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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Well, you have heard the line, If we couldn’t laugh, we would all go insane!” This is true of being over 50, and it is also true of insurance. We certainly got our ribs tickled when we read Funny Insurance Stories and Claims! We were even more amazed when we found out that a British insurer actually paid out on an alien abduction claim!

And we figure that many of our readers will understand the need for crooner Tom Jones to have his chest hair insured! Of course, Ugly Betty insured her smile too.

Insurance IS NOT (Of course) Just For Laughs

The article was not just pointless yuks though. It was an attempt to spark interest in a somewhat dry topic. That is business specialty insurance. If you run a business or special events, you may not even realize how much you can minimize your risk with business specialty insurance that is delivered to meet your unique needs.

Learn more about commercial insurance and get business insurance rates online!

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$5 Dinner Challeng

In the spirit of the new boomer frugality, we thought we’d join in. Our partner site, FrugalPig.com, has a section on dollar meals, and this inspired us.  Well, actually the recession inspired us, but the section gave us an idea to get moving. We also noted a lot of interest in the Food Network show that focuses on $10 meals. Since we are much smaller than the food network, but quite competitive, we thought we’d cut that in half!

So we’d like to invite you to register here for free and add your $5 dinner ideas for four to the comments here. The rules are that the meals have to be appetizing, filling, and healthy. They should also be fairly simple for an average cook. Does it sound tough? Well, we boomers are tough! So come on and show us your cheap side.

We don’t expect our readers to prepare $5 meals every day, and we hope you do not have to. But it is an interesting challenge, and it will help you think about the money you spend and save.

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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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Many families really want to take care of older parents or grandparents at home. The problem is that the older person’s health issues may make it impossible to leave them alone. If all the adults in the family need to work, or if they just need a break, they made need to seek a qualified caregiver.

Caregiver Searches For Families

As with any type of caregiver, you will want to find a qualified and loving person. Care.com offers free background checks and local searches for senior care givers.  You can find home health aids, transportation assistance, and more services.

Services For Care Givers

The website also provides a posting service for professionals.

Some Care.com Services 

• Home senior care and transportation services.
• Baby sitting, including care for special needs kids. 
• Housecleaning and Pet Sitters

You can register for free and perform simple local searches to find help in your area.

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Writing Money!

Many people dream of writing. They don’t, of course, just want to write. They want to get published. Of course, also getting paid to write would be a great bonus. This may seem like a dream or something that only a very few published authors can do. But today, with the internet, tens of thousands of people are making money writing in all sorts of ways. And even though lots of people do it, the demand is booming.

I am very happy to see an entire free website that has been dedicated to the subject of writing for money!  And this website does not concentrate on huge schemes that most people cannot accomplish. Instead it gives tested tips for making a full or part time income by writing articles to be used in a variety of online publications.

Here are some of the highlights that have been posted so far!

• Where to find real freelance writing jobs.
• How people make money blogging.
• Websites that pay or assign a portion of revenue that you can sign up for today.
• Reader feedback and questions.

I hope to see this website grow. I know a lot of peope who are talented writers but have no idea how to go about using that gift for their own benefit. A lot of the ideas on the website are quite simple, but they took months of research and testing to perfect.

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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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