Life insurance is a topic that's incredibly confusing for many people. There are many terms and provisions to learn and understand before purchasing a policy and most people aren't certain what type of policy or how much insurance coverage they actually need. Another worry is that many people are also aware that the person selling them their policy is also a commissioned salesperson. Although most insurance agents have a squeaky clean record of dealing with the public in a professional and ethical manner, there's really no way for you, the consumer to know this at first contact or introduction.
When purchasing anything, it's best to get familiar with that item before you spend your hard earned money, whether you need it or not. Think about it, if you were buying a new car, and were considering a make or model that you'd never owned before, wouldn't you want to find out everything that you could about that vehicle before you went to see a (gulp) salesperson?
You'd want to see how spacious and comfortable it is, check the colors available, see how many miles per gallon it got and more before you made a buying decision.
Purchasing life insurance is no different than buying a vehicle or any other item. You want to find out all that you can about it before you open your wallet or purse. Here are descriptions of the two most common types of Whole life insurance designed for consumers.
Whole Life Insurance - Whole life is also known as "Straight Life" and is designed to do exactly what it says, that is, cover you for your "whole life" or up until you reach the age of 100 years old. Whole Life policies pay what is known as the "Face Value" either upon the death of the insured or when the insured person reaches 100 years. Face Value is the amount that the policy is for, example, a $100,000.00 policy has a Face Value of $100,000.00.
There are two different types of Whole Life Insurance that are most common. Those are called Limited Payment Plans and Continuous Premium Whole Life.
Limited Payment Whole Life means that you would want to pay off the policy early. For example, you could set up a policy called "20-Pay Life" where you would pay off the policy over a twenty year period. In the end, you'll pay the same amount of premium as with the Continuous Payment Whole Life, but your policy will accrue a "Cash Value" much faster. This Cash Value will be smaller than the policy Face Value after you've initially finished the payments, but it will grow rapidly afterword. You can take loans against this Cash Value if you wish, but they must be repaid.
As with other types of Whole Life insurance, part of your premiums paid will go to purchase insurance and the remainder will go toward Cash Value.
The other most common type of Whole Life insurance is called Continuous Premium Whole Life. With a Continuous Premium Whole Life policy, you pay out the premiums over your Whole Life or until age 100, as explained above.
Cash Value builds slower in this insurance policy, compared to the Twenty Pay Life plan, however, the premiums are much lower and you may still take out a loan, if needed, against your Cash Value accrued.
Whole Life insurance is considered to be "permanent" insurance because the policy covers the insured for their "whole life".
By Joe Stewart
Monday, December 18, 2006
Life Insurance - Make Your Life Easy And Simple!
Ever wondered why one would need life insurance especially as it is seen as an additional expenditure that one might not need. Well, we can surely find somewhere else for that money to go, and the real truth is, we may not really give it much thought until we have a family and begin accruing assets. Life insurance is an insurance policy, just like our auto or homeowner’s insurance, which offers us with added assurance that in any eventuality we will be covered financially. In the case of death, life insurance allows our family to ensure of our end of life needs, that includes burial or cremation at the least, and more depending on how much coverage we purchase.
As we live in the age of credit purchases, we bear a considerable amount of debt through our working years. This includes mortgage and car payments, as well as personal loans, credit cards, and student loans, just to name a few. A majority of companies offer their employees some type of life insurance coverage that can be purchased at a reduced group rate. This can either be a minimal amount or it can be twice your salary, it just depends on your personal situation and which options are available to you. A lot of people prefer to buy life insurance with their personal insurance agent for additional insurance that can be bought for varying amounts of coverage. This enables either the surviving spouse of family members to cover up burial expenses and any other outstanding debts of the decedent. Amounts of coverage vary and chosen based on what the individual would like to provide his or her survivors.
Premiums are based on what type of policy is selected and the age of the person seeking coverage. We are constantly getting mailers in our mailbox for a reduced rate policy if we act now, and frankly speaking, all those terms can be rather confusing. So what is the difference between a whole life policy and a term policy? A term policy is just that; when you are purchasing a definite amount of life insurance for a specified term, generally twenty years. The premium remains the same during this time period and does not build any type of cash value. On the other hand whole life insurance policies, do build cash value, and can be either borrowed against, or cashed in at various stages all through the policyholder’s whole life. Some policies require a physical exam and medical history questionnaire to be completed before coverage can be instated. Usually smokers pay higher premiums as well as people with chronic illnesses that include high blood pressure or diabetes.
