Americans With Pre-Existing Health Conditions Don't Have Life Insurance

According to a new report from Genworth Financial, a large number of Americans with common, pre-existing conditions don't have life insurance. It is believed that the lack of insurance coverage is due to an inaccurate belief that because of their health issues insurance would be expensive, as well as their doubts over their insurability.

The study found that between 39% and 54% of Americans between the ages of 18 and 64 with common, self-reported pre-existing conditions hold no life insurance.

Some of the common and pre-existing health conditions that the respondents reported to be suffering from included, anxiety, asthma, depression, high cholesterol, hypertension, sleep apnea and weight issues.

In addition, over 118 million adults in the U.S. age 18 and above don't have life insurance coverage, which more than half the adult population (52%).

While many Americans are concerned that their health issues will drive up the cost of life insurance and make it unaffordable, this is not the case.

"We need to redefine the word 'healthy' in the context of insurance eligibility," says Janet Deskins, Genworth senior vice president for product development. "For adults with conditions such as anxiety, asthma, depression, high cholesterol and sleep apnea, life insurance can still be an affordable part of their overall financial plan, especially if they are actively taking steps to manage their condition."

The Genworth study also revealed that:

2012: Entire U.S. Adult Population 18+ (226 million)

    52% are uninsured; approximately 118 Million
    For those with Insurance, $152K is the average coverage amount

2011: Entire U.S. Adult Population 18+ (223 million)

    51% are uninsured; approximately 114 million
    For those with insurance, $155K is the average coverage amount

Within each of the populations identifying with the health conditions below*, a sizable portion is uninsured:

    Anxiety: 15 million total, 8 million (53%) with no insurance
    Asthma: 13 million total, 7 million (54%) with no insurance
    Depression: 17 million total, 9 million (53%) with no insurance
    High cholesterol: 26 million total, 10 million (39%) with no insurance
    Hypertension: 25 million total, 10 million (40%) with no insurance
    Overweight: 24 million total, 11 million (44%) with no insurance
    Sleep apnea: 12 million total, 5 million (42%) with no insurance

Be sure you take steps in getting yourself covered to ensure you are protected and have a financial plan for your future. Take our insurance quiz below to find out how much you know.

*Mid-point averages were used in coverage amount calculations.

Take our life insurance quiz and see how prepared you are at https://www.naalife.com/life-insurance-quiz.php.

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Step By Step Guide On How To Obtain Life Insurance

One of the primary motives why people acquire a insurance policy is the assurance that their dependents will get a prearranged sum of money in the event of their death. Getting a policy is crucial especially if you are the main source of income in your household or family. Apparently, the demise of the breadwinner signifies the loss of income for the family. As they say, life insurance is something that you need to obtain, but hopefully never have to use.

Guide on how to purchase a life insurance:

1. Determine the kind of policy that suits your needs

Term and whole life plan are the common types of policies that you will encounter as you begin shopping for a policy. Term life insurance expires for a definite period of time, such as 10 or 20 years. Conversely, whole life plan covers the policy holder until death. Your choice of policy should be hinge on your personal needs. You may prefer whole life plan or merely need a life plan for 20 to 30 years while rearing children.

2. Search out for free life insurance quotes

Internet has helped buyers get free online quotes without difficulty, but it is still advisable that you seek for the opinion of proficient insurance agents in your community. They can help you understand life plan even more, present you a wide range of options and provide you answer to your queries about certain policies that you cannot access from online quotes. Moreover, try to check with your human resources department at your job to recognize the life insurance options offered there.

3. Fill out the application form

Once you have made up your mind on which policy or insurer you want to choose, you can now start applying for a life plan. This necessitates a preliminary application that will also include few questions concerning your present and past health condition. Insurers make use of the information supplied on the form to help them in creating a policy.

4. Go through a medical exam

Most reputable insurers compel applicants to undergo a medical exam completed before they approve your application. Normally, this test should be paid by the insurance company, which utilizes it to confirm the information on your health history.

5. Understand the premium and coverage before buying it

After taking you medical exam, the insurer will design a policy for you that stipulate your coverage and indicates how much premium will be charged to you. You should get through the policy documents right before you sign it to verify if it suits your needs at a price you can afford.

6. Sign the policy and pay the premium

Lastly, sign the policy papers to obtain insurance coverage and pay the premium. Once you have completed these steps, you already have a life plan that will protect your dependents in case you die.

Mei Mayore is a dedicated life insurance agent who is keen to provide people fast and risk free life insurance quotes. Learn more things on how to achieve maximum savings and claim strategies by visiting Life Insurance Quotes Canada.

