Banner Life

Life insurance with pre-existing conditions can be intimidating.

That’s for sure.

It leads many clients we speak to asking if it’s possible to obtain life insurance with pre-existing conditions.

After years in the life insurance industry, here is what I can tell you.

So, can you get life insurance with pre-existing conditions? Yes, you can get life insurance with pre-existing medical conditions. To obtain life insurance with pre-existing medical conditions you will need to work with an independent life insurance agent and your coverage eligibility will be determined on a case by case basis.

Additionally, life insurance with pre-existing medical conditions is a case by case situation.

An insider secret that many people don’t know is each life insurance company views pre-existing health conditions differently.

That means choosing the right life insurance company for your specific pre-existing condition can save you big dollars or even avoid getting a decline.

We know this because we specialize in helping people find high-risk life insurance coverage with pre-existing conditions.

Our article will give you all the best tips and tricks for getting the best rate on your life insurance with a pre-existing condition, even no-exam life insurance.

With pre-existing conditions, we recommend comparing rates with many companies we always recommend comparing rates with over 50 life insurance companies.

It’s the only way to ensure you are getting the best price.

You can do easily below using our free instant quote tool.


Tip #1: Work with an Expert Independent Broker

You need a broker who is an expert in field underwriting.

This is not a job for your brother-in-law who just got licensed.

Most agents are out of business within a year, and 95 percent of agents don’t last past year 5.

You need an agent who has authority, expertise, and control of their craft to get the best deal.

You also want to work with an independent broker who works with 15 or more companies to have a robust selection of options, not a captive agent who works for one insurance company.

Your neighborhood State Farm Life Insurance agent may get you a great deal on your home and auto policy, but State Farm is not always the best fit for getting life insurance with a pre-existing condition.

Also, career agents, who work for life insurance companies directly, may claim to have access to other insurance companies, but don’t be shocked if their company is “the best option.”

Career agents that work directly for life insurance companies may be incentivized to promote their company’s proprietary products and could have a conflict of interest.

An independent broker works for you to match you with the best life insurance companies to tackle your specific pre-existing condition and are independent contractors, not employees.

So how do you know if you have found the right agent to work with?

Here are some sample questions to ask your agent to see if they are an expert:

 

  • How long have you been in the life insurance business?
  • Do you work for an insurance company, or are you an independent broker?
  • Why should I work with your company over another agent?
  • How many companies do you offer? (you want 15 or more)
  • Do you have experience insuring my condition?

If the agent you’re talking to cannot give you adequate answers to those questions, run!

Working with an inferior agent will just cost you time and money in the long run.

Tip #2: Be Honest and Upfront about your Pre-existing Condition

An independent broker is on your side and wants to get you the best deal possible.

However, we cannot get you life insurance with a pre-existing condition if we don’t have all the facts.

The worst thing you can do on a life insurance application is lie or misrepresent yourself.

This can jeopardize your payout when you die, especially during the contestability period.

Pro tip: Life insurance companies can contest the death benefit within the first 24 months of the life insurance policy for things like fraud, so be honest!

However, you most likely won’t get through underwriting without your pre-existing condition being discovered.

Life insurance companies have been doing this for a long time.

They will look at your prescription history, your medical records, and even public records in some cases.

If you have selected an experienced agent who understands how to underwrite your pre-existing condition, then they will absolutely dig deep to find you the best deal.

An experienced independent agent will ask you certain questions specific to your pre-existing condition.

It’s best to be prepared with the following information:

 

  • When were you diagnosed with the condition?
  • What medications do you take currently?
  • Is your condition under control with medication?
  • Have you been hospitalized or had any surgeries in the last 10 years?
  • When was your last check-up/doctor’s visit?

Tip 3: Stable Pre-existing Conditions get the Best Rates Period!

Life insurance companies HATE instability when it comes to pre-existing conditions.

They want to see your condition is under control and has been stable for an extended period.

The life insurance company will be looking at not just your current medical status, but how consistently controlled your pre-existing condition is.

What life insurance companies fear is someone temporarily improving their health to get a better rate on their life insurance, but not making a permanent lifestyle change.

We see this a lot with life insurance for obesity.

If the underwriter suspects that you binge dieted to drop weight quickly, they may add some weight back on based on your medical history.

On the other hand, life insurance companies love people who make lifestyle changes and stick with them.

Our agency got a woman with type-2 diabetes who was previously highly rated a standard rate with no medical exam due to her consistent history of weight loss and controlled A1c levels.

Tip 4: Take your Medicine!

One of the most common things we see as brokers that affect your life insurance rates with a pre-existing condition is when someone doesn’t take their medicine consistently.

For example, if you have sleep apnea, you must use your CPAP machine consistently.

If the insurance companies find you’re not using it, you can see a rate increase or even a decline.

Insurance companies won’t accept “you don’t need your medicine anymore” or “your condition went away on its own.”

If your doctor hasn’t cleared you as cured, not maintaining doctor-recommended treatments or medications can be a huge obstacle in getting life insurance with a pre-existing condition.

If your medication is unaffordable, ask your doctor about options that can lower the cost such as prescription savings cards.

Tip 4: Complete all Recommended Follow-ups and Procedures

Occasionally, clients will apply for life insurance and get postponed due to pending follow-ups or procedures that they need to complete.

Life insurance companies hate loose ends almost as much as they hate instability.

No life insurer will approve you if your doctor orders a procedure that you never completed.

For example, your primary care physician suspects you may have sleep apnea and recommends you do a sleep study, and you never get it done.

If the underwriter sees that you have an upcoming or outstanding procedure, they will postpone the underwriting of your case until it is completed.

What your doctor says and what your doctor writes in your medical records can be two very different things. We live in a “CYA” world these days.

Your doctor may softly suggest that you should think about getting a colonoscopy done during your visit, but write in his notes, “recommended a colonoscopy as preventative medicine.”

A life insurance company will want to see you the results of that procedure before issuing your policy. If you never got it, they’ll make you get it if you want life insurance.

If your doctor tells you to come back in 6 months for a check-up and you don’t go, that is a problem.

The underwriter will want to be certain that any procedure or medication is working.

Therefore, it is extremely important to see your doctor once a year for a check-up and complete any follow-up visits or procedures to get life insurance with a pre-existing condition.

Tip 5: Don’t Procrastinate to “Improve your Health”

Every now and again, we’ll get someone with a pre-existing condition that is suddenly motivated to change their lifestyle to qualify for better life insurance rates, but this rarely works.

Most people find it challenging to change their lifestyle to improve their health and well-being and saving a few bucks on your life insurance isn’t any more motivating.

What ends up happening is that people’s health usually stays the same, and they end up paying more since they are now older or sometimes their health declines!

Even worse, the family members that you were buying the life insurance coverage for in the first place still remain unprotected financially if you die.

Life insurance rates go up every year that we get older.

It is better to lock in a rate today that can never increase.

Pro Tip: Life insurers will lower your rates if your health has improved, but they can’t increase your rate if your health gets worse after you buy your policy.

If your health improves, we can either replaced your policy with a better one, or we can ask the life insurance company to lower your rate if your health actually does improve.

More importantly, your loved ones had the protection of life insurance in place while you were getting your pre-existing condition under control.

Tip 6: Don’t Waste Time Looking at Rates Online

While online life insurance rates can give people a ball-park idea of what life insurance will cost if you’re in average-to-excellent health, all bets are off when you have a pre-existing condition.

Merely seeing the rates of 15 plus life insurance companies does you no good if you cannot qualify for them. You need to consult with an expert.

As we covered earlier in the article, you want to shop agents not shop quotes when you have a pre-existing condition.

Pro tip: life insurance rates are set at the state level and cannot be discounted by agents. No matter what agent you work with, your rate will be the same.

 The life insurance company will give you the best rate regardless of what any agent quotes you.

Our job as expert brokers is to put you with the company that gives you a great deal.

Additionally, all the top rates are usually within a few percentages of each other.

If you are getting a quote that seems too good to be true, it probably is.

Tip 7: Consider Alternative Insurance Options

If your pre-existing condition gets you declined for traditional life insurance, you do have other alternatives to protect your family.

Accidental Death Coverage

Accidental death insurance is like life insurance in that it pays a death benefit, but only for accidental deaths.

Therefore, your pre-existing health condition has no effect on the cost.

Accidental deaths are completely random as the name implies and are a top-5 reason for claims, especially for people under the age of 50.

