Essential Guide on How to Get Cheap Term Life Insurance

Posted on October 29, 2012 by InsuranceGenie

Cheap Term Life InsuranceFinding cheap term life insurance can be a slippery slope. With the cost of health care and health insurance steadily increasing, life insurance companies are aware that we are not getting as many annual exams or participating in preventative care as much as we used to. Therefore, the companies need to select the best candidates so that they don’t lose their shirts, while still remaining competitive. If you are searching for cheap term life insurance, here are a few things that will help you find the best deals, at the most affordable costs.

Cheap Term Life Insurace – Be a Savvy Shopper

Although medical costs are going up and preventative care is slightly down, people are living longer now than they did decades ago. We can thank diligent doctors and researchers for this, as modern medicine is sustaining life in an impressive way. If you happen to be in the age range of 30 to 50, the advice to shop before you settle is extremely applicable and you are among the group that life insurance companies thrive on. Therefore, some of the best rates are available for you and researching many companies is important if you want to get the best rates.

Life insurance companies exist because they hire people to know and predict life spans. The younger you purchase life insurance, the better a candidate you are for these companies because it means you probably will be paying their premiums longer, and sadly enough, the chance that you will pass away after the policy expires is greater. The latter is a dismal thought, but it is how term life insurance companies think and how they can remain profitable.

Cheap Term Life Insurance – Buy Early Instead of Waiting

Even though early purchasing of cheap term life insurance means better odds for the insurance company, as a consumer you need to move forward on the premise that tomorrow is not guaranteed. Thorough research is important so don’t delay in choosing one and certainly don’t wait to start researching your options.

If you have a family member that is dependent on you, getting life insurance is a must. Not doing so can mean placing a lot of burden on living family members and it should be a priority especially if your family lives check to check and can’t afford burial services once you do pass away. The average cost of burying a family member today is about $15,000 minimum and few have that kind of cash sitting around at their disposal. It’s your responsibility to prepare and plan for your passing so living family members can mourn without added stress.

Cheap Term Life Insurance – Think like an Agent

When shopping for cheap term life insurance you must remember that you are dealing with smart and critical agents, many of whom will scour every aspect of your life and habits in order to determine if you are a high risk or not. Some of the main points of contention when an agent decides to insure an individual are things like current health conditions, pre-existing conditions you may have and how you take care of yourself daily.

Those who are overweight, have existing medical conditions, are smokers or who have risky hobbies such as driving a motorcycle or love to go mountain climbing are all considered high risk. Insurance companies want you to live as long as possible and are less apt to insure high risk individuals.

Making some healthy and positive lifestyle changes now will better your chances of finding cheap term life insurance. This includes eating better, ditching your bike or quitting smoking. If you don’t, you probably will still find a company willing to insure you but your premiums will most definitely be higher.

By the way, don’t even consider lying on applications or during a scheduled medical exam if it is required by the company. Again, term life insurance agents are wise beyond their years and most policies have contingencies that if post death autopsies show that you died from lung cancer as a result of smoking two packs a day for 40 years, the insurance company will do all they can to make your policy null and void and your family members will get nothing. They have very good lawyers that will poke and prod every aspect of your life and try to find loopholes if they can be found. It’s always best to be as honest as possible with the insurance company rather than trying to lie about health conditions, hobbies and bad habits.

Along with researching the companies also be privy to what is expected of you before you are approved. Some term life insurance companies require full physicals, while others claim that they won’t ask you any health related questions and no exam is needed. Read the fine print for the companies that don’t require you to submit any medical history. Not that they are all scams, but many have contingencies and higher premiums because by not divulging your medical history they automatically consider you high risk and disqualify you from getting cheap term life insurance.

 

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Term Life Insurance vs Whole Life Insurance – Which Suits You?

Posted on November 15, 2012 by InsuranceGenie

Term Life Insurance vs Whole Life InsuranceTerm Life Insurance vs Whole Life Insurance – Let The Fight Begin!

Term life insurance vs whole life insurance, which is better and which is suitable for you? Find all your answers in this article.

It is the time to buy life insurance and you are struggling to decide if term of whole life insurance is better. You are not alone as many people face the same predicament. Now before you dive into anything, it is important for to keep your mind open to all the options. You need to do some research and understand more about term and life insurance. Once this is done, you can then make an informed decision and buy insurance that best suits your needs at that moment. Why “at that moment?” Because you insurance needs changes over time due to changes in family members, increase in age and changes in your financial position. You may have to reconsider your insurance needs a few years down the road.

