Ladies, if your mother or any other female blood-line relatives have a history of breast or ovarian cancer then from next year onwards, you could face higher insurance premiums. You could even be refused cover altogether.

When these women apply for life and critical illness cover, the insurance industry wants to ask them whether they have been tested for the gene mutations BRCA1 or BRCA2. These are the gene complications that increase the chances of them developing these cancers. But before the insurance companies can ask these questions on their application forms, they must get approval from the Genetics and Insurance Committee, the body that advises the Government on these and similar issues.

In the coming months the Association of British Insurers (ABI) will be requesting the Committee for authority to ask women whether they have been tested positive for BRCA1 or BRCA2 gene mutations. These are the mutations that are present in 1 in 10 of newly diagnosed cases of ovarian cancer and 1 in 20 of new cases of breast cancer. Approximately 1 in 850 women in Britain inherit a faulty BRCA1 gene and of those, 14 - 18% will develop breast cancer during in their lives.

On the web site for the Genetics and Insurance Committee we found a notice saying, ” The Committee expects that the Association of British Insurers will submit in late 2006/2007 four revised and updated applications for the use of adverse results from the predictive genetic tests of the BRCA1 and BRCA2 genes (breast/ovarian cancer) in helping to determine insurance premiums for life and critical illness insurance”.

So far, application forms issued by British insurance companies are only allowed to ask for the results of predictive tests for Huntington’s disease. Even then, the question can only be asked when the application is for more than

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When it comes to life insurance over 70% of the adults in the United States have some form. The normal routine consists of a person in their early twenties or even late thirties purchasing some form of life insurance either through their company plan or on their own. Normally this life insurance plan will require the payment of a monthly premium of a pre-determined amount with the intent that the insurance policy will pay out a death gratuity or benefit in the event the insured consumer passes on prematurely. For many individuals the premiums are at a decent rate because many insurance companies are capable of offering cheap life insurance policies provided the insured individual is relatively healthy and at a rather young age.

Unfortunately as we age so does the cost of the life insurance policy. In order to obtain or keep cheap life insurance you may be required to reduce or eliminate some of your current life insurance coverage. Now with that said there are some very important decisions that need to be made because life isn’t always about cheap life insurance.

If your considering cheap life insurance or looking at ways to purchase cheaper life insurance rates you need to consider the reason your bought life insurance to begin with. If you’re still young enough where your children are in grade school or even high school and your spouse isn’t working then perhaps a cheaper life insurance policy isn’t the right thing for you. After all in the event of your untimely death the insurance proceeds will need to help your remaining family survivors live a decent life until such time as they can provide for themselves. Additionally the life insurance proceeds may be needed to pay off any unpaid debts you may have left behind.

On the other hand if your children are all grown up and moved out of the house and your spouse is working and capable of taking care of themselves then perhaps you should re-evaluate your current life insurance policy and see if there is a way to trim any unnecessary coverage amounts thereby lowering your total out of pocket cost and allowing you to have cheap life insurance.

Sometimes as your evaluating your estate and other monetary assets you may find that your life insurance policy can act as a hedge against any estate tax that will result in your passing on. In that case cheaper life insurance may not be the right answer since the proceeds will be needed to pay for the estate tax. In fact you may find that you’ll actually need to add additional life insurance in order to cover the estate tax involved with your possessions. This is especially true in cases where the estate is worth more then $500,000.

When considering cheap life insurance you must take into account the many functions that life insurance can assist your survivors with. For instance, it can be used to pay off a home mortgage or create a college fund for your children or grandchildren. It can be used as was previously mentioned to pay for any estate taxes and it can serve as a means of providing income for a surviving spouse and providing an inheritance for your children and grandchildren.

If your current situation does warrant or present you with the opportunity to purchase cheap life insurance then as you fill out the application needed to qualify for your lowered insurance rate make sure you answer the questions asked truthfully and accurately. Make sure to do your research with the Better Business Bureau in order to find out the claims history of your insurance company and if there are any prior customer complaints filed against the insurance provider. Remember you’re looking for cheaper life insurance not a cheap insurance provider.

As you do your research you will find that there are plenty of pros and cons for any insurance company you think about purchasing cheap life insurance from. There is no one single insurance policy that will cover all of your needs. Just remember the best type of insurance provider is the company that honors your insurance policy and pays the proceeds to your survivors when they are needed. Cheap life insurance or not, that’s the most important fact.

Timothy Gorman is a successful Webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more life insurance advice to include ways to find a cheap life insurance policy, that you can research in your pajamas on his website.

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Veteran Universal Life Insurance is insurance that works for veterans to aid them in their post military endeavors. Universal life insurance means that you can vary or even suspend your premium payments depending on the financial pressures you face. Unlike typical life insurance, which pays out only on the demise of the policy holder, or at a nominated age, veteran universal life insurance is an investment scheme as well as life insurance.

This means that you build up a balance which you can borrow against or from to finance various purchases. The flexibility that is built in with payments is unparalleled in the insurance world, and can really help you and your family financially. If the policy is performing well, your beneficiaries may even receive more than the nominated death benefit.

You can also borrow on the balance of the insurance, for things like post retirement income. These withdrawals are deducted from the death benefit which is paid out to the beneficiaries. All these benefits do come at a cost however, a cost that you bear in the form of higher premiums than normal life insurance.

Where the advantage comes in is that you can effectively combine life insurance and investment together, not only that, but the policy can be tailored to suit the needs of a growing family. You can often choose which investments your policy goes towards. You can choose from stocks, bonds, and mutual funds. Not only that, but you can often change which investments your premiums go towards if you so desire.

This means that you can choose the amount of risk you take on, all whilst reaping the rewards that come with investments. Veteran universal life insurance can be an excellent investment and means of safeguarding your family financially, but it does pay to investigate the ins and outs of the particular policy offered to you, and also to learn a little about investing before you take the plunge.

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