Most life insurance companies insist on a health examination of the insured person before examining them. Some, however, offer a life insurance no exam facility. This is typically for busy people who can declare their health condition themselves. In such cases the premium for the life insurance or the term life insurance cost is bound to be higher.
It is always suggested that you get a health check up for yourself as a prerequisite for an insurance policy. This will ensure that that there is no trouble while claiming the insurance. But busy people can acclaim an exception and declare their illness themselves.
Application for the same can be made online as well. You can declare you health condition and illness on your own. And this would get you a cover for an amount ranging from $25,000 to $500,000. But if you are planning for an amount above this limit or duration, then there will be a medical check up held.
You can also look for a free quote from the life insurance companies. But please be aware that the cost will be a bit higher. Then you can compare the cost of different companies and select the best of the lot.
As you know that when you opt for an insurance, you are getting into an agreement with the insurance company. All this would be beneficial for the beneficiaries. So, these points should be kept in mind before deciding anything.
Your life insurance cover amount should depend on individual factors such as the type of funeral you would like, the amount of debt that has to be repaid, house mortgages if any, number of children and their schooling or college costs, readjustment costs for your dependents, and retirement fund for your spouse. You can find online calculators which will tell you how much you should insure yourself for after asking you to fill up forms with the information listed above.
Once you have decided on the amount of cover, you need to determine how long you will need the cover for. This will typically be until your last child finishes college, your home mortgage is paid off, and you have retired with a nest egg. Calculate how many years it will take you to achieve this, and you will know how long your cover or term insurance should last.
The type of payment can also be decided. You can either go for a lump sum amount or an annuity. Both have advantages and disadvantages.
You can choose to pay the premiums in two ways. Either go for a fixed amount each year, or a floating amount. If you are hard on cash, the first option is better. However, the second option is better for long term investments.
Once you have the insurance policy, its your responsibility to pay the premium amount on time. Though many companies allow some grace period, still it is highly recommended that you should note the date where it would be easy for you to be reminded by the same.
It is always suggested that you get a health check up for yourself as a prerequisite for an insurance policy. This will ensure that that there is no trouble while claiming the insurance. But busy people can acclaim an exception and declare their illness themselves.
Application for the same can be made online as well. You can declare you health condition and illness on your own. And this would get you a cover for an amount ranging from $25,000 to $500,000. But if you are planning for an amount above this limit or duration, then there will be a medical check up held.
You can also look for a free quote from the life insurance companies. But please be aware that the cost will be a bit higher. Then you can compare the cost of different companies and select the best of the lot.
As you know that when you opt for an insurance, you are getting into an agreement with the insurance company. All this would be beneficial for the beneficiaries. So, these points should be kept in mind before deciding anything.
Your life insurance cover amount should depend on individual factors such as the type of funeral you would like, the amount of debt that has to be repaid, house mortgages if any, number of children and their schooling or college costs, readjustment costs for your dependents, and retirement fund for your spouse. You can find online calculators which will tell you how much you should insure yourself for after asking you to fill up forms with the information listed above.
Once you have decided on the amount of cover, you need to determine how long you will need the cover for. This will typically be until your last child finishes college, your home mortgage is paid off, and you have retired with a nest egg. Calculate how many years it will take you to achieve this, and you will know how long your cover or term insurance should last.
The type of payment can also be decided. You can either go for a lump sum amount or an annuity. Both have advantages and disadvantages.
You can choose to pay the premiums in two ways. Either go for a fixed amount each year, or a floating amount. If you are hard on cash, the first option is better. However, the second option is better for long term investments.
Once you have the insurance policy, its your responsibility to pay the premium amount on time. Though many companies allow some grace period, still it is highly recommended that you should note the date where it would be easy for you to be reminded by the same.
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