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Tips To Get The Most Out Of Your Life Insurance Policy

Life insurance as a concept is pretty simple: you pay a premium each month so that your family will receive a lump sum, or death benefit, when you are gone. But in practice, it’s not always that easy; there are many different twists and turns to navigate, and a lot of different kinds of life insurance policies to choose from. With so many options, insurance companies, rates, rules, and more, finding the right policy – and getting the most out of it once you have it – can seem confusing. Fortunately, there are some simple steps you can take to make sure your policy is right for you, and that you’re getting the most out of it.

Make Sure You Have Enough Coverage

person holding a magnifying glass over some papers — *Go over your plan and coverage and make sure it suits your needs, because situations may change.*

Review Your Current Life Insurance

If you already have life insurance, take the time to review your policy and make sure it truly suits your needs. If anything in your life has changed, your life insurance policy should reflect those changes. The whole point of your policy is to make sure your family is taken care of after your passing, and if you aren’t periodically reviewing your coverage, they might not benefit as much as they should. You’re paying for life insurance, so make sure your family will receive at least as much as they need!

Do You Need More Coverage?

After reviewing your current life insurance policy, does it suit your needs? If not, it’s time to begin shopping around to find a plan that offers more coverage at a better price. The best way to do this is by comparing plans from different companies, as each company offers different coverage options.

Consider Converting Your Term Into Permanent

If you have a term life insurance policy, it will eventually expire. Term life policies are great for protecting your family for major expenses, like paying off a 30 year mortgage. But what about future expenses that will occur after that term has expired? To protect your family in the long run, and save more money, consider converting your term life insurance policy into a permanent life insurance policy. There are different permanent life policies to choose from, including whole life, universal life, and more. Speak to different insurance companies to see which ones they offer and to determine which works best for you and your family.

Get The Most Savings From Your Life Insurance Policy

Pay Your Insurance Annually

person with a blue credit card in their hand — *If you pay quarterly or annually, then your payments will be cheaper.*

If you can afford to pay your life insurance premium as an annual lump sum, do so: this is one of the best ways to save money. Insurance companies charge fees on each of your monthly payments, so the fewer payments you have to make each year, the more money you will save. If it is not possible for you to pay annually, consider paying quarterly, or ask your insurance company if they will charge you less if you pay via direct debit.

Improve Your Health

The better your health, the lower your premiums. Most companies require you to undergo a medical exam and have blood work done so they know how healthy you are, or how risky it would be to cover you. If you have health conditions such as diabetes or heart disease, your insurance company might charge you higher rates for life insurance. However, if you manage your health conditions, exercise, and eat healthier, your insurance company will take note of your good health. In addition, smokers pay 2-5 times higher premiums for life insurance than do non-smokers, so you could lower your rates by quitting smoking.

Low-Load Policies

Have you ever heard of low-load policies? These policies, also called no-load policies, have fewer expenses like fees or commissions. This means that a larger percentage of your premium dollars go towards your death benefit.

Get It Before You Need It

3 exclamation marks on a yellow post it note — *Don’t wait because the younger and healthier you are, then the cheaper your premiums will be.*

As we mentioned earlier, the healthier you are, the cheaper your life insurance policy will be. It’s best to try and get life insurance when you are healthy, so you can enjoy lower premiums, which will save you more throughout the life of your policy. Consider life insurance when you are young and healthy so you can get more coverage at a lower rate.

More than 40% of Americans do not have life insurance, which could end up leaving their family in a bind. The majority who don’t have it think they don’t need it or that it’s expensive, when in fact, the average cost of premiums is only about $30 a month. Life insurance is necessary: we all have debts, and we all want to protect our family in case the unexpected happens. Life insurance can help with your family’s expenses for many years and will prevent them from struggling in your absence. The right policy for you is out there! Consider using online tools, or speaking with an agent. 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.

Why Having Life Insurance In Your 50s Is Important

Your 50s can be a time of big changes in your life. You might have a newly empty nest or a new love in your life; you might be getting remarried, paying off your mortgage, or looking forward to retirement. One thing you should definitely be thinking about at this point in your life is life insurance. While you might feel like there is no point in getting life insurance now because it will be too expensive or you don’t need it yet, nothing could be further from the truth! The reality is that people are living longer, and studies show that people are heading into their retirement years with more debts and dependents than ever before. There are multiple reasons why now is the perfect time to get life insurance, and protect the ones you love.

You Have Dependents

Did you know that 33% of Americans say their family would be left financially unstable or even bankrupt in the event of their passing? If you have children or grandchildren who rely on you, it is important to ensure that they will be financially taken care of when you are gone. Having a good life insurance policy is the best way to put their minds at ease. If you want a lower cost option, you can opt for a term life insurance policy that would cover things like your children’s college tuition in the event that you were no longer with your family.