Term Life Insurance vs Whole Life Insurance – Definition of Both Policies

In order to know what is term life insurance vs whole life insurance, you need to have some ideas what all these policies are about.

What Is Whole Life?

Whole life as the term indicates, runs for the whole life and it is permanent. The policy will be valid as long as payment is made. This insurance will also have cash value in the long run as access from the amount of capital required to fund coverage builds up overtime.

If you need cash for emergency needs, you can have the options to withdraw from the policy’s cash value (provided there is cash value there). This options should be considered last as you need to pay back the cash values withdrawn. For cash values that are not repaid, it will be deducted from your sum assured should you file any claim. Do keep on mind that normally there will be little or zero cash value in the early years of this insurance as most of the premiums paid will be used to provide coverage for the insured.

What Is Term Life?

After knowing what is whole life insurance, we’ll now look into term life policy. Term life as the name indicates is only for a period of time. The normal period of coverage ranges from 5 to as long as 20 years. Some policies can run up to 30 years but this is not a very popular choice.

The main difference between term and whole life is the cash value. In term insurance, you’ll not accumulate any cash value as compared to whole life policy. Tem policy is purchased for protection up to a certain period.

The real setback for the term coverage is as you grow older, the policy may expire and hence leaving you without any coverage. If you have any health complications or health issues after the expiration of the coverage, you may not get any life insurance at all or you can get it but with higher premiums.

In terms of premiums, term insurance is definitely cheaper as compared to whole life policy. This is mainly because term insurance only provides coverage for a period of time without accumulating any cash value in the long term. The lower rates also mean more people can afford to get higher sum assured as compared to life coverage and this is one of the main reasons why term assurance is so popular.

While term assurance have their advantages, the whole life insurance is advantageous in their own ways. For example, for families with huge estate to be passed down to the next of kin or to the next generation, they can take benefit from senior life settlement transaction. If your insurance consultant is recommending whole life, make sure you know why such recommendation is made and then make your own decision.

Term Life Insurance vs Whole Life Insurance – Keep Your Choices Open

Regardless of whether it is term or life insurance, you need to keep your choices open. You can buy the term coverage in the beginning and later convert it into whole life. Your insurance needs will change as you go through different stages of life. Hence it is important that to review your policies every few years.  When you know the difference about term life insurance vs whole life insurance, then you can make the decision that suits your needs at that moment.

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Where to Find Affordable Term Life Insurance Quote

Posted on November 13, 2012 by InsuranceGenie

Affordable Term Life Insurance QuoteAffordable Term Life Insurance Quote – Where To Find It?

If you are looking for affordable term life insurance quote, then the internet will be the perfect place as you can gather information at the comfort of your home. After getting the quotations, you can then make comparison before deciding what and who to buy from.

You can start your search by checking on websites that use software to quote. Just make sure that the website is not related to any of the insurance companies and they can get quotations from a dozen of insurance firms. With no direct connections to the insurance companies, this will ensure a neutral ground and you’ll not get one-sided quotes; also the quotations you get will be genuine as they want to provide you with the best choice at the lowest rate.

Affordable Term Life Insurance Quote – Data Required

The information required to get quotes is very simple. Most of the time, you will be asked to enter your age, sex, smoker or non-smoker, your state of residence, the period of coverage and the amount you want to be insured. You may also be asked on the frequency of payment for premiums such as monthly, quarterly, half-yearly and annually.

It will normally take less than one minute and once you key-in all the data, the software will begin to work and will start generating all the policies that match your criteria. Some software may be able to compare prices and provide the best and lowest quotes for you while some may just provide you with all the policies. You need to be cautioned if you are asked to enter your credit card details. Normally such info is not needed at this stage and I’ll advice you to keep away from such websites.

A good rule of thumb is to look for websites that can provide a minimum30 to 50 quotations for comparison.  You’ll be surprise how the rates can differ from companies to another as factors such as state of residence, an individual’s age, the sum insured and the period of coverage play a role in determining the final premium.

With this in mind, it is therefore not advisable to get quotes from a specific insurance company as doing so may reduce or restrict your chances of getting the same coverage with lower payment.

Affordable Term Life Insurance Quote – Final Consideration

Before making the final decision about affordable term life insurance quote, you should read the find prints and the terms of coverage. Some premiums are lower as they have restricted coverage while others have higher premiums as the coverage base is wider. You need to know if you need this extra coverage before making the final decision.

