By
David S Livingston
To protect the family from future financial liabilities in case
of your untimely demise, go for life term insurance that can be taken
for a short term and then extended if needed. For those who want to
combine death benefits and savings plan, opt for universal or whole life
insurance. There are many pros and cons of both options and if you do
not mind the extra cost, you can opt for whole life insurance. Some
experts contend that it is better to take life term insurance and invest
your extra funds in investments that will offer better benefits.
It is important to make an intelligent assessment of the future financial needs of your family so that you can select the best insurance policy. There are different online life insurance quote websites where you can request a free quote, calculate costs and then make an informed decision. These quotes come with a free insurance calculator where you need to input figures like - current salary level, expenses, coverage required and period of coverage. The calculator will instantly give you figures of how much you need to pay.
Buying life insurance can take some time for almost all insurance companies require a person to undergo medical tests. You need to go for these tests, wait for the results and then submit them to the insurance company. Here, the concerned authorities will go through the medical results and if they deem you fit for insurance, they will offer you one at a specific rate. The rate can vary depending on the result of the medical tests, age of the applicant etc. Now, this will take a few weeks and those who want instant life insurance can get impatient with this delay.
Anyone who is a smoker or has a pre-existing health condition can attract higher insurance rates. For various reasons, some people opt for no medical exam term life insurance that can help them avoid the doctor's clinic altogether. However, not all insurance companies offer this type of policy for it in essence offers coverage to someone who is at high risk of dying early due to his health or lifestyle choices. Hence, the rates of no medical exam term life insurance are extremely high and unless absolutely necessary, a person must not opt for this scheme. Even if you plan on doing so, investigate the company and the policy thoroughly so that you are not cheated.
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.
Here are some procedures you will have to undergo for your medical test:
• Height: weight ratio
• Blood pressure
• Pulse rate
• Blood work
• Urine analysis
These tests will determine if a person is overweight or has high cholesterol or high blood pressure. Very often, even if you initially fail the medical test, the insurance company's doctor can give you medication to lower cholesterol and blood pressure. They can advise you to follow a diet and do some exercise to lose weight and to stop smoking, drinking and taking drugs.
You can be called back after 6 months and new tests done and if these are favorable, you can get affordable life term insurance. Of course, those with critical illness can opt for a critical illness add-on policy that can give them coverage. Insurance companies will try and offer insurance coverage to most people without turning them away since that could mean a loss of customers. However, people must also be truthful when answering their application.
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.
It is important to make an intelligent assessment of the future financial needs of your family so that you can select the best insurance policy. There are different online life insurance quote websites where you can request a free quote, calculate costs and then make an informed decision. These quotes come with a free insurance calculator where you need to input figures like - current salary level, expenses, coverage required and period of coverage. The calculator will instantly give you figures of how much you need to pay.
Buying life insurance can take some time for almost all insurance companies require a person to undergo medical tests. You need to go for these tests, wait for the results and then submit them to the insurance company. Here, the concerned authorities will go through the medical results and if they deem you fit for insurance, they will offer you one at a specific rate. The rate can vary depending on the result of the medical tests, age of the applicant etc. Now, this will take a few weeks and those who want instant life insurance can get impatient with this delay.
Anyone who is a smoker or has a pre-existing health condition can attract higher insurance rates. For various reasons, some people opt for no medical exam term life insurance that can help them avoid the doctor's clinic altogether. However, not all insurance companies offer this type of policy for it in essence offers coverage to someone who is at high risk of dying early due to his health or lifestyle choices. Hence, the rates of no medical exam term life insurance are extremely high and unless absolutely necessary, a person must not opt for this scheme. Even if you plan on doing so, investigate the company and the policy thoroughly so that you are not cheated.
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.
Here are some procedures you will have to undergo for your medical test:
• Height: weight ratio
• Blood pressure
• Pulse rate
• Blood work
• Urine analysis
These tests will determine if a person is overweight or has high cholesterol or high blood pressure. Very often, even if you initially fail the medical test, the insurance company's doctor can give you medication to lower cholesterol and blood pressure. They can advise you to follow a diet and do some exercise to lose weight and to stop smoking, drinking and taking drugs.
You can be called back after 6 months and new tests done and if these are favorable, you can get affordable life term insurance. Of course, those with critical illness can opt for a critical illness add-on policy that can give them coverage. Insurance companies will try and offer insurance coverage to most people without turning them away since that could mean a loss of customers. However, people must also be truthful when answering their application.
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.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on insurance life term and cheap life insurance, visit his site today.
Article Source:
http://EzineArticles.com/?expert=David_S_Livingston
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