Archive for Life Insurance

No medical exam life insurance: A better option than no life insurance at all.

If you don’t have life insurance, but have people who depend on you for financial support, make it a New Year’s resolution to get some coverage. The cheapest life insurance usually requires a medical exam, but if you’re worried about taking that exam consider a no-medical exam policy.

With this kind of policy, you only need to answer a few questions about your medical history and maybe your family’s medical history. Some of the questions typically include:

  • Have you used tobacco in the past x number of years?
  • Are you taking any prescription medications?
  • Have your parents been diagnosed with cancer, heart disease or other issues before a certain age?

The insurer can check some of your answers against a medical information database. They may also check your driving and credit record.

Once your application is approved, you can get coverage. You can typically choose to pay monthly or annually, though you’ll usually get a little break for paying by the year.

You do pay a higher premium for this type of policy. That’s why many people check out no medical term life insurance. Term life is less expensive than a whole or permanent life policy.

Also, you can try at a later date to reduce your premium by applying for a policy that does require an exam.

Whatever route you choose, be sure to get several quotes to compare life insurance rates as they do vary from company to company. Also, you should only buy from a reputable company with a stable financial background.

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Your life insurance needs and life events.

When people buy life insurance they often forget about it, not realizing that as their life changes so do their coverage needs. You may need more. You may need less. You might benefit from a different type of policy.

It’s really a good idea to ask yourself “What has happened in the past year that changes my life insurance?”  (If you don’t have coverage, and you have people who depend on your income, it’s time to get life insurance.)

Think about the following scenario: You change jobs or start a home based business. Maybe you were already getting some life insurance coverage from your employer as a benefit. When your employment ends, most likely so does that coverage. If you factored that in as part of your total life insurance coverages, you may not have enough for your family’s needs.

Another common scenario happens when a couple has a child. That can be a busy time, and life insurance may be the last thing new parents are thinking about. But now there is an extra person depending on your income.

At the opposite end, if you have an adult child who becomes financially independent or you pay off a mortgage, you may not need as much protection.

So many life events can change your life insurance needs: moving an elderly parent into your home, getting a promotion, taking out a second mortgage.

If you think your needs have changed, talk to your agent but also take a few minutes to compare term life insurance quotes to see if you can lower your costs. You should get at least three different quotes.

Also, keep in mind that sometimes it might be just as affordable to get a little more coverage. For example, if you determine you only need $230,000 of coverage a $250,000 policy may cost the same.

You may also be interested in seeing what different types of life insurance are available that can help you reach your financial goals. For example, you can compare whole life insurance vs term.

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