Life insurance is a good idea, in particular if you don’t want to leave your family in a helpless situation facing bankruptcy because they can’t make ends meet without you. A number of companies specialize only in life insurance, and local insurance agents that can assist you clarify exactly what you need. Remember the older you get, the more it costs, so if you’re considering a term policy, make sure to buy it when you are young!
By John Wellington
As we live in the age of credit purchases, we bear a considerable amount of debt through our working years. This includes mortgage and car payments, as well as personal loans, credit cards, and student loans, just to name a few. A majority of companies offer their employees some type of life insurance coverage that can be purchased at a reduced group rate. This can either be a minimal amount or it can be twice your salary, it just depends on your personal situation and which options are available to you. A lot of people prefer to buy life insurance with their personal insurance agent for additional insurance that can be bought for varying amounts of coverage. This enables either the surviving spouse of family members to cover up burial expenses and any other outstanding debts of the decedent. Amounts of coverage vary and chosen based on what the individual would like to provide his or her survivors.
Premiums are based on what type of policy is selected and the age of the person seeking coverage. We are constantly getting mailers in our mailbox for a reduced rate policy if we act now, and frankly speaking, all those terms can be rather confusing. So what is the difference between a whole life policy and a term policy? A term policy is just that; when you are purchasing a definite amount of life insurance for a specified term, generally twenty years. The premium remains the same during this time period and does not build any type of cash value. On the other hand whole life insurance policies, do build cash value, and can be either borrowed against, or cashed in at various stages all through the policyholder’s whole life. Some policies require a physical exam and medical history questionnaire to be completed before coverage can be instated. Usually smokers pay higher premiums as well as people with chronic illnesses that include high blood pressure or diabetes.
Life insurance is a good idea, in particular if you don’t want to leave your family in a helpless situation facing bankruptcy because they can’t make ends meet without you. A number of companies specialize only in life insurance, and local insurance agents that can assist you clarify exactly what you need. Remember the older you get, the more it costs, so if you’re considering a term policy, make sure to buy it when you are young!
By John Wellington
Choosing the Best Life Insurance Option for You
Life insurance in the UK is becoming more and more popular with many people now realizing the importance and the benefits of a good life insurance policy. There are two main types of popular life insurance, both of which offer a range of invaluable benefits to UK consumers.
Level Term Life Insurance
Level term life insurance is the most popular type of life insurance policy with UK consumers, and this may be because it is also the cheapest form of insurance. With level term insurance, you and your family can enjoy peace of mind at an affordable price. If you die during the term of this insurance policy, your family will receive a lump sum payment, which can help to cover a number of costs as well as provide some degree of financial security at what will inevitably be a difficult time. The money could assist with costs such as:
The reason why a level term insurance policy is so called is because the repayment remain level throughout the term of the policy, so you will never have to worry about the cost of your policy rising. The policy is also taken over a fixed term, which is where the ‘term’ part of the policy comes in. This means that you can enjoy easy budgeting and low cost repayments, and you’ll know exactly how long you will be making payment for. On the downside, once the policy expires you will not be able to reclaim any money and the policy will be cancelled, so you will then need to look at taking out alternative life insurance cover.
The average term of a level term life insurance policy – unless otherwise specified – is fifteen years. There are a variety of factors that contribute to the cost of the policy such as whether you go for the most basic package or whether you include a bolt-on such as critical illness cover, whether you are a smoker, your general health, and the term over which you take the policy out.
Whole Life Insurance
Unlike level term life insurance, whole life cover offers a guaranteed payout, which to many people makes it better value for money in the long run. Although the repayments on this type of cover are more expensive than level term insurance, the insurer will make pay out whenever the insured party passes away, so the higher monthly payments will guarantee a payout at some point.
There are a number of different types of whole life insurance policies, and consumers can select the one that best fits their needs and their budget. As with other insurance policies, you can tailor-make your whole life insurance cover to include additional cover such as critical illness insurance. The variations on whole life insurance cover include:
Non-profit UK whole life insurance policies: This is the simplest form of whole life cover, and enables you to enjoy the convenience of level payments through the term of the policy until you die. Upon death, your family received a payout and the policy becomes null and void. If you want to pay a little extra, you can take out a policy that is fixed over a specified term, which means that you will only be making payments for a certain amount of time, but your family will still receive a payout when you die.
