Tag Archives: Term
What Is Level Term Life Insurance?
What Is Level Term Life Insurance?
Level term life insurance, the most common form of term life insurance, is a life insurance policy that gets straight to the point. It’s similar to regular term life insurance in that it provides pure life insurance coverage when you need it with none of the frills of whole life insurance, such as forced savings components.
Level term life insurance has a guaranteed level premium, and you aren’t required to annually renew the policy. The insurance premium stays the same for a set period of time – the length of time for which the policy is in effect (usually 10, 15, 20, or 30 years). The longer the policy is in effect, the higher the annual premium will be.
For example, if you purchase a level term life insurance policy for 10 years, you’ll pay lower premiums than you’d pay if you purchase level term life insurance for 30 years. The reason for this is you’ll get much older during the course of a 30-year policy than you’ll get during the course of a 10-year policy, and life insurance companies view older individuals as more risky to insure. If you purchase a 10-year policy when you’re 30 years old, you’ll only be 40 years old when the policy expires; however, if you purchase a 30-year policy when you’re 30 years old, you’ll be 60 when the policy expires. It costs more to insurance a 60-year-old than it costs to insure a 40-year-old. Make sense?
Level term life insurance policies normally include renewal options. This means you can renew your policy at a maximum guaranteed rate if you choose to extend the term of insurance coverage. This option is usually only implemented if your health has greatly deteriorated during the original term of insurance coverage.
If level term life insurance sounds right for you, begin your search now and make your purchase as early as possible to ensure the lowest premiums possible.
Term Life Insurance With No Exam
Term Life Insurance With No Exam
Everyone wants a painless and easy approach when it comes to purchasing life insurance. That can actually be a reality if you know what to look for when shopping for life insurance. The painless part has every thing to do with the cost. Term life insurance is by far the least expensive of all forms of life insurance. Easy has everything to do with making a life insurance purchase that is simple and time saving. That points to purchasing insurance that requires no medical exam. These are called the non-medical limits by most insurance companies. That’s the good news. The bad news is that the non-medical limits get very restrictive as you get older. Life insurance companies need examinations to underwrite policies as we get older.
If painless and easy is your goal then it behooves you to shop for the largest face amount of life insurance that you can purchase without a physical exam. The medical insurance bureau is used by almost all life insurance companies to investigate the medical background of all of its applicants. The MIB may have medical information on an applicant that may eventually require a medical examination or a rejection of the application. Do not seek a non-medical insurance policy to hide a pre-existing condition. A future claim may be denied because of misrepresentation on the application.
Try the marketplace and research the non-medical limits. If you are in good health and have no pre-existing condition then a life insurance purchase without an exam is a definite time saver and will make life easy for you and the insurance company. Make sure that you divulge all of your medical history on the application as well as your primary care physician. Annual physical exams and regular medical check ups are viewed as a positive by life insurance underwriters. There you have it. You have enough information to implement a painless and easy strategy for your next term life insurance purchase.
Term Life Insurance – Fables And Reality Part 2
Term Life Insurance – Fables And Reality Part 2
In our last article we discussed common thinking of why people choose not to be insured. The previous issues were working at home, being young and healthy and having the mortgage paid. Again we will see that term life insurance is adaptable to your needs.
Term Life Insurance Fable #4
If life insurance is cheap, it’s not good : sorry, no deal. Term life insurance is purchased for the length of time the mortgage needs to be paid or to replace an income. If the life insurance policy is purchased early, the premiums are low and will last the length of the policy and the life of the policy holder. It is cheap and getting cheaper, as people are living longer.
Term Life Insurance Fable #5
They are covered through work: When an employer gives you coverage as part of your employment package, it is not a portable policy. If you changed jobs, you can’t take the policy with you and may face higher premiums when trying to apply again. Also, the coverage an employer owned term life insurance policy gives you may be limited and not give you as much coverage as a personal life insurance policy you could own yourself.
Life Insurance Fable #6
Getting life insurance the old fashioned way can be very stressful: shopping through the internet for your own term life insurance is extremely easy. You are able to compare competitive rates that companies offer; a very simple and time saving method. Online brokers like ourselves reply promptly to all requests. Making appointments with a single company broker and trying to do the comparison yourself, could be a major headache.
