Why Buy Term Life Insurance for a Non Working Spouse?

Have you considered buying a life insurance policy for your working spouse?

 I bet you haven’t and you probably think it would be just be a waste of money.

 But, what would you do if something were to happen to them?

 Sure, it’s really important that the primary breadwinner carry life insurance at least for the purpose of income replacement, but there are some good reasons why you might want to have a policy on the non working spouse.

 Many parents elect to have at least one parent stay at home and raise the kids.  And, these days it’s not just stay at homes moms, but it’s also dads as well.

 More than likely the non working spouse will probably re-enter the work force once again somewhere down the road such as when the kids start school or maybe even later on.

 Some families have twins, triplets that need a lot of looking after.  And of course, just as you’re getting one of the kids ready to go and start school, along comes another bundle of joy which might be planned or unplanned.  You never know do you?

Reason Why the Non Working Spouse Should Have Life Insurance

You have children.  They need looking after.  So, what  does the non-working spouse contribute?  You’d probably get a clout if you even asked them that question and you’d probably deserve it because they do plenty, and continue doing it long after your working day is even done.

We love our kids but they can be messy, and you can be assured that just cleaning up after them, let alone the regular house upkeep is a full time job in itself.

So, if something were to happen to your stay at home spouse, and where would that leave you and the children?

Daycare

The average cost of daycare in the United States varies considerably depending on where you live.  But, did you know that the average cost of daycare costs on average $11, 660 per year?  That works out to $972.00 per month!

In some states, daycare runs as low as $3,582 per year or about $300 per month, but in other states it costs as much as $18, 723 or $1,562 per month.  If your stay at home spouse were to tragically die, this is an expense you would have to incur to see that the kids were looked after while you went to work.

Could You Afford to Cover This Expense?

Running the House

Think about all the things that your non working spouse does during the day.  Asides from keeping the house clean, doing the laundry, shopping, running errands, cooking the meals and preparing lunches for the kids, there’s also lots of other things that need to be done.

If the kids are getting a bit older they have to be taken to the doctor or dentist, and they have a whole range of other outside activities such as Little League, music or dance lessons and play dates with their friends.  Who looks after all these things?  That’s right – the non working spouse and believe me – she’s doing plenty of work that you probably don’t even give much thought about.

If this stay at home spouse is gone, are you going to be able to find the time to look after all these chores?  And, if you can’t then that means you will have to hire someone to do it for you.  How much will that cost?  It could be up to another $500 – $1000 per month to find a cleaning service and other folks that you have to hire to ensure that all this is done.

Final Bill

Now, when all is said is done you have might have to come up with between $800 – $3000 per month to make sure that everything runs smoothly for you and the children just like what the stay at home spouse was doing.

This is what you may end having to spend after you make the mortgage/rent payment, the utilities, the groceries, credit card payments, personal loans, insurance and clothes and pay for the lessons for the kids.

Still think it’s not worthwhile to get a life insurance policy for the ‘non-working’ spouse?  The thing to remember is that a term life insurance policy might only cost you about $20 or even less per month to cover these costs.

Consider the alternative of not having a life insurance policy on your non-working spouse.  Is a $20 per month investment worth some peace of mind – you bet it is!

Where Can I Find an Affordable Term Life Insurance Policy for My Non Working Spouse?

You always want to talk to an independent agent like myself.  We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates.  We can give you valuable advice and help you to find a policy that suits you.

Whatever your needs or questions then please call me direct at 877 – 966 – 9383.

Review for Protective Life Insurance

Need to learn more about Protective Life Insurance Company?

We will give you a straightforward review so you can learn more about this company.

Read on to see how well Protective Life Insurance Company rates for our review.

Company Overview

Protective Life Insurance Company is the primary subsidiary of Protective Life Corporation.  The company was founded in 1907 and has its head office located in Birmingham, Alabama.

