This article covers Best Life Insurance Without Medical Exam Or Health Questions.
Don't wait until you really need the coverage! By that time you'll be that much older, you may be sick or you will have encountered a health issue that will cause your premiums to be much higher than you expected.
That is of course if you can even qualify for the life insurance coverage. The point being, if you know you need life insurance coverage – DON’T DELAY.
The highest financial rating doesn't necessarily mean better coverage. The important thing is to at least be looking at an "A" rated company. There is little, if any difference between one company's term policy and another, so basing a decision only on financial ratings won't always get you best rates on your life insurance policy. The highest rated life insurers tend to be more conservative in their underwriting, so you may or may not be able to qualify for their best rates.
Shop and compare life insurance quotes online before you meet with an agent! Many online life insurance brokerage companies can save you up to 70% on your premiums. The reason is because they offer you quotes from many different companies seeking only to get you the best rate available.
Choose the annual premium payment option, if you can afford it. Paying annually can save you up to 20% with some life insurance companies versus monthly, quarterly or semi-annually premium payments.
Don't smoke. Smokers are charged up to 2-3 times more for their life insurance coverage. If you want to save money on your policy, quit smoking. If you do smoke, most companies will let you re-apply for nonsmoker rates if it has been at least 1 full year from the last time you had any tobacco products in your system.
If you have cholesterol or blood pressure issues get it controlled with medication. Insurance companies don't like to see health issues go unattended.
If you are doing something to control it they will probably look at that favorably and give you the benefit of the doubt when it comes time to approve your life insurance policy.
If you are considering buying $90,000 of coverage, buy $100,000 instead. Many times it will cost you less money, the same or just a little more for the additional life insurance coverage. Insurance companies may give breakpoints at $100,000, $250,000, $500,000, $750,000 and $1,000,000. So it won’t cost you that much more in annual premium to get the higher amount of coverage.
Read the life insurance medical exam tips before completing your exam. Drinking caffeine or exercising just before your medical exam can throw off your lab results and cost you big time on your life insurance premiums.
Obtaining coverage through your company's plan may be a good alternative in the short-run. Many employer's plans won't let you continue your coverage if you leave. If you need coverage then, you'll have to apply for an individual policy anyway. You may or may not be insurable at that time. Why take the chance? Get a separate policy in force now to guarantee your insurability in the future.
If you're 35 years old, you're as old as 36 in the eyes of the insurance company. Most insurance companies round up to the next highest year when determining your age and because premiums increase with age that can make a big difference in your annual premium. So, if you're approaching 30 or 35 and you have thoughts of applying for a life insurance policy, don't wait!
Term insurance provides coverage for a term of one or more years. The 20-year plan is the most popular version. Term insurance pays a death benefit if death occurs during the policy term. It does not include a cash value that can be used in the future.
Most term policies also include an option to convert to a cash value policy without having to provide evidence of insurability. Some restrictions or limitations may apply so check with your Agent to understand how the convertibility option will work for you. The annual premium for term life insurance is usually less during the early years than the premium for a cash value insurance product. Be sure to compare the long-term cost of each product before you buy.
Honestly, how often do you hear about rates dropping for anything these days? The following tips can help you secure good coverage without spending too much.
Figure out your needs. You can use online calculators to get a rough idea of how much money it would take to cover your surviving spouse’s expenses until retirement, and/or your children’s expenses until they reach adulthood or finish college. The Life and Health Insurance Foundation for Education offers this calculator. MSN Money offers this one as well.
Opt for term life. A term-life policy is the best and simplest option for most Americans ranging in age from about 20 to about 50. Cash-value life insurance can make sense for wealthy people over the age of 60 – but for most people, term insurance is the way to go.
Get quotes online. Web sites such as Accuquote.com, FindMyInsurance.com, LifeInsure.com and InsWeb can give you plenty of pricing information fast – although all of it will be subject to a more detailed application process and a medical exam.
