Posts Tagged ‘financial planning’
Thursday, January 12th, 2012
A non-medical term insurance is a suitable alternative to traditional life insurance term life insurance. Though it is more expensive than the conventional policies, it simplifies the underwriting process. It also eliminates the cost of medical tests and the time spent waiting for these tests. This type of policy is available for the following groups of people: * Seniors * High risk professions * Dangerous hobbies * Chronic illness * Pre-existing conditions
Not only people who fall under these categories, even young and reasonably healthy individuals also can apply for this. People who are young and healthy can get good coverage without the hassle of undergoing medical exams. Since life insurance companies are taking a risk by insuring such people, they will carefully select those who qualify for a term life insurance no medical. This policy can be quite expensive for those who are in dangerous professions or who have a chronic illness or seniors etc., Yet, this policy could possibly be the only way that most of them can get insurance coverage for their family.
When you get a life insurance quote on line, you will be given the rates for different categories. Life insurance rates will always be determined by the risk posed by the applicants. Obviously a healthy, young person is considered less of a risk that one who is older, smokes or has a chronic illness. Hence, the former will get the isurance for cheaper rate. It is best to request several quotes so that you can compare them and get the best possible rate.
For a no medical life insurance since a medical report is not submitted by the applicant, the risk is not known. Hence, the risk is perceived to be greater and hence the rates will also be proportionately higher. Non medical insurance applications can be completed online. The applicant needs to answer some of the questions related the general physical condition, the height / weight ratio, family medical history etc. Some companies will ask the primary care physician of the applicant for a medical report.
Since, very often the entire application process can be completed online this type of insurance is often called instant life insurance. Sometimes based on the answers to the questionnaire, the insurer may think that the applicant will develop a serious illness later. In such a case, they may want blood work and a physical exam done. If these exams reveal a dangerous illness, the applicant may not be given coverage under this plan and will have to seek an alternative. It is very important to answer all questions truthfully. Failure to do so will be considered as fraud or material misrepresentation and the application can be rejected.
If a person tells a lie either accidentally or deliberately, it is considered a material misrepresentation. If such a case is found even after a few years, the policy can be terminated or payment denied on any future claims. In such a case, the beneficiaries can only get a refund of the premiums, nothing more. Even though a non-medical policy can be issued for most people, the insurance company still follows a selection process and determines rates based on some pre-determined factors.
Hence, since younger people usually represent the low risk category, they can get much lower rates. This again depends on their lifestyle choices, nicotine and alcohol use etc. Usually, term insurance no medical exam plans are issued for anywhere between 5 and 30 year periods. Most permanent insurance policies are issued only after a medical exam is undergone since they are taken for the entire life of a person.
Apart from non-medical insurance, there are some others like instant-issue term insurance that can be given quickly. For such a policy, you will have to answer around 40 questions that cover a range of health issues. This includes questions on gender, age, whether you drink, smoke, take drugs etc. The premium rates will be fixed based on your answers. Women will be generally given lower rates since they are usually healthier, have lesser dangerous habits and are therefore expected to live longer. Although non-medical insurance is more expensive, it benefits a lot of people. So compare online quotes for this plan from multiple insurance providers, calculate costs and choose the provider who offers the best rates, terms and conditions.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life ins quote and life insurance quote on line, visit his site today.
Tags: family, financial planning, insurance, insurance policies, insurance policy, life assurance, life insurance, life insurance policies, life insurances, life planning, personal finance, personal finances, planning, Term Life Insurance
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Monday, January 9th, 2012
Most types of life insurance require a complete medical exam to be undergone before the underwriting process begins and the policy is issued. However, a new trend has emerged to cater to those who are reluctant to undergo medical tests for any reason. These people can choose a term life insurance no medical that will be issued without any need for a health exam. This is convenient not only for those who are afraid of undergoing tests but also for those having some potential health issues or pre-existing medical conditions which prevented them from getting a regular insurance policy.
