Can President Obama and The Democrats Reform US Health Care? 

Almost everybody, including liberals and conservatives, will agree that the health care system in the US needs some reform. This is not just a problem for poor people, but it affects everybody from the unemployed and underemployed to small business owners to large corporations. Health insurance premiums and health care costs keep spiking, but we do not always benefit from better health care because we pay more.

But how can the US pay for health care change?

The legislation, as it stands now, targets a $1 trillion price tag. So where do we come up with an amount of money that we can barely even understand?

Some of the payment will come from choice. A small business owner may choose to cover his or her employees with the private policy the company already has, for instance. Or that business may, instead, choose to pay premiums to the publish insurer. The public insurer will not be allowed to discriminate on the basis of health conditions, and will accept every company. So, I suppose, a younger and healthier company may do better using private, competitive insurers. But a company with older or less healthy workers, or perhaps more risk, may choose the public option. This is just my understanding from what I’ve read, and it may not be what happens.

Do you need health insurance now?

Get some health if you have no medical insurance now. We want to find you options if you are self-employed, a contract worker, unemployed, or have a high risk medical condition.  Unemployed people may want to consider their options with COBRA health insurance alternatives too.

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Are Older People Covered?

When researching life insurance for older people I came upon an interesting statistic! According to a 2002 article in the Wall Street Journal:

“[i]ndividuals age 65 and over have a total of $492 billion of life
insurance in force.”

That total may seem like a lot of money, but it is only four percent of the total US life insurance policies that are in force. Meanwhile, the age group over 65 makes thatlmost 75% of all deaths. It does seem odd that an age group which should be most concerned about passing away is not covered.

Older People Can Find Life Insurance

If you are over 65, you can find life insurance, and you can even find term life insurance for older people! Rates are dropping because people are living longer. In addition, insurers are marketing many simplified issue policies, so you can even find no medical exam life insurance for seniors.

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Understand Life Insurance and Life Insurance Needs

This article was written by InsureMe.com personnel for informational purposes only and not intended as professional advice.

Of all the insurance types, life insurance can be one of the most difficult to understand. With confusing terms like “convertible” and “surrender cost index” embedded in all that fine print, it’s no wonder most of us would rather just avoid the topic all together.

But regardless how we feel, pushing our way through the confusion to find definitive answers just makes sense.

Why? Because someday when we’re gone, our loved ones will have to go on. And in the midst of their loss, we want that transition to go as smoothly as possible.

If you, like others, have questions about life insurance, InsureMe would like to help. Here we’ve gathered the answers to some of the most commonly asked questions on the subject. Just take some time to read them over, get informed and find the answers you deserve.

When you’re finished, we’ll be standing by to help you find the right coverage.

FAQs

What exactly is life insurance?

Life insurance is simply a financial resource for your loved ones in the event of your death. You enter into a contract with a life insurance company and your insurer promises to provide your beneficiary/ies a certain amount of money upon your death. In exchange, you agree to make periodic payments, called premiums, to cover that expense.

What is a beneficiary?

This is the person or persons you designate to receive the proceeds of your policy when you die. You’ll be asked to choose a beneficiary when you take out your policy, but you may change beneficiaries at any time upon request with your insurance company.

How can I know if I need life insurance?

The answer depends entirely on your personal and financial circumstances. Though there are no hard-and-fast rules on this, you should probably consider buying life insurance if you:

1. Are married
2. Have dependent children
3. Support an elderly parent or relative
4. Need to provide for other loved ones
5. Own your own business
6. Don’t have enough savings to cover your final expenses
7. Are confident your retirement and savings won’t be enough to take care of your family in an inflated economy

What kind of life insurance is available? How can I choose the one that’s best for me?

There are four basic types of life insurance to choose from. Which one you should buy depends on your purpose for doing so: to leave your family money or to build savings to use while you’re still living.

Your choices include:

1. Term Life—The least expensive and simplest form of life insurance. Does not build cash value, and usually provides payment in a lump sum. Stays in effect for a fixed period of time, usually a set number of years. Premiums are lowest when you’re young and increase as you get older.
2. Whole Life—More expensive in the beginning to cover increasing costs as you age; however, premiums remain fixed during the life of the policy. Builds cash value on a tax-deferred basis, but withdrawals from this value decrease death benefits. In effect as long as you live, unless you cancel your policy.
3. Universal Life—Feature adjustable benefits and flexible premiums. Payments accumulate and earn interest, which may cover occasional premiums if you find yourself financially stretched. Accumulates cash value you may withdraw or borrow against at any time. Rates are subject to change, but will never fall below the minimum rate guaranteed in your policy.
4. Variable Life—Tie your life insurance policy to financial market performance. You decide how to invest your earnings, giving you opportunity to accumulate cash value more rapidly, albeit at additional risk. You may borrow against or withdraw cash value at any time.

