Posts Tagged ‘family’
Tuesday, January 10th, 2012
Permanent insurance (also known as complete of life insurance policy) is definitely the 2nd simple form of daily life insurance cover immediately after the phrase insurance coverage policies. As opposed to the phrase insurance, the whole insurance not just provides a death advantage, but in case of survival it may also carry on to spend off the beneficiary with even increased amounts than the paid premiums.
Entire insurances cover has a component of investment, which can pay off the beneficiary with high finances right after the event of death. This component, also termed fund, could be committed to a wide array of investments.
This can be the kind of loan in which the insured as well as the beneficiary in some cases happen to be a single as well as the identical man or woman. On the other hand, it isn’t advisable to take a permanent insurance coverage unless your wants, age and well being problem seriously qualify for it. If a single would like to save funds via this form of insurances, you’ll find constantly other safer methods.
Getting the status of a long-term investment, unlike phrase insurance coverage, it might be affected by the ebb and flow of economic climate and consequently it could also bring losses or further expenditures. This possibility alone beats the frequent belief that the lengthier you invest, the additional you gain. On the contrary, this may possibly have its downside due to unexpected financial crunches.
Therefore, the principle debate is whether to take expression insurance or a whole life insurance. Which would be greatest? Experts say this can be a tough decision to take particularly for all those in their fifties. With long term insurances, one can either select a conventional basis or even a maximum basis, based upon the time once the insurance coverage is expended plus the amount of premiums per month per unit of coverage. The variation lies in terminology: optimum basis insurances are bound to expense extra (have a larger coverage degree for premiums) than conventional basis insurances. Due to the fact the long term insurances possess the traits of a company; it can be usually greatest for eligibility to a steady level of money in one’s bank account.
Thankfully for those who obtain themselves with expiring term insurance, there exists the alternative that will allow a shift from this form to whole life insurance. That is certainly, conversion from policy to cash policy. Converting one particular to a different is favorable from unique points of view – one isn’t going to must pass a further medical examination to prove that they are do not present any illness or pass through the challenging practice of renewing the term insurance coverage. In other words, conversion guarantees the insured that anytime their death may well take place; the beneficiaries will get the death advantage. On a connected note to phrase insurances, permanent insurances also enable the inclusion of important illness insurances. The whole-of-life insurance coverage can also be an useful tool in dealing with inheritance taxes.
Compare best life cover quotes, also only whole life assurance policies give you additional benefits of critical illness insurances.
Tags: best life insurance, blogs, family, finance, fitness, health insurance, home, insurance, investment, Life Insurance, medical, other, Travel, Uncategorized, World
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Monday, January 9th, 2012
There are lots of requirements that are included with living in your own house and this is quite real when you’re a family having young children. The security of your household is paramount for most parents but hazards around the house can be forgotten. One of the most frightening thoughts that you could have is having a house fire but you can take steps to reduce the chance of fire and steps to ensure that your family will get out safely. The following paragraphs will look into guidelines on how to ensure that your family is going to be safe from home fires.
The very first step you should undertake is to complete your own audit of your house and search for potential dangers that you might not be aware of. See if it is possible to spot any sources of threat like worn out or frayed cables and wires from your electrical devices. You also want to look to see if there are any beyond capacity sockets or appliances that need replacing. If your home is really old, you need to look for a certified electrician to help you check the wiring in your home and to have it replaced if necessary. During Christmas you will often have added lights around the house both indoors and outdoors and these can be a fire hazard if you do not follow safety guidelines.
For those who have young children that frequently distract you, you want to set up your home to reduce any serious accidents. One example is forgetting to turn down the fire if you’re cooking with oil and suddenly get called away. Should this happen, you need to be sure that you have fireguards so that your young children won’t get burned. If you undertake any kind of household changes, projects such as finishing a basement, you must not make an attempt to do anything that you’re not qualified to fix such as electrical wires.
It truly is important that you have a proper emergency plan in case there is a fire and you want your whole family involved in the discussion. If you put in place strong security features in your home, you need to be sure that you have the ability to disable them easily in the event of a fire. There are particular fire safety solutions you can get that are worth the investment if it saves lives. Things like fire quilts, escape ladders, smoke alerts as well as extinguishers are types of fire safety products. Smoke sensors can make sure you are given an early alert of the problem and this is important as once a fire takes hold toxic smoke and heat can make it tough to evade.