A life insurance quote on line will provide you with so many plans that can be obtained without a medical exam. These policies are not cheap since the death benefits are less and the premium rates are higher. The reason for this is: the insurer will try to protect his interests in case the insured dies soon after taking the policy due to some illness. Even if, the beneficiaries can only get a cash value payout two years after the policy comes into effect. If the insured dies within the first two years, the insurer is under no obligation to pay any death benefit.
As with other types of plans, if you are young and healthy, then your rates will be less. However, it is always good for the young, healthy individuals to go for a traditional policy after undergoing a medical exam. This way they can get cheap life insurance, higher coverage and take a policy for a longer period of time. Some insurance companies have a special no exam term insurance policy targeted at senior citizens over 50 years of age. It is a simple policy with less death benefit that covers final expenses.
Some of the questions that need to answered for a no medical exam plan include: * Age * Gender * Past medical history * Cholesterol levels * Blood sugar levels * Nicotine habits * Height : Weight Ratio
Apart from these questions, some companies can even ask for a mouth swab and blood work to be done. Usually questions on family’s medical history will be asked since certain life threatening diseases like breast cancer, diabetes, heart disease are all hereditary.
|If your father or mother suffers from or died from a heart ailment, you may also suffer from the same condition later in life. So, even if you are currently young and healthy and apply for a no medical exam policy, the insurance company will study your lifestyle very closely. If your weight is normal, if you exercise regularly and do not drink or smoke, your insurance rates will be cheaper even if you have a family history of heart disease.
If on the other hand, you are obese, drink and smoke, even a no medical exam can be denied to you. This is because, combined with an unhealthy lifestyle, your family history of heart disease makes it highly likely that you will die young. The insurance company will not be willing to take the risk of insuring your life. Similarly, a person with a family history of breast cancer will need to undergo periodic tests and provide a clean bill of health to qualify for any type of life insurance.
Even for no medical exam insurance, you maybe asked to provide some supporting documents to show that you are free from breast cancer and are leading a healthy lifestyle. Honesty is extremely essential when answering the questionnaire since companies have a way of finding out the past medical history of a person. If at that time they find out some serious illness, they can end the policy at once. All the premiums paid up to that point will be lost too.
To get instant term life insurance you must be in good health and your health questionnaire should reflect this. In such ideal cases, the insurance company can complete the entire application process online so that you can get a plan approved within a few hours. This really is helpful for the professionals who do not have the time or inclination to attend medical tests and yet want protection for their family. Hence, a no medical exam term life insurance can be considered a great time saver.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life ins quotes and no medical term life insurance, visit his site today.
Tags: family, financial planning, insurance policies, insurance policy, life assurance, life insurance, life insurance policies, life insurance policy, life insurances, personal finance, personal finances, personal financial planning, planning, Term Life Insurance
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Monday, January 9th, 2012
Most people want to give the best for their family. They will do anything and everything in their power to provide financial security to their family. One of the best investments a head of the family can get is to give his/her family financial assurance in the future in the event of his/her death. Purchasing a life insurance policy is the best way to achieve this. There are two main types of life insurance policies to choose from.
The permanent life insurance will offer insurance coverage to a policy holder from the instance that the policy was purchased until the policy holder dies. One advantage of this type of insurance is that there is no expiry date on the coverage and the family or designated beneficiaries will be assured that the cash amount will be given to them .
The life insurance term life insurance policy on the other hand is a policy that offers policy holders insurance for a specific period of time. The term period will range from 5 years to 10 years. The policy holder’s beneficiaries will receive the death benefits just as long as the policy holder’s death will fall within the term of the policy.
Most insurance companies that offer these two policies will ask thier potential policy holder to pass a pre-screening medical exam before offering him a policy. The medical exam that they will undergo will be comprehensive and will be administered by a company appointed physician. Most people will feel that a pre-screening medical exam is bothersome. However a medical exam may prove to be more advantageous to most people.
