Los Angeles, CA July 17, 2022 –(PR.Com)– Nearly half of individuals who apply for traditional long-term care insurance after age 70 have their applications declined by an insurer according to Jesse Slome, director of the American Association for Long-Term Care Insurance.
“Consumers simply are not aware of the need to health-qualify for long-term care insurance so they delay looking into this important protection,” explains Slome. “After age 65, it gets increasingly hard to be accepted for this protection.” Insurers will look at applicant health records including prescription medications that show up in an applicant’s health records.
According to Slome, nearly half (47%) of individuals who applied for traditional long-term care insurance between ages 70 and 75 were either declined or deferred their application. Over one-third (38.2%) of those applying between ages 65 and 69 were declined. The data comes from Association research as well as the just released 2022 Milliman LTC Survey.
“The sweet spot for looking into long-term care insurance is generally between ages 55 and 65,” Slome suggests. “Once people are covered by Medicare they start seeing more doctors which is great but often increases the likelihood that medical conditions will be included as part of their health records.”
Traditional insurers typically stop taking applicants after age 75, Slome notes. “However, there are linked-benefit and short-term care policies that will accept older applicants,” the long-term care insurance expert notes. “They will have health requirements as well but sometimes they can be easier to qualify for and should definitely be considered as viable options for those who want this protection.”
To access the latest long-term care insurance statistics including the decline rates starting at age 40, go to https://www.Aaltci.Org/ltcfacts-2022.Php.
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning and supports insurance professionals who market both traditional and hybrid long-term care solutions. To access information, go to https://www.Aaltci.Org or call the organization at 818-597-3227.
Contact Information:American Association for Medicare Supplement Insurance Jesse Slome 818-597-3205Contact via Emailwww.Aaltci.Org
Read the full story here: https://www.Pr.Com/press-release/865430
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The Facts On How Suspended License Affects Car Insurance
A license suspension will affect your car insurance in one of two ways: either your rates will go up, or you will have a hard time finding an insurer who will cover you at all. The reason for this is that insurers view drivers with suspended licenses as high-risk. That means that they’re more likely to file a claim, and the claims are likely to be more expensive. If your license is suspended for something like DUI or reckless driving, you might have to get what’s called SR-22 insurance. This is a special type of insurance that’s required by the state for high-risk drivers. It’s more expensive than regular insurance, and it might not be available from all insurers. The best way to avoid an increase in your car insurance rates is to avoid getting your license suspended in the first place. Drive safely and obey the law.What Should You Do if Your License Is Suspended?
If your driver’s license is suspended, your car insurance rates will probably go up. But there are some things you can do to keep your rates from going through the roof. The first thing you should do is contact your insurance company and let them know about the situation. Some insurers will work with you to find a solution that doesn’t involve cancelling your policy. You may also want to look into getting a non-driver’s license. You can usually get one of these from your state’s DMV. With a non-driver’s license, you’ll still be able to drive, but your rates will be much lower than if you had a full driver’s license.
Finally, make sure you keep up with all the requirements of your suspension. If you’re required to take a defensive driving course or attend traffic school, make sure you do it. This will show insurers that you’re serious about fixing the problem and that you’re not just trying to get out of paying higher rates.Penalties for Driving Without Insurance After a Suspension
If you drive without insurance after your license has been suspended, you may face a number of penalties. These can include:Fines: You may be fined for driving without insurance. The amount of the fine will vary from state to state.Jail Time: You may also be facing jail time if you are caught driving without insurance after a suspension. The amount of jail time will also vary from state to state.Suspension of Your License: If you are caught driving without insurance, your license may be suspended again. This means that you will not be able to legally drive in the state until your suspension is lifted.Revocation of Your License: In some cases, your license may be revoked if you are caught driving without insurance after a suspension. This means that you will not be able to legally drive in the state at all and you will have to reapply for a license once your revocation period is up.How to Get Your License Reinstated
If you have a suspended license, you may be wondering how to get it reinstated. The process can vary depending on the reason for the suspension, but there are some general steps you can take. First, you’ll need to contact the DMV or court that issued the suspension. They will be able to tell you what you need to do to have your license reinstated. This may involve paying a fine, completing a driver’s education course, or fulfilling some other requirement.
Once you have taken care of the requirements set by the DMV or court, you can then contact your car insurance company to let them know your license has been reinstated. Your rates may go up due to the suspension, but they should eventually go back down once you have proved that you are a safe driver. If you are facing a license suspension, don’t despair. With a little effort, you can get your license reinstated and get back on the road.How Much Will Your Rates Increase if You Have a Suspended License?