Protective Life Insurance sells its life insurance products in all 50 states and in Canada. The company has offices located in Alabama, California, Illinois, Kansas, and Missouri. As of Dec 31, 2011, the company had approximately 2300 employees.

Also, as of Dec 31, 2011 this life insurance company had annual revenues of 2.6 billion dollars and assets amounting to 52.9 billion dollars.

Protective Life Insurance is listed on the New York Stock Exchange (NYSE). It is also listed in the 2012 Fortune 1000 List and in Forbes Global 2000 List.

We at TermLifeInsuranceMales.com are not the only insurance agencies reviewing Protective.  For example Chris Lalor offers this helpful Protective Life Insurance Review on his company reviews site.

Life Insurance Products Sold by Protective Life Insurance Company

Life insurance products sold by this company consist of:

•    Term Insurance and Term Alternative
•    Universal Life insurance
•    Survivorship Life Insurance
•    Whole Life Insurance
•    Single Premium Variable Life Insurance
•    Variable Universal Life Insurance

Financial Strength of Protective Life Insurance

As of January 14, 2013 the following ratings were recorded for this company by the rating companies.  These ratings reflect the financial strength of the life insurance company and its rankings in relation to all other life insurance companies.

The reason why this is important is simply due to the fact that when you buy life insurance, you want to buy from a company which is financially sound. A company that is ranked high and financially sound reflects how well it does not only on its investments but also on the company’s ability to pay its claims.

This is important to someone buying life insurance because a life insurance policy is almost always a long term investment.

How financially strong is Protective Life Insurance Company and how well does it rate?
Here are the results.

Rating Company    A.M. Best      Fitch      Standard and Poor’s       Moody’s

Rating                            A+                   A                          AA-                           A2

Overall Rank                2nd                  4th                         6th                           6th

As you can see, Protective Life Insurance Company has a very strong overall financially rating and ranking which makes this a very sound and solid company..…(continue to part 2)…

Why Consider “10 Year Term” Life Insurance?

The most affordable type of life insurance is 10 year term.

This insurance is perfect for a young family, who needs some protection, but can’t afford to pay much.  It’s also great for short term needs.

It’s amazing how much life insurance someone in their 30’s or 40’s can purchase for less than $20 bucks per month if they’re in good health, and applying for 10 year term.

10 Year Term Explanation

Most term policies actually guarantee coverage up to age 95 or longer.  However, the premiums are only guaranteed to stay level for the first ten years.  That means your premiums will stay fixed during the initial 10 years, and in most policies, will rise annually thereafter.

There are various term lengths, such as 20 or 30 year term, which means the premium stays fixed for a longer duration, and remember, the lower the term duration, the lower the premiums.  For more information on alternatives to the ten year term, see our post on Types of Life Insurance.

10 Year Term Life Insurance Quotes

Age $500,000 $1,000,000
30 Year Old Male *$14 $21
40 Year Old Male $17 $28
50 Year Old Male $43 $78
60 Year Old Male $117 $217
70 Year Old Male $339 $625

*Note: All prices are MONTHLY as of 2/17/12, based on healthy, preferred plus, non smoker, and are subject to change.

Using Term for Buy/Sell Agreement or Key Man Insurance

Many business partnership arrangements require term life insurance on each partner, in the event that if he or she dies, the remaining partner/s will have liquid cash from the life insurance benefit to buy out the decedent’s family and or heirs of his or her share in the company.

10 year term life insurance is a popular choice for buy/sell contracts, since it’s the most affordable, and most businesses figure they either won’t be working together that long, or will probably restructure the ownership agreement by the end of 10 years anyway.

Estate Planning using Term Life Insurance

With the current “Band-aid” on estate taxes and the exclusion amount, some people aren’t sure what their long term estate tax implications could be.  A 10 year term policy with a conversion to permanent insurance may be a good solution for high net worth individuals whose estate value is approaching the current taxable threshold, but now quite there.

