Life Insurance With No Questions?

Have you seen any ads for guaranteed issue senior life insurance or no questions life insurance? If you watch any TV or browse the internet, you have probably noticed this. You may have thought it sounded like a great deal, or you may wondered how insurers could possibly profit by accepting every applicant without doing any health underwriting!

Will Insurance Companies Go Broke?

You probably should not spend a lot of time worrying about how life insurers manage to profit. Most of them do a very good job. But if you are considering a new policy, you should understand the pros and cons of guaranteed issue life insurance. We urge you to read this article : Guaranteed Senior Life Insurance – before you make a decision to buy a policy.

After you understand how these policies work, and the fine print they are not mentioning in their ads, you will understand that terminally ill people cannot make their families rich by picking up the phone to purchase a policy. You will also understand that it is important to understand how policies and claims will work, and also to compare insurance rates before you decide to buy! After all, when you buy any coverage you are probably making a decision to pay premiums for years or decades.  

Few Questions Life Insurance

You can find policies which only ask a few Yes or No health questions, and which do not require a physical. Most people can find lower premiums and better benefits with no medical life insurance than with guaranteed issue policies.  Sometimes these are called simplified issue policies. Learn more here: No Medical Exam Life Insurance.

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Boomers And Recession

Though we are told, by many sources, that we are slowly and painfully making our way out of the Great Recession, a few voices are being raised in alarm. They predict a very slow recovery or, worse yet, a second recession to top off the first one. There is nothing like being kicked when we are down.

We, as baby boomers, are finally starting to recall some of the sage advice that the “greatest generation” gave us. We are responding to the situation by trying to take up more frugal habits, cutting down debt, and scrambling to save more. However, just now, this is not easy. Of course, it never really was.

• Experts already warned us we were not saving enough for retirement.
• The money we did save is earning less, and sometimes, it has really dropped in value.
• Houses are not rising in value, and sometimes the value is plunging. They are not the automatic “asset of last resort” we had expected them to be.
• Our instinct to just work longer or work more in order to make up for shortfalls is not really working out because of a tight job market, especially for older workers.

These economic woes make us much less likely to spend, especially on things we can live without. The electric bill has to be paid, but maybe we can stand the heat with the thermostat turned up to 79 degrees instead of 75 degrees. We need clothese, but last year’s outfits can still keep us covered.  A free walk in the park is a lot cheaper form of exercise than a membership at the gym.

Not all of these changes are bad, but here is the reality. Since boomers are a large segment of the population, and we are not spending money, business can decline again for the whole population!

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Guaranteed Issue Life?

You have probably seen a lot of ads for a product called Guaranteed Issue Life Insurance For Seniors. It is presented as a simple way for older people to apply for, and to get accepted for, a small policy.  Just make sure you understand how a company can offer to cover an older person without doing any health underwriting.

Waiting Periods

Many insurers do this by enforcing a policy waiting period. This period of time may be 2 or 3 years, and it starts when the policy has been issued. What it means is that the insured person must survive this waiting period before the beneficiaries will collect the entire face value of the policy.  Some policies will refund premiums or pay a partial death benefit if the insured person passes away before this time has elapsed.

This may be the only alternative for some seriously ill people. However, many older people who in decent health for their age can qualify for a policy with an immediate death benefit. That is why we always advice you to research the insurance products you are considering before you purchase the first one you see advertised on TV. You can find a lot of information online, or a qualified agent should be able to explain your alternatives.

Visit here for information and free quotes: No Medical Seniors Life Insurance

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Comparing Life Insurance

First let me explain something. I assume that my audience on this website is made up of older adults, and not 25 year olds. Even though we can establish that 10 year term life insurance rates will be lower than 20 or 30 year rates, I am not suggesting that is the right thing for a younger person. First, a younger person is probably very cheap to insure anyway, and also a younger person is probably intending to by a policy for long term plans. The gap in prices, between a shorter and longer policy length, will get larger for older people.

Let me also note that the example figures we use are some general averages for one location. Your own exact rates will depend upon a lot of unique variables. Your age, where you live, the life insurance company, etc. will matter. If you are curious about comparing insurance rates, please visit this page:  Best US Term Life Insurance Quotes

Comparing Term Insurance At 50+

Here’s the deal.  Even though term is the low cost life inurance alternative, rates will certainly be lower if we choose a shorter length of time to cover. The insurer takes less of a risk that they will actualy have to pay the death benefit. Look at some averages from a third party quoting source.

