By Damiso A. Lockhart, term life INSURANCE INFORMATION
You can live a healthy life with Multiple Sclerosis. Here some ways to cut insurance cost without breaking the bank.
1. Don’t put all your eggs in one basket: Shop around for affordable life insurance. There are free resource sites that offer information on life insurance for people with preexisting conditions. Leaving your options open can be one of numerous factors to saving money for those who have MS. Do your research and know exactly what you want from your insurance so you’ll know what to ask for. Also keep in mind that patience is a virtue, it does take some time to find the right life insurance at the right price.
2. There are plenty of different Insurance types: Research to find which insurance type is right for your situation. Here are just a few of the different option that may be available to you.
Whole life insurance is a policy with level premiums that have both an investment and insurance component. Whole life insurance guarantees a lump sum payout upon the death of the policy holder, and as long as payments have been consistently maintained, it can apply whenever the death may occur. This is where term life insurance and whole life insurance differ, as term life insurance only covers the insured during a specific ‘term’.
Term Life Insurance
Term life insurance, simply put, is a straightforward policy written out for a number of years—anywhere from 5 years to 30 years long. There are terms available for as short as one year, as well, but the most commonly purchased terms are 10, 20, and 30 years. Additionally, term life insurance does not have an investment component (as seen in whole life insurance).
Long Term Life Insurance
Long term life insurance is a policy that aims to help cover the cost of long term care that goes beyond a pre-determined period of time. This form of insurance is not for individuals that are suffering from a serious illness, but primarily for those that are unable to perform daily tasks and basic activities, therefore making them in need of long term care.
Short Term Life Insurance
Short term life insurance is exactly the same as other forms of life insurance, except it is obtained through a much quicker and easier process. It is carried out entirely online. The application process typically only takes up to 20 minutes, a medical or physical test is not required, and it can be completed on the same day. It is the simple underwriting which allows for immediate coverage. With ever changing lifestyles and circumstances insurance providers realized that there was in fact a need for short term policies that ranged from as little as 1 month to anywhere up to 5 years.
3. Consider joining organizations like the National MS Society: These organizations offer plenty of resources that are available to its users and membership is primarily free. Some of these organizations even present grants for devices such as wheelchairs and emergency assistance.
Also, another amazing resource is TermLifeInsuranceInformation.net which is a free service aimed at educating individuals about their life insurance options. The site helps people to locate a number of different policy options and compare which is best for them. In the cases of pre-existing conditions, like MS, their advisors locate a number of policies from different types of carriers and provide free quotes instantly.