For example, a married couple with an 8 million dollar estate, with a properly structured AB Trust or bypass trust, may not owe any estate taxes if they were to both die in 2012.  However, if the current estate tax exemption (currently 5 million per individual) were to drop to, say, 3 Million per individual, then this couple would have an estate tax problem.

Since we don’t know what the future holds for estate tax legislation, some affluent families are purchasing 10 year term as a “wait and see” type strategy.  If the exclusion amount gets permanently set at 5 million per individual, or if estate taxes are done away with completely, then these wealthy individuals may decide to drop their coverage.

On the other hand, if the exclusion amount is permanently decreased, at least the policyholder will already have a policy in place (the 10 year policy), and could decide to convert it to a permanent policy such as guaranteed universal life or whole life.

You may also want to see this article for more information on using life insurance to avoid estate taxes and life insurance trusts.

Companies Who Sell 10 Year Term

Just about every company offers a guaranteed level 10 year term policy.  In my opinion, the 3 companies who are most consistently among the list of “low price leaders” for term insurance are Banner Life Insurance, ING-Reliastar Life Insurance, and Genworth Life Insurance.

Keep in mind, however, that some companies commonly show up in the top 3 in price quotes, but aren’t quite as lenient in underwriting, so it’s harder to actually qualify for their best ratings.  Two companies that come to mind here are Savings Bank Life (SBLI) and Ohio National.  On the contrary, you have a company life Prudential, who is usually not in the top 10, but maybe top 15 or 20, but are very fair on underwriting .

Apply for Term Life Insurance

To get started, simply call us at 877-996-9383 or get an instant quote using the form on the right.

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Term Life Insurance with High Blood Pressure

Term Life Insurance with High Blood PressureYes, it is possible to qualify for term life insurance with high blood pressure.  As for the cost of life insurance, it will depend on how well controlled the blood pressure is and your average readings over the past one to two years.

It’s important to distinguish between having controlled and uncontrolled blood pressure.  In both cases, you may be able to qualify for  guaranteed term life insurance coverage, but all things equal, you’ll pay less if your blood pressure is controlled.  Controlled simply means you’re taking a medication or having some other form of treatment.

Best Term Life Insurance Rates with Controlled Blood Pressure

A 50 Year Old Male with high blood pressure, who is otherwise in good health, would qualify for the following 20 year term life insurance rates:

Most Recent BP Reading            Premium – (All Quotes for $500,000 Coverage)

130/84                                              $945 Per Year

135/ 89                                             $1120 Per Year

140/92                                              $1510 Per Year

155/94                                               $1820 Per Year

Can I Qualify for Term Life Insurance if I Take Medication?

Yes, if your pressure is controlled.  Many people call us and tell us they have high blood pressure and are being treated for it.  Upon further questioning, we find their most recent readings are normal.  These are excellent candidates for preferred life insurance ratings, since these people don’t really have hypertension anymore; they have controlled blood pressure with treatment.

However, not all life insurance companies offer their best term life insurance rates if you take medications for hypertension, as seen below.

Best Companies to Buy Life Insurance from with Hypertension

There are many life insurance companies who will not only offer term life insurance with blood pressure treatment, but some will even offer their best available ratings if it is treated and has been stable for at least a few months.  Some of these companies are Genworth, Banner Life, and Transamerica.

Transamerica is a bit odd in that if you’re 49 years old or younger, or over 81 years old, you can’t qualify for their best rating, Preferred Plus.  You must be between the ages of 50-80 years old.

The key is to find a life insurance carrier who states in their underwriting guidelines their maximum blood pressure readings allowed “treated or untreated”.  If they don’t state that they allow treatment in a specific health class, then they don’t allow treatment.  Many companies state that they do NOT allow blood pressure medications in their best classes, such as Prudential/Pruco and ING/Reliastar.