If you have a suspended license, your car insurance rates will likely increase. The amount your rates increase will depend on the severity of the offense and your insurance company’s policies. A DUI or other major infraction will result in the highest rate increases, while a minor traffic violation may only result in a small increase. If you are caught driving without a valid license, your rates will probably increase significantly. Check with your insurance company to find out how much your rates will go up if you have a suspended license.How to Avoid Getting Your License Suspended
There are a number of things that can lead to a driver getting their license suspended. These include things like accumulating too many points on their driving record, being convicted of a DUI, or failing to pay child support. While a license suspension can be a major inconvenience, it can also lead to an increase in car insurance rates. Sara Routhier, Director of Outreach at Car Insurance Comparison suggests some tips for avoiding a license suspension:Drive safely and obey all traffic laws. This is the best way to avoid getting points on your driving record.If you are facing a court date for any reason, make sure you show up. Failing to appear in court can lead to a license suspension.If you are behind on child support payments, make arrangements to catch up. The state may suspend your license if you fall too far behind.Conclusion
There are a few things to keep in mind when it comes to how suspended licenses affect car insurance. First, if your license is suspended, you will likely see an increase in your car insurance rates. Second, if you are caught driving with a suspended license, you could face additional penalties and fines. Finally, it is important to make sure that you check with your car insurance provider to see if they offer any coverage for drivers with suspended licenses.
Is Group Term Life Insurance Right For You?
what is group term life insurance
Life insurance is a valuable tool that pays off debt and replaces income when someone dies. While some investors purchase individual term policies, others get group term life insurance from their workplace or other organizations to which they belong. It is usually easier to get approved for these policies since they require fewer exams and medical history qualifications. When buying any life insurance it is recommended to first work with a financial advisor who can help you see what life insurance would be most beneficial for your personal situation.
What Is Group Term Life Insurance?
Term life insurance is insurance that covers you for as long as you make the premium payments. Insurance coverage depends on medical exams, questionnaires and other qualification metrics. The insurance company sets premiums based on your age, gender, your medical records, term of coverage and death benefit. Like most types of insurance, when you stop making payments, the coverage ends.
Group term life insurance takes this concept a step further. By spreading the risk around to all members of the group, there are fewer medical questions and exams. In fact, many groups offer set multiples of your income without any tests or questions. Within those limits, your premiums are set by your age, gender and death benefit.
Since employees change jobs frequently, group term life insurance usually offers “annually renewable” insurance coverage. Policy premiums factor in your age or a band of people of similar ages. Because of this, premiums can change every year and increase over time.
Pros and Cons of Group Term Life Insurance
what is group term life insurance
The death benefits may increase with higher income
Premiums start out lower than other term insurance policies
No medical exams or questionnaires for most people
Guaranteed insurability up to certain limits
Premiums increase every year
Policies may not be portable if you leave your job
Limited to a multiple of your income
How Group Term, Individual Term Life Insurance Differ
While there are many benefits of group term life insurance policies, it helps to understand the differences between group and individual term insurance before applying for a policy.
Premium payments: Individual term life insurance premiums are generally constant for a set number of years, then increase annually from there. Most group term insurance premiums increase every year.
Death benefit: Group term policies usually have a maximum death benefit before requiring additional questions and tests. Individual policies generally do not limit the death benefit as long as you can qualify for the policy.
Medical exams: Many group policies offer 3-to-5 times your salary as a death benefit before requiring a medical exam. Individual policies typically require applicants to answer medical questions and submit to an exam for policies of $100,000 or more.
Portability: Individual term life insurance policies remain in force as long as you continue making the premium payments. When you leave your job, not all group term policies are portable. This means that you could lose your life insurance when changing jobs, even if you can afford to make the premium payments.
Is Group Term Life Insurance Right for You?
what is group term life insurance
Group term life insurance is the ideal choice for people who don’t want to undergo medical exams, answer medical questions or that have medical conditions. Groups members receive guaranteed insurability, while they may not qualify for an individual life insurance policy. And premiums tend to be less in the beginning because they are annual renewable instead of having fixed premiums for a set number of years.
For people who are in good health and are fit, an individual term life insurance policy may be a better option. These insurance policies offer lower premiums to people who are in good shape and lower medical risks. However, in order to qualify and get approved, you must subject yourself to intrusive medical exams and questionnaires that some people are uncomfortable with. In some cases, these exams uncover medical conditions that the insured didn’t know existed.
The Bottom Line
Group term life insurance is generally available through your workplace or an organization that you belong to. While there are maximum death benefit limits, qualifying for these policies is usually easier. And most don’t require a full medical evaluation. The premiums start out low and increase over time, which is why many investors choose to purchase an individual term life insurance policy on their own. Consult with your financial advisor about which type of life insurance is best for your situation.
Tips for Choosing Life Insurance
Financial advisors use their expertise to help investors choose the right types and amounts of insurance coverage. They can also shop your application for multiple insurance companies to find the best deal. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investors buy life insurance to cover their financial needs in case they pass away. But, how much life insurance should you buy? Our life insurance needs calculator helps you determine that number based on your age, income, debt and other goals.