A recent study shows Americans have even less insurance since the recession, leaving their families vulnerable.
“Life insurance is usually last on the list of important-but-necessary items people want to spend money on, because, let’s face it, no one wants to dwell on the circumstances in which it could come in handy. Now, in the wake of the Great Recession, people have even less insurance than before, which leaves families unprepared to cope with potential tragedy.
The gap between the amount of life insurance Americans actually have and the amount they think they need has now widened to about $320,000, according to a recent survey of 1,004 respondents by New York Life Insurance. Respondents on average said they needed about $540,000 worth of insurance, but they only had $220,000 last year.
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Many individuals with pre-existing health conditions simply don’t apply for life insurance because they think that they won’t qualify. This thought couldn’t be further from the truth. Many individuals with pre-existing health conditions can easily qualify for term and permanent life insurance products. Knowing which carrier to apply for coverage with is the trick.
Every life insurance carrier has its own set of underwriting guidelines to which they adhere to, and they can vary greatly from carrier to carrier. What would be a flat out denial of coverage with company “A” can result in an offer for coverage with company “B”. For example, most people think that an individual that is HIV+ cannot get life insurance at all. Most people would be surprised to hear that there are carriers that will issue both term and permanent coverage for HIV+ individuals. This is just one example of the many misconceptions about life insurance and pre-existing conditions.
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Looking to buy life insurance for the first time? If so, you’re probably asking yourself questions such as “How much do I need?”, “What kind of policy is best?” and “Which company should I buy from?” There’s no question buying life insurance for the first time, like any other new experience, can be more than a bit daunting. Below are five important tips that we hope will make the process smoother, eliminating frustrating false starts and unnecessary bumps in the road.
1. Understand why you need it.
While most people may need life insurance at some point in their life, don’t buy a policy just because you heard it was a good idea.
2. Determine the amount of coverage you need.
The amount of money your family or heirs will receive after your death is called a death benefit. To determine the proper amount of life insurance an online calculator, like the one available at this site, can be helpful. You can also get a ballpark figure using any number of formulas. The easiest way is to simply take your annual salary and multiply by 8. Read more >