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Comparing Different Types Of Life Insurance: Whole Life Versus Term

No matter how well you manage your activities throughout your professional adult life and ensure that you and your family observe proper health practices to maintain youth and vitality, you can never completely avoid the risks of unfortunate incidents that can change your circumstances in an instant. You may be relatively young and make it a point to observe a healthy diet and get enough exercise to stay in your peak physical condition, but this would not be enough to guarantee a long, problem-free life; illnesses can still develop and accidents can happen when you least expect it.

Aside from keeping yourself physically healthy and vibrant in the hopes of living as many years as you possibly can with your loved ones beside you, preparing for the future security of your family should also include the task of properly setting up your finances. The most common and secure way to accomplish this is to purchase life insurance. Whole life insurance and term life insurance are two of the more popular options for securing your family's finances after you have passed away; it's best to know the difference between the two before making your selection so you can sign up for a policy that best fits your specific financial goals and needs.

Whole life insurance is a policy that, as the name suggests, remains effective throughout the insured's whole life. Life insurance plans under this category have fixed premiums that are typically much higher than those required by term life insurance policies. Whole life insurance has a cash value-something that is not present in term life insurance. Having a cash value means that it can be used to accumulate tax-deferred savings. In addition, whole life policies can also be a tool that can help you preserve the wealth that you plan to leave behind for your family or specific beneficiaries.

Term life plan, on the other hand, is generally a more affordable policy compared to whole life. It can protect your finances for about 10 or 20 years (the typical period options for this plan). After the indicated period, you can choose to continue receiving financial coverage, but the premiums will be significantly increased. The money your family will receive from your term life plan can be used to continue paying general expenses after your death (such as a mortgage or your children's education). The funds can serve as your beneficiaries' financial solution to the years of potential income that you have lost with the event of your death.

Before taking out an insurance policy, it is recommended that you do sufficient research on the type of coverage that would provide your family with the best benefits. It is also important to gather enough information about a few of your preferred insurance providers before deciding on signing a contract with a single one. You can arrange for a meeting with an agent who can thoroughly explain their policies; you can also request a whole life insurance online quote so you can get a clearer picture of how much the coverage will cost. Making secure financial arrangements is the best way to safeguard your family's financial future no matter what events take place.

It is important to secure the future of your family by having a life insurance. This can help you secure your finances at whatever events that may happen. Choose the life insurance that will suit your funds and your plans, get it from a renowned company that will surely provide you the best coverage for your family.

Article Source: http://EzineArticles.com/?expert=Tyrone_I_Fedler

Understand The Suicide Clause In A Life Insurance Policy

A policy holder who feels like he is down in the dumps would be tempted to take his own life only to leave his loved ones a considerable amount of money from a life insurance policy. Suicide of a family member is one of the most disheartening situations any family can encounter. This incident could also complicate the process of claiming the life insurance benefits. But the question whether an insurance company will grant the insurance benefits to the recipients will be hinge on clauses in the policy. There are instances when a policy's suicide clause holds back the redemption of the benefits. Sometimes the policy holder does not easily recognize this clause concerning suicide because some policies use languages like "intentional self-destruction" or "death by one's own hand" to describe the act.

Forms

A suicide clause is just one of the clauses or stipulations that you can find most life insurance policies, while the stipulations may also differ to some extent depending on the state or country. Some insurers include a free look provision that offers the policy owner a considerable period of time to review a policy after it was issued to for the buyer to decide whether he wants to purchase the policy. Incontestability clause prevents the policyholder from annulling the policy after it takes in effect for a definite period of time, except if the policyholder cease from paying the premium.

Purpose

A suicide clause states that policy benefits will not be granted to policyholder's beneficiaries if he ends his own life within a specific term following the inception of the policy. In circumstances a policyholder passes away within that period covered by the suicide clause, the insurer usually investigate the claim strictly to guarantee that the demise of the policy holder was not a case of suicide.

Benefits

A suicide clause guards an insurer against a circumstance where a policy holder commits suicide with the objective to give his recipients a considerable sum of money from life insurance claims. Considering the fact that contemporary life insurance policies can easily build up a face value of $100,000 or more, the clause can protect the insurer from disbursing such a significant amount of money.

Insurers are not the only one who benefit from suicide clause, even the desperate and emotionally distressed policy holders gains from this clause. For example, if a desperate policy holder learns that their beneficiaries might not get any benefits from their insurance plan if they commit suicide, the person may reconsider his attempt to commit suicide.

Time Frame

A suicide clause usually covers the first two years that the life plan has been in effect. In case the suicide transpired within that period, the insurer will just hand back to the policyholder's recipients any premiums that have been given to that point. If suicide happened subsequent to the clause period, the life insurance company cannot refuse coverage.

