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In most states the insured has 10 days in which to examine a life insurance policy, and if not satisfied, to return it to the insurance company for a full refund of the initial premiums paid to the insurer.
Basically, it's a money-back guarantee that says you get your money back if you are not satisfied with the life insurance plan you purchased.
The free look periods may vary by insurer, but must meet at least the minimum period of time required by the state in which you live. That means, they may be longer than the state requirement.
Here are some more important life insurance terms you should know when purchasing life insurance.
Pre Need Funeral Insurance a single premium life insurance policy, from which the death benefit is used to pay the predetermined expenses of the insured’s funeral and burial.
The funeral home agrees to provide the funeral in exchange for the proceeds from the life insurance policy.
In addition, there are funeral insurance policies that offer guaranteed acceptance for people age 45 to 85 without any health questions asked.
What is Fidelity Life Rapid Decisions Life Insurance?
It's a type of hybrid life insurance policy that combines booth a term life insurance policy with an accidental death benefit.
This plan allows you to apply online for up to $1,000,000 of life insurance protection without any health exam required.
You can even start your life insurance protection in 48 hours or less.
Fidelity offers fast underwriting, no exam and affordable rates to give your family the financial security they deserve at a price that fits your budget.
Learn more about Fidelity Rapid Decision Life Insurance.
Yes, there are no exam life insurance policies available for seniors.
In fact, you may choices form a could different types of plans including simplified issue term life insurance and guaranteed issue life insurance.
Simplified issue term life offers up to $400,000 of life insurance with no exam for people ages 65 and under.
However, if you have health issues, you may want to consider guaranteed issue life insurance which offers guaranteed approval for people age 45 to 85.
With guaranteed approval life insurance you cannot be turned down for coverage due to health problems. There's no health exam required and no health questions asked.
What do life insurance exams check for when you take the exam?
If you apply for life insurance coverage the insurer will usually require you take alarmed exam which the insurer pays for.
The paraded examiner comes to your home or place of work to give you a brief 10 to 15 minutes physical and checks your heart rate, breathing, and may request a sample of your urine or take a blood sample which is sent to a laboratory for testing.
The exam may test your blood or urine for prescription and illegal drugs, tobacco use, high cholesterol, high protein levels, diabetes, HIV/AIDS, STD's, cancer and other health issues.
Which are the best life insurance companies offering coverage in the State of Florida?
Actually, most US life insurance carriers do business in Florida.
That means, the well-known carriers like Prudential, Mass Mutual, Northwestern Mutual, Metlife and New York Life all offer life insurance coverage in Florida.
Here is an overview of leading life insurance companies in Florida.
The type of life insurance policy that is better for you will depend on your own personal situation and needs.
If you need life insurance that guarantees you lifetime protection no matter how old you live to be, then a whole life policy may be right for you.
But, if you only need life insurance protection until the mortgage is paid off, the kids are grown, or for a period of 30 years or less, then a term life policy can help meet those needs.
Keep in mind, you can own more than one policy, so you could have term life for those short term needs, and a whole life policy for your lifetime protection goals.
What should I do if I can’t find a family member’s life insurance policy?
If you have experienced the passing of a close family member, you may be looking for their life insurance, if they had any.
Trying to determine whether or not a deceased family member had a life insurance policy can be frustrating.
When family members die they often leave little to no information about any life insurance coverage they own.
One of the best places to start the search for a lost life insurance policy is with the individual’s checkbook.
Looking for cancelled checks written to an insurance company can provide a good starting point.
If you find those records contact the insurance company and ask if the family member in question had a policy. If that fails you can also write to the largest insurers in the area and ask about any possible coverage.
The Department of Insurance in your state may be able to help as well, so be sure to write to them.
Are you planning for your final expenses?
If so, you may be wondering how much life insurance you need to help pay for funeral and burial costs.
Actually, a study conducted by the National Funeral Director's Association indicates the average for of a funeral and related expenses can exceed $7,700.
With Burial Plans you can choose from $2,500 up to $25,000 of coverage through insurers offering burial and funeral insurance protection.
Remember, these plans may offer guaranteed approval for people age 45 to 85 with no health exam required and no health questions asked.
Find out more about Burial Insurance Policies and request your free price quote today.
What is a Universal life insurance policy?
Universal life insurance is a type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element like whole life insurance which is invested to provide a cash buildup.
Universal policies combine a term life policy with a tax-deferred interest accumulating savings account.
The death benefit, savings element and premiums can be reviewed and altered as a policyholder’s circumstances change.