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Wait- Why Are My Life Insurance Premiums Higher Than the Rate I Was Quoted?

Have you gotten a quote from an insurance company, only to find that your actual premiums are higher than expected? This can happen especially with life insurance policies because quotes are generated based on the small amount of information you provide while you are looking for a policy. Once the life insurance company looks a little more closely at you and your level of risk, they might find something that changes your rate.

Quotes Are Only An Estimate

large calculator — *Your initial life insurance rates provided are only an estimate.*

When you start researching life insurance, you will receive many quotes for policies. The quotes provided are only estimates of how much a policy might cost you based on the minimal information the insurance company has about you, or what you might call a “best-guess estimate.” These estimates are given to you before the life insurance company conducts a medical exam and gathers more information from you, so they will often change based on that information.

Why You Were Approved for Your Actual Rate

Once you provide your agent or insurance company with more information, you will be given a more accurate quote for your premiums: the more information you provide, the more accurate the quote for your premium rate will be. This is especially true after you have undergone a medical exam, because the insurer will then know the whole scope of your health history, as well as have information about your driving record, and any other factors that are used for determining rates. That means your real rates could be different from your initial quote because:

Your Initial Quote Was Not Based On Your Health

As we already mentioned, when you first begin looking at policies, your agent or insurer might not ask you the questions needed for a more accurate quote. For example, they might not ask you about your blood pressure readings, cholesterol levels, BMI, and so forth, and these stats help determine how much you will actually pay.

The Underwriting Process Reveals More

exam room tools — *After you undergo a medical exam, then the life insurance company can provide a more accurate rate.*

To follow on the above point, once you undergo a medical exam, your life insurance company will have much more relevant information about you, allowing them to better assess your risk. In other words, the more they find out about your health, the more accurate your quote will be. And if you are afraid of undergoing a medical exam, don’t be! It can work to your advantage, even if you have health issues: as long as you are managing any conditions and taking steps to improve your health, the exam can actually work in your favor.

The best way to get an accurate quote and not be surprised by your actual premium rates is to provide as much information as possible when comparing plans from different life insurance companies. There are many different kinds of life insurance policies to choose from, including whole life insurance, term life insurance, and final expense insurance, so if you’re not sure where to begin, consider using online tools, or speaking with an agent. The right policy for you is out there! We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Want to Donate to a Charity? You Can with a Life Insurance Policy

Many people purchase a life insurance policy to financially protect their families in the event of their passing. But did you know that you can also donate your life insurance policy to a charitable organization? If you don’t have a family who would benefit from a life insurance policy, you should consider purchasing a policy and donating your benefits to a favorite charity as a way to give back to your community. If you are considering contributing in this way, there are a few things to consider before purchasing a policy, as well as a few things you need to know about how to donate the money.

illustration of a man scratching his head with questions around him — *Depending on how much you want to donate, there are different life insurance plans to purchase.*

What Kind Of Policy You Should Get

If you plan on donating your life insurance benefits, great! When it comes to the type of policy or how much coverage you should purchase, it truly depends on your specific situation. It depends on your age, and how long you will need life insurance. For example, if you would like a policy to last you the rest of your life, a whole life insurance policy or permanent life insurance policy would be best. But if you want life insurance only for a certain amount of time, a term life insurance policy would be a better fit.

Ways To Donate Your Policy

When it comes to donating your life insurance policy, there are typically two ways that you can do so. The first way is to name the charity as the primary beneficiary of your policy. If you decide to do this, though, you need to make sure that the policy is still in your name and that you retain ownership, so that you have access to the policy while you’re still alive. This will mean that if you want to borrow from your cash value, you can do so. In addition, if you retain ownership of your policy, you can change your mind about the beneficiary, and give the benefits instead to a family member or anyone else of your choosing. The only downside to this option is that you will not be able to take advantage of any of the income tax deductions that you would typically have access to when making a charitable donation. money, a money bag in a hand and a gift wrapped up

The second way that you can donate your life insurance policy is to transfer ownership of the policy to the charity while you are still alive. One of the main benefits of doing this is that it relieves you of the hassle of maintaining the policy or paying the premiums. If you do decide to donate your policy to a charity while still alive, you can write the donation off of your taxes.

Need Help?

If you want to give back to your community or to a specific charity that is important to you, donating a life insurance policy is a great way to do so. Before you do, though, you should consider speaking to a few different life insurance companies and discussing with them the best policy for you and your situation. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the advantages of each company.

Does BMI Affect Life Insurance Rates?