When should I buy life insurance?

Since life insurance premiums tend to increase as you age, we highly recommend you buy a policy when you’re young and healthy. However, if you decide to put it off until later, you might want to consider putting your money into other types of investments. Then, with some financial self-discipline, the monies can accumulate and be used to purchase a life insurance policy later on.

How can I or my family use it?

Life insurance can be used as a savings mechanism to provide your family needed finances when you die. However, depending on the type of policy you purchase, it can also be used to:

• Help you pay for big-ticket items, such as your children’s college education or a down payment on a new home
• Pay estate taxes or funeral expenses

I’m single. Do I need life insurance?

Marital status is just one of the factors used to determine whether or not you need life insurance. Many others come into play, too. If you’re single, you might want to ask yourself these questions to help make that decision:

• Do I have any dependents?
• Do I have a mortgage or other loans that will fall to a cosigner?
• Am I at risk for any serious medical conditions?
• If I died today, would I leave enough to cover my funeral expenses?

If you can answer “yes” to any of these questions, buying life insurance might be a good idea—single or not.

How much should I buy?

Again, there’s no hard-and-fast rule; but experts usually recommend an amount 15 to 20 times your annual income as a good rule-of-thumb. It’s a good idea to talk to your insurance agent or a financial advisor for advice on this before purchasing your policy.

Will I have to take a medical exam to get life insurance?

Though some insurers require medical exams, most don’t if you’re under 40 and buying less than $100,000 in coverage. However, the older you are, the more likely you’ll have to undergo a physical and basic blood and urine tests. This also depends, in part, on your health history and your insurer’s underwriting guidelines.

I’d like to insure my parents and children, as well as myself. Is that possible?

Though you may hold life insurance on anyone in whom you have an “insurable interest” (meaning they support you or you rely on them for financial support), it’s generally better to wait until your child reaches adulthood to start thinking about taking life insurance out on them. Since replacing lost income is the main purpose of life insurance (and children usually do not earn income), life insurance is not usually needed for children. However, if your parents contribute to your financial well-being, you may add them to your policy in the form of a rider or purchase a separate policy to cover them alone.

I already have life insurance. Should I trade or replace my policy?

Though not something to be taken lightly, you may want to consider buying a new policy or adjusting your benefits as you encounter life changes, such as:

• Marriage or divorce
• A birth
• A new home purchase
• A home refinance
• A change of health
• Caring for elderly parents or other family members
• Early retirement
• A career promotion
• Receiving an inheritance

Before you trade in that old policy and buy a new one, ask your insurance agent or financial advisor what is the best alternative for your specific situation.

What is “cash surrender value”?

This is the amount of money you get back from your insurer if you decide to give up a policy. To figure this sum, take your policy’s current cash value and subtract any surrender charges, monthly contract charges and outstanding loans that may apply. Then add back any interest accrued. The result is what you can expect in cash surrender value.

Life insurance seems expensive. Is there anything I can do to cut down on costs?

Of course! Besides following general guidelines like buying when you’re young and buying only what you really need, we recommend you:

• Shop around, comparing prices and coverage. You’d be amazed how much prices can vary!
• Buy a little more. Find out the rate per $1,000 of coverage, which often drops once you pass a certain level. Sometimes you’ll actually pay less for a little more, especially as you approach larger coverage amounts.
• Look for a helpful insurance company that offers competitive rates for otherwise price-elevating health conditions like heart disease, diabetes or cancer. It could make a huge difference in your insurance premiums if you ever have to face any of these maladies.
• Live a healthy life. Quit smoking, start exercising and lose weight. Your insurance rates will drop—and you’ll live longer.
• Pay premiums up-front, rather than in monthly installments. You’ll avoid hidden fees and pay less in the long run.
• Buy a guaranteed renewable policy (if you buy term insurance). That way, you won’t have to shop for a new policy with higher premiums when you’re older.

