How To Obtain Whole Life Insurance For Diabetics

When a healthy person goes into get a life insurance policy, there are a number of tests that may be performed in order to qualify them for the policy. If all goes well, they will be able to get the policy that they want, including a whole life insurance policy. However, if you are a diabetic, this same opportunity may not be open to you because of your health condition. There are some companies that will underwrite policies for individuals that do have diabetes. The following tips are what you should use to obtain whole life insurance for diabetics.

Diabetics And Life Insurance

If you have diabetes, either type I or type II, it’s important to realize that this condition may prevent you from getting life insurance. If you are trying to obtain a term life insurance policy, or whole life, either one can be unattainable. The underwriter will look at your condition and may consider that it presents a high risk for their company. As a result of this, they may not provide you with the insurance that you are seeking. The following suggestions will weigh the odds in your favor for obtaining a whole life insurance for diabetics policy.

Obtaining A Whole Life Insurance For Diabetics Policy

A whole life insurance policy is one that has an attached savings vehicle which takes a portion of your payments and invests it into an account. After a certain time, you are able to withdraw the money. In the event of your death, you will also receive this money as well. To qualify for a whole life insurance were diabetics policy, the company that you work should be willing to grant you a policy despite your disease. There may be local companies that operate in your area that are more lenient about the type of conditions you can have. By doing research on the web, or even asking around town, you should be able to find a life insurance company willing to work with you.

Life Insurance – Do you really need it?

Bills on top of bills. We’ve all been there. Every month seems to fade right into the next and at the end of each one we’re staring down yet another rapidly growing stack of bills! It is only inevitable that you begin to wonder which of them can be removed altogether. One of the most commonly nixed bills is life insurance. Is it really all that necessary? After all, you will never see any immediate benefit for it.

It is very easy to become “now” oriented in your thinking, especially in times of immediate financial trouble. If you do have a life insurance plan already however you might want to consider other factors before getting rid of it. The unfortunate reality, as we all know, is that we must pass on one day. Even if those you leave behind are set financially, other factors such as the cost of your funeral and burial may well set them back. If you pass with any other unpaid bills, debtors will inevitably come knocking on your family members’ doors as well. And if your family members happen not to be financially set, then that is all the more reason that you should be looking into leaving something behind for them.

You can always tell yourself that you can manage this by always hiding something away or saving up, those resources will always be the first place pulled from when you need a little extra to get over an unexpected financial hurdle. With a good life insurance policy, you will have an ongoing “sure thing” to leave behind for your remaining family members. Even if you shop only with the best life insurance companies, you will find that the security and peace of mind provided is surprisingly affordable.

If your current policy is leaving you bone dry, meet with an insurance agent immediately. Inevitably, someone will have an option that works for your particular financial needs. With matters of life and death, there is no such thing as “too careful.” In the end, your family will be most grateful that you played this one as cautiously as possible.

Start Saving for Retirement Now

A common question that financial advisers get is, “When should I start saving for retirement?” While this may seem like a reasonable question, the only good answer is “now” or “as soon as possible.” In fact, most financial advisers suggest that one start saving for their retirement in their early 20′s. While for many, this mark has been passed, getting a head-start and saving for retirement immediately is always the best choice. There are a variety of reasons why saving for retirement early is a good idea, one of the most important of these is compounding.

The Power of Compounding Returns

In any investment that offers a fixed return rate, time will play a large factor. This is the essential core of a financial term, and potential, called compounding. Compounding occurs when assets are reinvested into themselves, causing exponential growth over time.

A prime example to demonstrate how powerful compounding can be is the case of two 20 year old friends, Jeff and Davis. Both had an investment opportunity providing a 15% interest per year. Jeff, wanting to enjoy the money he currently had, decided to wait for 10 years before investing. Davis, on the other hand, decided to put away the small amount of $1000 per year for the years 20-30.

Upon both reaching 30 years old, Jeff decides to allocate $3000 yearly towards his retirement and for the next 20 years continues to do so. Davis, in a severe financial bind due to injury, is unable to save for retirement any longer.

Upon reaching 49 years of age, Davis’ initial retirement investment of $10,000 reaches a huge $340,000 from the effect of compounding interest. Jeff’s $60,000 investment, on the other hand, is only worth a little over $310,000 at this point. Even though Davis wasn’t able to invest in his retirement for 20 years, he still came out ahead. This is the power of compounding in action.

By following the exponential nature of compounding, one can see how tremendously important it is to save for retirement early. By doing this, one can guarantee retirement security.

Why Else Should I Start Saving for Retirement Now?

By saving early, one has a much better opportunity to scan the horizon for great investment opportunities that would have been missed otherwise. Over time, one gains experience investing and can allocate retirement funds into much more profitable areas. This alone can drastically increase the likelihood of a comfortable and successful retirement.