Mei Mayore is a dedicated life insurance agent who is keen to provide people fast and risk free life insurance quotes. Learn more things on how to achieve maximum savings and claim strategies by visiting Life Insurance Quotes Canada.

Article Source: http://EzineArticles.com/?expert=Mei_Mayore



A policy holder who feels like he is down in the dumps would be tempted to take his own life only to leave his loved ones a considerable amount of money from a life insurance policy. Suicide of a family member is one of the most disheartening situations any family can encounter. This incident could also complicate the process of claiming the life insurance benefits. But the question whether an insurance company will grant the insurance benefits to the recipients will be hinge on clauses in the policy. There are instances when a policy's suicide clause holds back the redemption of the benefits. Sometimes the policy holder does not easily recognize this clause concerning suicide because some policies use languages like "intentional self-destruction" or "death by one's own hand" to describe the act.

Forms

A suicide clause is just one of the clauses or stipulations that you can find most life insurance policies, while the stipulations may also differ to some extent depending on the state or country. Some insurers include a free look provision that offers the policy owner a considerable period of time to review a policy after it was issued to for the buyer to decide whether he wants to purchase the policy. Incontestability clause prevents the policyholder from annulling the policy after it takes in effect for a definite period of time, except if the policyholder cease from paying the premium.

Purpose

A suicide clause states that policy benefits will not be granted to policyholder's beneficiaries if he ends his own life within a specific term following the inception of the policy. In circumstances a policyholder passes away within that period covered by the suicide clause, the insurer usually investigate the claim strictly to guarantee that the demise of the policy holder was not a case of suicide.

Benefits

A suicide clause guards an insurer against a circumstance where a policy holder commits suicide with the objective to give his recipients a considerable sum of money from life insurance claims. Considering the fact that contemporary life insurance policies can easily build up a face value of $100,000 or more, the clause can protect the insurer from disbursing such a significant amount of money.

Insurers are not the only one who benefit from suicide clause, even the desperate and emotionally distressed policy holders gains from this clause. For example, if a desperate policy holder learns that their beneficiaries might not get any benefits from their insurance plan if they commit suicide, the person may reconsider his attempt to commit suicide.

Time Frame

A suicide clause usually covers the first two years that the life plan has been in effect. In case the suicide transpired within that period, the insurer will just hand back to the policyholder's recipients any premiums that have been given to that point. If suicide happened subsequent to the clause period, the life insurance company cannot refuse coverage.

Mei Mayore is a dedicated life insurance agent who is keen to provide people fast and risk free life insurance quotes. Learn more things on how to achieve maximum savings and claim strategies by visiting Life Insurance Quotes Canada.

Article Source: http://EzineArticles.com/?expert=Mei_Mayore

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Scottish Widows Bottom For Critical Illness Pay Outs

I said recently that more needs to be done to address the number of critical illness claims that are being rejected. 

I was commenting following the publication of Scottish Provident's latest claims stats. But in the interests of balance I should say that I didn't mean to imply that Scottish Provident (at 7%) stood out from the crowd.

Scottish Widows do - at 13%! 

 Thats the figure for 2011 according a recent article by John Fitzsimons called Make A Successful Claim On Your Critical Illness Insurance'. Apparently that figure represents as 30% increase on the percentage of claims rejected by Scottish Widows the previous year!

This figure should cause everyone concern and definately requires further investigation. Don't forget that what we are talking about here is a bankassurance critical illness plan. This means that for millions of customers of the banking group a Scottish Widows critical illness plan will effectively have been the only choice offered to them.

If you have a Scottish Widows critical illness plan maybe its time to start asking some questions.

Diabetes? Tips On How To Apply For Life Insurance

Yes, you do have choices about how you apply for life insurance and if you have diabetes making the wrong ones could cost you.

So here are the tips

1)  Fully Disclose All Medical Information - cutting corners or forgetting to mention medical information risks making your cover invalid, but if you fully disclose all information you will have peace of mind knowing that the cover is valid.

2) Applying Direct To A Life Insurance Company Has Downsides - There is nothing wrong in applying direct its just that in doing so there's a very good chance that you will end up paying more than you need to because there's will be a good chance that another life insurance company would have charged a cheaper premium.   In fact if you already applied direct to a life company and have an existing policy you should still read the tips below and consider getting a second opinion. It wont cost you anything but could save you lots.

3) Research Is Important - Good research will pay dividends and can save you a small fortune. Unfortunately its not easy to do this yourself.

4) Use An Expert - Some companies specialise in offering a service for people with pre existing health conditions such as diabetes, providing a more expert service to help find you best deal www.moneysworth.co.uk are one such company who individually research every single case and provide this service on a non fee basis so they are able to provide you with an indication of likely premium before you apply. An expert will also be able to provide you with information about what other associated types of insurance cover might be available, such as critical illness or income protection.

