use has seen a dramatic increase in mortality and the risk that an insurance company assumes when they issue a life insurance policy on someone who smokes.  It is estimated that smoking claims more than 450,000 lives in the U.S. each year, and in the past 30 years, more than 3 million people have died before their time as a direct or indirect result of smoking.

Smokers Life Insurance Rates

A 40 year old female living in Florida in excellent health who does not smoke could get 500,000 of term life insurance for as little as 17.36 per month.  The same 40 year female in excellent health but smokes would pay 61.41 per month.  That’s an increase of more than 250%

Another example would be a 40 year old male living in Florida in excellent health who does not smoke could get 500,000 of term life insurance for as little as 18.25 per month.  The same 40 year male in excellent health but smokes would pay 75.76 per month. Again that’s more than 250% higher for a smoker.

On average a smoker’s premium will range between 250 and 325% more than a non smoker in the same overall health.  This percentage difference in premium will normally hold true in the younger ages.  However, as a person gets older the effects of smoking begin to have a more dramatic effect on a person’s overall health.  Conditions such as cardiovascular disease, coronary artery disease, lung, throat, mouth, pancreatic cancer, and many other health related conditions are typically associated with smoking.  If any of these conditions become evident prior to applying for Florida life insurance it will be much more difficult to purchase life insurance.   Florida Life insurance rates for smokers with health related conditions may be as much as 500 – 1000% higher than a non smoker.

A typical view of how an insurance company might classify a past smoker.

• Preferred Best No tobacco – No tobacco past 5 years
• Preferred No tobacco – No tobacco past 3 years
• Standard Plus No tobacco – No tobacco past 2 year
• Standard No tobacco – No tobacco past 1 year

Do all life insurance companies view different forms of tobacco the same? No, some insurance companies view some forms of tobacco use more favorably.  For example, Prudential and Northwestern Life will rate a person who chews or (dips) tobacco as a non smoker while most all other companies would consider that same person as a smoker/tobacco user.

Can quitting help? Yes!  In addition to improved health and a longer life, a person who has quit smoking for a period of at least 12 months can typically get a non smoker life insurance policy.  Most life insurance companies have similar guidelines regarding how long you smoked and how long it has been since a person has quit, but as a general rule, a person who has not used tobacco for more than 1 year would qualify for a standard non smoker life insurance policy.  If a person has been tobacco free for 3 – 5 years, this individual may qualify for a preferred non-smoker status.  Once a person has been free of tobacco use for more than 5 years they can possibly qualify for a preferred plus rating.

If you have been classified as a smoker in the past and it has been longer than one year, you can ask the company to re-evaluate your case and you may qualify as a non smoker.

One last important note: You should never cancel a policy until you have a new one to replace it.  If a disease has developed since you quit smoking it may not be advisable to apply for a replacement policy until the condition is resolved.  Having an experienced adviser that works with and understands the complex issues of life underwriting will greatly benefit you in many ways.

For More Information
For more information, please call us at 888-564-7662. Our agents have over 25 years of experience working with Florida life insurance Companies, and know which companies will offer the best rates for smokers.

Do all the Florida health insurance comparisons that you’ve been browsing through online seem confusing? If so, it’s time to take a step back and simplify your search for the best  health insurance in Florida. The best way to buy health insurance in Florida is to buy smart. But what do we mean by “smart?”

Buying smart means being prepared and educated before signing your name to an application. It means that as you sift through Florida health insurance comparisons, you carefully read all of the fine details found in specific plans. Simply put, it’s the best way to buy health insurance in Florida because ultimately you end up with a policy that best meets your needs and your budget.

