However, one area where people with disabilities continue to find problems in keeping up with other groups is the area of insurance. Fortunately, there are several companies which specialize in insuring people with disabilities at a reasonable cost.

New York Life became one of the first life insurance companies to insure people with disabilities, as long ago as 1896. This action was in conjunction with New York Life’s new “disabilities policy,” which was one of the first of its type to presume total disability after a period of time.

Since then, other companies have recognized the value of special policies designed exclusively for people who suffer from various disabilities. While not always priced exactly the same way as other people’s policies, these disability life insurance policies offer hope to those who might feel they are uninsurable or are discriminated against because of their disabilities.

Insurance companies generally divide people with “disabilities” into one of three groups: those with permanent disabilities, health issues, or senior citizens. Some companies impose waiting periods to pay benefits on new policies for people who fall into these groups, but others offer “first day” death benefits.

It is possible that, due to the nature of a person’s disability, he or she may be able to obtain coverage at prices comparable to those of persons without disabilities. What will determine this is the nature of the disability itself. For example, a person who is born blind or loses sight through an accident, but still lives a normal and productive life, will probably find that insurance companies do not care so much about the disability as about other health factors: weight, blood pressure, and smoking habits, for example. A smoker will pay much higher prices than a blind person who does not smoke, in most cases.

On the other hand, if the disability is of the type that is likely to cause problems later in life, then that person will likely have to pay more for life insurance coverage, or be denied altogether. Many life insurance companies have “pre-existing” condition clauses which exclude death benefits from a person who dies of a disease or injury which took place prior to the insurance coverage period. On the other hand, many “pre-existing condition” clauses also expire after a period of time. It is possible, for example, to get life insurance with a disability, live out the pre-existing condition period of two year, and have survivors collect in full on the policy three years in the future.

With access to the MIB, or Medical Information Bureau, life insurance companies find it quite easy to determine if someone has been regularly taking certain medications or has a life-threatening condition. When asked health questions by an insurance agency, it is important to be honest, but not to volunteer unnecessary information. If you are applying for a policy as a person with a disability, do not assume that the insurance company will ask you particular questions; rather, answer only the questions which are asked.

If you have a disability, do not think that you cannot qualify for or get life insurance. An online life insurance quote website will help you determine the best coverage for you at the most reasonable price.

For example, eQuote, an online life insurance company, offers “instant” life insurance quotes without any medical questions or exams. Compass Quote, another online company, offers up to $500,000 worth of term life insurance without a medical exam or questions.

Many companies will also issue policies within a short time period of consideration without medical exams. Transamerica Life Insurance company will offer up to $99,000 in term life insurance without medical exams or records, with a five- to seven-day waiting period.

Met Life offers “phone interviews,” in which the applicant need only answer a few questions by phone to be approved within twenty-four hours for up to $500,000 in term coverage. Fidelity Life will also provide a twenty-four hour decision with no medical records or input from your doctor, for a term policy of up to $300,000.
Guaranteed Trust Life offers up to $250,000 in online term life insurance with no medical history needed.

This may seem too good to be true. After all, these large companies have not stayed in business by offering insurance to everyone no matter what their health status. There is a catch to “no medical exam” life insurance, and it is a subtle one that many people do not catch.

In order to minimize the risk of not asking for a medical history or performing an exam, most of these companies write in dozens of exclusions to the policy, so that almost any truly dangerous condition will not be covered. For example, if you have had cancer, many policies will exclude payment even if the cancer is not what caused your death.

You can also purchase whole life policies without a medical exam. The difference between regular whole life and that provided without a medical exam is usually in terms of cost.

Because exclusions are not generally a large part of whole life policies, the companies must protect themselves by charging more in premiums. Further, whole life policies do not pay face value immediately, so if you die soon after purchasing a policy, your beneficiaries will not receive a large sum of money, unlike term policies.

There are times when it is beneficial to pay more for your insurance and skip the medical exam. Some medical exams note conditions such as controlled hypertension as being a “pre-existing” condition or one that will disqualify you from coverage.

Even though high blood pressure may be easily controlled with medication, it can greatly affect your ability to get life insurance. In order to be sure that you qualify, you might want to think about a policy which does not require medical information.

