What Type of Coverage Should I Get?
The right insurance policy means enjoying the best of both worlds … a well-tailored plan to suit your lifestyle and a policy that covers you for any kind of contingency. No one knows what the future holds but it is only fair that you too should have the peace of mind to face the future with confidence.
The first step in determining what type of insurance you need is to answer the following questions:
- What is your current financial situation like?
- How about your family’s financial situation?
- Is your bankroll flexible enough to grant your spouse the option of withdrawing money to take care of your children’s expenses in case of your demise?
- How about the other way around … what if your spouse dies? Will there be enough to carry on with your bills and maintain a good standard of living?
What are the rates for a 56 year old?
I am 56 and have been in poor health. I take a number of medications and have some bad medical conditions. I would like to get some life insurance to protect my wife and my daughter in case something happens to me.
It’s a smart move to get some life insurance now, but it’s understandable that you’re concerned about high rates. The lowest rates are typically reserved for people who are the healthiest and in the prime of their lives. That’s not you.
Before you shop around, you may want to ask yourself one important question as it relates to the type of life insurance you need at this point in your life: will any life insurance policy adequately protect my family?
If the answer is yes, then you have found your answer about rates. But if the answer is no, then you’ll have to adjust your policy in some ways to get the rates you need.
The first thing is to sit down for a few minutes and ask yourself this question: Can my health issues affect my ability to pay life insurance premiums?
If you have several serious health issues, the answer is probably yes. If so, you could do a few things to get better rates.
What Risk Tables Does a 56 Year Old Operate On?
Like I said, it’s very likely that you’re going to be declined if you have had a number of medical problems. While there are always exceptions, in general, the harder you have to jump down the risk tables, the less likely it is that you’re going to be offered a policy.
That’s why, if you’ve had health problems, the time to get a policy is before you’ve gotten sick or older.
Life insurance is very similar to health insurance in one big way, namely the premiums generally increase as you get older. There’s no reason not to get you life insurance while your premiums are still relatively low. If you’re in your 50s and you haven’t bought life insurance yet, consider getting it now.
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Getting the Best Rates on Your Life Insurance Policy
Insurance companies love people with pre-existing medical conditions. They end up paying more on insurance premiums and have to pay bigger claims, which makes insuring them a huge moneymaker. However, if you can overcome the barriers to buying life insurance, you can get a great rate from an insurer.
Get a Pre-Existing Condition!
If you’re dealing with any kind of medical condition, getting a good insurance rate is tough … unless you have any kind of a pre-existing condition! This is because insurance companies are so risk adverse.
So if you have a pre-existing condition (even something serious like asthma or type 1 diabetes), it’s a good idea to see if your policy is still in effect. If it’s over, call them up and ask them to put it back in effect. Many companies will do this since they are satisfied with your premium rate and claims history. If they are not, you can always go to another company, but you’re going to be back in the same boat of having to accept a poor premium for having a pre-existing condition.