(888) 78dd8-1052

Speak with a Licensed Adviser

The Best Life Insurance Policies

by Scott G on March 14, 2013 · 2 comments

Best Life Insurance Policies

The Best Life Insurance Policies

Choosing the best life insurance for your situation can be daunting.  With so much conflicting information, this article will go over the differences so that you will be better informed and can choose the right policy.

Term Life Insurance

Term life insurance is typically the best policy for most Americans since it allows you to have the most amount of coverage for the lowest price.  Some of the most outspoken advocates for term life are the popular financial advisors you see on TV; Susie Orman, Dave Rasmey and Clark Howard.  The strategy with term life insurance is to buy term and invest the rest yourself.  Most people have their major obligations for a certain period of time 10-30 years.  After a certain period of time, usually the mortgage is paid down or paid off, the children are grown and your future income won’t need to be protected in the same capacity as it does today.  Term life insurance will be the best solution if this describes your situation.

Term life insurance lasts for a designated period of time.  The term period for most companies range from 10, 15, 20, and 30 years and the rates do not change during this time.  Also, there is no penalty for cancelling the policy early. 

Whole Life-Universal Life

Whole life insurance is a policy that remains in effect for the policy holder’s entire life. Generally speaking, the policy will remain active as long as the owner continues to pay the policy premiums.  Due to the cost, this type of policy is more optimal for estate planning and for other instances where permanent coverage is needed. 

No-Exam Life Insurance

Life insurance that does not require a health exam is going to cost you a lot more than if you did the exam.  This type of policy is ideal for someone who doesn’t have the time to do the medical exam and doesn’t mind paying the extra premiums.  These clients typically need a policy in a hurry to cover a divorcee decree or they may be worried about doing the physical.  Also, do not mistake no-exam life insurance for no-underwriting.  The underwriting on a no-exam policy is very strict and not as favorable as if you did the health exam.

Accidental Death

Accidental death policies only pay out the death benefit you if you die as result of an accident. Typical classifications of accidents include but are not limited to: auto accidents, poisonings, falls, fires and chocking. Deaths from natural causes such as heart disease, cancer and old age are not covered under an accidental death policy.  This type of policy is good if you are traveling, have a dangerous occupation, and have medical problems that will exclude you from getting traditional life insurance.  It’s typically cheaper than term life since the policy only covers accidental deaths.

Wrap Up

Since life insurance is going to be one of the most important financial purchases you ever make to protect your loved ones, choosing the right policy is paramount.  Don’t let an overzealous agent talk you into buying a policy that you don’t need just so he can receive a larger commission.  Work with an experienced agent that will have you and your family’s best interest at heart.

For a free quote on term life insurance, click here.  If you have any questions on the different types of coverage or have a question on how much coverage you need you can call (888) 788-1052.

Photo: dermatology.com

Life insurance with no exam March 27, 2013 at 11:19 pm

Thanks Really Life insurance is one of the most important financial purchases to make protect your loved one.and life insurance with no medical exam is best way. This type of policy is for someone who doesn’t have the time to do the medical exam .

Comments on this entry are closed.

{ 1 trackback }

Previous post:

Next post: