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Life Insurance for Smokers

smokersIt’s no secret that a person who is a smoker will pay more for their life insurance than a nonsmoker. As a smoker, a person puts themselves in a category that has a much higher mortality rate than those who don’t smoke. To get the best possible rates, a tobacco user will have to do the same research that a nonsmoker does.

Contacting multiple companies and getting quotes is the first thing to do. It’s standard procedure for them to ask someone if they are a smoker or not, and a person must be honest with their answer. Usually, they will ask if any tobacco products have been used during the past 12 months. The insurance company will classify a person as a smoker if they use cigarettes, cigars or chewing tobacco. It must be noted that the insurance companies do not differentiate between a heavy smoker or an occasional smoker. With the health risks of tobacco use so high, a person is simply a smoker or they are not.Smokers will have a higher premium than nonsmokers, but that does not mean that an occasional smoker will pay the same premium as a heavy smoker. This is because a heavy smoker may have other health related issues that have been caused by their habit. For example, they may have high blood pressure or other health issues. A person’s medical condition and age are two of the main factors when determining what their life insurance policy costs will be.There is no definite answer as to how much more life insurance for smokers will cost compared to what nonsmokers will pay. A good rule of thumb is to expect to pay four times the amount that a nonsmoker will pay. This fact will tempt some smokers in to being dishonest about their habit. This is never a good idea as an insurance company can deny the insured person’s claim if they ever find out that they lied. To cut costs, the best thing a person should do is quit smoking. A person can always be reclassified as a nonsmoker if they quit. Every company has a different set amount of time that someone needs to be smoke free to be reclassified, but generally it is 12 months.

Do I Need Burial Insurance?

The inevitability of death means the certainty of a funeral and burial. Just as it is impossible to avoid death, it is also impossible to bypass massive final expenses relating to your burial. Although prices of funerals vary widely, the average funeral today costs thousands of dollars. That estimate does not even include the additional amenities that are included in a modern funeral ceremony. Your hard-earned savings might not be able to cover all of the burial costs. As a result, your family would have to pay for the costly funeral. This is a very difficult time for your loved ones. Losing a loved one can be stressful enough, and additional financial dilemma would create more hardship for your loved ones. You can give your family the peace of mind knowing that the costs of the funeral are covered by purchasing burial insurance. Also known as funeral insurance or final expense insurance, this type of coverage can help pay for your burial.Burial insurance features a unique type of coverage designed to help pay for funeral expenses. Although burial insurance plans vary, most of them provide coverage for thousands of dollars worth of expenses from funerals and burials. And some plans provide coverage for cremations, caskets, headstones or possibly flowers. And burial insurance plans can be purchased by an individual, or as a family for multiple people.The benefits of burial insurance can be very positive. There are no medical or health exams required to purchase burial insurance. Thus, burial insurance is greatly accessible. It is very easy for seniors to sign up. The insurance premiums for a burial plan are low cost as well.

Many people should greatly consider buying these important burial insurance policies. Those people who could be greatly ill should speak to an insurance agent about how to initiate signing up for burial insurance. Individuals up to the age of 85 purchase most burial insurance policies. However, the premiums might be lower for those who are younger.

Burial insurance is a necessity that you must consider. It is important that you do not place a financial burden on your loved ones with expensive funeral costs. Take care of your family by signing up for burial insurance today.


An Explanation Of Medicare Supplement Plan F

It is a great idea to choose one of the Medicare Supplement Plans.  They help to ensure that any gaps in coverage from Medicare Plan A and Plan B are filled.  However, it can be very confusing to figure out which supplement plan to buy.

One of the more comprehensive supplement plans that is available is Medicare Plan F.  Consumers and private insurers both favor Plan F.  This is due to the fact that participants often end up getting all necessary care without need to pay out of pocket for anything.  Before you buy Medicare Plan F, you need to make sure that you have a good understanding of everything that is covered by it, so that you know whether or not this supplemental plan best suits your budget and needs.

Generally the reason individuals purchase Medicare Plan F is for covering any excess Medicare Part B charges.  Medicare supplement Plan F will cover health care charges that Medicare Part B doesn’t cover for you.  The plan covers enough that you won’t ever need to worry over any excess costs from hospital stays and doctors visits.

Medicare covers you under both Part A and Part B.  Part A covers hospice care, blood up to three pints a year and hospitalization.  Plan F will cover as many of 365 days worth of stays in the hospital over what is covered by Part A.  Also, Plan F covers costs of nursing facility services in addition to hospice care coinsurance costs.  Emergency health care expenses are also covered by Plan F.

