When it comes to obtaining life insurance quotes, there are a selection of measures that must be seen to. In a lot of circumstances, the life insurance firm will demand that you obtain a checkup. The physical may be executed to make certain that you are in good shape and have no pre-existing health ailments.
In the event you do have any underlying conditions, this doesn’t imply that you are not able to get hold of life insurance, it just means that your month-to-month premiums could additionally be higher than they had expected, or that the worth of your life insurance policy may increase as you get older and your health diminishes. At any rate, there will likely be steps to be taken relating to your life insurance quotes and month-to-month premiums.
The life insurance premiums are going to rely upon different factors and not simply the health of the individual. Other underlying components consist of the presence of any additional policies. If in case you have different life insurance policies in place, your life insurance premiums may be decreased.
In case you are looking for term rate life insurance quotes, you can receive a number of quotes from a lot of locations at one time as opposed to visiting them one by one. The suitable quote is going to save you money and allow you to obtain the life insurance premium that you need, so as to protect both you and your family in the case of your death.
Life Insurance – Face the Facts
I know you may not want to think about these things, but it’s time to grow up and face the fact that this is real. Death is a part of life. And you don’t want to leave your family in shambles when you must leave just because you were afraid to accept reality. It’s your responsibility to have these things in place.
There have been superstars worth millions of dollars that just lived day to day and then passed away leaving their family in financial dire straits simply because they were too selfish or afraid to face the fact the life doesn’t last forever. Don’t be another irresponsible person who falls into this category. Take action now!
It takes organization and planning put in place to make sure important things such as life insurance, your will and other legalities are put in place so that your family can be well taken care if something should happen to you. Fail to plan for this and you are doing your family a great disservice. You could leave them in financial crisis facing a pile of debt.
Don’t leave your family hanging. Life insurance will help to provide an income for your loved ones when they can no longer rely on you. This income can help them to cover your final expenses, clear any outstanding debts and cover everyday expenses.
With life insurance quotes, you will be anticipated to reply to a number of inquiries and then be eligible to obtain the life insurance policy. Some of the questions that they want answers to will be your state of residency, gender, height, and weight.
There will be a number of additional inquiries that they will be asking, like if you smoke or the amount you need to have for your life insurance policy. If there’s a history of any particular diseases that run in your family, they may want to be familiar with those as well.
After getting cleared the easy questions, there may be several more advanced inquiries that will have to be cleared. These questions can entail the last time you had a physical and the place somebody may reach you if they need additional inquiries clarified.
Should you meet the criteria for the life insurance quotes and select to activate a brand new coverage, the life insurance policy would then go into effect.
There may be a setback in how long you have before the life insurance premiums start being deducted from an account. This should be discussed with any prospective life insurance companies prior to setup.
Major Types of Life Insurance
The two major types of life insurance for individuals are term and whole life. Let’s take a look at both
Term Insurance is the most straightforward and simplest form of life insurance. This policy will pay out if death occurs during the policy term (usually 1 – 30 years). There’s usually no other benefits with term policies.
2 standard types of term life insurance
There are however two standard types of term life insurance policies which are: level term and decreasing term.
- With a level term, death benefits will remain exactly the same throughout the entire duration of the policy.
- With decreasing term, death benefits will decrease (usually in 1-year increments) over the duration of the policy.
Whole Life Insurance, otherwise known as permanent insurance, will pay a death benefits regardless of when you die, doesn’t matter when or how old.
3 standard types of whole life insurance
There are three major types of whole life insurance which are: traditional whole life, universal life, and variable universal life. All of these types also offer variations within themselves, but we won’t get too complex here and will just stick with the basics to give you a good idea of what’s available. Your life insurance agent will discuss more complex variations if necessary.
- Whole life, the most common type of permanent life insurance, will offer a death benefit and also a savings account. Choosing this life insurance policy means that you will agree to pay a specific amount in premiums on an agreed upon basis for a guaranteed death benefit.
- Universal life offers more flexibility than whole life. For one, if you can pass a medical exam, then you may be able to get an increase on the death benefit. In addition, this universal life policy’s savings account usually earns a money market interest rate. Once funds have built up in your account, you’ll also have the option to alter your premium payments if need be. This really comes in handy if you have an unexpected change in your financial situation. However, be very careful with this because if for any reason you end up stopping or reducing your premiums, and the money in the savings accounts is all used up, then you might experience a lap in policy which could bring an end to your life insurance coverage.
- Variable life insurance will provide a death benefit and a savings account that you can use to invest in money market mutual funds, stocks and bonds. This may enable your policy to grow quicker; however, it also adds more risks to the policy as well. In a nutshell, if your investments fail to perform well, then your death benefit and cash value may decrease as well. Some variable life policies do offer somewhat of a safeguard on this by guaranteeing that your death benefit won’t fall below a certain level.
- Variable-universal life is just like it sounds. It’s a combination of variable life and universal life insurance. You’ll get the investment risk/reward of variable life insurance – along with the flexibility to adjust your death benefit and premiums that a universal life insurance policy would allow you to.
This article is for information purposes only. Hopefully it has given you a general overview of the importance, benefits and types of life insurance policies. For more details concerning your specific situation, do yourself and your family a favor and consult with a professional life insurance agent right away!