Specifically, the best way to buy health insurance in Florida is to:

• Do some pre-work. This means assessing your family’s financial and potential medical situation for the length of health insurance coverage. Consider whether your family would be able to afford high deductibles or skimpy coverage. If you have children, think about all the trips to the emergency room you may have to take.
• Compare options carefully. Decide what is most important to you? Does the plan cover routine checkups and physicals? Can you choose your own doctor or are you encouraged to use in-network? What is covered and what is not covered? These are all very important plan-specific options that you need to consider.
• Consider costs:  premium payments, coinsurance and deductibles. Can you afford them? In particular, opt for a plan with a stop-loss limit that requires the insurer to fully cover all expenses beyond the stop-loss (or out-of-pocket expenses) limit.
• Sign up for your employer’s group plan. That is, if you have one available to you. Choosing a group health plan in Florida is essentially the best way to buy health insurance, because costs can be significantly cheaper than those associated with individual plans. Also, medical exams are not required.
• Consider pairing a high deductible plan with a supplemental health plan, if you think your chances are low for needing insurance over the course of the year. This is especially important if cost is a major deciding factor in which plan you choose.
• Discuss your options with an experienced broker. A broker would be able to help you “shop” around for the best coverage and walk through Florida health insurance comparisons with you. Working with a broker would allow you to compare many different insurance carriers to find the one that provides the best coverage and affordability for you and your family. Some quality and top-ranking health insurance companies in Florida include: Coventry, Humana, Cigna, Blue Cross Blue Shield, United Healthcare and Aetna.

For More Information

With over 25 years of experience, Doug Jones is a health insurance broker who helps individuals, families and businesses sort through Florida health insurance comparisons. For more information or an instant quote click Florida health insurance quote.

You may not want to think about it, but what would happen if you suddenly became ineligible for your employer’s group health insurance plan?  It may not be something that you think about every day, but it is worth considering. Temporary health insurance in Florida may make a great alternative to COBRA for you and your family.

What is COBRA?

COBRA is the abbreviated name for the Consolidated Omnibus Budget Reconciliation Act of 1986, which states you can be eligible for extended health insurance coverage from your Florida group health insurance plan for various reasons such as:

• Legal separation or divorce from the covered employee
• Death of the covered employee
• Termination or reduction in hours worked, as long as termination reason is not for “gross misconduct”
• The covered employee becomes eligible for Medicare

What Makes COBRA So Expensive?

Though offering health insurance coverage, COBRA can become complicated and especially expensive. In some cases, you may be responsible for paying up to 102% of the group plan’s premiums. That can be a lot of money, especially if you don’t need coverage for very long. If this is simply too expensive for you, you may want to consider buying a Short term health insurance plan.  It can be a great alternative to COBRA.

How Can Temporary Health Insurance in Florida Be a Great Alternative to COBRA?

Price: Primarily, temporary health insurance in Florida may prove a great alternative to COBRA if the COBRA premiums are too expensive for you and your family to pay. Think about the portion that you paid as an employee. More than likely, it was a small fraction of what your employer paid. Combine both portions to obtain the total: Can you afford it?

No Pre-Existing Conditions: Temporary health insurance in Florida can be a great alternative to COBRA if you do not have a pre-existing condition. Generally, short term insurance plans do not cover pre-existing conditions. Therefore, the healthier you are, the better off you will be under temporary health insurance in Florida.

Creditable Coverage: Though temporary health insurance policies do not cover pre-existing conditions, some may count towards “creditable coverage.” This means that when you eventually purchase regular Florida health insurance or Florida group health insurance, you can prove you had sufficient health insurance coverage during the time since you left your prior group plan.  These conditions, if not covered, may otherwise prohibit you from becoming covered in a future long term health insurance plan.

How Much Does Temporary Health Insurance in Florida Cost?

As a great alternative to COBRA, temporary health insurance in Florida will probably cost considerably less than a traditional plan.  It can be even cheaper if you have low risk factors such as being young, healthy and a nonsmoker.

What Are Some Great Temporary Health Insurance Carriers?

Some carriers offering temporary health insurance in Florida as a great alternative to COBRA are: Celtic Life, Standard Security Life of New York, HCC Life Insurance Company, United Healthcare, Assurant, and Blue Cross Blue Shield of Florida.

