No Exam Term Life Insurance
» Up to $400,000 With No Medical Exam
» No Medical Exam Life Insurance
» Level insurance rates 10 - 30 years
» Simple application process.
If your health is preventing you from buying life insurance you may want to consider Guaranteed Issue Life Insurance.
High Risk Life Insurance
If you've had a major illness such as cancer, diabetes, cardiovasular, or even by-pass surgery disease and thought you could not buy life insurance consider High Risk Life Insurance
Life Insurance Basics
Understanding life insurance is critical in order to buy the right coverage. There are many different things to consider when trying to determine the right level and right type of coverage to protect yourself and your loved ones. Life insurance provides the security of knowing that our family will be financially secure in the event of death.
Life insurance in general falls into two basic categories. They are Personal Life Insurance and Business Life Insurance.
Personal Life Insurance
In its simplest form is used primarily to pay off outstanding debt at the death of the insured. This can include but is not limited to the following…
- Payoff of mortgages and loans so surviving family members can maintain the lifestyle they have been accustomed to.
- Providing a source of funds for future college expenditures for surviving children.
- Funds that provide income for the surviving spouse.
- Burial expenses
Business Life Insurance
Business owners use life insurance for many different reasons. They include...
- Buy Sale: When there are 2 or more owners of a business a policy sometimes refered to as a Buy-Sale Policy is used. This type of policy provides funds in the event of the death of one of the owners so the remaining owner can purchase from the heirs of decedant their portion of the business.
- Key employee: When a business owner feels that a certain employee is so valuable to the business that if that employee were to die it would bring financial stress to the business a business owner may purchase a life insurance policy on that employee. This type of policy is referred to as a Key Employee Policy.
Different Types of Insurance
There are basically two different types of personal life insurance.
- Whole Life or Permanent Life Insurance
- Term Life Insurance
Whole Life or Permanent Life Insurance: Insurance coverage that has a premium that remains the same throughout the policy period. The policy remains in effect throughout the whole life as long as premiums are paid. This policy also builds cash value over time.
Term life insurance: Insurance that has significantly lower premiums in the early years but increase over time, typically every 10, 15, or 20 years. This type of life insurance is suitable anytime a larger amount of life insurance is needed for a specific period of time, or where affordability is a concern.
Life insurance rates will vary based on your age, health, and other elements that are considered. As you age, the premium cost will increase with term life insurance. If you choose whole life insurance, you will probably have a higher premium initially, but it will remain the same over time. Perhaps you’re wondering if you even need life insurance. Unless you are single and have no dependents or assets, the answer is yes. Even if you are in this situation, you need life insurance at least to cover your burial expenses at the very least. Anyone can benefit from having life insurance to take care of final expenses, replace lost income, and provide for loved ones after they are gone.
There are many factors that affect how much life insurance you should buy. First of all, your spouse and dependents will need to be considered. If your income provides for the family, you will need to buy enough life insurance to replace that income until the family can find another way to get by. If you have a lot of unpaid debts, you will need insurance to pay those, as well. Your burial costs should be covered by life insurance, also. By taking the time to learn about life insurance and what types of coverage you need, it will be much easier for you to protect your loved ones with an effective insurance policy.
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