Term Life Insurance
You should consider term life insurance if You need life insurance for a specific period of time and/or you need a large amount of life insurance, but have a limited budget.
Term life insurance enables you to match the length of the policy term to the length of the need. For example, if you have small children and want to make sure that there will be funds to pay for their college education, you might consider buying a 20-year term life insurance. Or if you want insurance to repay a debt that will expire in a specified time period, you can buy a term policy for that period of time.
In general, term life insurance pays only if you die during the term of the policy, there are no additional funds set aside for a savings component like for permenant life insurance such as Univeral life or whole life insurance. Due to this difference, the term life insurance policy cost is significantly lower than for permanent forms of life insurance. If you are still alive at the end of the term, coverage stops unless the policy is renewed. If you think your financial needs may change, you may also want to look into "convertible" term policies. These allow you to convert to permanent insurance without a medical examination in exchange for higher premiums.
Keep in mind that premiums are lowest when you are young and increase upon renewal as you age. Some term insurance policies can be renewed when the policy ends, but the premium will generally increase. Some policies require a medical examination at renewal to qualify for the lowest rates.
In summary, term life Insurance Offers temporary life insurance protection at a very affordable price ersus permanent life insurance, it may be converted to a permanent policy and death benefits are tax free.
Permanent Life Insurance: Universal and Whole Life Insurance
You should consider permanent life insurance such as universal life insurance or whole life insurance if You need life insurance for as long as you live. A permanent life insurance policy pays a death benefit whether you die tomorrow or 100 years from now as long as your policy remains in force. These life insurance policies allocate a substantial portion of the annual costs into a tax-deferred savings account. This forces policyholders to save money and can also be a source of of borrowed funds for a variety of purposes. The savings element can be used to pay premiums to keep the life insurance in force if you cannot pay them otherwise, or it can be used for any other purpose you choose.
Keep in mind that premiums for permanent policies are generally much, much higher than for term life insurance. The premium in a permanent policy remains the same no matter how old you are, while term premiums can go up substantially every time you renew.
Permanent Life Insurance offers Lifetime death benefit protection, tax-deferred savings, Access to your cash value savings at anytime, premiums that remain the same and income-tax-free death benefits.
Mortgage Term Life Insurance Plans
Mortgage life insurance is a very cost effective way to ensure that there there is money to pay off your mortage in the event of your death. With a mortgage life insurance policy, when you die, the policy is there to make sure the institution that lent you the money for your mortgage will get paid a death benefit that equals the balance due on your mortgage. Mortgage life insurance plans only cover the amount thatís owed to the mortgage lender. As your mortgage balance goes down over time the death benefit from your mortgage term life insurance goes down the same amount over time. At TermLifeInsurance-USA we can give you the facts on how a mortgage life insurance policy could be the best life insurance choice for you.
Term Life Insurance for Smokers
Many companies don't offer smokers life insurance policies, but TermLifeInsurance-USA offers coverage from highly rated carriers at the best term life insurance rates. The important thing to know is that if you are shopping for term life insurance for smokers, there is affordable coverage out there.
If you are a smoker, it's important that you share this information up front. Your medical exam, which is required as part of your application for term life insurance for smokers, will detect the presence of nicotine in your system. So there's no point in hiding the fact that you smoke when applying for coverage.
It's best to be honest up front about your smoking habit when applying for a term life insurance policy. This way, you can be guided to the options most suited to your needs and increase your likelihood of receiving coverage at a good rate.
Term Life Insurance and Marriage
One of the most popular kinds of life insurance for newlyweds is term life insurance. It's the number one life insurance choice for families. Term life policies typically feature very affordable payments. If you already had a term life insurance policy before you got married, you'll want to review it with a licensed life insurance agent to make sure it meets the needs of your new married life. You'll also want to review your beneficiaries to include your new spouse.
If you've never thought about life insurance before, one of our licensed agents can walk you through your choices and explain the different life insurance options available to you. Our knowledgeable licensed agents can get you a competitive quote and help you get life insurance that meets your needs both for now and for your future together.
Life Insurance Needs For In Home Caregivers
This is one of the most overlooked life insurance coverage areas, and a very important one. Many people think only in terms of insuring the main breadwinner. It's important to recognize that a person maintaining a home and caring for a family has a financial value. If an individual takes care of children or another person in the home, such as an elderly parent, their death could create unexpected and significant caregiver expenses.
In-home caregivers represent an important financial consideration, and should have life insurance coverage to minimize any potential hardships.
Life Insurance Coverage Without Taking a Medical Exam
While a medical exam is part of the process in securing a medically underwritten term life insurance policy, it is possible to secure term life insurance with no exam.
There are advantages and disadvantages to both types of coverage. The advantage in having a medical exam is that it often saves you a substantial amount of money on your policy. With an accurate health profile, the insurance company can place you in the appropriate rate class, and charge you according to your actual health situation. Term life insurance with no exam is a convenient choice for many, but costs much more because the mortality risk is not well known due to limited medical information. In other words, the insurance company doesn't know if you are healthy or not, so they increase the cost.
Convertible Term Life Policy
A good option is to buy a term life policy that is guaranteed convertible. When you're younger the term life insurance cost will be lower for a much larger death benefit than very expensive low death benefit whole life or universal life. The long term benefit of a convertible term policy is that you can upgrade your term policy at a later date when you do not need as much life insurance to a smaller death benefit permenant life insurance policy that you will have your entire life. This can be done without taking another physical exam.
Life Insurance Company Ratings
When choosing a life insurance company one of your primary considerations should be their ability to pay benefits. The life insurance company with the cheapest price is not necessarily the best choice.
The simplest way to verify an insurance company's financial solidity is to check the life insurance company's financial strength ratings. Check for yourself. Companies are likely to highlight a higher rating from one agency and ignore a lower one from another agency, or to select the most favorable comments from a rating agency's report. Consider checking a company's rating for this year and the previous year from 2 or more agencies before buying or keeping a policy. Check theire A.M. Best rating, Moody's rating and Standard and Poor's ratings then make your decision on the comapanies financial strength.
Return Of Premium Term Life Insurance
Deciding to buy a return of premium term life insurance policy can be a sound financial investment that may pay valuable dividends for you, your family, and other loved ones for years to come. Also known as ROP, this type of term life insurance ensures your loved ones a death benefit if you are taken from them, but it will return the amount you paid in premiums if you're not. So, you collect whether you live or die.
ROP Benefits are Solid coverage for the term you select (20, 30, even 35 years). A fixed monthly premium that does not change during the selected period, even as you get older or if your health declines. Full benefits to your loved ones if you should die. Can return an amount equal to the premiums you paid when the level premium period ends, if you are still living and you've right the policy in force.
Life Insurance for Estate Tax Planning
Federal estate taxes are generally due within nine months of death and could absorb nearly half of your assets before a single dollar goes to your heirs. Insurance for estate planning, a form of permenant life insurance lets you plan ahead to help provide funds for taxes and settlement costs at savings up to 90%. This policy, also known as Second to Die, covers both you and your spouse and the benefits are paid on the second death - when your estate passes to your heirs and estate taxes are generally due.
Accidental Death Insurance Quote with No Medical Exam Required
You can help financially protect your loved ones with an accidental death insurance policy with no medical exam and no physical. If you are between the ages of 18 and 69, this insurance coverage is guaranteed regardless of your health or occupation.
An accidental death and dismemberment insurance policy can be handled entirely online There are no long forms to fill out and no medical exams required to receive your accidental death insurance policy. The affordable monthly premiums are guaranteed to never increase and the accidental death insurance policy cannot be cancelled for any reason (other than failure to pay premiums).
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