In summary, to find affordable term life insurance quote, you best bet will be the internet as the cost of operating is lower and you can do it without stepping out from your house.

 

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Term Life Insurance No Medical Exam – Why You Should Get It

Posted on November 10, 2012 by InsuranceGenie

Term Life Insurance No Medical ExamFor a long period of time, many people encounter problem in terms of buying term life insurance but now, with term life insurance no medical exam, this problem can be overcome.

Term Life Insurance No Medical Exam – Now Everyone Can Be Insured

Traditionally one will have to go through several medical examinations as required by underwriters in the insurance firms before they are qualified to buy insurance. The process can be long and tedious and sometimes the bill is to be paid by individuals.

However, with the introduction of term life insurance no medical exam, many people can now get coverage under term insurance. For those who have not heard about this policy, it is best to get advice from insurance consultants before buying this type of coverage.

Term Life Insurance No Medical Exam – The Different Categories

Under this policy, no medical exam is required before anyone is insured and there are various kinds of insurance under this category:-

Simplified Issue Policy

Under this policy, the applicant only needs to speak about his medical history and once this is done, the insurance application will then be processed for approval.

Guaranteed Issue Policy

Under this insurance, you may have the opportunity to get coverage without going through any medical exam or any interview. You can just buy the insurance to be insured.

Graded Benefits Policy

Under this coverage, again the applicant will not be asked about any medical history nor have to go through the medical exam. This type of policy is the best choice for those in the late-middle-age group and beyond.

Term Life Insurance No Medical Exam - Why You Should Get It!

The first rational to buy such policy is because of the simplicity in processing. You need not go through a complicated medical checking and in most cases, no medical procedure is required. The application can be completed quickly and you’ll receive the policy within  4 to 6 weeks. The simplicity in applying also means those who have difficulty in getting coverage due to their medical status can now have the opportunity to be insured.

Another advantages for this policy is the ability for individuals who are into the last stage of survival to purchase this insurance.

With this coverage, they will be able to cover some of their final expenses i.e. funeral and other related expenses when they are no longer around. This will relief their family members on the financial burden and is a great tool to show love (the final one) to their family members.

A down side of this coverage is the high premiums involved as insurance companies will not have details about medical conditions of the applicants and hence may not have the right estimation how long an individual will live. The higher premiums will then be exchanged for non-disclosure of medical status and for the higher risk of insuring these individual.  This is one of the main set back for this policy.

Having read the facts about the term life insurance with no medical exam, if you still have problem getting insured, then perhaps you should consider this kind of insurance.

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Term Vs Whole Life Insurance – Get All The Facts Here

Posted on November 7, 2012 by InsuranceGenie

Term vs Whole Life InsuranceIf you are still considering which to buy – term or life, no worries as I’ll have a show down of term vs whole life insurance.

With regards to whether it is term of whole life insurance, both have the same objectives – to provide monetary coverage in times of disaster. However if you look into details, you’ll discover a vast differences. In this article, I’ll show these differentiation so that you can make an informed decision about which to purchase.

Term Life Insurance

Like the name suggest, term policy is only good for a period of time. The normal coverage period ranges from 5 years to as long as 20 years. These are some going as far as 25 to 30 years but these are not commonly bought.

The premiums can be paid yearly or upfront in one lump sum. If nothing happens during the period a person is covered, no payment will be paid and all the moneys paid will not generate any cash values.

Term policy is generally less expensive as compared to whole life policy and is considered entry level types of insurance. Individuals can choose to buy sum assured many times their worth and should disaster strikes, the insured sum will be paid.

Premiums for such policy will stay constant but may rise with the individual’s age. On the other hand, if the individual’s health deteriorates, the payment may raise as well.

Even with such restrictions, this type of insurance is still popular as the sum assured can be high with only a small investment. This is the main factor that motivates most people to buy.

Now that I’ve shown you the term insurance, the showdown of term vs whole life insurance continues with presentation on the whole life insurance.

Whole Life Insurance

Like the name suggest, whole life policy is for the entire life. It is more complicated as compared to the term coverage. It can be viewed with providing dual objectives – protection and investment. This is because unlike the term assurance, whole life will provide protection while at the same time accumulates cash value over a period of time. The accumulation of cash value normally happens in long term and not short term.

The whole life insurance can be classified under 3 categories and can be further subdivided into guaranteed and non-guaranteed segments.

Traditional Whole Life

Under this plan, it is normally guaranteed and will provide cash value in the long term. Individuals who subscribe to this policy will participate in the insurance companies’ investment and is entitled to get dividends. The dividends earned will increase the sum assured as well as the cash value.

