If you are concerned about outliving your savings, perhaps an income annuity will fit your needs. An annuity can offer a guaranteed lifetime income that you can’t outlive.
Fixed income annuities are offered with a number of payment options, allowing you to structure payouts according to your financial goals and objectives. Consider these four income streams:
Joint life: This option provides income for two people, as long as either client is alive. When one client passes away, payments continue to the survivor.
Period certain only: This allows the client to target how long they need an income stream. If the client passes away before the end of the certain period, remaining payments continue to the designated beneficiary.
Life with a period certain: In this scenario, the annuity sponsor will pay out income for a client’s lifetime. If the client were to pass away prior to the end of the certain period elected, the beneficiary receives the remaining payments.
Life only: This is the least-commonly selected payout. When you die, payments cease—no matter what. This can be risky, but the upside is this option provides the highest payouts.
A guaranteed lifetime income, one you cannot outlive, provides peace of mind. Should this be part of your financial plan? Ask your agent or advisor to see if it fits your needs.
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It shouldn’t come as a surprise that people with a history of illness like heart disease would have a more difficult time getting approved for life insurance than those who are healthy. But the key word here is difficult, not impossible.
If you’ve had a heart attack, knowing what to expect when you apply for term life insurance will greatly increase your chances of getting good coverage.
What Do Insurance Providers Need to Know?
The key is being open and honest when dealing insurance companies. Don’t withhold information from them, as they will probably require a medical exam anyway, in which everything will come out. You should be prepared to answer the following questions:
What If I Have Had Multiple Heart Attacks?
If you have a more serious form of heart disease and/or have had multiple heart attacks, it’s still possible for you to get approved for coverage. You just have to be aware of what your options are. You may not end up with the amount of coverage that you want, but some companies do offer standard or regular term (in some cases substandard) life insurance policies for people with this kind of health history. If traditional coverage is not available, a high-risk life insurance policy or graded benefit term may be necessary.
What Kind of Rates Can I Expect?
Every person’s case will be different, so it’s impossible to say exactly what rates you will be offered.
It is possible for people to get life insurance coverage after a heart attack. The key is knowing what to expect before you apply.
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