When a policy holder undergoes a medical exam, the health of this person will be fully scrutinized and the results of their medical exam will accurately depict their health status and prognosis of their life expectancy. When a person’s medical exam results are superb, he or she may be given a low cost life insurance rates.
However, if a person does not want to be subjected to a medical exam, he or she may avail of the life insurance no exam policies that are now available as alternative plans offered by insurance companies. This type of policy is also known as the instant life insurance policy because it will give instant coverage to a policy holder without having him/her pass a medical exam. However, this type of policy has its advantages and disadvantages.
One advantage of this type of policy is that a policy holder will not have to set aside time to have a medical check up annually. This makes the application process simpler and more efficient. Another advantage is that the person applying will not have to suffer the indignity of being denied of an insurance policy just because of a medical condition. The third advantage is that persons even with underlying medical conditions will have the opportunity to be insured as well.
The instant term life insurance quote online will be based solely on the belief that young age is synonymous with good health. This means that the premium rates that you have to pay with this type of policy will be virtually identical with a plan that would have required you to undergo a medical exam. This is another great advantage this type of policy has.
Since there is no medical exam, the no exam life insurance policy will base the risk profile of an individual solely on the information given and the age of the individual. This can become a disadvantage especially in terms of cost. This type of policy will immediately assume that the older the individual who is applying for a policy is, the greater is their risk profile. This will cause the term life insurance quotes of older policy buyers to become significantly higher regardless of whether that individual is still healthy or has pre-existing medical conditions.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance rates and instant term life insurance, visit his site today.
Tags: family, financial planning, insurance, insurance policies, insurance policy, life assurance, life insurance, life insurance policies, life insurance policy, life insurances, life planning, personal finance, personal finances, Term Life Insurance
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Sunday, January 8th, 2012
Universal life insurance is one of the several types of insurance policies introduced by insurance providers. These are very flexible and can be tailored to suit the needs of each policyholder. People who prefer simple protection policy without a savings option like universal life can request for term life insurance quotes. In fact, if you request for an online quote, sometimes the entire application process can be completed online.
Insurance companies introduced universal life insurance to overcome the drawbacks of both whole and term life insurance. It was considered to be a flexible alternative to whole life insurance and was introduced in the US in the 1980s. Both universal and whole life policies have a savings component that gives tax deferred cash to the policyholder. Part of the insurance premium (usually 4% - 5%) is invested by the insurance company in money markets, bonds or mortgages. The policyholder will not have a say in how the money is invested.
The policyholder can choose two ways in which the death benefit will be paid out. With one option, the death benefit will be paid through the policy’s cash value. As this value builds up, the premiums will get lower. With the next option, the cash value will be paid as it accumulates over time. The company will repay the face amount that was originally mentioned in the contract. The second option is slightly more expensive than the first.
When you opt for a universal life insurance, you must first weigh its pros and cons: * Pros o Flexible and can be tailored to individual needs o Policyholder can adjust premium payments depending on his financial position o No income tax for cash value growth and death benefits are tax-free
* Cons o If investments lose money, cash value can decrease or even be entirely lost in the worst case scenario o Sometimes bad investments will result in the policyholder having to pay higher premiums
Like all other types of insurance policies, universal life insurance too provides protection to family members and can be ideal investment option to consider during estate planning.
Those who are shopping for affordable insurance plans must first start by looking for cheap term life insurance quotes. This exercise must be undergone if a person is looking for his first insurance policy or is seeking to renew his insurance policy with the view to reducing his premiums. Term life insurance is ideal for those starting off in life and can protect both families and businesses during vulnerable financial times. Taking a term insurance provides peace of mind. When the term is over, if a person so desires, he or she can opt for a permanent insurance if their financial circumstances have improved and they can afford.
To know which company will give you the cheapest rates, get an online quote. Each insurance company will price their policies slightly differently. While the basic policy will be the same, there can be small changes in terms or some add on packages, which will make the rates differ. So, comparing quotes is the best way to get cheap rates and this can be done easier on online sites. These sites give you free and instant term life insurance quotes, so you can request as many as you like without being under any compulsion to choose one company or the other.
