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  • Writer's pictureMark Roberts

Choose Life

All life matters contrary to current popular slogans and demographics. From the moment of conception until you exhale that last breath, the precious nature of a heartbeat is critical to sustain living as much to the fullest amount possible. Protecting life should be the highest priority for anyone who wants to have a long and healthy time on Earth. That begins with taking care of your health, and that of your children's health (even if they are still in the womb).

As you get older, making wise choices about lifestyle is critical to maintaining your opportunity to live longer. That includes what you eat, and avoiding those products that have the capacity to reduce your years, such as using tobacco, alcohol, illegal drugs and more. Some people develop chronic illnesses that can be debilitating and shorten their lifespan. Others may have genetic issues that can decrease their aging capability.

What you do for a living, where you live and how you live, and the people with whom you associate all are mitigating factors that can have either a positive or negative affect on how long you live. Does wealth bring longer life? It can, but not always. Does stress and fatigue tend to shorten life? They definitely have an affect on you physically and emotionally, and quite possibly could lead to reducing your years.

Protecting life from a financial perspective can help with long term needs. Life Insurance is a key product when it comes to building income, providing protection for assets, and building a legacy for generational wealth. Based on your individual needs, you can typically find life insurance that can be customized for you and your family. Even employers can build a benefits plan with a variety of choices for their employees who want life insurance.

In a nutshell, there are three versions of life insurance - Fully underwritten, simplified issue, and guaranteed issue. Naturally, the elements of each of these versions are priced according to what risk the carrier takes to insure the individual being covered. Insurers use a process called underwriting to gather information about applicants to determine how much of a risk they are to insure and calculate what rate to charge. That is how the policies are priced. As well, there is more information collected about the health and lifestyle of the insured.

Life insurance companies recognize that many people didn’t want to go through such a lengthy process to get life insurance, according to the Society of Actuaries. It may take up to 60 days for a fully underwritten policy to be issued, or it can be declined. With simplified issue, you only answer a few health questions. However, if you have serious health issues such as diabetes, kidney failure, heart attack or cancer, you can be rejected. The premiums generally associated with this type of insurance is priced generally a little higher.

However, there can be some downsides to these simplified and guaranteed issue plans. Not many companies offer simplified issue life insurance. The death benefit to the beneficiary is usually graded for the first two years after purchase, which means that less than 100% is paid out. And, if you are looking for a significant amount of insurance, these plans are not for you.

Finally, a guaranteed issue life insurance means that the carrier issues the policy after collecting some basic information on the insured person, along with a premium payment, and issues the policy. There are no medical exams or medical questions asked. Usually, this insurance product is considered a "final expense" policy and is used primarily to cover the costs of a funeral and related expenses. At best, the largest amount of face value coverage is typically $25,000.

Choosing a life insurance plan is worth your time, and sooner versus later. As you age, you are subject to more difficult health issues. And, the cost increases as you get older. Juvenile policies for children under 18 are ideal, and they can be owned by parents and grandparents who want to start building financial wealth for these kids. It makes sense to purchase insurance when it's the least expensive. What a great gift.

You can find more information about life insurance on my website. If you have questions or need a quote, contact me to learn more. I have a variety of life insurance companies that are name brand carriers in the industry, and I would be glad to help you design a program customized just for you and your family. As well, I am able to provide options for employers for their employees.

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