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Types of Life Insurance Policies

Life insurance is one of the best safety nets you’ll ever buy for your loved ones. It’s one of the only ways you can guarantee your loved ones have the money they need, even if something awful were to happen to you. Not having life insurance is one of the worst mistakes you could make for your loved ones. Without that safety net, your family would be stuck under a mountain of debt and other final expenses, but that’s where your life insurance plan comes in.
When you’re shopping around for life insurance, it’s important you compare all of the different options available. Each kind of life insurance is going to have different pros and cons you’ll need to weigh based on your insurance needs. It can be confusing and frustrating trying to find the perfect plan for you, but that’s why we are here to help. It’s our mission to ensure you’re getting the best plan available. This post (and the video below) are going to look at some of the main types of plans and the benefits of these policies.
In the video below I discuss the different types of life insurance policies that you may be considering and which may be the right choice for you.
There are three main categories of life insurance. Each of them is slightly different in the coverage they provide and how much they cost. (more…)

How do you buy an affordable term life insurance policy that meets your needs?  The pricing of your policy is based on the amount insured and any riders it includes. Choosing the right insurance policy comes down to deciding on these key features and then shopping for the best rate.

What’s the Difference Between Term and Whole Life?

You can read entire articles just dedicated to this topic. To keep things simple – Term Insurance expires. Typically you can get a policy and lock in the rate for a period of 10,15,20,25, or 30 years. After expiration you may be able to renew the policy but at much higher premiums. Whole Life is a form of permanent insurance. Premiums don’t go up, and as long as you pay the premiums the policy does not expire. People buy term because it’s cheaper and they may only need coverage for a period of time, like 20 or 30 years. Others buy whole life because they want a permanent policy and can afford higher premiums. You can read more about term vs whole life here.

Why buy a term life insurance policy?

Insurance buys you peace of mind.  By buying in a term life insurance policy, you seek to provide a safety net for your family in the event of your death.  A term life policy helps to maintain the present living standard of your family, take care of your mortgage and kids’ college education and any one-time expenses. It can also include a provision for funeral costs and estate taxes.  Once arranged, you must keep the policy current by paying the premiums when they are due.  In the event of your death during the term of the policy, the proceeds are paid out to your designated beneficiary.
If you remain healthy during the term of the policy, there will be no need to cancel the policy. The term life policy will expire at the end of its term after providing a buffer for those critical years.
A whole life insurance policy on the other hand carries a higher premium. It is kept in force throughout your life and is structured differently. A whole life policy has a cash component that is not available in a term life policy. The returns from such a policy depend on the number of years it is held and what securities it is invested in.  A term life policy holder can get a better return by investing the difference between the premiums in a 401(k) plan or other investment account.

The Pros of Term Life Insurance

  1. Term Life Insurance is Cheap

Term Life insurance is the cheapest form of life insurance coverage available. That means that you get more bang for your buck. The same money spent on term coverage will get you much more death benefit than a permanent life insurance policy.

  1. Term Life Insurance is Easy to Purchase

Term Life insurance is not a complicated financial product. That means that its easier for you to both shop for term life and compare term life quotes. With term life insurance you basically need to make just two decisions. First, you need to decide how much coverage you want. Once you know that, you need to decide how long you want coverage for. You can typically get a term life policy for 10,15,20,25, or 30 years. The longer the term period, the higher the monthly premium will be.

  1. Term Life Insurance Covers a Temporary Need

If you feel like you only need coverage for a set period of time, term life insurance is a good choice. For example if you have little kids and want coverage until they are out of college, a 20 or 30 year term policy might be good enough for to fill that temporary coverage. Or if you are 50 years old and want a policy that will cover you until you retire at age 65, a 15 year term policy may be perfect for you.

Cons of Term Life Insurance

  1. Term Life Insurance Expires

Term Life insurance is for a set amount of years. That means that if you purchase a 30-year term policy and you outlive the 30 years, your policy can expire. You do have the option to renew after 30 years, but its most likely that the renewal rate will be unaffordable to you or simply more expensive depending on your health at that time.

  1. Term Life Doesn’t Offer a Return

Term Life insurance is not a savings vehicle. That means that if you do outlive your policy, you don’t get back the money you spent on the policy (unless you have return of premium term life insurance).
If you’re trying to decide between a term and permanent policy, deciding how much coverage you need, why you need the coverage, as well as comparing rates can help you determine what will be best for your family. At Chooseterm.com we can help you compare term life and permanent life insurance policies.

What Kind Of Options of Payouts Are There?

Most term life insurance plans come with a dizzying array of payout options. While some offer obvious advantages for plan beneficiaries, many are structured to favor underwriters.
What Options do I have for Death Benefits?

