February 21, 2018

 

Five Things Everyone should know about Life Insurance

Life insurance is one of life’s major decisions, often likened to a precious and lasting gift for one’s family. Despite the importance of this heartfelt gift, there are a few things about life insurance that few are aware of. Here is a list of the most important things that you should know about life insurance.

Everyone needs life insurance
Life insurance is not just for the chief breadwinner of the family. If someone depends on you financially or otherwise, then you need life insurance. A stay at home parent, or even a parent who does not contribute significantly to the household finances needs insurance too. They provide their families with ‘free’ services like cooking, cleaning, childcare and driving the kids around. In the their absence, the family would need extra income to pay for these services.

Young, single people are the most prone to thinking that they don’t need life insurance. But they do. Age is an important criterion in deciding life insurance premium amounts, and young people usually receive the best life insurance rates. When they do feel the need for life insurance later in life, they might not be eligible for cheap life insurance. Health conditions would have set in, preventing them from qualifying for the best life insurance rates. Single people think they don’t need life insurance but there is a chance that they won’t remain single forever. When they do have dependants, they may not be able to qualify for the same life insurance premium rates as now. Also, even if they don’t have anyone to leave money to, when they die there would be a few expenses – funeral expenses, unpaid mortgage amounts, loans are a few examples. In the absence of a life insurance policy, their aging parents or other siblings would have to attend to these payments.
Purchase a policy that will provide adequate coverage for your beneficiary
Most people don’t bother about working out the correct amount of coverage. Remember, with inflation your money may not really help your family meet all their financial obligations. On the other hand too much life insurance is also unnecessary, as you would end up paying extra premium amounts that you can invest or save.
So just how much coverage is enough? For the breadwinner of a family the rule of thumb recommended by experts is 10 – 15 times your current income. If you are a stay at home parent or care-giver, you can work out the values of each service you provide for the family, and factor inflation into the calculation so that your family is left with enough to pay for these services, in the event that you die. There are also several online calculators available on life insurance websites, and they can be quite accurate as they take inflation and your other investments into consideration.
Good health is a reason to rejoice, but bad health doesn’t mean you should stop looking at life insurance options.
When people have bad health, they assume that their premiums will be exorbitant, and they can invest the same money elsewhere. However, there are life insurance carriers out there who look more favorably on certain health conditions than others. How will you find them? The easiest avenue is to go online and get quotes on a reliable life insurance website. Smokers are usually bracketed high risk and are offered policies at high premiums. But many smokers do not know that if they remain smoke free for a period from 1 year to 5 years (depending on the insurance carrier’s rules), they can qualify for non-smokers policies.
However, this does not mean that your life insurance premiums will be as cheap as that offered for individuals who are in excellent health. Many contributors to major illnesses of today are controllable with the right diet and a healthy lifestyle. Improving your health is your ticket to affordable premiums.
Review your life insurance policy periodically
Life’s situations change often and this demands that your policy is reviewed often too. Marriage, a new baby, when seniors move in and become your dependants, a promotion or crisis in the work place, buying a house and medical problems are a few instances when life insurance policies need to be reviewed. Reviewing is important because it helps you buff up or trim down the amount of life insurance you need. e.g., when you have a young family, you have more liabilities and expenses. As you age, and your kids get jobs, you can trim down your coverage amount. Sometimes you may find out that there are other companies offering better rates. Reviewing your policy often will make sure that you have adequate levels of life insurance.
Shop around for life insurance policies for the most affordable policy that provides the maximum benefits.
Just like every other major buying decision, shopping around for life insurance is a great way to get the most affordable policy. Term life insurance policies especially can be bought online at very economical premiums. Online life insurance agencies can offer you the best rates because they deal with hundreds of life insurance companies. They can run your details through the requirements of these companies and offer you quotes in seconds. They are also a great way to compare the intricacies of various life insurance policies as they offer detailed comparison charts on each policy.

The importance of life insurance can never be emphasized too much. An uncertain economic situation and hard times are all the more reason to cover your family, and make them comfortable even when you are no longer around to look after them. If you don’t have life insurance yet, the best time to get it is now. As time goes by, it may be either too late to get life insurance or just too late to obtain it an affordable rate.

Permanent Life Insurance: Worth the Money?

