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 Life Insurance Physicals Or Not? One major concern that a lot of US consumers have is about privacy. You may not have any big secrets to hide, but most ordinary people like to keep some issues to themselves. These may be concerns over health, habits, and history. These things are probably no great secret or big deal to other people, but it is hard to know how knowledge about certain things could affect you in the future.
These worries can even stop some people from wanting to purchase life insurance. However, there are many new products on the market that offer to sell you term life insurance with no medical exam. This means that you can skip the physical exam!
Yes, you will probably still have to answer some health questions. But you may even be able to do that online or over the phone. This can save you even more time because you do not have to schedule an appointment at your home, office, or an agent’s office!
Of course, these policies may not be the best choice for everybody.
- Many companies limit the face value you can buy without a physical. You can probably get $100,000 death benefit, but you probably cannot get a $10 million dollar one.
- If you are young and pretty healthy, you may get better rates if you just take the exam! Most of the time, insurers will lump most applicants for no physical life into a medium risk category. If you can qualify for a low risk category, you may get much better prices. If you think you are very healthy, have good health habits, and no alarming family history, you can probably get very cheap life insurance by going through full underwriting.
- You still have to answer the health questions honestly in order to comply with insurance regulations. Insurers still have ways to verify some of your answers by checking the MIB (Medical Information Bureau) or asking your doctor for a statement. They do not always do this, but they might. Even if they do not catch you now, they may catch you later when your life insurance is going to be paid out.
In my opinion, if you are probably a standard risk and want convenience, these policies are a good deal. They are not the right choice for every person though.
Costs of Term Life VS. Whole Life Policies
Why is whole life more expensive than term life? To understand this, you have to understand the basics of each of these life policy types.
Compare Policy Features
- When you purchase whole life, you are also purchasing a policy that may build cash value and that offers to cover you the rest of your life. This means that the insurer is taking a big risk. If the policy remains in force, they will eventually have to pay out the death benefit.
- Term is purchased for a period of time. The insurer underwrites each applicant, and they issue policies when there is actually a pretty low risk that the insured person will pass away during that period of time. In addition, with pure term, there is no cash value accumulated. You just buy coverage, and when the contract expires, you do not have any asset value left.
Which Is Better?
There is not a simple answer for everybody. If you just want the cheapest term life, you will pay less for pure coverage. You get covered for the life of the contact. Both you and the insurer are assuming you will survive the policy. If you do not, your beneficiaries collect a death benefit.
If you are interested in having lifetime coverage that also accumulates value, you may want permanent insurance like whole or universal life.
Only around 60 percent of Americans are lucky enough to get group medical benefits at work. A large number of people go without medical benefits. Many of the rest rely upon a government program or private health insurance.
If you have a job or business which does not supply group heath insurance, you will probably look for an individual or family plan from a private insurer. This is a good choice for many self employed people contract workers, or employees of companies that do not have group plans. However, private insurers do not have to accept every applicant for an individual or family policy. This means that many people who have a pre-existing heath condition, like diabetes, will be declined.
If you have been declined, you can turn to a high risk pool. Every US state has some sort of plan to cover people with pre-existing conditions. Since health reform passed, the federal government is also implementing a new national high risk pool to supplement the state plans. The exact details of the state and federal plans will be different in different areas. For example, premiums could vary by county. The medical providers could also be different in different parts of the country.
The state plans have helped hundreds of thousands of people get health insurance when they could not qualify for individual major medical. However, in some states, they were quite expensive. Some people did not take advantage of the high risk health plan because it cost too much. Some of the plans also have waiting periods so pre-existing conditions would not be covered right away. This could be a big problem for people with an acute need for health care.
The federal high risk pool was developed to help solve some of these problems. Since it is subsidized by tax money, the premiums should be more afordable. You can find out more about the state and federal plans on the Internet. Simply search for the high risk health plan for your state. The website should explain the plan, how to qualify, and how much it costs. Each website should also have information about the new national high risk pool. You can decide if either option will be a good solution for your health coverage needs, find an application, and get covered.
This will not be the right option for everybody who is struggling to find health coverage though. If you have lost your job, or have a low income, you still may not be able to afford the plan. If you read the plan information, and do not think you can afford it, call for information about possible subsidies. If that still does not help you, you may need to look into some low income health insurance choices that you may qualify for. Programs like Medicaid and CHIPS can help some families find affordable coverage.