If you apply to Prudential or ING and take meds for Blood Pressure, you cannot qualify for their best rate, Super Preferred.  Their Super Preferred guidelines state “No history of treatment for hypertension”.  Prudential’s “Preferred Best” guidelines read “Without Medication”.  Both of these companies do allow treatment in their second best class, however.

Another company who I really like, but doesn’t allow treatment inside of their best class is West Coast Life.

Term Life Insurance with Uncontrolled Hypertension

An individual with controlled blood pressure sharply contrasts the individual who simply has high blood pressure, and isn’t treating it in any way.  If you’ve been diagnosed with high blood pressure, and you don’t do anything about it, you probably won’t qualify for the best life insurance rates.

“But I don’t take any medication!” — I hear this one all the time.  Life insurance underwriters would actually prefer that you do take medication and get your blood pressure under control, than to let it go unchecked.  If you are trying to control it with diet and exercise, it’s best if your doctor is on board and has noted this treatment in your medical records.

Your best bet to find preferred rates for term life insurance with high blood pressure is to follow your attending physician’s recommendations to a tee.  Life insurance underwriters are not amused by individuals taking matters into their own hands, and going against their doctor’s prescribed treatment plan.  Total compliance should be your goal.

What if I have Other Health Impairments?

While high blood pressure does put an individual at greater risk for strokes, heart disease, artherosclerosis (hardening of blood vessels), and kidney disease, we have already determined that insurance companies will still offer low cost term life insurance with blood pressure.  However, this assumes there are no other medical risks involved.

If you’ve had a history of heart disease or diabetes, and have high blood pressure (controlled or uncontrolled) on top of that, your odds of qualifying for preferred rates are very low.  If you smoke cigarettes or are obese, your mortality risks are greatly compounded with high blood pressure levels.  So, it’s important to understand that when I say you can qualify for preferred rates with high blood pressure, this assumes all else is normal health wise.

Term Life Insurance for Males?

We have found over the years that many of the medical conditions that plague men, such as heart disease, high blood pressure, and diabetes, are conditions we have been very successful at helping people with.  Since insuring individuals with these particular health risks has become a specialty of ours, we do end up writing more men than women.  But yes, we do provide coverage for males and females.  So if you are a female with high blood pressure, everything in this article will apply to you as well.

Applying for Term Life Insurance

Once you have used our instant quote form on the right, you may click one of the “request application” options, which will prompt a call from myself or one of our representatives.  Most applications require a brief medical exam, although we do have No Exam options as well.  The bottom line is we have helped hundreds of males and females apply for term life insurance with various medical problems, and are eager to help you too.

Sample Life Insurance Quotes Ages 36 to 40

Young Married Couple Needing Life InsuranceWelcome to Huntley Wealth Insurance, where we offer affordable term and whole life insurance coverage to individuals of all ages.

In this article, I’ll be discussing the cost of life insurance for individuals ages 36 to 40. 

We’ll also cover the factors that influence your premium, how much you need, the appropriate type of insurance, and how to apply.

Sample Cost of Insurance, $500,000 Life Insurance, 36 to 40 Years Old

Age                                    10 Year Term             20 Year Term             30 Year Term
Male Age 36                          $14                                $24                             $39
male Age 37                          $16                                $25                             $42
Male Age 38                          $16                                $27                             $45
Male Age 39                          $17                                $28                             $49
Male Age 40                          $17                                $31                             *$53

*All Premiums per Month – and based on rates available as of June 1st, 2013, and are subject to change.  Rating class quoted above is Preferred Best Non Tobacco.

Factors Affecting Cost of Insurance – Ages 36, 37, 38, 39 and 40

The primary ingredients built into a life insurance premium are your age, sex, health, and type of policy you purchase.  Males cost a bit more, generally, than females, since on average, they die younger.  Age should be easy to understand.  A man who is 40 years old will pay a bit more than a male age 37 for the same amount of coverage.

