Affordable Life Insurance Protection for Your Family
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If you're looking to purchase burial insurance to cover the cost of your final expenses, you'll want to consider how much insurance you need.
Today, the average burial and funeral costs are around $8,500 in the US.
This total may include common expenses related to a burial including the cost of burial, burial casket, funeral, headstone, hearse, embalming, flowers, memorial service, etc.
Several insurers now offer up to $20,000 or more of burial insurance to cover your final expenses.
These plans usually offer guaranteed approval for anyone who meets the age requirements for acceptance.
Yes, adult children may purchase funeral expense life insurance policies for their parents.
In order for a person to buy life insurance on someone else, that person needs an Insurable Interest in the person they wish to insure for life insurance.
Insurable Interest means you either rely on the other person for some form of financial support, or that you would suffer a financial loss upon the death of the person you wish to insure.
Since many adult children may either receive some form of support from their parents, or be responsible for covering the cost of their parent's final expenses, they can buy funeral insurance on their parents.
When you buy life insurance, the insurance company develops a premium based on several factors they take into consideration to determine the risk you present to be insured for life insurance.
The type and amount of life insurance are important in determining your premium.
However, the insurer begins with your personal risk factors that affect your longevity - life expectancy.
Risk factors usually include your gender, age, health, tobacco use, location of residence, driving record, height-to-weight ratio, among other things.
The insurer uses the information provided by your health exam, application for coverage, and review of your MVR to develop a rate per $1,000 of life insurance protection.
Is there insurance to payoff your house when you die?
Yes. Home mortgage payoff life insurance offers coverage that provides protection for your mortgage.
You can select coverage lasting for the length of your home mortgage - 10, 15, 20, 25 or 30 years.
Choose an amount equal to the amount you currently owe on your mortgage, and name your spouse or family member as beneficiary so they can use the proceeds from your policy to pay off the remaining balance owed on your mortgage loan.
Yes, you may buy life insurance for your son.
In order to buy life insurance on someone else, you need an Insurable Interest in the person you want to insure.
There does exist an Insurable Interest between a parent and a son, so you may purchase life insurance on your child.
Many parents buy life insurance on their children to guarantee their kids have life insurance as adults, regardless of any change in their health.
Yes, there is term life for 30 years.
It's called 30 year term life insurance coverage and it provides life insurance that lasts for a period of thirty years.
With 30 year level term life you pay the same premium each year for your policy, and the amount of life insurance remains the same throughout the entire 30 year period.
If you pass away during the 30 years of coverage, the death benefit is paid out to your beneficiary of your policy.
If you outlive the 30 years, your life insurance coverage ends with no payout.
Yes, if you are married, you may purchase life insurance on your wife.
Married couples have an Insurable Interest in one another.
Insurable Interest is required if you wish to insure someone else.
Many husbands buy life insurance policies on their wives to replace their income, or to cover the cost to hire someone to perform all of the work a wife may do for her family.
There are several standard exclusions that usually apply to most life insurance policies, including suicide, war and aviation exclusions.
Term life insurance does not have graded death benefits, like a guaranteed issue policy.
So, you have full death benefits from the start of your coverage.
In addition, there is an Incontestability Clause that prevents the provider from voiding coverage due to a misstatement by the insured after a specific amount of time has passed.
A typical incontestability clause specifies that a contract will not be voidable after two or three years due to a misstatement.
Is there affordable life insurance I can purchase without answering any questions about my health?
That depends on your age and health. However, life insurance with no health questions usually costs a lot more per $1,000 of life insurance protection, compared to plans that do ask health questions.
Usually, no health question life insurance plans are Guaranteed-Issue, which means you cannot be turned down due to any pre-existing health conditions.
So, they would insure higher risk people, and need to get higher premiums to help cover that risk.
While you can get life insurance without health questions, the premiums may not be affordable for you.
It depends on your budget.
Can I buy life insurance without exams for my parents?
Yes. There are no exam life insurance policies available for adults, which adult children may purchase for their parents.
Many adult children buy life insurance for their parents to cover final expense costs, or provide for the future of their children or grandchildren.
There are guaranteed issue no exam life insurance policies available for people ages 45 to 85.
So, even if your parents have health problems, or they have been denied life insurance by other insurers, they can still get insured.