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Review a list of the top 10 life insurance companies.
The Face Amount of a Life Insurance Policy is the dollar amount of life insurance coverage stated on the Declarations page of the life insurance policy.
This is the amount of money that will be paid to your beneficiary in the case of your death, or the maturity of the life insurance policy.
The life insurance policy face amount does not include any additional amounts payable under accidental death or other special provisions, or proceeds acquired through the application of dividends.
You can use a life insurance needs calculator to help you figure out how much life insurance coverage you need to adequately protect your family.
Review a glossary of terms for life insurance.
Guaranteed approval life insurance is life insurance that guarantees your acceptance for coverage regardless of your health.
These plans are usually limited to people who meet specific age requirements for acceptance; such as, ages 45-75 or ages 45-85.
In addiiton, the amount of coverage available by any one policy may be limited to $25,000 or less.
And, you have graded death benefits, limited the first two years you are insured.
Some leading insurers offering guaranteed plans include United of Omaha, Vantis Life, Metlife, AARP/NewYork Life and Gerber, among others.
Here's how to get life insurance with guaranteed approval.
If you're shopping for life insurance you may want to compare quotes for life insurance coverage.
But what are life insurance quotes?
Life insurance quotes are estimates of the cost of your life insurance, provided by insurance companies.
You can compare price quotes from multiple insurers by visiting a life insurance website with access to a network of insurers and filling out a brief quote request form.
Your quote will provide you with the cost of coverage for a specific type and amount of life insurance for someone your age and health.
Life insurance quotes give you an indication of cost for life insurance so you can comparison shop for coverage among several insurers to help you find the most affordable plan to fit your budget.
The death benefit of a life insurance policy is the amount of money that is paid out to the policy beneficiary when a valid life insurance claim is filed.
The death benefit is paid to the stated beneficiaries of the life insurance contract, which are determined by the owner before the insured person is deceased.
The death benefit is used to provide income for those that rely on the insured person as a provider.
The death benefit is usually paid out free from federal income tax.
The proceeds from life insurance can be used for any purpose by the beneficiary.
The amount of life insurance you purchase is based on your need for coverage.
You can use a life insurance need calculator to assist you in deciding how much life insurance you need.
That way, you won't be paying for more life insurance than you really need.
When you apply for a life insurance policy the insurer asks about other policies you may already own, including the total amount of life insurance you already have.
The insurer doesn't want you to be over-insured, as this may indicate that you are a risk for buying life insurance to have your family benefit from you taking your life.
However, most life insurance policies have a two year suicide exclusion.
But, most insurers will not allow you to buy more than 10-20 times your annual income in life insurance.
So, the maximum amount of life insurance you may be able to purchase if you earn $50,000 per year would be $1,000,000 of life insurance.
Life insurance can be used for a number of purposes.
Many people purchase life insurance to replace their income for their family.
You select a beneficiary or beneficiaries of your life insurance policy when you buy coverage.
Upon your passing, your beneficiary receives the death benefit from your life insurance.
The money from your life insurance can be used for any purpose.
So, your beneficiary may choose to use the money to pay for living expenses, pay for your funeral, pay off debt, pay for college, provide for retirement, or any other purpose.
Life insurance provides a means of financial security for the future of your loved ones.
Learn about term life insurance which is the most affordable type of life insurance plan.
Did you know there are several different types of term life insurance available?
That's right. And, knowing the benefits of each can help you determine which type f term life policy to buy.
But, first you should consider what your goal is for your life insurance - what is it you want to term life insurance to accomplish?
In addiiton, you should consider your budget, how much protection you need and for how many years.
There are several key moments or milestones in your life when you may have a real need for life insurance, or increasing your existing life insurance coverage.
Some of the most common life milestones for purchasing life insurance coverage include:
1. Getting Married
2. Starting a Family.
3 Buying a Home
4. Getting a Promotion
5. The Passing of a Loved One
Whether you have experienced one of the above mentioned milestones, or you have someone who relies on you for financial support, life insurance may be a good option to assist you in accomplishing your financial goals.
Why do people buy life insurance?
There are many reasons someone may choose to purchase a life insurance policy.
But one of the main reasons is to replace the lost income of a family's main breadwinner should that person die unexpectedly.
Life insurance can provide financial security for your family's future so you have peace of mind knowing they will be provided for should you pass away.
Your beneficiaries of a life insurance policy can use the proceeds for any purpose they choose, which may include to pay for living expenses, pay off debt, and maintain their lifestyle.