You Have Debts

If you are still paying off a mortgage, or have other debts that could fall on your loved ones if you passed, you need life insurance. A life insurance policy is the best way to make sure that they would be able to pay off these debts without having to deplete their savings.

It’s Still Affordable

Many older adults are under the impression that life insurance would be too expensive for them because of their age, and that they missed their chance to get it in their 20s and 30s. But as long as you are in good health and are not living with any serious illnesses, you can still get life insurance at a great rate! The best way to find a policy with great coverage and a great rate is to compare multiple policies from multiple insurance companies.

Retirement Is Coming

If you get life insurance through your job, the moment you retire, you will lose that life insurance policy. In addition, that policy might no longer suit your needs. You can stay ahead of the game by finding the right life insurance policy for you now, before you get any older or develop any unexpected health conditions.

Final Expenses Can Be a Major Burden

Life is unpredictable. If you passed unexpectedly, would your family be able to pay for your funeral? Funerals on average cost around $10,000, which is an amount that not everyone can easily come up with. A final expense life insurance policy or a permanent life insurance policy will help you plan for the unexpected and make sure your family can pay for your funeral and cover any other expenses.

The Best Type Of Life insurance Policy For You

two arrow signs pointing in different directions with the word right on both. — *Both term and permanent life insurance policies are great options to choose from!*

If you are considering life insurance, you have multiple options. Two excellent, inexpensive choices are term life and permanent life insurance. Term life insurance offers life insurance for a set period of time. For example, would you like to have college tuition or or the remainder of your mortgage covered in the event of your death? A term life insurance policy is a great option in this case: one of these policies allows you to choose a term, or amount of time, that you will be covered for, so you know that your family would be able to continue to pay these bills.

Permanent life insurance is a great option if you want to help with final expenses and then some. It offers lifelong coverage as long as you pay your premiums. It can also be useful when you retire because these policies have cash value, which you can withdraw to use whenever you need it. 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.

Is Life Insurance With No Medical Exam The Way To Go?

The coronavirus pandemic has put a lot of things into perspective, including how fragile life can be. The pandemic has made many people realize how important life insurance is to providing for their family once they can no longer do so. So, if you’re one of them, why are you still hesitating? Is it the medical exam that is holding you back? If you have pre-existing conditions or are just worried about being required to undergo an exam, know that you can get a life insurance policy without a medical exam. These exams can mean higher rates, or an outright denial – but is life insurance with no medical exam the way to go?

No Medical Exam Required

Many life insurance companies base their rates on your age and health status, which they will usually determine with a medical exam. One of the reasons many people avoid even looking into life insurance is that they think they will be denied if they undergo an exam, or simply because they do not want to go through the exam at all. If you are worried that you will not pass a medical exam or that you will end up paying a lot for life insurance, guaranteed issue, simplified issue, or instant-approval term life insurance policies are great options for you. With these plans you will not have to undergo a medical exam, and will not be required to provide blood work or any other tests. You cannot be turned down for these policies for any health-related reasons.

No Waiting Period

When you sign up for a life insurance policy that requires a medical exam, you will have to wait anywhere from 4-6 weeks after your application to find out if you are approved or denied. With a no medical exam life insurance plan, not only will you not be turned down for any health-related reasons, but you will also get instant approval.

stacks of hundred dollar bills in stacks laying on top of each other — *Your beneficiary will receive 110% of paid premiums if you pass within 2 years of the policy’s effective date.*

In addition, with many types of life insurance policies, the first 2 years following the activation of the policy is considered a waiting period. What this means is that if you were to pass away during these 2 years, your beneficiary would only receive the amount that you had paid in premiums. But this is not the case with no medical exam life insurance policies, such as guaranteed issue life insurance. With these policies, your beneficiary would receive 110% of paid premiums if you pass within 2 years of the policy’s effective date.

If you were to pass away without life insurance, your loved ones could be left to deal with a large financial burden. They would have to pay for your funeral expenses, which are on average $10,000, as well as any other bills they have relied on you to help with, such as a mortgage or college tuition. Life insurance can be expensive, and there is a chance some companies could deny you based on your health, but a no medical exam life insurance policy can help you get the coverage you need to protect your loved ones.

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 policies that do not require medical exams. 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 no medical exam life insurance rates today.