It is really a sad reality that each year we hear about tragedies from home caused by fire but you could very well prevent this from happening by taking the correct precautions.
Whenever repairing our residential home or perhaps planning some essential transformations with it, it’s extremely important to give thought to safe practices for instance fire safety. Visit basement lighting ideas blog page for lots more dwelling improvement strategies.
Tags: best life insurance, diy, family, fire, house, improvement, insurance, life, lifestyle, renovation, repair, safety
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Sunday, January 8th, 2012
The sale of life assurance policies may have increased manifold, but it is a fact that very few people buy it for the purpose of insurance. Most buy it with the intension of building their assets under expert guidance and that too under easy terms. Of course, there is no harm in it; but before you do that, you should know about its pros and cons. Let us go into that.
First, let us understand what a life assurance policy is. Technically speaking, a life assurance policy is same as life insurance policy. We can define it from two different perspectives.
According to legal perspective, a life insurance policy is a contact between the policyholder and the insurer; whereby, the policyholder is required to pay certain sum as premium at regular interval and in return, the insurer is required to pay certain sum as benefit on the occurrence of the insured event.
From the financial perspective, life assurance is an intimidation, which brings together individuals exposed to some specific contingency to form a common pool of fund; if that contingency does occur, claims are paid from that fund for its mitigation.
It is a fact that very few people actually benefit from the claim event because it rarely takes place. That is the reason why people prefer the cash value policies, which along with providing the usual life insurance benefit also build up assets for you. They pay benefit if the insured event takes place and if you outgrow the need of insurance, you can cash out the policy and get the accumulated cash value plus interest in return
Since only the money above the cost of insurance can be utilized for growing the cash value, these policies are always overpriced. If you want to know more, get instant life insurance quotes from online brokers and compare them side by side. A glance through them will corroborate all the facts. If you want the coverage at an affordable rate, you should always opt for a pure life insurance policy such as a term life. You can also build up your asset by investing separately in suitable investment funds.
The term life policies are most reasonably priced. It is mainly because of two important reasons. Firstly, they consider only the cost of insurance; funds need not be diverted to grow any investment opportunity. Secondly, because the policy is sold for specified term, in more than 99% cases, it expires without having to make any pay out. It is a fact that, this policy gives us peace of mind, not in the actual claim event; such events rarely take place.
Since a term life policy is affordably priced, the cost of insurance needs to be established more accurately than in many other life policies. Consequently, these policies have a long underwriting process. The underwriting process is not short in whole or universal life either. If you want instant life insurance coverage, may be the life insurance no exam policy is the only option. These too are mostly term life policies, but they have been designed for speedy and simplified purchase.
Now, let us go back to the original point of our discussion, i.e. the pros and cons of buying a cash value policy. The pros have already been stated. Whether you live or die, the policy will compulsorily provide some return. In case you die while the policy is in force, your beneficiary will receive the death benefit and if you outlive the need for insurance, you can cash out the policy and use the proceeds as is necessary. Contrarily, one of its main disadvantages is that the policy is sometimes much too expensive. As I have already said, comparison of different categories of life insurance quote is enough to substantiate the fact without any misgivings.
If you go deeper, you will see that the amount above the cost of insurance is deposited in a separate fund to grow the cash value of the policy. Yet, if the insured dies while the policy is still valid, the carriers retain this amount and release only the death benefit. Alternately, when you cash out the policy, the carriers are going to retain the amount deposited in the insurance account. Why should you waste your money on insurance that you do not need? If you want to buy the policy only for capital building, investment funds are better; for insurance buy term life. That is much smarter.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life insurance rates and instant life insurance, visit his site today.
Tags: best life insurance, family, financial planning, insurance policies, insurance policy, life assurance, Life Insurance, life insurance policies, life insurance policy, life insurances, Personal Finance, personal finances, personal financial planning, planning, term life insurance
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Sunday, January 8th, 2012
These days, most people with busy schedules are getting their life insurance and term life insurance policies via online sources.It takes a lot of time to visit different insurance companies. You will also waste time listening to unending sales talk. Most people have a fairly good idea about the types of insurance policies available and will request for quotes they want. Even those who do not have any knowledge about insurance plans can read the enormous number of articles and blogs available on the Internet concerning life insurance policies.
