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Life Insurance for People with Multiple Sclerosis
Getting life insurance for multiple sclerosis patients is difficult, but not impossible depending on the level of risk associated with the coverage plan. It is important to ask oneself a series of questions prior to moving forward and engaging with the insurance company. Is the life insurance a mandatory requirements (i.e. is someone dependent on you?) and will it be needed right now? This question has to be asked before doing anything else. If yes, it is important to understand the insurance company’s point of view.
Insurance Company’s View
The insurance company will assess the case based on the patient’s medical history. Multiple Sclerosis is immediately categorized as a massive risk for the insurance company due to the mortality rate associated with the condition. However, agencies are trying to make sure insurance companies understand the condition as a whole and recognize the type of risk they are getting into is not as severe. The insurance company will have a medical test done on the patient to assess how healthy they are. A range of requirements have to be fulfilled in order to get the best possible life insurance coverage plan from the company. The insurance company will look at the degree of disability and try to assess how the condition will be down the road for the patient.
Limit on Funds
What type of life insurance can one apply for with this condition? The general rule for any form of life insurance is 10 to around 15 times of one’s current income. This is then paid over a 10-15 year term depending on the company and the case at hand. The limit is usually restricted to these amounts regardless of who the client is. The life insurance company will aim to go through the physician to understand the case better prior to making a final judgment.
Getting the Best Rates on Life Insurance when you have MS
No matter what your condition getting the best rates will depend on using an agent that understand MS. The best way to get good rates on life insurance with multiple sclerosis is to use an agent that knows the best companies and is willing to shop around for a bunch of different quotes. This will allow you to comparison shop and get the best rates for your needs.
Do I Need Disability Insurance?
Having to deal with disability is one of the most frightening experiences that anyone can go through. It slaps even harder if this disability is acquired, and you had no insurance cover on it. Acquired disability may be as a result of certain diseases, infections as well as tragic accidents. These disabilities may take away one’s productive nature, cutting down income flow or the ability to work to earn a living. The highest percentage of persons with disabilities acquired it without an insurance cover, and have had to deal with it ever since.
It is estimated that the probability of one acquiring a disability is 5 times higher than house fire or flooding incidences that most people have insurance on. Many people would rather help in the event of a house fire than help a disabled neighbor across the street. They don’t even take a chance to learn what made this neighbor disabled and how he/she is handling it. Many would rather rush to apply for a home insurance cover than seek disability insurance which is real and living amongst us.
Disability insurance cover helps maintain an income stream even after you are incapacitated and cannot work anymore. It saves you the frustration of having to spend your entire life’s savings on food and shelter not knowing what the future will present. Anyone with an acquired disability and never had an insurance cover for the same has a hard time dealing with mortgage companies, car repossession or even having some money to take care of basic needs and bills. This is even more prevalent with people in the upper income brackets. Imagine a doctor who is used to a pretty lavish lifestyle suddenly not able to practice. That lifestyle could go away pretty rapidly if they have not gotten disability insurance. That is why paying the higher rates for physician disability insurance is much more important to them than a general worker.
Most people depend and rely on their employment insurance cover, and have a notion that compensation received from the same is enough to take care of medical bills and other costs incurred in case an accident occurs. The glaring truth however is that your employers insurance is not adequate and the compensation won’t last another 3 months if you are incapacitated or disabled. The ObamaCare has made things even worse, as employers are forcing their employees into taking the government insurance which is inadequate and doesn’t cover disabilities.
The only way to safeguard your future is by purchasing disability cover from insurance brokers before it is too late.
Purchasing Life Insurance Through AIG Direct Life Insurance
AIG is a major life insurance organization that operates worldwide in 130 countries. Millions of people all over the world rely on AIG for their security and they are very stable and financially capable.
AIG enables anyone to get a quote very easily and simply by making a phone call. In as little as five minutes, a friendly and well qualified agent can get the correct information that is needed in order to get you an accurate quote.
As a leader in direct-to-consumer life insurance marketing. You can get quotes that will fit your specific situation, and they specialize in term life coverage, which for most families, is the most affordable form of life insurance.
The approach of AIG direct life insurance is to work directly with the prospective buyer and get all of the necessary information in order to supply him or her with a quality quote on several different plans based upon the objectives and the goals of the client.
Once the quote is given to the prospective buyer, the particulars are explained and then when the buyer decides to go ahead with the purchase, an application is completed over the phone and then is sent to underwriting for approval. Any necessary medical exams are arranged for and scheduled.
This is a preferred method of purchasing term coverage because it is more efficient, and AIG Direct Life Insurance can direct the process very easily on an electronic basis and keep the customer informed each step of the way.
Once the policy is approved and issues, it can be sent to the customer electronically, or sent by mail, whichever method the customer prefers. The service doesn’t stop there as ongoing service is only a phone call away at any time.
Creating a Budget for Your Personal Finances
If you never know where your money goes, have problems paying off your debts, constantly find yourself in tight financial constraints, are unable to save consistently or just want your money to do more for you then you need a budget. A budget is a simple money management tool which will allow you to meet financial obligations easier and handle your money more efficiently. Once you start using a budget your financial woes will lessen and you will be able to reap the benefits of your money.
Before you create a budget outline your goals. For example if you want to save a certain amount for the year, you want to be able to make a big purchase by a certain date or afford a family vacation. A budget will help you realise the power of your money. Knowing what you want to be able to do with your money will help you knowing how best to handle your money.
Be careful not to set unrealistic expectations. People often make the mistake of creating strict, unworkable budgets and then give up on the budgeting lamenting that it doesn’t work for them. Your budget should be true to your needs, limitations and income. There is no point in creating a budget which says that you will live on only 10% of your salary and save the remaining 90% if you know this is next to impossible.
Similarly, your budget isn’t there to stifle you. By not making any allowances in your budget for recreational activities or cutting out all provisions for the fun in your life you are essentially making your budget unworkable. An alternative is to earmark a reasonable sum for your monthly allowance so that you can still have the occasional shopping binge or eating out without going overboard.
Tracking your spending is also an important part of creating and sticking to your budget. By recording all your purchases you can take note of your spending habits. This will allow you to minimize or eliminate unnecessary spending and give you more room to save and meet your financial goals. Receipts also help you realize where there is a gap in your financial habits. Keep receipts so that you can assess how you handled your money in the past, decide whether you stuck to your budget and analyse your budget to ensure that it is meeting your requirements.
Constantly refer to your budget. Throughout the month before making major financial decisions look to your budget to decide whether or not you can afford something. The amount you spend should not exceed the amount you earn. If you can’t afford something in one month add it to your list of goals so that your budget can facilitate this purchase at a later date. Your budget may need a few tweaks before you get it just right, but once you get it right your pockets will thank you.