5) Most Advisers Do Not Specialise In Diabetes - If they dont really specialise its unlikely that they will be able to perform the research to the same standard as a real specialist.

6) How to Spot A Non Specialist - There are a number of ways. 1) Check the website -if the company is genuinely offering a specialist service this should be clear visible on the webite. 2) When speaking on the phone are they asking you the right kinds of questions about your diabetes, do they sound like they are dealing in this day in day out? 3) Sometimes companies pretend to be expert, they tend to rush to the application stage before doing any research - If they quote a preium straight away its probably not a good sign. If in doubt a good questions to ask is what percentage of their clients have diabetes.

7) Think About The Future As Well As The Present - If you develop further complications or additional health conditions in the future you may find it more difficult to obtain cover in the future. As a diabetic if you develop cardio vascular disease in the future, as things currently stand in the market, you will not be able to obtain new life insurance from any mainstream insurer.  

8) Guaranteed Premium Rates Are Best - This means that the premiums cannot be increased in the future so you know where you stand so make sure that your premiums are not reviewable.

9) Remember That Once Your Policy Starts Your Insurance Is Guaranteed - Once your policy begins future health changes will not effect your cover or your premiums, which means you no longer have to worry about what the future may bring.

10) Prices for New Policies Will Go Up At The End Of The Year - This is true, especially so for females. If you have diabetes the process time from start to finish for life insurnace normally takes weeks rather than days. You can avoid the price hike by getting your cover in place before the changes take place - that probably means getting on with things now

If you would like a quote or would like to speak to an expert visit www.moneysworth.co.uk or call us on 0845 430 5200

Some Thoughts On Scottish Provident's Latest Critical Illness Claims Stats

The latest Scottish Provident set of claims statistics make for some interesting reading - there are both positive and negative points.

The £43 million in claims paid in the first half of the year is not an insignificant sum and the total now stands at over £1 Billion in critical ilness payouts since 1996. Thats a huge sum of money which will have benefited alarge number of people in their hour of need and proves what a valuable social function life companies perform.

Reading the more detailed report information provides a valuable insight., for example the average period from start to claim is 9 years and the average age at claim is 49.

The critical illnesses producing the highest amount of claims are Cancer 60%, Heart Attack 16% and Stroke 6% and the report further breaks down the cancer claims showing the biggest claim areas as breast 34%, bowel/colon 11%. malignant melanoma  and prostrate both at 7%.

But..... the report shows that 7% of claims were not paid and this remains a concern. The two reasons given are a) material non discloure at the point of application and b) not meeting plan definitions and the report provides some examples of each.

Non-Disclosure - There will always be a small number of applicants who deliberately withold relevant medical information and if they are intent upon doing so there then this is their responsibility alone and this is a point which should be acknowledged by those who are critical of the life insurance companies.

However we need to ask ourselves whether as an industry we are really doing all we can to try and avoid 'non deliberate' non disclosure. Furthermore we would do well to consider whether this is always a point of sale issue. It is a fair question to ask how much non disclosure might be resulting from the fast track underwriting process itself. Are we sure that the right messages are being sent out if we are asking only a limited number of questions or where we are asking questions which refer to certain health events only within the last five years? 

Interestingly a significant percentage of clients with pre existing health conditions express to us their preference for an underwriting process which includes the obtaining of medical evidence from their GP. They feel that this might cover  anything they accidentally failed to remember.

 What really would be of value would be to see insurance companies publishing comparisons between the rates of non disclosure applying to cases underwritten 1) without and 2) with further medical evidence.  

Not Meeting Claims Definitions - This remains a thorn in the side of the life industry and we need to consider whether there is not room for improvement in how this issue is being dealt with. What we have at the moment is a stand off between the life insurance industry who claim that they are comitted to paying all 'valid' claims and those who claim that the industry deliberately rejects some claims that should be 'valid'. 

But in a standoff not much progress is made.

What needs to happen is for both sides to sit down with each other and work together. The long term prospects for the sales of critical illness and other socially valuable protection policies would benefit considerably from involving the consumer in the design, decision making and marketing process. The same applies to a number of other issues currently affecting the life insurance industry (eg STIP, simplified products, activities of daily living, consumer education).

There is a fear among many consumers of non payment at claim. This fear is sufficient to stop some from buying and for some it provides a convenient excuse not to buy. But even among many of those who do buy there remains a nagging doubt that the insurance they have purchased will turn out to be 'invalid'.

A great deal more needs to be done to research this problem.