Buying life insurance requires a lot of thought and planning. For most people, the choice is between a permanent life policy and a term life policy. Here’s a bit of information on permanent life insurance to help you make a better-informed decision.

Permanent life explained

Permanent life insurance will remain in effect until the insured dies, after which the death benefits will be paid out to the beneficiaries. The premiums on permanent life are designed to remain equal throughout the life of the insured. Premiums are high because permanent life policies develop cash values that can be accessed by the insured through surrenders or through loans against the policy.

The cash values in permanent life insurance policies typically include two components:
A guaranteed cash value, already referred to above. The cash value grows based on a pre-set schedule, and grows to a sizeable amount upon maturity of the policy (typically at age 100).
Most permanent life insurance policies additionally have a non-guaranteed cash value element, typically made up of dividends or earnings on the cash value, which can enhance the value of the life insurance policy over time.
There are many permanent life policies in the market today with varying features and varying degrees of control over the cash value component of premiums.

Permanent life vs term life

In sharp contrast to all the cash-value possibilities that permanent life can offer, term life insurance policies only offer you the death benefit, and only cover you for a particular number of years, called the ‘term’. Because of the absence of cash values and the temporary nature of this policy, term life premiums are more affordable.

Permanent life insurance can be substantially more expensive than term life insurance, but the death benefit is guaranteed as long as premiums are paid. On the other hand term life policies can buy you the same amount of death benefit as a permanent life insurance policy, at a fraction of the premium cost.

The pros and cons of permanent life insurance

The drawbacks of permanent life insurance are:
With most permanent life insurance policies, you don’t have a say in the investment portfolio to which your cash value component is linked.
Because of its investment component, the best benefits on a permanent life policy are gained in the long term. So this is not a great life insurance policy for someone who wants a stopgap life insurance policy.
If you fall short of funds the cash value portion of permanent life policy can be borrowed against. This attracts interest, so it is advisable not to borrow against a permanent life policy unless it’s a last-resort effort to access money during a tough financial situation.
The investments of most permanent life insurance policies are by nature very conservative (variable permanent life policies are the exception) with a strong possibility that if you were to invest the same amount of money elsewhere, you would earn much more on your investments. In fact there is a school of thought that advocates that permanent life insurance may not be worth the money at all when compared to the benefits of buying term and investing the difference in premiums (between term and permanent).
Let’s move on to the advantages of permanent life.
If you have difficulty exercising discipline in money matters, permanent life is a great option because it offers you ‘forced savings’. If not for the policy, you probably would have difficulty investing money so consistently into an investment avenue.
Permanent life is a life-long insurance policy and the premiums are consistently level. Though it can be quite a pinch in the first few decades of your policy, as the years pass, it can get more affordable.
When you outlive a term life policy, you will need to buy more insurance, predictably at higher premiums. This problem does not arise in permanent life because the policy is lifelong, and premiums are consistently equal.
Is permanent life insurance right for you?

It all boils down to the life insurance needs at your current stage in life. If you are very young and have several financial obligations such as small kids, their college education to think of, mortgages, loans, etc. then permanent life policies may not be right for you just yet because of their high premium costs. Term life would be a lot better. On the other hand, if you are older, and are mostly done with your financial obligations you will need a life insurance policy to cover you for the rest of your life, and that’s where permanent life seems the more feasible choice.

How long do you plan to keep your life insurance policy? If you want to be insured for several decades, you have to think of permanent life and not term, because even though term premiums are low, they will increase each time your policy expires, and you take out a fresh policy.

However, one must also consider the fact that permanent life insurance investments grow conservatively. Therefore, those who are looking at great returns on their investments are better off buying term and investing the difference (that they save on premiums) in tax-deferred investment vehicles like IRAs, Roth IRAs and even educational accounts like the 529s. The general opinion is that if one can make sound investments elsewhere with this savings in premiums, the returns would be much greater returns than a permanent life policy could provide. If you look at it from this angle, permanent life insurance doesn’t really seem worth the money. The choice however, should totally depend on individual considerations.

Finally…

You need to spend some thought on how much your coverage should be. With permanent life especially, you don’t want to be over insured because defaulting on your premiums can cancel your policy. You don’t want to be under insured either, and put your family through tough times. So use an online life insurance needs calculator for an accurate estimate of how much life insurance you will need.

Shop around before you buy your life insurance. You can do this online in a hassle-free manner by getting quotes from a reputed online life insurance agency. Check if the website is BBB-accredited, and you can be assured of its authenticity.