A critical factor with term insurance is the term you take the policy for. Most insurance experts say that if you have children, you must continue carrying a policy until your youngest child becomes an adult. This will let you to protect them when they are still your dependents. Hence, based on this, you can opt for a 10 - 15 year policy. If you want some money for retirement, go in for a longer 20 - 25 year term. Since these terms are flexible, it is best to make a checklist of all your needs before fixing the term and the coverage amount.
Sometimes, people may change their term life to a permanent life plan if their finances become secure and they want an investment option. Others will stick to a term insurance and make investment plans of their own. Since there are so many options available, it is best to study them and then make an informed decision.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life term insurance and life insurance quote, visit his site today.
Tags: family, financial planning, insurance, insurance policies, insurance policy, life assurance, life insurance, life insurance policies, life insurances, life planning, personal finance, personal finances, personal financial planning, Term Life Insurance
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Sunday, January 8th, 2012
Generally people are allergic or shun away from talks about mortality. They do not like talking or thinking about death or anything related to it. It is not surprising really because it is inherent for us human beings to avoid topics relating to our mortality. This is one reason why people also veer away from talks pertaining to life insurance policies though it is very important to talk about them.
Why do we need to discuss about life insurances? There will come a time when a person will need to consider investing or purchasing a life insurance policy. This is because a person as he or she grows older will have more responsibilities other than just taking care of himself or herself. A person will become responsible not only for his/her own person but also with people that he or she loves. Because of this, a person should make sure that his/her loved ones are well-provided for and well-taken-cared of while he or she is still living. Likewise, a person should also consider taking care of his/her loved ones even after his/her death. This can be made possible by purchasing a life insurance policy.
Whether it be a choice between whole live vs term insurance; a life insurance policy will offer financial security to a person’s loved ones in the event of that person’s unexpected death. A life insurance policy will give an assurance that the surviving family members of a person who owns a policy will be given the corresponding amount of cash that was agreed upon in the policy. This amount will be given upon the death of a policy holder either as a lump sum (the total amount of cash will be given on a one time basis) or through a payment scheme (the surviving family members will receive cash on a regular basis).
How much coverage should you get? A person seeking to protect his or her family financially in the future in the event of an unexpected death should consider how much coverage he or she should get on his/her life insurance policy. An insurance coverage is the actual amount of cash that the beneficiaries of a policy holder will get upon the death of the policy holder. The amount of coverage that is offered by different insurance companies may be seen via the internet by looking at a life insurance quote on line. A person can also have the premium payments that he or she will have to pay be computed also by using the calculator application within the webpage.
The amount of insurance coverage should be enough to cover all the necessary expenses that the family will have to pay in association with the death of the policy holder. The amount should also cover the future expenses and the recurring expenses of the family. The common notion is for policy holders to purchase an insurance coverage that is at least equal to ten times their annual salary.
What type of life insurance policy should you get? Even a low cost life insurance policy will benefit the policy holder’s family in the future. A person can choose from either a whole life insurance or a term life insurance policy. A term life insurance will cover a policy holder for a specific period of time whereas a whole life insurance policy will cover the policy holder from the moment he purchases it to the end of his or her life. Each of these types of policies has its own pros and cons so a person must discern on the type which will be best suited for his/her family’s needs.
Normally, a person must attend a pre-screening medical exam before he or she will be accepted by the insurance company for insurance coverage. Some insurance companies offer a no medical exam term life insurance policy so that people will not have to bother spending time for scheduling a medical exam. With this type of policy the premium rates that the policy holder will pay will be based solely on face value on the personal information and the age of the policy holder.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on cheap term life insurance and seguro de vida, visit his site today.
