Insurance You Might Not Know You Need
July 26, 2022Discounts on Auto Insurance
July 29, 2022You and Your Family Need Life Insurance
Life Insurance Policy Types
Term Protection Insurance
Have you lately purchased a new house or another asset? Do you have children who will be attending college soon? You may safeguard your family from the possible weight of debt by purchasing term insurance.
Whole Life Coverage
Are you becoming older? With its growing cash values, whole life insurance is a smart alternative for covering final costs and leaving riches for your loved ones.
Insurance For Everyone
Do you want coverage similar to whole life insurance but with more options? Universal life insurance might be a good choice for you.
Why Should You Get Life Insurance?
When you look for life insurance, you are taking a crucial financial step. If you die unexpectedly, your family may benefit from a life insurance payout. The funds can be used to assist your family stays in their home, pay their daily bills, supporting college, or meeting any other financial needs.
You Want To Obtain A Good Bargain, Just As You Would With Any Other Purchase.
The greatest method to save money is to compare life insurance quotes from many firms. This is since rates differ amongst businesses.
Age
Gender
Size and weight
Current and previous health
Family medical history (parents and siblings)
How To Determine The Type Of Life Insurance You Require
The first step in obtaining life insurance quotes is determining the sort of coverage you require (such as term life or whole life).
Term life insurance is obtained for a set number of years, such as 5, 10, 20, or 30. It's ideal for people who have a certain financial responsibility to meet, such as the years until their children graduate from college.
Whole life insurance can pay out regardless of when you die. It's beneficial for folks whose families will constantly require financial assistance.
Variable premiums and death benefits are occasionally available with universal life insurance. In most cases, coverage lasts until a specified age, such as 100.
Term Life Insurance |
Universal Life Insurance |
Whole Life Insurance |
|
| Length of policy | Set period of time such as 5, 10, 20 or 30 years | Usually to a certain age, such as 100 | Lifetime |
| Relative Cost | $ | $$ | $$$ |
| Premiums | Fixed | Flexible (with some types) | Fixed |
| Builds cash value? | No | Yes (with some types) | Yes |
What Is Covered By Term Life Insurance?
•Working years till retirement (income replacement)
•The mortgage years
•Debts such as high-interest credit card debt
•Children's future college tuition
How Much Does Life Insurance Cost?
Because it only lasts for a certain amount of time and does not accumulate monetary value, term life insurance is often the most affordable option to get life insurance. (This implies that, unlike whole life insurance, you cannot remove money from the policy.)
Assume you're 30 years old, in good health, and searching for a $500,000 term life insurance coverage for 20 years. The average annual cost for a guy is around $300 and $260 for a girl.
Average Life Insurance Rates For a $500,000 Term Life Insurance Policy
Sex and Age |
10-year $500,000 policy |
20-year $500,000 policy |
30-year $500,000 policy |
| Male age 30 | $235 | $308 | $406 |
| Male age 40 | $295 | $380 | $652 |
| Male age 50 | $509 | $879 | $1,541 |
| Female age 30 | $220 | $271 | $359 |
| Female age 40 | $272 | $341 | $551 |
| Female age 50 | $447 | $694 | $1,200 |
Methodology: We averaged the three cheapest rates we found online for term life. Rates are for men and women of average height and weight, non-smoking, with normal blood pressure, in excellent health, with no DUIs or tickets on their driving records. Your own rates will be different.
How Much More Will It Cost You?
Factor |
Increase in life insurance quotes |
| Using marijuana more than 2 times a month | 162% |
| High blood pressure | 185% |
| Using nicotine replacements such as patches, gum or e-cigarettes | 204% |
| Smoking a cigar more than once a month | 234% |
| Smoking cigarettes more than 2 times a month | 317% |
Methodology: We averaged quote increases for 20-year term life insurance policies for $500,000, $1 million, and $2 million in coverage. Rates were for men and women of average height and weight in excellent health. For high blood pressure, we used a reading of 141/91.
More information on these issues may be found at:
•Smokers' life insurance
•The best cigar smoker life insurance
•Marijuana users' life insurance
•What factors do life insurance companies consider when reviewing a driver's record?
•Can you get life insurance after a cancer diagnosis?
•Foreign travel might have an impact on life insurance consumers.
Choosing A Life Insurance Provider
Many life insurance firms are vying for your business. See our list of life insurance companies or read our evaluations of life insurance providers below.
Where Can I Get Life Insurance Quotes?
All life insurance quotations will be provided free of charge, and you may request estimates from as many providers as you choose. You can acquire rates from single company agents or utilize an independent agency to compare prices from different insurers.
Ever Quote will put you in touch with agents who can provide you with quotes and individual services while addressing any queries you may have.
The agent will ask you a series of questions when you acquire a life insurance quotation. The objective is to provide you with the most accurate price possible based on your responses, so please provide the correct information.
Expect to be asked about your present health, the health of your immediate family members such as parents and siblings, prescription medications you've taken, employment, hobbies, driving record, if you have life insurance and who your beneficiary will be.
What Comes Next?
It's useful to know what to expect when you've obtained life insurance quotes and chosen a firm. Depending on the policy type and business, the life insurance application procedure might take several weeks. But it's worth the wait to secure life insurance.
If you elect to submit an application, it will be sent to "underwriting." During this period, the life insurance company collects information about you, verifies the answers you provided on the application, may seek medical documents from your doctor, and establishes a final estimate.
•Don't be shocked if your life insurance quotation changes, either up or down, during this period. The life insurance may find information that affects the pricing. For example, it may notice anything in your medical records or driving record that you failed to disclose, causing the quotation to alter.
•Get ready for a medical exam for life insurance. Many businesses require candidates to complete a life insurance medical exam. You may arrange it at your leisure and have the examiner visit your home. The exam usually consists of measuring your height and weight, testing your blood pressure, and collecting blood and urine samples. Typically, the examiner will also verify your responses to the application questions.
After the insurer has reviewed all of your information, it will provide you with a final life insurance quotation. If you're satisfied, you'll take the coverage and know your family is well-protected financially.