With-profit UK whole life insurance: This is a cover and investment type scheme, where your monthly payments are split between your cover premiums and the investment side of your policy. You will enjoy a guaranteed assured sum, and you may find that your insurer adds discretionary bonuses.
Low cost UK whole life insurance: One of the cheapest forms of whole life cover, this type of policy features a decreasing term plan, and the policy is combined with a profits fund. As bonuses are added to the profit side of the policy, the policy term decreases. This provides a cost effective solution for those that want to enjoy the benefits of whole life insurance cover without having to make high monthly payments.
Unitised UK whole life insurance policy: When you purchase this type of whole life cover, you will also be investing in with-profit units. This means that when the insurer makes a payout, the sum awarded will be dependant upon the value of the units in comparison to the value of the death benefit (the payout will be based upon whichever is the highest in value). Each month units are cancelled in order to increase levels of death benefit cover, with reviews carried out from time to time to ensure adequate levels of death benefit cover.
Summary
Both level term insurance policies and whole life policies offer valuable peace of mind to policyholders. The cost of this type of life cover is a small price to pay for the peace of mind that comes with being protected, and you can increase this peace of mind by adding extras such as critical illness to your policy for just a small extra fee.
As a nation, we like to insure just about everything we can…our cars, our homes, our belongings, our pets, and even our credit repayments. It therefore makes sense that we should insure the most important thing of all – our lives.
By Claire Bowes
Level Term Life Insurance
Level term life insurance is the most popular type of life insurance policy with UK consumers, and this may be because it is also the cheapest form of insurance. With level term insurance, you and your family can enjoy peace of mind at an affordable price. If you die during the term of this insurance policy, your family will receive a lump sum payment, which can help to cover a number of costs as well as provide some degree of financial security at what will inevitably be a difficult time. The money could assist with costs such as:
- Mortgage repayments
- Funeral costs
- Education costs for the children
- Day-to-day living
The reason why a level term insurance policy is so called is because the repayment remain level throughout the term of the policy, so you will never have to worry about the cost of your policy rising. The policy is also taken over a fixed term, which is where the ‘term’ part of the policy comes in. This means that you can enjoy easy budgeting and low cost repayments, and you’ll know exactly how long you will be making payment for. On the downside, once the policy expires you will not be able to reclaim any money and the policy will be cancelled, so you will then need to look at taking out alternative life insurance cover.
The average term of a level term life insurance policy – unless otherwise specified – is fifteen years. There are a variety of factors that contribute to the cost of the policy such as whether you go for the most basic package or whether you include a bolt-on such as critical illness cover, whether you are a smoker, your general health, and the term over which you take the policy out.
Whole Life Insurance
Unlike level term life insurance, whole life cover offers a guaranteed payout, which to many people makes it better value for money in the long run. Although the repayments on this type of cover are more expensive than level term insurance, the insurer will make pay out whenever the insured party passes away, so the higher monthly payments will guarantee a payout at some point.
There are a number of different types of whole life insurance policies, and consumers can select the one that best fits their needs and their budget. As with other insurance policies, you can tailor-make your whole life insurance cover to include additional cover such as critical illness insurance. The variations on whole life insurance cover include:
Non-profit UK whole life insurance policies: This is the simplest form of whole life cover, and enables you to enjoy the convenience of level payments through the term of the policy until you die. Upon death, your family received a payout and the policy becomes null and void. If you want to pay a little extra, you can take out a policy that is fixed over a specified term, which means that you will only be making payments for a certain amount of time, but your family will still receive a payout when you die.
With-profit UK whole life insurance: This is a cover and investment type scheme, where your monthly payments are split between your cover premiums and the investment side of your policy. You will enjoy a guaranteed assured sum, and you may find that your insurer adds discretionary bonuses.
Low cost UK whole life insurance: One of the cheapest forms of whole life cover, this type of policy features a decreasing term plan, and the policy is combined with a profits fund. As bonuses are added to the profit side of the policy, the policy term decreases. This provides a cost effective solution for those that want to enjoy the benefits of whole life insurance cover without having to make high monthly payments.