Insurance websites provide online calculators. With the help of these calculators people can select the exact amount of coverage they need. If they opt for a term insurance, these calculators will help them decide the number of years they need to take the policy for. One can search and compare online quotes to get cheap life insurance. At comparison websites, you can make a parallel comparison of rates, coverage amounts and other terms and conditions and choose the best and most affordable policy.
Some of the information that you need to provide on a life insurance quote are: * State * Birth date * Gender * Smoker (Tobacco) * Health class o Preferred plus o Preferred o Regular o Regular plus * Type of insurance * Face amount
The information required on different insurance websites can be slightly different, but the basic details will be the same.
People who do not know what health class category they fall into can refer to information provided online. It will give them some guidelines about who will qualify for which category. For instance, if a person is young, has the ideal height: weight ratio and does not drink or smoke, he can come under the preferred plus category. All insurance companies will ask their applicants to undergo a thorough medical exam before placing them in a specific category that will ultimately determine their insurance rates.
The insurance figures provided in the initial quote is only a rough estimate. The final figure will only be given after a complete medical exam report is submitted and the underwriting process is completed. There are three way in which online buying process can be done. The first is by visiting a website of an insurance company, get quotes and filling out an application. The insurer will process the application and get back to you if further information is required. This could be a medical report, salary certificate, period of employment and so on.
A medical exam will be requested based on the age, past medical history and the amount and period of coverage. You may have to meet with a company representative or an insurance agent. When the insurance company is satisfied, they will approve your application. Such plan can provide coverage of even $10,000,000. Second method is by completing the application and buying the policy online. This is called a no medical exam term life insurance. It can provide coverage up to $500,000 sometimes.
The rates for this type of plan are more expensive than a traditional policy that you will qualify for after a medical exam. However, by researching many online quotes, you can find fairly inexpensive rates even for this plan. If all your details are approved, you can be issued a policy on the same day. Another way of buying insurance online is to visit a site, give basic information and get a quote. Then an agent will contact you and will guide you through the rest of the application process.
You must take some security measures when visiting online sites. Everyone knows that information provided on the Internet can be exploited by unscrupulous people. So, visit only secure websites that provide you with information as to the security checks they have in place. The website should provide a clause that prevents them from selling your information to a third party. Visiting the website of established insurance companies is safe. Even if you visit a comparison site, make sure they deal with the top insurance companies. This means the site is reliable and that your information will be safe.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance rates and instant life insurance, visit his site today.
Tags: best life insurance, family, financial planning, insurance policies, insurance policy, life assurance, Life Insurance, life insurance policies, life insurance policy, life insurances, Personal Finance, personal finances, personal financial planning, planning, term life insurance
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Sunday, January 8th, 2012
These days, most busy people opt to get their life insurance and term life insurance policies via online sources. Visiting different insurance companies can kill a lot of time. Listening to unending sales talk is another waste of time. Most people have a fairly good idea about various types of insurance policies available and will request for quotes for the ones they prefer. Even those who do not have any knowledge about insurance plans can use internet to read the enormous number of articles and blogs available on the sites concerning life insurance policies.
Insurance websites provide online calculators. With the help of these calculators people can select the exact amount of coverage they need. If they opt for a term insurance, these calculators will help them decide the number of years they need to take the policy for. One can search and compare online quotes to get cheap life insurance. At comparison websites, you can make a parallel comparison of rates, coverage amounts and other terms and conditions and choose the best and most affordable policy.
Here are a few details you need to provide on a life insurance quote: * State * Birth date * Gender * Smoker (Tobacco) * Health class o Preferred plus o Preferred o Regular o Regular plus * Type of insurance * Face amount
The information required on different insurance websites can vary slightly, but the basic details will be the same.
People who do not know what health class category they fall into can refer to information provided online. It will give them some guidelines about who will qualify for which category. For instance, if a person is young, has the ideal height: weight ratio and does not drink or smoke, he can come under the preferred plus category. All insurance companies will ask their applicants to undergo a thorough medical exam before placing them in a specific category that will ultimately determine their insurance rates.
