February 4, 2015 | Austin Bransgrove | 1 chat
http://www.lifehappens.org/blog/when-crowd-funding-isnt-enough When I was 22, I moved to New York City. I’d just graduated from college and my parents agreed to support my first few months as I dove headfirst into the theater scene. By Thanksgiving, I was starting to get a footing and had some exciting gigs lined up for the end of the year. Then I got a phone call I’ll never forget. “Daddy’s gone,” my mom said. I could hear the pain, love, shock and uncertainty in her voice. I couldn’t believe it. How could my father, at 49, be gone? All of the sudden, I felt the profound permanence of death. I couldn’t call him anymore. I couldn’t ask for his advice. I couldn’t give him a hug when I flew home for Christmas. My family had a massive, dad-shaped hole. As I packed that night to fly home, I couldn’t help but think my time in New York was up. Surely I’d have to move home to make sure my brother stayed in college and my mom didn’t lose her house. After all, my dad was the primary breadwinner. Without his income, I knew we’d have problems. Casseroles weren’t going to put a check in the mailbox for the next mortgage payment. When I landed in Denver, I experienced the incredible support of family and friends. We didn’t have to cook for weeks and relied heavily on their guidance in walking through the early days of shock and grief. Still, the issue of how my mom was going to make it weighed heavily on me. Casseroles weren’t going to put a check in the mailbox for the next mortgage payment. My dad had a plan Fortunately, my dad had a plan. His love for my mom, my brother and me became evident in new ways as we pulled his will and two life insurance policies out of the filing cabinet. He’d given us space to grieve and to process by putting an insurance company on the hook for college, the mortgage, and even my mom’s retirement. Losing my dad didn’t have to mean losing everything. Unfortunately, millions of Americans are completely unprepared for loss, especially permanent loss. Because we’ve been taught to find the cheapest insurance possible and conditioned to only buy what the government mandates, we go through life betting that our friends and family will figure out how to “make it work.” Though I strongly believe in human resourcefulness, I have a hard time accepting the fact that Americans often insure their cars and houses for full replacement value, while leaving loved ones to figure it out when they die. Will your family have to ‘make it work?’ Or, will you express your love for them by insuring your ability to provide a home, vacations, college and space with life insurance? Over the last two months, I’ve read at least five stories of families walking through the tragedy I know all too well. In each situation, loving friends donated to and shared a crowd-funding site to help cover the cost of final expenses: $5,000 here, $10,000 there. While that is a lot of money, it is far from enough. If a 35-year-old dies making just $30,000 a year, his family would experience a loss of over $1,400,000, accounting for inflation at 3% annually. College, vacations, weddings, gifts, groceries, cars, homes and space to grieve disappear when the “make it work” plan takes effect. What’s your plan? An insurance professional can help you to navigate your protection strategy. Will your family have to “make it work?” Or, like my dad, will you express your love for them in yet another way by insuring your ability to provide a home, vacations, college and space with life insurance? by Austin BransgroveAustin Bransgrove’s personal experience leads him to work with families and individuals to challenge the traditional advice that’s left millions of Americans without adequate savings and unprotected against the potential risks they face daily. By organizing client’s financial worlds, he helps to create balance, maximize efficiency, minimize risk and prepare for the unexpected. He is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS), 355 Lexington Avenue, 9 Fl., New York, NY 10017, 212-541-8800. Securities products/services and advisory services are offered through PAS, a registered broker/dealer and investment adviser. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Wealth Advisory Group LLC is not an affiliate or subsidiary of PAS or Guardian. PAS is a member FINRA, SIPC. November 14, 2014 | Gary Dek | 2 chat
