Below is a list that includes a number of scenarios in which term life policies can be a real boon, along with a couple of cautions.

1. Young Families – Couples who are just starting families are good candidates for term life policies. The cost is substantially less than a whole life plan, and many term life packages can gradually be converted to whole life over time if it is so desired.
2. Income – Sometimes term life is the only option for those whose income won’t support a whole life policy. If your income prospects are likely to improve you may consider gradually shifting from just term life to a combination with a whole life policy. Term life allows more people to have insurance coverage even early in their careers.
3. Healthy – Term life rates are the least expensive for young healthy people, particularly non-smokers.
4. Existing Families – If your family is uninsured or under-insured you may need to consider adding a term life program, which would benefit your family immediately if something should happen to you.
5. Single Adults – With the price of a burial mounting dramatically every year even singles may want to consider a term life policy, especially if they are supporting an elderly family member.
6. Couples – Even couples without children can utilize the benefits of a term policy, especially if the surviving spouse may not be able to get by on an existing salary.
7. Elderly – Older folks may think about a policy in order to spare survivors any burial expenses, but caution must be exercised. A term policy may be difficult for an older person to qualify for unless he or she is in remarkable health and the policy is likely to be quite costly.
8. Divorce – A divorce will certainly change your life and your life insurance needs, but remember that it is still important for your ex to be able to support your mutual children in the event of your passing.
9. Gaps – You don’t want gaps in your coverage which could allow certain medical conditions to become pre-existing conditions, and term life is easier to keep up with than whole life costs.
10. Kids – Although, the thought of the mortality of children is not one we like to deal with, the death of a child is an extremely traumatic event, inexpensive term life policies on children can prevent the addition of financial loss to an already devastating situation.

You can do a lot of your own research online or you may wish to consult your local agent for advice about your particular situation.

1. Lifestyle – This establishes the basis for all your calculations. Is your family used to living like Hollywood royalty or in a more modest fashion?
2. Lifetime? – Figure out the time period you will be trying to cover, factoring in the age of your spouse, the ages of your children, and the increasing average life span..
3. Inflation – Remember, prices for many necessities continue to climb, and this is something to add to your projected expenses.
4. Assets v Expenses – Mortgages, college plans and other expenses need to be balanced against assets like home equity and liquid savings.
5. Term or Whole Life? – Term life insurance is less expensive to maintain, but it runs out without leaving any benefits. Whole life is more expensive, but accrues cash and benefit values. Some insurance experts recommend starting out with term insurance and gradually converting it to a whole life policy.
6. Comparison Shop – At sites like www.accuquote.com and www.lifequotes.com you can view comparisons of numerous insurers.
7. Dividends & Investments – You will have to account for vagaries in the performance of all investment funds, which can skew calculations when the market fluctuates.
8. Job Market – The employment scene is volatile today, and may continue that way for quite some time, so your surviving spouse may not be able to count on making the same kind of money in the future. Allow a cushion for this.
9. Burial – The average cost of a burial service can easily surpass $10,000, which is another large expenditure you don’t wish to saddle your family with, so this also needs to be included in your calculations.
10. Professional – After you have done your own research and calculations you might be well advised to consult a life insurance professional, someone who has your interests at heart.

Even when you already have insurance you may need to change your policy if you have another child or buy a second home, so it pays to periodically review your coverage.

Can New Drugs Increase the Average Life Expectancy?

Because pharmaceuticals are big business, the claims that promise miraculous results with each new product must be taken with a grain of salt. The Manhattan Institute recently released a study that indicated fast approval of new drugs would increase life expectancy, raise productivity, and lower non-drug health care costs. Some experts argued that this study should be used to convince public health care programs such as Medicaid and Medicare to quickly approve newer drugs for their formularies. Critics analyzed the study and found major flaws in their methodology. While expensive, new drugs can provide miraculous results for some people, many older, cheaper medications have proven just as effective.

In the case of chronic diseases like heart disease and AIDS, drug usage can make a dramatic difference to the individual’s lifespan. By reducing cholesterol levels, statins can prevent heart disease or slow its progress. While AIDS was once a death sentence for its victims, new anti-retroviral medications can extend the life of a patient by about 24 years if the patient has consistent access to the expensive new drugs. Chemotherapy has been adding years to the life of many cancer patients if not curing them completely.