Lump-Sum Payment

A term life insurance policy may pay its death benefits in one of three ways. If the beneficiary opts to take a  lump-sum payment, the underwriter must pay out the policy’s full face value via check or electronic deposit. Lump-sum payments do not accrue interest: A $200,000 policy will pay out exactly $200,000 upon the death of the insured party.
Although they are not the most common payout option overall, lump-sum payments may be useful for heavily-indebted beneficiaries.

Annuity

If the beneficiary opts to receive the death benefit as an annuity, they may be presented with a staggering menu of choices. No matter how the beneficiary elects to receive their annuity payments, this payout method confers one major advantage: all unpaid benefits accrue interest over time.
Annuity payouts come in several forms. Beneficiaries may receive “life only” payouts, which are calculated according to their life expectancy and include accrued interest, every year until they die. Upon their death, payments terminate and the insurer keeps any balance that remains.

“Period Certain” vs. “Amount Certain” Payout Options

Beneficiaries may receive “period certain” payouts in equal amounts over a fixed period of time, usually ranging from five to 30 years. If the beneficiary dies before the period ends, payments may be transferred to a surviving recipient.
Like “period certain” payouts, “amount certain” benefits pay out in equal amounts until the face value of the original policy has been exhausted. Beneficiaries may specify the amount to be received each year. The payout period’s duration depends entirely upon the size of each installment.
Since they are made up solely of the interest generated by the original policy’s face value, “interest income” payouts are far smaller than other annuity installments. Of course, beneficiaries can elect to receive the full value of the interest-generating principal at any time.
Since they offer a guaranteed stream of income for a multi-year period, annuities are the most common term life insurance payout option. Within this category, “period certain” payouts are among the most popular.

Interest-Bearing Accounts

The majority of term life insurance beneficiaries still opt to receive benefits either in a single payment or as a permanent annuity. However, many insurers now offer  interest-bearing checking accounts  with full check-writing privileges. These enable beneficiaries to exercise complete control over their funds, drawing upon their accounts as much or as little as they see fit. For insurers, they represent a valuable source of investment income.

Term Life Insurance For Couples

A lot of people tend to think that once they get married, they need to combine their life insurance policies or even do away with their old policies and purchase joint life insurance. But this isn’t necessarily the case, and in fact it is recommended that each person purchase his or her own term life insurance policy. There are a variety of reasons for this, which we’ll go over here.

Separate Policies Provide More Options

Each person is able to get coverage from the insurance company of their choice, rather than having to find one that works for both (and with joint policies, you options are limited in terms of companies that offer them). Different insurance providers will offer different rates, so you will be able to each “shop around” (which you can do using the quote tool on this website) and get the best coverage possible based on your individual health histories and life situations. So, if your spouse has a health condition, it will not affect the policy you get.

Premiums Are Cheaper

Since separate insurance policies just cover the individual, the premiums are generally cheaper than they are for joint policies. This is important if money is of concern, as it is for many younger couples that may not have much saved up. This is also more convenient for couples that do not have combined bank accounts.

Separate Policies Benefit Children More Than Joint Policies

When you buy a “joint” policy they are usually a “first-to-die” type of policy. What this means is that if one partner/spouse passes than the death benefit pays out. However the surviving spouse is left without coverage. This is not an ideal situation to be in if you have children as each one of you should have coverage, and with separate policies you will both have you own coverage that doesn’t stop if one of you passes.

Separate Policies Simplify Divorce

It’s something nobody wants to think about, but it is something that needs to be considered. People who are recently married often assume that divorce will never happen to them, but the reality is that things can change, and many couples do end up splitting. If you have separate policies, all you will need to do (if you even want to) is change the beneficiary. This keeps things simple and saves a lot of extra, unnecessary strain.

How Long Does It Take To Be Approved?

A term life insurance policy application generally involves several different steps. How easy or complex these steps are will vary based on the policy itself. The application for a guaranteed-issue policy is much simpler and faster than the application for a policy that requires a medical exam, which has several more steps and may take a considerably longer time to process.
The application is the first step for any type of life insurance policy. This can be completed in as little as one day. A no-medical exam or guaranteed-issue life insurance policy may take from seven to 10 days while a medical exam policy can take up to two months after the application has been completed for the applicant to be accepted.

No Medical Exam Policies

Some no-exam policies require a phone or in-person interview, which may repeat many of the questions already answered on the life insurance application. This interview will usually occur within one to three days of the insurance company’s receipt of the application. Within one to three more days, the policy will be approved, issued and mailed. A guaranteed-issue policy will often be in effect as soon as delivery has been confirmed, although there may be some restrictions placed for the first one to five years of the policy’s life. Guaranteed-issue life insurance policies are easier to apply for, but they also tend to be more expensive because the insurance assumes greater risk.

