Affordable Life Insurance Protection for Your Family
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Medicare Supplement Insurance is a form of private health insurance that helps cover certain Medicare out-of-pocket costs such as deductibles, copayments, and coinsurance.
Over 14 million Americans had a Medicare Supplement Insurance plans in 2018.
Medicare Supplement insurance is available to those people age 65 and older enrolled in Medicare Parts A and B and in some states to those under age 65 eligible for Medicare due to disability or End Stage Renal disease.
Medicare Supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program.
What is a Guaranteed Universal Life Insurance Policy?
It’s a form of permanent life insurance. Permanent insurance is designed to last throughout your entire lifetime, no matter how old you live to be.
With guaranteed universal plans, your premiums are set at one rate for the duration of your life, or a limited payment period.
Is Universal Life Insurance Guaranteed?
Not always. GUL assures that your rates will not change, despite changes in the market. Without GUL, premiums might change if there is a major change in the market.
What is the Difference Between Whole Life Insurance and Universal Life?
The key difference between the two policy types is that GUL insurance allows flexible premiums. In many cases, this is due to a reduced cash value when compared to whole life policies.
Is there life insurance lasting for a period of 15 years?
Yes, you can buy a 15 year term life insurance policy that provides coverage lasting for a "Term" of fifteen years.
With level term 15 year life insurance you may the same premium each year for your life insurance, and your protection lasts for 15 years.
If you pass away during the fifteen year term, the death benefit is paid out to the beneficiary of your life insurance policy.
If you are alive when the 15 years ends, then there is no payout of benefits.
You may choose to continue (renew) your policy for an additional policy term, when your original coverage expires.
The monthly cost of a guaranteed issue burial insurance policy will depend on several factors, including your age, gender, and the amount of insurance, among other things.
Guaranteed issue burial insurance means you cannot be turned down for coverage if you meet the age requirements for approval.
For instance, one leading insurer offers coverage with guaranteed approval for people between the ages of 45 to 85.
With guaranteed approval plans there are no health exams required, and you won't have to answer any questions about your health.
Monthly premiums start as low as $8.80 per month.
Yes, people in their fifties may still be able to qualify to purchase a mortgage life insurance policy.
Usually, mortgage life insurance is term life coverage lasting for a period of between 10 to 30 years.
However, people in their fifties may be limited to a maximum duration of coverage to 20 or 25 years, depending on your age and health.
Is it possible to purchase a life insurance policy if I don't have an insurance agent?
Yes, you can purchase life insurance without having an agent.
Actually, you may buy a life insurance policy direct online today, if you qualify, even if you don't have an agent at this time.
There are life insurance agents and brokers with access to life insurance companies that allow you to either purchase your life insurance direct online, or you can go direct to some insurers who have licensed life insurance agents that can help you online or over the phone to aid you in applying for a policy and purchasing your life insurance plan.
A rate for life insurance is the price you pay per $1,000 of life insurance coverage.
Your rate is based on several factors that may impact your longevity - how long you are expected to live.
Some of the most common rate factors for life insurance include your age, gender, lifestyle, tobacco use, driving record, occupation, hobbies, health, family health history, etc.
The longer your life expectancy, the lower your "Rate" for life insurance.
If you are healthier than the average person your age, you may qualify for a preferred rate, while a standard rate is applied to someone of average health.
You can improve your rate by getting healthy, losing weight, exercising, and quit smoking if you smoke.
Can I purchase life insurance on my brother?
Yes, you may be able to buy life insurance on a sibling.
However, the insurance company may or may not require your brother's signature on the application for life insurance.
Brothers may have insurable interest in one another, which is required in order to buy life insurance on someone.
It means, you either rely on your brother for financial support, or that you brother's death would cause you a financial cost; such as, having to pay for his burial expenses.
If you are looking to buy a life insurance policy you may want compare simplified issue plans versus fully underwritten policies.
Underwriting is the process by which the insurance company reviews you as a risk to be insured, and determines if they want to insure for life insurance.
The insurance underwriter reviews all pertinent information regarding your application for coverage, including your health history, driving record, age, tobacco use, lifestyle, etc. to determine how healthy you are and your expected longevity - how long you are expected to live.
The underwriter uses this information to determine if they will insure you, and for how much coverage.
In addition, the underwriting of your application for life insurance will aid the underwriter in deciding what rate per $1,000 of life insurance to charge you for your insurance policy.
Whereas, a simplified issue life insurance policy offers same-day coverage based on your answers to the questions asked on the application, as well as, any health information available on you, through the Medical Information Bureau.
What is the cheapest type of life insurance available for adults?
It's called "Term Life Insurance" because it provides temporary life insurance protection lasting for a set period of time, usually up to 30 years.
With term life you may choose a policy term of 10, 15, 20, 25 or 30 years of protection depending on how long you need your life insurance to last.
Term life is "Pure Protection", meaning it only provides a seat benefit, there is no cash value or investment feature with term insurance policies.