If you cannot get approved for life insurance, then you can at least protect your family from random events, like car accidents.

Companies life Mutual of Omaha life insurance or even Minnesota Life Insurance company offer great forms of these policies.

Sure, we all want full coverage but as we always say, some life insurance is better than no life insurance.

Group Life Insurance Coverage

Group life insurance coverage is provided by your employer and usually is much easier to qualify for. However, group coverage does have negatives.

You usually are only able to get a multiple of your income (i.e., 5x your salary), which may not be enough coverage for your family.

Additionally, your premiums are not level.

That means that over time, your premiums will increase and can be quite expensive as you enter your late forties and beyond.

Also, if you leave your job, you can lose your coverage, or it may be expensive to continue it without your employer subsidizing it.

Group life insurance coverage, in combination with accidental death insurance, can supplement your lack or traditional life insurance coverage.

Guaranteed Issue Life Insurance

If you are only looking for life insurance to cover your final expense, then guaranteed issue life insurance may be the best option for you.

There is no medical underwriting for guaranteed issue life insurance.

In fact, they don’t even ask you any health questions about your pre-existing condition at all.

However, the death benefit is modified in the first 2 years of the policy.

Usually, you’ll get your paid premiums returned plus some interested if you die in the first 2 years of medical death.

Accidental deaths are usually covered from the first day on most guaranteed issue products.

After 2 years, the full death benefit will pay regardless of the cause of death.

Usually, you can get up to 25,000 of death benefits with guaranteed issue whole life.

It’s not ideal, but a good option nonetheless if you can’t qualify for level coverage.

American General Life Insurance offers one of the best-Guaranteed issue policies in the business.

We recommend that if you fall into this boat, consider looking at these kinds of options to ensure your family is protected.

Final Thoughts on Life Insurance with a Pre-existing Condition

You can get life insurance with a pre-existing condition and working with the right agent will increase your odds of getting matched with the best high-risk life insurance company.

If your condition is under control, you will have the best chances of getting the best possible rate with your pre-existing condition.

If you are unable to secure traditional coverage, there are other alternatives for you to offer some protection to your family while you get your health improves.

 If you have any questions about if you personally can get life insurance with a pre-existing condition, request a quote on the side of our web page.

An experienced independent agent will contact you to let you know your best options without any pressure or obligation.

 

Banner Life

When searching for the best life insurance company to work with, it’s natural to have concerns and want to compare life insurance companies to one another. It’s likely why you decided to type into the google search bar “AIG Vs. AAA Life Insurance”.

I get it, and we all want to know if we are making the correct decision to protect our families.

Especially when we must have the trust that the life insurance company will provide for our families at our premature passing.

This is one of the reasons; we always recommend comparing rates with all life insurance companies.

You can do easily below using our free instant quote engine tool.

It’s going to allow you to compare rates with 50 of the top-rated life insurance companies in the U.S.

Yes, both AIG and AAA can be displayed depending on the criteria and coverage you desire.


If, however, you need more than just potential rates, you may pay between AIG Vs. AAA, you are in the right place.

For starters, if you want to read full reviews on each of these two companies, you can do easily directly below.

You can see our full AIG Life Insurance Review Here.

You can see our full AAA Life Insurance Review Here.

Now that we have the initial information out of the way let’s get into the meat and potatoes.

Here is what you need to know.

AIG Vs. AAA Life Insurance Company and Who the Best Is

Let us start by saying something simple.

Both life insurance companies are great for their own reasons.

Both AIG and AAA offer a wide range of life insurance products that can prove beneficial for the policyholder.

Additionally, both companies have a strong reputation in the industry.

One downfall about AAA Life Insurance Company compared to AIG is the fact that they haven’t been around for nearly as long.

This is necessarily an issue but the fact that AIG Life has a much longer rich history, makes us lean towards AIG right off the bat.

AIG’s Financial Strength Vs. AAA’s Financial Strength

Currently, AIG Life Insurance is backed by A+ ratings from Standard and Poor’s as well as Fitch.

Additional AIG is awarded an A2 rating from Moody’s and A Rating from A.M Best.

These are significant financial strength numbers. However, when comparing two life insurance companies, it’s essential that we dive into AAA Life Insurance Companies Financial Strength as well.

Here’s AAA’s Life Insurance Co. Financial Strength Ratings

As of 2019, AAA Life Insurance is backed by the following financial strength rating from A.M Best

A.M. Best– A

As you can see, AIG may have a slight upper hand in the category vs. AAA but nothing that sets them apart in a huge way.

Both financial strength ratings should be considered safe, reliable, and impressive from the consumer’s standpoint.

AIG’s Life Insurance Products Vs. AAA’s Life Insurance Products

When it comes to comparing AIG Vs. AAA is the means of comparing life insurance products, we were also a bit torn but ultimately lean towards AIG.

AAA doesn’t necessarily have bad life insurance products by any means.

However, AIG has more competitively priced term life insurance and includes robust living benefits within their term and Universal life insurance products.

This alone is enough for us to give AIG the crown in this department.

However, it should be noted that AAA Life Insurance Company offers a greatly simplified issue term life insurance product in coverage amounts up to 250,000 that allow consumers to purchase entirely online.

Guaranteed Life Insurance with AIG Is Top Notch

This is where we believe that AIG separates themselves from AAA.

AIG’s guaranteed issue life insurance product is top-notch.

Additionally, AAA Life doesn’t currently offer this product to consumers.

Instead of going too far into depth in this post, we have another post completely dedicated to this topic.

You can see our full AIG Guaranteed life insurance review here.

The Buying Process Between AIG and AAA

The buying process with both companies is nothing to complain about.

It’s about average unless you purchase the simplified issue product with AAA or the guaranteed issue product with AIG.

The rest of the traditional term life insurance products will require medical exams, and you are looking at roughly 20-35 day turn arounds for approvals.

We love the streamlined, simplified issue with AAA, and as we have stated previously, we also love the ease of use and easy approvals for AIG’s guaranteed issue product.

At the end of the day, we think both are average and don’t separate themselves in this category.

No clear winner on this topic.

Final Word, Both AIG, and AAA Have Strengths and Weaknesses, Shop the Market

Both companies certainly can deliver great products to fit the needs of consumers for life insurance.

Life insurance is always tricky to navigate.

This makes doing a comparison, such as AIG Vs. AAA a bit tough to do in some scenarios.

It’s also one of the reasons we always recommended shopping in the entire market.

Too many excellent life insurance companies offer coverage to individuals with different needs.

Especially if you have pre-existing medical conditions.

In these cases, it’s imperative to work with a high-risk life insurance broker.

Nonetheless, we certainly feel that you can’t go wrong using AAA or AIG to secure life insurance and protect your family.

Company Contact Information For AIG Life Insurance and AAA Life Insurance

Below, I have placed the websites for both companies for your ease of use.

AIG’s Company Website

AAA’s Company Website

Banner Life

Finding the best life insurance company is never an easy task.

That’s for sure.

AIG Life Insurance happens to be one of the biggest names in the industry, which often leads to questions.

Especially from consumers considering using AIG Life Insurance for their life insurance needs.

One of the questions is simple. Is AIG Life Insurance good?

Here is what I can tell you on this subject after years working in the life insurance industry.

So, is AIG Life Insurance good? Yes, AIG Life insurance is excellent in comparison to many other life insurance companies. Additionally, AIG Life insurance is known to be one of the most competitively priced options you can choose for life insurance coverage. Overall, AIG life insurance is outstanding.

However, like the title of this article stated, it’s certainly possible to do better with your life insurance.

The rest of this article is explicitly designed to teach you how to do that.

Additionally, if you want to save time and skip the reading, you can fill out the instant quote form below.

This is going to allow you to compare rates with more than 50 of the top-rated life insurance companies and it’s free and takes about ten seconds.


And yes, AIG will be one of the companies you notice displaying rates for life insurance coverage.

Otherwise, grab a cup of coffee, and we will explain why AIG Life insurance is good and why you should be considering using them for your family’s protection needs.

We will also explain alternatives you can look at to ensure you find the best possible life insurance that you can purchase.

Here are the details.

AIG Life Insurance is Good and Here is Why

We like to save consumers money and time.

Therefore, we have another article dedicated to covering everything you need to know about AIG Life Insurance.

It’s a full AIG Life Insurance Review that you can read here.

