When Do Life Insurance Rates Go Up?

When life insurance rates increase will depend on the type of life insurance policy you buy.

With permanent life insurance your rate remains the same for the entire life of your policy, which means for your lifetime.

With term life insurance it depends on the type of policy you purchase.

Level term life insurance has level rates that remain the same for the duration of your policy term - 10, 15, 20, 25 or 30 years.

Annually renewable term life insurance provides life insurance for a term of one year, which you can renew each year, but your renewal policy is based on your age at renewal, so the premium increases each year you continue your life insurance policy.

There are also "term to 70" life insurance policies that have level premiums the first 20 years you are insured, then the rate increases each year until you reach age 70.

How Life Insurance Helps

How can a life insurance policy help you?

There are many benefits or ways that life insurance can help you and your loved ones.

Depending on the type of life insurance you buy, you may have cash that builds in your policy over time from which you may take a loan.

In addition, the proceeds or death benefit paid out to your beneficiaries can be used by them for any purpose.

So, the proceeds of your life insurance can help to pay for your family's living expenses, replace your income, pay off the mortgage loan, pay off credit card debt, pay for your child's college education, provide for your spouse's retirement, and allow your loved ones to maintain the lifestyle they enjoyed while you were alive and providing for them.

Life insurance can help to guarantee your family's future is financially secure should you pass away unexpectedly.

What are Life Insurance Rates?

A rate for life insurance is the price you pay per $1,000 of life insurance coverage.

Your rate is based on several factors including the type of life insurance, the duration of your coverage, your age, gender and health.

People who are young and healthy pay a lower rate than people who are older and not in good health because the younger person is expected to live longer, and keep paying their premiums for a longer period of time.

In addition several; risk factors will affect the rate charged for your life insurance including your lifestyle, family health history, driving record, tobacco use, occupation and hobbies, height-to-weight ratio, etc. These all g into helping the insurer determine your life expectancy.

The longer your life expectancy, the lower your rate for life insurance.

Here's how you can compare instant life insurance rates from several of the best insurance companies.

What to do When the Life Insurance Policy Holder Dies?

If the insured person of a life insurance policy dies, the beneficiary should contact the life insurance company to make a claim on any life insurance policy that insured the person who passed away.

When you purchase life insurance you should keep your policy in a safe, fireproof location. And, let your beneficiary know you have life insurance, where the policy is located, and how to make a claim should you pass away.

When the beneficiary contacts the insurer the beneficiary will be advised the insurer will send some paperwork to the beneficiary which needs to be completed. In addition, the beneficiary will need to mail to the insurer an original death certificate of the insured person.

Upon receiving the necessary paperwork, the insurer will review the information and determine if the life insurance policy was "In Force" and the cause of death of the insured was covered by the policy.

Once the insurer approves payment of the claim, a check will be mailed to the beneficiary.

Have You Been Turned Down for Life Insurance?

I was turned down for life insurance due to my chronic health problems. Does this mean I can't get life insurance?

Not necessarily. Each life insurance company has its own underwriting requirements for acceptance, so some other life insurance company might insure someone with your health issues.

So you want to apply for life insurance with a different company, or try going through a life insurance broker that specializes in placing high risk life insurance policies for people with health issues. The insurance broker might know more about which life insurance companies might be the best match for someone with your individual health problems.

Also, it's a good idea to check with your employer. Some employers offer life insurance plans (say $25,000 or $50,000) to their employees without requiring employees to answer health questions or take any exams.

Have you been turned down for life insurance? Learn more about life insurance for people turned down for life insurance.

What is a Good Company for Life Insurance?

I saw online that MetLife and Prudential are good insurers for life insurance, but don't know of any more.

I have a whole life insurance policy but recently decided that may not be the best considering I am 30 with an 10 year old son that would need to be taken care of if something were to happen to me so I need to get more for my money.

So I am choosing term life insurance. But I need a good company to go with for my term life policy.

There are hundreds of good life insurance companies in the U.S. However, when choosing a life insurance carrier make sure you consider what your goal for the life insurance is, what you want your life insurance to accomplish.

Then, consider the type and amount of life insurance you need, for how many years, and what you can afford to pay for your coverage.

Also, review the AM Best financial strength ratings of the insurance companies you consider. The financial strength rating is an indication of the insurer's ability to meet their financial obligations and pay their claims.

One way to review pricing and ratings of life insurers is to request free life insurance quotes online from a life insurance quote provider with access to a large network of highly-rated life insurance carriers. That way, you can find out which of the leading insurers may offer the most affordable prices.

Best Life Insurance for Young Adults?

What is the best life insurance for young adults?

That depends on your own personal situation, needs and goals.

If you are looking for protection that will last your entire lifetime, then a permanent life insurance plan may be good.

However, if you need financial security guaranteed for a period of 30 years or less, then a term life insurance policy may work.

Term life is good because it costs a lot less per year compared to permanent insurance, it's flexible offering coverage for a duration of 10, 15, 20 or 30 years, and it's easy to understand.

Learn more about finding the best young adult life insurance policy to meet your needs and fit your personal budget.

Is there Life Insurance for People over 80 years old?

Can you get life insurance if you are over age 80?

Yes, there are some life insurance plans available for people age 80 and over.

In fact, one highly-rated insurer offers "guaranteed issue" plans for people ages 45 to 85.

It is likely a guaranteed issue policy may be the only type of life insurance available for some people over age 80.

With guaranteed life insurance you can apply for coverage and there's no health examination required.

In addition, you won't have to answer any questions about the condition of your health.

So, even if you have health issues you can get insured over age 80.

Learn more about life insurance for people over 80 and how you can get a free quote today.

What is No Doctor Life Insurance?

If you are shopping for life insurance you may be wondering about the medical examination required to get insured.

For instance, is an exam required, and will you have to take one to get insured? And, what is involved in the exam? Who pays for the exam?

Well, if you are buying more than $25,000 of life insurance, then you may need to take an exam, as the insurer will usually require an exam.

The exam is paid for by the insurer and involves a paramed coming to your home, asking some questions about your health, checking your blood pressure and drawing some blood which is sent to a lab for testing.

However, there are life insurance policies that do not require you to take any health examination.

And, you may apply for coverage online (safe and secure) and start your life insurance today, if you qualify.

These plans are referred to as "life insurance no doctor exams" because they do not require you to visit a doctor or take an exam.