50 Year Old Male $100,000 Policy (Some Average Annual Term Rates)

• 10 Year Term Rates - $310
• 20 Year Term Rates - $467
• 30 Year Term Rates - $825

You can see that the premiums rise as the length of the contract rises. The older we get, the more dramatic the increase! If we ran these examples for older applicants, say age 55 or 65, the differences would be even larger.

So we are just establishing something that was probably obvious to you anyway. The less risk that an insurer has to take, the less they will charge. This, of course, assumes, all other things are equal.

Now should you always choose the cheapest premiums? No, you should not. It depends upon what your goals are. It may be great to take a cheap $310 premium today, at age 50, but if you need to be covered when you are 60, you will have to accept higher premiums and the possibility that you may not qualify for good rates at all.

As an aside, in the real world, we find it is a bit harder to find 30 year term over 50, though you still can do it.

So why are we looking at decade long policies? Well, sometimes we have short term needs that require a larger amount of coverage, and there is no doubt that term is the way to accomplish this. Let us say you still have  a few years left on your mortgage. Another case may be that you have one more child who is still in college. You figure by the end of a decade, these responsibilities will be gone, and you will have less need for a large face value policy.

To cover all your bases, you may want to look for a common policy rider. This allows you to convert your policy to whole life without having to go through the health application again. That way, even if you become less healthy in 10 years, you will have a guarantee you can buy insurance. Note that you will, typically, have to pay more because you are older.

Find your own rates: 10 Year Term Life Rates Age 50 to 75

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Where Is The US Middle Class?

Before we can find out if the size of the US middle class is changing, we must define it. This is actually tough to do since experts do not agree on what this term means. It is also tough because it could be defined by income, living standard, education, or some combination of these things. Beyond that, the term gets spliced into groups like the working class, middle class, and upper middle class. To make this job even tougher is the fact that most people consider themselves middle class! So how do we figure out what the term means anyway.

You can find a lot of different opinions on the matter. You may go here for one writer’s take on the subject: What Is Considered Middle Class? I enjoyed the article, but it leaves as many questions open as it answers. I do not think this is the fault of the author, but just that the topic is hard to pin down!

I also think that any income figures would have to be balanced against a lot of other factors like family size, area cost of living, etc. A $40,000 income would produce a better standard of living for a single person in a small midwestern town than it would for a single mom in an expensive urban area.

In addition, a graduate student who is scraping by on on a fellowship may be considered middle class because of his education while an unskilled worker, who actually makes more money, may not be. Somehow our notion of classes does not just come down to income, but maybe also has something to do with potential.

So Is The US Middle Class Getting Smaller?

This question is tough to answer to with the type of hard statistics that you may be looking for. In fact, the midde income in America has gotten smaller in the last couple of decades, but more people have actually moved up into the upper income groups than moved down into poverty.

But the numbers are not huge, and when you take inflation into account, it does not look like we are making the type of progress in growing our incomes that we used to expect. And when you take a growing trend towards two income families, or of breadwinners holding down two jobs, the growth is even less spectacular.

Here are some shocking statistics from a Yahoo Finance article which claim to prove that the middle class is being wiped out.

• Sixty-one percent of Americans say they live paycheck to paycheck. This is up dramatically from the same survey a coupe of years ago.
• Thirty-six percent of Americans say they make no retirement contributions at all right now.
• Over forty percent of us have less than $10,000 saved for retirement.
• The top ten percent of US income earners actually bring home about fifty percent of the national income.

Americans Are Downsizing

Some things are certain. People who fall into the wide category of making $25,000 – $75,000 a year (or even more) are cutting back on luxuries, watching their credit, and have stopped expecting the automatic income growth they used to think would be a given. Older people are pushing back their retirement age. Workers wages are not keeping up with increases in health care costs. And a larger percentage of people in Rwanda have health insurance than the percentage of Amercians. (OK, I admit that our health care is better if we can access it.)

Want another opinion? Try The Middle Class Squeeze. Or register here for free and give us your own.

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Affordable Funeral Expense Planning

There is one subject that is really hard to bring up, but will should be considered before it happens. That is the cost of funerals and other final expenses. It is hard to get exact figures for average US funeral costs, but it seems to be about $8,000. And tht does not include many other expenses, like losing work time, medical bills, travel, and housing mourners who come in from other cities.

Burial Policies

Some families may benefit from low cost funeral insurance. These are also called burial policies for seniors, and a a few other names. What are they? They are whole life policies with death benefits from a couple of thousand dollars to a couple of tens of thousands. They are meant to cover final expenses, and so they have been designed to be easier for older people to apply for. And because of the relatively low (in the life insurance world) face value, they can be affordable for many families.