Keep in mind; this post is specifically designed to discuss why AIG offers excellent life insurance.

As far as company details, assets, and other specifics, our full review of AIG would likely serve you better.

The most significant factor in understanding about AIG Life Insurance is that it’s a powerhouse in the life insurance industry and has been for a crazy long time.

Additionally, independent life insurance agents, we will openly admit that AIG Life insurance is one of the cheapest options you can elect to purchase for your family’s protection.

Plain and simple.

This is a reason that AIG Life Insurance is good and a must consider.

I don’t think anyone reading this post would argue this idea in any fashion.

Not consumers and not agents.

AIG Life Insurance is Good Due to A Wide Range of Options

Another excellent benefit you can enjoy as the consumer when working with AIG is the mere fact that they offer a wide range of products.

AIG currently offers term life insurance available in the typical durations such as 10, 15, 20, 25- and 30-year level premium terms.

Additionally, AIG offers a decently popular Universal life option for an affordable price.

Lastly, AIG also offers perhaps one of the most popular guaranteed issue products on the market.

Part of this is due to the products low premiums compared to competitors.

Additionally, often, individuals that have health problems will have nowhere else they can turn.

This makes the AIG GI product even more attractive.

It requires no medical exam, and no medical questions asked.

In exchange for this luxury, you are placed into a 24-month waiting period where all your beneficiaries will receive if you happen to pass during this time is your premiums paid plus 10% interest earned.

Long story short, for 24 months, this product Is high earnings saving the account.

However, if you live past this waiting period, you have a full traditional whole life policy that required none of the hassle and medical background to be performed.

An overlooked option that is not taken advantage of enough, to say the least.

Low and Competitive Pricing Certainly Makes AIG Life Insurance a Good Option

Like we stated before, AIG is a good life insurance company purely because of the competitive pricing.

If you are an individual searching for term life insurance, AIG will always be one of the cheapest three options you can choose for your coverage.

Because of this, consumers naturally flock in this direction. It’s not a bad move by any means.

However, the cheapest option doesn’t always mean the best option.

It should be noted, however, that choosing AIG and going with one of the most affordable plans money can buy for life insurance is never a wrong path to take and we have nothing negative to say about the company from this standpoint.

Living Benefits is a Great Addition with AIG Life Insurance

Living benefits are another of those areas where we think consumers tend to speed past two quickly.

This is unfortunate purely because we believe they can be one of the most beneficial components to a life insurance policy because of the obvious reasons.

There are only a few things in life that are certain or very close to certain.

1.)    You will die at some point

2.)    You will undergo or need capital for medical expenses.

Well, life insurance, in general, is designed to protect against item number 1 on the list.

Living benefits, however, are built to help with number 2.

Living benefits essentially allow the policy owner to accelerate the death benefit while living.

Typically, a primary medical concern needs to be present to do this, such as heart attack, stroke, or even cancer.

Nonetheless, AIG is one of the companies that offer this feature, and we love them for it.

It’s undoubtedly a reason that we consider AIG a good life insurance company for sure!

None of this Means AIG Life Insurance Is the Best, Always Shop Your Options

Although this post was purely designed to illustrate that AIG is a good life insurance company, we wouldn’t be giving you the best advice if we didn’t advise of something else that needs to be done.

You always need to compare rates with all life insurance companies before deciding.

Additionally, you always need to speak to an agent about your desired coverage, fears and go over what your family truly needs to be taken care of if death did strike you prematurely.

This ensures that you aren’t throwing your hard-earned money out the window.

Considering that 1000’s of independent life insurance agents and agencies currently flood the market, this shouldn’t be tough for you to do.

Give one a call or work with a company like Good Life Protection to ensure your needs are being met from every angle.

Final Word, AIG Life Insurance Is Certainly Good but Don’t Get Tunnel Vision

So, let’s take a moment to recap briefly. We just discussed several positives about AIG life insurance company.

However, we also mentioned to always shop all options when purchasing life insurance.

So, is AIG life insurance good? Yes, AIG life insurance is 100% good and a viable choice for your coverage needs.

They continue to be a top-rated company, one of the most well-known and respected names in the industry and offer a product that can likely help each one of you.

At the end of the day, that’s all you need in addition to an agency that can effectively point you in the right direction.

Banner Life

There are a lot of so-called financial gurus out there that claim to know how doctors and physicians should structure their life insurance.

The truth is that there is no one-size-fits-all approach for doctors and physicians. Instead, you need to take a look at your personal circumstance in order to make an educated decision.

Our article will focus on the most common questions we receive from doctors and physicians regarding their life insurance coverage such as:

  • How much life insurance do I need as a physician?
  • What are the best life insurance companies for doctors?
  • Do I need life insurance during residency?
  • Should doctors buy whole life insurance or term life insurance?

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top-rated life insurance companies.


How much life insurance do I need as a physician?

The dirty secret about life insurance death benefits is there is no perfect amount. The amount of life insurance you need as a physician depends on what you want to replace when you die.

If you’re single with no children, you may not even need life insurance at all. However, if you have someone relying on your paycheck, then you need life insurance.

We have seen the DIME method work well for physicians and doctors when selecting their life insurance death benefits.

DIME Method:

  • Debts
  • Income
  • Mortgage
  • Education Costs

We usually recommend that you start with a multiple of your income. If your income were to cease today, how long would your family be able to pay the bills?

Once you have your income protected, you need to consider your debts.

Do you have student loans?

Do you have a mortgage?

Adding these to your total can free up money for your family.

If you have any aspirations of your children going to an expensive Ivy League University, then leaving money for your children’s education would be wise.

When you add up all of these costs, you can easily calculate a death benefit in the multi-millions.

This is not uncommon for doctors or physicians.

For temporary death benefit needs in the millions, term life insurance makes the most sense.

Term life insurance is extremely affordable at higher death benefits compared to whole life.

You should lock in your death benefit for 20-30 years if you’re just starting out.

However, you should reevaluate your life insurance needs periodically.

As you build wealth, and your liabilities lessen, you may no longer need as much death benefit or life insurance at all.

What are the best life insurance companies for doctors?

Life insurance for doctors and physicians does not vary greatly from the general public. Doctors need a reliable life insurance company that is affordable.

Many of the best life insurance companies can be a great option for a doctor.

However, there are certain life insurance companies for doctors that we especially like.

Below we will list our top three best life insurance companies for doctors with a short description of why we like each company.

Our decision heavily weights term life insurance, not a whole life.

Prudential Financial

We love Prudential life insurance for doctors and physicians for a few reasons.

First Prudential is an A-rated life insurance company that has been around for over a hundred years.

Prudential life insurance is very competitive at death benefit amounts over $1 million, which doctors and physicians often need.

Prudential also has unique products and features that benefit physicians. For example, Prudential has a term life insurance policy that will cover you until age 65.

Prudential also offers a return-of-premium term life insurance policy that is affordable and a great solution for buy-sell agreements.

Prudential has some of the best life insurance conversion features in the industry if you ever needed to exchange all or a portion of your term life insurance with universal life.

Converting your term life insurance can come in handy later on in life if you need to incorporate life insurance into your estate plan because it preserves your insurability.

When you convert your Prudential term life insurance policy, your new permanent policy will be at the health class that you were approved at when you were young and healthy.

Prudential allows you to currently convert into its full permanent portfolio, including survivorship universal life. This is an extremely rare and valuable feature that can save you thousands.

AIG Life Insurance

AIG Life is a great life insurance company for doctors and physicians and consistently has some of the lowest term rates. Yet, unlike Banner Life, AIG is a brand name.

You can see our full AIG Life Insurance Review Here.

AIG is an A-rated company and offers a term life insurance product called select-a-term. This unique term contract actually allows you to pick your desired term duration up to 40 years!

This allows you to lock in life insurance at an affordable rate when you’re younger, or avoid overpaying for years that you “don’t need” by not locking you into fixed durations.

AIG life also has great term conversion options. In the first 8-10 years, you can convert your term policy into any of AIG’s permanent life insurance policies without requalifying your health.

American National Life Insurance Company (ANICO)

American National is another great life insurance company for doctors and physicians.

While ANICO may not always have the rock-bottom lowest rate like AIG, they are still competitive.

However, what sets ANICO apart is its value-packed term life insurance with living benefits. Doctors and physicians know first hand to the effects of critical and chronic illness.

