How Having High Cholesterol Can Affect Your Life Insurance Rate

For those who are planning to apply for a life insurance policy but are diagnosed with a high cholesterol level, this is for you.

Cases of high cholesterol have become widespread nowadays all over the world. In the United States alone, 33.5 percent of Americans have high levels of LDL or low-density lipoprotein, also known as the “bad” cholesterol. As such, the risk of heart disease is at an all-time high for all those 71 million Americans who have high cholesterol.

Given this unfortunate situation, those who are diagnosed with a high level of cholesterol but still want to apply for a life insurance are up for huge challenge. Find out how your medical condition can affect your policy and ultimately, your life.

Understanding High Cholesterol

Regardless of if you are physically fit enough for a reasonable life insurance policy, you still need your health checked as part of your life insurance policy application. Basically, this procedure gives insurance companies enough information to find out whether they would be willing to take the risk on you or not. They need to determine if you can live long enough to pay the policy premium up to maturity.

As part of the health examination required in your application, you need to undergo a blood cholesterol test. This test reveals if your cholesterol is high enough that it increases your risk of contracting any serious, life-endangering disease.

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Having a high blood cholesterol level paves the way for you toward getting heart diseases, which is one of the leading causes of death in the United States. In fact, those who have high cholesterol are twice as likely to acquire heart disease as compared to those with a regular cholesterol level.

Whatever results come up, it affects various elements of your life insurance. Primarily, your cholesterol test results would reflect the amount of the claim you can get as your benefit and how much your premium would be to necessary keep the insurance policy enforced.

High Cholesterol vs. Life Insurance

Specifically speaking, when you undergo a cholesterol level test as part of your life insurance policy application, what insurance companies look at is your total cholesterol level. This includes LDL cholesterol, HDL cholesterol, and very low density cholesterol (VLDL). This information is important in determining the rates for your life insurance.

In order to qualify for the best rates for any policy, companies like Big Lou would want to see your total cholesterol level below 200-220 mg/dL and a ratio of total cholesterol/HDL at 5.0 or below. In some cases, if you do not initially meet the required level, you are allowed to take prescription drugs to make sure that you do keep your cholesterol levels controlled.

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On the other hand, there are other companies that look at your cholesterol level prior to any medicine and base their decisions on the results of the premedication test. This is probably because only 1 out of every 3 adults with high LDL cholesterol can actually get their condition under control.

Then again, if your cholesterol levels go a little bit over the standard levels, you can still get a policy but at a different rate. Now, if your cholesterol level goes far beyond the acceptable rate even after taking in necessary medicine, you might still get approved. However, you might get the policy at a much higher rate, sometimes reaching up to 50 percent more than the regular rate.

Of course, if your test shows a critically unacceptable result (i.e. cholesterol level above 400), your life insurance application may just be rejected completely.

At the end of the day, the approval of your policy application it really depends on the company that wants to help with your desire to be insured. Keep in mind that the insurance industry is all about risk. The riskier you are for the company, the more likely you might be disqualified for the policy.

Easy Ways To Learn How To Save

It has been said thousands of times that it is important to save. Your savings serve as your backup plan in case things gets messed up for you financially. However, at one point or another, you face different challenges on keeping your savings intact or even starting saving in the first place.

For those who are persistent enough to start saving early, when they hit a bump on the road, they forget about continuing on with their financially responsible habit. On the other hand, those who just can’t seem to start saving may see it as a hindrance to their goal rather than a tool.

To finally learn how to save consistently, remember these two tips, and soon, you can enjoy living a more financially secure life.

Be Organized

People become overwhelmed with saving because, oddly enough, they see the money they set aside for this cause as a form of “expense” that they have to pay every time money comes in. Unfortunately, this mindset can never work if you really want to start saving soon.

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To avoid this financially unhealthy thinking, you need to start seeing money as a tool that can help you pave the way towards your goals. As it is a tool, remember that money is a resource that you need to appropriately allocate to certain aspects in your life. With that said, you need to be more organized than usual in order to take that first step to financial freedom.

Find ways to organize your cash flow. You can use a logbook to jot down money that comes in and out your pocket. You can also use spreadsheet programs to be more efficient. There are also a lot of applications you can download to ensure organization with your funds. Whatever option you go for, you need to find a way to see the bigger picture with what is going on with your money.