Now that you’ve got the scoop on life insurance, why not shop your rates. A non-biased, third party, InsureMe will connect you with agents on our network who will compete for your business, so you can choose the policy and price that’s right for you. Don’t leave the future to chance. Prepare now with the right life insurance.

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Whole Life Primer

It surprises me a little, since the first type of life insurance coverage was whole life, that people are not familiar with basic and simple permanent coverage. I guess that term gets more press these days, mostly because the premiums are usually much cheaper for the same amount of coverage. And term is the best for lots of people, but not for everybody.

I guess I am not the only one who gets this question because I have found several articles being published lately, including this one: What is Whole Life Insurance?

The article goes over the basic differences between whole life and other types of coverage. For an even more basic explanation, you can find this article: Whole Life Insurance Explained.

Who Should Buy Whole Life?

You cannot automatically assume that term life insurance is best for everybody, even though that is the popular answer. If you want coverage that does not expire (as long as the policy is kept in force), and that builds up a cash value to act as insurance and savings, you may choose whole life.

Related: Define Term LIfe Insurance

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Before you purchase a life insurance policy, take a little time to understand the best types of life insurance so you know you buying the best policy to cover your family. Your own budget, needs, and financial plans will figure into your decision. It is never a bad idea to speak with a qualified life insurance agent, or even a couple of agents. But some of these financial professionals will want to sell their own products, or have their own ideas about what is best for everybody. In order to make sure you find the policy, or combination of policies, that really work for your family, be sure and do some of your own homework!

If you want life insurance to cover a mortgage, you will probably want a term policy. You can purchase varying terms, like 10, 20, or 30 years, that are close to the amount of years you have left to pay on your home. Some mortgage life insurance policies have a return of premium rider attached, which allows you to get all of your premiums refunded at the end of the policy if you have not collected the death benefit. This is attractive for many people, because they do plan to survive the length of the life insurance contract, and this way they can have a large cash payday! Imagine paying $50 a month for $20 years, and then getting back $12,0000 in cash! Some people even buy decreasing term life insurance which features a decreasing death benefit, to match the decreasing mortgage balance, and of course,  lower premiums.

You can still find term life insurance for seniors, though the policy terms may be shorter, and the insured person will need to be in reasonably good health. A 10 year term policy for a fairly healthy 70 year old, should still be affordable. This may be attractive, especially if the senior still has a business or income to cover for the next decade. You can even find seniors term policy with no medical exams, and very short underwriting applications.

Many seniors look at burial policies, which are really small face value whole life insurance. These never expire, as long as the policy is kept in force, and are great ways to plan for funerals and other final expenses. These come in simplified issue, for seniors with no major health issues, and guaranteed issue, for those with health challenges. Try to qualify for simplified issue life insurance if you can, because those policies have immediate death benefits, and lower premiums. However, a guaranteed life insurance policy can be a great deal for those with major health issues, and they usually refund the premium even if the senior passes away to soon to qualify for death benefits. Guaranteed policies usually replace underwriting applications with a 2 to 3 year waiting period in order to get the full death benefit. Just make sure you understand the difference between simplified issue and guaranteed issue before you choose a seniors life insurance plan.

If you are looking into this type of whole life or burial policy, check into: whole life insurance explained before you buy! And be sure to compare final expense insurance rates too.

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Are You Too Old To Take Out Insurance?

Many people reach middle age, or even retirement age, and realize that they have outlasted their life insurance policies. They may have had coverage at work or had a term policy that expired after 20 or 30 years. Even though they no longer had coverage, though, the people realized they had not outgrown their need for life insurance.

However, the time has never been better to find life insurance for older people! As people are living and working longer, insurers are making coverage more available and cheaper too! These days, you can find term life insurance at 70 or final expense life insurance at 85 in some situations.  

The internet makes it much easier to compare plans and policies. One online life insurance quote form allows you to sit back and compare all of the plans and policies that are available to you.

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One thing you should do before shopping for life insurance is to calculate your life insurance needs estimate. This should include things like a few year’s salary, home mortgage, and future family education plans. Online life insurance estimates and quotes can really help you find out how much coverage you should buy, and also, how much it will cost!

You may also be surprised to find that you can find whole and term life insurance for over 65 years old. Insurers realize that Americans are living longer, even than they did 10 years ago, and rates and plans reflect this increase in life expectancy. Senior citizens, and those with health problems may want to look into final expense insurance quotes, as these are smaller plans that are designed to pay for funerals and other final expenses.