American National’s term life insurance has built-in living benefits for critical and chronic illness that lets you accelerate the death benefit while you’re alive for serious conditions like a stroke.

These critical and chronic illness benefits can supplement your disability income while you get back on your feet with a tax-free lump-sum cash benefit.

ANICO also has great conversion options built into their life insurance as well that allow you to convert to any permanent product that ANICO makes available at the time of conversion.

ANICO has some low-cost universal life insurance options that also include the built-in living benefits riders for critical and chronic illness.

This combination of affordable rates, strong conversion options, and living benefits makes ANICO’s term life insurance a great value for doctors and physicians.

Do I need life insurance during residency?

Residency is the beginning of your career in the medical field. It is not unusual for a resident to have a net worth of zero along with a spouse and possibly children.

In addition to the general need for life insurance in residency, many residents anticipate that their income will increase with some level of predictability.

If you expect that you will need $2-$5 million in life insurance needs after leaving residency, now is the time to lock in as much life insurance as you can afford as it will never be more affordable.

Now, this is not always a slam dunk. If your current income does not justify that level of coverage, your agent may have to lobby your case on your behalf to the insurance company.

This is where working with a veteran independent life insurance broker pays dividends. However, just because you need $3 million of life insurance doesn’t mean you can afford it.

Cash can be tight while you’re completing your training.  If you need to compromise on your coverage, we usually suggest lowering the term length to lower the cost, not the death benefit.

A 10-year term life insurance policy will significantly less than a 30-year term.

Once you’re making more money after your training, you can always replace the policy with a longer-term.

If you’re uninsurable, you can convert all or a portion of the policy you purchased in residency.

If this happens, you’ll be glad you went with a company with great term conversion options.

Should doctors buy whole life insurance or term life insurance?

This is a loaded question when it comes to life insurance. There is no shortage of physicians who’ve been burned by whole life insurance out there.

However, there are instances where permanent life insurance does make sense. Yes, this includes the whole life.

Term life insurance will be the most cost-effective way of buying high death benefit amounts temporarily. There is no debate here.

Whole life insurance offers lifetime death benefits with a cash savings component. The cash value within the policy grows tax-deferred and can be withdrawn tax-free through loans.

Whether or not you find whole life insurance attractive will depend on what you compare it to and your risk tolerance.

For high-income earners in high tax brackets, a whole life policy can be a principal-protected modest yielding asset with great tax efficiencies if structured correctly.

The keyword here is a modest yielding asset.

If you’re looking for stock-market-like growth on your money, then you should be in the stock market, not whole life insurance.

However, if you compare whole life insurance to a high-yielding savings account or CDs, starts to look more attractive due to the death benefits and tax advantages.

Also, you want to make sure that you’re working with a life insurance agent who understands how to structure whole life to maximize cash value if this is something that you’re interested in.

Additionally, permanent life insurance can make sense in business succession planning and estate planning; although, we usually will use universal life insurance to reduce costs here.

Final Thoughts on Life Insurance for Doctors and Physicians

If you’re a doctor or a physician, you most likely will need life insurance at some point in your career. The younger and healthier you are, the more affordable your life insurance will be.

You should look at term life insurance to provide you the death benefit that your family needs first and foremost. Term insurance is the best way to purchase high death benefits temporarily.

You can request a term life insurance quote on the side of our website or give us a call today.

We also recommend purchasing a term policy from a life insurance company with strong term conversion options. Successful doctors often run into estate planning issues.

Having a term life insurance policy with a strong conversion option can save you both hassle and expense if you need to incorporate life insurance into your estate plan later in life.

Finally, if you are looking for a principal-protected asset with tax advantages and modest growth, whole life may be an option for you. However, carefully consider your options.

 

FILED UNDER – LIFE INSURANCE BY OCCUPATION

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United Home Life insurance reviews

Today, life insurance companies come in all shapes and sizes. Some life insurance companies are big, and others are small. What matters most is are they the right company for your family.

The United Home Life Insurance Company is a smaller life insurance company, but it’s laser-beam focused on the clients and markets that it serves.

United Home Life focuses on a core suite of no-exam life insurance products. However, United Home Life did not make our best no-exam life insurance companies list.

United Home Life is reliable from a financial strength standpoint, but their prices and features don’t always hold up against the best of the best for no-exam life insurance.

Also, United Home Life burial insurance is not always the most competitive. UHL has a niche for insulin-dependent diabetics, but so do other top burial insurance companies as well.

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.

United Home Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.

You can do this easily by using our rate engine directly below.


Let’s dig deeper.

United Home Life Insurance History

The United Home Life Insurance Company got its start following the Greatest economic catastrophe in American history, the Great Depression, as United Farm Family Life in 1937.

While this may seem like a curious time to start a life insurance company, the need was great as many trusted financial institutions were failing.

In 1948, the United Home Life Insurance Company was founded, and it eventually merged together with United Farm Family Life to manage over $20 billion of life insurance today!

The United Home Life Insurance Company’s primary focus is to provide affordable and flexible life insurance to its customers for final expenses, mortgage protection, and family protection.

As one of the early pioneer of simplified issue life insurance, United Home Life is committed to the customer experience by not requiring invasive medical exams.

Life insurance doesn’t need to be complicated, and United Home Life embodies that philosophy

What are United Home Life’s Ratings?

The United Home Life Insurance Company, and its parent company, currently hold over $2 billion in assets combined.  Additionally, United Home Life is financially strong.

A.M. Best has been a leader in independent financial analysis since 1899. A.M. Best awarded United Home Life a rating of A- (Excellent) and A (Excellent) to United Farm Family Life.

 Both of these ratings indicate strong financial strength and likelihood that both life insurance companies can financially meet their obligations to policyholders.

United Farm Family Life Insurance Company, the parent company of United Home Life, is also an A+ rated company of the Better Business Bureau (BBB).

Is United Home Life Insurance Worth It?

United Home Life insurance serves specific life insurance niches so, if you are looking for no-exam life insurance or are an insulin-dependent diabetic, UHL is worth a look.

United Home Life offers quality simplified issue term life insurance, burial insurance, and accidental death insurance.

You can layer your protection with United Home Life having a base level of life term life insurance coverage, on top of a burial policy and supplemental accidental death coverage.

United Home Life Insurance Solutions:

  • Term Life Insurance
  • Whole Life Insurance (Burial Insurance)
  • Accidental Death Insurance
  • Diabetic Life Insurance Solution

United Home Life Term Life Insurance

Term life insurance is simple and straightforward pure death benefit protection. Term life insurance allows you to buy larger death benefits temporarily at an affordable monthly rate.

Term life insurance is ideal for covering temporary needs like income replacement, higher education expenses, or protecting your mortgage.

Many life insurance companies will want you to take a medical exam before they’ll make you an offer for coverage. Not United Home Life, however.

United Home Life only offers simplified issue life insurance that waives the medical exam. Just a few health questions and background check in order to determine if you qualify.

Just like fully-underwritten term life insurance, your coverage cannot be canceled as long as you pay your bill and your premiums are locked in for the term duration that you select.

United Home Life offers term durations of 20 and 30 years. You also have the option of a return-of-premium term policy.

A return-of-premium life insurance policy will return the premiums that you paid into the policy if you survive the term, but ROP life insurance rates are typically higher than a normal term policy.

Optional Riders for United Home Life Term Life Insurance:

  • Waiver of Premium Rider
  • Accidental Death Benefit Rider
  • Child Rider
  • Terminal Illness Rider

United Home Life Whole Life and Burial Insurance

United Home Life offers four whole life insurance options for its clients. Unlike term life insurance, which is temporary, whole life insurance is lifelong coverage.

Whole life builds guaranteed cash value that can be borrowed on a tax-advantaged basis during the policy or taken a lump-sum payout if you cancel you United Home Life whole life policy.

United Home Life offers all of its whole life insurance options without the hassle of a medical exam like its term life insurance options.

United Home Life offers a higher death benefit whole life option for people in all stages of life and multiple United Home Life burial insurance or final expense options to its clients.

If you are in relatively good health, you can qualify for first-day coverage with no waiting period on the death benefit. United Home Life has a guaranteed issue life insurance policy.

United Home Life’s guaranteed issue whole life policy cannot turn you down due to health, your premiums will never increase, and your coverage is guaranteed for life!