Just like you have to find auto insurance before you have an accident, it is always much better to buy health insurance before you get sick. Sometimes things do not work out that way, but you shoul take the time to consider your choices!
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If you need to find health insurance, but suffer from a pre-existing condition, you should learn more about the federal and state high risk health pool.
http://nomedical.net/highriskhealth.html
Do You Have Health Insurance At Work?
 HighRisk Health Insurance According to recent figures, about sixty percent of Americans are lucky enough to get group medical benefits at work. Many of the rest rely upon a government program or private health insurance.
If you have a job or business which does not supply group heath insurance, you will probably look for an individual or family plan from a private insurer. This is a good choice for many self employed people contract workers, or employees of companies that do not have group plans. However, private insurers do not have to accept every applicant for an individual or family policy. This means that many people who have a pre-existing heath condition, like diabetes, will be declined.
You may find some cheap health insurance if you are fairly young and in good health too.
Health Insurance Declines and High Risk Health Insurance
If you have been declined, you can turn to a high risk pool. Every US state has some sort of plan to cover people with pre-existing conditions. Since health reform passed, the federal government is also implementing a new national high risk pool to supplement the state plans. The exact details of the state and federal plans will be different in different areas. For example, premiums could vary by county. The medical providers could also be different in different parts of the country.
If you need to find health insurance, but suffer from a pre-existing condition, you should learn more about the federal and state high risk health pools.
The state plans have helped hundreds of thousands of people get health insurance when they could not qualify for individual major medical. However, in some states, they were quite expensive. Some people did not take advantage of the high risk health plan because it cost too much. Some of the plans also have waiting periods so pre-existing conditions would not be covered right away. This could be a big problem for people with an acute need for health care.
The federal high risk pool was developed to help solve some of these problems. Since it is subsidized by tax money, the premiums should be more afordable. You can find out more about the state and federal plans on the Internet. Simply search for the high risk health plan for your state. The website should explain the plan, how to qualify, and how much it costs. Each website should also have information about the new national high risk pool. You can decide if either option will be a good solution for your health coverage needs, find an application, and get covered.
This will not be the right option for everybody who is struggling to find health coverage though. If you have lost your job, or have a low income, you still may not be able to afford the plan. If you read the plan information, and do not think you can afford it, call for information about possible subsidies. If that still does not help you, you may need to look into some low income health insurance choices that you may qualify for. Programs like Medicaid and CHIPS can help some families find affordable coverage.
Just like you have to find auto insurance before you have an accident, it is always much better to buy health insurance before you get sick. Sometimes things do not work out that way, but you shoul take the time to consider your choices!
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How Much Does Life Insurance Cost?
Do you know what most insurance shoppers ask about first? They ask the price!
People need to budget, so they do need to have an idea of the typical cost of life insurance. Lots of people assume that rates for the top life insurance companies will be just the same, but this is not always true
How To Find And Compare Policy Quotes
The cost of your own policy will depend upon many different factors. Your age, health, the amount of coverage, and type of policy you want will be some things that determine the price. Beyond that, where you live and which company you use will be other things.
To find accurate quotes and understand different types of coverage, you could spend days making appointments with many different agents. This can be a time consuming and stressful task though.
We do have a suggestion that will help you save time and money. You can find many online quote forms. Instead of spending days driving around, you can get the answers you need from the comfort of your home or office.
The quote forms are free to use. You are not obligated to buy anything. You simply have to answer some basic questions that willl allow the system to match you with the right insurers and agents in your lcoal area. Most people say that they can complete the quote forms in lessthan five minutes.
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We want to make it easy for you to find top coverage at the right price. There are plans for any budget and needs.
Why not find a secure quote form that protects your privacy while saving you money and time?
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Getting a Good Deal On Term Life Rates
Term life insurance may seem like a bargain anyway. Per units of coverage, the rates are usually the lowest out of all the types of coverage. However you can find affordable term life insurance brokers who will make sure you get the best deal on the market.
We really have two simple tips to make sure you get a good deal.
