B-Informed Blog

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Enriching your life; informing your health. Life insurance, and other topics.


5 Health Problems That Might Increase Your Life Insurance Rates
5 Health Problems That Might Increase Your Life Insurance Rates
When calculating your life insurance premium, underwriters will take your overall health into account. This risk assessment includes the majority of older people in the United States. According to 2014 data from The Commonwealth Fund, 87% of Americans had at least one chronic illness, while 68% had two or more. The prevalence of conditions such as diabetes and heart disease not only write a poor health report card for the country, it also suggests high life insurance rates across the board. Know the following premium-boosting health conditions to start accessing your risk.

  1. Type 2 Diabetes: When an adult is diagnosed with diabetes, they are often at risk for additional problems such as peripheral vascular disease, renal failure, and coronary artery disease. These health risks add up, causing underwriters to boost premiums.

  2. Obesity: Obese individuals are at risk for a multitude of health complications, including Type 2 Diabetes, heart disease, stroke, cancer, and other diseases. A high BMI will be a red flag for an underwriter.

  3. Cancer: How Cancer affects health and life insurance premiums depends on the type of Cancer. More life-threatening Cancers will lead to higher premiums, as low-risk Cancers won't have as much of an impact.

  4. High Cholesterol: This condition puts an individual at risk for other heart-related conditions. These include coronary artery disease, heart attacks, and strokes. Life insurance companies will take into account how well the applicant is managing their condition before writing a quote.

  5. Acid Reflux: While gastroesophageal reflux disease, or GERD, affects a large portion of the population, underwriters will still take this condition into account. This is because it can lead to more severe conditions such as stomach ulcers and different types of cancers.
If you have any of the above conditions, among others, the insurance company will take how well you are managing it into account. If you are taking necessary medications, undergoing recommended treatment, and keeping up with a healthy lifestyle, your insurance premiums might not be affected as much. When you are selecting the best health and life insurance for your needs, be sure to ask the company plenty of questions about why your premiums are what they are. This will ensure that you are getting the best possible policy.

Answering Your Common Questions About Life Insurance
Answering Your Common Questions About Life Insurance
Purchasing life insurance can be quite overwhelming. There are many things to think about, including prices, coverage, and who will be your dependents. Here are some frequently asked questions concerning life insurance claims that will be beneficial in making your decision. 

How much life insurance should I buy?
This depends on how much you feel comfortable with buying, but generally speaking, it is a good idea to purchase a plan that is 10 times your annual income. Of course, start off with as small of a plan that you feel comfortable with, and then slowly build.

Is life insurance even necessary?
Across the nation, only about three in five people own some type of life insurance. While another 34% report a likelihood of making a purchase within the coming year, some individuals don't elieve life insurance is necessary. Simply put, the whole reasoning behind investing in different life insurance plans is to protect your family financially in case anything happens to you. Just having the sense of security that your family is protected in case of the worst will give you peace of mind for the future. 

How long of a term do I need to buy?
Depends on your age. For example, if you are in your 30s, then you should start out with a 30-year plan. This will give you about 30 years to create a stable nest egg to fall back on. If you have any questions, one of our life insurance specialists will be able to recommend a plan that will work the best for your needs.

Can you explain the process of underwriting to me?
When purchasing a life insurance claim, the company you are going through will need to complete an underwriting process. This is when they evaluate your lifestyle and determine how much it will cost to provide coverage. Some factors they consider include your age, your overall health and if you suffer from any long-term conditions, your family health history, and whether or not you work in a hazardous occupation such as construction work.

Have anlife insurance claim other questions about life insurance claims? Please contact our professionals today and we will help choose the right plan for both you and for family.

Are Millennials Buying Life Insurance?
Are Millennials Buying Life Insurance?
Starting in 2030, the last group of Baby Boomers will turn 65. This means that one-fifth of Americans will be older adults -- that is 72 million people, according to the 2013 State of Aging and Health in America report. While the Boomers were overwhelmingly the largest living generation, they are now rivaled by a younger group: The Millennials, also known as Generation Y. 

This large, diverse, digital-savvy generation has certainly been a hot topic of discussion. Taking the interpretation of Millennials a step further, a recent survey by Benenson Strategy Group dove into their take on health insurance. The researchers found that a vast majority of Millennials are not only insured but also take insurance seriously. 

According to the survey results, which reported the answers of more than 1,000 Millennials around the United States, 86% of respondents are insured. Furthermore, 85% said it is either "absolutely essential" or "very important" to be covered by a health insurance plan. Of those who have coverage, 39% are receiving it through their employer and 20% are receiving assistance from Medicaid. 

Are Millennials Buying Life Insurance?

