What is Double Indemnity for Life Insurance?

Double Indemnity refers to a form of accidental death coverage on a life insurance policy.

Typically, an accidental death benefit is provided in an amount equal to the amount of life insurance provided by a life policy.

For example, if the death benefit of your life insurance policy is $100,000, the accidental death benefit would be $200,000.

That's why an accidental death benefit is often referred to as "Double Indemnity."

However, the accidental death benefit is usually only available when you apply for your life insurance policy and is added to the policy by rider for an additional premium.

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Why is Term Life Insurance So Popular?

Term life insurance is generally much less expensive than permanent life insurance and can be easier to understand than other types of life insurance coverage.

Term life is strictly a life insurance policy. It provides pure life insurance protection - there is no investment feature with a term life policy.

On the other hand, permanent life insurance (also called whole life insurance) provides life insurance protection, but also has an investment component that builds cash value inside your policy over time, which may be more than some people need.

So, term life is affordable offering you there most life insurance for your money. And, it's easy to understand, your life insurance coverage lasts for the "term" of your policy.

Term life insurance is flexible to meet your needs. Many term life plans offer coverage for a term of 5, 10, 15, 20, 25 or 30 years to meet your specific personal needs.

Here's how you can learn more about how term insurance coverage works.

Which Life Insurance is Best Term or Whole?

The best type of life insurance for you will depend on your own personal circumstances and what you want your life insurance coverage to accomplish.

If you need the most affordable life insurance which will allow you to purchase the largest amount of protection, then term life insurance is a good option.

If you need life insurance for a period of 30 years or less, then term life insurance is a good option.

If you need life insurance that is guaranteed to last until the end of your life, then whole life insurance is a good option to consider.

Keep in mind, whole life insurance can cost 2-3 times more (at least), compared to term life insurance.

Why is whole life insurance so expensive?

because, whole life is permanent protection for your entire life, and it builds cash value inside your policy over time.

Learn more about whole life insurance versus term life insurance policies.

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Final Expense Insurance for Seniors over 80

Can seniors over age 80 get life insurance to pay for their final expenses?

Yes, there are life insurance companies that offer senior life insurance for people over 80 years old.

In fact, several insurers offer guaranteed issue final expense life insurance, including United of Omaha, Vantis Life and Metlife, among others, but some of these plans are for people up to age 80.

United of Omaha does offer guaranteed approval final expense life insurance for people ages 45 to 85.

You cannot be turned down due to any health issues.

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Can I qualify for a final expense insurance policy if I have health issues?

Final expense life insurance policies are designed to help seniors get insurance to cover their final expenses, including the cost of a funeral and burial related expenses.

It is much easy to qualify for a final expense insurance policy than it is for a traditional life insurance policy, but there are still some health issues that might cause an insurance company to turn down an application.

Final expense insurance is a form of insurance that requires no medical exam, which means there are no health screenings or tests required to qualify.

There are also guaranteed issue final expense policies that guarantee your approval for coverage, but there may be limited benefits the first 2 years you are insured by your policy.

Guaranteed final expense insurance plans mean you cannot be turned down due to any health problems, as long as you meet the age requirements for acceptance. Some carriers guaranteed approval for people 45 to 85 years of age.

Term Life Insurance for How Long?

How long does a term life insurance policy last?

Term life is temporary coverage providing life insurance protection for the "term" of your policy.

You may choose a "term" of 10, 15, 20 or 30 years from most term life companies.

With level term life insurance you have coverage for the term (duration) you choose, and your premiums remain the same each year for the length of your term.

In addition, the amount of life insurance you select will remain level throughout the entire term of your term life policy.

Term life is very popular because it offers the lowest prices on life insurance lasting for 30 years or less.

So, if you are on a budget, need the most life insurance for your money, have a family, own a home, or need to provide protection until the mortgage is paid off or the kids are grown up, term life may offer a good option for life insurance.

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Fidelity Rapid Decision Life Insurance

What is a Fidelity Rapid Decision Life Insurance Policy?

It's a type of hybrid life insurance plan that combines two types of life insurance policies.

You get term life insurance and accidental death insurance.

With Fidelity's Rapid Decision Life insurance you can buy up to $1,000,000 of life insurance protection online without taking any physical examination.

A portion of your policy will be term life insurance (1/3) while the other part will be accidental death coverage (2/3).

If you choose to take a health exam within a certain period of time, you can get the entire amount of life insurance as term life protection.

Learn more about Fidelity Rapid Decision Life Insurance Coverage and request your free quote today.