Generally speaking, the healthier you are, the lower cost of life insurance you’ll pay.  So a 36 year old male with no medications and no history of health issues should be approved at a better health classification than the male, age 36, who applies for guaranteed term life insurance, but has a history of a seizure disorder, just as one example.

We routinely help clients purchase low cost life insurance between the ages of 36 to 40 with varying medical histories.  So please don’t be intimidated to apply for coverage if you have a history of high blood pressure or cholesterol, obesity, heart disorders, diabetes, cancer, any many other ailments.

Importance of Independent Agency

The most important factor in getting life insurance at age 36 or 37, or any age for that matter, is using an agency who can shop your case amongst many insurance carriers.  As independent agents, this is our specialty.  Some insurance companies may penalize you for certain medications, family history, or other medical issues.  The key is applying to the company who will offer you the most attractive rate classification.

For example, let’s say you’re a 38 year old seeking 10 year level term insurance, male with sleep apnea and use a CPAP.  Most insurance companies will rate you at standard non tobacco, even if the apnea is under good control, but if you apply to Pruco Life Insurance, you’ll have a fair shot at a Preferred rate, assuming you can otherwise qualify.  If you used an agent who was a captive agent for, say, MetLife, you would probably end up being approved at Standard rather than Preferred, and would pay approximately double the premium for the same amount of coverage.

But if you’re not careful, you might even be penalized for a family member’s health history.  Assume you are a 39 year old man applying for 30 year term life insurance, who takes no medications, completely healthy, but your father had prostate cancer at age 56.  Most companies will not allow you to qualify for their best rating, since cancer is proven to be passed genetically, but we do know of at least one company who won’t even ask about your family’s cancer history on the application, making them the ideal company to apply to for this 39 year old healthy man.

So no matter where you purchase your life insurance, be sure to ask your life insurance agent if he or she is an independent broker or captive to one life insurance company.

Which Type of Insurance and How Much?

Ninety percent of our insureds in their late 30’s will need term life insurance.  In most cases, I’ll recommend 20 or 30 year level term.  This means your premium will stay level during the initial 20 or 30 year term, and prices are guaranteed not to increase until after the initial term has ended.  Term insurance is the most affordable type of coverage, making it ideal for young families who simply need the death benefit protection at a low cost.

There are types of life insurance that provide additional benefits, such as guaranteed coverage throughout your entire life and building cash values, such as whole life insurance or universal life insurance.  We do offer these plans, but we find them inappropriate for most of our clients age 36 to 40.

To calculate how much life insurance you need, please use our income replacement calculator.

Applying for Life Insurance

Simply get started by getting a quote using our instant quote form to the right or calling us toll free at 877-996-9383.  In some cases, a medical exam will be required, as well as authorization for the insurance company to obtain your medical records.  We handle all of this and there’s no cost to you to apply.

Life Insurance Coverage for Ages of 41 to 45

Term Life Insurance Age 41 to 45At Huntley Wealth Insurance, we are the experts at helping men find affordable term life insurance at age 41 to 45.

If you’ve been searching for the best price on the internet, we hope this will be where your search ends.

It’s so very important for you to do your research and I can help you target the best life insurance, click here for more information.

We offer a variety of term and whole life insurance policy options from over 30 top rated life insurance carriers, so there’s no need to go from website to website getting new quotes.  Just use our instant life insurance quotes form on the right, and search for the best price from dozens of carriers whom we represent.

Term Life Insurance Quotes Age 41 to 45

$500,000 term policy for Preferred Plus Non Smoker.

Age                                    10 Year Term             20 Year Term             30 Year Term

Male Age 41                          $215                                $390                             $675
Male Age 42                          $240                                $435                             $738
Male Age 43                          $265                                $490                             $810
Male Age 44                          $290                                $555                             $890
Male Age 45                          $320                                $610                             $975  — All Quotes “PER YEAR”

Our allegiance is to you as an independent broker, which means we find the life insurance company willing to offer you the best deal, and that’s who we submit our application to.  For example, we used many companies to provide the level term quotes above, including Banner Life Insurance, Genworth Life Insurance, and Ohio National.

