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What To Expect From Life Insurance Companies If You Have COPD Or Other Lung Disease

If you have COPD or any other lung disease, insurance companies will put you in one of three categories: graded (also called modified), standard, or preferred. Graded plans have a two year waiting period for full coverage, and they are usually the most expensive. Unlike graded plans, standard and preferred offer immediate full coverage (no … Continue reading “What To Expect From Life Insurance Companies If You Have COPD Or Other Lung Disease”

How Much Life Insurance Coverage Is Necessary For Income Replacement?

Income replacement is one of the biggest things to consider when determining the amount of coverage needed in a life insurance policy. Financial professionals offer several different formulas to calculate income replacement. One of the simplest formulas takes your annual income and subtracts your personal expenses. For example, let’s say you bring home $50,000 per … Continue reading “How Much Life Insurance Coverage Is Necessary For Income Replacement?”

Will I Save Money If I Backdate My Life Insurance Policy

One of the biggest rating factors for life insurance is your age. Most people probably don’t realize they can turn back time and be rated a year younger. Before people get too excited, I want to caution there are some restrictions and reasons for not doing this. Every insurance company has its own rules for … Continue reading “Will I Save Money If I Backdate My Life Insurance Policy”

The Problem with Guaranteed Issue Life Insurance

Guaranteed issue life insurance is also known as guaranteed acceptance life insurance. This type of plan doesn’t provide full coverage until a two year waiting period expires. Many guaranteed issue plans are sold directly to consumers without an agent. Insurance companies that sell direct to consumers are financially incentivized to sell as many of these … Continue reading “The Problem with Guaranteed Issue Life Insurance”

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