The figures appear in the initial quote is only a rough estimate. One will get the final figure only after a complete medical exam report is submitted and the underwriting process is completed. The online buying process can be done in three ways. The first one is: visit a website of an insurance company, get quotes and fill out an application. The insurer will process the application and get back to you if further information is required. This could be a medical report, salary certificate, period of employment and so on.
A medical exam will be based on the age, past medical history and the amount and period of coverage. You may have to meet with a company representative or an insurance agent. When the insurance company is satisfied, your application will get approved. Such a plan can provide coverage of even $10,000,000. Second method is by completing the application and buying the policy online. This is called a no medical exam term life insurance and it can provide coverage up to $500,000 sometimes.
This type of policy is slightly more expensive than a traditional policy that you will qualify for after a medical exam. However, you can find fairly inexpensive rates even for this plan by researching many online quotes. If all your details are approved, you can be issued a policy on the same day. Another way of buying insurance online is to visit a site, give basic information and get a quote. Then an agent will contact you and will guide you through the rest of the application process.
There are some security measures you must keep in mind when visiting online sites. The information provided on the Internet can be exploited by unscrupulous people. Make sure you visit only secure websites that provide you with information as to the security checks they have in place. Make sure the website provides a clause that prevents them from selling your information to a third party. It is best to visit the website of established insurance companies. Even if you visit a comparison site, make sure they deal with the top insurance companies. This means the site is reliable and that your information will be safe.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life insurance rates and instant life insurance, visit his site today.
Tags: best life insurance, family, financial planning, insurance policies, insurance policy, life assurance, Life Insurance, life insurance policies, life insurance policy, life insurances, Personal Finance, personal finances, personal financial planning, planning, term life insurance
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Saturday, January 7th, 2012
Most people want to give the best for their family. This means that they will do anything and everything in their power to provide for their family. One of the best investments that a head of the family can get is to give his/her family financial assurance in the future in the event of his/her death. One can do it by purchasing a life insurance policy. There are two main types of life insurance policies to choose from.
The permanent life insurance will offer insurance coverage to a policy holder from the instance that the policy was purchased until the policy holder dies. One advantage of this type of insurance is that there is no expiry date on the coverage and the family or designated beneficiaries will be assured that the cash amount will be given to them
On the other hand, the life insurance term life insurance policy offers policy holders insurance for a specific period of time. The term period will range from 5 years to 10 years. The policy holder’s beneficiaries will receive the death benefits just as long as the policy holder’s death will fall within the term of the policy.
Most insurance companies that offer these two policies will ask thier potential policy holder to pass a pre-screening medical exam before offering him a policy. The medical exam that they will undergo will be comprehensive and will be administered by a company appointed physician. Most people will feel that a pre-screening medical exam is bothersome. However a medical exam may prove to be more advantageous to most people.
When a policy holder undergoes a medical exam, the health of this person will be fully scrutinized. The results of this medical exam will accurately depict his health status and prognosis of his life expectancy. If a person’s medical exam results are superb, he or she may be given a low cost life insurance rates.
However, if a person is reluctant to undergo medical exam, he or she may avail of the life insurance no exam policies. These policies are considered as better alternative plans offered by insurance companies. This type of policy is also known as the instant life insurance policy. It is because it will give instant coverage to a policy holder without having him/her pass a medical exam. However, this type of policy has its advantages and disadvantages.
One advantage of this type of policy is that a policy holder will not have to set aside time to have a medical check up annually. This makes the application process simpler and more efficient. Another advantage is that the person applying will not have to suffer the indignity of being denied of an insurance policy just because of a medical condition. The third advantage is that persons even with underlying medical conditions will have the opportunity to be insured as well.
The instant term life insurance quote online will be based solely on the belief that young age is synonymous with good health. This means that the premium rates that you have to pay with this type of policy will be virtually identical with a plan that would have required you to undergo a medical exam. Therefore you will have a great advantage if you are young.
Because there is no medical exam, the no exam life insurance policy will base the risk profile of an individual solely on the information given and the age of the individual. This can become a disadvantage especially in the area of price. This type of policy will immediately assume that the older the individual who is applying for a policy is, the greater is their risk profile. This will cause the term life insurance quotes of older policy buyers to become significantly higher regardless of whether that individual is still healthy or has pre-existing medical conditions.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance term life and instant term life insurance quotes, visit his site today.
