Affordable Life Insurance Protection for Your Family
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Are there life insurance companies offering life insurance plans without any medical questions asked of the applicants for coverage?
Yes. There are 2 types of no question life insurance policies offered: Accidental Death and Guaranteed-Issue.
Accidental death life insurance offers a coverage that pays out a death benefit if the insured person dies as a result of an accident.
Guaranteed issue life insurance pays out a death benefit if the insured person dies from natural causes or accidental death.
Several insurers offer both types of plans. However, guaranteed issue life insurance is more common and offered by United of Omaha, Transamerica, AIG, AAA Life and Gerber Life, among others.
Why do people choose tom purchase final expenses life insurance plans?
Whether or not we plan ahead, the inevitable happens to us all - we pass away at some point in the future.
Planning for this time with the purchase of final expense insurance can help give you peace of mind knowing there will be the funds needed to provide you with a respectable burial.
In addition, it shows that you care about and respect your loved ones enough to make sure they are not left with the financial difficulties of having to come up with the money to pay for your final expenses, which may include the cost of your burial and funeral; as well as, end of life medical bills, among other expenses.
What is a graded death benefit life insurance policy?
It’s a life insurance policy that provides a death benefit that increases with the age of the insured person.
Graded benefits may increase gradually and then level off, or they may increase sharply before becoming level for the remainder of the policy.
This type of life insurance plan is most common in child life insurance, life insurance for seniors, people with health conditions, or people who have been turned down for life insurance protection.
What is mortgage death insurance and how does it work?
It's a type of term life insurance policy that provides you with protection for the duration of your home mortgage loan.
You choose an amount of insurance equal to the amount of your loan balance, and select a duration equal to the duration of your loan.
That way, your family will have the proceeds from the life insurance policy available to them to pay off the remaining loan balance should you pass away.
It's a way to insure your loved ones can remain in their home if you die.
Can a diabetic who is over fifty years old get life insurance without answering any health questions?
There are two types of no health questions life insurance plans available: Accidental death and Guaranteed Issue.
Accidental death life insurance only pays out a death benefit if the insured person dies as a result of an accident.
However, guaranteed issue life insurance covers all causes of death that a regular life insurance policy covers.
Some guarantee issue plans offer guaranteed approval for anyone age 45 to 85. There's no doctor exam and no questions asked about the status of your health.
And, you cannot be turned down due to any health issues.
Here's how to get life insurance for diabetics over 50 no health questions asked.
Is there life insurance for people over 50 years old?
Yes, in fact, there are several types of over 50 life insurance plans available, including term life insurance, permanent life insurance and guaranteed issue life insurance.
The cheapest type of over 50 life insurance plan is term life which offers temporary coverage for a duration of 10, 15, 20, 25 or 30 years.
Permanent life insurance cost a lot more, and provides lifetime protection, as long as you pay your premiums. It also builds some cash value inside the policy.
Guaranteed-Issue plans offer a limited amount of coverage for seniors, usually from ages 45-75, 40-80, or 45-85. If you meet the age requirements for approval, you cannot be denied coverage.
Is there life insurance I can buy to protect my mortgage without having to take a medical examination?
Yes, there are no medical mortgage protection life insurance plans available for qualified applicants ages 20 to 65.
You may be able to purchase up to $500,000 or more of protection to pay off your home mortgage loan upon your death.
These plans usually offer coverage for a duration of 10, 15, 20 or 30 years to match the length of your mortgage loan.
Make sure you select an amount of insurance that matches the amount you currently owe on your mortgage so your family has the money needed to pay off the mortgage should you pass away.
I am married with children - why should I purchase a life insurance policy?
Because, life insurance can provide your family with the money needed to give them financial security for their future, should you pass away.
The money provided by your policy can be used by your spouse ( beneficiary) for any purpose needed; such as, to replace your income, pay for living expenses, pay off the home mortgage loan and car loan, pay off credit card debt, provide for your children' college education, provide funds for your spouse's retirement, and any other expenses along the way that your family incurs.
The proceeds from life insurance can give you peace of mind and provide them with the financial security they need to maintain their lifestyle and remain in the home in which they created so many memories with you.
Is there life insurance available for people over age sixty-five?
Yes, in fact, a 65 year old may qualify for term life, whole life, or choose guaranteed issue life insurance coverage.
The cheapest type of plan for 65 year olds would be term insurance, because it offers temporary protection, usually up to 15 or 20 years for sixty-five year olds.
Whole life insurance is more expensive because it provide lifetime protection, as long as you pay your premiums on time.
And, if you have a pre-existing health condition, or you have been turned down by other insurers, then you may want to consider buying a guaranteed issue life insurance policy, which guarantees you for approval if you meet that age requirements; for example; ages 45 to 85.
What is 30 year mortgage protection insurance and how does it work?
It's a form of term life insurance that provides protection for a duration of 30 years to match the length of your home mortgage loan.
If you (the insured/homeowner) dies before the 30 year term has expired, the death benefit is paid to the beneficiary of your insurance policy and they can use the proceeds to pay off the outstanding mortgage loan balance.
You may be able to get mortgage life insurance for a period of 15, 20 or 30 years.