Life Insurance Cost

Divorces are ugly situations and never easy to go through. You typically have to move out, everything is split up, and there are just a lot of expenses that come along with a divorce. However, one thing that often goes unnoticed, but shouldn?t, is the life insurance policies. You should really evaluate them and determine if any changes need to be made. This is especially the case if you have life insurance policies that cover you as a couple.

The unfortunate part is that life insurance policies are meant to last for the duration of your life span. This being the case, the policies themselves can sometimes be hard to decipher and figure out exactly what needs to happen in the case of a divorce. The idea here is you want to be civil and look out for what is best for you and your ex-spouse, yet not be so concerned with the monetary value of the policy.

There are several options you have when it comes to life insurance policies and divorce. You could simply remove your spouse off of the insurance policy. You could take yourself off and let your ex-spouse have it. In some events, the best option is to simply cancel the policy and obtain separate ones.

If you decide that one of you is going to keep the policy, there are several things to take a close look at. First, of course, you have to decide who will be keeping it. Then, you must contact the insurance company about making the proper revisions. They often have regulations about who can be removed. Sometimes the primary signer must be kept on the policy making it impossible for them to be removed. To be quite honest, you should look at who will get the most benefit out of keeping the policy. If one person is sick and the other is healthy, then it would be ideal if the person who was sick was able to keep the policy. This is not always an easy pill to swallow if you are involved in a bitter divorce but it would be in the best interest of your ex-spouse if they are the ones who are sick and in need.

If children are involved, they should always be of concern. Keep in mind that if your children are with your ex-spouse, you will want to make sure that they are protected in the insurance coverage. Life insurance policies are meant to keep families safe should something happen. This means that the vast majority of policies still apply even if you are no married any longer. You should consult your insurance company to ensure that the coverage still applies particularly to your children in the event of the divorce. The important part here is that even if your ex-spouse dies that your children will be well taken care of and the same should apply to the kids should you die as well. When talking about a divorce, the life insurance policies must be handled rationally.

There are two primary influences in what your rates and policy premiums will be with insurance companies. Your personal health or family health history is one of the largest influences you will have. The other primary influence on your premiums would be your age.

We do not know exactly how big of an impact that your age will make. However, studies indicate that there is a significant weight placed on this factor. For example, you can take an 18 year old male and a 60 year old male, both having the same medical history and every time the 60 year old male will have higher premiums for both health and life insurance.

Life insurance and health care premiums are greatly impacted by your personal health and family health history. Since many companies have been running across fraudulent activities, you may find that life insurance policies may only be obtained with some companies if you take a blood and urine sample to ensure no known pre-existing conditions exist. They want to ensure that you are being honest, so it is not uncommon for them to send someone to your home that is licensed to collect the blood and urine sample. They will also ask you a ton of questions attempting to decipher whether you are being honest about obtaining health insurance or not. Many of these questions are going to relate to your history with high blood pressure, heart disease, diabetes, cancer, or other serious health problems that people routinely have. Now this is not to say that all life insurance companies do this or that all policies will require this. There are certain policies that some of these life insurance companies offer that will allow you to get a policy without having an in-depth analysis of your health. These life insurance policies are typically limited to roughly $150,000. It may be a good option for you if you struggle with needles or want to simply avoid the hassle. These policies are often referred to as Guaranteed Issue Policies. Even with these, most likely have to answer a lot of questions regarding your health history. If you fail to tell the truth and the insurance company finds out, you normally end up with a voided insurance policy

The unfortunate part is that a person?s health and family history is not always something that can be controlled. If this is you, there may be life insurance policies available for you. They generally will be very expensive. Your best option is to buy one of these policies while you are young and in good health. It is typically very inexpensive in these cases.

It can be extremely difficult to find an insurance policy if you are currently taking prescription drugs or have severe medical problems. Generally speaking, typical rates for life insurance are designated for those who have healthy lives. Unfortunately, those who are considered a health risk will have much higher rates. Lucky for you, it does not always have to be this way. You do not have to sacrifice an arm or a leg to get life insurance coverage, and it isn’t always really hard to get either.

Emotional and Mental Issues
You might get hung up on the second after they’ve called you if you tell a life insurance agent that you have taken Prozac or some other form of anti-depressant or anti-anxiety medication. If you have been taken off the medication, you should have your doctor write you a note indicating that you have been fully released from such medication. Agents may accept this and avoid increasing your rates with this type of doctor?s note.

If your depression or anxiety were brought on by a life event, you should be quick to point that out. For example, a sudden loss in your family may have triggered your severe depression. Let the agent know that you are now coping well the loss and that the depression and anxiety are no longer a problem for you. Insurers may even go to the length of requesting that you show proof. If this is the case, do not take offense to the request. They are merely doing their job and actually trying to help you out by giving you a break on some of your past problems. Many insurance companies will not allow them to clear you without some type of proof, which is why they might ask for it.

You should be aware that long-term illnesses such as bipolar disorders or manic depression are not necessarily things that will get you immediately declined. Again, you must have documentation verifying that you have overcome the illness or that you are successfully coping with it. It is fairly common in matters such as these for doctors to provide documentation that treatment has been effective. If your disorder is under control, it may have no noticible impact on your life insurance premiums.

Having major mental health disorders, particularly those that cause suicidal behaviors, can be more problematic than more minor mental or emotional problems that people live with. If you have attempted suicide in the past, it is not uncommon for many insurers to require a two-year period between that event and the point in which they will cover you with life insurance. You should also be aware that there are numerous clauses in most life insurance policies regarding suicide.

Physical Issues
A healthy individual is more likely to have low life insurance premiums than anyone who suffers from life, heart, or other life-shortening terminal illnesses. When applying, most insurance companies will request your medical records dating back for at least ten years.

Most insurance companies will require a physical examination as well. This is particularly the case if you have any medical history that might raise a red flag to their underwriters. However, you should be aware that many insurance companies may require a clause stating that the policy will not pay out if you die from a pre-existing or other already known condition. This could mean that if you have had heart trouble in the past and pass away a few months after getting life insurance due to a heart attack, that they will not pay out for the loss of life.

Omission of Your Medical History
Unfortunately, many people opt to just leave out their medical history. However, you should be aware that before you do this, most policies still could be voided if they find that you withheld certain information from them. You should be honest, but never provide more information than what is requested.