Unitised UK whole life insurance policy: When you purchase this type of whole life cover, you will also be investing in with-profit units. This means that when the insurer makes a payout, the sum awarded will be dependant upon the value of the units in comparison to the value of the death benefit (the payout will be based upon whichever is the highest in value). Each month units are cancelled in order to increase levels of death benefit cover, with reviews carried out from time to time to ensure adequate levels of death benefit cover.
Summary
Both level term insurance policies and whole life policies offer valuable peace of mind to policyholders. The cost of this type of life cover is a small price to pay for the peace of mind that comes with being protected, and you can increase this peace of mind by adding extras such as critical illness to your policy for just a small extra fee.
As a nation, we like to insure just about everything we can…our cars, our homes, our belongings, our pets, and even our credit repayments. It therefore makes sense that we should insure the most important thing of all – our lives.
By Claire Bowes
How Do I Calculate How Much Life Insurance I Need?
Life insurance protects you and your family from economic hardship as a result of death. It is an insurance company’s obligation to pay the recipient of your choice a pre-determined amount of money when you die in exchange for timely payment of premiums while you are living.
Do you really need life insurance? Well do you want to provide for your family and loved ones in a manner to which they have become accustomed in the untimely event of your death? If you are the primary breadwinner who will pay the mortgage on the house your spouse and children live in if you pass? Who will provide financially for your family if you are gone? How will your children’s education be financed in your absence? And finally how will your burial expenses be covered?
Now that you have decided you do indeed need life insurance, how much do you need and if you already have life insurance do you have enough? Some things you will need to consider when making this decision:
How much can your family afford to pay off your mortgage loan or your rent if you die?
How much debt will you leave behind to include credit card balances, car loans, student loans, personal loans etc.?
How much annual income will your death remove from your household?
How much will the funeral you desire cost?
Do you want to leave behind a charity fund in your name?
Do you have special family members you would like to leave a financial gift behind for?
How much will your spouse need to care for a family member with special needs?
How much do you want to leave behind for your children’s education expenses?
Once you calculate how much money you want to leave behind consider how much you currently have in terms of individual or group life insurance along with your other assets such as savings accounts, CDs, mutual funds, stocks, bonds, 401K, retirement plans or pension plans and subtract that amount to decide how much life insurance you currently need to purchase.
By Tim Gorman
Do you really need life insurance? Well do you want to provide for your family and loved ones in a manner to which they have become accustomed in the untimely event of your death? If you are the primary breadwinner who will pay the mortgage on the house your spouse and children live in if you pass? Who will provide financially for your family if you are gone? How will your children’s education be financed in your absence? And finally how will your burial expenses be covered?
Now that you have decided you do indeed need life insurance, how much do you need and if you already have life insurance do you have enough? Some things you will need to consider when making this decision:
How much can your family afford to pay off your mortgage loan or your rent if you die?
How much debt will you leave behind to include credit card balances, car loans, student loans, personal loans etc.?
How much annual income will your death remove from your household?
How much will the funeral you desire cost?
Do you want to leave behind a charity fund in your name?
Do you have special family members you would like to leave a financial gift behind for?
How much will your spouse need to care for a family member with special needs?
How much do you want to leave behind for your children’s education expenses?
Once you calculate how much money you want to leave behind consider how much you currently have in terms of individual or group life insurance along with your other assets such as savings accounts, CDs, mutual funds, stocks, bonds, 401K, retirement plans or pension plans and subtract that amount to decide how much life insurance you currently need to purchase.
By Tim Gorman
Life Insurance - How To Decide Which Type Is Right For You
One of the most important types of insurance to get if you want your family or loved ones to be provided for if the worst should happen is life insurance.
I’m sure you already know this otherwise you wouldn’t be here, would you?
But looking for life insurance information on the internet can become quite confusing. There are lots of different policies and recommendations and deals that it can become overwhelming trying to work out what to do.
So I’m going to make this a little bit simpler by explaining to you what the main kinds of life insurance are. Hopefully this overview will allow you to decide which type of policy is best for you.
A popular type of life insurance policy is the “whole life” policy. These are one of the most comprehensive types of life insurance, and they are also quite expensive. They will have larger monthly payments, but they also allow you to save money as well.
With whole life insurance, your premium will be calculated when you first join the policy. The main factors that they look at are your age and your current health.
