There are many life insurance policies, but the most common ones are term and whole. Most people find term life insurance to be more practical - it is straightforward, affordable, and only lasts for as long as you need it. But the policy that's best for you will depend on your circumstances, including your financial obligations, income, health, and lifestyle.
If you are less than 80 years of age or reasonably well, you might be eligible for term or guaranteed universe life insurance policies which offer lower rates for the elderly. You may not be eligible for guaranteed whole life insurance if your pre-existing health conditions are present.
If you are under 80, or reasonably healthy you may be able qualify for term or guaranteed universal insurance policies that offer low rates to the elderly. If you have any pre-existing medical conditions or are unable to get coverage through term insurance, guaranteed whole-life insurance might be the best choice.
For a simplified issue policy, you will need to complete a questionnaire about your health and medical history. Access to your medical records will be required. The answers to your questionnaire as well as any medical records will suffice.
Below are some rates for a 20 year policy for a 35-year old male non-smoker with Preferred health rating.
Term life insurance works by covering you for a limited time, such as 10 or 20 years. You can choose a term length that matches your needs, and if you die within the term, your beneficiaries receive the payout. When your term life insurance expires, you can buy a new policy or reassess your options. Ideally, by the time the term ends, you no longer need life insurance: Your house will be paid down, your kids will be grown, and you'll have some money in the bank. Term life policies are often the cheapest type of coverage.
No-questions-asked coverage. Guaranteed issue will live up to its title, ensuring that you are protected regardless of age or your health. Permanent insurance is a type that lasts as long as the premiums are paid. Guaranteed issue can be helpful if you are suffering from a serious condition like heart disease or cancer.
When you apply for guaranteed-issue life insurance, there is no medical exam. Guaranteed issue policies only require you to answer a few questions regarding your medical history and health.
You are concerned about your own health? Life insurance approval may be difficult if there are health problems such as controlled diabetes or a GI problem. A simplified issue helps people who may not be eligible to traditional policies get the coverage that they need and protects their families.
Term Life policies can either be purchased as an individual or through a group of life insurance plans that are offered by an employer, civic, and religious organization.
Term life insurance makes it simple to compare life insurance quotes and to search for the right one. The premium covers you for the life of the policy, as long the premium is paid. Only three key decisions will be required: how much insurance coverage you need, for how long and with which company.
Some term policies are also eligible to be converted to a permanent policy, without needing a medical exam. But these permanent policies will be more expensive after they have been converted.
Many term life insurance policies offer a conversion option, putting you in control. This allows you to switch to a permanent life insurance policy before the term expires, usually without requiring a medical exam.
Once the term ends, the coverage ceases unless you renew the policy, purchase a new one, or convert it to a permanent policy. Some policies offer renewal options, though the premiums may increase.