Tags: Cheap Life Insurance, family, financial planning, insurance, insurance policies, life assurance, life insurance, life insurance policies, life insurance policy, life insurances, life planning, personal finance, personal finances, personal financial planning, planning
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Sunday, January 8th, 2012
A life insurance policy is an important investment that must be made by individuals who have other individuals depending on them financially. If you have somebody that will suffer financially upon your death, then you know for certain that you need to have a life insurance policy to protect this somebody in the future. A life insurance policy acts as a legal contract which binds an insurance company to indemnify the loss of the life of its policy holder in exchange for agreed upon premiums.
Although a life insurance policy is an essential contract to have for a family, not everybody may be qualified for it. Some life insurance companies require prospective clients to undergo a pre-screening medical exam before they offer them a life insurance policy. The pre-screening medical exam will help insurance underwriters to determine the risk profile and life expectancy of the policy holder and thus will adjust the premium rates that these policy holders will have to pay on a regular basis.
According to World Bank, the average life expectancy of a human being is 68.2 years. Because of this, people who are already beyond their golden years (above 50 years old) will mostly be either denied of a life insurance policy or are given a policy but they will have to pay higher premiums. This is because one of the bases for computing a life insurance quote is by factoring in a person’s age.
However, this does not mean that the individuals who crossed 50 or 60 will automatically be denied a life insurance policy. There are different certain steps to be followed to still get a suitable term life insurance for seniors. Here are some of them.
An elderly individual who has a healthy lifestyle will probably be healthier than most individuals his or her age. If this is the case, then it is better for this healthy individual to undergo a pre-screening medical exam set by the insurance company. The reason for this is that the medical exam will show the good health of the individual and this wil help him/her in getting lower premium rates as compared to other individuals of his/her age. If the company appointed physician asses the individual to be healthy and have a longer life expectancy; then this individual may avail of a longer term life insurnace. This will enable this individual to have a longer coverage period while paying only lower premium rates.
Elders can also choose a no medical exam life insurance policy. This is another way elders can avail a life insurance. This type of policy will not require him to undergo a medical exam. The advantage we have with this type of policy is: the elderly will be accepted for insurance coverage no matter what their existing illnesses are since there is no medical exam to verify it. However, there are different life insurance companies that list down illnesses that will not be covered by their policies.
You can obtain a life insurance no medical exam policy by purchasing them online or through insurance company websites. When you go to purchase life insurance through the insurance company’s website, you will have to fill up an online form. This form will contain questions related to your personal data and statistics. You have to answer all of them clearly. This form will also require you to fill in any medical information that you can offer such as medical history of your family. After accomplishing and submitting this form online, the website will calculate your premium rates.
The only disadvantage of getting an instant life insurance or no exam life insurance policy is that the premium rates will be based more on a person’s age and not on his or her physical health. This means that if you are already 60, your premium rates will be significantly higher than those of persons who are 30, 40, or 50 years even if you are far more healthier and are expected to live longer than they will.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life insurance quotes and life insurance quote, visit his site today.
Tags: Cheap Life Insurance, family, financial planning, insurance, insurance policies, life assurance, life insurance, life insurance policies, life insurance policy, life insurances, life planning, personal finance, personal finances, personal financial planning, planning
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Saturday, January 7th, 2012
Quite often we read about people dying unexpectedly. They may die due to natural causes such as old age or through a fatal illness or through accidents or natural calamities. An unexpected typhoon caused massive flash floods that claimed the life of hundreds of residents in a city of the Phillippines. In a news report, surviving family members have expressed their grief on the loss of their loved ones and have also asked the government’s support for financial assistance because of what happened. A situation such as this is indeed really dreadful. However, there are ways to protect family members from being financially devastated because the head of the family unexpectedly dies. This is through a life insurance policy.
A life insurance policy is a sure way of giving assurance to the loved ones by the head of the family he will leave behind. This will allow the family members to cope with life financially even after that head of the family dies unexpectedly. The life insurance policy acts as a contract which will obligate an insurance company to indemnify the loss of life of a policy holder in the event of his/her death. The amount of coverage purchased by the policy holder is the same amount that will be given to designated beneficiaries upon the policy holder’s death.