Now one of the benefits of these life insurance polices (apart from the support for your loved ones if the worst should happen) is that the money you pay into it is like an investment. It isn’t such a great paying investment when compared to other opportunities, but it also has the ability to pay out if you were to die.
Another form of life insurance policy is the 5 or 10 year policies. These are one of the cheaper options of life insurance, but they have they’re drawbacks such as being non-renewable, and the fact that they aren’t such an investment compared to a whole life policy. But on the other hand, they are great policies for people who have children, and you would like to leave something behind for your spouse or children to help bring them up. These policies are also available for longer time periods, such as 15 years, 20 years, or even 30 years.
So in conclusion, there are a lot of options and decisions to be made when it comes to life insurance. So it makes sense to work out the kind of policy you’re after when you’re looking online for the best health insurance deal. This will help you navigate the numerous life insurance offers that are available online.
By Mark Barclay
I’m sure you already know this otherwise you wouldn’t be here, would you?
But looking for life insurance information on the internet can become quite confusing. There are lots of different policies and recommendations and deals that it can become overwhelming trying to work out what to do.
So I’m going to make this a little bit simpler by explaining to you what the main kinds of life insurance are. Hopefully this overview will allow you to decide which type of policy is best for you.
A popular type of life insurance policy is the “whole life” policy. These are one of the most comprehensive types of life insurance, and they are also quite expensive. They will have larger monthly payments, but they also allow you to save money as well.
With whole life insurance, your premium will be calculated when you first join the policy. The main factors that they look at are your age and your current health.
Now one of the benefits of these life insurance polices (apart from the support for your loved ones if the worst should happen) is that the money you pay into it is like an investment. It isn’t such a great paying investment when compared to other opportunities, but it also has the ability to pay out if you were to die.
Another form of life insurance policy is the 5 or 10 year policies. These are one of the cheaper options of life insurance, but they have they’re drawbacks such as being non-renewable, and the fact that they aren’t such an investment compared to a whole life policy. But on the other hand, they are great policies for people who have children, and you would like to leave something behind for your spouse or children to help bring them up. These policies are also available for longer time periods, such as 15 years, 20 years, or even 30 years.
So in conclusion, there are a lot of options and decisions to be made when it comes to life insurance. So it makes sense to work out the kind of policy you’re after when you’re looking online for the best health insurance deal. This will help you navigate the numerous life insurance offers that are available online.
By Mark Barclay
Life Insurance Company Performance
The performance of a life insurance company can make a big difference to anyone who buys a life insurance policy. The way some experts talk you would get the impression that all life insurance policies are the same regardless of which company you buy from.
If you were going to purchase an automobile you would visit a dealership that sells the kind of car you like, you would consider certain features that may appeal to you and you would pay special attention to the cost. If you don't get your needs met you find another company and do the same thing all over again.
When you decide to purchase a home you have a pretty good idea of the neighborhood you would like to live in, the style and size of home and of course the amount you would like to spend. You contact a real estate agent and if that person does not find something to fit your needs you find another agent.
When you purchase life insurance you should also pay attention to the type of policy that would fit your particular need, the amount of insurance and of course the cost. There is one other thing that you should also give serious consideration and that is the life insurance company itself...
How strong, financially speaking, is this company? How long have they been in business? How well do they perform when compared with similar types of companies? Of course you also want to know how well their premiums compare with other companies.
Some so called experts would like you to think that all life insurance companies are the same. There is nothing further from the truth. Some companies keep their term insurance premiums lower than the rest because they simply are more efficiently operated companies...
Their expenses are lower than others and their investments yield them more. The interesting thing is that these companies have been performing well for a very long time. Their cash values on permanent policies are higher than the rest and so are their dividends. Dividends are not guaranteed but there are life insurance companies paying very high dividends for more than 50 years...some more than 70 years.
As a result of exceptional performance premium rates get reduced. Don't believe the nonsense that all life insurance companies are the same. This is definitely not true. Do your own research through Consumer Reports and other companies that specialize in providing such information like the A. M. Best Company. The results may surprise you.
By Donald Lusan
If you were going to purchase an automobile you would visit a dealership that sells the kind of car you like, you would consider certain features that may appeal to you and you would pay special attention to the cost. If you don't get your needs met you find another company and do the same thing all over again.
