Should I get term over whole life?

This is a very important decision because life insurance is based on age and every day you approach death it gets more expensive. I recommed a guaranteed death benefit Universal Life. It is kind of in the middle of term and whole life. It isn't much more expensive than term and provides a stable premium. It builds interest as well, which is later used to pay on the policy so your premium isn't rasied. I recommed this because although the "invest the diffence " method is a great "idea", noone knows what the future might bring. To give you an example of why that is not guaranteed to work.

Example one: Purchase cheap term at age 24. Invests so many dollars every month (if you are discipline.. which most of us are not ). You have a baby and get married at age 30. You and your husband want to buy a house and you need to pay off bills to put yourself in a better position, you cash in your investments to use towards this. Your intentions are to continue to invest but somehow the new responsiblities of a family prohibit you from being consistant. Now you are 38 years old and have diabeties. Your term premium guarantee will run out in 6 more years, so you decide to upgrade your policy. The cost will now be based on a 38 year old with diabeties versus a healthy 24 year old. In other words noone knows what life will bring so it is better to be proactive than reactive. My clients pay about $25.00 a month for a guar. Universal life policy which the premiums will stay the same. Talk to insurance agents who tell you that term is better cuz it's cheap, ask them what percentage of people die with term. The answer will be less than 10%. Which is why many die without life insurance. They had it at some point and the term expired and couldn't afford the insurance at that age. Besides companies stop writing term at the age of 80 years old, so when you die after that then what? If you have a nice nest egg great!! But in this economy that is getting harder to do so don't depend on that. Not to mention where,. who and how you invest the money is another can of worms..to make sure it grows. Those decisions must be wise! It is better try to make the right one the first time.Good luck you can go to this site and it will give you some more insite on the type of insurance pros, and cons.

Does any insurance cover someone with Diabetes?

One of factors is if you insulin dependent or not. Also, have you been hospitalized in the last year. If the answer is no than yes there is one plan that does cover with Assurant. They do a markup by a small percentage. Also, you may want to look into medical indemnities as well. They usually do not have pre-existing condition clauses and you don't have much of a wait period if any. One that is really good is called First Med from John Alden. I am a licensed broker. If you need additional help I will be glad to.

Is there any health insurance for college students?

You have a few options depending on your health. If you are healthy, there are a couple of companies that offer short term medical, which is renewable. Some of my clients get it if they have less than two years left, or when they graduate and come off their parents insurance, before a job. Secondly you can just purchase an individual health plan from several carriers. Since you are in college I would guess you are in the 20's, therefore the cost should be cheap. What you want to do first is evaluate how you will use your insurance. If you don't go to the doctor much than you might want to purchase an individual health plan with limited doctor visits (ex 4 sick visits) These plans are great and less expensive. Lastly, you also have the option of indemnity medical insurance. These are plans that pay for specific services with a specific amount. These plans don't usually carry a waiting period, deductible and are illness friendly (meaning some conditions are okay). These are the cheapest. I have college clients who like these because they have coverage but since they are really only concerned "if something happens" the price and coverage is right. Go to the link below and read some helpful insurance tips. The second link will allow you to quote, compare and apply, also click on the individual and family, it will go over the pro's and con's of the different health plans (HMO, PPO, and so forth)

How much is Health Insurance

That will depend on your age and health if you are seeking individual. The younger you are the cheaper. If you smoke it will be more. If you have high blood it usually is more expensive. The best way to find out is go to http://buy-insurance-plans.com/ and you can put in your age and zip and it will give you a quote from different companies, you can compare and you can apply if you like. Also, subscribe to this blog to keep you in the know of what you are buying.

I have a child, how much life insurance do I need?

First eliminate the debt factor. Debts die with you, the only time they might possibly carry over is if you have a cosigner. Some will harass your spouse but if you didn’t sign the loan, you can fight it.

Second, the monies will be put in a trust until he/she is 18years old. Therefore, you want to leave a small amount for who will be the care taker. However, keep in mind your child will get your social security until the age of 18. Depending on how old you are that could be a few hundred to the care taker each month. It is wise to leave a little money for her to whoever will have her even if you are married.
What you want to base your amount on is the following….
Cost of college education? (which will go in the trust)
If you have any assets they will inherit (i.e. house, retirement, Ira’s)
If you take how much you spend on average on dependent needs per year and multiply it by the amount of years before they reach 25 years (college age) that will tell you what the cost will be to keep her custom of living the same. (This is the amount you will leave to the care giver. )
Burial’s are about 10K for a decent one.Add it up and you will have a total. On the life app put what part goes to the childs trust and the caregiver as the second beneficiary and what part goes to them.

Lastly as far as the type. Read on the differences of life Insurance. Whole life is great, however be careful agents will sell you on the fact that you should get whole because of cash value. Insurance is not an investment. The cost of the policy over a term for that amount, in many cases nets the cash value a.k.a. you put the cash in the policy, which is why it is the most expensive. A good choice is a universal life policy. You can get more for your dollar than whole life, the premium stays the same (get a target guaranteed UL), it builds up some value but towards later years in life it is used to pay down the policy so the cost doesn’t go up.

Example: 7 year old girl (good health)
10K whole life estimated to be $8.06. (Depending on the Life Insurance Company.)
25K universal life guaranteed death is estimated to be $9.09.

How can I get Health Insurance?

After you have thought about how you will use your insurance(what for; doctor vists mostly or wanting it more so for major), you can go to a good site for affordable health insurance plans to quote,compare and apply. It will break down the plans. If you are not sure what plan you should get read the answer to: http://www.answerbag.com/q_view/521406.

How do you choose Health Insurance?

First I would say that you have to look at your health picture. If you are healthy and only go to the doctor here and there, than you can go with a higher deductible plan with a copay option. What that means is the ded will be like 2500.00 (which means after you pay the ded the company will kick in and pay. However, this is mainly for hospital visits, labs and xrays.) But the plan has a copay option that pays for well and sick doctor vists. These plans are the cheapest. Remember indivdual health is based on age, so in other words it never gets cheaper because everyday you get older and closer to risk for illness.

That leads me to your pocket. You can have a high ded plan with a bank account. This is called an HSA this is a good way to make money work for you while you are well. You can put up to a certain amount allowed by IRS per year into the HSA(bank). It is all tax deductible, notice I didn’t say credit. You have a mastercard/visa (like a bank check card) and you use the money as you need to help you meet your deductible. What you don’t use rolls over to age 65 (in most cases) and you can use the accumulated balance that was tax deductible for Long-term-care assistance with retirement. Also, what is also great is that once you meet your deductible in most cases the insurance pays 100% of the bill, not 80% such as regular plans. Do the math and it is cheaper. Also cheaper on the premium too.

Lastly, the regular plans are usually great choices if you go to the doctor a lot. They tend to have lower ded., low copays and they pay 80%/75% on your bill. However, these plans come with a price.