Get in shape. To improve your risk class, you can take steps such as quitting smoking, losing weight and reducing your cholesterol and blood pressure if they’re high. You also can get that exam before you apply for insurance so you’re not hit with any surprises. In some cases, the changes you make can save you tens of thousands of dollars over the life of a policy.
Decide how to buy. You can go it alone and buy insurance directly from the company, seek guidance from a fee-only financial planner, buy it through a commission-based financial planner, or buy it through an insurance agent.
Understand how these folks get paid. Insurance agents and commission-only financial planners don’t make money unless they sell you insurance products. Fee-plus-commission (or fee-based) planners charge both a fee and a commission on products. Fee-only planners charge a fee for their guidance but don’t sell products; you would buy the insurance coverage on your own.
Do your homework. Whether you decide to buy a policy on your own or hire a professional to help you, you should bone up on life insurance on the sites mentioned in Tip No. 3. This will help you feel more confident and informed.
Buy from a financially strong company. The insurance company should have an “A” rating or higher from rating agencies such as A.M. Best, Standard & Poor’s, Duff & Phelps, Weiss, Moody’s and Fitch Ratings.
Be alert for red flags. Avoid advisers who say they’re more knowledgeable about the insurance company than the rating agencies, or who claim the ratings are unimportant or unavailable. If you have a complaint, contact the adviser’s customer service department and speak up. You also can file a complaint with your state’s insurance department or attorney general’s office. To start the process of finding the correct contact information for your state, click here .
Make adjustments as needed. Your life insurance needs will change over the years – most notably when you marry, divorce, have a child or start caring for an aging parent. At a certain point – once your kids are all grown up, and once you know you’ve saved enough for retirement – you can decide to stop paying for life insurance entirely.
Which life insurance is best, term or permanent? This is likely the most frequently asked life insurance question. Many insurance and financial “experts” will give a uniform answer, but reality is not so simple. Life insurance is not a uniform product: the right insurance depends on the applicant’s objectives.
Term insurance offers low-cost protection for a temporary period, say 10 or 20 years. But the cost rises dramatically at renewal. A 40-year-old male non-smoker can take out $250,000 of term-20 coverage with Canada Life for $37.58 a month. But if he wants to renew it without a medical at age 60 he is in for a major shock – the premiums will jump to $502.20 a month. He could re-apply for a new plan and get a lower rate, assuming his health hasn’t changed in the 20 years since he was 40. Most term plans also expire after a certain age, usually 75–85 years. If the insured decides to cancel the plan before the term expires, there is no return of premium.
At first glance this doesn’t seem like a very good deal. But for many applicants on limited budgets, term insurance is a good fit: it provides low-cost protection for a fixed period. This can be invaluable to a young couple during their most critical years, when their debt is high and their children are small. Term insurance also makes sense for applicants who need to cover a temporary insurance need, such as a mortgage, line of credit, or business loan.
Permanent insurance is usually of two types, whole life or universal life insurance. These policies have higher initial premiums than term policies, but generally provide a constant cost and lifetime protection. Depending on the plan, the policy can generate a cash value and be paid up in a set number of years.
That same 40-year-old male non-smoker can get $250,000 of 20-pay whole life coverage with Empire Life for $214.20 a month. The premiums are obviously much higher, but rather than the plan renewing in 20 years it is then paid up. The insured’s total contribution over the 20 years is $51,408. The policy also has a cash value after 20 years of $51,500, which rises to $64,500 at age 65. The insured can usually access up to 90% of this cash value in the form of a policy loan, but it would be deducted from the death benefit along with any interest.
The downside of a permanent policy is that the initial premium is higher, which may affect an applicant’s ability to obtain the amount of insurance needed. Many permanent plans also impose surrender penalties if the policy is cashed out in early years. So when choosing a permanent plan, it must fit the applicant’s budget. If possible, allow a financial buffer just in case there are unexpected budgeting issues.
Another potential solution is to combine permanent and term coverage. This can allow applicants to get the insurance they need with a permanent component at a more affordable rate. Many policies allow term coverage to be added as a rider, letting the applicant avoid paying two policy fees.
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