Be sure to distinguish between “no-exam” and “no-medical” policies as well. Some companies require no medical information whatsoever. Others bill themselves as “no exam” policies but will ask you a “few pertinent medical questions.” These questions could greatly change your premium amounts, so it is wise to get several quotes before you commit yourself to one policy.

You can shop for a variety of life insurance quotes before choosing your ideal policy simply by visiting the companies’ web sites, talking to agents, or visiting a website which compiles many companies’ information in one spot.

The very best way to do that is to buy a term life or whole life insurance policy. For most people, this is an easy decision.

However, when it comes to choosing the right company for your life insurance business, the issue becomes more complicated. There are hundreds of insurance companies selling life insurance; how do you know which one is best for your needs?

Here are the ones predicted to be the best life insurance companies in 2012. Some have lower premiums than others, but all have special aspects which put them ahead of the pack.

1.) Met Life. For 140 years, Met Life has been the premier name in life insurance. The company’s rates are consistently lower than its competitors for most age and health brackets, and it offers superior customer service. Met Life offers term and whole life policies, both universal and variable, annuities, and survivorship policies.

2.) ING. This company is a relative newcomer to the life insurance market, but with its fantastic financial department support, you can craft a viable plan to manage all of your assets with the help of an ING representative.

Prices are competitive, and you can blend your insurance policies with a variety of other investment strategies. ING offers whole life, term life, and small business options.

3.) State Farm Insurance. You may already have your automobile insurance with State Farm; millions do. It is the largest automobile insurer in the nation, and State Farm offers homeowners and life insurance policies, as well.

By “bundling” your policies, you can get them much cheaper—sometimes as much as 20 percent off premiums. State Farm offers term insurance, whole life, annuities, and asset management services.

4.) Fidelity Life. For those who need larger term policies, consider Fidelity Life. Starting at $250,000 face value, Fidelity offers a variety of large term insurance products, and has a very user-friendly website to get you started.

5.) Prudential. Getting “a piece of the rock” is something our parents remember very well from Prudential’s ad campaigns. Prudential has always made a point of its stability and long-term vision, and with this outlook, Prudential may be the company you want handling your retirement and investments.

Prudential offers term, universal, variable, and survivorship policies with support services for all your investment and financial planning needs.

6.) HSBC. You may have noticed this company’s logo in a variety of spots, but still not be sure what they do. HSBC offers a variety of insurance products, including term policies, and can add multiple riders to meet specific life insurance needs.

7.) Lincoln National. For over a century, Lincoln National has carried on financial services for its customers with success and vision. Lincoln offers a variety of life insurance including both universal and variable universal policies, and of course term insurance.

8.) Genworth Financial. This name may not be as familiar as others on this list, but Genworth has been dedicated to financial planning and insurance needs for a long time. In fact, Genworth focuses far more closely on life insurance than some of the “mega-companies,” so it makes sense to look at their products if you want the best in life insurance service.

9.) American General. American General aims for a simplified approach for their clients, so that you are not confounded by reams of paperwork. American General agents work closely with customers to be sure they have exactly the products they need and want. American General offers a variety of life insurance, such as group life and annuity plans, as well as simple term life policies.

10.) SBLI. The “no nonsense insurance company,” as SBLI dubs itself, specializes in both life insurance products and annuities. You can get instant online premium quotes, and whole and term life as well as children’s policies from this company.

Depending upon the situation, most life insurance proceeds are immune from bankruptcy proceedings. However, there are some exceptions to this rule.

First, it is important to determine what type of bankruptcy you are filing. There are three types which are generally used by the average person: Chapter 7, which is a liquidation; Chapter 13, also called a “wage-earner” plan, in which you make payments to a trustee; and Chapter 11, which is a business bankruptcy.

Depending on what type of bankruptcy you file, some or all of your life insurance proceeds could be subject to the court’s jurisdiction.

If you are filing a Chapter 7 and you own a term-life policy, none of the proceeds will be subject to the bankruptcy. This is because a term life policy has no real value until the death of the beneficiary. However, if you are the beneficiary of someone else’s policy during the time of your bankruptcy, that money can be seized and distributed to creditors, as it is considered a personal asset.