When you decide to purchase a home you have a pretty good idea of the neighborhood you would like to live in, the style and size of home and of course the amount you would like to spend. You contact a real estate agent and if that person does not find something to fit your needs you find another agent.
When you purchase life insurance you should also pay attention to the type of policy that would fit your particular need, the amount of insurance and of course the cost. There is one other thing that you should also give serious consideration and that is the life insurance company itself...
How strong, financially speaking, is this company? How long have they been in business? How well do they perform when compared with similar types of companies? Of course you also want to know how well their premiums compare with other companies.
Some so called experts would like you to think that all life insurance companies are the same. There is nothing further from the truth. Some companies keep their term insurance premiums lower than the rest because they simply are more efficiently operated companies...
Their expenses are lower than others and their investments yield them more. The interesting thing is that these companies have been performing well for a very long time. Their cash values on permanent policies are higher than the rest and so are their dividends. Dividends are not guaranteed but there are life insurance companies paying very high dividends for more than 50 years...some more than 70 years.
As a result of exceptional performance premium rates get reduced. Don't believe the nonsense that all life insurance companies are the same. This is definitely not true. Do your own research through Consumer Reports and other companies that specialize in providing such information like the A. M. Best Company. The results may surprise you.
By Donald Lusan
What Is Permanent Life Insurance?
Unlike term life insurance, permanent insurance policies such as universal life, variable universal life and whole life provide long-term financial protection. This type of insurance will cover you for the duration of your life and continued on time premium payments. Permanent policies provide you with not only a death benefit but in some situations a cash savings. It is because of these extra perks that permanent life insurance tends to be more expensive than term life.
Some features of permanent life insurance also include level premiums so you want to purchase this type of insurance while you are considerably young and in good health. This will help decrease the cost of your premiums.
Permanent policies can also produce dividends. You earn dividends when your premiums turn out to be higher than your actual life insurance costs. If this is the case your insurance company may opt to pay you the difference in the form of a dividend. Because it is difficult in predicting your actual costs, dividends are not guaranteed.
Guaranteed cash values are another plus to purchasing permanent life insurance. Some of the cash you pay into your policy may accumulate as a guaranteed cash value. This means if you cancel your policy these cash values become yours. Or you could simply borrow against them as a policy loan while your policy is still in effect. The actual quantity of your guaranteed cash value is dependent upon the kind of policy you purchased, its size and the length of time you’ve had it. When borrowing against your cash value you must remain cognizant of the fact that the amount you borrow will decrease your death benefit and your guaranteed cash value.
Although permanent life insurance is more expensive than term life insurance there are methods of getting the most included in your policy for the least amount of money. Don’t just purchase the first policy you are offered, as with anything else you purchase shop around for the best rates. Purchase an appropriate amount of life insurance; don’t buy an excessive amount if not absolutely necessary. As stated earlier buy insurance while you are young and in optimal health, don’t wait until you find out you have a medical condition and suddenly decide you are not invincible and may need to purchase life insurance after all. If you smoke quit, if you drink do so in moderation. If you are overweight start exercising and watch your diet. If your employer offers life insurance, take it. These group insurance plans often are much cheaper than individual policies and in most cases you may not have to submit to a physical health screening.
Timothy Gorman is a successful Webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers free money saving auto, home, health and life insurance quotes that you can research in your pajamas on his website.
By Tim Gorman
Some features of permanent life insurance also include level premiums so you want to purchase this type of insurance while you are considerably young and in good health. This will help decrease the cost of your premiums.
Permanent policies can also produce dividends. You earn dividends when your premiums turn out to be higher than your actual life insurance costs. If this is the case your insurance company may opt to pay you the difference in the form of a dividend. Because it is difficult in predicting your actual costs, dividends are not guaranteed.
Guaranteed cash values are another plus to purchasing permanent life insurance. Some of the cash you pay into your policy may accumulate as a guaranteed cash value. This means if you cancel your policy these cash values become yours. Or you could simply borrow against them as a policy loan while your policy is still in effect. The actual quantity of your guaranteed cash value is dependent upon the kind of policy you purchased, its size and the length of time you’ve had it. When borrowing against your cash value you must remain cognizant of the fact that the amount you borrow will decrease your death benefit and your guaranteed cash value.
