Tag Archive for: life insurance

Life Insurance for Millennials

Millennials are often described as carefree and somewhat irresponsible spenders. However, with the current pandemic-induced global crisis, many have become more cautious about their health and finances. Life insurance policies have become more popular in the light of unanticipated health-related emergencies and expensive medical care costs.

However, not all policies are created alike, and while looking for life insurance, you need to consider several factors.

Here are five important questions that you should ask yourself before taking out life insurance for millennials.

1. Why Do I Need Life Insurance?

Life insurance is important for everyone, irrespective of gender, age, or race. This policy is designed to provide financial support for those who may experience difficulties resulting from the policyholder’s demise. Your children, partner, or parents can be listed as beneficiaries in your policy and can benefit from the payouts after your demise.

2. Am I Too Young to Apply?

There is no such thing as being too young to apply for life insurance. In fact, the younger you are, the lower your premium is likely to be. This is because the possibility of a 30-year-old outliving a 20-year term policy is very high compared to a 60-year-old.

Waiting till you get married or have children may not be wise, as there’s no way to ascertain the future. Also, health problems can arise unexpectedly, so it is best to be prepared for such emergencies.

3. Term Life Vs. Whole Life: Which One Should I Choose?

Term life insurance is a good option for millennials because it is a straightforward proposition wherein the policyholders must pay a fixed premium over a specific period. If the policyholder dies within the period, the beneficiaries can make claims.

Whole life insurance covers the policyholder throughout their life. Although whole life insurance seems to the better option, it can cost ten times more than term life insurance.

4. How Much Coverage Do I Need?

The amount of coverage that you need depends on your unique circumstances. Ideally, you must consider the amount of financial support your beneficiaries will need in case of your demise. One way to determine the best coverage amount for you is to use an insurance calculator (available online).

5. How Can I Save Money on My Life Insurance?

Understandably, an unmarried person may not be able to determine the best coverage amount because there have no spouse or kids yet. This is where flexible coverage comes in. Flexible insurance allows you to make necessary changes to your policy at different stages of your life. Here, you can increase or reduce your premiums throughout the policy’s life, ensuring that you have the right amount of coverage at every point in time, without spending too much on unnecessary coverage.

As a millennial with years of opportunities ahead, you want to rest assured that you have adequate life insurance in place to cover you in the event of uncertainties. At James Page Insurance, our experts can help you take out a life insurance policy that suits your specific needs. Contact us now to get started!

If you are a diabetic, you may have concerns about whether or not you qualify for life insurance. When you have questions, your agent will help you find the answers you need.

Diabetes is a serious medical condition. There are two types of diabetes, Type 1 and Type 2. With today’s medical advancements, individuals with either form of diabetes are living longer, more productive lives. Understanding how to manage your condition is the first step in reducing your risk of a life-threatening event. Individuals with both types of diabetes are now eligible for various types of life insurance policies. The key is working with both your doctor and your insurance agent to ensure everyone is on the same page and that you can manage your condition properly.

Are Diabetics Eligible for Life Insurance?

Advancements in medical treatment have made it possible for diabetics to be eligible for life insurance. The ability to properly manage your diabetes through diet, medication and insulin has dramatically reduced the risk of life-threatening events. Insurance companies are now more comfortable than ever in offering diabetic patients the life insurance coverage they deserve. If you are diabetic and interested in learning more about life insurance, you should immediately reach out to your insurance agent to see what they have to offer.

What Factors Are Considered?

Several factors are considered when determining if a diabetic person is eligible for a life insurance policy. These factors include:

  • A person’s age
  • The type of diabetes they have been diagnosed with
  • The severity of their condition
  • Their treatment plan and whether or not it is under control

An extensive review of a person’s medical records may be required. Keeping your agent up to date on what is going on with your health is extremely important. Maintaining control of your diabetes is easier now than it has ever been before. If you work with your doctor and report any changes to your insurance agent, you will be able to live with your condition and have the life insurance you need to protect your family.

The Overall Cost

When covering patients with diabetes, especially Type 2, there are two types of coverage you have to consider.

  • Standard
  • Preferred

A standard policy is more expensive and is often easier to get if you are younger. It isn’t as outrageously priced as many people think. Older individuals may be more likely to qualify for the preferred life insurance policy options. To make the right choice, you will have to go over your options carefully with your insurance agent. Understanding the difference between the two policies is important. Asking questions as they arise will also help you to make an informed decision.

You can get affordable life insurance even if you are a Type 2 diabetic. Understanding the risks involved with diabetes and also knowing how to properly manage your disease will help you get a policy you can afford. If you need assistance with your life insurance coverage, contact the experts at James Page Insurance. We’re always available to answer all your insurance-related questions.

Term Life Insurance Riders What You Need to Know

Term life insurance is where a sum is paid to beneficiaries in case the insured person passes away within the term. The payoff is known as a death benefit. However, you can get life insurance riders on your policy by paying a bit extra.

Should I Buy Riders with Term Insurance?

Riders for term insurance give you additional coverage options apart from the death benefit. While it isn’t mandatory to get them, you would be missing out on some key add-ons for extra security.

Here are some top insurance riders you can get:

Guaranteed Insurability Rider

With these life insurance riders, you can increase your sum assured without having to undergo a medical exam. You are eligible for the guaranteed insurability option when certain landmark events occur like a new baby, marriage, and home improvement.

Waiver of Premium Rider

The insured may be unable to pay regular premiums due to an illness or injury. If the term insurance policy has a waiver of premium rider, the insured will be exempt from paying the premium until they return to work.

Accidental Death Life Insurance Riders

Also known as “double indemnity rider,” your beneficiaries will be entitled to an increased payout if you die due to an accident. This increased benefit can be as much as double the basic sum assured.

Accelerated Death Rider

Under the accelerated death riders for term insurance, you can get death benefits if you are diagnosed with a terminal illness. Treatment of such conditions is shockingly expensive, and you can save your family from huge debts after your demise with this rider.

Disability Waiver Rider

Under this rider, you can get coverage if you were to become disabled and unable to earn an income for your family.

Return of Premium Rider

This rider guarantees you the return of the total amount of premiums paid at the end of the term. If you pass away, your beneficiaries will receive the total amount of premiums paid in addition to the death benefit.

These are a few term insurance riders that you can add to your policy. To learn more about the terms and conditions of riders, contact our experts at James Page Insurance today. We are happy to answer all your insurance questions.