Affordable Term Life Insurance: How much insurance do you need?

A term life insurance policy provides coverage for a specific period. Typically you would choose to buy a term life insurance policy to protect your family from financial hardship in the event of your death. How much insurance you need depends on the extent of your financial obligations and how much savings you have to meet these commitments. These commitments can include mortgage payments and expenses for kids’ education. Also you may wish to provide replacement income for your spouse so that your family can continue to maintain their present living standard. The term policy can also include coverage to meet your funeral expenses.

The premium that you pay on your policy depends on three factors, the amount of insurance required, the term of the policy and how the insurance company assesses you for risk. The term refers to the number of years that you want the policy to be in force. Insurance companies have developed criteria to assess the risk level of clients that include their age, gender, smokers or non smokers as well as factors like blood pressure, cholesterol, and any other health issues. Risky occupations or hobbies as well as history of illnesses are other factors that can lead to your being considered a higher risk for insurance.

What type of term life insurance policy should you choose?

To cater to the varying needs of consumers, insurance companies offer term life insurance policies with different features.

For a level term life insurance policy, you pay the same premium throughout the period it is in force.

Most term life insurance policies are convertible to permanent life insurance at some point during the term, or depending on your age and policy, they can even be convertible until the end of the term period. An advantage of this type of conversion is that you can convert to a permanent life insurance policy regardless of your health situation.

If you purchase a “return of premium term life policy” then the premiums that you pay are refunded provided you are still living at the end of its term.  These policies carry higher premiums than other types of term life insurance.

What Happens When my Term Policy Expires

Most life insurance companies will let you renew your term life insurance after it expires, up to a certain age, like 95 for example. At expiration the premium increases, and continues to increase every year. If you are still healthy when the policy expires, you can usually get a better rate by locking in a new term period with an application for a new term life policy.

Does the Cost of Term Insurance Increase?

If you buy a level-term life insurance policy, your rate is locked in for the length of the term period, and does not increase. For example, if you buy a 15 year term policy, the rate is locked in for 15 years. Watch out for some carriers like AARP, and Globe Life who increase premiums every 5 years.

Do I Need a Medical Exam to Get Approved?

There are term life insurance policies that don’t require a medical exam. Generally there is a limit to how much coverage you can get (typically $250,000) and you have to be healthy to get approved. If you are in excellent health you will get a better price by getting a policy that does require an exam.

Can I Increase My Coverage in The Future?

Once you get a term life insurance policy you can’t increase the coverage. You can get an additional policy, or replace the existing one if it makes sense financially. Some life insurance companies will let you lower the coverage if that is something you want to do.

Can I Cancel Term Life Insurance or am I Locked Into a Contract?

Term Life Insurance isn’t like your cell phone contract. There are no early termination fees, and you don’t get locked into a contract. You can cancel anytime by stopping to pay the bill. You can call the insurance company, or tell your bank to stop authorizing automatic payments to the insurance company.

Five Questions You Should Ask When You Buy A Policy

If you’re researching term life insurance online you’re probably visiting multiple sites and getting quotes. You’re trying to figure out if you should quote yourself at standard or preferred rates, which companies are high quality companies, which policies require an exam, and other questions that can make the whole process highly confusing. Here are some things to ask when choosing a term life insurance policy so that you know exactly what kind of policy you’re getting.

Does the rate stay the same or increase over time?

If you’re getting a term policy, make sure it is a level term policy. This means that the price of the policy will stay the same throughout the term length. That means if you buy a 20 year level term policy the price should stay the same for the entire 20 year term. Look out for small print that says your rate increases every 5 years.

Is it convertible?

You may never decide to go from a term policy to a permanent policy but you never know – having the option is worthwhile. Why? Because if your health deteriorates you may decide to convert the policy to a permanent policy since it will be difficult to get insurance when your term expires.
Find out if the policy is convertible, but don’t stop there. You need to know if it’s convertible in the first 10 years, 20 years, or not at all. You should also find out if it’s convertible to a universal policy or whole life. The more choices you have the better.

Is there a waiting period?

Some life insurance policies have a waiting period before 100% of the death benefit is in effect. These policies should only be used if you can’t get approved for a regular policy. Unless you are considered “high risk” don’t pursue this option.

I’ve never heard of this life insurance company?

It’s possible that you haven’t heard of the life insurance company that has the best rate. That doesn’t mean that they aren’t a good company. Find out the company’s A.M Best Rating. Any company with an A or A+ rating is financially sound. Look for companies that have been in business for at least 50 years.