The Case For Term Life Insurance:
No matter what financial situation you are in, you need term life insurance to complete your financial picture. The basic concept of life is to prepare for the worst case scenario, so it’s advisable to start planning and discussing your financial planning needs which include discussions on the need for term life insurance.
Long Term Life Insurance – Why Get It?
Long Term Life Insurance – Why Get It?
Long Term Life Insurance is term life insurance that is taken out for an extended period of time. Most term life insurance tends to be for a period of between one and seven years, but some people prefer a longer term cover. Insurance companies have responded to this demand by offering a new range of products that fall somewhere between whole life insurance and traditional term insurance.
Normally when people want long term cover, they purchase whole life insurance, which covers them for the duration of their life, and also builds a cash value. However, if you do not wish to pay the extra premiums that are associated with the investment, then perhaps long term insurance rather than whole insurance may be the way for you to go.
These policies may be referred to as “Permanent Life” policies, and can be set up so that they are payable on demise, or at a certain age. Long term life insurance really blurs the line between whole life and term life insurance, with policies often borrowing from both structures to offer the customer even more flexibility. If you do not wish to have an accruing cash value, then you don’t have to. You can also stipulate whether you want the beneficiary to receive a lump sum payment, or monthly payments to boost income.
Unlike shorter term policies, long term life insurance does tend to be initially more expensive, though over the length of the term it may prove more cost effective than short term life insurance policies. Talking to your preferred insurance provider will give you a good idea of the options that are available out there. Then you can shop around and compare policies online, which will give you an even better idea of your options. The market is booming, so if you are looking for more flexibility in your life insurance, now is the time to look.
No Load Term Life Insurance
No Load Term Life Insurance
Have you ever heard the term load and no load in the financial service industry? The loading of an insurance product usually always involves the agent’s commission and the company’s expenses. Some policies have what they call front end loads and back end loads. These loads are normally associated with permanent insurance policies. The cost of doing business is all wrapped up in the loading of a policy. No load term life insurance is probably the least expensive form of life insurance in the market. You often wonder what makes one company so much cheaper than the other and it usually has to do with the type of goods and services provided. Those goods and services are what make up the loading aspect of the life insurance policy. The no load term life insurance policy usually indicates that you are primarily purchasing direct from the insurance company and with little or no professional advice or opinion.
The life insurance professional is still very important to a great number of people. Buying life insurance direct from a company without an agent may be less expensive but it also may leave you wanting when it comes to professional counseling and service. Term life insurance is very simple and so the purchase of term life insurance may be something that you can handle on your own without a professional. These are individual choices and preferences that each of us must decide upon before we buy life insurance.
Term life insurance is inexpensive to begin with and so researching the market place for a no load product may or may not have a major affect on the premium. Ask about loading when you shop for term life insurance. You may be surprised at what you learn about the insurance companies and how they come up with their rates. It will also help you when you inevitably begin to shop for permanent life insurance.
Is There Discount Term Life Insurance Out There?
Is There Discount Term Life Insurance Out There?
First of all, we’ve all heard of life insurance. Many of us even have it. But what is term life insurance? The meaning of term life insurance is in its name—it covers its policyholders for a certain amount of time—a certain term. It costs much less (except for the very elderly) than whole life insurance and can be covered in two types of premiums—level-term and annual renewable. The premiums of level-term stay the same throughout the duration of the policy and can usually be purchased in terms up to 30 years; however, annual renewable premiums increase as the policyholder gets older.
Although term life insurance is already less expensive than whole life insurance, there are ways to find discount term life insurance. We all want to save as much money as we can while getting the best coverage possible, right? As when searching for any insurance, the best way to find discount term life insurance is to research several different life insurance providers. However, you don’t want to simply find a seemingly decent term life insurance provider, search for a policy that’s cheap in price, and sign up. If you do, you could end up with a policy that doesn’t actually suit you at all (that is, if you even qualify for it) and spending much more than you would have if you had searched around for a bit longer.
When shopping for discount term life insurance, look for reputable, financially stable life insurance companies that have well-trained, objective, unbiased insurance agents. These unbiased agents will take your information—your needs and the needs of your family members—research your options, and present the best discount term life insurance to you—not them. You can find information about an insurance agency online or directly from the agency, but you’re more likely to get a reliable review from someone who has used, or is currently using, their services.