Affordable Life Insurance Protection for Your Family
How to Buy Cheap Term Life Insurance Online
Are You Looking for Low Cost Life Insurance Protection for Your Family?
If so, there are several tips you can follow that will help you save money on the purchase of your policy. But first, let’s review how term insurance works.
Term Life Insurance – How It Works
Term life is a form of life insurance that provides you with protection for a temporary period of time, usually up to thirty years.
You may choose a duration of term coverage lasting for a period of 10, 15, 20, 25 or 30 years.
With term life, you are protected for a set number of years, and if you pass away during this time, the death benefit is paid out to the person or persons you selected to be beneficiary of your life insurance. If you outlive the duration of your policy term, your coverage ends with no payout.
Tips for Saving Money on Term Life Insurance
How to Buy Term Life Insurance Online
Fully Underwritten vs Non-Medical life insurance
When choosing your term life policy, you have the option of fully-underwritten or non-medical term life insurance plans.
Fully Underwritten Life Insurance
This type of policy requires you take a physical examination, which is usually a brief paramed exam where a medical examiner comes to your home or office and gives you a check-up by taking your blood pressure, checking your heart beat, and taking a urine or blood sample, among other things. The check-up may only take about 15-20 minutes.
In addition, you will need a complete list of all your doctors and contact information, as well as, a complete list of all prescriptions you take, including dosage and frequency.
Non-Medical Life Insurance
This type of life insurance plan offers coverage without you having to take a health examination.
However, there are some health questions you will need to answer when you apply for your life insurance policy.
In addition, the insurer will likely check your medical history by contacting the Medical Information Bureau, and review your driving history to confirm your driving record.
NOTE: The rate charged per $1,000 of life insurance protection for a non-med policy is usually higher than that charged for a fully underwritten plan, because non-medical plans may accept some people who might not qualify for a fully underwritten policy.
So, if you want the cheapest coverage available, you would want to choose a fully underwritten term life plan that requires a health exam.
Fully Underwritten Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
No Medical Exam Life Insurance Quotes
Top Pick – Haven Life
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
Keep in mind: Issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.