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There are so many ways to have your life insured and your decision can’t be driven completely by cost. Following will be your education on the different kinds and types of ways to insure your family’s security if you die prematurely; use this guide to make an informed decision that will work for your happiness. Term Insurance If you need to be insured for a specific number of years because you are working a risky job or for any other reason fear you are living with an increased chance of death, this is the category for you. In exchange for a monthly (or annual) premium, those you leave behind would receive an agreed upon payment of money to secure their futures without you. Going into your decision, you’ll need to have a term in mind. It might be 5 years, 10 years, or whatever length you can negotiate with the agent. You’re going to have to pay a high premium over a short period of time, but less for longer. You’ll also have to determine the “face amount”. This is the payout your family would receive in the unfortunate event of your death. Almost all insurance company will put terms, premiums, and face amounts in all sorts of different combinations, so it can be difficult to find a match for you, but don’t settle for what you don’t need. There are three subtypes: Level: Purchased in periods of 5 years at a fixed premium, it is great for financial planning. Annual Renewable: With this, you are only covered for a year, but the price you received is guaranteed for renewal for the following years. Mortgage: Your relatives would receive the amount of your home mortgage upon your death, and you pay a level premium. Whole Life You get a level premium and guaranteed money. The premiums, death benefits, and cash values are all guaranteed with no tricky fees. Unfortunately, you won’t get as competitive a face value or premium here. However, over the course of a life, the amount you pay would become level with term insurance on the whole. You should also check into the company’s dividends policy. Universal Life These are insurance packages that, as long a (more…)

Finding adequate health coverage in case you have a serious health condition can be not quite as easy as with healthier customers. But it’s still possible, only that people with health conditions usually pay higher fees and have to wait longer for their insurance plan to kick in.

When it comes to defining which conditions are considered serious and which are not, every company has its own definitions for them. But in most cases insurance companies agree the following to be of a high risk:

• cancers of most types
• heart diseases
• nervous system issues
• AIDS and other serious diseases

Group coverage

Prior to the 1996 adoption of the Health Insurance Portability and Accountability Act (HIPAA), workers looking for group coverage from their employers were often rejected or had their serious conditions excluded from coverage altogether. After the HIPAA has taken force it guaranteed that all workers who are eligible for group coverage can get one regardless of any pre-existing conditions. The document imposed certain requirements over insurance providers, such as:

• waiting period not exceeding one year
• no waiting period if your diagnosis or treatment were made more than six months ago

In most states these regulations are even more generous towards those looking for group health insurance with pre-existing conditions. (more…)