For term and whole-life insurance, there are no medical exam life insurance policies. The death benefits for whole-life coverage are usually limited to $50,000, which is ten times lower than the usual limit for term life benefits. A policy that does not offer medical exam coverage and a higher death benefit will usually mean that your answers to health questions will be used for medical exams.
One reminder: It is vital to disclose any medical conditions in order to be eligible for a policy. Your policy can be canceled if your insurer discovers that you failed to inform the company about something after you've died. If this happens your beneficiaries won't get the death benefit they had planned to receive.
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.
A 30-year term life policy can be a great option if you are financially secure and are able to manage the premium difference between a term of 20 years and 30 years.
According to the National Association of Insurance Commissioners(NAIC), certain term policies can include a return of any premium features. If a death benefit isn't paid out before the end of the term you'll get back some or all of the premiums paid. This option is more expensive.
No matter your age, you should evaluate life insurance policies according to your goals and your family's financial needs, as these are critical to determining your best coverage.
Term life insurance refers to a type life insurance policy that has a specific end date. For example, 20 years after the date of inception. Only the policyholder who dies within the specified term will receive the death benefit. The death benefit is money that the policyholder leaves behind to pay the beneficiary.
Online life insurance can sometimes be purchased without the need for a medical exam. Term coverage does not build cash value. Term life is adequate for most families.
A reminder: You must disclose any medical conditions to the insurance company when you apply for a policy. If your insurance company learns that you did not inform them after your death, the policy may be cancelled. Your beneficiaries will not be entitled to the death benefit you intended if this happens.
How much term life insurance coverage do you need? It depends on your financial situation, income, debts, family needs, and future financial obligations. A good rule of thumb is to have coverage that's 5-10 times your annual income.
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.
Many term life insurance policies offer a conversion option, putting you in control. This allows you to switch to a permanent life insurance policy before the term expires, usually without requiring a medical exam.