Is there a medical exam required?

You can typically get up to $250,000 or even up to $350,000 of life insurance without an exam. Find out if you are being quoted for a policy with or without an exam. While no exam policies don’t require a paramedic to make a house call and take a blood and urine sample their cost is typically higher than policies that require an exam. Compare your options and decide which is better for you.

Shopping for a term life policy

If you have any health condition - even common conditions like diabetes, arthritis or cholesterol elevation, make sure you speak with a high risk life insurance specialist.

To find an affordable term life insurance policy, choose an agent who works with many insurance companies and can negotiate on your behalf for the best deal. Periodically review your policy to check that your needs are covered. Clarify any clauses you don’t understand. Be honest when you file your application. Insurance companies refuse claims when you submit false information.

Finally confirm that your insurance provider is financially stable and choose a life insurance company that has an A or A+ rating from A.M Best.

As far as the “dont’s” of life insurance, don’t get discouraged. If you got declined you may not have been working with the right company, or the right agent.
Don’t give up, there are high risk life insurance companies. So if you got declined you want to make sure you speak to a high risk life insurance agent that can help you get approved with the health situation that you’re facing.
There are various types of life insurance coverages out there and you can get approved for life insurance. At Chooseterm.com we specialize in high risk life insurance and we can help you get approved for life insurance.
And last thing,Don’t hesitate. If you know you need life insurance get it,because you never know what the future brings and you want to make sure that your family is protected. So visit ChooseTerm.com and we can help you with your life insurance needs.

To summarize, the premium you pay determines how affordable your term life policy is. It is determined in part by the amount of coverage, term and features you want included in your policy. Take advantage of the competition in the insurance industry. Shop around and work with a broker who can meet your needs at an affordable rate.

Ok, I apologize. You’re not really a dummy. After all, they didn’t teach us Life Insurance 101 in high school or college.It could have been more helpful than calculous, I’ve still never used that in real life. So if you’re buying insurance for the first time or even the 2nd time, this blog post will give you the basics, so you can go into the life insurance world like a boss.

Life insurance is the best safety net that you could ever purchase for your family. If something tragic were to happen to you, your family could be left with a massive amount of debts and other final expenses. Your life insurance policy will give your loved ones the money that they need to pay off all of your bills. Losing a loved one is never easy, but not having a life insurance plan is going to make the situation a thousand times worse.
So whether you're young and needing insurance or your searching for life insurance for seniors over 65, we can answer your questions and help you get the coverage you deserve. This article is going to look at the various factors that you need to understand about life insurance before you purchase a policy.

3 Basics You Need to Know When Buying Life Insurance

Coverage Amount

The first step in buying life insurance is deciding how much life insurance you need. There are online calculators you can use to help you figure this out, but I find that most people intuitively have a number in their head.
Most people want their mortgage to be paid off should something happen to them, provide funds for their kids’ college education, and replace their income for a set amount of time. Another factor that will help you determine how much coverage to buy is budget. If you have a budget of $50 per month, or $100 per month, getting quotes and comparing rates will give you an idea of how much coverage you can buy based on your budget.
When you’re looking to get life insurance, it’s vital that you buy enough insurance coverage for your loved ones. If you didn’t have enough life insurance, your family could be left with additional expenses and no money to pay off those bills. When you’re determining what your life insurance needs are, there are several factors that you’ll need to consider.
The first thing that you should do is calculate how much debt and other final expenses that your family would be responsible for after your passing. The first goal of your insurance policy is to give your family the money that they need to pay off your bills. Make sure that you add up all of your major bills, like your mortgage, car payments, and student loans. The total that you get is the minimum requirement for your life insurance plan.
The next number that you should crunch is your annual income. If you’re one of the main income earners in your house, your family could struggle without your paycheck every month. The secondary goal of your insurance policy is to replace your salary if you passed away.
Aside from having a life insurance policy, it’s vital that you get the right amount of coverage for your loved ones. The vast majority of people that have a policy are drastically under-insured, which is one of the worst mistakes that you could make for your loved ones. So whether you decide you need $500,000 of a million dollars of life insurance coverage, we can help get you started in the right direction.
Step 1 is figuring out how much coverage you want to have. Once you know, move on to step 2.