Ways to Save on Life Insurance Costs

A tough economy coupled with a maxed out job market has changed the way Americans spend their money. While the good news is that more and more people are now saving money for a secure future, the not so good news is that they are even scrimping on some essential expenses in the process.

Life insurance is one such essential expense that anyone who has dependants that rely on his income needs to incur. While many people view it as a “cake” that they pay for, but never get to eat, they fail to see the bigger purpose in getting life insurance.

It provides you the comfort of knowing your family will have the same quality of life even if you are not around to provide for them. Besides, the beneficiaries of the policy or the ones who get to “eat” the cake are your own – the people you care for the most in the entire world.

If you can, at a very low cost, ensure that they remain financially secure even after you’ve passed on, wouldn’t you want to grab that chance with both your hands? Yes, it is possible to save on your life insurance cost by following some simple guidelines.

First thing you can do is consider term life insurance instead of permanent or whole life insurance. Term life insurance provides coverage for a specific term or period of time, which could be 10, 15, 20 or even 30 years.

Since term life insurance is based on the premise that a lot of policies will lapse without the company having to pay death benefits, it’s the most affordable type of life insurance. In addition to this, term life insurance does not build any cash value, which makes it possible for many young families to buy it for cheap.

Insurance agents will usually talk up whole life insurance because of its “investment component,” but you should know the ROI on life insurance products are not as high as other tax-deferred investment vehicles. So, it’s better to get term life insurance and invest the difference in other investment schemes.

Another way to reduce the cost of life insurance is to buy only as much life insurance as you need. For that, it’s important to evaluate how much coverage will be required to ensure your family can maintain the same lifestyle after you’re no longer around.

While it may be impossible to precisely calculate your insurance needs as your personal circumstances will keep changing, experts opine that you should revisit your policy every year or at least every time there is a change in your situation. An example of that would be if you’ve just bought a new home or had a baby recently.

One of the biggest cost-saving factors for any life insurance policy is to buy it when you’re young. Premiums are generally low for younger folk in their 20’s and 30’s. The older you are at the time of buying a life insurance policy, the higher will be your premium rates.

Obesity and health issues also heavily impact the life insurance rates you’re offered. If you want to save on your life insurance policy, it’s important to get into shape. If you have high blood pressure or cholesterol, make an effort to bring it under control and show your insurer some evidence of improvement in your health to get a lower quote. Those who are overweight will be quoted a higher premium and they should exercise and manage their diet to qualify for lower premium rates.

Quit smoking cigarettes and see your premium rates plummet. Using tobacco and nicotine products can have a negative influence on your premium rates and if you stop consuming these products, you can make considerable savings on your life insurance policy.

What you can also do to reduce your life insurance premium rates is limit your alcohol consumption and avoid other unhealthy habits like driving under influence. Not only can an insurance company contest claims for deaths related to alcoholism, but they can also use previous incidences DUI or DWI to increase premiums or deny coverage.

One of the biggest mistakes you can make when buying life insurance policy is not doing enough research. If you’ve decided to buy a life insurance policy, it pays to shop around and you can easily do it online from the comfort of your home. Look for policies that suit your individual requirements, hunt for best rates, compare quotes from different companies and do a through background check on the insurance companies you’ve short listed before zeroing in on any one.

Like we’ve already mentioned, it’s important to revaluate your policies every once in a while so your coverage is updated to meet your current needs. For example, if your house has been paid for, you can easily do with a lower coverage than before. Same would be the case if your children have already been through college.

Similarly, if there is a drastic improvement in a pre-existing health condition or you’ve stayed off cigarettes for over a year, you may qualify for lower rates and therefore, should ask your insurance company for a reevaluation.

You can also save on your life insurance cost by making annual payments instead of monthly or weekly installments and by allowing money to be directly debited from your account. This will lower the administrative and operational cost of the insurance company and they may be willing to pass the benefit on to you!

If both you and your spouse are considering life insurance, it may be worth your while to buy a joint term life or first-to-die insurance than two individual policies. This type of policy covers both the spouses and the benefits are paid when either one of the insured dies. Most often, the premiums are lower for such type of policies.

