Top 3 Diabetic Life Insurance Hacks

Presented by RedDoorInsurance.net

Less is More

  • When you buy in bulk some stores offer a discount. This same idea applies to diabetic life insurance. Insurance companies typically have thresholds in which the cost per thousands of dollars of coverage goes down.
  • That means that your annual premium could be lower if you buy a bigger policy.

Why Buying More Could Cost You Less

  • Insurance companies typically tier coverage at predetermined price points. At specific price points within these tiers, they may offer a price break.

Rounding Up is Key

  • Generally speaking, it may be wise to round up to the nearest $100,000 when you are shopping for the best insurance rates, but that isn’t always the case.
  • An experienced independent life insurance agent broker will know where each company’s “sweet spot” is and will be able to steer you in the right direction.

Find the “Sweet Spot”

  • For example, an insurance carrier may offer a lower premium on a $250,000 policy rather than on a $200,000 policy.
  • It all depends on where the company’s “sweet spot” is, but the thing to remember is that these tiered price breaks aren’t the same for every company.

It’s Easier Than You Think

  • Diabetes is a complicated health issue, but buying life insurance doesn’t need to be. If your diabetes is under control, you can be eligible for more than you thought possible, even if you’ve been declined in the past.

Why Work With an Independent Life Insurance Agent?

  • An experienced life insurance agent broker has the flexibility to shop around to find the best match for you and your budget.

Express Insurance Could be the Answer

  • Express issue life insurance may offer life insurance regardless of your health condition. However certain criteria may need to be met and there may also be a waiting period involved.

Resources

https://www.nerdwallet.com/blog/insurance/clever-hacks-buy-life-insurance/

Disclaimer

Red Door Insurance may provide informational videos that are purely intended for informational purposes only.

The information contained in the multimedia content posted on YouTube and other media outlets and/or platforms represents the views and opinions of the original creators of such Video Content and does not necessarily represent the views or opinions of Red Door Insurance and it’s owner(s).  The mere appearance of Video Content on the Site and on YouTube or other such multimedia hosting outlets does not constitute an endorsement by Red Door Insurance or any of its affiliates and appearances of such Video Content.

The Video Content has been made available for informational and educational purposes only.  Red Door Insurance does not make any representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the Video Content.  Red Dor Insurance does not warrant the performance, effectiveness or applicability of any sites listed, produced or linked to in any Video Content.

The Video Content is not intended to be a substitute for professional legal advice, medical advice, diagnosis, or treatment. Always seek the advice of your lawyer, physician or other qualified health provider with any questions you may have regarding a legal or medical issue. Never disregard professional legal or medical advice or delay in seeking it because of something you have read or seen on the Site.

Red Door Insurance hereby disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of the Video Content, which is provided as is, and without warranties on a purely informational basis.

 

How to Write an Obituary

Don’t put off writing your obituary. The truth is that you just have to start it, you don’t have to finish it. There are 4 ways to write an obituary, but please keep in mind, the longer the obituary, the more it will cost. So, the question is, do you want it short and sweet or long and detailed?

Here are a few things that you will probably want to include in your obituary:

  • Full name
  • Date of birth
  • City of residence
  • City of birth
  • Name of significant other (alive or deceased)
  • Date, time, place of funeral, memorial service or wake will be held – obviously, you won’t have that information, but it’s not a bad idea to include a general mention so that your loved ones can contact the funeral home or church where you want your memorial service to be held. If you already know which funeral home you want your funeral to be held in or if you have a particular pastor, father, or another spiritual leader to officiate at your funeral, you may want to mention it here as well.
  • City and state of birth
  • City and states of previous residences throughout the years
  • Children, grandchildren, nieces, nephews and other family members
  • Special pets
  • Activities – this could include volunteer work, church/synagogue/temple/mosque membership, hobbies, membership to professional organizations & your position within the organization and your contribution to the organization.
  • Vocation and/or places of employment
  • Significant accomplishments
  • Military service
  • Schools attended and degrees earned
  • Personality traits and/or a short antidote
  • How you died – you may want to leave this part blank
  • Where people should make a memorial donation

The First Paragraph

The Short & Sweet Obituary

In the short and sweet obituary, the opening is a short one sentence that gives general information about who you are, how old you are, where you reside and when you died. You do not need to include the cause of death. Of course, since you are writing your own obituary, you should leave the date and cause of death blank and let your family members fill in that part.

An example of the short and sweet template might just be a short death announcement and look something like this:

[Name], [age], of [residence] passed away on [date].

