Why have life insurance rates fallen in recent years?

People are living longer these days, and living healthier lives due to the advances in health care. This means that the risk is much lower for life insurance carriers and the need to charge higher life insurance rates is less.

In addition, the health criteria to qualify for traditional life insurance plans is much stricter than it used to be in past years.

Depending on the type of life insurance policy you need, many life insurance carriers require you to take a medical exam, which is paid for by the insurer. The medical exam allows underwriters to be better informed about your health and your lifestyle. The healthier you are, the lower the premiums you pay for your life insurance policy.

The internet has also had a big impact on life insurance rates. It has allowed consumers to easily find the lowest price which, in turn, has had an impact on increasing competition, forcing life insurance companies to remain competitive in pricing their plans.

Here's how you can instantly compare the best prices for life insurance from leading insurers.

Smoker Life Insurance FAQ's

Are you a smoker shopping for life insurance coverage?

If so, you may have several questions related to your life insurance coverage.

For instance, do life insurance carriers require a nicotine test?

How do life insurance companies test you for smoking?

Is it possible to get life insurance without taking a smoker's test?

How long does nicotine stay in your system?

There are many questions you may have about your life insurance as a smoker.

Here's how you can review answers to commonly asked questions about smoker life insurance.

Can I Get Life Insurance for My Elderly Parents?

Yes, you can purchase life insurance policies on your elderly parents.

It is possible for an adult child to buy a life insurance policy on his parents.

In fact, many people purchase life insurance on their parents to provide money to pay for their parents final expenses, including the cost of a funeral and burial expenses.

If your parents don't have life insurance, and don't have enough money saved up, it may be a good idea to get life insurance coverage on them to help pay for their final expenses.

The cost of an average funeral and burial related expenses may exceed $8,000 and final expense life insurance plans offer from $2,5000 up to $25,000 of life insurance coverage.

If you are an adult child, you do have insurable interest in your parents, and are eligible to purchase life insurance on your parents.

Learn how to buy life insurance for elderly parents

Do Funeral Insurance Premiums Change?

Once you have purchased your funeral insurance policy, your premiums will remain the same until the benefit is paid out or you discontinue your policy.

Funeral policies and premiums are issued based on your current age and health at the time you purchase your coverage and usually do not change or increase as you get older, or if you get sick or injured.

There may be certain payout restrictions stated in your funeral policy; however, and if you pass away before a certain amount of time you may not receive 100% of your policy.

For example, most funeral expense insurance plans offer guaranteed acceptance, which means you may have graded death benefits the first two years you are insured.

However, these plans will accept anyone who meets the age requirements; such as, people age 45 to 85 will be guaranteed approval for a policy.

Here's how to get a funeral insurance plan.

What is Mortgage Life Insurance and How Does It Work?

Mortgage life insurance is designed to help pay off your outstanding mortgage amount in the event of your death.

If you die during the period of your coverage, your life insurance policy pays out your chosen amount of protection. You choose the amount of life insurance you need and the length of time you want to be insured for.

You may want to choose coverage for a term that is the same as the duration of your mortgage loan, that way you'll have coverage throughout your entire mortgage loan period.

For example, if you have a 20 year mortgage, you'll want mortgage life insurance for a term of 20 years.

Do seniors need life insurance?

Whether or not seniors need life insurance will depend on their specific situation.

Life insurance can help seniors like you to prepare for the future.

While you may not have dependent children at home, a mortgage or other major debt anymore, life insurance can help your spouse or partner with money to pay for your final expenses and their everyday living expenses, if something happens to you.

The benefits paid out to your beneficiaries can be used for any reason, which may include to replace your income, pay off debt, provide for your child or grandchild's college tuition, and provide financial security for your loved ones.

Learn how to compare senior life insurance rates from several of the best life insurance carriers in just a few minutes with no hassles and no obligation. Request a free life insurance quote now.

Why should I get life insurance for my kids?

Simply put, you may want to buy life insurance for your kids to protect their financial future.

By getting life insurance for your children when they’re young, they can benefit from exceptionally low rates that won’t increase as they get older.

Even if your child develops a health condition later in life, they’re still covered.

In addition, child life insurance plans can build cash value and offer additional coverage when your child reaches adulthood.

Here's how to start your child's life insurance policy for just $1

Will my term life insurance premium increase during the length of my policy?

Once you have purchased your term life insurance coverage, your life insurance premium rates will not increase for the duration of your policy term.

So, if you bought a 10 year level term life insurance policy, your premiums will remain the same each year for a period of 10 years.

In addition, the amount of life insurance protection provided by your 10 term life policy remains the same each year for the entire 10 year term of the policy.

Only at the end of the term period you have chosen - 10, 20, 30 years - will your life insurance rate increase, if you choose to renew your policy for another term. At this point you can choose to continue your current coverage, or apply for a new policy if you still need term life insurance.

It is a good idea to periodically review your term life insurance policy and your current life insurance needs. Life changes, such as a bigger family or buying a new house, can dramatically change your life insurance needs. You should think about reviewing your existing term life coverage if any of the following have happened to you since you purchased your policy:

1. Bought a new house.
2. Expanded the size of your family.
3. Got a new job or increased your income (promotion).
4. Started a new business.
5. Gotten married or divorced.
6. Left the workforce in order to raise your family.

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Who can take out a life insurance policy on my life?

Only someone who has an "insurable interest" in you can purchase a life insurance policy on your life.

That means a stranger cannot buy a life insurance policy to insure your life.

People with an insurable interest in you generally include members of your immediate family; such as, your spouse, adult child, or parent.

In some circumstances your employer or business partner might also have an insurable interest in your life.

Insurable interest may also be proper for institutions or people who become your major creditors; such as, a mortgage lender.

Learn more about who can take out a life insurance policy on my life.

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