When you apply for a life insurance policy, your insurer will look at your health, your family history, and even your employment and driving records to determine how much you will pay in monthly premiums for your coverage. Of all of the factors that they take into consideration, your health is usually the one that your insurer will take most into account when setting your rates, since your health gives them a good idea of how much of a risk you are to insure. And one of the things that they consider when looking at your health is your body mass index, or BMI. If you have a high BMI you may be worried that it will be tough for you to get approved for a life insurance policy. But there is some good news: if you are overweight, it is still possible to get life insurance, because there are many different types of policies available.

How BMI Affects Life Insurance Rates

In most cases, when you apply for life insurance, you will have to undergo a medical exam to determine your rates. This exam will include measuring your BMI, which is a simple calculation of your body fat based on your weight and height. The scale is the same for men and women, and it does not account for factors like your body build.

To make sense of the numbers you will see when your BMI is measured, the scale looks like this:

Underweight = <18.5
Normal weight = 18.5-24.9
Overweight = 25-29.9
Obese = 30 or greater

Why do life insurance companies look at your BMI? The higher your BMI, the higher your risk for developing conditions such as heart disease, high blood pressure, diabetes, and even some cancers. And because being overweight means that you are more at risk for developing these health conditions, it also means that you’re more likely to have a shorter life expectancy, and you are more of a risk to life insurance companies.

Every life insurance company has its own set of criteria that will determine your rates for their insurance policies. If you do have a higher BMI, it’s generally not something to worry about, because BMI is only one part of what goes into determining how much you will pay for coverage.

Options For People With High BMI

many weight doors in a row — *There are many different life insurance policies available, even if you are overweight.*

Even if you fall into the overweight or obese category, there are life insurance options available to you. If you are denied life insurance, you can still shop around for policies that don’t require a medical exam, such as simplified life insurance.

The best way to find a great affordable plan is to compare plans from different life insurance companies, especially because each insurer has its own separate BMI requirements, along with different ratings for other factors. In the meantime, while searching, you should consider making some lifestyle changes that can improve your overall health; making these changes will mean that many insurers will be more likely to approve you for coverage, or even possibly lower your premiums.

The best way to find the most affordable policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a company with good rates, and give you ideas for how to cut down on costs. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.

How Does Life Insurance Work For Military Spouses?

If your spouse is entering the military, they will be offered an array of benefits to protect your family, including health insurance and a life insurance policy. Members of the military are automatically enrolled in life insurance coverage through the military’s Servicemember’s Group Life Insurance (SGLI) program. Spouses and other dependents are also given a different version of this policy, which is known as Family Servicemember’s Group Life Insurance (FSGLI). Find out the difference between these policies, what they cover, and if you should have another policy to supplement them.

military funeral with an american flag over a casket — *If your spouse who is in the military passes, their life insurance (SGLI) can provide you coverage of up to $400,000, depending on the policy.*

Military-Provided Servicemembers’ Group Life Insurance (SGLI)

When your spouse enters the military, they will receive life insurance through the VA’s Servicemembers’ Group Life Insurance, or SGLI, program. They will automatically be given the maximum coverage amount of $400,000, but service members can also choose the specific amount of life insurance coverage they want, beginning in increments of $50,000. The price of these policies is about $30 a month. Service members can have access to these policies as long as they remain in the military; coverage is lost if they leave the military.

Family Servicemembers’ Group Life Insurance (FSGLI)

At the same time that your spouse receives their SGLI policy, you and your family will also be enrolled in the version for dependents of military members, known as Family Servicemembers Group Life Insurance, or FSGLI. While this is a good program, the coverage amount for this type of insurance is usually not enough to cover most military family’s needs. FSGLI only provides up to $100,000 of coverage for spouses and $10,000 of coverage for each dependent child. Premiums for this policy are generally $0.50 to $5.00 per each $10,000 increment, depending on the age of the policyholder, and the price will increase as you age. Premium payments will be automatically deducted from your paychecks. This coverage also ends once your spouse leaves the military.

Other Options

illustration of a family under an umbrella. — *You have other life insurance options for your family other than what the military provides.*

You and your family have other options if you need more coverage than what is offered by the military. Remember, you will need a policy that will at least cover burial costs, as well as one or two years’ worth of living expenses.

If your SGLI and FSGLI coverage are not enough to cover these expenses, you or your spouse can purchase additional life insurance for low rates, you just have to compare plans from different companies to decide which policy suits your needs. For example, if you are looking for short-term life insurance, a term life insurance policy might be best for you, but if you want a policy that will cover you for your whole life, there are multiple permanent life insurance policies to choose from.