Type of Life Insurance Policy To Buy

After you know how much coverage you want or need the next step is figuring out what type of policy to buy. This is where people get caught up in doing a lot of research, but i’ll try to break it down and make it simple. There are basically 2 types of life insurance policies - Term life, and Permanent Life (which includes Universal and Whole Life). For 95% of people term life is the right solution. Let’s discuss the main differences.
Term Life is a policy that you buy for a set amount of years. You buy coverage for 10,15,20,25 or 30 years at a fixed cost for each year. You have coverage during that time and once it expires the coverage is over.
Permanent coverage - as in Universal Life or Whole Life can be coverage that lasts your entire life.
These are the basic differences. So why not buy permanent coverage? Simple. Cost. Term life is significantly cheaper than permanent life insurance. If you need to have a $500,000 policy to protect your family during your working years, chances are you will be able to afford the term payments, but not permanent coverage. Most people buy term life because it is much cheaper and provides protection for their family during the years they need it most. If you do have a need for a permanent life insurance policy, I recommend buying a guaranteed no lapse universal life policy. Essentially these work like lifetime term policies - no cash value buildup, not complex, and one of the cheapest forms of permanent coverage you can buy.
Another option is to buy a no medical exam life insurance plan. These plans are going to allow you to purchase insurance coverage without being required to undergo the medical exam before they accept your application. These plans are a great option for anyone that’s been declined for life insurance coverage in the past. These plans are a great choice for people that have poor health or any pre-existing conditions. There are several advantages and disadvantages to these no medical exams that you should take note of before you buy a plan.
The biggest advantage is that you can be approved for coverage regardless of your health or overweight issues. It’s important that everyone has the insurance protection that their family will need.
Another advantage is that you can be approved for life insurance much faster than you would be otherwise. With a traditional plan, you could have to wait up to a month to be approved for coverage, but with a no medical exam you can get life insurance in a matter of days. If you want to get life insurance as quickly as possible, a no medical exam is going to be the best option.
Another disadvantage is that you’ll be limited on how much coverage you can buy. Most insurance companies are going to only allow you to purchase around $250,000 worth of insurance protection, which isn’t enough coverage for most families. If you need more life insurance than that, you’ll have to buy more than one plan.
Ok, now that you know how much coverage you want, and the type of policy you are going to buy, (which is probably term) let’s go to the final step, which is choosing a life insurance company.

Choosing a Life Insurance Company

The first step here is comparing rates among top life insurance companies. I don’t recommend going to Allstate or State Farm - not because they aren't good companies, but because they only sell you their own company insurance, don’t offer choices, and they don’t have the best pricing for life insurance.
I recommend working with an independent life insurance agency like ChooseTerm.com and comparing rates among high quality life insurance companies. When I say high quality companies, I mean life insurance companies that are rated A or A+ by A.M Best, and have been in business for over 50 years. These are the types of life insurance companies that we work with, and they you will find if you compare quotes using our instant online life insurance quotes calculator right below this blog post.
Every insurance company is different, which means that you’re going to get different rates depending on the company that you get the quote from. If you want to save money on your life insurance, you’ll need to get dozens of quotes before deciding which plan works best for you.
Some insurance companies have more lenient medical underwriting, while other companies have stricter standards. Finding the perfect company could be the difference in getting an affordable life insurance policy or getting a plan that’s going to break your bank every month.

Life Insurance Basics

Getting life insurance can be an overwhelming process. There are thousands of different companies across the market and several different kinds that you can choose from. Luckily, we are here to help you get the best insurance coverage for you and your family. We are a group of independent insurance agents, which means that we work with some of the best life insurance companies across the nation. Don’t waste hours and hours on the phone calling different agents. Let one of our agents do all of the dirty work for you and bring you a personalized set of quotes in a matter of minutes.
If you have any questions about life insurance, or about the life insurance options available to you, please contact one of our agents today. It’s our mission to ensure that you’re getting the best plan to meet your needs. We know that shopping for life insurance is not a fun task. Nobody wants to think about his or her death, but it’s important that you get the perfect insurance plan possible. Not having life insurance coverage is one of the worst mistakes that you could ever make for your loved ones. If something tragic were to happen to you, and you didn’t have life insurance protection, your family would be responsible for all of your bills, which is going to make the whole situation a thousand times worse.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves. Contact one of our agents today and we would be happy to connect you with the best plan possible.

It would be great if buying life insurance was a quick and easy process, but that isn’t always the case. Getting approved for life insurance usually takes about 4-6 weeks and includes getting a medical exam. Sometimes life insurance companies also request your medical records from your doctor. It is for this reason that many people look to get a no medical exam life insurance policy.
No Medical Exam Term Life Insurance

No Medical Exam Life Insurance Advantages

No Needles

The biggest reason why people buy a no medical exam insurance policy is because they aren’t fond of having blood drawn. Some people just hate needles and would do anything to avoid them. If this sounds like you, then a no medical exam policy would be something you should consider.