A person who wants to purchase a life insurance policy must consider how much coverage his/her family will need upon his/her death. Even if it is just one of the more affordable life insurance policies available, he has to consider the coverage amount. There are a lot of things to consider such as the immediate expenses, the recurring expenses and the future expenses of the family. The immediate expenses are the fees and costs associated with the death of the policy holder. This includes funeral services costs and hospital bills. Unpaid credit card bills also come under immediate expenses. Recurring expenses are the costs that the family needs to pay to continue their daily living. These will include house rental, mortgage payments, utility bills and other payments made regularly. Future expenses will include the retirement expenses of the surviving spouse or the college tuition fees of school aged children.
The amount of coverage, most will advice, should be at least equal to or more than ten times the amount of the annual salary of the policy holder. Term life insurance quotes will give a potential policy holder the choice of coverage amounts as well as the corresponding premium payments that he/she has to pay on a regular basis.
Most of the life insurance policies will require potential policy holders to undergo a medical exam which will be conducted by a company appointed physician. The results of the medical exam will help the insurance company’s underwriters to assess the life expectancy of the potential policy holder. This will be the basis of computing for the premium rates that the policy holder will have to pay. Whole life insurance and most of the long term life insurance policies require this medical exam. Policies with high coverage amount also require the potential policy holder to undergo a medical exam and this exam is done annually.
On the other hand, there are life insurance policies available that do not require any pre-screening medical exam. These policies are called the no medical life insurance policies. Individuals who have pre-existing diseases or illness before being covered by insurance may avail of this type of policy. Also known as an instant life insurance, the insurance underwriters will make use of the person’s age and the information on the person’s family medical history as the main bases for the computation of the premium payments that policy holders must pay on a regular basis.
The only disadvantage of an instant or no medical life insurance policy is that the amount of insurance coverage may not be large enough to cover all the necessary expenses of the family after the policy holder has died. Also, these types of policies may only a limited number of illnesses. Because of this, these instant life insurance policies are sometimes called accidental death insurance policies because they only cover death due to accidents and not due to fatal illnesses.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on insurance life quote and life insurance online, visit his site today.
Tags: Cheap Life Insurance, family, financial planning, insurance, insurance policies, life assurance, life insurance, life insurance policies, life insurance policy, life insurances, life planning, personal finance, personal finances, personal financial planning, planning
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Friday, January 6th, 2012
A no medical life insurance is not a new concept entirely. But it is being popularly promoted by insurance companies as a quicker and simpler way to get the insurance application process completed. When you request a life insurance quote either online or from an insurance broker, you will get to know the various types like: * Term life * Whole life * Universal life * Variable life
The first type is a simple protection policy and is taken for specific periods of time. The other three are investment policies where part of the premium amount goes into a fixed pool that provides death benefits and the other part into an investment pool. The money will be invested in different types of investment portfolios like stocks, shares or bonds and will earn interest for the policyholder.
If you are looking for cheap life insurance, go for term life insurance. It provides a simple death benefit and no cash value. The terms are easy to understand and you can opt for a time period depending on your future financial requirements. For example, if you have a home mortgage that needs to be repaid in 20 years, you can opt for a 20-year term insurance. This is popular policy and most people who look for good insurance schemes invariably choose a term insurance.
While it is true that a term insurance is the most affordable scheme, comparing rates from various insurance providers can help you get even better rates. For this, it is best to ask for online term life insurance quotes rather than ask a broker. If you go with a broker, they may sell you a policy that will net them the maximum commission rather than offer you one that will suit your needs the most. If you request online quotes, you can compare rates from different companies on comparison websites and this will help you acquire cheap insurance.
When you request a life insurance quote for any of the above mentioned policies, you will soon come across the ‘no medical exam’ option. Many people opt for this. Initially, when life insurance policies were issued, young people were often given a ‘no medical exam’ insurance as they were usually believed to be in good health. After answering a few ‘yes / no’ questions, they were issued a policy whose rates depended on the answers for the questions.