Here’s an example of what it might look like:

Jane Doe, 89 of Akron, Ohio, died Jan 1st, 2012 with her family by her side.

The Biographical Obituary

In this type of obituary, you want to give some basic biographical information, such as place of birth, education and marital life (if it applies to you).

Here’s an example of a template you could use:

[Your full name] was born [place of birth, date of birth, parents]. [Your first name] graduated from [high school] and attended [name of college] where he/she received a degree in [name of degree]. He/she was married to [spouse’s name, time of marriage]. (You may want to include where you lived most of your life and where you retired if it is applicable.)

Here’s an example of what a biographical obituary might look like:

Jane Doe was born to the late Joseph and Judy Jackson, January 1, 1905. Jane graduated from Springfield High School in 1922 and received her BS in Journalism from the University of Akron in 1927. She married the late Dr. John Doe in 1929 and they lived together in the Akron area for 35 years before retiring to the Tampa Bay area.

The Second Paragraph

The second paragraph is optional. Remember that obituaries aren’t free. There is a cost involved. Word counts vary depending on the newspaper’s font and column width. So your loved ones should ask how many words are in an inch and keep that fact in mind when going to submit your obituary. If you want a picture with your obituary, then you should provide that for your loved ones, as well. Please keep in mind that may also add to the overall cost of your obituary.

The Informational Paragraph

If you want your obituary to include more information than what is typically included in the short and sweet obituary or the biographical obituary, use the biographical obituary as your first paragraph and then add additional information in the second and third paragraph.

Think of these paragraphs as mini-paragraphs or descriptive paragraphs. They describe you. Now pick three positive adjectives that describe your personality. If it helps, think about what you want to be known for.

For example, rather than saying you were civic-minded, describe what you did to demonstrate your civic mindedness. Describe your volunteer activities, charity activities, lodge affiliation or other organizations that you were involved in.

The formatting of these paragraphs is less structured since it all depends on the information you want to include.

An example, a paragraph may look something like this:

“Jane Doe was a nurse until she retired in 1980. She was passionate about helping the homeless and volunteered at the Akron Free Clinic during her spare time. She also served meals to the homeless at Haven of Rest Ministries on Market Street on Christmas and at Thanksgiving. She also read books to toddlers during the Akron Library Storytime Hour on Monday mornings. She was honored with the Akron Hometown Hero award in 1989.”

Or maybe it may like this, “John Doe was an avid fisherman. He spent most weekends fishing in his boat, The Wild Matilda with his family and friends on Lake Erie. He enjoyed coaching little league and ran 12 half-marathons with his grandchildren during his lifetime.”

The Survivor Paragraph

This is by far the most common type of obituary you will find in the newspaper. In this type of obituary, you should list your children, grandchildren, and great-grandchildren (if you have any). You also need to include the residences of these family members and separate the names of each person with a semicolon.  If you have a lot of grandchildren it may be more appropriate to just mention the number instead of listing each grandchild separately. I think the rule of thumb should be if you have three grandchildren or less, go ahead and list them individually, otherwise just stick to mentioning the number.

An example of this would look something like:

Jane Doe is survived by two children: Sarah Johnson of Copley; Samuel Doe, of Canton; and Susan Williams, of Wooster. She is survived by 6 grandchildren and by 3 great-grandchildren.

The Funeral/Memorial Service Paragraph

The funeral information should be placed in the final paragraph. It will include the time, date and place where the service will be held. Since you won’t be writing this part, you may still want your wishes known, if you would like the attendees to donate to a charity in your name.

If that’s the case, then it should look something like this:

“Instead of flowers, the family requests that donations be made to Catholic Charities.“

Submission Tips

When your family submits your obituary, they need to know what the deadline is for your local newspaper, although it usually around 4 or 5 p.m for obituaries, sometimes they’ll make exceptions, if possible. Otherwise, it will go into the next day’s paper.

Try not to make your obituary too long and stick to the formatting suggestions outlined above. However, your local newspaper my format their obituaries differently, so it’s a good idea to take a look at the obituaries in your hometown newspaper to look at the formatting. If the formatting is different, follow their formatting.

If your obituary is too long, it may be edited down to a more manageable size so the newspaper can fit it into space they have allotted for obituaries.

If you want your obituary to be published in a local paper where you used to live, then you should provide that information to your loved ones so they can carry out your wishes.