For More Information

Temporary health insurance in Florida can be a great alternative to COBRA, but make sure you discuss all your options with an experienced and knowledgeable health insurance adviser. Call us today at 888-564-7662.   If you would like more information visit our Temporary Health Insurance Plans in Florida page.  If you would like to get an instant quote visit our Florida Temporary Health Insurance Quote.

Throughout the State of Florida there are  hundreds of Florida health insurance plans.  However, there are only four basic type.  They are…

Traditional

Traditional insurance is the oldest form of Florida health insurance. Also known as indemnity or fee for service insurance. Policyholders are free to utilize the services of the doctor, hospital or medical facility of their choice. Coverage is very straightforward. The insurance company pays your medical provider’s fee, less your deductible and/or co-insurance. However, keep in mind that generally traditional insurance is very expensive and limited in its scope of coverage for ‘well-care’ i.e. physicals, routine office visits and immunizations.

Health Maintenance Organizations – HMO

Health Maintenance Organizations, also commonly known as HMO’s are quite different from traditional health insurance plans. With preventative medicine in mind, HMO’s encourage physicals, flu shots, mammograms and well baby care. The hope is that through regular medical care, serious illnesses can be prevented or treated during early stages. Small co-pays for doctor visits and prescription drugs enable patients to maintain this level of preventative care. This type of plan is becoming more and more expensive due to the unexpected high utilization rates of individuals and groups. In other words, with very low co-pays, and out of pocket expenses, individuals are less likely to be concerned with the actual costs, visiting the doctor more often, and having more diagnostic tests done.

HMO’s require patients to appoint a gatekeeper physician (referred to as your family doctor) to coordinate all medical care. Additionally, HMO policyholders must utilize a pre-determined network of doctors, hospitals and medical facilities. This aspect of HMO insurance is often the most controversial because of the availability of services in your area. There is always the concern that you may need a level of care that is not available in your HMO’s network. Whether or not coverage will be extended outside the network, is left in the hands of HMO administrators. Also, HMO’s are often more expensive nowadays than the newer hybrid plans which combine features of both the PPO and HMO plans to decrease utilization which in turn reduces the final costs to your business.

Preferred Provider Organizations, PPO

Add one part traditional and two parts HMO and you have the perfect recipe for a Preferred Provider Organization (PPO). PPO’s offer policyholders a more liberal approach to managed care. You are not required to appoint a primary care physician, and can coordinate your own medical care within the PPO network. To receive the highest level of benefits, you are required to utilize the PPO’s network of doctors and hospitals. However, unlike an HMO, you are able to seek coverage outside the network. But keep in mind; you will have to pay a higher deductible and/or co-insurance for that convenience.

Point of Service plans or POS

This type of plan is somewhat of a hybrid between an HMO and a PPO.  POS plans require that there be a participating hospital in the county where you live or where your business is located.  The benefits are very much like an HMO in that the copay and out of pocket costs are relatively low compared to a PPO plan.  The premium cost for a POS plan in Florida is usually a little less than the PPO plan.  Referrals or gatekeepers are normally not required but in rare cases they may be.  Most POS plans do not require that a primary care physician coordinate your care.

Whenever considering managed care products, whether it be a HMO or PPO, there is no guarantee that your favorite doctor will be a participating physician. One other important factor to always consider is that the networks are not static. Doctors and hospitals can join or withdraw from a network at any time.  It is always best to call your insurance companies’ customer service dept to verify if a doctor or other medical provider is in the network whether it be a HMO, PPO, POS, or traditional fee for service plan.

Choosing the right Florida Health Insurance Plan is an important decision, but it often can be complicated. As with any other major purchase, it is important that you understand the options available to you.  If you have questions call and speak to one of our advisers at 888-564-7662. If you would like to obtain a free no obligations quote for individual coverage click Florida  Health Insurance Quote.  or if you have a small business (less tan 50 employees click Florida group health insurance quote small business group health quote in Florida