Last, but not the least, be truthful on your insurance application. The greatest injustice you can do to the people you leave behind is providing false information on your application. If your insurance company finds evidence of misrepresentation of truth, it can cancel your policy or worse, withhold paying out death benefits to your beneficiaries when they most need it!

Should Seniors Opt for Term or Permanent Life Insurance?

Life insurance policy needs are usually different at different stages of an individual’s life. When you’re just starting out as a young, single adult, you may see little use in getting your life insured.

As you grow older, so do your responsibilities. You may have dependents who rely on your income to subsist and you need to ensure their financial security in case you’re no longer around to care for them.

Then you reach a stage of greater financial stability where your kids have been through college, the house has been paid for, other consumer debts taken care of, and you probably have money put away for retirement.

At this time in your life, your need for life insurance could be significantly different and you could do well to revisit your policy. The question you, as a senior, must ask yourself is whether it’s term life or whole life insurance that you need now.

Term life insurance, as the name suggests, provides coverage only for a specific period of time. Term life insurance is usually recommended for young families that are starting out and have dependents, mortgages, and other financial commitments, but limited resources.

As it’s relatively inexpensive, it allows younger people to buy considerable insurance on their life at very low premiums. The purpose of term life insurance is pure coverage in the event of the insured’s premature death and it has no “investment component”. The only way term life insurance can be cashed out is if the policy holder dies.

The biggest benefit of term life insurance is its affordability. However, the premium rates keep rising as you age. Therefore, if seniors were to purchase term life, they will lose out on its cost benefit as the rates offered to them would be considerably higher especially if they are not in the best of health.

They would also need significant amount of savings to live a comfortable life post retirement and meet any unexpected medical expenses associated with old age. That’s why whole life insurance policy is recommended for older people.

Whole life or permanent life insurance, unlike term life, offers coverage for your entire life as long as the premiums are current. In addition to providing coverage, whole life policy also builds cash value.

Because it provides continual protection and has a savings feature, whole life insurance policy is more expensive than term life. Even so, whole life insurance is believed to be a better bet for the retired or nearing retirement folk for several reasons.
Term life insurance provides coverage until the age of 75, where permanent life insurance remains in force for your whole life.
You need to have reached a certain financial ability to afford whole life insurance. Older people generally have lesser financial obligations and can afford higher premiums more easily than those who are starting out.
You can cash the policy out for the accrued value in case of an unplanned medical emergency or even use it as collateral for loan. In short, whole life insurance acts like an asset that can be used at the time of need.
Unlike renewable term life insurance premiums that generally increase with age, the premiums on most whole life insurance policies remain the same over the years.
The insured can have the peace of mind that whenever their time comes, which is more of a concern as you get older, there will be guaranteed coverage for their partner.
Most whole life insurance policies offer dividends that can be added to the cash value or death benefits.
Proceeds from whole life insurance can be used to pay for the funeral and other final expenses when the insured passes on.
Seniors can also buy a whole life insurance policy as an estate or legacy for their grandchildren.
A smaller whole life insurance policy would generally not require you to go through a health examination, which works well in case of declining health.
However, whole life insurance is a long term commitment that one should consider purchasing only if they are confident of keeping up with the payments. Letting your whole life insurance policy lapse because you’re unable to pay the required premiums can spell disaster for your financial plans and should be avoided at this crucial juncture of your life!

Your Driving Record Affects your Life Insurance Rate

Most people know that a bad driving record can affect car insurance rates, but did you know that your driving history may affect your life insurance rates as well? That makes sense when you consider that life insurance companies basically gamble on how long you will live. People who are in excellent health, younger and lead healthy lifestyles are preferred by life insurance companies and this category of people pay the least premium. But what if you have traffic violations say, a ticket for speeding, or a DUI? How does this impact your life insurance?

Bad Driving Increases Your Death Risk
According to the National Highway Traffic Safety Administration, an average 40,000 Americans die from car accidents each year. Car crashes are the number one killer of teenagers, taking about 3,000 lives each year. Nearly 5 million suffer car-related injuries every year which emergency visits to the hospital. Bad driving is associated with higher risk of death. Therefore, life insurance companies take a look at your driving history and any violation of traffic rules is considered to be a risk that may shorten your life and therefore, impact your life insurance rates. Different life insurance carriers adopt different criteria for viewing traffic indiscretions. If you have a traffic violation, it would be best to shop around for life insurance carriers who look at traffic violations more favorably than others. Online life insurance quote providers are a great way to get multiple life insurance quotes from reputed life insurance companies easily and instantly.

