Life Insurance Options for Smokers

Just because you smoke does not mean that you will not qualify for life insurance. If you are a smoker and you recognize your need for life insurance, it is important to take time to learn about how your lifestyle habits, your health, and the type of life insurance plan you apply for will affect the premiums that you are quoted. Virtually all of the best life insurance carriers will extend coverage to smokers as long as the applicant does not pose too much of a risk for filing a life insurance claim. Here is your basic guide to understanding your life insurance options for smokers, and how specific factors can affect your premiums.

Types of Life Insurance for Smokers

There are two different types of life insurance that you can choose from: term or permanent. As you are shopping for life insurance, you will need to distinguish between term and permanent. A term insurance policy is a temporary contract that will last a specified number of years between 1 and 30 years. The premiums and death benefit of a term plan will stay level, and coverage will remain valid until the term expires.

A permanent insurance plan, which is typically a whole life policy, will stay in force for the remainder of the insured’s life and premiums are determined at the age the policy is issued. Permanent insurance plans contain a life insurance component and an investment component which will raise the total payout over time, and the premiums for these plans are significantly higher. You will need to determine whether your needs are temporary or more permanent in nature before you select a plan that satisfies your needs and fits your budget.

Lifestyle Habits and Health Factors That Can Affect Premiums

Once you decide which plan to apply for, you need to take the time to understand what makes you a risky applicant for coverage. Smokers pose a higher risk long term than non-smokers, but smoking habits that are combined with specific pre-existing conditions can lead to denials or high-rated plans. If you are a tobacco users, you can expect to pay tobacco rates, but many applicants qualify for Preferred Smoker ratings if they are in good health. If you are in poor health and you have been diagnosed with a moderate or serious medical condition, smoking can entirely disqualify you for coverage. You should be aware of this before you start submitting your applications.

Virtually all insurance companies will test your saliva for the presence of tobacco before issuing an insurance policy. These oral swabs can detect tobacco use as much as 6 months before the test. When you are applying for term or permanent life insurance as a smoker, it is important to be upfront and honest. Apply for coverage today to protect your family. If you ever decide to quit smoking, you may be eligible to receive non-smoking rates by resubmitting oral swab testing.

Term Life Insurance With No Exam

Term life insurance is a popular choice among consumers. It’s the simplest, least complicated of all the life insurance available and can be purchased easily and conveniently right from home. With no lengthy application process, quick approval and no reason to visit the doctor’s office, term life insurance with no exam is simple, dependable and a smart strategy for ensuring loved ones have the financial security they need.

Affordable and Reliable

Term life insurance is the most popular form of life insurance coverage because it tends to be the most affordable. But it’s also coverage you can count on, ready for every stage of life from 5, 10, 20, even 30 years. Term life insurance is frequently offered without having to take a medical exam, and for folks looking to secure quality coverage fast, nothing beats the convenience of term life. Issued by top providers you can trust, term life is a dependable life insurance solution, giving thousands of families the top of the line protection they deserve.

Instant Quotes: Accurate and Dependable

Term life insurance with no exam is also the way to go if you’re looking for instant quotes. With advanced quoting technology, many websites offer quote engines with real time results, That means you can find a policy you like, get quotes and compare rates between providers for the best deal. Comparison shopping is made easy with term life and instant quotes make it even easier to make an informed decision with the right policy to fit your needs and your budget.

No Waiting, No Hassles

When you’re ready to buy life insurance protection, you don’t want to wait around for test results or exam findings. Chances are, you want coverage now that you can feel confident about. Term life insurance with no exam requirements is the easiest, most affordable way to get the coverage you need today. With no waiting periods and no hassles, it’s convenient, dependable and exactly why so many people are finished with traditional exam required coverage.

Do I Really Need Burial Insurance?

Although the majority of the world has a life insurance policy of some sort, many people choose to purchase additional policies that will cover funeral needs. Depending on a person’s specific situation, a life insurance policy will not be enough to cover a loved one’s expenses. From mortgages, credit card bills, auto loans and money left for any children that have been left behind, a life insurance policy may not leave enough money for actual burial expenses. Having a completely separate burial insurance policy can be very beneficial for family members.

