What is a reputable insurance company to buy term life insurance?

Term life insurance is the simplest form of life insurance available and works for many people.

Term life insurance is the most affordable life insurance option.

It works by selecting a coverage amount then paying a determined premium for the life (duration) of the life insurance policy.

Term life is called term coverage because you select an amount of time to be covered, after the term length is over your coverage ends. Some companies have an option to continue the coverage, this is called renewable term life insurance, but the premium you pay will increase after each additional year.

There are many good term life insurance companies including Met Life, Prudential, and Northwestern Mutual, among others that offer low rates and excellent financial strength ratings. On away to find the most affordable plan for term life insurance from a leading carrier is to compare term life rate quotes online.

Here is a list of top term life insurance companies and their ratings for your review.

Burial Company Insurance?

What company offers burial life insurance plans?

There are several highly-rated insurance carriers which offer burial life insurance including Globe Life, Colonial Penn, Mutual of Omaha, and AARP/NewYork Life, among others.

These life insurance plans to help pay for your funeral and burial costs can provide up to $25,000 or more of coverage. An independent survey of Funeral Director’s indicates that average cost of a funeral to be around $7,750 including headstone, burial plot and casket.

When comparing burial life insurance plans make sure you find out if there is full coverage from day one you are insured, or of there is a waiting period before you have full coverage. Some plans may have a waiting period of up to 2 years before full coverage becomes effective.

Also, find out if you have rates that are guaranteed to remain level, and if the amount of life insurance coverage ever decreases.

Learn more about finding affordable burial company insurance plans online.

When Do You Not Need Life Insurance?

The only time you typically don’t need life insurance protection is when no one depends on your income in any way or if you have enough assets to cover any needs should you pass away.

Common reasons People may not need life insurance:

1. Have enough money saved to pay for their funeral costs.

2. Have enough money to pay for their probate and estate taxes.

3. Have all of their debt paid off.

4. Single person with no living relatives.

5. Have  enough money saved to provide for any living spouse’s future financial needs.

One example would be a single person with no dependents, no secured debt, and enough assets to cover the cost of all funeral expenses, including their funeral, burial, casket, headstone and memorial service, etc.

Some people have saved enough money to pay for their final expenses before passing, while others who do not have the money may want to consider a life insurance or funeral insurance plan so their family members won’t suffer any financial difficulties during a time when they are grieving the loss of a loved one.

Does Term Life Insurance have Cash Value?

Term Life Insurance is a non-cash value life insurance plan that can be used very effectively for financial planning matching the insurance policy to 10 year objectives, 20 year objectives, or 30 year objectives for financial protection.

Term life is temporary life insurance that provides “pure protection”, it is not an investment and does not build up any cash value inside the policy over time. Whereas, permanent life insurance provides lifetime protection and may build up some cash value inside the policy over time.

Term life insurance offers life insurance protection for a period of 10, 15, 20 or 30 years, and if you outlive the term of your policy, the coverage expires, unless you renew the policy for another term.

Learn more about term life insurance and how it works.

 

What Factors determine Life Insurance Rates?

When it comes to the cost of your life insurance, your rates for coverage rely on several important factors.

First, the type and amount of life insurance will impact the rate you pay for life insurance.

In addition, several personal risk factors will impact your life expectancy, how long you are expected to live. The longer your life expectancy, the lower your rate.

Your risk factors include your health, family health history, occupation, hobbies, height-to-weight ratio, driving record, if you smoke or not, credit history, lifestyle, etc.

One way to find out which insurance companies may offer you the best rate on your life insurance policy is to compare instant life insurance quotes from multiple insurance carriers.

You can do this by requesting free life insurance quotes online. You don;t have to meet with an agent, and there’s no obligation to buy a policy.

Comparing free quotes online will help you find the lowest rate from the highest-rated insurance company.

Can Life Insurance Deny A Claim?

Yes, a life insurance company can deny a claim for a death benefit if the insured dies.

If an insured commits suicide within the first two years of life insurance coverage, the claim would be denied under virtually any company; however, there is only a one year suicide excision in some states like Colorado.

