Understanding Life Insurance

If you are the main breadwinner of the house, getting a life insurance policy is crucial because it will allow your family to have financial stability in the event of your death. Although getting life insurance is highly important, only 40% percent of the population has a policy. The main reason why people forgo getting a policy is because they don’t understand the benefits. Here are answers to some frequently asked questions about life insurance:

Why is Life Insurance Important?

Life insurance is important to get because your family will be able to stay financially secure. Getting a policy is crucial if you are the family’s main provider. Not only will a policy give your family the money they need to maintain their current lifestyle, it will give you the peace of mind of knowing that your family will be okay if you can’t be there for them.

Who Should Get a Policy?

Not everyone benefits from getting a life insurance policy. Those who don’t have a family that needs the coverage shouldn’t invest in life insurance. However, those who are the main provider for their family should definitely invest in a policy. This is especially true if the other spouse doesn’t have a stable job.

How Much Life Insurance Do I Need?

The amount of life insurance you need depends on several factors. However, most insurance companies recommend that the policy holder have at least 10x their annual salary in life insurance.

What Are the Different Types of Life Insurance?

Whole life insurance: This type of life insurance provides guaranteed benefits if the policy holder passes away. With this type of insurance, the beneficiaries of the plan can choose between the money or can purchase more life insurance.

Term life insurance: Like the name implies, term life insurance provides benefits for a set period of time. On average, the benefits of this type of policy can be obtained for five to thirty years. Term life insurance is a lot more affordable and flexible than other policies, but the benefits are typically lower.

Universal life insurance: The universal life insurance policy is the most flexible and customizable policy out there. It can be adjusted according to your financial stability and to your needs. With a universal life insurance policy, a policy holder’s family can receive death benefits.

If you take a glance at some life insurance quotes online, you will quickly see why most people elect to go with term life insurance.

Understanding life insurance can be tricky, but this article will hopefully help you understand it a bit better.

Mortgage Life Insurance

Your home is most likely your family’s largest asset, but a pretty significant financial responsibility. Is it protected in the event something were to happen to you unexpectedly? Mortgage life insurance is a type of insurance coverage that offers homeowners peace of mind and security in knowing if they pass away before a mortgage is paid in full, loved ones will be able to continue to live in the home they love without worrying about making payments. If you’re considering mortgage life insurance, here’s what you should know.

Mortgage Life Insurance Coverage

While every life insurance policy is different, most mortgage life insurance policies offer benefits that range from $50,000 to over $500,000. Terms lengths typically coincide with mortgage terms with 15, 20, 30, even 40 year terms possible. Eligible mortgages include first time loans, variable rate mortgages, refinanced and adjustable rate mortgages.

Mortgage Protection Made Easy: Avoiding a Financial Predicament

Financial responsibilities are everywhere, but a mortgage payment is typically one of the largest. For homeowners with families, purchasing insurance to protect your home mortgage is a smart strategy and an easy way to ensure your loved ones can maintain the lifestyle they enjoy in the home they love. Should you pass away during the term of your policy, your insurance pays your mortgage in full, bringing peace of mind and security to an otherwise difficult situation.

Mortgage Life Insurance is Affordable and Easy to Obtain

Despite what you think, mortgage life insurance is affordable and is also one of the easiest types of insurance to get approved for. With no restrictions for medical or pre-existing conditions, mortgage life insurance may be a practical alternative for homeowners who find it difficult or expensive to secure traditional term life insurance. If you do not qualify for term life insurance, mortgage life insurance may be a smart option.

Mortgage life insurance can help homeowners get the security they deserve with protection from uncertainty. It’s assurance that if misfortune strikes, family and loved ones can remain in the home without worrying about paying the mortgage. With no medical restrictions, an easy application process and affordable rates, mortgage life insurance may just be the solution you’ve been looking for.

Buying Life Insurance Without a Medical Exam

If you have been comparing life insurance policies and benefits, you may have noticed that several providers may require you to undergo a medical examination before they will approve you for a policy. The purpose of this exam is to ensure that you do not have a pre-existing medical condition such as diabetes that would affect your benefits. While a medical examination is common if you are applying for whole life and term life insurance policies, you can still obtain a solid plan without visiting your physician. If you have a pre-existing condition and are seeking a quick and hassle-free application process, search for life insurance policies without a medical exam.

The majority of these applications consist of simple “yes” or “no” questions. However, it is vital to always tell the truth when applying to avoid facing serious complications further down the road. Never be afraid to be honest. Even if you fall into a higher risk category due to tobacco use, high cholesterol, depression, obesity or a wavering family health history, you can almost always secure a guaranteed issue life insurance plan.