Of course, many people wonder if they need burial insurance. This is an excellent question that can only be determined by your personal finances. It’s best to take a detailed look at your bills, your dependents and your life insurance policy. You should list all your detailed monthly expenses, all your credit and loan balances , first. Your life insurance policy that will be left to your spouse or child should include enough to pay off all of these expenses, first. Your next list should be regarding your dependents or children. It is important to leave enough money behind to establish educational accounts for them. This should hopefully also be included in your life insurance policy. The amount that is left over in the life insurance is what is used for burial and funeral expenses. Ideally, there will be a great deal of money left. However, this is usually not the case.

In these situations, it is more affordable to purchase a separate burial insurance policy. These policies are affordable and very easy to acquire. These policies do not require physicals or down payments but offer low monthly plans. Burial insurance covers cremation, embalming, funerals, wakes, the planning, ministry costs, urns, caskets, and a cemetery plot of service costs. Burial insurance also offer the means of pre planning all funeral elements in advance.

Having burial insurance is an additional way of offering support to the family that is left behind. There is nothing worse than leaving a loved one behind with exhausting bills but no financial means of paying for them. If you feel you do not have a large enough life insurance policy , burial insurance is definitely for you.

Understanding Whole Life Insurance

whole lifeWhole life insurance is a type of life insurance policy that provides coverage as long as the policy is active and payments are made. It can be used to pay funeral and burial expenses, or it can be used as a financial investment. If you encounter tough financial times, you can cash out the policy and use the cash. With whole life insurance, you will always have life insurance coverage as long as you pay the premiums.

You will pay a set amount of premiums each month to the insurance company, and it usually stays the same amount. Premiums will not increase, and the company cannot cancel the policy as long as you keep it active. If you decide to cash out the policy, the insurance is cancelled.

You can accumulate interest on whole life insurance policies. It is possible for you to borrow money from the policy and pay it back later. You can cash out a portion of the policy, or you can cash out for the full amount that you have put into the policy.

Whole life insurance has more than just death benefits. The value of the policy grows tax-free. The insurance company will invest the money, and once you reach a certain age and do not need as much coverage, you can cash out and use the money for your retirement, travelling or whatever you want.

Whole life insurance policies are a little more expensive than term insurance policies; however, the rates will not increase, so they are actually very affordable. It is wise to search around and compare companies. Ask for whole life insurance quotes, so you will know exactly how much you will be paying for premiums. You also want to make sure you choose a trustworthy and reputable company.

Whole life insurance policies are designed more for younger individuals. Older citizens, do not need this type of insurance because they will not need a long-term investment. It is a good choice if you want to provide for your family financially after your death. After purchasing the policy, you can have peace of mind that your beneficiaries will be financially comfortable after your death.

3 Tips for Daily Money Management

managing your moneyManaging personal finances can be difficult, but learning smart money management can help you protect your assets and make the most of your budget. Try these 3 tips for daily money management to help you get on the right track.

Track Your Spending
Begin by setting up a convenient way for you to track every purchase and payment you make. Tracking methods could include a detailed spreadsheet, an online finance management app, or a simple notebook and pen. Record everything you spend for a month, including the date, amount and reason. Be sure to include everything, from rent and mortgage payments to fast food and coffee. This will help you determine where your money is going and make it easier to establish your budget.

Needs v. Wants
To effectively manage your money, it’s necessary to prioritize your spending. Review your spending for the past month and look for ways to save. Identify the less important expenditures and look for ways to reduce or eliminate them. For example, do you buy an expensive cup of coffee on your way to work? You could save money by brewing your own coffee at home. Do you spend a lot on entertainment, like movies and concerts? Consider inviting friends over and staying in once in a while. By spending less on luxuries, you will have more room in your budget for necessities and savings.

After you’ve reviewed your spending and decided how to spend your money in the right places, establish a budget. List your income and your necessary expenses as well as optional categories like dining and entertainment. Divide your income between categories to determine how much you can spend on each. Try your best to stick to the budget and keep your spending under control. Use a spreadsheet or online budgeting tool to help you with the details.