Guaranteed issue whole life insurance has a modified death benefit with a waiting period of 24 months before the full death benefit will be paid for medically-related deaths.

If you die within the first 24 months of the United Home Life guaranteed issue whole life policy, UHL will refund all premiums paid plus interest so you’ll never lose money.

If you die of accidental death during any point in the United Home Life guaranteed issue life insurance policy, the full death benefit will pay.

While guaranteed acceptance is great if your health disqualifies you from immediate coverage, there are other life insurance companies like AIG Life that are much more competitive.

United Home Life Accidental Death Insurance

Accidents are one of the leading causes of death in the United States, especially for people under the age of 50.

If you commute to work, travel for business, or have teenage drivers, a United Home Life accidental death plan can be an inexpensive supplement to your existing life insurance plan.

Additionally, if you work a hazardous occupation, such as a fireman, accidental death could be an affordable solution to protect you on the job.

Since accidental death insurance only pays a claim due to accidents, there are no health questions or medical exam required to get covered.

United Home Life has a unique accidental death policy that is actually built upon a small whole life policy. The accidental death benefit is guaranteed to double over the first 20 years.

Your accidental death coverage is guaranteed renewable as long as your premiums are paid on time. Your policy builds cash value, which equals 20 annual premiums paid.

If you decide to keep your coverage past 20 years, your premiums will begin to increase. Otherwise, there is a return-of-premium option (ROP) available, and your coverage terminates.

While the United Home Life accidental death insurance policy is technically built on a whole life insurance policy, the death benefit is very small (between $125-$250).

United Home Life insurance for Diabetics

If you’re an insulin-dependent diabetic, then you understand what a struggle it is to find affordable life insurance coverage with an immediate death benefit.

United Home Life specializes in providing affordable life insurance with an immediate death benefit to insulin-dependent diabetics who qualify.

United Home Life offers both a 20-year term life insurance and whole life insurance policy for insulin-dependent diabetics with an immediate death benefit up to $50,000.

Just like UHL’s other term or whole life policies, your premiums are guaranteed never to go up for the duration of coverage that you selected, and there is no medical exam required.

Even if you were declined in the past by another carrier, United Home Life may still consider you if you qualify for their special diabetic life insurance policies.

However, there are other burial insurance companies like Royal Neighbors Life that will accept insulin-dependent diabetics with affordable rates that are worth a second look.

Final Thoughts: United Home Life Pros and Cons

United Home Life is a life insurance company with an excellent track record of paying its claims and a strong financial strength.

United Home Life’s number one selling point is that all of its life insurance products waive the medical exam and medical records in order to qualify.

United Home Life issues its life insurance policies quickly within 24-48 hours and with little hassle to the client compared to a 6-8 week fully-underwritten process with a medical exam.

However, this ease of purchase comes at a cost. United Home Life does not have a reputation as being the rock-bottom lowest price when it comes to monthly premiums.

Nowadays, with so many A-rated no-exam life insurance companies, like Sagicor Life, driving no-exam rates even lower, it can be difficult to justify paying the premiums of UHL.

Even United Home Life insurance for diabetics, while a niche of UHL, is not always competitive compared to the best life insurance companies on the market today.

Additionally, your choices with United Home Life are limited. There is no universal life insurance option. Also, your term lengths and death benefit amounts are limited compared to the industry.

Thank you for reading our United Home Life Insurance Review. Please contact us with any questions.

FILED UNDER – INSURANCE COMPANY REVIEWS

Resources: United Home

Banner Life

Life insurance after being diagnosed with cancer

A lot of clients frequently ask a specific question about applying for life insurance after being diagnosed with cancer.

The question is simple in nature. Can you buy life insurance after being diagnosed with breast cancer?

Here is what I can tell you on this topic.

So, can you buy life insurance after being diagnosed with cancer? Yes, you can buy life insurance after being diagnosed with cancer if you meet certain criteria. This will include meeting the waiting period requirement and assuming the rest of your health is in good standing. Overall, you can obtain life insurance after being diagnosed with cancer.

Life insurance for cancer survivors is not impossible, but you need to be cancer free first.

Then you need to find expert high-risk life insurance brokers that know how to underwrite cancer since not all life insurance companies will view cancer history the same.

You’ll know you are working with an expert high-risk life insurance broker if they dig in on your cancer history.

If they aren’t asking you questions, then they aren’t the right agent for you.

The reason you want to work with an independent broker and not your friendly neighborhood State Farm agent is they work with multiple companies.

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.


How to Get Life Insurance after Cancer Diagnosis

Once you have located an expert high-risk life insurance broker, you need to give them all the information they will need to match you with the best life insurance for cancer survivors.

Your agent will need to know the following information in order to increase your chances of being approved for life insurance after cancer.

What type of cancer did you have? Getting someone approved after basal cell skin cancer is a lot easier than if you have stage four pancreatic cancer.

How long have you been cancer-free, including treatment? Depending on the type of cancer you had, life insurance companies can postpone your application for up to ten years!

What stage and grade of cancer did you have? The lower the stage and grade, the easier it is to purchase life insurance after a cancer diagnosis.

Have you had multiple occurrences of the same or different types of cancer? The more bouts of cancer that you have the harder it is to get approved for life insurance.

Are you in good health otherwise? Life insurance companies will factor in things like obesity or tobacco use if you’re a cancer survivor.

Are you keeping up with your regularly scheduled doctor’s visits? The life insurance company will want to be sure cancer hasn’t returned so you must see the doctor regularly.

If you’re declined for traditional life insurance, you can either purchase a guaranteed issue life insurance policy or accidental death policy while you wait for your life insurance eligibility.

What Rates can I get After Being Diagnosed with Cancer?

The cost of term life insurance after being diagnosed with cancer can vary depending up the type of cancer you had and its severity.

You can be eligible for preferred best rates with certain carriers after low-risk cancers, such as basal or squamous cell skin cancer, relatively quickly, assuming you otherwise qualify.

For other cancers that are caught early on, such as breast cancer or prostate cancer, your best-case scenario is usually a standard rate if you’ve been cancer free for 2-5 years.

If you were diagnosed with more serious types of cancer, such as pancreatic cancer or lung cancer, that have high rates of fatality, you could be looking at a postponement beyond 5 years.

Even if you’ve been cancer-free for over 5 years after a high-risk cancer diagnosis, you can still be looking at a high cost for term life insurance once you’re eligible again for life insurance.

Even after 5 years, life insurance companies are still concerned that cancer may return if you had a high-risk cancer diagnosis.

Therefore, they often charge a “flat extra” fee temporarily.

A temporary “flat extra” is an extra charge usually in the early years of your policy to compensate the insurance company if cancer returns.

The way the “flat extra” works is the surcharge is multiplied per 1000 units of life insurance. For example, $2.5 flat extra for a $250,000 policy costs an extra $625 per year on top of your rate.

Buying Life Insurance for Seniors with Cancer Diagnosis

Buying life insurance for seniors with cancer can be just as difficult for a young person if you need a large death benefit amount.

However, if you want to cover final expenses, many more options open up. Once you surpass age 40, you are eligible for guaranteed issue life insurance.

Guaranteed issue life insurance guarantees that you will be excepted for coverage and usually will go up to $25,000 in death benefits to cover your final expenses and burial costs.

Instead of underwriting you, guaranteed issue life insurance has a 2-year waiting period on medical deaths before the death benefit will pay in full.

You can lean on a company such as AIG for these policies.

You can also read a review of AIG Life Insurance here.

However, this isn’t a bad deal for cancer patients as the likelihood of outliving the waiting period is high with many cancer diagnoses.

If you do die during the waiting period, the life insurance company will refund your premiums paid plus interest to your beneficiary, so you will not lose any money.

Once you are cancer-free for 2 years, level death benefits (first-day coverage) becomes available with certain final expense policies. These policies don’t have waiting periods.

Final expense policies don’t require a medical exam and can issue you a policy based on a prescription history check, and you answer a few health questions.

Final Thoughts: Life Insurance after Cancer is Possible

Finding affordable life insurance after being diagnosed with cancer is better left to the pros. An expert high-risk life insurance broker is your best chance at finding a deal.

Certain companies will be more conservative on waiting periods and “flat extra” surcharges. If you request a quote, our expert agents will evaluate your case and give our honest assessment.

You can request a quote from the quote box on the side of our website. Makes sure to have your cancer history details on you so our agents can narrow down your options.