The insurance company ensured that they verified the questions using an inspection report. Older people were required to complete a thorough medical exam that included blood tests, mouth swabs, urine analysis and X-rays. This is because older people are more likely to have developed some medical condition. After assessing the medical report, a policy would be issued.
Today people are expected to live longer due to advancement in medical science. Underwriting life insurance policies has also become less stringent. People of all ages can now get decent insurance coverage without having to undergo a full medical exam and these ‘no exam’ policies are selling like hot cakes. However, people who apply for this policy must be completely honest when answering the health questions.
Remember that insurance companies will still check medical history and prepare an inspection report. If both do not match up to the questionnaire that you have submitted, your application can be cancelled. With more and more insurance providers offering a ‘no exam’ option with all their insurance policies, busy people or those are afraid of undergoing tests can also get coverage. However, you must remember that most companies will limit the amount of coverage that a person can get without undergoing medical examination.
Most people opt for a 10-15 year ‘no medical exam’ policy. This type of policy will provide enough coverage to take care of college education for your kids, provide income to your spouse, pay off outstanding debts like medical bills, legal fees etc. It is easy to get coverage with the many options open these days so that dependents are not left in the lurch if the breadwinner dies in the prime of life.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on instant term life insurance and cheap term life insurance quotes, visit his site today.
Tags: Cheap Life Insurance, family, financial planning, insurance, insurance policies, life assurance, life insurance policies, life insurance policy, life insurances, life planning, personal finance, personal finances, personal financial planning, planning, Term Life Insurance
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Friday, January 6th, 2012
If you want to take control of the process of selecting a low cost life insurance policy, go online. You can get a life ins quote from insurance brokers. But there are many benefits to getting one online. There is no limit to the number of quotes that one can request, for a life insurance quote on line is free. You can get multiple quotes and compare them or better still you can visit a quote comparison website meant specifically for life insurance policies. You will find details of all types of insurance and be able to settle on one that will benefit you.
At some point in their lives, most responsible adults will realize the benefits of investing in insurance policies - life, home, auto, fire etc. While most people automatically insure their possessions as soon as they buy or invest in them, life insurance often gets shelved aside as unimportant until it is too late. The death or incapacitation of the breadwinner can throw the rest of the family members deep in to a financial mess. To avoid this, many realize the benefits of an insurance policy on their lives.
Depending on the type of policy you take, it can be a pure death benefit like term insurance or one that combines death benefits with investment opportunities like whole or universal insurance. Whatever the policy you choose, getting a low cost life insurance is the prime goal of everyone. Some factors that will help you get low rates for your insurance are: * Age * Health * Illness record * Nicotine use * Driving record * Job profile * Hobbies
Age plays an important role in deciding the insurance rates. A young person can get cheaper rates than an older one. The general health and illness record also play a vital role in the cost of insurance. People with good health and a perfect body mass index are considered less of a health risk and can get low cost insurance. Although a life ins quote will indicate how much a policy will cost, the final cost will only be revealed after the underwriting process is done.
For a proper underwriting procedure; all applicants must supply the insurance company with complete medical records. Any kind of illness, medication taken and other factors will be revealed. If the company’s underwriter thinks that you a health risk, you can be denied a policy. You can of course opt for a no medical exam life insurance to circumvent this problem. All that you need to do to qualify for a policy is to fill an online questionnaire and if the insurance provider approves the policy, the first premium amount can be paid online itself.
This type of policy takes very little time to process and provides good coverage for your family, Apart from those who suffer from a medical condition, even those who smoke, are too busy to submit to a medical exam or are afraid of clinics, tests and needles can go in for this scheme. Just remember that this policy attracts much higher rates than a traditional policy. Those who smoke and drink are also considered a health risk since they are abusing their health. So, if you want a low cost insurance and do smoke or drink, stop these habits at least six months prior to applying for a policy.
A poor driving record with many penalties will indicate that you are a risky driver who can injure himself and others. Those who take part in dangerous sports for the adrenalin rush are also putting their lives at risk. All these factors will automatically increase insurance rates. Of course if your profession is a risky one - miners, rescue workers, firemen etc - there is nothing you can do to change this. While these professions will attract higher rates, you can always opt for a group insurance policy offered by your employer where good coverage will be provided.
Apart from avoiding persistent salespeople, a life ins quote online will give you control over the type of policy you select. You can arrive at a quote that will be tailor made for your needs. What is more, by comparing multiple quotes, you can also go with a company that offers good terms and conditions at a reasonable rate. So, find out how to get a life ins online quote and protect your family.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance term and term life insurance, visit his site today.
Tags: Cheap Life Insurance, family, financial planning, insurance, insurance policies, life assurance, life insurance policies, life insurance policy, life insurances, life planning, personal finance, personal finances, personal financial planning, planning, Term Life Insurance
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Friday, January 6th, 2012
Life insurance and term plans are plentiful as long as you know how and where to look for them. Insurance is a very competitive business and insurance companies try to attract more customers by offering attractive rates, investment options, death benefits and term periods. With the benefit of online resources, you can easily find good cheap term life insurance quotes. Use these quotes to narrow down on a policy that will suit your needs.
When you request for a life insurance quote on line for a term insurance policy, the first step is to compare these quotes. These quotes will provide the rates from different companies. The needs of your family must be uppermost in your mind when requesting term insurance quotes. So, do not only look for low rates. This could result in you not getting enough coverage for your future family needs. Compare your term insurance quotes based on coverage, reputation of the company, customer reviews and such. You must not only get an affordable insurance, you must get it from a good insurance company too.
So, when you request for cheap term life insurance quotes either from online sources or through insurance agents, you will be given a list of the various types of plans available. Understanding each plan will help you decide which the best one for your family is. Some of the types of term life insurance available are: * Decreasing term * Guaranteed term * Level term * Return on premium * Instant term * Renewable term * Convertible term * Adjustable term
As the name suggests, the decreasing term insurance offers decreasing death benefit that will result in cheaper premiums the longer the policy is valid. This is useful to pay off mortgage loans, business loans or credit card payments. Guaranteed term is also known as no medical term life insurance where an applicant is eligible for coverage even without a medical certificate. While this provides guaranteed coverage, it has certain limitations like a death benefit cap of $50,000 and claims not being paid if the policyholder dies within 2 years of purchasing the policy.
Level term is by far the most popular of all term insurance plans. It can be taken for fixed periods ranging from 5-30 years. The premiums will not increase throughout the term even if the policyholder’s medical condition changes for the worse. ROP or return of premium insurance refunds all premiums plus interest at the end of the term if the holder is still alive. This is a great benefit for when term life insurance was first introduced, policyholders were not eligible for any premium returns if they outlived the term.
Instant term life is useful for those who are busy and have no time to visit insurance offices or undergo lengthy medical exams. It provides short term coverage for small amounts of less than $50,000 cheaply and quickly. Renewable term insurance means that a person can renew the policy when the current term expires. Since all term insurance rates are based on the age and health of a person, renewing a term insurance will certainly result in increased rates.
Renewable term insurance offers policyholders the right to renew a policy without having to undergo another medical examination. This means the policy can be renewed at not such high rates as one would have to if they undergo a medical exam. Convertible term insurance gives the holder the right to convert to a universal or whole life insurance once the current term is over. This is useful for those who are more financially secure later in life and prefer to choose an insurance that offers an investment option.
Your insurance needs are originally calculated based on your perceived future needs. If you take a long term policy, your needs can automatically change over time. An adjustable term life insurance provides you the option of changing premiums or death benefits over time. You can either increase or decrease your coverage and therefore your insurance rates will also increase or decrease. This really depends on your expenses in new additions to the family, income fluctuations, performance of your business, illnesses that result in increased medical bills and such. Study all these term insurance plans, compare quotes and you will get a good policy with adequate coverage for the family.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on insurance life quote and life insurance no medical, visit his site today.
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