If you are filing a Chapter 7 and you are the owner of a whole-life policy with a cash value, the treatment of that policy will depend upon the state in which you live. Most states do not allow bankruptcy courts to seize whole life policies as long as the beneficiaries are dependents or spouses, and as long as the insured does not cash in the policy.

In these states the policy will be excluded from the assets in the bankruptcy. However, some states do allow seizure of these assets. Your bankruptcy lawyer will be able to tell you which law applies in your state.

For Chapter 13 filers, the rules are much the same. Term life policies have no value and are not usually considered in the bankruptcy, while whole-life policies may or may not be considered assets, depending on your state’s law. If you die during the time of your Chapter 13 bankruptcy, proceeds from your life insurance may be required to pay your creditors under the terms of your plan.

Chapter 11 bankruptcies are far more complex than either Chapter 7 or Chapter 13, and therefore the treatment of life insurance assets are different. In a Chapter 11, policies which are held against key persons in the business or as part of a buy-sell agreement may be subject to treatment as assets by the court. If one partner dies during the process of a Chapter 11 bankruptcy, the court may seize the proceeds of the policy during the duration of the case.

One other important consideration for those filing bankruptcy is whether to purchase life insurance after the bankruptcy is discharged. The answer to this question is almost always “yes.” Once you have filed bankruptcy, your debts are discharged, but your assets are often severely reduced.

If you were to die suddenly, would your family be able to afford to live in your home? If you have no savings, as is usually the case after bankruptcy, it is very important to provide an instant estate for your family in case of your death. At no time, perhaps, is this more important than just after a bankruptcy.

Many people end up in bankruptcy because of misguided financial planning. While circumstances can definitely cause unforeseen expenses, it is important to budget enough to have life insurance coverage for your family.

This should be a top priority for anyone who has filed bankruptcy or is considering it. Met Life, Prudential, and New York Life are companies which offer very reasonable term policies, and almost anyone can find the small amount needed each month to insure loved ones from financial ruin.

Many questions may arise in the course of considering life insurance for yourself: how will my survivors continue to operate my company, or will they be forced to sell?

Will my partners work well with my survivors? What happens if a key employee dies? The answers to these questions determine what type of life insurance you should purchase and the amount you should buy.

If you own an interest in a small business, you will have to decide if your survivors will want to continue to operate the business, or if they will want to sell your share. If your survivors would want to continue running your business, then you should insure your life for the amount they will need to buy out the other partners or honor any “buy-sell” agreements in place.

For example, suppose you and another individual own a plumbing company, and you have an agreement that upon the death of either of you, the other will buy out the remaining interest in the company.

In this case, you will need life insurance on your partner sufficient to pay for your portion of the business, or life insurance on yourself so that your heirs can pay for your portion of the company if they wish to keep it. If you have a son who is an employee, insuring your life in favor of this young man can allow him to buy your interest in the company so that he remains employed.

Of course, your heirs may not want to purchase your interest in the company. In this case, life insurance would provide an instant estate for your family to mitigate the loss of your income.

Another scenario is when you have a key employee without whom your business would suffer. You may choose to insure the life of this employee so that, in the event of an untimely death, you can recoup the losses which will inevitably result.

Some business plans are structured so that the employees can buy the business after the death of the owner. This helps to protect the owner’s investment, as well as the employees.

“Key person” insurance often comes into play in this instance, with the key person being the business owner himself. Life insurance proceeds can be designated to help the employees purchase the company and keep the business running smoothly.

State Farm is one company which works closely with business owners to craft the right type of life insurance policies for the business’s specific needs. State Farm agents can review your business structure and, working with your attorney or agent, help you decide on the right type and amount of life insurance to protect your business.

Another consideration many small business owners have is offering life insurance to employees. This is a great way to gain employee loyalty and offer fringe benefits which will protect the families of your workers.

However, many small business owners may feel it is too expensive to offer life insurance to their employees. This need not be the case; many companies will work with business owners to provide good group coverage rates, even if the business is very small.

In order to find group life insurance policies for businesses with less than 1,000 employees, the best approach is to work with an independent insurance agent who has access to several insurance companies and can give you a number of quotes for your business.

Independent agents are not tied to any one company, but rather handle the business of several insurers, giving you the best chance of finding affordable group coverage for your employees.