For instance, jotting down your expenses on food can give you a different perspective on what, where, and how often you eat. When everything is written down, you can see exactly what you are spending and decide whether it’s the appropriate amount. You can also determine if there is enough wiggle room for you to reallocate some of your budget to other aspects in your life like in transportation, life insurance, or occasional leisure trips.

Take it Slow

Some people feel the need to start big in terms of their savings. Primarily, this is due to the pressure they feel when they learn that other people have “big savings.” They immediately act on their ego without thinking about it much or planning enough to actually get things done.

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In reality, the best way to start saving effectively is to start small. Yes, you can use that piggy bank you have stored away, collecting dust instead of coins. Those who earn well (but can’t save well) can start putting in loose change or spare cash to start off their financial journey.

What this does is teach you how to create the habit of saving. If you have just started working and have just received your first paycheck, put an amount that you feel comfortable with. In the same way, if you are a tenured manager but simply can’t start saving for whatever reason, start building up your home savings with your piggy bank.

When you have created the habit of setting aside money regularly, you begin to realize that you need to put a little bit more. After a while, you add a little bit more until such time that you want to save in a bank, then go for time deposits and ultimately, invest. It may sound too far out, but huge things do start with something small.

Tips on How to Get Life Insurance for Seniors

Life insurance is important, but not everyone knows that.

As you get older and start your family or get married, it looms larger and larger in importance. It can be a safeguard for the people in your life so that they can feel secure no matter what. It can give you piece of mind know that if anything happens, your family will be covered.

You may be a late bloomer when it comes to understanding life insurance. You may even be one of those people who thought having life insurance is unnecessary.

Despite your delayed realization on what you’ve been missing all these years, it is never too late. You can still get a life insurance and feel protected. Then again, because of your delay, there are certain factors that you need to take into consideration in terms of what you can still get from your insurance.

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In any case, it is always a good decision to step up, take control of your life and get your own life insurance. Follow these two tips to put yourself on the path to get there.

Get it the Traditional way

Depending on certain key factors, you can still get a life insurance policy from a good number of insurance providers even though you are a senior. Luckily for you, there are certain policy regulation boundaries that can still allow you to apply and be covered by a suitable insurance plan.

One of the most critical factors will be your age. There are companies that still cater to clients up to 65 years old. As long as you pass the other requirements, you can still apply for a policy and be covered for life. However, since the claims for any life insurance policy are primarily based on the length of time that you have kept the policy enforced, you might get benefits that are relatively lesser when compared to the benefits of those who have been insured much longer.

Now, if you passed the age criteria, you also need to make sure that you are in good health. Just like anyone applying for a life insurance policy, you need be in tip-top shape to be given a policy that maturity enough to be worth it in the long-term.

There is a variety of options for you if you plan on going through the regular route of getting insured. Do your research and talk to a financial adviser who can help you know more about insurance products that fits your needs, wants, and your place in life. 

Go for GUL

Surprisingly, there are lots of people aged 60 and older who are on their way right now to get themselves insured. Some have had term insurance or have been part of a group insurance in their previous occupations. Whether the policy has expired or they have left their company thus effectively losing their slot in a group insurance, some people may need a new plan to stay insured.

However, if you are a senior and you want to continue on with your insurance, you would either need to pay more or have your application denied.

This is where GUL comes in. Guaranteed Universal Life Insurance or GUL is like a term insurance but has the far reaching benefits similar to whole life insurance. It is a policy option that is designed to last you a lifetime.

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With GULs, policies are set to specific ages. For example, if you set it to age 90, the plan is effective up until you are 90. Now, if you set the age to 100, an age that has a likelihood of paying out a death benefit, you are practically getting the benefit of a whole life insurance.

Also, this insurance product has a fixed premium rate throughout the life of the policy. This makes it a cheaper option for seniors. However, despite of the relatively lesser cost, the insurance benefit goes beyond that of a regular plan applied at ages 60 and above.

Just like any other policies, it is better to know more about GULs’ ins and outs. If you feel that this is the best option for you, contact your local insurance advisor and learn more what makes this product a viable option to a lot of seniors world-wide.