The provider may check the information you provide with the Medical Information Bureau (MIB), an agency that exists to deter the attempts of applicants of obtaining policies by misrepresenting or omitting the facts. When you apply for a policy with a provider belonging to the MIB, you can expect that the provider will check the MIB to verify the accuracy of your current health condition.

While you may still be eligible to obtain a health insurance plan, if you are suffering from more serious complications and health risks, you may be faced with a higher premium for your coverage. However, there are options available for every individual, regardless of their current state of health. There is also a faster approval time for no exam life insurance policies, although the time will depend on the information you provide and your specific application. Some providers even allow applicants to complete the process online.

You may be entitled to stack these policies if you need more coverage; in other words, if you have found a life insurance policy that meets your needs except for the coverage amount, you may purchase additional plans and use them at the same time to get the coverage you want.

Insurance providers offer policies based upon their assessment of your current risk. While providing you with coverage without requiring a medical examination may mean slightly higher premiums for policyholders, many feel that the ease of obtaining a policy offsets the higher monthly payments.

Medicare Open Enrollment Period

There are many seniors today who may not be aware that they can qualify for a Medicare Supplement Plan during the upcoming Open Enrollment period. Most seniors 65 and older have probably enrolled in a traditional Medicare Part A or Medicare Part B policy. What they may not realize is that they are also eligible for a Medigap policy.

Although there are many advantages to having Social Security and traditional Medicare you may also have an advantage if you purchase a Medigap policy. These plans are known for being highly reliable and affordable. Plus once you’re enrolled in a Medigap policy you can renew them each year after your initial enrollment. This is why year after year thousands of seniors compare the best-rated Medicare plans in their cities and states.

The Medicare Open Enrollment period runs from October 15th through December 7th. However, you’re also allowed to compare rates at any time during the year. There are many websites out there that allow you the opportunity to do this. You just have to know where to look.

Once you’ve picked which Medicare plan is right for you, you’ll want to speak to a licensed Medicare specialist. The reason is they can answer other Medicare questions you may have about cost, pre existing conditions and HMOs or PPOs. Many of the most popular health insurance providers like Blue Cross Blue Shield, Cigna and Humana offer toll free support hotlines. The best times to call are between 10 and 12 pm and 1 pm and 4 pm. This is when they are the least busy.

The other thing to remember is that when comparing Medicare rates it’s always best to see what’s available in your home state. Also, please remember that Medicare Supplement rates as well as Medicare Advantage plan prices can vary by state and individual. These plans help fill the gaps leftover from traditional Medicare and include coverage for things like hospital stays, hospice care and Emergency Room visits.

As a senior you already understand how difficult it can be to make ends meet each month. This is why it’s so important to explore your options when it comes to Medicare this Open Enrollment season.  Don’t hesitate to call, licensed health insurance specialists are standing by to talk to you today! Now is the best time to compare Medicare plans no matter where you live or what coverage you currently have.

Florida Blue Medicare PPO

More and more Florida seniors are choosing Florida Blue Medicare PPO as their Medicare Advantage provider. If you’re over 65, and you’re considering looking into your options, you may want to learn more about why this plan is so popular. With flexible options, affordable coverage and value added services, Florida Blue Medicare PPO may be just be the right choice for you.

Comprehensive Coverage to Fit Your Lifestyle

As a Florida resident, you know better than most how your lifestyle works for you, not the other way around. You need a Medicare Advantage plan that has the coverage you’re looking for with the least hassle. Florida Blue Medicare PPO has prescription drug coverage, dental, vision, even hearing services designed to fit your needs.

With an extensive network of doctors, hospitals, specialists and pharmacies, you don’t have to think about out-of-network hassles. Nationwide emergency coverage makes it possible to travel with confidence and not worry about medical care should you need it. Choose your doctor, choose your hospital and spend more time enjoying life and less time worrying about your health care coverage.

Predictable Out-of-Pocket Costs

Medical care is expensive, there’s no way around it. However, the right plan can make sure you have moderate out-of-pocket expenses and predictable charges. Florida Blue Medicare PPO offers $0 monthly plan premiums, $0 deductibles for generic prescription drugs and $0 co-pay if you have your medication mailed to you. Budgeting for health care with Florida Blue Medicare PPO is easy and convenient, and with no co-pay for preventive care, you can get screenings, tests and a variety of services any time you want- no questions asked.

Value Added Services

For many Florida seniors, the value of a Florida Blue Medicare PPO plan extends beyond comprehensive benefits and affordable costs. It’s about the extras that make a difference every day. Are you headed out to the doctor’s? How about scheduling appointments ahead of time, filling prescriptions or viewing lab test results from the comforts of home? A Florida Blue Medicare PPO plan provides these options and more, with dependable, trusted coverage behind every plan.