Although permanent life insurance is more expensive than term life insurance there are methods of getting the most included in your policy for the least amount of money. Don’t just purchase the first policy you are offered, as with anything else you purchase shop around for the best rates. Purchase an appropriate amount of life insurance; don’t buy an excessive amount if not absolutely necessary. As stated earlier buy insurance while you are young and in optimal health, don’t wait until you find out you have a medical condition and suddenly decide you are not invincible and may need to purchase life insurance after all. If you smoke quit, if you drink do so in moderation. If you are overweight start exercising and watch your diet. If your employer offers life insurance, take it. These group insurance plans often are much cheaper than individual policies and in most cases you may not have to submit to a physical health screening.
Timothy Gorman is a successful Webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers free money saving auto, home, health and life insurance quotes that you can research in your pajamas on his website.
By Tim Gorman
Can I Really Get Life Insurance, No Exam Required?
Changing the way that life insurance is bought and sold on the Internet and through the media has opened up the doors for many people to have affordable life insurance policies. Life insurance no exam is one such brainstorm. Having a chance to purchase and collect on Life insurance no exam will give a wide range of people an opportunity to check out the rates and policies of competitive companies.
When comparing life insurance rates for low cost term life insurance, not having to get a medical exam automatically saves you money on the visit to the doctor. You are not pressured into a policy due to your physical appearance, when you shop for life insurance with no exam online. Some companies may require a blood test and this is where you can make the choice for a company that doesn’t require an exam of any kind.
There are many options that are available through life insurance no exam policies. For example, you can have a funeral plan, a hospital plan and one of the most popular types of life insurance is travel insurance. While travel insurance is life insurance just in case of an accident while you are travelling, it is low cost term life insurance that only adds pennies to the cost of travelling. It is term life insurance in that it only covers you for a short length of time and you don’t have to get a medical exam in order to qualify.
The percentage of life insurances where no exam is required is overwhelming. You can have a simplified life insurance no exam policy designed for the hardtoinsure, seniors, and those who do not want to take the time for a medical exam or wait for a doctor's report. There are a number of options available with this kind of low cost term life insurance plan and is available for people aged 25 to 80.
Whatever policy you choose with life insurance no exam, make sure you read all the policies that apply to your circumstances. There are so many experts on the subject of life insurance and so many different policies it is easy to get confused. Make sure you take the time to sit back and get the policy that is right for you.
When looking for life insurance no exam there are quite a few options.
By Peter Crump
When comparing life insurance rates for low cost term life insurance, not having to get a medical exam automatically saves you money on the visit to the doctor. You are not pressured into a policy due to your physical appearance, when you shop for life insurance with no exam online. Some companies may require a blood test and this is where you can make the choice for a company that doesn’t require an exam of any kind.
There are many options that are available through life insurance no exam policies. For example, you can have a funeral plan, a hospital plan and one of the most popular types of life insurance is travel insurance. While travel insurance is life insurance just in case of an accident while you are travelling, it is low cost term life insurance that only adds pennies to the cost of travelling. It is term life insurance in that it only covers you for a short length of time and you don’t have to get a medical exam in order to qualify.
The percentage of life insurances where no exam is required is overwhelming. You can have a simplified life insurance no exam policy designed for the hardtoinsure, seniors, and those who do not want to take the time for a medical exam or wait for a doctor's report. There are a number of options available with this kind of low cost term life insurance plan and is available for people aged 25 to 80.
Whatever policy you choose with life insurance no exam, make sure you read all the policies that apply to your circumstances. There are so many experts on the subject of life insurance and so many different policies it is easy to get confused. Make sure you take the time to sit back and get the policy that is right for you.
When looking for life insurance no exam there are quite a few options.
By Peter Crump
Getting Life Insurance Advice
We all know that if you have dependants or a mortgage, then it makes sense to take out life insurance – however, as there are so many different types of life insurance to choose from, it is always a good idea to get life insurance advice.
Choosing and getting the right life insurance policy is of the utmost importance – after all, this policy will help repay the mortgage and / or other debts after your death, ensuring that your partner and family will not be left with financial difficulty to add to their grief.
There are plenty of life insurance policies out there such as index-linked or joint life, and with varying premiums and understandably it can be confusing knowing which policy is right for you.
So where can you get life insurance advice? You can get advice on life insurance from a number of places, such as your bank, a financial adviser or other financial organisation. You can also use the internet – it can be great for research and there are plenty of websites where you simply fill in a short form and someone will get in touch to see what your needs are etc. They will then make suggestions for the type of policy most suitable for you.