Additional Information

Some funeral homes will include the obituary in their funeral packages. If you have a particular funeral home in mind, find out if this is the case. Also, you can always purchase a pre-burial package from a funeral home, but if there is any money left over, the funeral home will not refund the difference to your family. Pre-need funeral packages put control of your final expenses in the funeral home’s hands.

Medicaid Spend-Downs

Serenghetti horizon
Is a Medicaid spend-down situation looming on your horizon?

Costs associated with funerals are constantly on the rise. This is something that you’ll want to keep in mind, especially if you’re setting money aside to cover your funeral costs or are considering investing in a final expense or whole life policy.

However, if the possibility of going on Medicaid is looming on the horizon, then consider forgoing a final expense or whole life policy and go directly to the funeral home of your choice and purchase a policy through them. Just make sure that it’s an “irrevocable” policy. That means that Medicaid will not consider it an asset which will automatically grant it a protected status and it will not count against you if you should find yourself in a Medicaid spend-down situation.

Just make sure that once you pay for the policy, the prices are locked in and your family won’t be expected to cover the price difference between what you paid at the time of purchase and what the going rate is at the time of need. Then keep a copy of the contract and keep it with your Final Wishes File.

Wills

stratford-disputed-wills1

Don’t skip the attorney when it comes to writing your will. Free fill-in-the-blank wills online are fine if you don’t have any significant assets, but if you do, an attorney is necessary to get your affairs in order. Online wills are easily contested, which can leave your estate in probate longer than it needs to be. This can drain the estate and leave little behind for your heirs. Also, having a legally binding will can help eliminate unnecessary family squabbles.

The Ethical Will

Even if you don’t have two pennies to rub together, you can still write a will. You can write an ethical will, which is basically a will that outlines your personal values, spiritual convictions, hopes for future generations and important life lessons. This type of will has nothing to do with money or assets and a lawyer isn’t necessary.

What Should You Include in Your Will?

What you include in your will really depends on what you have and who you want to have it after you’re gone. It’s important to think it through and be very clear on what exactly you want to do with your assets prior to walking into an attorney’s office.

Things You Can Include in Your Will

  • Residential buildings, income properties, commercial and residential properties and land.
  • Cash: money in a savings account, checking account, individual retirement account, Certificate of Deposit, money market accounts and possibly pension accounts.
  • Intangible property: stocks, bonds, business ownership, copyrights, patents, royalties, intellectual property.
  • Valuable items: cars, motorcycles, boats, furniture, jewelry, antiques and so on.

Things You Can’t Include in a Will

Not everything can be included in a will. Here’s a list of some things that can’t be included:

  • Property that is equally owned by two parties (both names are on the deed). These type of assets will automatically be transferred over to the surviving partner.
  • Trusts
  • Retirement plans
  • Insurance policies that state a beneficiary
  • Stocks and bonds that have been set up to automatically transfer to another person upon passing

How to Close Your Parent’s Mobile Phone Account After They’re Gone

oldsmartphone

Dealing with your parent’s cell phone carrier after they pass may seem like it’s just one more thing to add to an overwhelming list of things to do. The reality is that some carriers are more than happy to charge your parents estate for ETF fees, while other carriers are very sensitive to this issue.  Choose your carriers wisely.

The Big Four Cell Phone Carriers

Each mobile phone carrier has their own policy and procedures in place when it comes to closing accounts due to the death of an account holder. Most mobile phone carriers require you to sign a two-year contract that charges Early Termination Fees (ETFs) if you break your contract.

Some phone carriers are more gracious than others when it comes to charging ETFs due to the death of an account holder. I’ve listed the big top four mobile phone companies, but there are plenty of others, each one with their own procedures and policies in place.

AT&T

In order for early termination fees and/or transfer of billing responsibility fees to be waived, your digital trustee must contact customer service and provide your Social Security number and the account password. In most states, (except for Oklahoma) the account must be deactivated unless a Transfer of Billing Responsibility is activated in order to retain the mobile phone number. The balance of the account will fall to the estate.

Detailed information may be found on AT&T’s help page.

Sprint

Canceling or closing an account with Sprint is as easy as sending an email to DeceasedNotification@sprint.com with the following information:

  • Account holder’s complete name
  • Cell phone number
  • Date of death
  • Social Security number

Additionally, Sprint requires the digital trustee to include their phone number in the communication.

Details can be found on Sprint’s help page.