When couples are first married, this is often the best time to think about a long-term policy with a high payout. Unfortunately, this is the time when couples are least likely to start thinking about life insurance. By purchasing a policy at this stage, couples will ensure that the surviving spouse and children will be provided for if there is a loss of income due to death.

This is also the time when rates will be the least expensive. Many companies advise taking out joint policies with ten times your annual income combined. While this may seem a bit excessive to some young couples, your growing financial demands through the years make it a sensible proposition.

Married couples often enjoy lower life insurance rates than their single counterparts. This may seem counter-intuitive, but married people tend to live longer and have less health problems than those who are single, and the actuarial statistics are what determine policy rates. For two young, healthy, non-smoking married people, rates will be as low as possible.

Even those who have been married for years can benefit from term life policies. Term life is always the least expensive route to life insurance, and it provides an instant estate for a surviving spouse and children if the worst happens. Couples with mortgages and other obligations should have at least enough life insurance to pay off their debts if one or the other dies.

Joint term life policies are those which pay out at the death of the first spouse, but actually cover both spouses. This is extremely useful in cases where one spouse will be dependent upon the proceeds of life insurance to pay off bills or supplement income.

Joint policies are generally somewhat less expensive than buying two term policies; however, a joint policy has only one payout, so when one spouse dies, the coverage expires. In this case, the surviving spouse would have to purchase a new life insurance policy on his or her life if this is a consideration for dependents.

Prudential Life Insurance has good policies for married couples. For as little as $30.00 per month, couples can purchase up to $500,000 of term life coverage. Prudential, like many companies, has reciprocal term policies which pay out at the death of either spouse, or which can be held until the death of both spouses.

Net Coverage is a new online life-insurance group which also offers cheap rates to married couples. Applicants are not required to take a health examination, but may have to answer a few health-related questions.

Met Life is another company which offers great terms to married couples. The younger the couple, the better the rate, but if both spouses are healthy and non-smokers, the rates are relatively low. For as little as $30.00 per month, most couples can obtain up to $250,000 of term life coverage.

For those individuals who are employed in high-risk occupations, such as police offers, fire fighters, and military personnel, finding inexpensive coverage may be more difficult. In these cases, however, most workers can find affordable group coverage which will include spouses and dependents through their employers. Group coverage policies are often much cheaper than standalone policies, as the risk is pooled among a group, the members of which all pay an equal rate for insurance coverage.

This is not because insurance companies do not honor military service, but because the risk factors involved in insuring the life of a solider or sailor cause the premium rates for these policies to be astronomical. The same is true for people in some other high-risk professions; many find it impossible to find affordable life insurance.

Many insurance companies are willing to write life insurance policies for service people, but have many exclusions which may make the policies worthless. For example, many policies will not pay proceeds in the event of a person’s death from war or terrorism.

This means that the service person’s family would receive no benefits if he or she was killed in the line of active duty. Some companies simply will not insure active military personnel because the exclusions to these policies are so numerous as to render them void.

However, there is good news for service people and veterans. Many companies now exist which make a point of offering lower-cost policies to those serving in the military, and the Department of Veteran’s Affairs (VA) has also passed several policies which may make it easier for service people to obtain affordable life insurance.

The VA now has a program called Servicemembers’ and Veterans’ Group Life Insurance, or SGLI. SGLI is a special life insurance program available only to veterans, and can be converted to VGLI, or veterans’ insurance, on exit from military duty.

SGLI is available in $50,000 increments up to a maximum of $400,000, and rates are $.065 per $1,000 of coverage, regardless of the age of the service person. For a soldier who takes out $50,000 worth of life insurance coverage, this is a premium of only $3.25 per month. Through this program, service men and women can obtain low-cost life insurance which will protect their families in the event of an untimely death. SGLI also offers family coverage, within limits, and conversion to veteran’s coverage.

There are also private companies which can write low-cost life insurance policies for service members. AFBA, a company which works with military families, offers supplemental life insurance to SGLI policies for relatively low premiums. There are no war or terrorism exclusions on these policies, and they offer several benefits, such as $15,000 in immediate funds upon the death of the insured, a $40,000 guaranteed scholarship for children of military personnel killed in the line of duty, and auto, home, and other insurance options. Policies can be obtained for as little as $6.50 per month for $100,000 of coverage.

