Will I be able to buy a life insurance policy online when I’m not in good health condition?

Lauren

Tulsa, OK

When you want to invest in life insurance, being in good health condition can help you acquire a lower premium than being otherwise. This is because a person with bad health condition is likely to pose a risk factor of dying sooner. Examples of these conditions are heart diseases and high blood pressure or cholesterol level. When a person is considered as smoker, the life insurance company may see him/her as having a high-risked factor because of smoke-related diseases.

If the medical examination shows that you have a bad health condition, the life insurance company may still offer a standard premium but relatively higher than originally quoted before the medical examination. The life insurance company will send a letter that explains why you are placed in a certain category, which apparently affects your life insurance premium. If you are not happy with the category you were placed in and like to lower your premiums, you can check the result with your doctor. Depending on your health condition result, the doctor may give instructions that can help you better your condition. Ensure that you follow your doctor’s instruction and monitor the progress. After a few months, you can go back to your life insurance company to let them know that you are trying to improve your health condition so that the company may then offer a lower life insurance premium.

What should I know before I make a decision whether I take accelerated death benefits or not?

Jan

New York, NY

Accelerated death benefits are few of the benefits that you can add when you have a whole or permanent life insurance. With accelerated death benefits, you can immediately access cash that can fund the accumulated expenses while you are seriously ill. The life insurance company makes it possible for you to collect part of your life insurance death benefits. You should note however that there are certain conditions when the life insurance company pays these benefits.
Before you make a decision on purchasing an accelerated death benefits, you need to consider whether the balance from your policy is sufficient to fund the final expenses for example. Some examples of these final expenses are burial and funeral expenses. Aside from this, you should also consider the impact of this benefit to your Medicaid eligibility since the receipt of payments from this life insurance benefits may be considered part of the income. Lastly, you also need to consider the tax implication although federal Government usually life insurance proceeds are usually exempt life insurance proceeds from tax.

This would be my first time to buy a life insurance policy and I would like to get some advice on what to do, and what not to do, when I look for a life insurance provider here in Pennsylvania.

 
Ortega

Erie, PA

 
Before setting out to get a life insurance policy there in Pennsylvania, it would be very important to identify your goals and requirements or your reasons as to why you would want to get coverage. Here are a few things to keep in mind while looking for a policy.

1. If employed, get a good idea if the company you work for includes group life insurance coverage as part of the coverage. If you see yourself working for that company for the next ten to fifteen years then it would be a good idea to find a life insurance package that would supplement your existing policy.

2. Life insurance policies are bundled packages, if you decide to get a policy with a death benefit of $240,000, why not bump it up to $250,000? You could actually get lower premiums if you buy higher.

3. Shop around. The Internet is a rich medium to get accurate and timely life insurance rates. By going through the quoting system of a few life insurance portals you would already get a good idea which companies offer the most competitive rates available.

4. If you have special circumstances regarding your health or medical condition, seek out a company that specializes on life insurance policies for those with diabetes, asthma or any other pre-existing illnesses. You could save up to half on premiums as compared to going with a general life insurance provider.