Medicare supplement Plan F includes a high-deductible option.  You will need to pay a specific amount out of pocket for coverage before Plan F covers anything.  The deductible amount may go up.  Before making a purchase, be sure to discuss Medicare Plan F with a private insurance agent to see how it will benefit you.


Choosing No Exam Life Insurance Policies

If you are concerned that there are certain issues that would make getting an affordable life insurance policy impossible, look into no exam life insurance products. Your life insurance agent or broker can help you select one that works for your specific needs. These products generally cost more, but they are often more affordable than going without insurance altogether.

There are ways to save money on a no exam life insurance policy. First, choose products from companies that have proven backgrounds. These companies are more likely to offer good service together with more affordable premiums.

Next, ask yourself if there are any changes to your lifestyle that you can make. Making healthy changes can make it possible to qualify for more affordable life insurance policies. If you smoke, quitting can not only improve your health, it can also allow you to qualify for a lower-cost life insurance policy.

No exam life insurance policies usually have higher premiums than other life insurance policies. It is important to review all the details of these policies when shopping for a policy. Consult with your life insurance agent to see which top companies offer trusted no exam policies.

If you are looking into a no medical life insurance plan from a new company or one you are not familiar with, take time to research them. The Better Business Bureau will have more information on those companies. You can also research reviews to see what existing customers have to say about their service and their policies.

Once you have found some no exam products that interest you from trusted life insurance companies, gather several quotes together. If you must opt for a no exam policy, collecting several quotes allows you a chance to find the best product at the most reasonable rate.



This week finance news 17/3/14


Hello and Welcome

Sam Moore CharicatureHello and welcome to my new site. My name is Samuel Moore. I have spent most of my adult life in the financial industry, and before that, I saw both my parents working in the financial sector as an insurance agent (dad) and a mortgage broker (mom). After following my dad into the insurance industry for awhile, I moved on to work as a financial consultant for both personal and commercial consumers.

One common thread I have seen throughout my work life is the lack of understanding around a lot of basic financial principles that many people have. Everything from the inability to balance a checkbook to not understanding the importance of having life insurance to protect one’s family.

What I hope to accomplish with this site is to cover some of the more basic principles that I think will give people a solid financial foundation. I also welcome questions, so if you have one, feel free to post a comment, and I will try to answer it as best I can.

Please remember, that a lot of what I am covering here is fairly general advice. Every person’s financial situation is different and should be treated as such. Always consult with your personal financial professional before acting on any advice you might read here.

Again thank you for visiting.



Why You Need To Start Planning For Retirement Now

planning for retirementEveryone at some point wakes up to the fact that he or she really needs to save for retirement. For some people, this realization comes early, and for others, it’s late. Everyone retires, and when that happens, you will still need money, lots of it.. The biggest hurdle to having wonderful retirement years remains the gigantic task of thinking about the huge amount of savings needed for retirement. At first glance, such a figure, even for the relatively wealthy person, seems impossible. The question on most people’s mind is always, how on earth would they come up with such a huge lump sum to cover their sunset years. Well, for starters, you should be thinking about your retirement now. Develop a plan on how you can get started right away.

The first step to retirement is to calculate how much you need. You should first figure out what your current salary will be when you retire. Most likely, you will only need the equivalent of 80% of your present salary when you retire. That means that you should take 20% off your present annual earning and use the remainder to calculate what you will need to live off of. To do that, you will need a conservative percentage for inflation as well as the exact gap in number of years from now to when you intend to retire. For example, for a person who has 20 years to retirement age, and her present salary is $50,000 annually, then the calculations would be as follows:

The $40,000, which is 80% of her current income, would be a figure that is almost one and a half larger to cater for inflation in the 20 years from now. Now that you have a rough estimate of what you would need, the next bit is to subtract what you would be getting from the retirement benefits or social security that is entitled to you. The amount that remains is what you must finance on you own, for you to enjoy your retirement. Take this annual income and multiply it with the number of years that you expect to live after retirement and that gives you a lump sum figure that you require.

You do not have to work alone in saving this amount. Many people are lucky to have employer matched benefits programs for retirement. You can also invest in long term options in mutual funds or government bonds, so that by the time you actually retire, your money will still be growing thanks to the effect of compounding interest. In fact, if you start early and commit a lot in the initial years, you can significantly reduce the time required to make active contributions to your retirement fund, and at the same time, still earn interest on your investment even during your retirement years.

Now you are in the know, and the lesson is quite simple. Start planning for retirement now because by committing sooner, you significantly reduce how much money you will have to put away.


December 8, 2014Sam Moore