Another company which offers great deals on life insurance to military members is MBA, the Military Benefits Association. MBA offers a variety of services to its members, including affordable supplemental life insurance. MBA also allows veterans and family members of military personnel to apply for life insurance through the company, and offers disability insurance as well as life benefits.

USAA, a company known more for its auto insurance for military members, also offers military life insurance. Under the terms of its policies, military personnel can obtain up to 30-year term policies for themselves and their dependents, and can convert to disability insurance if necessary. Current quotes for a 20-year policy of $500,000 are $23.74 per month. USAA also offers a variety of other services to its members, including homeowner insurance, automobile policies, and financial planning.

While smoking, age, weight, and other factors have long been standard considerations for life insurance companies, some mental and emotional disorders are now being assessed as well.

Attention Deficit Disorder (ADD) and Attention Deficit Hyperactivity Disorder (ADHD) are relatively common conditions which render a person vulnerable in some respects to health problems. Persons suffering from ADD or ADHD may be more likely to engage in risky behaviors or to neglect personal health. Of course, this is not the case with every sufferer, but insurance companies have recently been investigating the risks associated with writing policies for persons with these disorders.

A recent study by Cotlar (2003) examined the realities of assessing individuals with ADHD when they apply for life insurance. According to the Cotlar study, a “small subset” of individuals with ADHD also present with “co-morbid” disorders.

This means that these individuals will be a higher risk for insurance companies due to the neuropsychological problems they experience, such as a higher suicide rate and higher rate of risky health behaviors. The point of the study was to educate underwriters on ways to spot these individuals when issuing life insurance policies.

This study is indicative of a growing attitude among life insurance providers toward individuals with ADD and ADHD. No longer considered a “children’s problem,” these disorders may carry over into adult life and have health consequences for the individuals affected. Because of this, life insurance companies have begun to examine their protocols on issuing policies with applicants who are diagnosed as ADD or ADHD.

Most companies, however, are taking a cautious approach to this issue. Sun Life, for example, does not consider a diagnosis of ADHD to affect insurance rates unless it is linked to some other medical condition. In this case, the company will investigate the particulars of the individual’s diagnosis and make a determination as to whether the ADHD is a contributing factor to a person’s risk as an insured party.

Met Life offers its best insurance rates to individuals with ADHD, provided the person has no connected psychological or social disorder. If an applicant discloses a diagnosis of ADD or ADHD, the company will simply ask for documentation to show that no other psychological disorders exist.

Obviously, an additional psychological disorder or one which affects health will cause rates to rise. For example, if a person has been diagnosed with ADD or ADHD and has a history of suicide attempts, the company will assume that this underlying condition may be a contributing factor and raise rates accordingly. A similar rise in rates would occur if the individual has been treated for alcohol or drug abuse.

Of course, this is the case for anyone applying for life insurance with a history of psychological or social disorders. Any life insurance company is likely to demand higher premiums for someone who has been diagnosed with one of these complications.

At present, most life insurance companies do not consider ADD or ADHD to be a life-threatening condition, and do not necessarily tie it to other psychological disorders. Therefore, an individual who was diagnosed with one of these conditions can probably still get good rates on his or her life insurance by shopping around and talking to various agents. Although the company may request documentation about the disorder, this is most often done to eliminate the possibility of other problems, rather than to punish a person with one of these disorders.

However, within this “short term” framework, there are wide varieties of ways your policy can be set up, and deciding how long your “term” should be is one of the decisions which will affect the price and feasibility of your insurance purchase.

In general, the shorter the term, the more you will ultimately pay for your life insurance. This is because underwriting procedures must be followed every time a policy is issued, and it simply costs more to re-issue a policy every five years than to write one which lasts for thirty years. However, some people do not want to commit to a long-term policy, so the shorter-term choice makes sense for them.

However, if you are looking for the most optimal type of policy at the lowest cost, a 25-year term policy is probably the right one for you. There are several advantages to taking out a 25-year term policy over shorter or long periods of time.

The cost will probably be much lower for a 25-year term policy than for the same coverage for five years. Most people will need a term policy for longer than five years, so it makes sense to take the cheaper, longer policy period. Of course, you should examine your own term life needs to draw conclusions about how long your policy should be in effect, but 25 years is usually a reasonable figure.