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Life insurance for helicopter pilots

If you are having trouble finding affordable life insurance for helicopter pilots, then you’re in luck. Our agency knows how life insurance companies look at high-risk life insurance.

Flying a helicopter can be hazardous since a mistake at high altitudes can be fatal. The life insurance companies know this and will account for it when pricing out your life insurance.

However, there is no reason to overpay on your life insurance. Working with an independent broker who knows how to underwrite aviation activities is the secret to finding low rates.

 Our agency works with over 25 top-rated life insurance companies and can find you a better deal than going through expensive group benefit plans, clubs, etc.

Request a quote through our website, and one of our independent expert brokers can assist you in finding the best life insurance company for helicopter pilots to protect your family.


What All Helicopter Pilots Must Know about Life Insurance

Not every life insurance company agrees on the risk of piloting a helicopter. Many companies will consider flying a helicopter a dangerous activity for both commercial and private pilots.

These life insurance companies will either decline your application for life insurance as a helicopter pilot or raise your rates significantly even if you’re in great health!

However, there are some life insurance companies that will dig deeper in order to provide you affordable life insurance and even discounted rates in some cases.

Pro tip: Work with an independent life insurance broker who has experience underwriting aviation to get the lowest helicopter pilot life insurance rates.

 If your life insurance agent is not asking you the following questions about your helicopter piloting activities, then they likely are inexperienced with life insurance for helicopter pilots.

Common Aviation Questions for Life Insurance:

  • What type of license/certification do you hold and for how long?
  • How many solo hours have you flown as a helicopter pilot?
  • How many hours do you fly per year?
  • Have you had any accidents or been grounded?
  • Have you ever had your license revoked?
  • What type of helicopter do you fly? (make and model)
  • Do you fly for profit?
  • Where do you fly?

 The best life insurance companies for helicopter pilots will carefully consider each factor when calculating your monthly life insurance rates along with your general health, age, etc.

How Much does Life Insurance for Helicopter Pilots Cost?

Aviation of any sorts is something you need to speak with a life insurance agent about if you want the best life insurance rate for helicopter pilots plain and simple.

Underwriting helicopter pilots for life insurance has too many variables to display an accurate quote online, and any website that claims so is just wasting your time.

Working with an expert life insurance agent will increase your chances of avoiding the dreaded “flat extra” charge on life insurance for helicopter pilots.

For example, a $5 “flat extra” charge on a $500,000 policy would increase the cost of your life insurance by $2,500. This is on top of your regular life insurance rate!

You would multiply the “flat extra” charge per 1,000 units of life insurance ($5 x 500 units of life insurance = $2,500).

Pro tip: A “flat extra” is a costly additional fee that life insurance companies add to your policy, but can often be avoided by working with an expert broker.

 In some instances, an aviation exclusion rider can be included in life insurance for helicopter pilots. This rider usually will exclude aviation-related deaths from triggering your death benefits.

If you already have life insurance that covers aviation-related deaths as a helicopter pilot, then this can be an affordable way of supplementing your coverage for other death risks.

If you have an aviation exclusion rider in your life insurance policy, then your helicopter pilot activity will not be considered in your rates, but you won’t be covered for aviation-related deaths.

Your age will also affect your life insurance rates if you’re a helicopter pilot. Some life insurance companies will make helicopter pilots ineligible for top rates if you’re over age 70.

What are the best life insurance companies for helicopter pilots?

This depends on many factors related to your helicopter activities and overall health. If you have other health factors that can affect your life insurance rates, you need to work with a broker.

Some life insurance companies are a waste of time if you’re a helicopter pilot. However, we have found affordable life insurance for helicopter pilots with the following companies:

Offer Potential Preferred Life Insurance Rates for Helicopter Pilots:

  • American National (ANICO)
  • Prudential
  • John Hancock
  • Protective Life
  • Lincoln Financial
  • Mutual of Omaha
  • Principal

No-exam Life Insurance for Helicopter Pilots

  • SBLI
  • Foresters Financial
  • Nassau Re (Phoenix Life)
  • Sagicor Life
  • Ameritas Life

Life Insurance for Helicopter Pilots with Exclusion Riders

  • Banner Life
  • North American

 

The secret to selecting the best life insurance for helicopter pilots is knowing which company to work with. They all have slightly different opinions on aviation risk.

For example, we work with an A-rated company that wants a minimum of 1,000 hours or 5-years of experience to consider preferred rates for helicopter pilots.

We also work with an A-rated life insurance company that will consider preferred rates with only 300 hours of flying experience. That’s why working with an expert matters.

The same nuance applies to the dreaded “flat extra” charge for aviation. Choosing the wrong life insurance agent can cost you big time.

Final Thoughts: Life Insurance for Helicopter Pilots Doesn’t Need to Cost a Fortune!

Life insurance for helicopter pilots can cost you an arm and a leg if you work with an amateur life insurance agent.

High-risk life insurance for helicopter pilots is not a case for your brother-in-law who just got in the business. Getting this wrong can cost you thousands or even get you declined for coverage!

Our agency has veteran independent life insurance agents who are experts in underwriting aviation. We specialize in finding our pilot clients just like you secure affordable life insurance.

Request a quote on our website and give us a chance to save you big money on your life insurance. We’ll put you with the best life insurance company for helicopter pilots we offer.

FILED UNDER – HIGH RISK LIFE INSURANCE BY OCCUPATION

Banner Life

If you are a scuba diver looking for life insurance, you have come to the right place. Scuba divers can have difficulty finding coverage, and some may even have been declined before.

If that is you, that’s OK. Our agency has worked with many people in your exact position to find affordable life insurance coverage to protect their family.

life insurance for Scuba Divers

You see, the dirty little secret of the life insurance industry is that insurance companies evaluate risk differently. You can be declined by one company and approved by another.

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.

You can do this easily by using our rate engine directly below.


The trick is working with a veteran agent who knows how life insurance companies will look at your scuba diving hobby and recommend you with the best one.

Does scuba diving affect life insurance?

Yes, scuba diving does affect life insurance rates. Most life insurance companies will offer discounted rates for people that dive in open waters up to $100 ft. Scuba dives over 100 ft deep will have a great effect on your life insurance and could result in higher rates.

What life insurance rates can I expect if I scuba?

If you occasionally dive in the open waters and don’t go below 100 ft deep, you can qualify for preferred or preferred best rates if you otherwise are eligible as long as you are certified.

If you are not a certified diver, the life insurance company will likely decline you. The life insurance companies need to confident that you know what to do when you scuba.

Getting your scuba diving certification from a nationally recognized scuba diving organization will open up options along with your experience. Life insurance companies love consistency.

Pro Tip – Certified divers that dive in open waters and don’t go below 100 ft can qualify for top preferred rates with certain life insurance companies easily.

If you consistently do a simliar amount fo dives that can make an underwriter more comfortable giving you a top tier rate, but be careful.

Many life insurance companies will limit the number of scuba dives that you can do and still qualify for their preferred rates. Less is more when it comes to risky behavior.

Now if you scuba dive below 100ft to 130ft and beyond, you start to look riskier in the eyes of the life insurance company, especially if you dive in caves or wrecks.

If you are deemed a risky scuba diver, you can expect to pay something called a flat extra charge.

Does life insurance cover scuba diving deaths?

Yes, life insurance does cover scuba diving if you die if you purchase to the right policy.  Certain life insurance companies are just better at underwriting scuba divers.

Now, I know you may be thinking do I need to tell my life insurance company if I scuba dive? If they ask you if you scuba dive you cannot lie or misrepresent yourself on the application.

If you do and the life insurance companies find out, they can either take their uncollected premium payments off of the death benefits or even worse deny your claim!

The last thing you want is for your family to not get the money they were counting on to be there because you omitted that you scuba dive.

Besides, scuba diving rates are so affordable these days with select life insurance companies that there is zero benefit to not disclose that you scuba dive.

Scuba diving life insurance questions you should expect:

  • Do you have any scuba certifications?
  • How deep do you scuba dive?
  • How often do you scuba dive?
  • How much scuba experience do you have?
  • Do you scuba dive in the open waters only?
  • Are you a paid scuba diver?

What are the best life insurance companies for scuba divers?

Our life insurance agency has had success with some companies over others when it comes to underwriting scuba diving as a recreational habit.

Life insurance companies like Protective Life, Mutual of Omaha, and Lincoln Financial are great picks that reward their policyholders with preferred rates even if they scuba dive recreationally.