Also, if someone commits a material misrepresentation (fraud) in their application for life insurance coverage, and that is detected within the first two years of being insured, the life insurance policy would be cancelled with the money refunded.

Otherwise there would be no valid ground for refusing a claim on life insurance.

So, make sure to answer all questions truthfully when you apply for life insurance coverage as it may affect whether or not the life insurance company pays out a claim when you die.

Buying Term Life Insurance Online

Is it possible to buy term life insurance online?

Yes, if you qualify for a policy you may be able to buy a term life policy on the internet.

In fact, many life insurance carriers allow you to get instant quotes and apply for your life insurance policy online.

Some plans are fully underwritten, which means you may have to take a medical exam, while others offer instant approval and require no health exam, just some health questions for you to answer.

The instant approval life insurance plans usually cost more because they may accept some applicants for coverage that may not qualify for fully underwritten life insurance policies requiring an exam.

However, if you are approved for no exam life insurance you may start your life insurance coverage today.

And, with no exam plans there’s no health exam, no doctor’s visit, no blood tests, no needles, no urine tests, and no need to meet with an agent and sit through a high-pressure sales pitch.

Here’s how to buy term life insurance online if you qualify for coverage.

Can I Find Out Who Has Life Insurance On Me?

No person or entity can own life insurance on your life unless you gave your consent to be insured. Usually, a life insurance carrier will require the person being insured to give permission, sign the application for life insurance coverage. In addition, the insured person may have to answer some health questions, and/or take a medical exam.

However, there may be some types of life insurance where the insurer does not require the insured person to be aware of the coverage.

Do you recall signing an application for life insurance or signing to authorize the release of medical information for life insurance underwriting purposes?

Do you recall having a paramedical examination – giving blood and urine samples, or answering any questions about your medical history, etc?

If you aren;t sure, you can ask your family members if any of them have taken out life insurance on you.

Also ask your employer, as some employers may insure the lives of their employees, especially key employees.

Since 2006, employers who insure the lives of their key employees for the benefit of the business must obtain the employee’s consent and give you notice up front, plus they must report any life insurance coverage they own on employees annually to the IRS. Some records of your consent to the life insurance by your employer should exist in files. Then contact the insurance company involved to verify if there is any life insurance on you.

Can I Buy Life Insurance Online?

Is it possible to buy a life insurance policy online?

Yes, there are life insurance plans available that allow you to purchase coverage directly on the internet.

In fact, one “A” rated life insurance company offers up to $350,000 of life insurance with no health exams required for people ages 20 to 60.

You can get an instant life insurance quote, apply online in a matter of minutes, and if approved, you may start your life insurance coverage today. THe policy comes with a 30 day money back guarantee.

Many people choose to buy their life insurance online because it’s quicker and easier than going through the traditional process of meeting with an agent, sitting through a high-pressure sales pitch, taking a medical exam, and waiting for the test results, then receiving your policy up to 6 weeks after applying for coverage.

Now, you can apply online and find out the same day of you are approved, and there’s no invasive medical exams or blood tests to deal with.

Here’s how you may buy life insurance online today.

How Much Life Insurance Do I Need In Retirement?

There are several reasons you may need life insurance when you are retired.

Some reasons you might need or want life insurance in retirement may include the following:

1) To pay for your funeral, burial, or memorial service, grave site, casket, headstone, transportation for family to attend your funeral, etc.

2) To pay for outstanding personal or business loans.

3) To pay off an outstanding mortgage loan.

4) To pay off your credit card debt.

5) To pay estate taxes, probate costs, and other costs of settling your estate.

6) To leave an inheritance to your heirs.

7) To transfer ownership of business or property.

8) To provide retirement income for yourself (this would need to be a cash value policy started years before retiring) or your spouse.

9) To provide money for living expenses for your surviving spouse or other dependents.

10) To provide a gift to a charitable organization.

The amount of life insurance you need in retirement will depend on which of these or other life insurance needs you have, and the amount needed to fulfill those goals. Here is a life insurance needs calculator to help you determine how much life insurance you need at retirement.