Common Questions Expectant Mothers Have About Life Insurance

If you’re expecting a baby, congratulations! Before you know it, you will be holding your bundle of joy in your arms, and your strong instinct to protect your child will kick in. As an expectant mother, you might have some fears and questions about how you plan to raise your child and how you plan to keep them safe for their whole life, some of these questions and concerns might revolve around life insurance. Can you get a policy while pregnant? Will it be expensive because pregnancy is a pre-existing condition? What kind of life insurance should you get and how much coverage will you need? All of these are really good questions that we are going to answer for you!

Can I Get Life Insurance if I’m Pregnant?

When applying for life insurance, pre-existing conditions can either drive up the price of your policy, or prevent you from getting a policy altogether, so it is reasonable to wonder whether your pregnancy could prevent you from getting a life insurance policy. But as long as you apply early in your pregnancy and you have no medical complications, there is absolutely no reason you cannot get an affordable policy with substantial coverage to protect your unborn baby. But what about if you are further along in your pregnancy or have medical complications? Well, you can still get a great plan, but insurance companies will probably not insure you until after your baby is born.

How Much Will It Cost?

Life insurance prices are based on a number of factors, including your health, age, and family history. The younger and healthier you are, the cheaper a life insurance policy will be; life insurance companies see younger, healthier people as less of a risk to insure. If you are 30 or younger and healthy, you could get a plan for as low as $15 a month! But the answer to this question really depends on multiple variables, which can be best assessed by a life insurance agent. An agent can help you compare plans from different companies, so you are aware of all the options available to you.

What Type Of Life Insurance Is Best?

There are various kinds of life insurance policies to consider, which can make looking for the right one for you time consuming and frustrating. To help you get started in your search, the two most popular types of policies are:

Term life insurance, which will cover you for a set amount of years
Permanent life insurance, which will provide coverage for your whole life, as long as you continue to pay your premiums.

Both types of policy will provide coverage for your family’s needs in the event that you are no longer with them. Both policies will help pay debts, bills, funeral expenses and can even leave some money for your children to inherit. It all depends on whether you think you need a life insurance policy for 10, 20, or 30 years to cover major expenses like a mortgage, or if you want a policy that will provide coverage even after those expenses are paid off. Either way, you will be helping your family and providing money for your unborn child or children in the future.

Is My Employer’s Life Insurance Good Enough?

calculator on top of a notebook and pen next to it — *Your employer’s life insurance policy will not be enough, especially if you leave the company, then you lose it.*

If you are a working expectant mother, and your employer provides life insurance, you might think that you and your baby are adequately covered. However, this might not be the case, especially if you end up leaving the company, because you will lose your life insurance policy if you do so. In addition, the policy your employer currently provides most likely does not have enough coverage to provide for your family for a very long time, so that is something to take into consideration.

Pregnancy can be exhausting and exciting at the same time. You are busy preparing for your baby’s arrival, and you might have put life insurance at the bottom of your to-do list and forgotten about it. But if you are thinking about expanding your family, are an expectant mother, or are a new mom, life insurance should be on the top of your list, so that you and your family can have peace of mind. Now is the time to get your policy: the healthier you are, the lower the price and the better the coverage you can get. After all, life insurance rates increase by 4-9% each year as you age!

Every life insurance company treats pregnancy differently, which is why comparing quotes is essential to getting the most coverage with the most savings. 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.

Why Single People Need Life Insurance Too

When many people think of life insurance, they think about buying it as security for the families who rely on them. While life insurance is definitely something that everyone with a family should have, this doesn’t mean that single people don’t also need life insurance. In fact, there are multiple reasons why single people should consider getting life insurance! Odds are, many single people will have one the following reasons for getting covered.

You have student loans

graduation cap on top of stacks of hundred dollar bills — *If you have private student loans, then it can fall on your parents or other cosigners after your death.*

Did you know that the average American owes almost $40,000 in student loan debt? When taking out a large loan such as one to pay for your education, more often than not you will need a cosigner to secure the loan. And, while federal student loans are discharged when you die, that is not the case for private loans. If you pass away, you will leave your parents or other cosigner on the hook to pay that money back.

You have other debts with cosigners

Student loans often have cosigners, but you could also have another type of loan that a parent or someone else has co-signed. For example, when you first started out after high school or college, you probably had no credit and needed a cosigner for any loan you needed, such as for a car or house. Anyone who co-signed your loans will be responsible for those debts even after you are gone.

This is an excellent reason to get life insurance – you don’t want your debt to turn into their debt! Term life insurance plans are a good choice, because you can take out these policies for the same amount of time that you will be paying back your loan. For example, if your loan has a payback period of 10 or 30 years, you can get a term life insurance policy to cover you during that time.

