Life insurance can play an essential role in your overall financial plan. A life insurance policy can help protect your loved ones by providing greater financial stability for their future. Life insurance pays a lump-sum cash payment or death benefit to your designated beneficiary upon your death. This money can help pay for final expenses [...]
Applying for life insurance does not guarantee an insurance company will sell you a policy. Your application goes through an underwriting process during which your eligibility for insurance is evaluated, which includes a review of your medical history and a physical exam. Personal health problems can lead to higher premiums or even a complete denial [...]
Your personal situation and financial needs are key to answering this. Term life offers you the ability to choose your length of coverage, usually 10, 15, 20 or 30 years — and affordability since temporary coverage for a limited period of time is less expensive than permanent coverage over your entire life. Whole life offers [...]
Permanent life insurance lasts for your entire lifetime, rather than a limited period (which is how term life insurance works). With permanent life insurance, your coverage stays in force as long as you pay your premiums as they are scheduled. Whole life and universal life are types of permanent life insurance. Whole life insurance features [...]
Life insurance quotes are determined using actuarial mortality tables, which lists data for life expectancy. Your life expectancy is based on a number of determining factors, including age, gender, general state of health and tobacco use — which are all taken into consideration during the underwriting of a life insurance policy. Because women in the [...]
The cost of life insurance depends on a number of factors, including the type of policy and term length (if applicable), coverage amount, as well as the proposed insured person’s age, gender, state of residence, tobacco usage and overall state of health. Misconceptions about the cost of life insurance prevent many from owning a policy. According [...]
The first step in buying life insurance, after assessing your current financial needs and learning about life insurance basics, is to get an online quote or meet with a qualified financial representative. The life insurance application process involves multiple steps and requires you to complete a lifestyle, medical history and health questionnaire. You also may [...]
Figuring out which life insurance policy is best for you depends on your financial goals, life stage and lifestyle. The three types of life insurance — term, whole and universal — offer various features and options that are designed to meet different needs and budgets, depending on your personal situation and long-term financial goals. Some [...]
The amount of life insurance you need is related to how many dependents you have, your overall debt (including mortgages and loans), how much money your loved ones would need after you’re gone and the length of time they would need financial support. Multiplying your annual salary by the number of years your family would [...]
There are three different types of life insurance: term, whole and universal, each featuring various benefits. Term life insurance offers you temporary coverage, a death benefit with no cash value and level premiums for a specific number of years — usually 10, 15, 20 or 30 — after which time your coverage ends. Whole life [...]