Quick Turn Around Time

Another reason to consider a no medical exam life insurance policy is how quickly you can get a decision (hopefully an approval). For example, with Fidelity Life’s Rapid Decision Express Term Life Insurance policy, a decision is made within 24-48 hours.
There are many benefits to getting a quick decision on your life insurance application. First, and most important is that if you get approved, you are covered with insurance should the unexpected happen. Obviously this is the reason you are buying a life insurance policy, and having the peace of mind that your loved ones are protected is a great feeling.
Another reason why you may want to secure coverage quickly is because there is a specific reason why you are buying life insurance. For example you may be flying overseas on a business trip, or vacation, and you want to secure coverage before the trip. You may not be able to do that with a traditional life insurance policy, but you can do it quickly and easily with a no medical exam life insurance policy.
Sometimes when securing a business loan, you are required to get a life insurance policy and assign it as collateral. Most people choose to buy a term life insurance policy, but underwriting time can slow down the process of securing your loan. In these cases, a no medical exam policy can help get your life insurance policy in just a couple of days, and you can get the money you need for your business.
The quick acceptance time is one of the most common reasons that applicants decide to purchase a no exam life insurance plan. If you’re looking to get life insurance protection as quickly as possible, then a no exam plan is going to be one of the best options for you.
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Disadvantages of No Medical Exam Life Insurance

Since no medical exam term life is fast and can be easy to get, why doesn’t everyone buy it? Every type of life insurance plan is going to have some drawbacks, and no exam policies are no different. It’s important that you understand all of the types and the disadvantages of each of them. Here are a few of the disadvantages of life insurance without a medical exam.

No Medical Exam Life Insurance May Cost More

When buying a traditional term or permanent life insurance policy, a medical exam is required. Since the insurance company gets the results from this exam, they have more significantly more information on your health then without a medical exam. Since the insurance company has more information, a medical exam policy involves less risk to the insurance company, and thus you typically get better pricing on life insurance with a medical exam. Therefore, if you are looking to get the cheapest term life insurance policy that exists, you are probably better off with a policy that does require a medical exam.

Coverage is Limited

There is a limit to the amount of life insurance coverage you can get with a no medical exam policy. Depending on the life insurance company, limits typically vary from $100,000 to $350,000. Fidelity Life does have a mortgage express term life insurance policy that allows you to get $500,000 of coverage without a medical exam if you have gotten a mortgage within a year. You can get higher coverage by purchasing multiple policies from different carriers, but you are limited to the amount of coverage any one no medical exam life policy will offer you. Perhaps you're looking for quotes from other companies such as a quote for Allstate term life insurance  If so; we can help.

Turned Down for Life Insurance?

One common reason that people look at no exam plans is because they’ve been declined for life insurance protection because of their health or a pre-existing condition. It’s common for people to get turned down, but that doesn’t mean that a no exam life insurance policy is your only option. If you’ve been declined for protection, don’t panic and automatically buy a no exam insurance policy.
Every insurance company is different, which means that all of the companies are going to have different medical underwriting standards based on their restrictions. Some insurance companies have more experience working with high-risk applications with pre-existing conditions, while other companies are going to be more conservative with their policies. If you were turned down because of your health, it might be because you chose the wrong insurance company. There is a chance that if you find the right company, you’ll be approved for a traditional policy that requires a medical exam.
For example, if you’ve been rejected for protection because of diabetes, either type 1 or type 2, there are dozens and dozens of insurance companies that are going to provide you with quality and affordable life insurance coverage. Some companies specialize in working with all types of applicants diagnosed with diabetes. While other companies are declining those applicants, these companies are giving them affordable term insurance protection.

Saving Money On No Exam Life Insurance

When you’re shopping for life insurance protection, it’s important that you get the lowest rates on your life insurance coverage. Without the medical exam, there are fewer ways that you can trim down your premiums, but there are still some ways that you can save money on your insurance coverage.
The first thing that you should do is cut out any tobacco that you currently use. If you’re listed as a tobacco user on your application, then you’re going to be facing much higher premiums for your life insurance protection. Smokers are at a higher risk of being diagnosed with health complications like smoking or cardiovascular problems, which means smokers are a higher risk to the insurance company. In fact, smokers are going to pay around twice as much for life insurance versus what a non-smoker is going to pay for the same sized plan.
The best way to ensure that you’re getting the lowest premiums is to compare dozens of plans before you decide which policy is going to work best for you. As I mentioned, every insurance company is different, which means that they all have different ways of calculating what they are going to charge for insurance coverage. With no exam plans, they have less information to base your premiums on, which means that you’ll get drastically varying rates depending on which company that you get the quote from. If you want to save money, it’s important that you find the company with the lowest rates.
There are thousands of companies on the market, which means that you could spend weeks and weeks calling agents to find great rates, or you can let one of our agents do all of the hard work for you. We are independent insurance agents, which means that we don’t work with one single insurance company. Instead, we work with dozens of highly rated companies across the nation, and we can bring all of the best plans directly to you. No hassle. No fuss.