Tags: best life insurance, family, financial planning, insurance, insurance policies, insurance policy, life assurance, Life Insurance, life insurance policies, life insurance policy, life insurances, life planning, Personal Finance, personal finances, term life insurance
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Saturday, January 7th, 2012
Most types of life insurance require a complete medical exam to be undergone before the underwriting process begins and the policy is issued. However, these days, a new trend is emerging to suit those who hate undergoing medical tests only for the sake of obtaining an insurance policy. These people can go in for a term life insurance no medical that will be issued without any need for a health exam. This makes it easy not only for those who are afraid of undergoing tests but also for those with some potential health issues or pre-existing medical conditions which disqualifies them from getting a regular insurance policy.
A life insurance quote on line will provide you with many such plans that can be got without a medical exam. These policies are however not cheap since the death benefits are less and the premium rates are higher. This is mainly because the insurer will try to protect his interests in case the insured dies soon after taking the policy due to some illness. Even if, the beneficiaries can only get a cash value payout two years after the policy comes into effect. If the insured dies within the first two years, the insurer is under no obligation to pay any death benefit.
As with other types of plans, if you are young and healthy, then your rates will be less. However, it is always good for the young, healthy individuals to go for a traditional policy after undergoing a medical exam. This way they can get cheap life insurance, higher coverage and take a policy for a longer period of time. Some insurance companies have a special no exam term insurance policy targeted at senior citizens over 50 years of age. It is a simple policy with less death benefit that covers final expenses.
Some of the questions that can be asked on for a no medical exam plan include: * Age * Gender * Past medical history * Cholesterol levels * Blood sugar levels * Nicotine habits * Height : Weight Ratio
Apart from these questions, some companies can even ask for a mouth swab and blood work to be done. Usually questions on family’s medical history will be asked since certain life threatening diseases like breast cancer, diabetes, heart disease are all hereditary.
|If your father or mother suffers from or died from a heart ailment, you may also suffer from the same condition later in life. So, even if you are currently young and healthy and apply for a no medical exam policy, the insurance company will study your lifestyle very closely. If your weight is normal, if you exercise regularly and do not drink or smoke, your insurance rates will be cheaper even if you have a family history of heart disease.
If you are obese, drink and smoke, even a no medical exam can be denied to you. This is because, your unhealthy lifestyle plus your family history of heart disease makes it highly likely that you will die young. The insurance company will not take the risk of insuring your life. Similarly, a person with a family history of breast cancer will need to undergo periodic tests and provide a clean bill of health to qualify for any type of life insurance.
Even for no medical exam insurance, you have to provide some supporting documents to show that you are free from breast cancer and are leading a healthy lifestyle. You should answer the questionnaire with utmost honesty since companies have their own way of finding out the past medical history of a person. If at that time they find out some serious illness, they can end the policy at once. All the premiums paid up to that point will be lost too.
If you really want instant term life insurance, then you must be in good health and your health questionnaire should reflect this. In such ideal cases, the insurance company can complete the entire application process online so that you can get a plan approved within a few hours. This is a great boon for busy professionals who do not have the time or inclination to undergo medical tests and yet want protection for their family. Hence, a no medical exam term life insurance can be considered a great time saver.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance no exam and universal life insurance, visit his site today.
Tags: best life insurance, family, financial planning, insurance policies, insurance policy, life assurance, Life Insurance, life insurance policies, life insurance policy, life insurances, Personal Finance, personal finances, personal financial planning, planning, term life insurance
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Saturday, January 7th, 2012
Life is full of surprises. There may be pleasant surprises and some unpleasant things too. There are times when a family will encounter an unexpected event such as a death of a family member. If this happens, the surviving family members will grieve the loss of one of their members. The grieving will be much greater if the person died is the head of the family or the one who is supporting the family financially. In that situation, the family will be left with the burden of both emotionally and financially.
When the breadwinner of a family dies unexpectedly, the spouse and the children who rely on him will be left devastated. The emotional distress is hard. What makes their lives more difficult is that they have to shoulder the costs of the funeral as well as pay all the unpaid debts of the person who just died. Fortunately, there is a way to prevent the family members from suffering the financial burden in such situation. This is by investing in a life term insurance policy.