You can also get life insurance quotes online too, to give you a good idea as to how much it would cost to get insured. Most of these websites will give you an immediate online quote - free and without obligation - so that you can get a feel for how much your premiums will be.
You should remember, however, that until you complete an application form any quotes are for guidance purposes only and they could change once you have completed a full application. However, if this does happen and you are not happy with what the premium will be, you do not have to proceed with the policy.
On a final note, when applying for a life insurance policy, do always tell the truth on your application form no matter how negative you feel it might be. For example, if you are a smoker or a heavy drinker and you don’t disclose your full medical history, you may get cover that may not be valid should someone need to claim. What this means that should you die and it transpires that you did not disclose facts when completing your application form, the insurers legally don’t have to pay out your claim – not a good situation for your loved ones to be in.
When taking advice on life insurance, your can always ask for assistance when you decide to go ahead with a policy and complete your life insurance application.
First of all, life insurance premiums are now up to 40% cheaper than they were a few years ago due to advances in medicine helping us all to live longer, so now may be a good time to either check your existing arrangements or take out a policy.
It is always a good idea to get several life insurance quotes before applying for a policy. This is because premiums - even for the ‘cheaper’ type of policies - can vary from provider to provider, so by getting a life insurance quote first, you can shop around for the most competitively priced life insurance policy.
Jason Hulott is Business Development Director of Protection Insurance. Protection Insurance is an internet based insurance business dedicated to getting consumers the very best insurance rates and the best products. We have a range of free insurance guides Download them here
By Jason HulottWhole Life Insurance - What to Consider?
Whole life insurance is a cornerstone of many peoples financial planning portfolio. Whole life, or “cash-value” life insurance, is an insurance policy which is purchased with the idea that a will be maintained for the duration of the insured’s life. It has a level payment and accumulates a cash value over time. Whole life insurance policies are often purchased for children, the long life expectancy creates a low annual premium because the insurance company expects to amortize its risk and expenses over many years.
This is a good choice if you are planning for a certain event, death, and want to cover expenses and provide some help for the beneficiary. Also, whole life may be a good choice if you want to create a savings account, the cash value portion, which you can borrow from in the future, perhaps planning ahead when a child enters college or purchases their first house. As a savings account whole insurance offers the advantage that the savings portion grows tax-deferred allowing it to accumulate at a faster rate than a nontax-deferred account.
Whole life insurance can not be cancelled because of future health problem and the face amount is guaranteed at death less any amounts borrowed from the savings side. As you get old and your life expectancy decreases whole life insurance gets increasingly more expensive. As you get older whole life can get so expensive it no longer makes economic sense to purchase.
A small whole life policy may not provide all the coverage you actually need over your life span. You family and financial responsibilities usually start out small in life, increase through middle age and the decrease as time goes by. As you responsibilities change so must your insurance needs change. Since whole life generally has a set face value there are policies that allow you to buy more or increase the amount at certain specified times in your life, without a physical exam, at the then current rate. These can be good when buying insurance for a child who does not need much but it can be increased at perhaps 20 years of age and again at 30. This type of policies is a hedge against a health problem occurring during that time span making it harder to get increased life insurance.
Whole life’s savings side, or investment account, will fluctuate just like similar investments, but the big advantage is that it grows tax-deferred. If you decide to terminate your whole life policy your cash value will be paid out to you, at which time you will be responsible for the taxes.
Before buying whole life insurance you need to think carefully about what dollar amount of coverage you need and how much you are willing to pay. Because this insurance policy is designed to last your whole life you do not want to over commit yourself where you might not be able to pay the premium at some point in the future. Although as the cash value grows you may be able to us the dividends to help reduce the premium payment.
When purchasing a whole life insurance policy find one that:
- has a guaranteed cash value starting at the very first year
- a high cash value the first year
- does not levy "surrender charges" when you cancel
- lets you use the accumulated cash value of the life insurance policy to pay the premiums if, you should ever not be able to make a premium payment, thus keeping your coverage current.
For additional advice and information about the different types of life insurance and to get free life insurance quotes please visit http://www.find-insurance-now.com where you will find information on life insurance, health insurance as well as auto insurance.
By Alan Winters
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