Better Yourself, Better Your Life Insurance Rates

If you're overweight, have high blood pressure, high cholesterol or a heart condition, you know what the best steps are to take in order to improve your condition. You should be eating healthier, getting plenty of exercise, taking medications as directed and seeing a doctor regularly to monitor your condition. But did you know that by bettering your overall health, you could also be improving your life insurance rates as well?

"When it comes to illnesses, the higher risk you are, the higher your life insurance payments will be," says David Roush, CEO of Insurance.com. "If you pay a higher life insurance rate due to a medical condition, you can possibly lower your premium by trying to improve your overall health. Many insurance companies are very receptive to customers trying to make changes in their life to improve their health, and often this type of behavior is rewarded with a price reduction."

Insurance companies focus on your health when it comes to life insurance. The less risk you represent, the better your life insurance rates are going to be. If you initially purchased a life insurance policy when your health wasn't so good, but you took the steps to get yourself up to and above par, you can then request a premium reduction. Just ask your insurance agent what specific requirements there are, and see if you've met them. There's no limit to how many times you can ask your insurance company to review your medical records to see if you meet the requirements for a premium reduction

Many times, insurance companies require proof from a doctor that the improvements that you've made have been maintained for a certain amount of time. More severe health problems, such as cancer or heart disease, warrant a longer improved health period requirement. If you have a condition that will never improve, such as heart-wall damage, you will more than likely never see a rate reduction.

Another step some life insurance companies take is to require you to undergo medical tests ordered by the insurance company. The bright side of the test is that if you are being tested for one thing and the insurance company finds something else wrong with you, your life insurance rate will not be affected by it.

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Mortgage Life Insurance Offers Limited Benefits

Mortgage life insurance refers to a type of decreasing term life insurance policy where you pay a non-changing premium for the duration of your mortgage. If you die while the policy is in effect, the insurance pays off your mortgage. The lender can become the beneficiary of the policy if the borrower paying for the policy defaults on the loan.

Mortgage life insurance cost factors
If the outstanding balance of your mortgage is high, your monthly premium will be high as well, and your premium will remain the same even as the balance decreases. This is because you are more likely to die as time goes on, increasing the likelihood that your life insurance company will have to pay on your policy.

Mortgage life insurance can be purchased either at the same time you buy a home, or at any time in the future. As with other types of life insurance, your age, smoking status and value of your death benefit (the amount left on your mortgage) are taken into account when a life insurance company reviews your application and sets a price.

Mortgage insurance options
Mortgage life insurance policies will only pay the balance of your mortgage at the time of your death (or maybe a little more if you paid ahead on your mortgage). If you decide this is appropriate for your situation, remember that a regular decreasing term life policy—one not marketed as a "mortgage protection" policy—can be used for the same purpose, and may also cost less. However, if you want to give your beneficiaries a choice of how to use the insurance money, consider level term life insurance instead.

Depending on your insurance company, joint mortgage life insurance may be available that covers both you and your spouse and pays out when either of you die.

If you refinance, see if a new policy will get you a better premium. If you default on your mortgage, check with your life insurance company and see if they will extend your coverage.

Mortgage life insurance and private mortgage insurance

Though they have similar names, these two types of insurance are not related. Private mortgage insurance (PMI) is typically required by the lender when you purchase a house and make a down payment of less than 20%. "Lenders take a risk when a buyer puts down less than 20%," says Sam Belden, Vice President at Insurance.com. "Private Mortgage Insurance is a way for lenders to protect themselves if a buyer didn't put much down and ends up in foreclosure." In today's difficult economic environment, few lenders will even grant a loan with less than 20% down, so PMI may not be offered in the future.

Although PMI makes it easier for you to get a loan and can help you get a house without waiting to build up savings, it pays the lender, not you. It does not reduce the amount of money you owe the lender. It is not a substitute for life insurance or mortgage protection insurance, which will pay off all or most of your mortgage in the event of your death.

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Is It Possible To Buy Affordable Life Insurance After A Heart Attack?

So you've just recovered from a heart attack and you hope to find affordable life insurance. The application for life insurance has a question regarding if you have been treated for heart disease or a heart attack. How do you answer? Do you lie and say no? Or do you say yes, and chance getting denied or stuck paying a higher life insurance premium? Well if you decided to answer honestly and mark yes, you may be in luck.

Depending on how severe your heart attack was, and how severe your heart disease is, you may be able to get affordable life insurance that won't cost an arm and a leg. Also, by not lying, you don't have to worry that you will be caught and have your life insurance premium automatically increased and be forced to pay retroactive fees.