- Compare to save! Insurers have different underwriting guidelines and different rate charts. Online quote forms make this very simple. If you can spend a couple of minutes to save hundreds of dollars, wouldn’t you do that? Well, that is all we are suggesting here!
- If you have a healthy lifestyle and good health, you may save money by taking a fully underwritten policy. Sure, a no medical exam or a no questions term life policy can save you some time. But these are usually issued with standard rates. A simple para-medical exam, which the company pays for, can save you a lot of money in the long run.
Can You Quote Life Insurance On The Web?
You may wonder if online insurance quotes will help you find the best rates from top life insurance companies. Here are some reasons that online life insurance quotes really can save you money and time in the end.
- Dozens of insurers compete for business in every local market. They are not all the same. A web based quote system can be a simple way to compare policies and prices by filling in a short form. This form asks a few questions so the system can provide you with accurate information.
- All insurance is not right for all people. The web based insurance quote system can help you narrow down your choices to insurers who want to do business with a person like you!
- Just because you use the internet to find policies does not mean you can never talk to a local professional! In fact, a good onlline system will also match you with local agents who can answer your questions and provide more details about the type of coverage you should purchase.
- The quote systems are free, and you are not under any obligation to purchase a policy from any of the insurers who display their information. It is a great way to get information for free.
Is Guaranteed Issue Life For Real?
If you have been declined for insurance, have some privacy concerns, or just do not want to have a big hassle, it can be tempting to apply for a guaranteed issue life insurance policy. You find them advertised on TV or the net all the time, and they promise not to turn down any applicants! This is also called no health questions life insurance. But how can this work?
Life insurance companies are very good at making a profit, and it must be obvious they know how to minimize the risk. So they are not about to issue policies for a lot of people who are very motivated to buy policies without answering any health questions or getting a physical!
The Ah-Ha is a Waiting Period
They use a waiting period to minimize their risk. This means that some months to years must elapse between the time the policy is issued and when it will pay out the full benefit amount. In some ways, this waiting period is even better than health underwriting. That is, it is better for the insurer.
Understand more about guaranteed issue life insurance. This will explain more about how these policies work so you can decide if they are a good deal for you. It also explains simplified issue life insurance, which does ask a few simple health questions.
We are not trying to steer you in one direction or another, but just trying to inform you so you can make the best decision for your family!
About Funeral Insurance Policies
By Insurance Articles
What Is Funeral Insurance?
Sometimes this product is called funeral life insurance, a burial policy, final expense, or even senior life insurance. Whatever it is called, it refers to the same basic thing. That product is simple. A funeral policy is a type of whole life insurance that has been designed to cover end-of-life expenses. It has also been designed to be easy for older people to apply for and to get accepted for.
The face values are usually quite modest when compared to other types of life insurance. Most of the time, they range from $2,500 to $25,000. Since the average US funeral costs about $8,000, and a family may have some other expenses, this amount makes sense.
How Much Money Will You Need When A Loved One Dies?
Each family will have different needs. Think about the type of things that crop up when a loved one passes away. There is the funeral service and burial. Some family members may have to take time off of their jobs. Others may have to travel. Host families may need to house and feed mourners. It is always best to get through this stressful time without having to worry about money.
How Much Does Funeral Insurance Cost?
Policies will vary in cost. Of course, the age and general health of the insured person matters. Beyond that, the zip code and the insurance company will also affect rates. There are also a couple of different types of burial policies, so it is important to make sure you understand what you are purchasing.
- Shop around for the best policy and premiums.
- Try to balance the premium with your budget.
- Make sure you understand the difference between simplified and guaranteed issue policies. Guaranteed issue policies will skip health underwriting, but may not pay immediate death benefits. Simplified issue plans will have some health questions, but should pay an immediate death benefit with no waiting period. For example, with some guaranteed issue policies you may need to have the policy issued for several months before the insured person dies in order to collect the full benefit. With a simplified issue policy, there should be no waiting period.
Who Pays For Funeral Insurance?
Sometimes an older person, from 50 – 85, will purchase a policy for themselves. In other cases, family members will pay for the premiums. The policy owner and the insured person do not have to be the same.
In either case, there will be a person (or people) named as the beneficiary. That will be the person who will probably be responsible for making arrangements. The cash goes to that beneficiary. They can use it in any way they need to. However, a lot of funeral homes will accept an assignment of the proceeds in order the pay for expenses there.