Bad Driving May Impact Life Insurance Rates
Many companies do not ask for details of your driving history on their application forms, but this does not mean that they are not factoring your driving record in their underwriting process. Life insurance companies can access this information from the State Department of Motor Vehicles. Since this information is easily available to them, it’s best to be honest and write down any traffic violations you have had, if required. Any misinformation on the application form is considered a criminal act and may disqualify you from getting a life insurance policy.

Can You Erase Your Traffic Violations?
In general, life insurance companies are favorable to people who have had no more than 3 moving violations in the last three years and no DUI has been issued in the last 5 years. Most life insurance carriers look at recent traffic violations, and not your complete history. If you have a minor violation you should look at ways you can get this dismissed from your record. If your state has provisions for you to erase a speeding ticket from your record by enrolling in a safety course, you may want to take advantage of these before applying for a life insurance policy.

However, if you have traffic offenses which cannot be erased immediately, don’t wait to purchase a life insurance policy. Living without life insurance coverage is not the kind of risk you would want to take, especially when it would traumatically affect your loved ones.

Getting Affordable Life Insurance despite a Driving Record
The best option would be to purchase a policy that is the most affordable and gives you the best coverage. You can then review the policy at a later time when your driving record looks better and get your old policy replaced with a new one that costs less.

Having a traffic violation may impact your life insurance rates, but need not prevent you from getting the best coverage you can at reasonable and affordable premiums. Online insurance quote providers have access to hundreds of reputable companies and can offer you unbiased life insurance quotes along with company ratings. Shopping around for multiple life insurance quotes through online life insurance providers is an easy and quick process. There are no obligations to purchase and the process of getting quotes is free. You can easily access quotes from life insurance carriers whose underwriting criteria are more favorable to traffic violations, compare these quotes and choose the best life insurance coverage for your family.

About AccuQuote:
AccuQuote is a leader in providing term life insurance quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.

Importance of Binding Life Insurance Coverage

Everyone who applies for permanent or term life insurance should consider the importance of binding life insurance coverage. Processing your life insurance policy can take up to 60 days. During this period you are left without coverage which is not an ideal situation. Events in life are often unforeseeable which is why you are opting for life insurance in the first place. You wouldn’t want to take the risk of being without coverage if there is an option available.

Binding life insurance coverage allows you to enjoy the peace and security that comes from knowing your life insurance coverage is active even before your life insurance policy is officially in place. How does this work? A premium must be paid along with the completed application form. The coverage begins on the date the applicant receives a conditional binding receipt. If you qualify for life insurance, you are not left without coverage during the time it takes for underwriters to process your life insurance policy. Since you are going to pay premiums anyway it makes sense to secure the life of your loved ones financially during this period.

Most life insurance companies issue a conditional binding receipt when an applicant fills out the form and submits it to the company along with the first premium. Depending on the type of insurance you are applying for, a “binding receipt” is also called a “conditional receipt”. As the underwriting procedure progresses, if you do not qualify for a life insurance policy, the life insurance company will return any premiums you have paid. Applicants who are totally uninsurable or not insurable at standard rates may not receive immediate coverage.

Everyone who is applying for life insurance should bind their coverage and get life insurance protection as soon as possible. Not only do the benefits include a sense of security, but if your health takes a turn for the worse during this period, your insurability will not be affected.

Binding life insurance coverage is an advantage to insurers and applicants. Most companies issue you binding receipts when an application form is submitted along with the first premium payment. The important issue, however, is choosing the right life insurance policy. Make sure you check out all your options before applying for a life insurance policy. What most people don’t know is that underwriters of different life insurance carriers use different criteria for insurability assessment. Many carriers also have additional advantages such as waive of premium rider, or conversion options that you can use to convert your term life insurance policy into a permanent policy. These options may be useful to you later on.

You’ll find it easier to find the best and most affordable life insurance policy when you use online life insurance quote providers. Their databases carry information from hundreds of reputable life insurance carriers and can easily and instantly find quotes that match your needs. You’ll receive multiple life insurance quotes for comparative study, free of cost and without any obligation to purchase. Look out for the Better Business Bureau (BBB) accreditation before using online life insurance quote providers.

Instant Term Life Insurance Is The Security That You Deserve

For so many years people seek of alternatives or options to provide additional financial support for our beloved family, a highly recommended solution is the instant term life insurance. This type of life insurance will surely aid the family should the insurer dies within the term. A certain amount in monetary fund will awarded to the beneficiary if she can provide a proof of death of the insurer. If the beneficiary is encountering problems with the proof, she can coordinate with the company to solve this discrepancy
Cheaper life insurance rates are the main reason why people get hold of an instant term life insurance. The rates do not change until the end of the term. Unlike in other types, there will be changes throughout the term. It may either go lower or higher depending on the market changes
In the event of an unfortunate death of the insurance policy holder during the term; instant term life insurance policy nominee gets the sum assured amount; If the insurer survives during the term; one cannot claim the insurance benefits as these instant term life insurance purely offer death benefits for the said period. On successful completion of the term; insurance company offers the insurer to renew his life insurance. One can take it for granted that the offer provided by the insurance is the best. On choosing the offer; policy holder will not be asked to undergo medical examination. If one declines the offer, he has the option to choose other life insurance policies
Please refer the below criteria’s that needs to be met to apply for an instant term life insurance:
-One of the primary criteria is life insurance applicants age, since issuance of policy to older applicants may prove risky to the insurance.
-Applicants should be hale and healthy to obtain affordable life insurance policy.
-Applicant’s life style is taken into consideration since people addicted to alcohol and smoking, are prone to more risks
-Applicant’s driving records are verified to confirm that they are not reckless drivers.
-Applicant’s work environment is verified to confirm that the applicant is not working in a hazardous condition as they are prone to risks
Terms and condtions of any term life insurance policy indicates that the insurants will be subjected to medical examination. Insurant has to substantiate that he is hale and healthy to seek for a life insurance in the form of a medical certificate. If the insurant is unable to produce a medical certificate or fails the medical examination conducted by the insurance company, he will not be eligible for instant term life insurance. However on such occasions, life insurance company will offer the life insurance applicant an exclusive different plan; namely life insurance no exam. Applicants, who did not qualify the medical requirements laid out in the life insurance company policies, can avail the life insurance no exam policy. Thus in order to complete the transaction, all that one needs to do is the submission of the required documents if any and initial charges
Insurers who have been granted a life insurance no exam shall be responsible to pay its monthly charges. This type of life insurance is a bit higher than the term life, so the insurer should have plenty of resources to compensate the charges. If, for some unavoidable circumstances, the insurer fails to pay the monthly charges, he will be penalized. The penalty is normally very minimal and can be afforded; but this is an unnecessary expense. This should be avoided
Insurers are encouraged to pay on the specified date of payment to prevent them from paying any penalty. If they continue do this, the chosen insurance which was based on his monthly income will no longer be known as affordable. Being responsible also makes the life insurance cheaper
A lot of working people don’t have time to apply for a life insurance even though they wanted to. They will never know exactly what are the good benefits it can do for themselves and for their families. A good advice for these people is to get the professional services of a life insurance agent. This individual can handle any kind of situation that he may encounter during the processing. The good thing about a professional agent is that he will find ways to get the application its approval
Think of the benefits of the life insurance no exam and instant term life insurance. This will greatly appreciated if you get to hold one. There is nothing more important than preparing for the future of our dear family should the inevitable time occurs.

Buy a Low Cost Term Life Insurance Right Away

Common public are always on the search for term life insurances which can be completed easily. It is because of this reason; low cost term life insurance is so popular. This term life insurance offers so many short term period plans; in addition to the other benefits offered. One of the other benefits, is that the insurant will be able to renew the policy once he completes the term period. On renewal, he is offered an option, with far more benefits; however the life insurance rates will be slightly higher
A certain applicant cannot easily acquire a life insurance of his preference. He must pass the most important requirement of all term life insurances. This is the medical checkup. It is required for all applicants because it is used to determine their proof of insurability. A healthy applicant is qualified to acquire his preferred term life insurance because of his present healthy conditions. The company is confident that this healthy applicant can survive the whole term of the life insurance
An insurant who has survived the term period or who has completed the term period successfully, will be offered to renew his policy for another term of the same policy or choose a different policy. However if he dies during the term period; insurance nominee will be able to claim the policy sum assured plus insurance bonus if any. In order for the nominee to receive the funds, nominee must furnish the insurant death certificate. Nominee may also seek the assistance of the life insurance staff if he or she has difficulties in obtaining the same
The insurer is just planning for the future of his family should he cease to exist. The life insurance that he acquired assures him that whatever happens to him during the term, his family can have the assistance that they need upon his permanent absence. This will provide a new beginning for his family without him. It is very sad but they have to accept the truth that we will experience the inevitable. We just don’t know when.
It was mentioned that an applicant can get a life insurance if he passes the medical requirement. What happens if he fails the medical examination? Here, the applicant if presented with a different type of life insurance, an exclusive one. It is called the life insurance no exam. Disqualified term life insurance applicants are normally offered with a life insurance no exam. This is a higher paying type of life insurance. The insurer must be responsible to pay for the premium rates until he finishes the term
Remember that this is a long time obligation and failure to abide by the rules of the life insurance company will lead to unfavorable consequences like paying for penalties. These penalties can be avoided if the insurer is responsible enough in paying for the charges regularly
Eligibility criteria’s for Life insurance no exam are as follows: –
-One who did not qualify the basic medical requirement
-Active smokers and persons addicted to alcohol drinking.
-One who is employed in riskier environment or involved in dangerous activities such as bike racing, dirt bike, flying glidder
-One who is a reckless or irresponsible driver or who has caused several road accidents in the recent past
The applicants who cannot get a life insurance but can offer to pay any type of insurance, can can avail themselves of another type of policy called life insurance no exam. This type of insurance is available to these kinds of people. Of the various life insurance policies, this type is the best choice. The insurance company has come up, with this idea generously to help this kind of people. This provides the opportunity for people to avail themselves of an insurance who are deprived of the life insurance coverage earlier
Second most criteria that a life insurance company verifies is the applicant’s capability to pay the monthly or quarterly or half-yearly premium rates. It is very significant when an applicant buys the insurance coverage at his young age. Look out for opportunities to obtain a low cost term life insurance. It is always advisable to be better prepared for the future. Thus when you know that the life insurance company is going to take care of financial security, then why not secure your beloved family ‘s financial future. Do remember that your spouse will not be able to handle all tasks all by herself. Thus obtaining either the low cost term life insurance or a life insurance no exam, will make their life a better one, even in your permanent absence.

An Instant Term Life Insurance Is A Great Alternative For Future Finances

Many capable insurants do not know as to how to apply for an instant term life insurance. It is not that much difficulty as one thinks. In case the applicant, get the details from a close friend or relative, the job is made easy. If the applicant easily understands about insurance he can confidently go for this type of insurance
The applicant has a first step understand that he is physically fit to have a life insurance of his choice. This enables to opt for low cost insurance policy of his choice. The company is confident enough to issue a lower rate to these applicants. The company knows that these insurants would definitely finish the term of the policy
When an applicant fails the basic medical examination criteria; he can still buy a life insurance coverage. Life insurance company offers an exclusive plan namely life insurance no medical exam to these individuals. Life insurance no medical exam premium rates are always higher than any other term life insurances. These policies are exclusively offered to the applicants who are suffering from chronic ailments. Life insurance no medical exam policy is definitely one of the amazing concept of the life insurance company as these plan’s offers life insurance coverage to those individuals who have deprived of life insurance coverage earlier. Thus life insurance company lives up to the motto of serving all section of the community with its services
Where life insurance no medical exam policy is issued, the insurer should be careful in the payment of monthly premiums definitely. It is a costly fee to the insurant. Therefore the insured person should pay the fee on the due date without fail as fixed by the company. For any reason, the insurer fails to pay the premium, then he is compelled to pay the penalty for this. The penal fine amount is worked out on percentage basis and varies from one company to another. Therefore to avoid penalty, the insurant should see that the fee is duly paid on fixed dates
The instant term life insurance is very popular all over the globe. It involves low cost rates. The rates are fixed and don’t vary till the end of the policy period. If one dies in the course of the policy period, his family will get the money assured. This amount would be useful to support family financial matters. It is obvious that the benefit got can be equated to what the insurant would give, if he is alive
Criteria’s that needs to be met for acquiring low cost life insurance are as follows:
-A young applicant will be able to acquire instant term life insurance
-Physically fit and healthy applicants have better chance of surviving the term period; thus qualifying for a low cost life insurance.
-One who prefers a long term; will actually pay a low insurance rates
Acquiring a low cost life insurance has always been an issue among many prospective insurers. Once they have not passed for the medical requirement, they are deprived of obtaining a lower costing life insurance. It is the right of every company to have certain limitations. If not, these companies will be candidates for foreclosure. There are solutions that the companies have developed for every individual to acquire a life insurance. They just have to abide by their rules and regulations
One can easily find the low cost life insurance using the internet. This can be leisurely done by simply sitting at home. One can search for the right life insurance which will be accommodated by his income. One can also obtain free life insurance quotes from many websites. To obtain the quotes, all that one needs to do, is simply up the quotes application online and submit it. On receipt of the quotes, do a comparison on the rates and the benefits that you will obtain from the corresponding the life insurance plan. Life insurance enrollment process will be quicker with the help of quotes
Working class people in particular are ignorant about the various benefits of the life insurance that can offer to themselves and to their family. It is advised that such section of people should approach an insurance agent for obtaining life insurance policy. Insurance agent will be able to help the individual’s; right from the application processing to the issuance of the policy. He will ensure that the applicants obtain the desired life insurance policies at any cost.

