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Questions To Ask When Buying Life Insurance No Exam Policies

If you are interested in providing your loved ones with financial protection, it is advisable to invest in a good life insurance plan. A good plan will go a long way in safeguarding the lifestyle of dependent children, spouse, parents or grandparents. Furthermore, you may choose to buy insurance to secure the financial interest of your business partner(s) or creditor(s). A good plan can also help by funding employee benefit plans, provide business continuation or protect against the untimely death of a key person in business. A non-medical plan comes handy if you are unwilling to undergo a medical exam or when you have been denied the traditional insurance plan. The questions you need to ask when buying life insurance no exam policies include:

· How much cover do I need?

The amount of coverage a person needs depend on their circumstances and reasons for buying insurance. One of the most effective ways of determining how much insurance you require is to assess the different needs of your loved ones in the event of your untimely death. A good plan can provide funds to settle last debts (i.e. medical bills and burial/funeral expenses), pay off mortgage, provide monthly income for dependents, pay children/grandchildren education, meet estate taxes, provide for retirement funds and/or get interest to finance some special purpose. Therefore, your family’s current and future needs are an important consideration when it comes to determining the amount of insurance. However, the amount of premiums you can afford, perhaps every monthly or annually, defines how much cover you can buy.

· Which type of insurance plan is best for me?

There are many variations of insurance plans available in the marketplace. However, there are two basic types of insurance: term life policy and permanent insurance. The term policy provides cover for a period ranging from 1 to 40 years. Generally, the term life polices do not build cash values. Permanent insurance, on the other hand, provide coverage over the lifetime of the policyholder. Furthermore, the permanent policy builds up a cash value, which can be used in different ways. For example, the policyholder can take a loan against their cash value.

· How and where do I find the best plan?

Life insurance no exam plans can be purchased through insurance agents or brokers, directly from an insurance provider, over the telephone, over the internet, through the mail and from bank & other financial institutions. Employers, associations and other organizations often facilitate group insurance plans.

Life Insurance Coverage for People With Illnesses or Disabilities

For people who have health issues, it can be hard to find affordable life insurance coverage that meets their family’s needs and expectations. Many insurance companies either don’t offer plans for people with serious diseases or disabilities, or the plans that they offer are expensive or do not provide adequate coverage.

People with illnesses like Chronic Obstructive Pulmonary Disorder (COPD), heart disease, Alzheimer’s, cystic fibrosis and other ailments often do not have life insurance coverage because they believe that it is not available or that it is too expensive. Without coverage, their families may not be able to afford to pay for their funeral costs, medical bills and other final expenses when they pass away. Most families do not have the means to pay for funeral and burial or cremation costs which can be over $25,000. People with illnesses are also likely to leave behind expensive medical bills on top of other final expenses. This financial stress is a huge burden to put on a family who is already grieving the loss of a loved one.

Although there are not as many choices, affordable life insurance options are available for people with illnesses and disabilities. Mortgage Protection Center offers specific plans for more than twelve different illnesses. Even if they do not have a specific plan designed for your illness, Mortgage Protection Center will probably have coverage options for you and your family as well.

If you are concerned that your child may have a difficult time finding protection if he or she should become ill or disabled, child life insurance may be a good option for your family. This coverage protects your child throughout his or her entire life for a low cost, even if his or her health conditions change in the future. Because this policy is a whole life policy, the death benefit can be used by you or your child’s future family. The funeral and final expenses are guaranteed to be covered no matter how old your child is at the time of death. Your child can also purchase additional insurance in the future. Mortgage Protection Center also offers child life insurance plans.

Life insurance is an important key to protecting your family’s financial future. If you have an illness or disability, you should be aware of the coverage options that are available to you. You can also protect your children from having to search through life insurance plans as an adult by purchasing a child life insurance plan.

The Ups and Downs of Term Life Insurance – Making the Right Choice

A term insurance plan of life insurance products is only to provide you with life coverage during the period you have chosen as the term of that particular plan. When that term has ended, it’s your wish if you continue, that you can, or leave the plan. Any amount if payable under this plan, is to be paid only when one dies during the term of this plan. That’s why the premium of this type of plan is least among all sorts of insurance products.

Term assurance plans have no maturity value and they tentatively provide life coverage. The nominee of such plans, if the policyholder does not come across anything like death or accident during policy term, does not get any claim and the policy dies itself after the elapse of the term. But to get the death benefit of the policy, it is necessary that premiums are paid up to date or else, the policy-condition is lapsed and no claim is paid for a lapsed policy. Therefore, a term insurance policy is required to be in force during the term to get the benefit. Anyway, one should consider the fact that he is not going to get any return himself in any case if he buys a term insurance policy. Although, he has to invest a regular amount for it. It is really a matter to be pondered over before taking this type of plan.

Life insurance is most evitable for a family with one or more children. If both the parents are working, the death of any one of them will certainly upset the financial continuity like paying of premiums for the policies keeping in view of education of their children. Then, if either of the parents is working, the insurance becomes inevitable for that family. Because, in absence of the bread-earner of the family, the insurance claim meets up the financial needs of the family to a great extent. Again, if one is not married and does not have children still he needs insurance so as the other surviving members of his family will not suffer in absence of him.

Premium bands are lower in pure term assurance plans than in other life insurance products. One can choose this type of policy to meet certain needs of his/her family such as needs relating to children or mortgages of properties, which are time, bound crisis. More such examples when one takes term assurance plan are estate planning, keeping the living standard as good as ever, protecting the spouse monetarily so long as the retirement of the other, mortgage repayments and loans. In these plans the additional riders like PWB (Premium Waiver Benefit), accidental benefit etc are also available. Riders are actually an extra attachment of benefit to the plans which can be avail of by payment of extra premium and which somehow change the nature of the plan a bit.

Some of the different types of term assurance policies are: reducing term, increasing of premium and term, ten years fixed term and five years fixed term etc. If one has a decreasing term assurance plan and the life proposed dies all of a sudden, then his mortgage will be paid by the insurer. Since the premium of this plan is very low, it is affordable for the buyers of any range of income.

Five years fixed term policies require the premium payment for this much period only and the sum assured under these plans and the premium amount to be paid by the life proposed are same in amount. The nominee will get the death benefit altogether the sum assured if the life proposed deceased within these five years. Ten years fixed term policies are same as five years’ plans but the life proposed can renew the former one with some extra along with the old premium.

In 20 years fixed term policies, the premium is the lowest. As usually, there is no maturity value of it. A few renowned health insurer of California are Blue Cross, Kaiser Permanente, Blue Shield, Aetna, Nation Wide Group etc. These companies provide with all sorts of plans such as, health insurance, dental insurance, group health insurance and term assurance plans.