Some Prescription Medicines Can Have Unexpected Side Effects

While strong medications can cure severe illnesses and improve the quality of life for many patients, the side effects can be more than just uncomfortable. In some cases, they can cause life-threatening conditions of their own. Vioxx and other anti-inflammatory medications illustrate this point. Although they had been extensively tested and had been approved by the Federal Drug Administration (FDA), they were found to cause severe cardio-vascular problems that could lead to life-threatening conditions. Previous to that crisis, similar issues were found involving hormone-replacement therapies and prescription diet medications that had been considered safe solutions to many people’s health problems. The latest problem drug could be a popular, new anti-smoking medication. While it is commonly accepted that smoking cessation will increase the life span of most people, this new drug has been found to cause suicidal thoughts and/or behavior in some patients.

Illicit Drug Use Can Dramatically Reduce an Individual’s Lifespan

In a 2000 study conducted by the Drug Abuse Research Center at the University of California, it was found that young men who became addicted to narcotics could be expected to live to an average age of 46 compared to the average life expectancy of 61 for the general male population. Although illicit drug use can wreak havoc on the human body causing liver damage and other chronic health problems, drug-seeking activity greatly contributes to these early deaths. While drug addicts come from all socio-economic backgrounds, there is a higher incidence of risky behavior and criminal activity in drug addicts who do not have the financial resources to support their habit. Many people who live this type of lifestyle experience early deaths.

Natural Solutions: Where Do They Fit In?

Many patients who have become disillusioned with Western medicine are turning to natural medicine and healthier lifestyles to manage their medical problems. Some use these methods as auxiliary methods, while others have made a complete switch. In many cases, people have found that proper diet and exercise will lead to weight loss and other physical changes that allow their physicians to reduce or eliminate many of their prescription medications. While genetic predispositions may not make this a possibility for everyone, virtually all doctors will recommend that their patients follow a healthy diet, get adequate exercise, restrict their alcohol use, and stop smoking to improve their overall health.

References

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2669876/

http://apha.confex.com/apha/128am/techprogram/paper_14780.htm

http://www.unc.edu/~pnc/pop/Schackman.pdf

http://www.fda.gov/drugs/drugsafety/postmarketdrugsafetyinformationforpatientsandproviders/ucm103420.htm

Not to burden surviving family members with paying thousands of dollars for burial expenses.  Single or not, someone will have to pay for final arrangements.  The task of coming up with the money often causes conflict and strife between already stressed and distraught family members.

Here are some other popular reasons:

• To pay for a child’s living expenses or college tuition.  Many single people have children who would need financial help if the single parent becomes deceased.
• To pay for care giving for aging parents, or disabled siblings.  Many single people have elderly parents who need to be cared for after the death of a care giver.  Some families also have disabled siblings who would need care.
• To pay for the care of a family pet.  Some people, especially single persons consider their pet as a family member.  If something happens to the pet owner, it’s uncertain how the pet would be cared for.  Insurance money could be used to care for a loving pet.
• To leave a sizable donation to a non-profit organization or a humanitarian cause.  A lot of us are very passionate about certain issues that affect our lives.  An important cause can continue receiving financial support even after the donor’s death.

A qualified insurance or tax professional can properly document a customer’s wishes in the event of death.  They are knowledgeable and aware of any laws or regulations in carrying out the plans customers want.

Usually, women will get life insurance policies that cost less than men. Insurance companies use statistics to determine their rates. Statistically speaking, women tend to have a much longer life span than men. Because of this statistic, the likelihood that a death claim will have to be paid for women is much lower. Simply because of this reason insurance companies choose to insure women at a much lower rate than men.

Usually, life insurance companies have a certain amount of time to look over your application and see if there are any mistakes or false information given. This period of time usually lasts up to two years after you submit your application; however, it could change depending on the life insurance company you go with. If the life insurance company has not contacted you and denying your coverage during that period of time, they will most likely honor whatever the policy has stated. Make sure you contact your life insurance company to see what their policies are, as it may change from one company to the next.

The state governments may be able to take money from inactive insurance or bank accounts. If you found out that the government has taken from your life insurance policy, you may be able to get it back. You need to contact your life insurance company to get the contact information. Simply by writing a letter to the government, you may be able to reclaim the money that has been taken from you.

If your insurance agent was not able to help fix a problem you had with your life insurance, you can take further action. The next thing you need to do is write a letter to the President of the company. You should ask for help from the person next in line when writing the letter. If this does not solve your problem, you can then take your issue to the State Insurance Department.

If you know someone who is a non-English speaker and needs life insurance, there are many companies out there that offer agents who speak different languages. These agents are trained to address customers who do not speak English.

Since there is so much diversity today, many companies have departments that specialize in selling and helping non-English speaking customers. For example, in markets that have many Hispanic or Chinese customers, there are special agents to help them out in their native tongue.

Simply search for an insurance company that has agents who speak the appropriate language to help that certain person.