Permanent life insurance can come with a hefty price tag, leaving many people who uninsured because they think that this is the only option of safety. In fact, there are two basic types of life safety which is permanent life safety, which is very much like an investment combined with life safety and term insurance, which is the type where you can choose the coverage amount as short or long term life insurance, and its policy length. While by description alone you might think an investment plus life safety may appear the better and most beneficial of the two, there are, nevertheless many advantages to term life safety.
To start off with the price, permanent life insurance is more expensive because of the part where investment is concerned, which absence in the term life safety makes it more reasonable. The policies under the permanent life insurance can cost up to thousands of dollars a year, and that is at the best scenario that you are a healthy person. On the other hand, term life safety policies can cost only a few hundreds of dollars a year.
Apart from that, the money that you have earned can be invested on your own with your own control instead of letting your insurance company take control over it. Insurance companies tend to take the more conservative strategies to invest your money, so the profits they earn for you will be only that much. However, if you are very good in investments, or saving money, for the matter of fact, the additional money that you use in permanent safety is really unnecessary, and can be used for your own investment of methods of saving instead.
Another advantage is that if you are not looking for a long term life insurance, you can always go short term. As you can set the duration of your active policy to suit your needs, you are able to make different plans that will last the term. For example, you may want to cover your children's college tuition fees, so you can actually buy a policy that will expire after they have completed their education and is independent enough to start making a living, so if anything happens to you, their education and living expenses will be covered for.
In conclusion, if you are someone with good control over your money, are investment savvy, and have made thorough planning with how having term life insurance can be useful for a period of time, this insurance might just be right for you.
Tuesday, January 18, 2011
Affordable Term Life Insurance - 3 Secrets to Finding It
Affordable term life insurance is becoming a more and more popular way to protect your loved ones should anything happen to you. While you're covered by the term of the policy (which will vary according to your needs), you'll have the peace of mind that your mortgage will be paid and your family will be provided for. Despite the undeniable importance of life insurance, we could still all use ways to cut down on the cost of our premium. Here are three must-know secret tactics for reducing the cost of your coverage.
1) Look After Your Health
Taking care of your health is the best way to get affordable term life insurance. It isn't necessarily easy, and you may have to make changes to your lifestyle, but it really is the biggest factor in getting yourself inexpensive term life insurance. Something like giving up smoking could end up saving you a massive amount of money! Although we don't like to think about it, insurance companies will give cheaper rates to those who are less likely to die within the term.
If you're going to get the best rates then you'll need to be put into the "preferred status" category. The people in that category are ones who pass their medical exam and have really good health records. This means you should give up smoking, watch your weight and exercise regularly. Unfortunately, they will also look at your family history which you can't really do anything to change.
2) Your Driving Record and Finances
Although your health is the most important factor, the insurance company will use a few other ways of judging your character, notably your driving record and financial history. Keeping both of these records clean will help to show something more about your character. Everything you can do will help get you one step closer to getting affordable life insurance.
3) Go Online To Buy Your Insurance
Getting certain aspects of your health on track will take a while, but something that's far quicker is to go to the internet to find your affordable term life insurance deals. The reason why you'll generally find the most affordable term life deals over the internet is due to the fact that insurance companies can keep their expenses down. Simply get checking a comparison website to find deals quickly and easily.
1) Look After Your Health
Taking care of your health is the best way to get affordable term life insurance. It isn't necessarily easy, and you may have to make changes to your lifestyle, but it really is the biggest factor in getting yourself inexpensive term life insurance. Something like giving up smoking could end up saving you a massive amount of money! Although we don't like to think about it, insurance companies will give cheaper rates to those who are less likely to die within the term.
If you're going to get the best rates then you'll need to be put into the "preferred status" category. The people in that category are ones who pass their medical exam and have really good health records. This means you should give up smoking, watch your weight and exercise regularly. Unfortunately, they will also look at your family history which you can't really do anything to change.
2) Your Driving Record and Finances
Although your health is the most important factor, the insurance company will use a few other ways of judging your character, notably your driving record and financial history. Keeping both of these records clean will help to show something more about your character. Everything you can do will help get you one step closer to getting affordable life insurance.
3) Go Online To Buy Your Insurance
Getting certain aspects of your health on track will take a while, but something that's far quicker is to go to the internet to find your affordable term life insurance deals. The reason why you'll generally find the most affordable term life deals over the internet is due to the fact that insurance companies can keep their expenses down. Simply get checking a comparison website to find deals quickly and easily.
How Expensive Is High Risk Life Insurance?
High risk life insurance is an insurance product especially designed for people who have dangerous jobs, like plane pilots, sea divers or car racers, or for people who are affected by health conditions that can be fatal to them, such as cancer, heart disease or diabetes.
