Term Life Insurance Blog

Does Life Insurance Require a Physical Exam?

Yes, some life insurance carriers require the applicant for life insurance to take a physical exam, which is paid for by the insurance company.

However, whether or not you are required to take a physical will depend on the insurance company guidelines for approval, including your age and the amount of life insurance you want to purchase.

If you need more than $50,000 of coverage, it is likely you may be required to take a physical.

And, if you are over age 30 or 35, you may need to take a physical.

However, some insurers offer no exam life insurance plans with up to $350,000 or more of coverage available for people age 65 and under.

Also, there are guaranteed issue life insurance plans for people age 85 and under, but these plans do not provide immediate full coverage, there are graded benefits the first two years you are insured.

Continue reading "Does Life Insurance Require a Physical Exam?"

Does Term Life Insurance Coverage Decrease Over Time?

Some insurer may offer what is called a decreasing term life insurance plan where the amount of life insurance provided by your term policy declines each year.

You may also choose to get life insurance with a lower face amount of life insurance coverage each year which is called annual renewable term life insurance, and take out a smaller amount of coverage the next year.

Most term life insurance policies are level benefit, meaning that the death benefit (life insurance coverage amount) stays the same for a set number of years.

Learn more about a level term life insurance policy.

How Much Does Life Insurance Cost For A Family Of 4?

The cost of life insurance for a family of four people will depend on the risk factors and type of life insurance.

For instance, permanent life insurance will cost much more than term life insurance.

And, the cost will be affected by whether the parents add riders to their life insurance policies providing coverage for the children, or if the children have their own individual life insurance policies.

Also, the health and lifestyle of the parents and children will impact the premium for life insurance coverage.

That's why it's important to comparison shop for your family's life insurance coverage. Rates for life insurance will vary by insurance carrier base don your family's risk factors including health, age, lifestyle, hobbies, etc.

Here's how you can learn more about finding affordable family life insurance coverage.

Can I Buy Life Insurance On My Spouse?

Yes, you can buy a life insurance policy on your spouse if your spouse gives permission to you doing so, as indicated by signing the application for coverage.

If buying a No Exam life insurance policy, you may only need to answer some health questions about your spouse.

If you are purchasing a medically underwritten life insurance policy, your spouse will need to do an exam in your home or other place of choice. The exam is paid for by the insurance company.

The no exam life insurance plans may offer you immediate life insurance coverage for your spouse.

Here's how to get life insurance for your spouse.

What Does Life Insurance Cost Per Month?

The cost of your life insurance coverage per month will depend on your age, health factors, height-to-weight ratio, whether or not you smoke, and the type of life insurance policy you get.

You can get an idea of the cost by looking at a website that offers instant life insurance rate comparisons.

By comparing online life insurance quotes you can get an estimate of the monthly cost for the life insurance coverage you need.

The longer your life expectancy, the lower your cost. And, the higher the amount of life insurance coverage, the higher your cost of life insurance.

Does Life Insurance Cover Dying Of Old Age?

With traditional life insurance policy (not an accidental death insurance policy), the life insurance policy will cover dying of old age.

Of course, the life insurance policy must be in effect at the time of your death, which means that it does not lapse due to non-payment of premiums, or become cost prohibitive before reaching older years.

Does A 60 Year Old Need Life Insurance?

Whether or not someone age 60 or over needs life insurance will vary based on that individual's circumstances and goals.

Does the person have any debts or other financial obligations that need to be met, and few assets to meet them if he/she should die?

Then life insurance can be very important, because there are not a lot of years left to build up your assets after turning age 60.

The person should consider what would happen if he/she were to to develop a serious, extended health problem.

Having long term care insurance and proper health insurance could reduce the dollar amount needed in life insurance to pay off any debts due to a long term illness.

In addition, does the person have money to pay for final expenses.

Here's how you can learn more about life insurance for people age 60 and over.

Is Life Insurance Cheaper For Women?

Life insurance is cheaper for women compared to the cost for men if you are comparing the same rate class of each sex.

The older the person is, and the longer the guaranteed coverage period lasts, the bigger the price discrepancy for women versus men. That is because men usually die at a younger age than women, on average. Women have a longer life expectancy.

If the woman has a health issue, or is overweight or underweight, smokes, or has some other health risk factor to place her in a higher rate class than a man of the same age, her life insurance rate can be higher than his.

Just being a woman does not automatically mean she will pay a cheaper price for life insurance than a man, it also depends on health factors and other risk factors; such as, lifestyle, tobacco use, occupation, hobbies, driving record, etc.

Here’s how you can compare life insurance rates for women.

How Much Life Insurance Can I Get Without Taking A Medical Exam?

The largest amount of Life Insurance I have heard of someone being able to purchase without taking a medical exam is $500,000 in one life insurance policy.

However, since several insurers offer no exam life insurance, you can purchase more than one life insurance policy without taking any medical exam.

It would not be difficult to purchase $1,000,000 of No Exam life insurance by purchasing 3 or more life insurance policies.

Here are some no exam life insurance policies which you can apply for online today.

Does Life Insurance Pay For Accidental Death?

Yes, Life Insurance pays out a death benefit for accidental death or death due to any natural causes, such as, old age or heart failure.

Death due to natural causes is death due to an illness or internal malfunction of the body not caused by external forces.

Death due to unnatural causes is called accidental death, which would include death due to a slip and fall, being hit by a car, or dying in a tornado, for example.

Life insurance covers all types of death except suicide in the first two years. However, there is a one-year suicide exclusion in some states, so it depends on where you live.