Just like any other insurance policies such as car insurance, a life term insurance will bind two parties under a legal contract. The first party, which is the life insurance provider, will be responsible for indemnifying the loss of life of the policy holder, the second party, with the coverage amount chosen by the policy holder. The policy holder in turn will pay the necessary premiums set by the insurance company.
The amount of coverage that the policy holder will choose will mostly depend on his/her family’s needs and lifestyle. The amount of life insurance coverage should be enough to maintain the lifestyle that the surviving family is used to. This means that if the family is used to a lap-of-luxury lifestyle then the amount of coverage should be sufficient to maintain this type of lifestyle even long after the policy holder has died. A thumb rule for choosing the coverage amount is that the amount should be as much as ten times the annual salary of the policy holder. This is to ensure that the family will have a replacement income for a minimum of 8 to 10 years. This period is more than enough for the family to bounce back financially.
When choosing a policy for a life insurance, there are a lot of websites set up by insurance companies that offer both the medical exam required policy and the no medical life insurance policy. Each of these policies has its own pros and cons.
With policies that require a person to undergo a medical exam first, insurance underwriters will use the results and the prognosis of life expectancy to evaluate the amount of premiums that are to be subjected to the policy holders. While it is bothersome to set aside time for a comprehensive medical exam, being examine thoroughly may lessen the amount of premiums that you will have to pay especially if your exam results are superb.
As the name suggests, for the no medical life insurance policy, the instant term life insurance quotes may be instantly obtained by just simply answering an online form located in the insurance company’s websites. This means that potential policy buyers need not take time off work to schedule a medical exam. People will also not be subjected to the indignity of being accepted or denied just because of a medical exam result.
However, no medical life insurance policies are only advantageous to people who are still young. It is because they will be offered very low life insurance quotes. The insurance underwriters for these no exam policies will only based their computations of premium rates solely on face value and the age of the potential policy holder. A policy holder who is 30 years old will most likely be offered significantly low premium rates as compared to an individual who is 50 or 60 years old even if the person who is 30 years old is far less healthy than the older individual.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on insurance life and life insurance quote, visit his site today.
Tags: best life insurance, family, financial planning, insurance, insurance policies, life assurance, Life Insurance, life insurance policies, life insurance policy, life insurances, life planning, Personal Finance, personal finances, personal financial planning, planning
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Saturday, January 7th, 2012
We have read about people dying unexpectedly all the times. They may die due to natural causes such as old age or through a fatal illness. Some people may die through accidents and natural calamities. Such a thing happened in a city of the Philippines where an unexpected typhoon caused massive flash floods that claimed the life of hundreds of residents. In a news report, surviving family members have expressed their grief on the loss of their loved ones and have also asked the government’s support for financial assistance because of what happened. A situation such as this is indeed dire. However, there are ways to protect family members from being financially devastated because the head of the family unexpectedly dies. This is through a life insurance policy.
A life insurance policy is a sure way of giving assurance to the loved ones by the head of the family he will leave behind. This will allow the family members to cope with life financially even after that head of the family dies unexpectedly. The life insurance policy acts as a contract which will obligate an insurance company to indemnify the loss of life of a policy holder in the event of his/her death. The amount of coverage purchased by the policy holder is the same amount that will be given to designated beneficiaries upon the policy holder’s death.
A person who wants to purchase a life insurance policy even if it is just one of the more affordable life insurance policies available must consider how much coverage his/her family will need upon his/her death. There are a lot of things to consider such as the immediate expenses, the recurring expenses and the future expenses of the family. The immediate expenses are the fees and costs which are associated with the death of the policy holder. This includes funeral services costs and hospital bills. Unpaid credit card bills are also included in the immediate expenses. Recurring expenses are the costs that the family needs to pay to continue their daily living. These will include house rental, mortgage payments, utility bills and other payments made regularly. Future expenses will include the retirement expenses of the surviving spouse or the college tuition fees of school aged children.
The amount of coverage, most will advice, should be at least equal to or more than ten times the amount of the annual salary of the policy holder. Term life insurance quotes will give a potential policy holder the choice of coverage amounts as well as the corresponding premium payments that he/she has to pay on a regular basis.