When you want to purchase life insurance, the insurance company always takes into account the degree of risk of you dying shortly or unexpectedly. If you are performing a high risk job or you are suffering of a lethal condition, your insurance premium is sure going to be higher. Insurance companies call the policies of such people "impaired risk" ones. They are more expensive than those for people who only have a standard risk associated.
Because the progress of modern medicine has made possible to cure certain disease which were considered lethal and to increase life duration in terminally ill people, insurance companies have worked on their offer concerning high risk life insurance and have come up on the market with well thought products. Insurance companies use statistics on mortality which date back in the 70s. Things have changed a lot since then and certain companies have begun to use "clinical medical underwriting" in order to adapt their high risk life insurance policies to the needs of the insured ones.
Using this fairly new concept is helping insurance companies to develop insurance products that also take into consideration that people thought to be high risk can benefit of modern treatments to cure or to live longer. Insurance companies also take into account that in modern society people can adopt lifestyles that will decrease their level of risk.
However, even though high risk life insurance can be purchased, the money that the survivors are going to receive is less than in other types of insurance. Sometimes they will only get the amount of money that was paid as premium until death occurred. This is especially true in case the policy owner actually dies because of the illness that put him or her into this category. These insurance policies usually limit the death benefit to the value of the premium already paid for 5 years.
Those who already own a life insurance policy at the moment when they become high risk persons are more likely to get better insurance rates than those who weren't insured. If you are having a normal life insurance policy now and you are not a high risk person, you will be able to increase your coverage level without also increasing your premium value if your policy includes a "guaranteed insurability rider".,
When you want to purchase life insurance, the insurance company always takes into account the degree of risk of you dying shortly or unexpectedly. If you are performing a high risk job or you are suffering of a lethal condition, your insurance premium is sure going to be higher. Insurance companies call the policies of such people "impaired risk" ones. They are more expensive than those for people who only have a standard risk associated.
Because the progress of modern medicine has made possible to cure certain disease which were considered lethal and to increase life duration in terminally ill people, insurance companies have worked on their offer concerning high risk life insurance and have come up on the market with well thought products. Insurance companies use statistics on mortality which date back in the 70s. Things have changed a lot since then and certain companies have begun to use "clinical medical underwriting" in order to adapt their high risk life insurance policies to the needs of the insured ones.
Using this fairly new concept is helping insurance companies to develop insurance products that also take into consideration that people thought to be high risk can benefit of modern treatments to cure or to live longer. Insurance companies also take into account that in modern society people can adopt lifestyles that will decrease their level of risk.
However, even though high risk life insurance can be purchased, the money that the survivors are going to receive is less than in other types of insurance. Sometimes they will only get the amount of money that was paid as premium until death occurred. This is especially true in case the policy owner actually dies because of the illness that put him or her into this category. These insurance policies usually limit the death benefit to the value of the premium already paid for 5 years.
Those who already own a life insurance policy at the moment when they become high risk persons are more likely to get better insurance rates than those who weren't insured. If you are having a normal life insurance policy now and you are not a high risk person, you will be able to increase your coverage level without also increasing your premium value if your policy includes a "guaranteed insurability rider".,
Types Of Life Insurance Policies
Future is unpredictable. Calamity may strike a person anytime. Life insurance extends coverage to a person's family in his absence. There are various types of life insurance and one can choose a policy that will meet his requirements. If a person is not insured, he is living on the edge and needs to take charge of his life. It renders protection to his family and also allows him to make investments. According to the Canadian Life and Health Insurance Industry, statistics of 2009 reflected strong performance. Life insurance premiums increased 1.6 percent to exceed $15.1 billion. The analysts predict that the number will significantly increase in the year 2010.
There are different types of life insurance policies to choose from. One can take help of an insurance carrier who can guide and suggest the life insurance policy that would be the best. Some of the types of policies are as follows-
* Whole life: This type offers coverage for the whole life and not just for a limited period. The insurance carriers use a portion of the money they receive from premiums as investment. And the premium amount remains at a level throughout. It extends cash value as well as death benefit for the entire term of the policy.
* Universal life: This type comes with cash value account and death benefit. It also offers flexibility as far as making payment for premium is concerned. Cash value is held in the general portfolio of the insurance company. In this type of life insurance, the premium guidelines are broad. Change in the premium amount will affect growth of cash value and death benefit.
* Term life: Coverage in this type is bought for a specific price for a particular period. After the death of the insured, the beneficiary will receive the death benefit. It extends death benefit only for a specified period. If the insured doesn't die within the term of the policy, he gets nothing in return.
* Variable life: This type offers various types of investment options. These are usually referred to as sub accounts. It comes with cash value account and one is allowed to make a decision as to how the cash value account should be invested. One is required to make payments for premiums that are annually fixed. It may extend minimum death benefit that is guaranteed,,
There are different types of life insurance policies to choose from. One can take help of an insurance carrier who can guide and suggest the life insurance policy that would be the best. Some of the types of policies are as follows-
* Whole life: This type offers coverage for the whole life and not just for a limited period. The insurance carriers use a portion of the money they receive from premiums as investment. And the premium amount remains at a level throughout. It extends cash value as well as death benefit for the entire term of the policy.