"Though heart disease may signal a red flag for life insurance companies, it doesn't necessarily mean a customer will have to pay more," says Dave Roush, CEO of Insurance.com. "By taking the proper steps to treat heart disease, a customer can quite possibly qualify for a standard life insurance rate," says Roush. "With the advances in medical technology and testing, it is becoming easier and easier to give predictable life expectancy rates for those who are suffering with heart disease."

When to strike
It may seem like a good idea to apply for life insurance the moment you realize you really need it, but financially, it isn't always the smartest move.

Life insurance companies don't look favorably on applications that are submitted right after a heart attack, and the premium for a policy issued after a condition like that, will likely be high. The best thing you can do, for your pocketbook, as well as for yourself, is to wait to apply for life insurance. By waiting a year or two, you are giving your body ample time to heal as well as giving yourself time to adjust to any medications or new-lifestyle changes you may be instructed to do by your doctor. By waiting, you are also showing the life insurance company that your condition has been stabilized and you took the appropriate steps to make your overall health better.

Document your progress
Be sure to document any and all progress that you've made. By having this detailed in your medical files, life insurance providers may be able to issue you a lower premium. Also, when applying for life insurance, if an underwriter sees that you are forthcoming about your heart disease and you have listed all the things you've done to keep it under control, you will be more likely to receive an affordable life insurance plan. By telling a life insurance company exactly what happened and what steps you've taken to correct or better yourself, you are showing them you have nothing to hide, and this can ultimately save you money.

If you are interested in receiving a life insurance quote, log on to insurance.com. Here you will be able to evaluate multiple rates from best-in-class life insurance providers - helping you find the best life insurance coverage for you and your budget.

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Affordable Life Insurance For Asthma Sufferers

In the United States, asthma continues to be a growing concern not only for asthma sufferers, but for life insurance companies as well. The main concern of insurance companies is that half of all asthma deaths occur in people younger than 65. Though asthma is a very serious and potentially deadly condition, it is still possible for asthma sufferers to find affordable life insurance.

If you have asthma, it would be beneficial to shop around for different life insurance quotes. The severity of the asthma that you have, the persistence of it, and how well you respond to treatments, are all deciding factors for insurance companies when they are considering your policy. The National Institutes of Health have set goals for asthma treatment, and if you accomplish such goals, your premium may go down. The list includes:

• Low occurrences of wheezing, cough, shortness of breath and chest tightening
• Asthma symptoms not affecting your sleep
• Asthma not causing a disturbance in your work or school schedule
• Full participation in physical activities
• Hospital stays or visits to the emergency room that are not asthma triggered/related
• Asthma medication taking effect without causing adverse side effects

If you're an asthmatic and you apply for life insurance, your life insurance company will want to know the results of your pulmonary function tests (given by your doctor) and what your "peak flow meter" reading is (typically a self-test done at home). The tests will show how good you are breathing, which helps insurance companies see how much of a risk you truly are.

Within the past three years, if you haven't suffered from any "exacerbating asthmatic episodes," where you were required to go to the doctor, emergency room, or take off of school or work, your application will appear more favorable. As a result you could potentially qualify for a standard or preferred life insurance policy. As long as you maintain a healthy and active lifestyle, your insurance rates should be affordable. However, if medication isn't working for you, that's when you may see an increase in your insurance rates.

Asthma attacks and higher rates
The plan laid out by the National Institutes of Health is ultimately what a person with asthma who is looking to buy life insurance needs to strive for. If the last series of asthma attacks were so severe that you needed medical treatment, then you will have to wait longer to get the better rates. The longer it's been since a severe attack, the easier it is for you to get a more affordable policy. Also, life insurance companies tend to look down and become leery of policyholders who have frequent, though less severe, attacks. In the eyes of the life insurance company, this could mean that the medication is failing and a new treatment may be needed.

A smoker and an asthmatic?
Asthmatics who are smokers may have one of the most expensive policies. Not only will the policyholder be charged with smoker rates (up to three times the amount of non-smoker), but also, they will be charged a surcharge on their life insurance policy because they are an asthmatic. Regardless if you smoke or not, it is still important to visit your doctor at least twice a year to have your asthma monitored. This will not only be beneficial to your health, but it will also show the life insurance company that you are taking care of your condition.

A list of the medications you are on should also be given to your insurance company-Even though they may use the amount and kinds of medication you are on as an indicator of how severe your asthma is, a list should be given to your insurance agency. If you are taking a lot, it may seem that by giving them this information, your rates will automatically skyrocket, but remember, their main concern is how well you respond to the treatment. If you recently switched medication, it would be a good idea to hold off on applying for life insurance for a year or two, just so you can establish a history with the medication and show that you are meeting your goals.

If you are interested in receiving a life insurance quote, log on to insurance.com. Here you will be able to evaluate multiple rates from best-in-class life insurance providers - helping find the best life insurance coverage for you and your family.

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