PrePaid Funeral Plans

Another product, which is different than funeral insurance, is a pre-payed funeral plan. This is sort of like a lay-away plan for a funeral where you make payments in advannce of needing the services. If you consider this type of arrangement, be sure to find out what services are covered,  and what you still need to pay for.

There are advantages and disadvantages to pre-paid funeral plans and buiral policies. In my mind, the fact that a burial policy pays cash to the beneficiary to use however he or she sees fit is one advantage. The cash can be used for a variety of funeral related expenses, and a family will not be tied to one particular funeral home or company.

Personal Or Family Assets

Of course, one of the best ways to plan for final expenses is just to make sure that there is money saved for this essential need. A savings account, cash, or credit work fine. But with the high cost of funerals today, and with many families strapped for cash or credit in this tough economy, that may just not be possible.

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Comparing Term Life Quotes & Info

Life insurers are different. When we examined premium quotes between the top ten life insurance companies in our area for one man who wanted a 100K, 20 year term policy, we found a large difference between the lowest and highest premiums. Thaat difference was three hundred dollars a year for basically indentical policies, and obviously, for the same applicant.  Some quick multiplication told us that $300 a year would add up to six thousand bucks over the whole twenty year term!

Note >>: Affordable Term Life Quotes and Information

Keep in mind that a $100,000 policy is a fairly modest one these days. If you are looking for a larger policy, the differences could be even larger. So, in our opinion, it was well worth a few minutes of comparing quotes to save thousands of dollars that could have been put to another use!

Our applicant was 40 years old, and if you are looking for term life for over 50 year olds, you risk paying even more too.

Finding Affordable Term Life Insurance Rates Today

It was always possible to compare policies by shopping around. You could set multiple appointments at a broker’s office or in your home. But you had to set aside an hour for each appointment, plus possibly, endure the stress of multiple sales calls. Even if you could do part of this on the phone, it still could take hours.

In our modern world, we have the luxury of online insurance rates and info! It is quite simple to complete an online form with information like our zip code, age, and general health. Then with a few clicks, we get competitive rate quotes, and contact information for a few insurers we get matched with. You are still encouraged to conclude your business by speaking with an actual human who is a qualified agent, but this reduces your work and stress a lot.

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RV and Mobile Home Insurance

We published an article on the fulltime RV lifestyle, and it has been quite popular over the last few months. In the spirit of following up on our popular articles, and to respond to questions we have had (and had no answer for), we thought we’d follow up with one important consideration, and that is insuring that RV or Mobile Home.

Note, that this can also be of interested to those who life in manufactured homes, even if they are not meant to be mobile.

Which RV Insurance Company Is Best?

We never answer those types of questions with one particular company because we do know that your own best choice will depend upon a lot of things, and one of the biggest things is where you park the thing at night! Look at this zip code search for RV Insurance Discounts to help you find some choices though!

Are There Over 50 RV or Mobile Home Discounts?

We have snooped around and found quite a few insurers who offer 55+ RV and Mobie Home Discounts! So the answer is yes if you add 5 years.

We also saw discounts for being the original owner of a fairly new home. Plus, the usual safety features and anti-theft device discounts apply, just as you would find for any home policy. And of course, some insurers will reward you with a nice discount for placing your policy with the same company you also insure your auto with. So in this way, there are similarities bestween this and any home policy.

How Can I Learn More About RV and Mobile Home Discounts?

If you are a reader, we urge to you take a couple of minutes to browse this article: Mobile Home Insurance Discounts

It is well organized, and summarizes some price breaks to look for.

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How Much Does Retirement Cost?

You know the one.  It is the magic number that we need to have saved in order to retire comfortably and not be a burden on our children before we die. We have all read the articles and heard the expert’s advice that a comfortable retirement requires million dollar portfolios.  The numbers are so fuzzy and so high that many Boomers feel hopeless.  How can they ever get where they need to be?

The good news is that maybe your real number isn’t quite so high.  Georgia State University participated in a 2008 study that found men needed to save 4 to 6.8 times their annual salaries from the years just before retirement.  For women, 4.5 to 7.5 times earnings would provide a comfortable retirement according to the study.  Use your “close to retirement” income to figure out what your number is.  You can see where you have to go and construct a plan to get there.   

The Employee Benefit Research Institute reports that the average amount in a 401k account for a 50-year-old is just under $125,000.   If you are 50 or so, earning around $50,000, and have a similar amount already saved, you could reach your number by working and contributing the maximum each year until reaching your “normal retirement age”.  If you are earning more each year and wish to maintain your current life style in retirement, your number will be higher – but your ability to save is likely higher too.

