Monthly Archives: February 2019

Factors Affecting Approval and Premiums for Life Insurance for Diabetics

Disclaimer: This article does not constitute medical advice. It’s for informational purposes only. Always discuss anything health-related with qualified medical personnel especially if you are diabetic.

When an underwriter decides your premium rate or whether to issue you insurance or not, they’ll look at a number of factors. Then, provided you qualify for coverage, they’ll calculate your rate based on the company’s policy which is usually presented in a table. The table features different categories each one related to a different rate. Here’s what you can and can’t do to get a more affordable life insurance premium.

Factors Under Your Control

These are some factors that underwriters take into account when doing a risk assessment for life insurance and that are under your control.

BMI

Getting a better BMI is about losing weight if you are over the healthy range or gaining if you are under it. The BMI, however, can be entirely inaccurate and is increasingly being replaced by other more useful assessments. For example, a fit pro-NFL Player might get the same BMI as somebody with obesity which doesn’t paint an accurate picture.

Accompanying Illnesses

A diabetic person with accompanying illnesses is a higher-risk than one without. Unfortunately, most people with diabetes develop other problems, mainly cardiovascular related. Fortunately, if they are treated, they can carry less weight at least when it comes to whether you get insured or not. So, working on prevention and treatment can get you a better quote.

Lifestyle Habits

What you eat and drink, how active you are, whether you smoke and drink alcohol, and how much sleep you get are all in your hands. These also happen to be things you need to pay extra care to when you have diabetes. Showing to the insurance company that you are willing to keep a healthy life despite your condition is one of the key ways of getting affordable life insurance.

Insurance Agent

Where you shop for insurance is also an essential element of getting approved. Insurance companies have different company policies relating to life insurance for diabetics, and some have lower entry barriers than others. Shopping for high-risk life insurance through American Term will give you the best options about your specific case; even if you have Type 1 diabetes or have been rejected before.

Life Insurance Exam

It is the life insurance medical exam that’ll show the insurance company whether you are really taking care of yourself or it’s all on paper. During the exam, you’ll give blood and urine samples though you may be asked to undergo additional testing—an EKG, for example. If you’ve been consistently keeping healthy lifestyle habits the tests will show and give you a bonus point in front of the insurance company. If you’ve been slacking—well, the opposite applies.

Factors Beyond Your Control

There are things that underwriters consider that are beyond your control. Nevertheless, it’s better for you to know them because some of them could be offset.

Age

Naturally, the elderly pay higher premiums on life insurance. If you are of senior age and have diabetes, you already carry two high-risk factors that you cannot change. What you can do, though, is show that despite your age you are keeping a healthy and active lifestyle.

Time Since Diagnosis

The longer you’ve lived with diabetes, the riskier you are considered to be from a life insurance point of view. If you’ve been diagnosed after the age of 50 and show that you are taking care of yourself, you’ll have more favorable chances of getting an affordable premium.

Type of Diabetes

Type 1 diabetes is considered more damaging to the body since it usually exists for longer than Type 2. Thus, it also comes with higher premium rates and a lower (but still existing) chance of being approved for life insurance. Type 2 diabetics have a higher chance especially if they show due diligence in managing the condition.

Company Policies

Some companies have stricter policies than others when it comes to providing life insurance to people with diabetes. You can’t change that, but you can pick a company with looser guidelines or turn to an experienced insurance agent for help.

Family Predisposition

Family predisposition to life-threatening diseases is also not something you can change. True, being predisposed to illness doesn’t guarantee that you’ll develop it during your lifetime, but insurance companies err on the cautious side. What you can do in such cases is to take measures to minimize the possibility of developing the illness in question.

As you see, the process of assessing risk for life insurance is multileveled especially when it comes to people with diabetes. Nevertheless, many of the factors are under your control. As for the rest, while you can’t change them, you can maintain a lifestyle that’ll give you more control over your wellbeing.

What is an LLC? Limited Liability Company

What is LLC? Can it suit all types of businesses? What are the procedures to form LLC? If you are interested in LLC, you might prefer to educate your mind with all the required information before taking any decision. In this article, we will cover all the aspects with pros and cons.

What is LLC?

LLC stands for Limited Liability. It offers an easy and simple structure to form your business as well as to protect all your personal assets when your business is issued. You can own it individually to become an LLC member. It can be also owned by multiple people. When it is owned by one person, it is known as the single-member LLC. When there will be more than one owner, it will be known as multi-member LLC. When you ready to start your business same with this Legalzoom LLC promo code.

Can Every Business Form An LLC?

It will depend on the types of business and its goal. As stated earlier, LLC is a business structure. If you want this structure for your business, you can go with it. Otherwise, you can consider other structures such as General Partnership, Sole Proprietorship, and Corporation. You can choose any of these business structures to ensure proper growth and to secure your business information.

Business owners prefer LLC since it is simple and offers the right protection to your personal asset. Unlike other business structures, it will protect your personal assets when your business is sued. Another benefit is that it is easy to form and maintain.

What is the Procedure?

  • Choose and reserve a legal name
  • File Your Articles
  • Decide the owner of your business
  • Decide the numbers of the owners who will be the part of the LLC
  • Get all the required certificates including your business license
  • Get an Employer Identification Number (EIN)
  • Inquire about other ID number required by your start or government agencies

The process will vary depending on the jurisdiction. However, all businesses need to pay disability, unemployment, and payroll taxes. Also, tax ID numbers of all those accounts will be needed along with EIN.

Benefits

Personal Asset Protection: Personal assets will be protected if the business is sued

Pass through Taxation: The profits of LLC are taxed only once. In other business structures, you will find double taxation.

Simplicity: LLC does not demand much paperwork. It is easy to form and easy to maintain as well. Like other structures, LLCs do not need to assign formal office roles or hold annual meetings.

Flexibility: LLC is flexible than other structures. You can be a single member and multimember. Also, it can be managed by managers or members. It can be elected to be taxed as S-crop or C-crop.

Increased Credibility: It offers more formal business structures. With an LLC, you can access business loans.

Cons

Lack of Uniformity: LLC is treated differently in different states

Self-employment Taxes: Owners need to pay tax on their share of LLC income

Conclusion

LLC can be ideal for all those who are looking for a simple business structure. Yes, it will protect their personal assets and can help to create a trustworthy environment.

Friends