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.
Indeed, if you separate insurance from investment, you can actually gain on both counts.To be sure, receive life insurance quote for different policies, calculate the cost of insurance as well as return you may expect and then make your choice. However, all these will be possible only if you know your need. Indeed life insurance quotes depend upon certain variables and it is important to know them correctly. At least determine the coverage amount correctly. Most online brokers provide something called need calculators. Use them if necessary.
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.
Undergoing proper medical tests is the best option, for then you can avail affordable life insurance and at the same time make sure you are healthy and will live long. Here are some details that will be expected when you undergo a medical test to get life term insurance:
Your medical history
Family medical history
Details of your family physician
Lifestyle habits like drinking, smoking, drug use
Quantity of life insurance you want.
Remember that the traditional policy requires you to go through merely a paramedical test. A paramedic will visit your home or office for:
Taking measurement of your height and weight
Taking measurement of your blood pressure and pulse rate
Collection of blood samples to check the level of cholesterol, glucose, protein and HIV
Collection of urine samples to check the level of glucose, protein, creatinine and cocaine
Taking down your medical history
Taking down the medical history of your siblings and parents
Asking relevant questions about your lifestyle
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 cheap life insurance and seguros de vida sin examen medico, visit his site today.
Walang komento:
Mag-post ng isang Komento