Burial insurance covers the cost of your funeral and/or cremation expenses after you pass away. It can also be used at the beneficiary’s discretion to pay off debts including any medical bills, mortgage loans, or credit card bills. Guaranteed acceptance life insurance with no waiting period has no health costs and does not require a medical exam. You’re guaranteed acceptance as long as your age falls within a specific range. Most people want life insurance with no medical exam and no health questions.
Whether you’ve got a bigger house or more kids in your future, an increasing term policy can help ensure the money is there to help protect them. What Is an Increasing Term Life Insurance Policy? Life insurance helps you protect your family financially, even if you’re no longer there. When you die, your life insurance company pays out a lump sum that your family can use to pay for day-to-day expenses, your funeral costs, leftover debt, or whatever else they need. Term life insurance plans keep you covered for a set period of time, typically 10 to 30 years. Most term policies are level term, which means your premiums, or payments, and your death benefit stay the same year after year. In some cases, though, you may need an option where…
When you apply for a traditional life insurance policy, you may need to take a medical exam before you can be approved. The medical exam gives your insurance company an accurate picture of your health, which helps to determine if you’re eligible for coverage and what your rates will be. During the exam, a medical professional will perform a basic physical and ask a few health questions. Life insurance medical exams don’t cost you anything and are designed to be simple and convenient. If you’re concerned about taking a medical exam for health reasons or want a quicker approval, a guaranteed issue or simplified issue policy might be a better choice for you. What to Expect During a Life Insurance Medical Exam Once you’ve applied for a life insurance policy, the medical exam takes place as…
Looking for coverage during a short period of time? Decreasing term life insurance can offer the flexibility and affordability you and your family need. What is Decreasing Term Life Insurance? Term life insurance plans keep you covered financially for a set period of time. With a decreasing term life insurance policy, the death benefits for the plan decreases over time. These plans are generally more affordable than other types of term life insurance, making them a smart choice if you just need insurance to cover a temporary need or plan to leave little to no debt for your family to payoff. How Does Decreasing Term Life Insurance Work? With term life insurance, you can choose from a variety of different term lengths, usually between five and 30 years. If you…
Your term life insurance is about to expire, you’re retiring, and the kids are gone. This is a good time to determine your insurance needs and weigh your options. Here’s how to choose the best course of action for your ending-soon term life policy. Start with these 3 questions: 1. Do loved ones need your financial support? People often buy a term life policy when they get married, buy a house or have their first child. This type of cost-effective policy provides financial security for your family in the event of your passing. Now that your children are grown and independent, you may not need as much insurance. However, if your spouse or children still rely on your part-time income or you’re supporting a family member with special needs, the…