* Universal life: This type comes with cash value account and death benefit. It also offers flexibility as far as making payment for premium is concerned. Cash value is held in the general portfolio of the insurance company. In this type of life insurance, the premium guidelines are broad. Change in the premium amount will affect growth of cash value and death benefit.
* Term life: Coverage in this type is bought for a specific price for a particular period. After the death of the insured, the beneficiary will receive the death benefit. It extends death benefit only for a specified period. If the insured doesn't die within the term of the policy, he gets nothing in return.
* Variable life: This type offers various types of investment options. These are usually referred to as sub accounts. It comes with cash value account and one is allowed to make a decision as to how the cash value account should be invested. One is required to make payments for premiums that are annually fixed. It may extend minimum death benefit that is guaranteed,,
Can You Get Elderly Life Insurance?
Health insurance has always been a hot topic for people all over the country. The health reform and the constantly increasing price of prescribed pills are having an impact on the budget of almost all families. Under these circumstances, health insurance becomes compulsory. Unfortunately, there have been cases when the insurance companies cut you off from your health insurance plan when they consider you are likely to become ill and to make a claim. Senior citizens are the ones that are most threaten by this perspective. Their health condition is assuming going to degrade in time and they can be affected by illness at any point. They wouldn't like to be left uncovered by health insurance in such hard moments. A safe way to eliminate this worry is to purchase a elderly life insurance policy.
If this is a new concept to you, here are a few details about it. There is a main difference between your current health insurance plan and elderly life insurance. The last one is not covering for illness, prescription drugs, hospitalization or other health related aspects. What it actually does is to provide a death benefit to your survivors. Life insurance is best to be acquired when you are still young, so that you get to increase the value of the death benefit by paying premiums for a longer while.
Even though you have reached an older age and you haven't purchased elderly life insurance yet, you can still do it. You don't have to worry over the fact that the insurance companies won't allow you to buy life insurance, but because there is a high risk that you don't get to pay your policy until you pass away, you might expect high premiums. However, no insurance company has the right to refuse selling life insurance to you only because you are a senior citizen. There is no point in acquiring whole insurance because you won't make enough payments so that you can build cash value.
You have to determine the value you want your policy to have before you buy elderly life insurance. Take into consideration factors like your age, your health condition and your income. If you still earn a salary, you can calculate the value of your policy so that it equals the amount of money that you would earn in about 7 years. If you are retired, add up the living expenses of your survivors for 10 years and the result should be the value of your policy. If you find it difficult to decide on your own, ask for the help of an insurance agent or representative.
If this is a new concept to you, here are a few details about it. There is a main difference between your current health insurance plan and elderly life insurance. The last one is not covering for illness, prescription drugs, hospitalization or other health related aspects. What it actually does is to provide a death benefit to your survivors. Life insurance is best to be acquired when you are still young, so that you get to increase the value of the death benefit by paying premiums for a longer while.
Even though you have reached an older age and you haven't purchased elderly life insurance yet, you can still do it. You don't have to worry over the fact that the insurance companies won't allow you to buy life insurance, but because there is a high risk that you don't get to pay your policy until you pass away, you might expect high premiums. However, no insurance company has the right to refuse selling life insurance to you only because you are a senior citizen. There is no point in acquiring whole insurance because you won't make enough payments so that you can build cash value.
You have to determine the value you want your policy to have before you buy elderly life insurance. Take into consideration factors like your age, your health condition and your income. If you still earn a salary, you can calculate the value of your policy so that it equals the amount of money that you would earn in about 7 years. If you are retired, add up the living expenses of your survivors for 10 years and the result should be the value of your policy. If you find it difficult to decide on your own, ask for the help of an insurance agent or representative.
The Benefits of Over 50 Life Insurance
Senior citizens are respected in their communities because they approach the end of their lives and they deserve to be protected and well taken care of until this happens. Unfortunately, social security, pensions and other death benefits are not at all providing enough money to their survivors in order to ensure their financial security. They have to deal with unpaid debts and with taxes, so things can be pretty difficult for them. Life insurance can make a great difference in such cases.
If you are a senior citizen and you want to buy over 50 life insurance, some companies will ask you to have your health examined. This is not a golden rule, but the health exam is almost compulsory in all insurance companies if you want to purchase whole insurance. For other insurance types, the health exam might not exist.
Having a over 50 life insurance policy will provide financial safety for your family after you are no longer with them. They will have to support the burial costs, to pay debts and taxes. In the absence of insurance, all these costs can be overwhelming for your family members.