T-Mobile

In order for T-Mobile to cancel your phone service and early termination fee (ETF), your digital trustee must contact Customer Care and provide the following information:

  • Cell phone number
  • Account number
  • Responsible billing party
  • Death certificate or attorney/legal estate documents if the death certificate is not immediately available

The supporting documentation listed above must be received within 30 days. Customer Relations will verify the information within 7 business days. If the documentation is not received within 30 days, T-Mobile will refuse to process the cancellation.

Additional details may be found on T-Mobile’s help page.

Verizon/Frontier

If your cell phone is in your name, your digital trustee should go to a Verizon/Frontier store with your death certificate. At that time, the sales associate should cancel your line and all other lines in your name, as well as stopping the early termination fee.

Contact Verizon/Frontier’s customer service department for additional details.

Why Do You Want to Buy Life Inurance?

key-2114047_640
It’s important to understand your motivations for wanting to purchase life insurance. It’s important that your premium dollars are helping you protect what matters most.

Having life insurance there for you when you need it can be a huge blessing, especially when you are at your most vulnerable. It’s important to ask yourself why you want to get life insurance coverage. What do you want it to do?

  • Supplement our retirement income
  • Give to a worthy charity
  • Keep your business going, should you pass
  • Replace the breadwinner’s income
  • Provide a financial legacy to your heirs
  • Provide debt protection
  • Protect your assets should you need long-term care
  • Pay for your funeral and it’s associated costs

Next, you need to zero in on the main financial reason why you want to get life insurance. Financially speaking, what do you want your insurance policy to do?

  • Access cash values and a death benefit
  • Low premiums for a short period of time
  • Access to cash values, should you become terminally or chronically ill
  • Access to cash values to pay for a downpayment on a home or college tuition for your children or grandchildren
  • Provide a hedge against inflation in order to maintain your standard of living
  • Have the flexibility to increase or decrease the premium or death benefit
  • Flexible premium payments
  • Potentially double your death benefit should die accidentally 
  • Return of premiums

The 3 Different Types of Living Benefit Categories

three
Living benefits are categorized into 3 different categories of illness that allow you to be eligible for a payout.

There are three basic types of living benefit categories. Each category requires that you meet the qualifying criteria in order to be eligible to receive the living benefit payout.

  1. Critical Illness – to receive the living benefit payout for a critical illness, you must be diagnosed with a major medical health condition like cancer, stroke, or heart attack. Certain other qualifying health conditions may include blindness caused by diabetes, Lou Gehrig’s disease (ALS) or kidney failure.
  2. Chronic Illness – to receive the living benefit payout for chronic illness, you must be unable to independently perform two daily living activities. This may include dressing, bathing, toileting, eating and transferring. It may also be required that the policy to be in force for a certain number of years before the carrier will pay out. It’s best to check the policy’s waiting period so there aren’t any surprises.
  3. Terminal Illness – to receive the living benefit payout for terminal illness, you must be diagnosed with a terminal illness and have a life expectancy of 24 months or less. Check your policy as some states may require 12 months or less.

Once you receive the funds, you may spend them any way you wish.

All in all, living benefits should never be considered as a viable alternative to long-term care insurance, but it can offer a source of cash, should you be diagnosed with a qualifying medical condition. Ideally, it could stop your life savings from being depleted or protect other important financial resources.

Life Insurance Living Benefits

hostpital1
Living benefits can help you at a time when you are at your most vulnerable.

Just within the last 5 years or so, some insurance carriers have been offering insurance policies with living benefits or accelerated benefit riders. The beautiful thing about living benefit riders is that it allows you to get part of your policy’s face amount – in some cases, up to 90% or more, if you are diagnosed with a serious life-threatening disease, such as cancer or some other qualifying condition.

Living benefits funds may be dispersed as either a one-time lump sum or through installments. The good thing about the living benefits funds is that the cash isn’t limited to paying the medical bills. The cash is yours so you can spend it on whatever you like.

Which means you can pay off your mortgage, pay for your daily living expenses, install a wheelchair ramp, buy a new car, or whatever you like. There are no strings attached. However, the cash that you receive will be applied against your policy’s death benefit. So, if the reason you took out the policy was to leave something behind for your heirs, then you need to take that into consideration, as you could be significantly reducing the death benefit.

Generally speaking, the money you get once you access your living benefits may not be subject to federal income tax, assuming that certain criteria is met, which basically means that you must be classified as being terminally ill.

Another good thing is that the living benefits you receive from your insurance policy usually aren’t subject to state income tax either, although this isn’t across the board in all states, so check to see if it applies in your state.

One important thing to note is that you will still be responsible for paying the monthly premium, even though the death benefit has been reduced. So it’s important to keep the policy in force.