Types of Insurance Age 41 to 45

If you’re a male age 41 to 45, there are no restrictions as to the type of coverage you can purchase.  We offer a range of policies from 10 year term life insurance to level term policies for 25 or 30 years.  If you need coverage longer than that, we also offer two types of permanent coverage: whole life and universal life insurance.

We even offer some odd numbered term policies through American General and Prudential.  For example, there’s no such thing as a 22 year term, but let’s say a 43 year old wants coverage exactly to age 65, his retirement age, he can purchase the PruTerm WorkLife 65 for that exact 22 year term…. (continued on page 2)

25 Year Term Life Insurance – Quotes and Description

25 year term life insurance is a type of policy that offers guaranteed level premiums for a 25 year term duration.

After the initial term has expired, the premiums will increase mightily, so if you need coverage longer, you might consider a 30 year term or guaranteed universal life contract as an alternative.

Interesting Fact… Who Sells 25 Year Term Life Insurance???

Very few.  I represent dozens of life insurance companies, and many of the large carriers do NOT offer a 25 year term option, such as Genworth, Prudential, and Met Life.  All of the above offer 20 or 30 year policies, but not 25.

The companies who do offer a 25 year term policy are:

  1. Savings Bank Life – the product name is “25 Year Term Guaranteed 25″
  2. American General – Product name is “Select-A-Term 25″
  3. ReliaStar/ING – Product name is “TermSmart 25″
  4. Transamerica – “TransTerm UL 25″.  Note: this is a term/universal life hybrid, which means at the end of the 25 year initial term, the policy automatically “converts” (you might say) to the underlying universal life policy structure on which it is built.
  5. Protective Life – Product’s name is “Secure T 25 Year No Lapse UL”, and the same note applies here as to the TransTerm UL 25 above.

… and there may be a few more, but I don’t represent them.

Cost of a 25 Year Term Policy

As for cost, it will probably cost a bit more than 20 year term life insurance and a bit less than 30 year term.  You can quickly get a quote using our form on the right.  We have dozens of companies to compare, so you can be sure you’ll find the most competitive rate.

Be Careful! — Fewer Options means Less Competition

One word of advice.  If you have any type of health history or any other risk factors such as hazardous occupation, travels, or hobbies, a history of drug or alcohol abuse, or mental health disorder such as PTSD, bipolar disorder, anxiety/depression, be very careful about being narrow minded about “having to have” a 25 year term life insurance policy.

Remember that since only a handful of companies offer it, you may be shooting yourself in the foot by only having these companies to apply to.  It’s very possible that a different company (such as Prudential, Genworth, or Met Life) would offer you a lower rate class than the companies offering 25 year term.

That could mean that for the same price or lower, you could purchase a 30 year term policy instead.  Keep your options open and be sure to speak with a knowledgeable agent about your needs, as well as your health history.

We at Huntley Wealth Insurance are also happy to help with how to buy 25 year term insurance if you call us at 877-996-9383.

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Monumental Life Insurance Review

I’ve been in the insurance industry for 7 years, and have heard some good things and bad things about Monumental Life Insurance.  We don’t offer their products because we are an independent agency.  We prefer to keep it that way so we can use any insurance carrier we want for a particular client.

This is not an option with Monumental, unfortunately, since they require their “career agents” to be captive, meaning they can only sell Monumental Life Insurance policies.

A bit of history on Monumental

They’ve been in business since 1858.  They have quite an impressive line of insurance related products, including term life, interest sensitive whole life, cancer policies, and accident insurance.  Generally speaking, due to their age and great size, they are considered one of the most respected life companies in the U.S.

