If you’re in the market for life insurance you should be aware that some health conditions and certain lifestyle choices may determine how much your premiums will be. The following dozen factors may increase your premiums.
- Smoking and tobacco use
- Being overweight
- Substance abuse
- Having a high-risk job
- Participating in dangerous hobbies
- Your driving record
- Cancer is certain to guarantee you higher premiums and may prevent you from obtaining coverage at all.
- Diabetes. Both type 1 and 2 will increase premiums, though people diagnosed with type 2 won’t be hit as hard.
- Heart Disease and risks associated with it such as high blood pressure and high cholesterol.
- Asthma sufferers whose condition is serious enough to warrant long-term steroid use.
- Family history will also be taken into consideration. Insurers are looking for immediate family members with serious, hereditary health conditions that put you at a higher risk of early death.
For more information about factors that may increase life insurance premiums or to speak to an agent about obtaining life insurance, contact the Insurance Agency of Dean Davis located in Austin, Texas.
If you are single, you may feel like the life insurance commercials do not apply to you. As it turns out, singles have many people depending on them, too. So you need the right coverage to provide for them if the worst should happen to you.
When you are younger, insurance rates are much cheaper for you. You may not need as much, but you can add to your coverage as the years pass. Think about those who could benefit from your insurance policy. If you have debts, how will your next of kin pay for them? Your aging parents and relatives could also use a boost. In short, think about how you want to be remembered. A life insurance policy might be just the thing to help keep your business partners solvent, or to give your family a way to keep your memory alive by benefitting others.
It can be hard to know what coverage is best for you. If you need assistance with your life insurance needs in Austin, Texas, contact the Insurance Agency of Dean Davis.
In the United States the life expectancy of women is still greater than that of men. But the gap between the genders has shrunk markedly in the 20 years covered by a study performed by the Institute of Health Metrics and Evaluation (IHME).
This study’s data indicated that between 1989 and 2009, men’s average life expectancy improved by more than four and a half years, to age 76.2. The average life expectancy for women also improved, but by only about half as much, to age 81.3. So women’s advantage in the gender longevity gap has shrunk during that period from 7.0 to 5.1 years.
There are many influential factors, but if this rate were to remain constant, men would have the longevity advantage in a little more than 54 years–in the year 2068.
According to Boston University’s New England Centenarian Study, there are three behaviors men typically have engaged in more consistently than women. These behaviors are indulging in smoking, high-cholesterol foods, and internalizing stress. This study demonstrated a correlation between a reduction in these habits and an increased life expectancy.
The IHME study indicated that men on average have adopted healthier habits and are less obese, as well as more likely to do two very important things: Exercise and treat cardiovascular disease indications. During the same 20 year period of the study, the number one cause of death for women became cardiovascular disease.
For more information on increasing life expectancy, or for questions about life insurance, contact the Insurance Agency of Dean Davis, serving satisfied clients throughout Texas.
Have you made your list of goals for 2014? Is ‘buying a life insurance policy’ down as a top priority? It takes just a few hours, over the period of several weeks, to select and buy an insurance policy but too many people put it off or underestimate the importance of life insurance. This coming year, consider life insurance if:
You take on debt. If you pass away, your partner (or your estate, if only you bought the item) will need to pay the debt, and without their income, you may not be able to afford the payments.
You’re adding to your family. Having a baby or adopting mean more expenses which will be more difficult to handle if one parent dies.
One partner leaves their job. Even stay-at-home parents provide economic value to the family, so they need a life insurance just as much as a person who’s earning a paycheck.
Austin, Texas residents who would like more information about the types of life insurance can contact the Insurance Agency of Dean Davis. We’ll take the time to listen to you to learn about your life and help you decide which kind of policy is best for you.
For many people life insurance is something they only think about when it is “open enrollment” day for their company’s benefits. On this day, many will agree to a few dollars to be subtracted from their paycheck, and voila! there’s instant insurance. The trouble is having only minimal insurance can leave your family struggling in the event that they actually need to make up for your absence.
Here’s a few fictional examples of characters who can help demonstrate the importance of life insurance.
First off are one of the couples on the NBC show “Parenthood,” Joel and Julia Graham. The couple spent one season preparing to adopt a newborn from a young pregnant woman, but when she changed her mind they began the process of adopting an older child, Victor. The experience was quite emotional, which can potentially cause some procrastination. With both of these characters being quite sensible, it is likely that there was a policy in place before adopting Victor which helps assure they are prepared for any surprises, and that lists one another and their daughter Sydney as beneficiaries. But with these policies, not everyone in the family is automatically named, so each person needs to be added specifically in order to be covered.
While the story of Cinderella turned out “happily ever after” in the end, a fairy godmother isn’t something everyone can count on. Before snagging the prince, Cinderella was at the mercy of her stepmother and stepsisters, cooking, cleaning, and running around in rags. Had her father made her the beneficiary of a life insurance company, she may have been able to move out and get an apartment, maybe go to college, all while still making it to the ball and leaving whenever she desired.
Snow White’s Parents
Even though the “Whites” were royalty, they should have still realized the importance of life insurance. After his wife died, the king quickly and foolishly married a woman who would become the evil queen who would have poor Snow White sneaking off into the woods, running for her life. A few dollars in her pocket could have done her a lot of good, but after her father died, his estate went to the evil queen due to the community property laws in the kingdom. An updated life insurance policy would assure that Snow was listed on the policy and that she is able to collect without penalty.
The specific terms of a life insurance policy can vary, so it’s important to double check which situations are covered, and which are not. One way to get that understanding is to talk with a representative at Dean Davis Insurance in Austin, TX. With many years of experience working with many types of insurers, including life, home, and auto insurance Dean Davis Insurance can steer you toward the coverage you need. To learn more, contact Dean Davis Insurance today.
How you organize and store your insurance records can make all the difference in the world to your beneficiaries. The non-profit Insurance Information Institute has some helpful tips:
What information should you keep?
- The name of the issuing life insurance company
- The location of the company’s home office
- If the company is part of a group of companies include the name of its U.S. headquarters
- The policy number
- Date of issuance
- Death benefit amount
- Name and contact information of your local agent
- Location of your actual policy
- The type of policy (whole life. Term, etc.)
Where to store life insurance records.
The institute suggests keeping your insurance records along with your other financial records in your home and at another off site location. This may be in a safety deposit box, with an attorney or accountant, or with a relative. You should make family members aware of where these records are kept.
Organizing life insurance records can be a big help for your loved ones who are left behind. If you have any questions regarding your policies or would like a review please contact us at the Insurance Agency of Dean Davis.
Many people forget that during major life events it’s very critical to update your life insurance policy. If you forget to update your life insurance policy your family may later find that you were underinsured and this may leave them in a very difficult financial situation. To ensure that your family is always taken care of you should always review and change your insurance policy to suit major life events.
Getting married is likely the first major life event that one will need to change their life insurance for. You will want to change your beneficiary and make sure that your spouse will be provided for if you pass on. Getting divorced is also an important time, however, because it is when you will need to change your beneficiary again. When children are born and when major purchases such as homes are made are also important times to review your life insurance plan, as are any times you make large financial against such as an inheritance.
For more information about when to review your policy or if you simply want help reviewing your life insurance policy contact the experts at the Insurance Agency of Dean Davis.