Over 50 life insurance is an insurance product especially developed for older people. They are designed to meet the needs of persons aged 50 or more. Not all insurance companies sell senior insurance, but those that do, have it available both in form of term and whole insurance. Some insurance companies also add a benefit called final expense insurance. This means that your survivors will also have the costs of the funeral covered by the insurer.
If you have over 50 years old, but you are in a good health condition and you are willing to prove this for the insurance company by taking a medical exam, you will most likely get a better rate for over 50 life insurance. However, certain companies don't ask for the health exam and only put you some questions regarding your condition. Other companies also skip the questions and simply establish a higher premium and a lower coverage for the senior citizens.
Senior citizens can also opt for guaranteed acceptance life insurance. It is an insurance type that covers you for the rest of your life and you don't have to pass any medical exam for getting it. It implies the fact that if you die in an accident sooner than two years after buying it, your survivors will get full death benefit. However, if you die sooner than two years out of natural causes, they will only get a limited amount of money that equals the premiums you have paid so far.
If you are a senior citizen and you want to buy over 50 life insurance, some companies will ask you to have your health examined. This is not a golden rule, but the health exam is almost compulsory in all insurance companies if you want to purchase whole insurance. For other insurance types, the health exam might not exist.
Having a over 50 life insurance policy will provide financial safety for your family after you are no longer with them. They will have to support the burial costs, to pay debts and taxes. In the absence of insurance, all these costs can be overwhelming for your family members.
Over 50 life insurance is an insurance product especially developed for older people. They are designed to meet the needs of persons aged 50 or more. Not all insurance companies sell senior insurance, but those that do, have it available both in form of term and whole insurance. Some insurance companies also add a benefit called final expense insurance. This means that your survivors will also have the costs of the funeral covered by the insurer.
If you have over 50 years old, but you are in a good health condition and you are willing to prove this for the insurance company by taking a medical exam, you will most likely get a better rate for over 50 life insurance. However, certain companies don't ask for the health exam and only put you some questions regarding your condition. Other companies also skip the questions and simply establish a higher premium and a lower coverage for the senior citizens.
Senior citizens can also opt for guaranteed acceptance life insurance. It is an insurance type that covers you for the rest of your life and you don't have to pass any medical exam for getting it. It implies the fact that if you die in an accident sooner than two years after buying it, your survivors will get full death benefit. However, if you die sooner than two years out of natural causes, they will only get a limited amount of money that equals the premiums you have paid so far.
The Easiest, Fastest Way To Compare Life Insurance Rates
There are several ways you can compare life insurance rates. You can meet with insurance brokers or representatives from each company you are considering. You can call each company and talk with a representative on the phone. You can request that information packets be sent via mail. Or you can use the easiest, fastest way: visit an online insurance broker and get a free quote instantly.
Simply go to an online broker. Specify the type of coverage you need. Then request a quote. Review your options, then select the policy that fits your budget. Complete a brief questionnaire with a few simple, basic questions about you: your age and other details. You'll learn virtually immediately if your application is accepted. Then you can usually pay for your policy right then and there online...and download and print a copy to file with your vital household documents.
No worries. If you have any questions while you're online, a licensed insurance agent can usually help you right over the phone. It's that easy...that fast...and very important. Why? Because life insurance provides a replacement for your income upon your death. Think of the important things you depend on your income for: your mortgage payments, car payments, credit card payments, day-to-day cost of living...your children's college education fund...even your medical and funeral expenses, which become your family's responsibility upon your death.
Think of it: some families lose a leader of the household and, shortly after, the house itself, the lifestyle, even the dream of your children's education and future. It's a harsh reality for those who haven't made the proper plans.
Simply go to an online broker. Specify the type of coverage you need. Then request a quote. Review your options, then select the policy that fits your budget. Complete a brief questionnaire with a few simple, basic questions about you: your age and other details. You'll learn virtually immediately if your application is accepted. Then you can usually pay for your policy right then and there online...and download and print a copy to file with your vital household documents.
No worries. If you have any questions while you're online, a licensed insurance agent can usually help you right over the phone. It's that easy...that fast...and very important. Why? Because life insurance provides a replacement for your income upon your death. Think of the important things you depend on your income for: your mortgage payments, car payments, credit card payments, day-to-day cost of living...your children's college education fund...even your medical and funeral expenses, which become your family's responsibility upon your death.
Think of it: some families lose a leader of the household and, shortly after, the house itself, the lifestyle, even the dream of your children's education and future. It's a harsh reality for those who haven't made the proper plans.
Don't let this happen to your family. Take the necessary steps. Buy life insurence today. You'll gain guaranteed protection for your family's future. You'll also get something priceless...something immediate...something that will help you sleep better starting tonight: peace of mind. The peace of mind that comes only from the knowledge that you've done something vitally important for your family's long-term comfort and well-being.
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