Did you know that when you apply for life insurance, insurance companies see not only on your health, but also your financial obligations? You know it is that you get the older, the more difficult, are allowed for larger amounts of life insurance. It's not that insurance companies are concerned about you closer to this end date (day, you offense), but are simply that your needs for life insurance, sharply when you get older. For example, a 30-year old has a much higher need for life insurance as a 70 years old. Why? Well simply because more one or more children have a 30-year-old, who are dependent on him or her. The 30-year-old non-working spouse also have, which depends on it for future income. Look it as removing your grandmother (and I wish her a long life), not so much influence on her death your financial good is when your spouse passes away (I wish you a long life to).
Now, what can you do with this information? Now, some people have she ran into situations where they felt needed a certain insurance companies, it applied for and were rejected by the insurance company or received an approval for a much smaller amount. I would venture to guess that the majority of these people got mad and decided, just forget and the guilt of the insurance company for their own mistakes and lack of education. The truth is, if you need a certain amount of life insurance coverage feel really, it can be a way to get it still. How? Simple by providing all of your personal and financial information to the insurance company. For example, if you're 65, application for $1,000,000 life insurance have an income of approximately $ 40,000 and say everything is the insurance company that you want to replace income, you are very likely be rejected or for a much smaller amount (especially if you other coverages) be approved.
The key here, is how it always is, as much information as possible to give the insurance company. In other words, why must you the amount which you are applying are? Some key factors which insurance company are:
What are your short-term liabilities? -Mortgage, final cost, other personal debts, business debt, control...
What is your current income? It is likely to rise in the near future?
Who are your members? -Some examples include: spouse, grandson, business partners, other investors, other members.
Is this insurance for estate planning be used? -In some cases estate taxes must be paid after your death.
Is a trust? If the life insurance policy are part of a trust and payable over a longer period of time as opposed to a flat rate which can make a difference.
Do you have investments? How much? Who are the beneficiaries of the investment? The investments used as collateral for receivables or other obligations? How liquid are the investment of assets?
You are a different policy with which to replace the, which you for apply?
One important thing to note is that people think that the insurance not included only life as a real insurance of insurance are to be perhaps,. Especially since the opportunities for ever are statistically so small with this policy (unless you jump every morning from aircraft). Believe it or not, insurance companies look at this life insurance policy as much as any other. In other words, if you a $250,000 accident only insurance and you have feel can you need a regular life insurance (figures a, no matter die like you), the accident insurance only life you not always a regular life. Your choices are really easy. Either prove that you have the total amount of insurance you request are, or cancel the only life insurance of the accident.
Now, what age? As we mentioned earlier, can have a major impact on the total amount of life insurance your age, you can achieve. Here are some simple factors used by insurance companies. At the age of 25 to 35, the factor is about 32. This means that if your income is US$ 30,000, the maximum amount of life insurance, can have you, is $960,000 ($ 30,000 X 32). Age 36-45, the factor is about 25. The factor of 20 is for age 46 to 55. There is the factor of 10 for ages 56 to 65. And for age 66 and until, the factor is approximately 5. five seems not like much, but that's all you should need if no other factors in addition to income.
Are now, of course, some variations of business to business. If you decide that you need a lot of unusual and you have very unusual circumstances, the insurance company you choose can make a big difference. The same way that some companies may be better for people with cancer history might be better if, for example, some companies are his, your nationals pets or painting is your dependent of a favorite!
Questions, as we say in all of our articles, make sure to questions, questions and more questions. Remember, just because a company said no, does not always mean that they all are. Be good!
Philippe Deray - about the author:
Philippe Deray is President and CEO of MCD financial services and MCD life. Our website address is http://www.mcdlife.com
Company profile
MCD life is a dynamic, successful company, according to the principle that our customers first! Our main task is peace for our customers by offering innovative, value-added products and information, the emphasis on the short- and long-term benefits, benefits of selected companies with high quality assets secured and written guarantees. Our focus is life insurance for individuals and companies that require "large amounts". With many years of experience in the insurance business, we have developed proprietary methods to help individuals and businesses, the amount of affordable life insurance they need. We offer life insurance term insurance, whole, universal and indexed life insurance. We will make this process as easy as possible and get a response as quickly as possible.
No comments:
Post a Comment