When is No Medical Exam Life Insurance a No Brainer?

There are times that I would always recommend buying a no exam life insurance policy over a traditional policy. Typically this is when someone is fairly young and applying for a smaller policy, usually under $250,000. The reason I recommend no medical in these cases is that often times for smaller policies, especially for younger people (usually under 40 years old) the pricing for a traditional policy is only a few dollars a month less than a no medical exam life insurance policy. In these cases I think that paying a few more dollars a month to get a policy quickly and easily without a physical exam is worthwhile.
If you are looking to buy life insurance policy and save money, I urge you to compare life insurance quotes. You can do so by filling out the quote request form below. I can help you compare rates among no medical life insurance as well as traditional policies. This will help you decide which option is best for you and your family.
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Finding affordable life insurance for seniors over 65 is not has hard as it may seem. One of the most frequent comments that we receive is from older applicants that think they won’t be able to afford the life insurance coverage that they need. Regardless of your age, there are several options for quality and cheap life insurance that you can choose from.
If your term policy has expired or is expiring soon, you know that continuing the policy once it expires is very expensive. If you can qualify and lock in a new term period, you will typically save a significant amount of money. If you are looking for life insurance and over 65 years old, this blog post will cover your options. I'll discuss term life options, why AARP is not your best choice, no medical exam options, and compare pricing between a term policy and a permanent policy, with examples of term life insurance rates over 65. You can also use our quote tool right below this paragraph to compare life insurance rates from among the top rated life insurance companies, or you can keep reading more on ‘life insurance for over 65.' (more…)

You’re 40 years old and you realize it’s about time you bought a life insurance policy. In this article I will address the question of “How Much Does Life Insurance Cost for a 40 Year Old”. I’ll discuss term and permanent life insurance policies, give some examples of pricing for a policy, and list the best life insurance companies for a 40 year old. I’ll also discuss the differences between medical vs no medical exam life insurance for a 40 year old. To learn more and obtain Life Insurance quotes over 50, continue reading so we can help you find the coverage you deserve.
When you’re applying for life insurance coverage, the company is going to look at dozens of different factors, and the biggest one is your age. The older that you are, the more that you’re going to pay for the policy. If this is your second life insurance plan, you’ll notice that your premiums are going to be higher than when you bought your previous plan.
Even if you’re over the age of 40, there are plenty of options for affordable life insurance coverage that you can buy. Don’t assume that an insurance plan has to break your bank every month.
If you just want to compare rates for term life, simply use the instant online quote calculator right below this paragraph. Otherwise keep reading for more info on "how much does life insurance cost for a 40 year old". (more…)

When you’re shopping for life insurance coverage, there are dozens of different factors that the insurance company is going to look dozens of different factors to determine how much they are going to charge you for insurance coverage. The insurance company is going to look at everything from your age to your occupation. One of the biggest factors that they will look at is your overall health. Your health is going to play a major role in how much that you pay for coverage or your chances of getting approved for the plan. So whether you are young and need insurance or maybe need life insurance 65 and older; we can help.

Most Americans today are overweight. So if you find yourself with extra pounds and looking for life insurance, you are in a very similar situation with most people who purchase a life insurance policy. In this article I’ll provide some ideas of what type of health rating - and in turn pricing you can expect if you are overweight and looking for life insurance. I’ll discuss rates if you have had gastric bypass surgery, and what happens if you have recently lost a significant amount of weight. I’ll provide some specific examples of pricing as well. You can compare term life insurance rates right below this paragraph, or keep reading for more on overweight life insurance.

If you’re looking to get affordable life insurance and you’re overweight, don’t worry, there are several ways that you can secure better rates from the insurance company and keep more money in your pockets. Life insurance is one of the best investments that you’ll ever make for your loved ones. If something tragic were to happen to you, your loved ones would be left with massive debts and final expenses. (more…)

Having a life insurance plan in place is extremely important, but it’s also vital that you purchase a large enough plan. If you don’t have enough coverage, your loved ones could be left with additional expenses and not have enough money to pay off all of your bills. Before you apply for life insurance coverage, it’s important that you get the amount of coverage that your family needs.

