Qualifying for Life Insurance
Your life insurance costs depend on various factors, but your personal and family medical history are beyond your control. However, you can lower your premiums by making healthier lifestyle choices, which can significantly affect your payment. Some companies will discount your premiums if you adopt a healthy lifestyle.
Some Considerations Are:
- Smoking: It significantly impacts your rate, generally doubles it, including marijuana, hookah, or even cigars.
- Weight: This includes your body mass index, known as your (BMI). Therefore, your weight should be considered healthy for your age and height.
- Cholesterol: Healthy cholesterol levels can help keep your rate low.
- Blood pressure: It should be in a healthy range. Should be more than 90 over 60 (90/60) but less than 120 over 80 (120/80): It’s the ideal blood pressure reading.
- Driving history: Companies check your driving record. Good drivers are considered low-risk. That’s as true for auto as for life insurance.
- Recreational activities: Participating in high-risk activities such as skydiving will likely pay a higher risk premium.
One company might offer better rates if you have a family history of high blood pressure, while another company might charge you more for the same issue.
Remember Each insurance carrier can approve you differently.
Qualifying for Annuities
To qualify for an annuity, you generally need to meet a few basic requirements:
- AGE: Generally annuities are used for retirement income, but age can be a factor.
- FINANCIAL STABILITY: Annuities often require a lump-sum payment or regular contributions, so your financial stability is taken into account.
- INVESTMENT AMOUNT: You need to meet the minimum investment amount set by the annuity provider.
- HEALTH: You should consder health or medical history, when selecting an annuity, like income, or those with as Long Term Care benefits.
Transferring an annuity can be beneficial if you find a better rate, more flexible features, or improved benefits with a new insurance company. It might also help you align your annuity with your current financial goals or provide better investment options. Additionally, transferring can sometimes offer more favorable terms or lower fees, which can enhance your overall returns and financial security.
To transfer an annuity from one insurance company to another, consider these steps:
- REVIEW CURRENT ANNUITY: Check for any surrender charges or penalties associated with withdrawing or transferring funds.
- RESEARCH OTHER ANNUITY COMPANIES: Compare options and choose an annuity that better fits your financial goals or offers better terms.
- DO A COMPARISON: Make sure you understand your current policy and what the new one is offering.
