You may have considered getting a life insurance policy for some time now. Perhaps you’ve had a few discussions across the kitchen table, completed some online research, or went as far as to ask your insurance agent to run you some quotes. But while these are all
positive steps toward protecting your loved ones, you have yet to take the next step to secure a life insurance policy.
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We understand that the subject of life insurance can be complex and that you may be putting off purchasing a policy because you have unanswered questions. we don’t want the lack of information, or anything else for that matter, to prevent you from getting the coverage you need – today.
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So if you don’t have life insurance because you’re stuck trying to figure out the difference between term life insurance and permanent life insurance, calculating how much life insurance you need, or how to go about shopping for quotes online, our learning center can
help. Here, we addresses key questions and concerns about:
Why it’s important to have life insurance How much life insurance you need
What type of policy is best for you What to expect from an insurance medical exam
How to budget for life insurance Understanding important policy riders …and much more
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Life Insurance Rating System: Select, Preferred or Standard,
How Does Your Insurance
Company Rate?
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When you apply for a life insurance policy, the life insurance company begins what is known as the underwriting process. During this time, they review the information from your life insurance application and medical exam results. Some life insurance companies
might even decide to conduct a phone interview to gain more insight into your family health history or to ask you additional questions.
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Once this information has been processed, the life insurance company underwriter will determine what category you fall in based on your age, lifestyle, family health history, and overall health status. While the names for specific life insurance company rating
categories may differ between companies, the basic classifications are select, preferred, and standard. In addition, people who smoke will have their own category rating of either standard smoker or preferred smoker.
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What’s the difference in the basic categories?
It’s important to note that not all insurance companies follow the same rating criteria. Therefore, you could be rated as select by one company and preferred by
another, simply because of that company’s individual underwriting guidelines.
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A select rating is typically offered if you are in excellent health, fall into a normal height to weight ratio, and have a favorable family health history. For example, that no
immediate family members have died from cancer or heart disease at an early age. There may also be other criteria involved, but these are the basics for qualifying for a select rating. Some life insurance companies even have ratings such as super select
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=========A preferred rating is also associated with optimum health, however certain factors may indicate that you pose a slightly higher risk than someone who would qualify for a select rating. This can be attributed to a number of different factors, and depends on how the
insurance company differentiates between a select and preferred rating.
A standard rating doesn’t necessarily mean that you are in poor health. In fact, it typically means that you meet the life insurance company’s standard rating for someone of average health and with your specific family health history, weight, age, etc. Just as someone who
might not qualify for a select rating due to certain indicators, getting a standard risk rating just means that there are factors relating to your particular situation that make you ineligible for a select or preferred rating. These can be factors such as a less than ideal height to
weight ratio, past tobacco use, or even your driving history or occupation.
There are many factors that establish your life insurance
premiums. They include the types of insurance, the amount, length of coverage, as well as your risk rating. The ratings above are all based on nonsmoker rates. Therefore, if you smoke, your premium rates will be based on all the risks associated with being a smoker.
The most important thing to remember is to be sure to question the insurance company if you ever feel that you have been incorrectly rated. For more information on understanding life insurance risk ratings
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Did you know your need for life insurance changes as your life
changes?
Life insurance is part of a responsible financial plan. And while you should feel secure knowing it will be there to meet your financial responsibilities and protect your family, you should consider periodically re-examining your insurance needs — especially at certain life stages.
1. Marriage and Life Insurance
When you get married, financial obligations become a joint effort. If one of you dies, a life insurance policy can help ensure the surviving spouse has the financial stability to maintain his/her current standard of living. Additionally, as the cash accumulation in a permanent policy grows, more assets
become available to pay down a mortgage, eliminate business debt or settle outstanding tax obligations. Death benefits paid to the surviving spouse can also help fund a child’s education or supplement retirement.
2. Having a Child
When your children are young, having sufficient life insurance for each parent is critical. If you or your spouse were to suddenly die, life insurance limits need to be able to pay for daycare, help fund a college education and cover everyday living expenses.
3. Mortgage Protection
Life insurance is often purchased to cover the loan amount of a mortgage so that if you die, your beneficiaries will have enough money to pay off the balance. However, if you’ve moved into a more expensive home or have remortgaged, the amount you owe the bank may actually increase. Additionally,
you may have selected to extend your mortgage term at some point to reduce your monthly payments. So if you have a term life insurance policy with a 20-year limit (as opposed to a permanent policy), and you’ve now extended your mortgage another 10 years, your life policy could end before your home
is paid off.
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4. Protect Your Business
If you’re self-employed, chances are the investments you’ve made in your business have been substantial. If the value of your business has recently changed (the purchase of a new
building, inventory or equipment), be sure your life insurance limits are set high enough to cover business debts that your family could be held responsible for when you die. Don’t risk them having to liquidate assets to cover outstanding debt.
5. Living Single
In the event of divorce, timely decisions should be made regarding the beneficiaries on your life policy. If you and your spouse don’t have children, then it could be as simple as having the beneficiary on your policy changed. However, if you do have children, you’ll want to consider steps that ensure the children are provided for when you die and this may not be through your former spouse. If you own the policy,
then you may only need to request to have the beneficiary changed. If your former spouse owns the policy, then you may need to purchase a new policy.
6. Estate Planning
Most people know that having a will or trust is essential in estate planning. But if you have enough wealth for your estate to be taxed — at either the state or federal level — you should consider the tax benefits of a life insurance policy to help provide funding to pay estate taxes by reducing or even eliminating them. This could remove the possibility of a forced sale of assets to generate cash. In addition, life insurance can provide immediate cash for outstanding medical payments from the last illness, burial expenses, administration and other settlement costs.
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7. Retirement Planning
The cash accumulation benefits of a permanent life insurance
policy can help fund a more secure retirement, especially if you have maximized contributions to other qualified plans. When making a withdrawal, you don’t have to sell the asset as
with stocks, and if you borrow against the value, there are no capital gains or ordinary income taxes involved. Unlike most investments and financial products, life proceeds are passed on to your beneficiaries tax-free.
Always consult with an insurance professional who can provide you with a personalized assessment based on your unique life stage and who considers your current and long- term objectives, potential for risk, and financial goals.
Getting the life insurance coverage you need … today
As you age, it gets more expensive to buy life insurance. Moreover, certain health conditions can make premiums increase — or worse, make it difficult to qualify for life insurance coverage at all. For the same price of a weekly specialty coffee drink, you’d be surprised at how much term coverage you can easily afford.