A few Positives – Financial Strength

They are rated A+ by the rating agency A.M. Best, which is issued to those carriers with superior financial health.  They also have over $88 billion of insurance in force, and over $32 billion in assets, both as of 2010 financial statements.  Compare that to the insurance giant, Prudential , whose life insurance company (Pruco Life) has just over $22 billion in assets.

Another advantage of doing business with Monumental is their parent company is Aegon, same as parent company for Transamerica Life Insurance, Stonebridge Life Insurance Co.  This is a multi-national, enormous company, so it’s hard to think of Monumental ever becoming insolvent under the Aegon Group.

Monumental Products – Term and Whole Life

They seem to offer a wide variety of products and payment plans.  Of course Monumental, has your traditional term life insurance policies, but nothing out of the ordinary such as 25 year term life insurance, like ING Reliastar has.

Many reviews pointed to the fact that their whole life policies do grow nicely as far as cash accumulation is concerned, and at guaranteed rates to boot….(continued on page 2)

Yes, You Can Still Qualify up to Age 85. Sample Quotes Below.

Life Insurance for 81 to 85 Years OldYes, you can still purchase life insurance between the ages of 81 to 85, and in some cases, even to age 90.  Before reading too much below, let’s look at some sample cost of insurance rates.

I always feel it’s best to discuss life insurance pricing right out of the gate when dealing with my clients over age 80, since sometimes the premiums are prohibitive.

The quotes below are for a male age 81, 82, 83, etc in good health, who can qualify for the best health classification, and purchasing a 10 year term policy.

Age                        $100,000              $250,000
Male Age 81       $395                       $903 per month
Male Age 82       $453                       $1049 per month
Male Age 83       $531                       $1245 per month
Male Age 84       $620                       $1468 per month
Male Age 85       $718                       $1719 per month

Note: Life insurance for people over 80 listed above are valid as of 12/2/2011 and subject to change.  Not available in all states, and based on Preferred Non Tobacco User.

Psst! As an added bonus, you can find out what my picks are for the best life insurance companies – click here to read more! 

Please keep in mind you can also get quotes for $25,000 or $50,000.  You don’t have to buy $100,000 if the premiums are out of your budget.  Use our quote form on the right for a quick quote.

You should also be aware that if the cost of life insurance as a senior is prohibitive, you can potentially save thousands per year by purchasing a second-to-die policy, which only pays a death benefit upon the second death.  This could be the perfect solution for a estate planning need or to leave an inheritance to your children.

How to Purchase Life Insurance at Ages 81 to 85

The key purchasing life insurance at age 82 or 84 years old, or any age for that matter, is your health.  If you’re healthy and have had no history of serious medical impairments, such diabetes, COPD, or heart disease, you will pay a lower premium than the policyholder who has had medical problems.

Having said that, be sure to speak to an experienced independent agent such as myself, Chris Huntley, about your health history.  A good agent will know which company will give the best health classification, and therefore lowest premium….(continued on page 2)

The Most Important Facts about Life Insurance in Ohio

Ohio Life InsuranceWelcome to Huntley Wealth Insurance, where we offer a variety of Ohio Life Insurance policy types including term and whole life insurance.  Whether you are a healthy individual or someone who takes medication for health conditions, we are the experts in providing low cost life insurance in Ohio.

Sample Life Insurance Quotes from Ohio

Below we’ve provided some sample quotes for a healthy male living in the state of Ohio.  The quotes are for 10 year term, 20 year term, and 30 year term life insurance from age 30 to 70 for $500,000 coverage.

Age                                    10 Year Term             20 Year Term             30 Year Term
Male Age 30                          $155                                $245                             $385
Male Age 40                          $195                                $350                             $621
Male Age 50                          $485                                $930                             $1,535
Male Age 60                          $1,315                             $2,505                         $4,458
Male Age 70                          $3,999                            $9,490                        *$11,811  — All Quotes Per Year

*30 year term is not available in Ohio after age 65 with any companies presently, so I’ve provided a quote for a level payment policy for the 30 year term, male age 70 category.  This is actually not a term policy, but a Genworth Colony SM Lifelong Universal Life policy with guaranteed level premiums to age 100, which is similar to 30 year term, but built on a universal life foundation.

