What kind of life insurance policy you buy should depend entirely upon your need. In general, if you need an affordable policy that will protect your family from the financial consequences of your premature death, you should buy a life term insurance. If on the other and, you want some saving options included in it and are ready to pay more, you can look for either a whole or a universal life insurance. Nevertheless, both these policies have some pros and cons going for them. Experts today contend that one should buy term insurance for protection purpose and invest separately for building up of asset.
It is important to make an intelligent assessment of the future financial needs of your family so that you can select the best insurance policy. There are different online life insurance quote websites where you can request a free quote, calculate costs and then make an informed decision. These quotes come with a free insurance calculator where you need to input figures like – current salary level, expenses, coverage required and period of coverage. The calculator will instantly give you figures of how much you need to pay.
Take time to gather all information and fill up the quote form. Indeed, buying policies at affordable rate requires lots of patience. Once you receive the quotes, you ought to compare the policy prices vis-à-vis the coverage the policies offer. Take time to choose a policy that suits you every respect and make a formal application only after that. You will also have to undergo a medical test. The actual underwriting process too needs a lot of time; if everything is fine, you will get the coverage after a month of waiting. If you want instant life insurance, you can have too, but for a higher price.
No medical exam term life insurance policies provide instant and hassle free coverage. However, you must remember that these policies are much too expensive and of course, there is a reason behind that. Although the carriers use other methods to get information about the health condition as well as the insurability of the perspective policyholder, without the physical test, they can never come to any definite conclusion. That is why such policies pose a great risk for the carrier and to compensate the risk they charge at a higher rate. If you buy the policy, you will have to keep paying at such high rates throughout the tenure.
Unless it is absolutely necessary, one should never opt for such a policy. You see, the medical test that we are talking about is only paramedical and is generally arranged according to your convenience in your home or office. A paramedic will come to the place and time of your choice to undertake such a test. The test in question will involve:
• taking measurement of height and weight, blood pressure and pulse rate
• collection of blood and urine sample for further examinations
• noting down your and your family medical history
• enquiring on certain aspect of your lifestyle
Here are some procedures you will have to undergo for your medical test:
• Height: weight ratio
• Blood pressure
• Pulse rate
• Blood work
• Urine analysis
These tests will determine if a person is overweight or has high cholesterol or high blood pressure. Very often, even if you initially fail the medical test, the insurance company’s doctor can give you medication to lower cholesterol and blood pressure. They can advise you to follow a diet and do some exercise to lose weight and to stop smoking, drinking and taking drugs.
If you fail the test, you have the option of trying a second or even third time. In actual practice, living a healthy and active life is the best way to receive the life insurance coverage. Remember that minor ailments can become major; higher body mass index as well as tobacco use can cause many deadly diseases. Therefore, to receive cheap life insurance coverage, stop using tobacco for a year at least, visit gyms regularly and eat balanced diet.
For example, if you lie in your application and state that you are a non-smoker, you will probably be offered affordable life term insurance. However, in the next few years, if you die of a smoke related illness, the insurance company will find out in their investigation that you were a smoker. This can result in them canceling the policy and not giving any benefit to your beneficiaries or giving them a much reduced amount. So, be honest, change your lifestyle to a healthier one, and get affordable life term insurance.Do not provide any wrong information; the carriers never ask for any information they cannot check. Moreover, if it is revealed within two years, you will surely lose both your coverage and your money. What is more, if you die in the mean time and it is then discovered that you have provided misinformation, your family may even be denied the death benefit. Just think what will happen to them then! Therefore for the sake of your family’s security be as much accurate as is possible. It may increase the rates a little. Yet it is far better than depriving your family of life coverage.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurances and low cost life insurance, visit his site today.
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