But there are dark clouds on the horizon for many Baby Boomers who have lost their jobs and who are finding it difficult to get another.  The Urban Institute reports that a job layoff in one’s 50′s or 60′s reduces family wealth (not income) by 21% for couples, and 33% for single people.  Do the math and you will see how badly long term unemployment impacts Baby Boomers and their ability to retire.  Unfortunately, Boomers make up the largest segment of today’s long term unemployed.  This will likely reduce their wealth for years to come.  Those close to retirement may never recover.

It isn’t just the lost wages during unemployed that diminishes our accumulated wealth.   It’s also the loss of savings and the future earnings on those savings as we draw upon our resources to pay bills and buy necessities.  It’s also the loss of current and future earnings as opportunities diminish and wages drop.  And it’s also the loss from prematurely sold assets (homes, insurance policies, stocks, etc.) as we scramble to make ends meet.

So what are Boomers to do when no one will hire them, when no one will pay them the salary they once were getting?  They will reinvent themselves to create new opportunities.  They must because this is the new normal and Boomers need to accept it, get over it, get back to work, and earn some money.  

So how does a Boomer create income in an unwelcoming job market and a skittish economy?  Employers have work that needs to be done but are loath to take on too many costs.  Experienced and knowledgeable Boomers can offer their services as consultants to help employers meet their needs without the long-term obligations of a permanent position.   Boomers can offer to work on projects on a contract basis.  They can take temporary positions to keep their skills up-to-date.  Any of these could ultimately lead to a permanent position.  Or Boomers can start a business.  Record numbers already have and many more will likely soon become entrepreneurs.

Boomers might not be able to replace what they lost, but they can reduce the strain upon their wealth and bring in much needed resources to help stem the massive losses to their nest eggs.  The sooner they do something, the brighter their futures will look.

Shelly Scribe writes for www.myboomer2boomer.com, an information and resource site designed to help Baby Boomers find and support Boomer Entrepreneurs and other Boomer Friendly businesses, employers and products.  

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Over 50 Car Insurance

As we age, we make pick up a few virtues. We tend to regret some past mistakes, understand the value of our things, and be a bit more careful on the road.  So it is no wonder that many top auto insurance companies court the over 50 auto inurannce market. Insurers tend to favor people with decent credit and a low claims history. As a group, we boomers tend to fall into those groups more than we may have a few decades ago.

Look Here: Fast Over 50 Car Insurance Quotes (Families Too!)

We understand how much it costs to fix things we break, and with an eye towards retirement or educational expenses, we are concerned about keeping our credit, traffic, and claims history clean. As a result, people beetween fifty and seventy may find that this is a golden time to make premium payment payments. Many major insurers, like AARP and The Hartford, are courting the business of those of us in midlife. Some are even giving back a no claims discount or rebate every 6 months.

Car Isurance Can Get Even Cheaper Over 50!

Make sure you understand that you do not need to be satisfied with getting a break because your age happens to fall into a lower risk band though. After all, a lot of us are not just paying our own premiums, but those of other family members who do not fall into such a low risk band. We may be keeping teens or young adults on the family policy to help them save money with multiple policy discounts, or we may even be paying for some of our parent’s bills. Besides looking for over 50 car insurance dicounts, you can maximize your savings!

Some Other Car Policy Discounts To Consider:

• Multiple Policy Discounts – One of the most common and money saving discounts is taken by placing your home and auto policies with the same insurer.  Not all of the so-called discount car insurers also cover homes, so it can pay to compare those that do!
• Safe Vehicle Discounts – Did you know that many top insurers offer a discount for hybrid vehicles? These cars are not always safer, but insurers believe that the type of person who owns an energy efficient vehicle tends to be more responsible. I just mentioned this because some things that earn discounts will not always be obvious. It pays to evaluate your coverage periodically to make sure you are getting the best deal.
• Compare Rates - It always pays to compare insurance quotes. The company that was the best one for you 3 years ago may not be the best one today. Market conditions change, and things change in your own life.
• Defensive Driving – Have you taken a course in a few years? These are a lot more convenient than they used to be, and you can even find online classes you can complete at home now. My inurer offers a 10 percent discount for taking this class every 3 years. For me, a ten percent premium discount spread over 3 years, adds up to a few hundred dollars. It is worth my time to set aside a few hours to become a better driver and save money!

How To Find the Best Over 50 Car Insurance Deal

It used to be pretty time consuming and stressful to compare policy rates. You would have to call around to several agents or insurers, and sometimes you had to sit through some intense sales calls! But this task has become much easier with the internet. You can find many competitive quote forms that take a few minutes to fill out, and then you can sit back and relax as you review the plans and prices from the comfort of your home or office.

Visit this page for online car insurance comparison quotes!

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