This is because 25 years give the insured person time to pay off mortgages, save money from income, and in general create an estate for his or her family. Few people can manage this type of financial gain in less than 25 years; however, this time period is generally enough for a person to become vested in a pension and reach the age at which eligibility for many senior benefits begins.

Suppose, for example, a person purchase a 25-year insurance policy at the age of 30. Likely the premiums will be relatively low at this age, and the person is probably well-established in his or her job by this time. When the policy expires at age 55, the person will probably be close to retirement and will be able to begin drawing a pension soon. By purchasing a 25-year policy as a young person, the insured has guaranteed his or her financial future for many years to come, at the lowest possible cost.

Another advantage to a 25-year policy is that you are not committed to the full 30 years some insurance companies like to press on prospective customers. 25 years is often long enough to build your estate, while 30 may be longer than you need. With a 25-year policy, you have your life insurance just long enough, and do not pay for insurance you do not need.

Some companies allow 25-year term insurance payouts to be converted to monthly income instead of a lump-sum payment. This allows family members to keep paying the bills if a breadwinner dies, and to have a guaranteed income for a set period of time. Some policies will even allow monthly payouts for a designated time, followed by a lump-sum payout of the balance of the policy.

Many companies offer great rates on 25-year policies. Met Life, ING, TransAmerica, Lincoln National, and North American are just a few of the companies which offer 25-year term policies. Most companies will quote a rate on a 25-year term policy, although some companies will only offer 20-year and 30-year terms.

You may be able to quit smoking, but there is little you can do about your age and your overall health, especially if you have a hereditary condition such as high blood pressure or diabetes. However, your weight is something that you can usually control, and it may make a large difference when the cost of your life insurance is determined.

People who are overweight run higher statistical risks of diabetes, stroke, and heart disease. Knowing this, insurance companies frown on individuals whose weight exceeds that of the standards established by the medical profession. How much you are overweight may have a direct effect on how much more you have to pay for life insurance, but some companies view any deviation from standards as a reason to charge more for premiums.

Life insurance companies published height and weight standards which are used in determining whether you are considered overweight. During your medical examination, you will be weighed and your height measured, and these figures will be compared to industry standards.

For example, a woman who is five feet, six inches tall can weigh between 120 and 159 pounds, depending on frame size, according to Met Life’s height and weight chart. These standards were revised in 1983 for Met Life, due to revisions in the research regarding “healthy” weight. Many companies still use these standards for evaluating overweight in prospective clients.

However, many companies vary when considering what is a “healthy” weight, often by several pounds. For example, for a six-foot male, the maximum weight for Prudential is 213 pounds; for Transamerica, the same male can receive preferred rates only if he weighs no more than 205 pounds. For a five foot, five-inch female, Prudential allows up to 179 pounds, while Transamerica allows only 170 pounds. It is easy to see that companies are not consistent when considering how weight affects rates.

A newer way to measure “healthy” weight is through the use of BMI, or body mass index. Many health insurance companies have begun to use this measure when calculating health insurance premiums, although few life insurance companies use this standard at present.

Most companies which use BMI consider a reading between 18.5 and 24.9% to be healthy; between 25 and 29.9% is overweight and will result in higher premiums; anything over 30% is considered obese and may result in rejection of a life insurance application. While BMI does correlate somewhat to height and weight charts, it theoretically removes some of the subjective judgment of “frame size.”

However, BMI may not work for someone, like a body builder, who has a large amount of muscle. In this case, the individual is better off seeking the help of a dedicated agent who can explain the weight issue to the company.

Life insurance companies may relax these standards somewhat when assessing an elderly person. Because other health issues may take priority, the elderly will probably be paying higher premiums anyway, so life insurance companies tend to ignore weight unless it is truly high. Further, most elderly people tend to be less likely to be obese.

Overweight is not the only problem which can cause you to have higher life insurance rates. Some companies view underweight as a serious problem, too, and may deny coverage if you are too thin. Underweight can often be a symptom of other health problems, so someone with a BMI of less than 18%, or with a weight substantially lower than the charts allow, will probably be subject to more rigorous medical questioning than a person of normal weight.