Accuracy of premiums based on date of this post’s publication, and may change over time.

Insurance with Medical Issues

Some life insurance companies are much more liberal in Ohio about certain health concerns than others.  If we take the example of an individual with a history of hypertension, you’ll find that each insurance company is going to treat that issue differently.

That’s why it’s so important to speak to a knowledgeable, independent Ohio life insurance agent about your needs, so he or she can recommend the company who will be the most lenient about your health history and most likely offer the lowest premium.

We’ve had great success getting residents of Ohio offers for medical issues such as diabetes type II (as good as Preferred Non Smoker in some cases) with ING.  We’ve gotten Preferred Best offers for people on medication for depression or anxiety, as well as preferred best offers for life insurance with high blood pressure.  We’ve also successfully obtained Standard offers for individuals with heart disorders such as coronary artery disease (CAD), stent placement, history of heart attack, as well as valve replacement.

Ohio Term Life Insurance Rates for Smokers

We do offer great rates for term and whole life insurance policies for cigarettes smokers, as well as for men using other forms of tobacco besides cigarettes, such as pipes, cigars, or chewing tobacco.

In fact, non smoking (non tobacco) rates can be achieved at some life insurance carriers, depending on the type of tobacco you use.  Use the form on the right for low cost term life insurance for smokers quotes.

How are Premiums Calculated?

The five variables which determine your premium are:

1. Age

2. Gender – Males pay more than females.

3. Health Rating – The better health you’re in, the lower your premium.

4. Amount of Coverage

5. Length of Term – Shorter terms (10 and 15 years) cost less than longer terms such as 20 and 20 years.

Term and Whole Life Differences

Most of our clients in Ohio need term life insurance.  Term is generally less expensive than whole life and serves to meet a temporary coverage need, such as 10 or 20 years.  Also, I should take this opportunity to say that while we recently wrote an Ohio National Life Insurance review, we are by no means limited to companies headquartered in Ohio.

We work with carriers all over the nation.  For example, Genworth Life Insurance is stationed in Lynchburg, VA, but we can still sell their products in Ohio, like the Colony Term UL.  Many companies like ING and Prudential are headquartered in other states, but their products have also been approved by the Ohio Department of Insurance to be sold in Ohio.

Back to term life insurance now.  It is most commonly needed for salary replacement.  So if you plan to work 20 more years, a 20 year term policy might be the most suitable product for you.  Perhaps you only plan to work 10 more years, in which case a 10 year policy could suit you fine.

Term life insurance does not build cash value, so if you cancel it, you won’t get any money returned to you.  A term life insurance premium simply charges you the least amount of premium for the most amount of coverage.  Guaranteed level term is the most affordable type of Ohio Life insurance available.

10 year term means the premiums stay fixed for 10 years, and 15 year term means the payments are fixed for 15 years, and so on. Whole life insurance provides guaranteed coverage, and builds cash value.

If cash accumulation is not your goal, you might really want a guaranteed universal life policy to age 100, which still offers guaranteed level premiums for life, but will accrue little to no cash value.

Taxation to Consider

Presently, death benefits are not charged income tax to residents of Ohio, or any other state for that matter, as long as you don’t deduct the premiums

However, life insurance benefits may be part of your taxable estate upon death, so be sure to consult an attorney and tax advisor to try to minimize estate taxes.

I’d Like To Buy – What Now?

Please get a free quote using the form on the right. On the next page, you can request an application for the policy you’d like.  Please note if you use our quote form, quotes appear on the next page. We know other insurance sites require many pages of personal details before providing quotes, but not ours.

Your other option is to call us at 877-996-9383 for Ohio life insurance quotes over the telephone.