Category Archives: Life Insurance
Term Life Insurance. What Is It All About?
Term Life Insurance. What Is It All About?
What is term life insurance? You have an interest in buying term life insurance, that is why you are reading this article, and you want to know how it really works. Right? Well, there are many types of term life insurance and I am going to give you a brief explanation as to how each one works.
Decreasing Term Life Insurance
Decreasing term life insurance is very popular with home owners and mortgage companies. The homeowners want to know that the mortgage is paid off if they should prematurely die, and the mortgage company want to be assured that they are repaid the money loaned to the homeowner. The face amount of these policies decrease in a uniformed manner each year as the balance owed on the mortgage decreases, and the premium remains level. This is very inexpensive life insurance.
Increasing Premium Term Life Insurance
This is initially the cheapest term life insurance you can buy. The death benefit remains level for the duration, however, the premiums increase every year and as a result this may turn out to be the most expensive term life insurance you can buy. If you should purchase this policy it would be wise to convert to a level plan as quickly as possible.
5 Year Level Term Insurance
The face amount of this policy remains level for the entire 5 year period and so does the premium. Upon death the face amount is paid either in one lump sum or in the form of an income. If you have a short term need for life insurance, like covering a bank loan, then this may be the plan for you.
10 Year Term Life Insurance
Like the 5 year term life insurance policy, the ten year term life policy can be used to cover a bank loan, but it can do considerably more. It can be used for family protection and a myriad of other needs. The face amount of the policy remains level for the duration and so does the premium. Some companies allow you to continue the policy after 10 years with an increase in premium.
20 Year Term Life Insurance
The 20 year term life insurance policy is probably the most popular of term life policies. The death benefit remains level for the duration and in some cases so does the premium. With some companies, however, the premiums increase after the first 10 years to reflect the cost of the additional risk to which the insurance company is exposed as the insured gets older. All in all, the 20 tear term life insurance policy is fairly inexpensive and does the job it is intended to do.
Unlike whole life insurance, universal life insurance or variable life insurance, term life insurance does not have cash values or earn dividends. There is a fairly new type of term life insurance policy, however, called a return of premium policy which returns all your premiums at the end of the term period, if you do not die. The premiums are so high it may not be worth your while to buy this type of term policy.
Term Life Insurance And No Exam
Term Life Insurance And No Exam
Many people strive to purchase term life insurance policies that require no medical exams; however, medical exams aren’t enforced to torture you as a potential term life insurance plan policyholder. Medical exams are usually in effect simply to protect the term life insurance company. These medical exams may actually protect you, too.
Check out some of the most frequently asked questions about term life insurance and medical exams.
Why do term life insurance companies require medical exams?
Medical exams are used to protect the term life insurance company as well as you. If you have a serious and potentially fatal health condition, the term life insurance company wants to make sure they receive the necessary amount of payments to cover you and your beneficiaries.
What does a medical exam for a term life insurance company consist of?
Some medical exams are pretty thorough. On the other hand, some term life insurance companies only require urine and/or blood samples.
What happens if I am turned down for a term life insurance policy due to the medical exam results?
If you are repeatedly turned down, talk with your state’s department of insurance about other possibilities and alternatives.
What if I lie during my medical exam?
If you find a way to fudge your medical exam, or lie about your history, trust us – you will not be doing any harm to the term life insurance company. You will only be harming yourself. If you pass away due to a health-related issue such as smoking, an issue you lied to your term life insurance company about, your term life insurance company has the right to refuse compensation for your beneficiaries.
How can I find a term life insurance company that requires no medical exams?
If you are still interested in avoiding a medical exam, you will simply have to shop around until you find a reputable term life insurance company that doesn’t require one.
Reliable Life Insurance Company – How To Find The Best Companies?
Reliable Life Insurance Company – How To Find The Best Companies?
A life insurance policy is a huge purchase. Think about it – your life insurance policy can help you and your family in times of financial stress while you’re still alive, and they can help your beneficiaries, who are usually your family members, in times of financial stress after you’ve passed away. Naturally you want to purchase your life insurance policy from a reliable life insurance company; but, which companies are the best? Those which are financially strong and customer-focused.
To ease your worries, most life insurance companies don’t suddenly disappear due to financial struggles and/or bankruptcies. This is because the business of selling life insurance is heavily mediated, and in order for a life insurance company to be approved to do business in a state, it must prove itself to be financially secure and reliable. So, you shouldn’t feel too hesitant about purchasing a life insurance policy from a life insurance company that hasn’t been around very long if that life insurance company offers you a great package; however, if you feel more comfortable choosing a reliable life insurance company that’s been around for decades, you can find the top rated life insurance companies by checking out the different ratings given by independent research companies.