Most life insurance policies will require potential policy holders to undergo a medical exam which will be conducted by a company appointed physician. The results of the medical exam will help the insurance company’s underwriters to assess the life expectancy of the potential policy holder. This will be the basis of computing for the premium rates that the policy holder will have to pay. Whole life insurance and most of the long term life insurance policies require this medical exam. Policies with high coverage amount also require the potential policy holder to undergo a medical exam and this exam is done annually.
On the other hand, there are life insurance policies available that do not require any pre-screening medical exam. These policies are called the no medical life insurance policies. Individuals who have pre-existing diseases or illness before being covered by insurance may avail of this type of policy. Also known as an instant life insurance, the insurance underwriters will make use of the person’s age and the information on the person’s family medical history as the main bases for the computation of the premium payments that policy holders must pay on a regular basis.
An instant or no medical life insurance policy has only one disadvantage. The amount of insurance coverage may not be large enough to cover all the necessary expenses of the family after the policy holder has died. Also, these types of policies may only a limited number of illnesses. Because of this, these instant life insurance policies are sometimes called accidental death insurance policies. It is because they only cover death due to accidents and not due to fatal illnesses.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on insurance life and life insurance quote, visit his site today.
Tags: best life insurance, family, financial planning, insurance, insurance policies, life assurance, Life Insurance, life insurance policies, life insurance policy, life insurances, life planning, Personal Finance, personal finances, personal financial planning, planning
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Saturday, January 7th, 2012
A life insurance policy is an important investment that must be made by individuals who have other individuals depending on them financially. If you have somebody that will suffer financially upon your death, then you know for certain that you need to have a life insurance policy to protect this somebody in the future. A life insurance policy acts as a legal contract which binds an insurance company to indemnify the loss of the life of its policy holder in exchange for agreed upon premiums.
Although a life insurance policy is an essential contract to have for a family, not everybody may be qualified for it. Some life insurance companies require prospective clients to undergo a pre-screening medical exam before they offer them a life insurance policy. The pre-screening medical exam will help insurance underwriters to determine the risk profile and life expectancy of the policy holder and thus will adjust the premium rates that these policy holders will have to pay on a regular basis.
The average life expectancy of human beings is 68.2 years. This is what the World Bank says. Because of this, people who beyond their golden years (above 50 years old) will mostly be either denied of a life insurance policy or are given a policy but they will have to pay higher premiums. This is because one of the bases for computing a life insurance quote is by factoring in a person’s age.
However, this does not mean that all individuals above the age of 50 to 60 years old will automatically be denied a life insurance policy. There are different steps to still get a suitable term life insurance for seniors. Here are some of them.
A senior citizen with healthy lifestyle will probably be healthier than most individuals of his or her age. In such a case, it is better for this healthy individual to undergo a pre-screening medical exam set by the insurance company. It is because the medical exam will show the good health of the individual and this will help him/her in getting lower premium rates as compared to other individuals of his/her age. If the company appointed physician confirms the individual to be healthy and have a longer life expectancy; then this individual may avail of a longer term life insurance. This will enable this individual to have a longer coverage period while paying only lower premium rates.
Elders can also choose a no medical exam life insurance policy. This is another way elders can avail a life insurance. This type of policy will not require him to undergo a medical exam. The advantage we have with this type of policy is: the elderly will be accepted for insurance coverage no matter what their existing illnesses are since there is no medical exam to verify it. However, there are different life insurance companies that list down illnesses that will not be covered by their policies.
One can obtain a life insurance no medical exam policy by purchasing them online or through insurance company websites. If you want to purchase an online life insurance through the insurance company’s website, you have to fill up an online form. The form will ask for your personal data and statistics. This form will also require you to fill in any medical information that you can offer such as medical history of your family. After accomplishing and submitting this form online, the website will calculate your premium rates.
The premium rates of this policy will be based more on a person’s age and not on his or her physical health. This is the only disadvantage in getting an instant life insurance or no exam life insurance policy. This means that if you are already 60 years old, your premium rates will be significantly higher than those of persons who are 30, 40, or 50 years even if you are far more healthier and are expected to live longer than they will.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance quotation and life insurance no exam, visit his site today.
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