If you’re earning over $75,000 a year and are anywhere between age 25-50, you might be looking for one million dollar life insurance rates. This blog post will cover one $1MM term life insurance - which companies are most competitive, what you need to do to qualify for a million dollar life insurance policy,medical exam requirements, and some specific examples of pricing. You can use our quote comparison tool below to get quotes, or continue to read for more on one million dollar life insurance rates.

While there are millions and millions of life insurance policyholders across the United States, a large majority of them are drastically underinsured. That means that if something were to happen to them, their loved ones would be left with additional bills that they didn’t have the money to pay for. There are a couple different reasons that people don’t get the amount of coverage that they need. Either they don’t know they need that much, or they assume that they can’t afford a larger plan. Having enough life insurance is one of the best purchases that you’ll ever make for your peace of mind and the security of your loved ones. So if you're young and needing insurance or maybe even looking for over 65 life insurance; we can help.

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I frequently get questioned about obtaining life insurance over 50 and whether it is worth the cost.  In today's market life insurance is an essential purchase for just about every individual. Having a life insurance policy not only brings peace of mind, but it can also provide for your family if anything awful were to happen to you. Life insurance can provide your family with the funds they need to cover all of your final expenses after your passing.Life Insurance Over 50
Everyone has heard terrible stories of families being left with thousands of dollars in debt after their loved ones passed away. Between the cost of a funeral, mortgages, student loans, and car payments, your loved ones could be left underneath a mountain of debt that they cannot pay for. (more…)

There’s no better time than the present to secure your family’s financial future. Getting a $500,000 term life insurance policy is a great solution for many people, as it is enough to provide your family with the means to maintain their standard of living for at least several years after you’re gone.

You can start comparing quotes at any time by using our online quote form on this page, but in the meantime, keep reading to learn more about getting the best rates for a $500,000 policy.

Qualifying for Term Life Insurance

Being in decent health is very important when it comes to qualifying for term life insurance, but your income and financial situation are very important as well. Use the following as a guide for what requirements you need to meet to qualify for a $500,000 policy:

  • Under Age 40 – 25 Times Annual Income. So, you would need to earn at least $20,000 annually to qualify for a $500,000 policy.

  • Age 41-50 – 20 Times Annual Income – You would need to earn $25,000 a year.

  • Age 51-55 – 15 Times Annual Income – You would need to earn $33,333 a year.

  • Age 56-65 – 10 Times Annual Income – You would need to earn $50,000 a year.

  • Age 66-70 – 5 Times Annual Income – You would need to earn $100,000 a year.

If you are 71 and older, your eligibility will be based largely on your general financial situation. If you are able to afford paying the monthly/annual rates, you shouldn’t have much trouble qualifying.

 

Best Companies for a $500,000 Policy

There are actually a lot of great life insurance companies that offer $500,000 policies (this is a common life insurance amount though there are many people who need less or prefer to have more such as a million dollar life insurance policy), but we’ll just go over a few of the more notable ones here. Each of these companies has received an A+ (Superior) ratings with A.M. Best.

SBLI – This company typically offers some of the lowest rates for $500,000 policies, and $500,000 is the maximum for applicants aged 70-74 (unlike some other companies that have lower maximums or won’t approve this age group at all). SBLI offers both guaranteed premium term life insurance and yearly renewable term life insurance.

Protective Life – Costs for $500,000 policies also tend to run on the lower side with Protective Life, and you have the option of keeping your premiums the same at the end of your term while still having coverage.

Banner Life – Open for business since 1949, this company also offers lower rates, with a few different options for conversion to permanent coverage at the end of the term.

Rate Examples for $500,000 Term Life Insurance

Now that we’ve covered the basics, let’s look at a couple examples of rates for $500,000 policies.

Let’s say Janine is a 35-year-old nonsmoker who is in great health and qualifies for Preferred Plus rates. For a $500,000 policy with a 20-year term, she is offered the following rates:

SBLI: $20 a month

Protective Life: $20 a month

Banner Life: $23 a month

Now let’s look at Mike, a 40-year-old nonsmoker who is looking for a $500,000 for 30 years. His rates are going to be higher than Janine’s due to his age, gender and desired term length, but seeing as a lot of companies would charge rates closer to $100 a month, the following are still pretty low:

SBLI: $54 a month

Banner Life: $55 a month

Protective Life: $55 a month

Now, if you are a smoker or have certain health conditions, your rates are going to go up. However, nothing is more expensive than the financial burden placed on family members when someone passes away without life insurance. A $500,000 life insurance policy is a very worthwhile thing to have.

Ready to secure your family’s financial future? Use the quote comparison tool on this page to start looking at rates today. You can also fill out our online contact form, and we’ll get back to you as soon as possible.