Companies like Protective Life and Lincoln Financial made our best life insurance companies list and are great all-around companies outside of scuba diving.

You can try for a no-exam life insurance policy as well with life insurance companies like Phoenix Life if that is easier.

Phoenix Life, now called Nassau Re Life, is a great company that made our best no-exam life insurance company list due to their affordable rates and critical and chronic illness benefits.

How do I apply for life insurance if I scuba dive?

If you scuba dive then you need to work with an independent agent who is a veteran field underwriter.  Independent agents work with multiple companies to find you the best rates.

Scuba diving is just one part of underwriting your life insurance policy. A good independent agent will look at your overall risk to the life insurance company and advise the best company.

From there, you would need to fill out an application and schedule your exam if needed. If you select to be underwritten with an exam, the entire process can take 4-6 weeks.

No-exam underwriting is much quicker and less invasive. You can get a no-exam life insurance policy within a few days on average.

Request a quote from our website, and our agents can evaluate your options with the best life insurance companies for scuba divers with no obligation or cost to you.

Final Thoughts: Life insurance for scuba divers is affordable!

Life insurance for scuba divers does not need to be expensive. Although, many scuba divers are overpaying for their life insurance coverage sadly.

If you are a scuba diver and own a life insurance policy, give us a call. We’ll give you our honest opinion on if you can do better. In some instances, our clients save big by making a switch.

If switching life insurance companies doesn’t make sense, we’ll tell you to stay put. It is as simple as that.

If you are a scuba diver and new to life insurance, then your starting off at an advantage. Request a quote from our site today, and our team can go over your options.

FILED UNDER – LIFE INSURANCE BY LIFESTYLE

RESOURCES – scubadiving.com

Banner Life

There are two crucial steps to selecting the right life insurance company to protect your family. First, you need to find a trustworthy agent who is knowledgable in the craft of brokering life insurance. Second, you need to work with a reliable life insurer.

RiverSource Life Insurance Reviews

Our RiverSource life insurance review will provide you with our honest opinion. You’ll get the good, the bad, and the ugly so you can make the right decision for your loved ones.

Spoiler alert! The RiverSource Life Insurance Company, an affiliate of Ameriprise Financial, didn’t make our best life insurance companies list!

You can request the quotes from the top life insurance companies on our website quoter and see how competitive RiverSource is for yourself.

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.

RiverSource Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.

You can do this easily by using our rate engine directly below.


The RiverSource Life Insurance Company History

RiverSource Life Insurance Company was founded in 1894 by John Tappan as Investors Syndicate in Minneapolis, Minnesota as an investment company.

Investors Syndicate focused on serving middle-America with its introduction of the Face Amount Certificate, which was innovative for that time.

Investors Syndicate was known for its financial strength and managed to pay all its obligations through the Great Depression. In 1949, Investors Syndicate renamed its Investors Diversified Services (IDS).

In 1957, IDS founded Investors Syndicate Life Insurance and Annuity Company to help its investors protect their hard-earned gains and families from premature death.

The company was later renamed the IDS Life Insurance Company in 1973 and was acquired by American Express in 1984 and eventually became part of American Express Financial Advisors.

In 2005, American Express Financial Advisors was renamed Ameriprise Financial and broke away as an independent company focusing on the financial security of its clients.

As part of this rebrand, Ameriprise created the RiverSource brand to market its annuities, insurance, and investment products.

In 2008, the Great Recession hit and the independent Reserve Fund “breaks the buck” and freezes assets in the fund. Ameriprise responded by advancing $700 million to meet its client’s immediate cash needs.

Throughout the Great Recession, Ameriprise and the RiverSource brand maintained strong financial strength even refusing TARP funding in 2009.

Today, RiverSource maintains a culture of excellence in supporting its clients with insurance products that protect their life, assets, and income.

RiverSource Statistics:

  • 20th largest life insurance company based on total assets
  • 8th largest in variable life premiums
  • 8th largest provider of variable annuities
  • 10th largest in individual disability income sales for non-cancelable individual policies

The RiverSource Life Insurance Company Ratings

RiverSource Life Insurance Company has a bullet-proof balance sheet. Third-party rating organizations, such as The A.M. Best Company, have awarded RiverSource top ratings.

Moody’sA.M. BestStandard and Poor’sComdex Ranking
Aa3 (Excellent)A+ (Superior)AA- (Very Strong) 95 out of 100

RiverSource’s third-party ratings indicate that they have a high likelihood of paying the claims that they guarantee to their policyholders.

RiverSource Life Insurance Options

Life insurance comes in many shapes and sizes. RiverSource offers both temporary and permanent varieties of life insurance coverage depending upon your needs.

Whether this is your first life insurance policy or you’re entering your retirement years, RiverSource Life has an option to fit your needs, but can they compete with the top companies?

RiverSource also offers disability insurance or annuity services to its clients, but for the purposes of this review, we will focus on RiverSource’s life insurance with laser focus.

RiverSource Term Life Insurance

RiverSource term life insurance is a temporary solution to meet your short-term protection needs, like protecting your mortgage.

Term life insurance is an economical and cost-effective way of purchasing high death benefit amounts temporarily while you are young, healthy, and need the coverage the most.

RiverSource term life insurance payments are guaranteed never to go up for the term period you select.

RiverSource Term Life gives you a choice of:

  • 10-year term
  • 15-year term
  • 20-year term
  • 30-year term

If you die while your term life insurance contract is active, the life insurance company will give the death benefit to your loved ones income-tax-free.

If you outlive the term period, you can exchange your term life insurance contract with a permanent life insurance contract by converting it.

While RiverSource term life insurance provides you with basic death benefit protection, it’s nothing out of the ordinary.

Pro tip: Companies like AIG Life Insurance, offer similar coverage and are topping the charts when it comes to price for nearly identical coverage in almost every age category

RiverSource Universal Life Insurance

Universal life insurance is a form of permanent life insurance that gives you control and flexibility in how you build your life insurance policy.

Other forms of permanent life insurance, such as whole life insurance, can be inflexibly designed in order to protect the life insurance company’s guarantees.

Universal allows you to adjust your benefits as your needs change while providing important insurance protection and potential cash value accumulation.

Universal will allow you to select your monthly premium. If your investment performance within the policy is better than expected, you can even reduce your bill!

However, if the policy underperforms, you may need to add more money into it to avoid the policy from canceling. We suggest reviewing the policy every few years.

Earlier policies had no guarantees from the life insurance company at all. It was like the wild west, but those days are long gone. Today you can add a secondary guarantee for a fee.

As long as the secondary guarantee is maintained through your minimum monthly payment, your death benefit will be guaranteed even if the policy underperforms.

Pro tip: Guaranteed Universal Life Insurance offers the most economical permanent death benefit on the life insurance market today.

Due to guaranteed universal life’s affordability, we often use it in scenarios where the death benefit is the only concern such as estate planning or special needs trusts.

The universal life cash has amazing tax advantages. The cash value grows tax-deferred and can be accessed with tax-free withdrawals/loans. Also, the death benefit is income-tax-free.

The money inside the universal life policy can be credited declared interest rate that is declared periodically by the life insurance company or an indexing strategy.

Indexed Univeral Life does not directly invest your cash value in the stock market, so you cannot lose your principal to investment loss, but will usually limit your upside potential.

RiverSource Variable Life Insurance

RiverSource also offers a rarer product today called variable universal life insurance. Variable universal life insurance provides lifelong death benefit with the potential for market gains.

Your cash value is invested in mutual-fund-like subaccounts and invested in things like the stock market. Variable universal life has a higher risk profile since your cash value can decline due to investment loss.

You can take a tax-advantage loan or withdrawal from your universal life insurance policy, but you should monitor the policy carefully.

If the investment gains underperform, the life insurance policy may not have enough cash value within it to maintain your death benefit, and your policy may lapse.

RiverSource Long-term Care Solutions

Long-term care insurance has increased significantly in cost since its inception. Today, many providers have left the marketplace altogether. Others have shifted strategies.

 

RiverSource overs two long-term care solutions built into universal life insurance policies. One policy is more care focused, and the other is more life insurance focused.