You own a business with a partner

silhouette of people shaking hands with gears in the background and the word partnership — *If you own a business with someone, you can help keep the business going with your life insurance money.*

If you plan to start a small business, or are currently running a business, you will probably have or need to take out small business loans to help it grow. If you have a business partner, your death would put a lot of financial strain on them, because they would need to take on the entirety of those loans. Life insurance would help keep your business going, and keep your partner out of debt, by replacing your share of the capital.

You plan on having children someday

If you know you want to have children in the future, it is best to take out a life insurance policy when you are young and healthy so you can get more coverage at a lower price. Planning ahead in this way will ensure that your future children will be taken care of. Remember, when you take out a life insurance policy, you can always add beneficiaries to it later, so you can be certain the money will go to them.

Your family has a history of health issues

If you have a family history of a serious health condition, such as heart disease or diabetes, then there is a chance you will be diagnosed with that condition in the future. Consider getting a life insurance policy when you are young and healthy, so that any pre-existing conditions will not prevent you from getting a good plan with low rates.

You want to cover end-of-life (final) expenses

white casket with white flowers on top of it in a car — *Final expense life insurance will help pay for your funeral, and other debts you may have when you are gone.*

It’s a hard subject to talk about, but eventually everyone will pass away. When that time comes, it will be emotionally tough for your family, and it could also end up being financially tough for them if you do not have a way to help them pay for your final expenses. Funeral expenses can cost anywhere from $10,000 to $15,000, an amount that many people just don’t have on hand. This will leave your family scrambling, trying to come up with the money to bury you as well as cover any other debts you might have. Final expense life insurance policies are inexpensive and can help your family at this difficult time.

There are many different kinds of life insurance policies to consider. Final expense life insurance is best for the end-of-life expenses, and is inexpensive. Term life insurance is a great option for a single person with loans, because you can choose a term that suits your specific needs. Speak to an agent to help you decide what kind of policy is right for you, both now and in the future. Below are some of the top-rated insurance companies in the country, all of which offer affordable plans specific to your needs. Look into rates today so you can protect your future.

Getting Life Insurance & Preparing For A Medical Exam

If you’re shopping for a life insurance policy, you are most likely searching for a great rate. But in order to determine your premium price, some insurance companies will require you to undergo a medical exam before you buy. They do this in order to figure out how much of a risk it is to insure you; the healthier you are, the cheaper your insurance premiums will be. There is no need to be nervous about this medical exam, even if you have pre-existing conditions. Before undergoing your medical exam, there are ways that you can prepare, so you can get the best possible rate.

What To Expect

a man sitting down getting his blood pressure checked by a doctor — *During a life insurance medical exam, a medical professional will go over your health history and check your blood pressure.*

Life insurance companies usually require a physical in order to get a full view of your health history, family history and lifestyle habits. In most cases, a medical professional will come to your home and ask questions and collect samples. First, you will be given a verbal questionnaire which will include questions like: Are you a smoker? Do you have any chronic conditions? How often do you exercise? Then they will measure and weigh you and take blood and urine samples. After they collect this information, they will use it to help them determine your rates for coverage.

The whole process takes about 20 minutes. It is important to be as truthful as possible when answering any questions the medical professional asks you. For example, if you omit the fact that you are a smoker, and the insurance company later finds out that you smoke, they will cancel your policy.

How To Prepare

One Week Before The Exam:

Eat as healthy as possible and avoid processed foods that are high in sugar, fat, and sodium. Instead, eat vegetables, leafy greens, and whole grains. This will help lower your cholesterol.
Increase your water intake and avoid alcohol. Alcohol is dehydrating and will affect your liver enzymes in blood tests, which can be a red flag for insurance companies. Instead, drink plenty of water to flush out toxins.

One Day Before The Exam:

caucasian woman sleeping in a bed — *Be sure to get a good night’s rest before your medical exam.*

Consider fasting for at least 8 hours before your exam. Eating before your blood work will increase your cholesterol and glucose levels
Do not stress out or exercise too much the day before your exam. This will only increase your pulse and blood pressure.
Get a good night’s rest so your vital signs are at their best the next day.

The Morning Of The Exam:

Avoid coffee because it will affect your blood pressure.
Drink water.
Do not wear heavy clothing so the medical professional gets the right reading on your weight.
Have your primary care physician’s info ready, as well as a list of any medications you take regularly.

Getting The Best Rates

Life insurance physical exams will determine how much you will end up paying for your policy. You can get the best possible rates by making some changes to your lifestyle and using the tips above. But you can also find great rates by comparing multiple insurance companies and the policies they offer. To get more helpful information about different types of life insurance policies, and how you can get coverage that fits your budget, take a look below. We have provided information for top-rated insurance companies that specialize in life insurance, so check their rates today and see just how simple and affordable it is to protect your family. Always check multiple sites to make sure you have bargaining power and to know the 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.