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Short term life insurance is life insurance protection for a short period of time.
Usually, term life offers coverage for a period of up to 30 years.
Short term insurance would be from 1 to 10 years. Keep in mind, the shorter the term of your coverage the lower your annual cost of life insurance.
Here's how to get short term life insurance quotes online.
Who can you purchase life insurance on?
The insurance company will require that you have insurable interest in the person you want to insure for life insurance.
Insurable Interest basically means that you rely on the person for some form of financial support, or that you will suffer some financial loss upon the person's death.
So, there is insurable interest between spouses, parents and their children, siblings, and business partners, among others.
You can buy life insurance on someone with their permission and an insurable interest in that person.
That means your life insurance worked, and provided you with the protection you needed while you needed it.
If you outlive the duration of your term life policy, your coverage ends. You get no money back and there is no death benefit paid out on your policy.
However, if you still need life insurance, you may be able to renew your life insurance policy for another term, usually for a period of up to 10 years.
However, if your life insurance expired and you did not renew, but still need life insurance, you may want to purchase a new life insurance policy. This new policy may require you to take a medical exam in order to qualify for coverage.
Learn more about how term insurance works..
Usually, you can get life insurance if you are between 18 and 80 years old.
However, depending on what state you live in, you can get life insurance on your newborn babies and for people up to age 95, if you have an insurable interest in that person.
There are insurers who may be willing to insure someone age 80 to 95 depending on the person's health.
Most insurers will consider the type and amount of life insurance you need, your age, gender, health, lifestyle, tobacco use, driving record, occupation, hobbies and other risk factors to determine if they will insure you for life insurance based on your life expectancy.
Term life insurance policies must be renewed periodically if you wish to continue your coverage, and you could lose your life insurance coverage if your policy expires and you have developed serious health problems in the interim.
If you are worried about becoming ill, you can pay more to buy an automatic-renewable (or guaranteed renewable) term life insurance policy which guarantees your ability to renew your term policy for another term when the original coverage expires.
That way, you won't be left without life insurance if you become ill.
Learn more about renewable term life insurance plans.
The underwriting process is a series of inquiries and evaluations that a life insurance company makes to determine an applicant's risk and what the corresponding life insurance rate for their life insurance coverage will be.
Some of the requirements and areas of evaluation during the underwriting process include include:
1. A completed application for life insurance with personal information, financial information and medical declarations.
2. An in home "medical exam" requiring a blood and urine sample and a question and answer session with a Registered Nurse.
3. A MIB (Medical Information Bureau) check of your medical history.
4. A DMV background check of your driving history.
5. The review of the medical records of your doctors and specialists.
The insurance company uses the information noted above to analyze an applicant for life insurance coverage to determine the risk presented and the rate that should be applied to the life insurance coverage.
Here's how you can learn more about the life insurance examination.
There's a few tips you can follow in order to get more affordable life insurance protection.
1. Buy Group Life Insurance - Get covered under your employer provided group term life insurance policy which may be fully or partially paid for by your employer.
2. Consider Term Insurance - Term life costs a lot less than permanent insurance. If you're on a budget consider term life until you can afford permanent life insurance.
3. Shop and Compare Rates - Pricing can vary quite a bit from one insurer to another so make sure to compare multiples life insurance rate quotes before buying your policy.
Here's how you can learn more about life insurance and how it works..
There is no health exam required in order to purchase a mortgage life insurance plan usually.
However, they will ask several health related questions on the application to determine whether you are qualified for the coverage.
If you have a pre-existing health problem, the insurance company may require additional information, a medical report from your doctor, or a full physical examination.
In addition, there are no medical exam mortgage life insurance plans available with just some health questions but no checkup.
Yes, smoking will negatively affect your mortgage life insurance premiums.
Smoking is widely known to have serious health implications including lung cancer, COPD and emphysema.
Smoking will significantly increase premiums on your mortgage life insurance policy.
If you quit smoking you may qualify for much lower premiums within 1-2 years.
A recent study indicates approximately 80% of Americans overestimate the cost of a life insurance policy according to a 2015 Insurance Barometer Study published by LIMRA and Life Happens, two non-profit organizations monitoring consumer life insurance trends in the insurance industry.
The real reason people don’t buy life insurance is because they mistakenly believe that life insurance is unaffordable, which can end up being a very costly mistake, risking the financial security for your family most Americans work toward.
Life insurance is much more affordable than you might anticipate, and it can guarantee your family has the financial security they need in case you are longer there to provide for them.