This is the place where you'll get up-to-date information on Term life online insurance, including money-saving tips, articles, company reviews and resources to help you learn about term life insurance.
Review a list of the top 10 life insurance companies.
Are there ways to lower your cost of life insurance coverage?
Yes, in fact, there are several tips you can follow which may help you lower your premiums for life insurance, including:
1. Compare rates from several different insurers.
2. Buy coverage while you are young and healthy.
3. Choose an annual premium payment option.
4. Quit smoking because smokers pay much more for coverage.
5. Take the medical exam instead of buying guaranteed coverage, if you are healthy.
If you have term life insurance coverage you may be asking what you can do when your policy ends - what choices do you have?
Actually, you may find that you want to or need to continue your life insurance coverage due to a change in your life; such as, getting married, having a child, or buying a new home.
You do have several options when your term policy expires.
You could choose to go without life insurance.
You could buy a new policy which would mean going through another health exam and starting the two year contest ability clause again.
Or, you may be able to renew your term insurance for another term usually of up to 10 years.
Yes, it is possible for a person to make a claim for death benefits from more than one life insurance policy.
If you are named as beneficiary on two or more policies of the same insured person, and that person dies, you may make a claim on all policies you are listed as beneficiary.
Or, if you are named as beneficiary on life insurance policies for several people, you can make a claim on those policies upon the death of the insureds.
Is there guaranteed life insurance available for senior citizens?
Yes, several of the leading life insurance carriers now offer guaranteed issue policies for seniors. There's even coverage available for people ages 45-85.
Even if you have been turned down by other insurers, or you have a health problem, you can still get insured with a guaranteed approval life insurance plan.
With guaranteed coverage there's no medical exam needed and they won't ask any questions about your health.
Yes, there are life insurance plans that now offer you instant approval for coverage.
However, these are usually term life insurance offering coverage for a duration of 10, 15, 20 or 30 years.
By instant approval it means you may apply online for a policy, find out within minutes if you are approved, select a payment option and begin your life insurance right away.
Several insurers now offer these plans including Haven Life, ANICO and Sagicor Life, among others.
The pricing and amount of coverage available will vary by insurance company.
One insurer offers up to $1,000,000 of instant approval life insurance protection.
These plans usually do require you to answer some health questions, but there is no physical exam to start your insurance.
Can I buy burial insurance coverage for my siblings?
Yes, adults with siblings may purchase burial insurance on their siblings.
In order to purchase burial insurance on someone else you need insurable interest on that person and the person's permission, usually - however, that depends on the insurance carrier.
Insurable interest means you either rely on the person for financial support of some kind, or that you may suffer a financial loss of the person were to die.
For example, if you loaned your brother money and he died before it was paid off, you would lose that money you loaned.
Or, if you had to pay for your sister's burial because she didn't have enough money saved to cover the full cost of her burial expenses.
The cheaper type of life insurance policy would be term insurance, but only if you need coverage that lasts for a duration of 30 years or less.
Term life is cheaper because it is temporary, does not have any cash value, there is no investment feature, and it is pure life insurance protection.
Permanent life insurance may cost up to 2-3 times more for the same amount of coverage provided by a term policy, but permanent insurance guarantees you have lifetime protection, as long as you keep paying your premiums on time.
If you are comparing pricing for life insurance you may be wondering how your premium is developed by the insurers.
The type of life insurance policy and the amount of coverage you need will impact your premiums.
In addition, your gender and age are key factors in determining your cost of insurance.
The insurers also consider other risk factors, including your lifestyle, tobacco use, occupation, hobbies, driving record, height-to-weight ratio, among other things to determine your longevity - your life expectancy.
The longer your life expectancy, the lower your cost of life insurance because you would be paying premiums for a longer period of time.
In addition, the younger and healthy you are when you purchase life insurance, the lower your cost of coverage.
Here's how you can compare the best prices on life insurance from several of the leading insurance companies.
Whether or not your life insurance policy will expire depends on the type of coverage you own.
A permanent life insurance plan never expires, it stays In Force until you pass away. As long as you pay your premiums on time.
Whereas, a term life insurance policy expires when your "term" ends.
So, if you buy a 10 year term life plan, your coverage expires ten years from the day you started your coverage.
If you pass away before the expiration date, the death benefit is paid out.
If you are alive when the term expires, there is no payout on your term insurance policy, your coverage just ends.
If you own a home and have a mortgage loan you may be shopping for mortgage life insurance protection which would help to pay off the outstanding loan should you pass away before the loan is fully re-paid.
In order to compare pricing on mortgage life insurance plans you can request a free quote and comparison shop online in a matter of just minutes.
The cost of a mortgage life insurance policy will depend on several key factors, including your age and health, the length of your mortgage, the amount of the mortgage loan, your gender and several other risk factors.
Here's how you can learn more and compare mortgage insurance quotes online from several of the leading life insurance companies.