If I buy a life insurance policy will the rates go up?
That depends on the type of life insurance plan you purchase.
Usually, a permanent life insurance policy has guaranteed level rates for your entire lifetime.
Whereas, a level premium term life insurance policy has rates that remain the same for the duration of your policy term - 10, 15, 20 or 30 years.
Should I get mortgage life insurance for the life of my home mortgage loan?
If you own a home with a mortgage and want to make sure your family has enough money to pay off the mortgage loan so they can remain in their home if you pass away, then you may want to buy mortgage life insurance.
But, how long do you need mortgage insurance?
You'll want to match the length of your life insurance policy with the duration of your mortgage.
So, if you have a 20 year mortgage loan on your home, you'll want to get mortgage life insurance for a period of 20 years to make sure the protection is in place for the life of your mortgage.
Here's how you can learn more about getting mortgage insurance for your mortgage loan.
What should I consider when purchasing a life insurance policy?
If you are looking to buy a life insurance policy you may want to consider the following key issues before making your purchase:
1. How much life insurance to buy?
2. What is your budget?
3. What type of life insurance to buy?
4. What goal do you want to accomplish with your life insurance?
5. How long do you need life insurance protection?
6. Does your spouse or partner need coverage, too?
7. Who should you name as beneficiary to your policy?
To actually get insured for life insurance used to take between 4-6 weeks for you to go through the entire process of meeting with an agent, applying for life insurance, taking a medical exam and waiting to hear if you are approved, and then receiving your life insurance policy.
However, today you may be able to get insured and begin your life insurance policy today without having to take a physical examination.
In fact, healthy people may actually get approved for life insurance in as little as 15 minutes, choose a payment option and start their life insurance policy immediately.
Where can I buy a life insurance policy without having to answer any questions about my health?
If you need life insurance without exams or health questions you'll want to check out "guaranteed issue" life insurance policies.
These plans guarantee your approval for life insurance coverage even if you have been turned down by other insurance carriers.
As long as you meet the age requirements and live in a state in which the insurer is licensed to do business, you can get insured.
Som oef the leading guaranteed life insurance companies include United of Omaha, Colonial Penn and Vantis Life, among others.
Guaranteed life insurance means "guaranteed issue" life insurance, meaning you are guaranteed approval or acceptance for coverage.
With guaranteed life insurance plans you cannot be turned down for coverage due to any health problems..
However, you must meet the age requirements for approval. Some carriers offer guaranteed coverage for people ages 45 to 85.
And, your death benefits are limited the first two years you are insured.
Whether you are over age 75, overweight, have chronic health problems, or you have been denied coverage from other insurers, guaranteed life insurance may be a good option for you to consider.
What is it smart to do when buying a life insurance policy?
If you're shopping for a new life insurance policy there are several things it is smart to do, including:
1. Learn about your options for life insurance coverage.
2. Determine how much life insurance you need.
3. Figure out your budget - what you can afford to pay for your life insurance policy.
4. Decide if your partner or spouse needs life insurance.
5. Consider how long you need life insurance to accomplish your goals.
Where can I get life insurance coverage without having to take a health exam or answer any questions about my health?
There are life insurance policies available with guaranteed approval for people ages 45 to 85.
These plans accept everyone who applies for a policy if you meet the age requirements.
The death benefit is limited the first two years you are insured.
Some plans offer up to $25,000 of guaranteed life insurance and you may be able to purchase coverage form more than one insurer.
If you need life insurance to protect your family you may be considering term life insurance.
But, who should be the owner of your life insurance policy?
This is a question you'll want to consider before making your purchase.
There are several options for policy ownership available.
You may want to make yourself the owner of the life insurance policy that insures your life. Or, you may want to have your spouse or partner as the owner.
Why would someone convert their term insurance into a permanent life insurance policy?
If you own a term life policy and then decide you need lifetime life insurance coverage you may wish to convert your existing term insurance policy into permanent coverage.
That way, you are guaranteed to have lifetime life insurance protection and your premium will not increase at any time in the future.
How do life insurance companies decide the rate to charge you for life insurance?
When it comes to developing your premium for life insurance coverage an insurer determines the risk you present for life insurance - meaning your longevity - how long you are expected to live and pay premiums on your policy.
There are several factors that go into determining your rate including your gender, age and health.
In addiiton, the insurer uses information developed from your physical exam and your answers to the questions asked on your application for life insurance.