By on | Posted in: Buying a Policy

October Is Breast Cancer Awareness Month picture

As we welcome the month of October in, we are also reminded that October is Breast Cancer Awareness Month as well. Thanks to technological improvements with treatments and screening, if you are a breast cancer survivor (woohoo!), you have a very good chance at qualifying for coverage. You might even have a great chance of qualifying for coverage immediately after your treatment as opposed to the wait of a few years or so.

Changes Have Been Made

So what exactly has changed within the life insurance industry? The improvement of technology in the screening process and earlier detection of breast cancer has better ways of predicting where the cancer was found and how their treatment will go – if it is more likely to be successful or not. These advances in the medical field have given life insurance companies a way to measure risk in a broad way for different types of scenarios. This has ultimately given them a way to show more rating categories, shorter waiting periods and lower premiums in numerous cases.

What Do The Guidelines For Breast Cancer Look Like?

The guidelines for when a life insurance company encounters a breast cancer survivor is:
(1) What type of breast cancer was it?
(2) What was the stage and the grade of the cancer?
(3) When was the cancer diagnosed and when did the treatment end?
(4) How was the cancer treated?
(5) Was there any metastasis or any lymph node involvement?
(6) What was the size of the tumor?

The lower the stage, grade and the longer the amount of time since the treatment has ended will definitely give you a better chance at qualifying for coverage at lower rates! Preferred rates are harder to come by, but with appropriate treatment and successful completion of treatment, you could definitely be looking at standard rates.

SHOP THE MARKET!

If you have been attempting to get coverage through one company and have been turned down before, don’t give up! The underwriting guidelines differ with each life insurance company. You always want to shop the market before you decide to pick one. This is why it’s extremely important to go with a company who you can trust will shop the market for you. At 1st Option Insurance, your agent will be diligent and will find the best rate for you and we shop over 50 life insurance companies. You don’t have to do this alone. You have nothing to worry about with us by your side. CLICK HERE to start shopping

By on | Posted in: Life Insurance Basics

6 Myths about life insurance picture

It’s a subject no one really wants to think about. But if someone depends on you financially, it’s one you cannot avoid. A lot of misconceptions surrounding the purchase process for life insurance. We live in an age where technology is king and where generations are growing up relying more on computers than on personal interaction; how does this change the role of the traditional life insurance agent?
For years people were used to dealing with insurance agents face to face in their home; that is still the way that many older people feel more comfortable doing business. But as we see older generations disappear the expectations of people buying insurance are changing. Most people today want to shop online and not be bothered by an agent coming to your house. Online tools make it much easier to research and purchase a policy. You can get a customized quote from 1st Option Insurance life insurance comparison tool.
Below are the most 6 common myths about life insurance along with some facts.

Myth 1: If you are a stay-at-home parent you don’t need it.

Stay-at-home spouses have a special need for life insurance. A new survey from Salary.com finds the “salary” such parents earn by dealing with laundry, kids, cooking, etc. is more than $121,000! That’s more of an attention-getting number than anything else because stay-at-home parents don’t actually “earn” that, but you get the idea.
Should a stay-at-home spouse pass away, the remaining parent would have to suddenly pay for childcare and everything else a stay-at-home parent does on a day to day basis. That’s why it’s essential the parent at home have a policy.

Myth 2: Life insurance is too expensive.

This is the biggest misconception about life insurance is the cost: A female age 42 bought a policy for $500,000 to protect her spouse and children in case of her untimely death for only 22.10 a month.
People think it’s expensive but term life insurance is very affordable.
Many people who are going without life insurance may really need it. Among the 35 million Americans households that have no life insurance, 11 million include children under age 18. Of those 11 million, 40% say they’d have trouble paying everyday bills if the breadwinner were to die today. That’s according to LIMRA, an insurance industry research outfit, which based its study on a survey of 3,766 households.

Myth 3: The choices are overwhelming.

There are many different types of life insurance. But for most people, the best choice is term life insurance and it is very affordable.
With term life, you determine the amount of coverage from $100,000 or $5,000,000 and the timespan for your protection, such as 10, 15, 20 or 30 years. If you die within the term, your beneficiary gets the money.
Online tools make it much easier to research and purchase a policy. You can get a customized quote from 1st Option Insurance life insurance quoting tool.

Myth 4: If you are young and healthy, you don’t need life insurance.

Your life insurance needs depend on many factors, but if possible, it’s better to buy a policy when you’re young and healthy and it costs the least. For example, 1st Option Insurance’s life insurance quoting tool shows a policy that costs $12 a month at age 30 will cost about $32 a month at age 50. Because you’re more likely to develop health problems as you age, the price goes up.

Myth 5: If you have health issues, you can’t get it.

On another side of the spectrum, most people will believe that if they have any kind of medical condition they are unable to apply for life insurance. This is not true! Diabetes, arthritis and high cholesterol are conditions that might mean a higher monthly premium but the good news is that insurance is still within reach. Doing some research on 1st Option Insurance’s quoting tool, it’s estimated that a 50-year-old man with high cholesterol and a family history of heart disease can buy a 20-year, $250,000 policy for $41 a month.

Myth 6: Life insurance through your employer is sufficient.

What most people don’t realize when they sign up for group life insurance is that in a lot of cases, the payout is very low. Maybe only twice your base salary. When you think about it, this may not be enough to cover for a small family. And that’s not including when you lose a job or quit your job… Once you leave your job, that policy doesn’t go with you. You lose that as well. Having a personal policy is the best bet!

Ena Kalkan is a staff writer at Insurance News, a personal finance website.