Over 50% of Americans underestimate the cost of insurance, and delay purchasing a life insurance policy. LIMRA (research, consulting and professional development organization for financial service) and Life Happens (a non-profit focused on providing impartial education about insurance options), found that 44% of millennials thought a 20-year policy would run $1,000 per year. The actual cost of the policy was $165/year.
A 30 year term life insurance policy can be a great choice if you are part of a couple who are financially secure and able to handle the premium difference between a 20-year and a 30 year term.
Considerations about health insurance: Do you have concerns about your health and need coverage? Life insurance approvals can be difficult if you have a GI or controlled diabetes. This simplified issue is for people who may not be eligible for traditional policies. It helps them get the coverage they need to protect themselves and their families.
Two types of life insurance policies are available: guaranteed issue and simplified. Understanding the differences and what they have to offer will help you decide which type of no-medical exam life insurance policy is right for you.
Quick approval: With no medical exam, you can get covered immediately, rather than waiting weeks for processing and results. This may work well if you need coverage fast, like for an upcoming trip.
Term insurance, also known by pure life insurance and term life insurance guarantees payment of a defined death benefit in the event that the covered person is not alive during a given time. The policyholder may choose to renew it again, convert it to permanent coverage, terminate the term policy, or let it expire.
Term Life policies can either be purchased as an individual or through a group of life insurance plans that are offered by an employer, civic, and religious organization.
Don't know how much or how much you can afford? With our simple, free-of-cost life insurance calculator, you can crunch the numbers.
Convenience. If you don't want to undergo a medical examination, simplifying insurance is a good option. A recent study revealed that 47% Americans prefer to have their life insurance purchased through a simplified process.
The guaranteed issue may be a good fit if you're looking for:
Once the term ends, the coverage ceases unless you renew the policy, purchase a new one, or convert it to a permanent policy. Some policies offer renewal options, though the premiums may increase.
Most term life insurance policies have level premiums, meaning the payments remain the same throughout the policy term. However, some policies may have increasing premiums as you age.