However, both have death benefits and care benefits. You can craft a care solution as follows:

Universal Life Insurance with Long-term Care Rider

  • Lump-sum payment
  • Greater long-term care benefits and focus
  • Money-back feature if you change your mind
  • Death benefit protection

Universal Life Insurance with an Optional Chronic Care Rider

  • Monthly payment option
  • Greater emphasis on death benefit protection
  • The death benefit can be advanced for chronic illness needs

Final Thoughts: Is RiverSource what’s best for my family?

Depending on your needs, RiverSource may be right for you. Every life insurance company focuses on different areas. Some focus on whole life, and others on low-cost term life.

RiverSource is one of the largest providers in the industry for variable products. If variable life insurance is something that you are considering, then Ameriprise may be worth a look.

However, if you’re looking for the rock-bottom lowest price on term insurance, there are probably better options. Request a quote on our website to see for yourself.

Everyone life insurance company has slightly different opinions on underwriting and pricing, so it is worth it to consult with a knowledgable agent who understands field underwriting.

FILED UNDER – LIFE INSURANCE COMPANY REVIEWS

RESOURCES – RIVERSOURCE LIFE INSURANCE

Banner Life

Boston Mutual operates under a simple philosophy. Boston Mutual employees are to treat every client and every business partner with the same devotion and respect that you would show its own family.

So does Boston Mutual Life up to its own standards?

Our Boston Mutual life insurance review will evaluate its life insurance products.

We’ll review where we feel Boston Mutual’s products fit in the market and how Boston Mutual partners with the best life insurance companies in the industry to grow their life insurance offerings.

Boston Mutual Life Insurance Reviews

Boston Mutual Life Insurance Company is a great insurer, but unless you want whole life insurance, they are not the right company for you since they don’t underwrite other products.

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.

Boston Mutual Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.

You can do this easily by using our rate engine directly below.


About the Boston Mutual Life Insurance Company

Boston Mutual Life Insurance Company was founded in 1891 and is headquartered in Canton, Massachusetts.

Boston Mutual Life has been honoring their obligations to its policyholders for over 125 years in the public and private sector.

Boston Mutual Life Insurance Company started with individual sales, but in 1956, branched out into the group insurance market.

Today, they do business in all 50 states. Boston Mutual also has a subsidiary, which partners with other insurers to expand its individual product offerings.

Boston Mutual Life Insurance Company offers families individual life insurance solutions as well as workplace solutions to protect your loved ones.

Boston Mutual Life’s flexible insurance options ensure that your family will get precisely what it needs should you die prematurely.

Boston Mutual Life Insurance Company also believes in giving back to the communities that they serve through its robust corporate citizenship program Making an Impact.

The Boston Mutual Life family supports its local communities through volunteerism and charitable giving.

A little known point to consider when selecting a life insurance company is how that life insurance company is structured.

Publicly-traded insurance companies answer to shareholders, but Mutal life insurance companies, like Boston Mutual, are owned by their policyholders.

Boston Mutual Life Insurance Company Ratings and Financials

Boston Mutual Life Insurance Company is as reliable as they come.

Boston Mutual Life has been paying its claims to policyholders for over 125 years. That is a proven track record of excellence.

In addition to Boston Mutual Life Insurance Company’s pristine reputation, they are highly rated by third-party rating agencies.

The A.M. Best Company rates Boston Mutual Life Insurance Company as an A (Excellent) with a stable outlook as recently.

An A rating is one of the top ratings that A.M. Best issues and displays a strong ability to meet its obligations to its policyholders.

In 2018, Boston Mutual Life Insurance Company reported over $1.4 billion in assets, and its surplus has more than doubled in the past 9 years!

Boston Mutual Life Individual Life Insurance Options

Boston Mutual Life Insurance Company offers whole life insurance through its main company and its subsidiary BML Insurance Agency partners with other life insurance companies to provide term life insurance, universal life insurance, and final expense insurance.

Our Boston Mutual Life Insurance review will focus on its proprietary whole life products and workplace solutions.

The BML Insurance agency offers other company’s life insurance products, which would be reviewed separately.

Boston Mutual offers two plans (Infinite Life and Legacy Life) that are available outside of workplace coverage.

The Infinite Life series is offered to the general public, and the Legacy Life series is offered to federal, state, and municipal employees only.

Boston Mutual Infinite Life

The Boston Mutual Infinite Life whole life plan in an affordable life insurance policy that you can use to supplement your group coverage with lifetime death benefit protection.

The Infinite Life plan builds guaranteed cash value that increases annually tax-deferred.

The Boston Mutual Infinite Life whole life plan is eligible to receive annual dividends issued from the profits of the Boston Mutual Life Insurance Company.

These dividends can be used to lower your premiums or reinvested as paid-up additions growing your death benefit and cash value.

You can borrow your cash value with a tax-advantaged loan secured by the death benefit.

Also, you can “cash in” your Boston Mutual whole life policy and receive the cash surrender value if you no longer need the death benefit protection.

Infinite Life Features:

  • Guaranteed premiums that can never increase
  • Lifetime guaranteed death benefits
  • Eligible for dividend payments
  • Builds guaranteed cash value
  • Minimum death benefit $2,500 – $250,000
  • No-exam underwriting under $100,000
  • Optional riders (children term, accidental death, waiver of premium)
  • Optional Premium Deposit Fund

Boston Mutual Legacy Life Series

Boston Mutual Life Insurance Company also has created products to serve the hardworking men and women of the federal, state, and municipal governments of the United States.

These private policies can supplement group employer benefits.

Group life insurance is usually inexpensive when you are young and healthy, but most plans increase significantly in cost as you age.

If you are separated from your employment, you could lose or be unable to afford your coverage when you need it the most.

The Legacy Life Select policy will accumulate guaranteed cash values but is not currently eligible to receive dividend payments.

The cash accumulation can be accessed through tax-advantaged loans and grows tax-deferred.

The benefit of supplementing your government benefits with the Legacy Life Select plan is that it is a private policy with lifetime death benefits.

Your premiums are guaranteed to never increase, and your cash value accumulation is guaranteed to mature at age 98.

The underwriting for the Legacy Life Select plan is simple. All you need to do is answer a few simple health questions in order to determine your eligibility.

Your premiums are conveniently paid through employee elected allotments as well.

Boston Mutual Life Insurance Company also overs a non-government employee version of the policy called the Legacy Life Express.

The Infinite Life Plan that requires a medical exam above $100,000, but the Legacy Express is 100% no-exam life insurance up to $250,000 death benefits

Legacy Life Features:

  • Cash accumulation matures at age 98
  • Premiums cannot be increased
  • No-exam underwriting up to $250,000
  • Optional rider (children term, accidental death, waiver of premium)

Boston Mutal Group Insurance Solutions

While Boston Mutual Life Insurance Company only offers whole life insurance to individuals, it offers a wide selection of life insurance coverage on the group level. These plans are offered to employers that want to offer life insurance to their employees as a benefit.

Boston Mutual Group Life Insurance options:

  • Group term life insurance
  • Interest sensitive life insurance
  • Group term life and accidental death and dismemberment insurance

Outside of group life insurance plans, Boston Mutual also offers other employer insurance plans such as group accident coverage, group critical illness coverage, as well as group short-term and long-term disability.

Final Thoughts: What do agents think about Boston Mutual?

Independent agents can work with multiple life insurance companies, unlike captive agents, who can only sell one companies products.

After working with dozens of life insurance companies, we can assure you that not all life insurance companies are equal.

We like that Boston Mutual knows what it is best at.

Boston Mutual only offers whole life insurance to individuals. Instead of reinventing the wheel, Boston Mutual partnered with other life insurers to offer quality term life, universal life, and final expense coverage.

Boston Mutual has some innovative features like the optional premium deposit fund that accrues interest on your premium deposits that can be used to pay future or overdue payments.

Additionally, we applaud their embrace of no-exam underwriting.

However, no-exam underwriting can add an additional cost to the policy. We recommend looking at all your options before you make a decision.

Our veteran agents can compare Boston Mutual’s rates to the rates of over 25 top-rated life insurance companies.

Different life insurers have different thoughts on rates and underwriting. If you have a pre-existing condition, or even if you are in superman level health, Boston Mutual might not be the right life insurance company for you.

Let our agents save you money on your life insurance. Our agents are experienced field underwriters and will give you their honest analysis with no obligation.

Request a quote today from our website or give our team a call.

FILED UNDER – LIFE INSURANCE COMPANY REVIEWS

Resources: Boston Mutual Life Insurance