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The Best Term Life Insurance Policies
By Marilyn Katz

Also See Term Life Insurance For Older People

We see lots of people performing a search for the best term life insurance policy. However, having worked in the industry, we can tell you that it would be impossible to present the same life insurance product for everybody. When you are shopping for a car or a home you understand that your own individual needs, likes, and what you can afford to pay will affect your decision to buy. Since you are probably signing a long term contract when you purchase a large physical product,, you know you need to take the time to compare before you buy. The same logic would certainly apply to a financial product, and yet many consumers simply sign off with the first life insurance agent they speak too.

For one thing, people who are a little older, may find that premiums are unaffordable for a level term policy with enough coverage to fit their needs. Consider a family who has just purchased a home, and is carrying a large mortgage. The husband and wife decide to cover the mortgage in case one of the passes away and leaves the family without that breadwinner’s income. They could buy a level policy, but as their debt decreases over time, they may have more coverage then they need. If the insured person is older, they may find that the cost of buying more coverage then they really need is not really affordable.

A decreasing term policy may be in order. As the home debt decreases, so will the value of the policy. The insurer will have less risk, since later in the contract, they will have less liability. The insured people will enjoy a lower premium because of this.

Return of Premium is an attractive option (rider). If the insured person survives the policy term, all of the premiums they paid will be refunded. This rider costs a little extra, but it is very popular because it provides a cash payment at the end. Many people combine decreasing term and return of premium with a type of life coverage called mortgage protection insurance.

Before you buy, be sure to shop around too. We found hundreds of dollars a year difference between the major companies in our state. Learn about the advantages and disadvantages of different products, and then shop for the best rates. That’s how you will find the best life insurance policy.

Let us help you find the best term life insurance quotes with our fast, safe, and free online quote form!

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Term Life Insurance Basics Explained
By Marilyn Katz

Term life insurance is probably the most popular type of coverage these days. As the name implies, this coverage is intended to cover an person’s life for a span of time. The term can be almost anything from 1 to 30 years, and I have seen some that covers up to age 65. But people usually buy for a period of 10, 20, or 30 years. Since you are only buying life insurance, and not any sort of cash value, you will probably find that the rates are less expensive then any other type of coverage you could purchase. Rates are also cheaper because the insurance company only has to accept the risk on your life for a period of time. You do need to fill out an application, and you need to answer health questions, so the insurer is taking the risk that you will survive the policy. That’s another reason rates are less then other coverage, like for instance, whole life.

The lower rates allow you to purchase a larger face value. It is common for people to buy enough to cover their home mortgage, other debts, and to provide money for their spouse and children. In other words, values of hundreds of thousands of dollars are common. Now some policies allow you to attach some riders that make your plan more valuable. A return of premium rider, for instance, costs a bit more, but guarantees that all premiums will be refunded at the end of the term if you survive. You can also find disability and critical illness riders that will provide money if you cannot work. Other riders may also pay the premiums if you are unable to work.

The whole idea between buying coverage for a set amount of time is that you are covering your life during peak working years, and when children need to be raised and mortgages need to be paid. The logic behind this is that you will work to save and invest during this time, so that by the time your coverage term expires, you will not need a large amount of life insurance any more. And many long term policies are convertible. In other words, the company will give their customer an option to convert the term policy to a smaller whole life policy when it expires. This whole life policy will have a smaller face value, but will provide cash for things like burials and other final expenses.

Getting a term policy is an affordable way to protect your loved ones if something happens to you, but just make sure you understand what you are buying.

Quote and Compare No Medical Exam Term Life with our safe, fast, and free online forms.

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Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
http://EzineArticles.com/?Term-Life-Insurance-Basics-Explained&id=1281931

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If you have ever compared life insurance, or sat down with an insurance agent to discuss life insurance, then you know that your own rates depend upon many things. Your age, of course, and the type of insurance you want - term, whole, or universal life, will have the biggest impact. Your health, and your health habits (smoking, weight, drinking) can also make a big difference. But life insurance premiums also depend upon where you live, and sometimes, even your credit!

It can take a long time to give several different life insurance agents of companies all of the details to give you an accurate quote. That’s where the internet is handy because you can get free online insurance quotes with one simple online form! Visit us for the best term life insurance quotes too!

If you do not want to go through the hassle and privacy invasion of a life insurance physical, consider no medical exam life insurance.

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