The short answer: no. While Millennials are purchasing health insurance, they don't seem to be thinking that far in advance. In a 2015 study, LIMRA Research Institute looked at how many members of Generation X and Y were purchasing life insurance. The results showed that while the majority of members of these generations believe that they need more coverage, less than 20% reported being "very likely" to buy it.

"The study clearly shows that people recognize the value of life insurance and the risks they face being underinsured," Todd A. Silverhart, Ph.D., corporate vice president of LIMRA said in a press release. "Yet other financial priorities and confusion on what they need lead many consumers to postpone buying life insurance."

For Millennials specifically, interest was especially low in purchasing this type of insurance. Only 11% of respondents between the ages of 18 and 34 said that they were very likely to buy it. As insurance companies continue to grapple with the issue of attracting this generation to their policies, they should remember to be inclusive in their marketing and be transparent in the benefits of choosing a health plan.

New 2017 National Medicare Supplement Price Index Released
New 2017 National Medicare Supplement Price Index Released

Health insurance policies can be extremely complicated, especially in these polarizing times. Sadly, in 2014, according to the U.S. Centers for Disease and Prevention (CDC), there were roughly 3.7 million people without healthcare insurance. It's important to stay up-to-date on how to live a healthy lifestyle in the best way possible and what the best available health insurance policies are.

 

Yahoo! Finance reports that during March 2017, according to the 2017 National Medicare Supplement Price Index, costs for Medicare Supplemental Insurance showed little or no increase.

 

"In many places, costs for Medigap protection did not change and that's good news for the 10,000 Americans who turn 65 every day," said Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI).

 

Medigap policies typically cover only one person. If an individual and his or her spouse wanted Medigap coverage, they'd have to buy separate policies, which can lead to even more insurance complications.

 

"Individuals mistakenly assume that all Medicare insurance options including prices are standardized," added Slome. "One can pay more than double for virtually identical coverage.”

 

CBS Money Watch reports that the Medicare Supplement Price Index compared various insurance rates for the top 10 metropolitan areas in the United States.

 

Slome did note, however, that the study did not factor in available discounts like household discounts, which have the potential to significantly reduce insurance costs.

 

The research found that monthly premiums during 2016 for the average 65-year-old man were about $444 a month in Manhattan (highest monthly premium). The lowest monthly premium was $126 in San Antonio.

 

Compared to the 9.7 million in 2010, there were approximately 13.1 million Americans that owned insurance in 2016. The Association study examined monthly rates for 65-year-olds purchasing various insurance policies.

 

As more and more Americans reach their mid-60s each year, a stronger emphasis will be placed on the importance of insurance coverage. These surveys are great for keeping Americans knowledgeable about what's going on in the health and insurance industry, which does or will directly impact nearly everyone in the country.

 

If you want to learn more about quality health insurance policies and Medicare Supplemental Insurance, contact Bankers Fidelity today.


5 Tips For Talking To Your Partner About Life Insurance
5 Tips For Talking To Your Partner About Life Insurance
If you and your spouse have not discussed purchasing a life insurance plan, now is the time. Life can be unpredictable, so it is best to plan ahead for your family's future. If you are feeling hesitant or nervous, there are strategies you can use to make this conversation feel natural and mutual. Follow these tips for bringing up life insurance with your partner.

  1. Keep your family central. Just like services such as medicare, life insurance aims to take a financial burden off of your family. When discussing this topic with your partner, frame it this way. Highlight how purchasing coverage will benefit your family members, both present and future.

  2. Be prepared with numbers. Even though the circumstances surrounding life insurance are emotional, it is important to include facts and figures in the conversation as well. If your current financial status is your spouse's concern, remind them that you can purchase life insurance within a range of benefit increments, from as low as $10,000 to millions.

  3. Be patient. You partner may not be on board right away, and that's okay. Be patient, yet persistent, going forward. Let them take the time they need to think, but don't let them brush the subject under the rug.

  4. Listen. Even though you are the one leading the conversation, be sure to take the time to listen to your spouse. They will likely have plenty of thoughts and questions. Practice active listening and make them feel understood.

  5. Know your options. As you and your partner age, it's important to fully understand how medicare and life insurance can benefit you, and what the appropriate package for your needs will be. Set up a meeting with an insurance professional to go over all of your options together.
If you attempt to discuss life insurance with your partner, and they are not receptive at all, consider making an appointment with a professional. This can be either an insurance specialist, a financial planner, or a counselor. During this meeting, the professional can guide the conversation, facilitating a discussion between you and your spouse in a calm, unbiased manner. As you and your partner age and grow together, so will your financial needs. Now is the time to make sure that your future is covered.