Once you have decided on a few life insurance companies that seem reliable, reputable, and worthy of your business, it’s time to do your own research. You definitely want to choose a life insurance company that offers friendly and accurate customer service, whether you decide to complete the transaction face-to-face with an agent from the life insurance company, or make the purchase online and by telephone. Schedule an appointment with an agent or call a customer service representative with any questions you have about their life insurance policies. Their patience and the thoroughness of their answers will give you a pretty good idea as to whether or not you want to do business with them.
Some Tips On Getting Term Life Insurance Online
Some Tips On Getting Term Life Insurance Online
If you’re considering getting term life insurance online, you’re not alone. There are websites upon websites available to help you search for, compare, and get quotes for term life insurance policies, and those websites are here for a reason – to help the millions of people just like you who are interested in getting term life insurance online!
Before you dive too deeply into the process of finding your term life insurance policy online, take these tips into consideration.
Find a website with a large database. You want to search for term life insurance online using a website that has access to many life insurance companies and their term life insurance policies. This widens your options, making it easier for you to find the policy that’s right for you.
Decide how long you want life insurance coverage. Term life insurance policies can last for as few as five years and as many as 30 years. When you search for term life insurance online, you’ll be asked how long you want life insurance coverage.
Take a look at your budget. Figure out how much you can afford to pay in premiums. You may find a term life insurance policy online that seems affordable, only to find out later that you can’t quite swing it. Enter your search with a clear understanding of what you can afford to spend without going broke.
Spend time comparing various policies and quotes. You may find a really great term life insurance policy or two upon your first search, but look closely at other policies, too. You should also do some research on the companies offering the policies. You may even want to use more than one website during your search.
Always speak with a live insurance agent. Shopping online is convenient; however, term life insurance is an important purchase, so make sure you understand everything by speaking to a live insurance agent from the insurance company.
Disability Life Insurance – Some Tips On How To Buy
Disability Life Insurance – Some Tips On How To Buy
Although disability life insurance covers ourselves and our loved ones during good and bad times, it can be a very dry subject. We have therefore compiled a quick list to make understanding disability life insurance easier.
Disability Life Insurance Tip #1
Buy Only What You Need: Make sure you have enough coverage if you ever have to make a claim. And be sure to keep policies up to date with any salary increases you get.
Disability Life Insurance Tip #2
Increase your waiting period: The waiting period is the time you have to wait to make a claim. The longer you wait, the lower the cost of your premium.
Disability Life Insurance Tip #3
Work With The Same Company: If you need to change the company you are with, do so before your policy expires but beware of the cost. Your disability life insurance policy is a contract between the carrier and you for a specified period of time. Changes in the policy may come with penalties.
Disability Life Insurance Tip #4
Shop For Policies: With all the disability life insurance companies online, it is reasonably simple to compare premiums.
Disability Life Insurance Tip #5
Compare Apples With Apples: When comparing disability life insurance policies, be careful as they have different definitions of disability for each illness. Make sure you specify the same amount of coverage for both so you can make a level comparison.
Disability Life Insurance Tip # 6
Different disability life insurance companies have different classifications for the same occupation. For example company A might rate someone who works with electricity as a higher risk than company B. So this is something you need to know.
Disability Life Insurance Tip #7
It is better to go to the well known disability life companies as they have a deeper knowledge of risk and should therefore be able to give you the best rate.
Buying Disability Life Insurance Makes Sense
Financial planning is necessary to make sure you have enough life insurance and disability life insurance to protect your income. It may not be a topic that everyone finds interesting, but if an emergency arises, you will be glad you took the time to get some good disability life insurance.
Cheap Life Insurance Policy – We All Want To Save Money, Here’s How
Cheap Life Insurance Policy – We All Want To Save Money, Here’s How
Is there such a thing as cheap life insurance policies? There may not be such as a thing as cheap life insurance in the market place but there are certainly a wide variety of life insurance rates. That means that there is a definite advantage to those that take the time to search for the lowest possible rate. Your ability to search for rates online is phenomenal. There is a huge opportunity out there to do your own research. The rates on life insurance depend on the type of product. There are two common forms of life insurance. There is term life insurance and there is permanent life insurance. Comparing the two can be a challenge. Comparing a combination of the two can be even more of a challenge.
Why am I buying Life Insurance? – That is the first question that needs to be answered. Do I want to cover a mortgage? Do I want to provide income for my family? Do I want to supplement my retirement? The reasons are more important than the rates because the reasons help you design your portfolio.
What kind of life insurance do I need? – Once you know the reasons that you are making a life insurance purchase then you can determine what type of life insurance to purchase. Term insurance takes care of temporary needs while permanent life insurance provides benefits for a lifetime.
You can now proceed to search for rates after you have answered these two very important questions. It would behoove you to learn a simple method of evaluating your insurance needs so that you can shop for the proper amount and the correct type of life insurance. There is nothing wrong with shopping online or using an insurance professional to assist you. The happiest life insurance purchase that you will ever make is the one that is designed to fit your needs and to your ability to pay.