The best way to understand how life insurance works, and find the right policy for you and your specific needs, is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

What Life Insurance Company Ratings Mean

Think about how you make most of your purchasing decisions. These days, most of these decisions are based on ratings, like online reviews. You want to work with companies that are highly rated, whatever you’re looking to buy – and life insurance companies are not excluded. But when it comes to life insurance companies, it’s about more than looking at online reviews, it’s also about looking at the ratings given to them by external organizations. So how are life insurance companies rated? And what do these ratings mean?

What’s A Life Insurance Company Rating?

Life insurance companies are rated by independent agencies, and these ratings are based on the financial strength of the insurance company. Rating agencies will look at a variety of factors, including how well the company is doing financially, how it is run, and how vulnerable it is to natural disasters.

The independent agencies that provide these ratings are typically A.M. Best, Fitch, and Moody’s. Each agency has its own rating scale and rating standards, which means an insurance company rated A by one agency might not be rated the same by another agency.

What Are The Ratings Based On?

Because each agency is trying to evaluate the financial strength of the insurance company, the ratings are based on certain criteria including:

Amount of cash on hand
Diversity of revenue streams
Quality of insurance policies written
Debt ratio
Risk management protocols

As stated above, each agency has its own rating scales. For example, A.M. Best has 6 ratings for the best insurance companies to work with:

A++, A+ (Superior)
A, A- (Excellent)
B++, B+ (Good)

They also have 10 ratings for companies deemed vulnerable:

B, B- (Fair)
C++, C+ (Marginal)
C, C- (Weak)
D (Poor)
E (Under Regulatory Supervision)
F (In Liquidation)
S (Rating Suspended)

Why Are The Ratings Important?

letter ratings from A being green to G in red — *Ratings are important because you want to make sure that your life insurance plan is from a reputable company that will uphold the policy when you’re gone.*

Life insurance allows you to provide a financial safety net for the people that you love in the event that something happens to you. You want to make sure that, when you pass away, your family will receive your death benefit, but that will not be possible if the life insurance company you worked with goes under. Ratings should be one of the factors you take into consideration before purchasing a policy from a life insurance company: these ratings will help you understand how credible and reliable they are.

Finding A Top-Rated Life Insurance Company

One of the ways that you can check out a life insurance company’s rating is to go to the websites of rating agencies and look up the specific companies you are considering working with. Some agencies will require you to pay a fee before gaining access to these ratings, but there are other ways to access life insurance ratings:

Search the insurance company’s website for their most recent ratings.
Contact the life insurance company and request their most up-to-date ratings.
Search for company reviews from trusted sources that include ratings.
Work with a licensed agent who can look up the ratings for you.

Choosing the right life insurance policy will ensure that your family gets the benefits they need. It might seem complicated and frustrating to find the right one, but it can be done, with some help. The best way to find the right life insurance policy from a company with great ratings is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Can Shopping for Life Insurance Online Save you Time and Money?

If you’ve realized that life insurance is important and worth looking into, that’s great! But are you starting to feel a little anxious about where to start looking, and how to begin comparing plans? Fortunately, you have the ability to shop online with ease and comfort these days – but how do you know if you’ve found the best option for you, and the most savings? Will searching for life insurance online really save you time and money? The short answer is yes, but the long answer is that you have to work with a reputable agent and insurance company, so you make sure you get what’s right for you and your family. Luckily, we can help!

illustration of a hand with a blue curve over the pointer finger — *Shopping online won’t necessarily save you money, but it is more convenient.*

Can You Save Money?

We know you want to save as much money as you can when you’re shopping for insurance, and we don’t blame you! Saving money is important when you have responsibilities and a family that you need to take care of. And we get it, many people think that life insurance is expensive, but it is possible to find a great rate and save money by shopping for a plan online! Life insurance rates will be the same, whether you meet with an agent in person or work with one online: there won’t be any special deals that you’re missing out on by shopping online. But it will be more convenient for you, and you can save money when you do the proper research and have an agent help you compare different plans from different reputable companies.

Can You Save Time?

You can absolutely save time when you shop online for a life insurance policy. You can avoid having to travel to different life insurance agencies to learn about the policies they offer, and then having to take all of that info and try to compare plans before making a decision. When you work with an agent online, you can sit back in the comfort of your home while they will do all the work for you, saving you both time and money. You will not have to go back and forth researching and comparing different policies from different companies; instead, you can save time by working with an agent online from one of the companies below.

Working With A Reputable Company & Agent

Licensed agents can compare plans in minutes, and help you find a policy that is right for you and your family’s needs. They will go over your needs and help you figure out how much coverage is right for you – shopping for life insurance doesn’t have to be a time-consuming and anxiety-inducing experience if you use online tools, or speak with an agent.

Choosing the right life insurance policy will ensure that your family gets the benefits they need. It might seem complicated and frustrating to find the right policy for you, but it can be done, with some help. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

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