In times of emergency, you may withdraw the cash value to meet any upfront financial requirements. However, the money withdrawn will not be paid if disaster happens.

Universal Life

Unlike whole life policy, this insurance will not give out any dividends but will distribute interest on yearly basis. Again, the interest distributed will be added to the sum assured so your coverage will increase over the years and you can also withdraw out the cash value to meet any emergency requirements.

Variable Life

This is under no guaranteed segment and individuals must pick the combination of investment that suits their risk factor. For those who can’t bear risk for their investment, then do not participate in this policy. However, when the investment is done right together with the bulls market, the returns on such policy can be very lucrative. Hence, know what you are investing and understand the risk factor.

Now that I’ve shown you the differences between life and whole life, you should be able to judge and decide for yourself the policies that best suit you.

This is the end of the showdown between term vs whole life insurance and I hope that you’ve learned a lot in this article.

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Term Life Insurance Definition – What It Is All About

Posted on November 5, 2012 by InsuranceGenie

Term Life Insurance DefinitionAre you confused with term life insurance definition? Don’t as you will get your answers here.

Term Life Insurance Definition

The term life policy provides simple coverage such as death or total permanent disability for a specific period of time. The total sum assured will be paid to the beneficiary in the event of such incidents. Normally the premium can be paid yearly or just one lump sum.  Should the insured default on payment, the coverage will cease. No payment, no coverage!

The term life insurance is the least expensive types of life insurance. For such policy, no cash value will be generated as the premium is low. Hence, it is on a pay and get protection basis. Without payment, no coverage will be provided.

Term Life Insurance Definition – The Different Types of Insurance

To further on our discussion on term life insurance definition, we will look into 3 different types of such insurance.

1. Decreasing Term Insurance

For those with mortgage, you may be familiar with this policy; in fact, you may be buying such policy as required by your financial institutions.

Under such policy, the sum insured will decrease over time just as the loan value. This policy will ensure full payment to the bank for the loan owed should anything unwanted happens to the borrower.

2. Level Term

For such coverage, the sum assured will stay the same throughout the entire period and this is probably the most common types of term insurance. The most common purchase period ranges from 5 to 20 years depending on each individual’s needs.

3. Annual Renewable

This is a yearly renewable policy and normally the premium will increase with each renewal. The starting premium may be very low to accommodate the needs of the insured and increase overtime as the perceived income of the insured will multiply. This type of insurance is most suitable for those who just start work and can’t afford to pay high premium. As their experience and income improve over time, so does the premium.

Term Life Insurance Definition – The Different Advantages

There are many pros for all the different types of insurance mentioned above. For example, the decreasing term is important to ensure full loan payment should anything happens to the borrower. In the mean time, the level term can provide food and shelter to the family members should any tragedy happens to the person under coverage. The low entry fee for such policy also means that those with lower financial capability can afford to have an umbrella of protection to their spouse and children.

Another benefit of the term insurance is the ability to be converted to whole life insurance. For some term policies, such flexibility is provided and the person under coverage can convert to permanent life policies when one is financially capable. In this aspect, the term policy plays an important role of providing protection and yet provides options for conversion to whole life policy when the person is financially sound.

 

Insurance is important to safeguard our financial assets should anything happens. Most people think they do not need it until it is too late. Never falls into that trap! With all the term life insurance definition here, you already know your options and go ahead to choose the best term insurance that suits your needs.

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Why Affordable Term Life Insurance With No Medical Examination Is Great for Everyone

Posted on November 3, 2012 by InsuranceGenie

Affordable Term Life InsuranceAffordable term life insurance is very important especially with today’s rising cost of living. Life is full of changes and you need to be prepared whenever disaster or illness strike. Just open the newspaper everyday and you can see natural disaster and accidents happening everywhere. The victims will never thought or expect such happenings but this is just life – full of uncertainty.

Affordable Term Life Insurance – Certainy Over Uncertainty

To get the certainty over all these insecurity, affordable term life insurance without any medical examination will be your best choice to protect your family. This insurance plan can cater to anyone from young to old. It is simple and yet comprehensive enough for the benefits of your love ones. The administration aspect is simple without involving any heavy paper works which can take up a lot of your precious time. You can get quotes online for free and if you need any clarification or explanation, the insurance companies will normally provide a toll free number to be contacted. Best of all, you can gather all the policies for comparison at the comfort of your home.