Know More About Life Insurance And Its Benefits

It is the duty of an individual to prepare for the necessities of his family. A good recommendation is obtaining a life insurance that lasts for specific period of time. A short term life insurance is very popular among lots of people in every country. Having a short term allows every insurer to finish it the soonest possible time and then reapply for another term. He can renew his life insurance without any changes or take the offer of a better one like a whole life insurance
Life insurance applicants needs to qualify some of the basic terms and conditions of the life insurance. Submission of medical certificate or qualifying the medical examination is considered as the primary condition of the life insurance company. This is to ensure that the applicant is insurability
To get a life insurance policy of one’s choice by rule, every applicant has to pass a medical test. Once this is done, his capability to pay the premium for the life insurance for quarterly or monthly installment is worked out. The company is very particular about the periodical payments as this aspect has reference to the contractual obligation. Failure in this regard would make one to pay a fine
Penalties are already pre-computed because delayed payments are more likely to occur to any individual. Penalties are just waste of money. This can be avoided if we are just responsible in paying on the right date. If the insurants does not qualify in the medical test, he can still avail of one. An exclusive type of life insurance is presented to these kinds of individuals. This is known as the life insurance no medical exam
As said above, life insurance no exam is offered to individuals who are physically or mentally unfit. Insurants who have been granted a life insurance no exam shall be responsible to pay its monthly charges. This type of life insurance is a bit higher than the term life, so the insurer should have plenty of resources to compensate the charges. If, for some unavoidable circumstances, the insurer fails to pay the monthly charges, he will be penalized
Life insurances can be selected according to their rates. An insurer has to qualify for the requirements to acquire the preferred package or a cheaper type of life insurance. There are basis to get hold of a cheap type of life insurance. Here are some of them:
-An applicant has to be healthy to acquire a lower costing life insurance.
-Applying at young age qualifies him for a low cost life insurance.
-People who have unfavorable driving experiences or records can not have the typical life insurance. He may qualify for a higher rate of life insurance. (life insurance no medical exam)
-Individuals who have a very dangerous work are most likely to pay higher premium rates because of the high risk of death.
-A regular cigar smoker can not acquire a cheaper one because he might acquire a deadly illness like cancer of the lungs. Even if he submitted instant term life insurance quotes, he cannot qualify for it
Talking about cheaper life insurances, an instant term life insurance is a candidate. This type of insurance assures the insurer that his family, the beneficiary, will claim a specific amount of cash if he dies during the term. This cash will partly help support the family in any expenses that the deceased breadwinner fails to provide. It can be used to pay the basic household expenses. It can help pay some of the children’s school necessities. It can also be possible to pay for home mortgage loans. The most significant part is that it can help provide a decent funeral for the deceased member of the family who is also the insurer
One can recall statements such “Past is history, future has no guarantee and present is a gift”‘ thus there is no better day than today to buy a life insurance policy. Visit the nearest the life insurance company and finish the formalities such as submission of details to acquire life insurance quotes. On receipt of the quotes, make a conscious decision such that your monthly salary will be able to fit the life insurance premium bills on a monthly basis. Issuance of policy and selection of policy becomes so easy with the help of quotes