If you want to obtain the most affordable type of life insurance, be prepared to take a medical exam. Before you are issued a policy, life insurance companies must first determine if you are prone to illnesses, such as diabetes, heart disease, stroke, cancer, etc. A paramedical company working with your carrier will send out a certified medical professional (a paramed) to conduct the medical tests and send the results to the company’s underwriter. The underwriter will then evaluate the results and determine if it is in their best financial interest to insure you. That risk assessment determines your life insurance rates. The greater risk you pose, the higher your premiums, until the company decides it can’t cover you at all. The following will give you a solid idea of how you should prepare when you have to take a life insurance medical exam. Otherwise, you may want to start considering a no medical exam policy. What to Expect As a part of your health exam, the paramed will measure your height and weight, take your blood pressure, and collect blood and urine samples. Afterwards, the paramed will confirm the answers you provided on the health questionnaire you filled out as part of the life insurance application. The paramed will measure your height and weight, take your blood pressure, and collect blood and urine samples. Some insurance companies require an EKG to test your heart, especially if you are 50 or older. Most insurance companies will also conduct a prostate specific antigen (PSA) test on male applicants over 50. Finally, if you are a smoker or tobacco user, be honest and admit it because companies test for cotinine in your system, a chemical that will indicate you consume tobacco. Medical exams even test for drug abuse, such as marijuana and cocaine. Steps for taking an exam Schedule the exam for the early morning. Because you should fast for six to eight hours before an exam, a morning medical exam will make that task much less stressful. Even a piece of fruit before the exam can read as high glucose levels. Anything you consume beforehand can affect your blood tests and drop you from a preferred health class. Skip your morning coffee and cigarette. Caffeine and nicotine elevate blood pressure, so avoid your morning coffee and any tobacco products. This may be difficult for some, but trust me, it’s worth the thousands of dollars in potential savings over the course of your policy’s term. Drink plenty of water. Staying hydrated will make it faster and easier to give blood. Drinking water will also make it possible to give a urine sample. Don’t eat salty or fatty foods. Cholesterol and blood pressure test results can be affected. For best results, avoid salt and excess fatty foods for five to seven days before your exam; however, 24 hours is the minimum recommended timeframe. Avoid excessive exercise. Conserve energy for 24 hours before your exam. Stay away from the gym and avoid strenuous cardio. Exercise can raise your blood pressure and pulse. Avoid alcohol and drugs. Refrain from drinking alcohol and taking drugs, including tobacco and marijuana. Alcohol can leave you dehydrated, which not only makes it hard to draw your blood, but can also cause increased liver function. Get plenty of sleep the night before. While one good night’s worth of sleep won’t get you a clean bill of health, sleep does offset anxiety and fear. When you are well-rested, your blood pressure will be lower, leading to better test results. Have a list of any medications you are currently taking. Your examiner will ask about your medical history, including the use of prescription drugs and over-the-counter medications. Don’t schedule an exam during a menstrual period. Women should not take a life insurance medical exam during their menstrual period, or if they have any kind of vaginal discharge, as it can contaminate the urinalysis. Let the examiner know if you have an aversion to needles or medical tests. There is no need to subject yourself to high levels of anxiety for this exam. If you are anxious, your blood pressure test results will indicate health issues. Talk to your examiner and explain your concerns. They may note your fear or phobia in the case file for consideration by the insurance company and underwriter. Final word If you follow these steps for your life insurance medical exam, you will feel calm and prepared, and able to achieve the best results, increasing your chances of obtaining cheap rates. On the off-hand that you are denied coverage, don’t give up. You can choose to improve your health with a balanced diet, regular exercise and better control of any medical issues (i.e. diabetes) or decide to re-apply for a guaranteed issue life policy. While more expensive, guaranteed life insurance is a type of coverage without a medical exam. Due to its high premiums and limited death benefit amounts, it should be a last resort. Your first and best option will most likely be traditional term life insurance. The point is, don’t ever feel hopeless. There is always a life insurance policy available to secure your family’s financial future. by Gary DekGary Dek is a former investment banker and private equity analyst. He blogs atmylifeinsurancequotes123.com where he provides unbiased life insurance guides for consumers looking for the best, affordable coverage. |
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