Reader’s Question:

I just started freelancing after I resigned my full time job. Since I am no longer part of the company I used to work for, the sent me letter saying that my life insurance policy will either be cancelled or be transferred to a personal policy. I have worked for that company fro 6 years until I resigned. Do I get equity for that? Should I rather transfer to a personal policy than cancel it? I am single with no dependents so I have thought of canceling it. I live in Oklahoma.

Dan

Lawton, OK

It really depends on the type of plan you had. If it was a term life insurance policy, then the benefits would expire after a period of prescribed term. However, if it was a whole life insurance policy, it will allow you to receive a portion of the ‘cash value’ that it was able to gain after 6 years of your employment with that company. You better read the policy if you are lucky to have its copy.

Since you are single and without any dependent, then it might not be very sound to purchase a life insurance policy in Oklahoma. Remember that unlike a health insurance plan which actually secures yourself during medical emergencies, a life insurance plan is really intended to secure the life of the dependent/s in the event that the policyholder (presumed to be the breadwinner) dies prematurely. I think it is better to drop it and instead of paying premiums for a new life insurance policy, then better save your money and consider buying a long term care plan which you might find useful when you get older or get disabled. Though there is also a rider for a life insurance policy which has benefit for critical illness. But remember that you should never cancel a life insurance policy if you have not thought about it much yet.

Reader question:

I bought a life insurance policy for a really good price about…three years ago, I guess? It’s a term policy with thirty years on it. Anyway, I was really happy about the great rates I got, but now my friend has turned me onto cigars, and I’ve begun smoking them regularly. Do I have to get Oklahoma smoker life insurance quotes and higher rates? Will my benefits be given out if I don’t?

James

Thanks for asking, James.

Oklahoma smoker life insurance quotes are indeed something to be scared of. Smokers often pay two to three times the amount people with standard policies pay, and even if you quit smoking, it takes years before life insurance companies stop taking your former smoking habits into account when rating your policy. If you are a smoker and apply for life insurance but don’t tell the company that you smoker, then if you die in the first two years of your policy and they come to find out you were a smoker, you can have your benefits either completely denied or only partially given out.

However, Oklahoma smoker life insurance quotes are an entirely different matter in your situation. Although it may seem like kind of a weird double standard that life insurance companies will punish people who quit smoking 4 years ago, but not people who start smoking heavily the day after they purchase their policy, that’s just how it is. The life insurance companies are more concerned with smokers who smoked before they bought insurance, but if you start afterwards then you are scot free. You might have a harder time renewing and getting good premiums if you don’t kick the habit, though.

take care,

Fashun

Reader question:

What does my life insurance company mean when they ask for my build when I am looking for the cheapest online life insurance in Oklahoma?

Jessica

Great question, Jessica.

Well, your build is important in your search for cheapest online life insurance in Oklahoma because it has to do with how much you weigh and whether that contributes badly to your health or not. Your build isn’t exactly your weight–it’s more like how to determine if you are overweight when looking at both how much you weigh and how tall you are.

The more uneven this ratio is, the more trouble you’re going to have finding the cheapest online life insurance in Oklahoma. If you are overweight according to your build, then you become an increased risk because, as you age, you have a higher probability of getting all kinds of health problems, from diabetes to high cholesterol, from heart attacks to kidney disease.

Of course, you’re not just in trouble if you’re overweight, but you can find some difficulty getting cheap insurance if you are underweight as well. This indicates all kinds of problems, from mobility problems, to possibilities of anorexia, and so on.

take care,

Fashun

Reader question:

Just how much can my private information affect my life insurance rate quotes in Tulsa Oklahoma?

Greg

Thanks for asking, Greg.

Your medical information is everywhere, and so it’s very hard to keep it completely private, simply because of the vast amount of people that will necessarily see it, from doctors, to nurses, to receptionists, and so on. If you have your life insurance in a group policy, then in some cases the co worker who deals with the insurance for the company may even be able to learn personal information from your medical history. In many cases, life insurace companies’ search for medical information is not very well regulated, and even when there are laws prohibiting the use of certain information, the company can still ask your doctor for it, and in most cases the doctor will give it up, with no intervention from the Oklahoma Department of Insurance.

One of the weirdest pieces of private information that can affect your life insurance rate quotes in Tulsa Oklahoma is something that my friends in the life insurance business have been telling me about in excess. According to them, if you mention something in your doctor’s appointment, for example, if you ask what the risk of you getting a certain disease is, then that can go into your doctor’s medical files and can be used to rate your insurance policy.

take care,

Fashun

Reader questions:

Am I able to get ahold of my records with the Medical Information Bureau so that I can know what to expect from my Oklahoma City life insurance rate quotes?

Eric

Great question, Eric.

First of all, it’s entirely possible that, even if you have applied for disability, health, or life insurance before, that you are still not going to find yourself in the MIB database, and so it might not affect your Oklahoma City life insurance rate quotes. Only 20% of insurance applicants have files in the Medical Information Bureau database, actually. However, those who do number around 16 million people, always rising, so in numbers so high, it’s possible there might be mistakes.

You can order a report from the MIB just as you can from a credit reporting agency. And, just like with your credit report, any information falls off after seven years, and if you see anything on the report that shouldn’t be there or that isn’t accurate, you can contact the bureau to have it taken off.

Knowing what is on your medical information bureau report is essential to getting cheap Oklahoma City life insurance rate quotes.

take care,

Fashun

Reader question:

When I fill out forms for Oklahoma life insurance online rates quotes, what kind of information do the insurance companies get to know about me?

Juli

Great question, Juli.

Part of the amount of information you will be required to provide for Oklahoma life insurance online rates quotes will depend on what form of policy you are purchasing. Say, individual insurance versus group insurance. Normally, the company will pry more into your personal information if you are applying as an individual, because there is not so much shared risk.

Another thing is that, anytime you apply for something such as life, health, or disability insurance, your information goes into the Medical Information Bureau (MIB). Whenever you give one such company information about your medical state or history, they report it to the MIB. So when you apply, even if you decide not to reveal certain information, so long as you have revealed it before, you are going to be caught.

take care,

Fashun