That does not mean that all of the money has to go to the funeral home.The proceeds can be spent in any way that the beneficiary sees fit.
Funeral Insurance Vs. Pre-Need Plans
There are also prepayment plans with funeral homes. These are different than funeral policies. A funeral policy is insurance with a cash benefit. A pre-need plan will pay for specific services from a company.
Compare Funeral Insurance Policies
We make it easy to understand, compare, and quote buiral insurance for seniors.
We would like to help you shop for low cost funeral insurance.
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Term Life – Higher Coverage Amounts At Lest Cost
There is little doubt that term policies offer the highest amount of coverage at the lowest cost for many people. If you need a larger face value, but believe your need for that high amount of coverage will end in time, consider term! You may also hedge your bests by purchasing a term policy that can be converted to whole life before the term expires. That way, you can take advantage of cheaper term rates now, but still have an opportunity to change your mind 10 or 30 years in the future. Since none of us really knows what the future holds, this is a good option to think about!
Be aware that life insurance companies are not all the same! Take advantage of this change to find the best US term life insurance quotes for an individual like you! Your own premiums will depend upon many things:
- They type and amount of coverage you want.
- Extra riders (i.e. critical illness or return of premium)
- The Insurance Company *
- Your age and health
- The policy length (term)
What Can You Control About Term Life Premium Rates?
With that in mind, you control some variables. You can adjust, for example, the amount of coverage you buy though you may not be able to adjust the amount you actually need. However, you are free to shop around for premium quotes from the top life insurance companies in the US!
Get a good deal on US term life insurance quotes!
Are There Advantages To Standard Whole Life Insurance Policies?
The name of this website is: term vs whole life insurance, so….
It seems like most of the ads we see for life insurance polices are for term life. And the mantra of many top financial advisors has also been to encourage their clients to choose term because it is cheaper. They tell their clients that they will be better off by investing the difference in other financial products. There is some truth to this, but it is only part of the story.
So you may be asking why anybody still buys whole life. It costs more, your financial analysts promises better returns elsewhere, and “everybody” is buying term. But please consider some advantages of whole life before you make a decision.
People Consider Whole Life Because…
- Whole Life Does Not Expire. As the name implies, the policy can cover an insured person for their entire life. Term, of course, only lasts for the term length of the policy. Of course, insurers carefully underwrite these policies so they reduce the risk of them actually having to pay a death benefit before that period of time is up. So if a policy is paid up or paid off it should actually stay in force until the insured person does pass away. This way the beneficiaries can actually collect the death benefit.
- Whole Life Can Build An Asset. A cash value policy can actually be worth something, apart from the insurance. This cash value can be an asset that can be borrowed against or cashed in. Another use for cash value life is to sell it in a senior life settlement that may help the insured person financially while they are still alive. In a senior life settlement, an investor will actually purchase the policy for some percentage of the face value. This amount will probably be more than the actual cash.surrender value or the policy.
- Tax Advantaged Estate Transfer. The proceeds from life insurance policies are usually not taxed. That means that the beneficiaries can get cash from them without having to pay more taxes. This is one reason that they are attractive. They can be used to transfer wealth. They can also be used to settle businesses if some heirs will inherit the business, but some will not. The ones who will not run the business can inherit some cash to compensate them through a death benefit.
- Safe Money. Insurance companies are highly regulated. States have plans to cover policies in the event a company does go under. The actual returns on these policies may not be that bad when you consider recent stock market declines, tax advantages, and the safety of the money. Plus, you are also getting your life covered.
Should You Buy Whole Life or Term?
There is never one correct solution for everybody. A lot of times, term is the best choice. The best choice for you really depends upon a variety of factors. Your own financial goals, budget, and expectations must be considered. Just make sure you buy a policy that is in your own best interest, and not in the best interest of your financial advisor or insurance agent.
The intent of this article is only to make you stop and think about some advantages of whole life before you buy insurance.
We Make It Easy To Compare Life Insurance
Before you buy, take a few moments to get standard whole life insurance quotes. You can compare them to the cost of term life insurance. This is a simple, safe, and free way to compare life insurance!
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