Affordable Term Life Insurance – Who Is It For?

The insurance coverage for such policy normally starts immediately as soon as you make the payment.  This plan is ideal for people who are travelling and for those who are sick as the plan can be done within a few hours. The process involved is simple and without much problem and this cuts down a lot of processing time. If you are a frequent traveler or require a quick policy for your coverage, then this is definitely the best alternative for you.

Besides, the simplicity in getting this policy also means you have much time to plan for your travel arrangement instead of being tied down with all the administration work.

Affordable Term Life Insurance – For Those With Medical Complications Too!

For those with medical complications i.e. HIV and cancer, they generally pay higher premiums as their risk factor is higher as compared to a normal person; also they may need to go through the medical examination process as required by insurance companies. Sometimes this can be quite intimidating and lots of time is involved.

The same situation will not arise with the affordable term life insurance without medical examination. With this simple plan, the same process will not take place and the time involve is also short; you’ll also save cost as you do not need to pay for the medical examination fee which at times can be quite high.

The older people or senior citizens will also benefit from such simple plan. Among the benefits are: less hassle as no medical examination is involved and better financial planning. What this plan does for senior people is to help them plan financially so that they will be covered in times of uncertainty. Older people are more prone to accidents and such coverage can help to free their mind from such worries and make adjustments for other important matters in life.

The plan also gives them the assurance of protection and a last resort to provide something for their love ones. In fact, many of those senior in age are in favor of this plan as it is simple to apply.

After reading all the above, you should have some ideas why such policy is best for everyone. If you are considering or have not insured, then the affordable term life insurance will be the best option for you.

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Best Low Cost Term Life Insurance is Found Online

Posted on November 1, 2012 by InsuranceGenie

Low Cost Term Life InsuranceIf you are looking for low cost term life insurance, then the internet will be the best place to begin your search.

Low Cost Term Life Insurance – Don’t Pay Extra

Many times, when searching for cheap and reasonable products, many people end up paying premium for the product or they may get a product that is completely off from their original buying objectives. This same principle happens in the insurance industry as well.

It is very important that when requesting quotation online, the reputation of the company is very important. It is best to deal with companies with good ratings A+ or higher from firms like A.M Best Company. This is to ensure you get the best deal or best quotation and sometimes the savings can be as high as 50% from what you are currently paying.

Low Cost Term Life Insurance – Top Insurance Policies

On the other hand, if you choose the wrong companies you’ll be paying higher premium even for simple policy such as the low cost term life insurance. Listed below are some of the top insurance policies that an individual may take into consideration:-

• 10 year period term life insurances
• 15 year period term life insurances
• 20 year period term life insurances
• 25 year period term life insurances
• 30 year period term life insurances

We will now proceed to discuss the benefits from all these insurances.

For the 10 year period term life insurances, the premium is generally low and this is suitable for those who want short term coverage up to 10 years. An example of how this policy works is to buy the insurance when your child is in the region age of 13. The policy is set to mature in 10 years time which is just about the time the college time of your kid.

As for the 15 year period term life insurances, this can be plan if you have a mortgage of 15 years. The policy can be bought for a younger child to cover during the mortgage period.

For the 20 year period term life insurances, this is the best choice for couples who are newly married.

The insurance can be purchased to provide shelter for the spouse and for the newly born. If you are just starting your business, this policy will be a great choice of protection in case you are not around.

For the 25 and 30 year period term life insurances, they are not very popular as the period involved is too long and normally many people will not be too far sighted about such insurance needs. However, since these policies have long term benefits, you are best advised to keep at least one of these policies since the premiums is lower. It also make perfect sense to buy this long term insurance as death is most likely happen in the long term instead of the short term period. This scenario is however only applicable for those who are below the middle age. If you are seniors, then taking a short term policy will be more advisable.

Low Cost Term Life Insurance – Where to Find It

If you are looking around for any of these policies and do not want to be contacted by any insurance consultant, your best options will be to search online. Currently there are many online insurance companies and they provide lower premiums for the low cost term life insurance.  Just be sure to get quotations from reputable firms and get one or two quotations from the less known insurance companies. The objectives is to compare policies as sometimes you’ll get better deals from the lesser known firms. Just be sure that all the insurance companies have proper accreditation and you’ll never go wrong.

In summary, for the best value-for-money insurance policies, your best choice will be to search on the internet as the operating cost is lower. You can find the best low cost term life insurance here and sometimes can have up to 50% saving from the current premiums you are paying.

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