Believe it or not, your diet affects your life insurance quote. Life insurers won't monitor what you eat and they'll never mail you a list of unhealthy foods to avoid consuming, but ultimately your health is a major pricing factor when you apply for life insurance. I'm thinking that the new KFC Double Down, which launched this month, may not be such a hot idea if you're about to have a life insurance medical exam. It's a bunless sandwich with two chicken filets (which take the place of bread slices) around bacon and melted cheese. I can imagine your blood pressure shooting up due to the 1,380 milligrams of sodium and your life expectancy ratcheting down if you're a frequent Double Down eater. Of course, the same can be said of certain foods sold at McDonald's or Burger King. I don't mean to pick on fast food. But moderation is the key. Healthy eating will improve your health and hold down your health and life insurance rates. Common conditions such as high blood pressure, high cholesterol, heart disease and obesity can all raise your premiums or even result in a decline. Don't be sad that you shouldn't eat a Double… (continue reading......)
There's a growing market for life insurance policies that are no longer needed -- it's called the life settlement market. Sellers of life insurance policies are generally over age 65 with health conditions that shorten their life expectancy. Selling a life insurance policy can be an attractive option for someone who no longer wants or needs his permanent life insurance policy and who would like to get some cash. Sometimes these life insurance policies are bundled as securities and sold to investors. But now the major life insurance trade group, the American Council for Life Insurers, is urging policymakers to ban the securitization of life settlements. The group says these securities are too risky to investors and expose sellers (the seniors) to fraud. I'm no investment expert, but I wouldn't dream of buying securities based on life insurance policies. I personally don't want to profit from others' deaths. On the other hand, if I were selling my policy, I would want it to be bundled with others' policies and sold off. I wouldn't want to have a small number of people interested in my fast demise -- I'd rather spread that out among a large number of people who don't… (continue reading......)
Lying is never worth the risk when it comes to insurance. Insurance companies have sophisticated ways of uncovering the truth. Here are some of the biggest lies told on life insurance aplications. Trying to get a lower rate for life insurance by lying about your lifestyle or health is not likely to work, and could come back to bite you. Life insurance companies use a variety of tools to verify the accuracy of your application: motor vehicle reports, doctor records, pharmaceutical database searches, and credit reports -- just to name a few. Even upon death, previous lies could be exposed. Life insurers can request an autopsy report if they suspect fraud on your original application. Your application becomes part of the legal life insurance contract upon signing it. What does that mean exactly? Lies and misrepresentations could lead to a reduced death benefit amount, or your policy could be rescinded. Why take that chance? Tell the truth. Peace of mind guaranteed. (continue reading......)
If you're shopping for life insurance, here's a good tip: Enclose a check for your premium payment with your application. Your life insurance coverage will then be in force from the day your application is received. This tip came to me from Brian Ashe at the Life and Health Insurance Foundation for Education. He explains that if you enclose your premium payment with your application, the insurance company will issue a "conditional receipt" that says if you completed the application, have sent the payment, complete the medical requirements, and are an acceptable standard risk, your death benefits will be in effect prior to the policy being issued. Ashe says you've got nothing to lose! (continue reading......)
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