What Is Whole Life Insurance And How Does It Work?

Whole life insurance is a type of life insurance policy that guarantees you lifetime life insurance protection as long as you pay your life insurance premiums on time.

Whole life insurance provides life insurance in return for premium payments paid to the insurance company by the owner of the life insurance policy. Upon the death of the insured person, a death benefit will be paid to the beneficiary of the life insurance policy, subject to any exclusions which may apply to the policy.

Whole life insurance provides the following:

1. Lifetime life insurance protection.

2. Guaranteed level rates for the life of your policy.

3. Builds up cash value inside the life insurance policy from which you may take a loan.

Here's how you can learn more and compare whole life insurance rates online from several of the leading life insurance companies.

What Determines Life Insurance Rates?

There are several factors that go into determining rates for a life insurance policy.

First, each insurer has their own set of pricing guidelines, so rates on life insurance will vary by insurance carrier.

Next, rates will vary based on the type and amount of life insurance coverage.

Also, your own personal risk factors impact your longevity – how long you are expected to live, the longer the better as far as getting a lower rate. Risk factors may include your gender, age, health, lifestyle, tobacco use, hobbies, occupation, height-to-weight ratio, driving record, etc.

Compare life insurance rates online among several of the leading life insurance companies.

Does Life Insurance Test for Marijuana?

Yes, life insurance companies do test if you smoke marijuana.

They usually require you to take a medical exam (which they pay for) when you apply for a life insurance policy.

However, there are some life insurance plans that do not require a medical exam.

When you take your medical exam they may also require a blood draw and/or a urine sample which they send to a lab for testing.

Usually, your blood or urine are tested for illegal drugs, STD's, diabetes, high cholesterol, AIDS/HIV, etc.

If marijuana is detected in your blood or urine the insurance company may adjust your rate or decline you for coverage, depending on their position for accepting marijuana smokers.

In addition, it may depend on whether or not you have a medicinal marijuana prescription, and if you live in a jurisdiction where marijuana is legal or not.

Learn more about life insurance for marijuana smokers

Why Is Term Life Insurance Often The Best Value?

Term life insurance is often the best value because it has the lowest rates for your life insurance coverage for a limited period of time.

If you only need life insurance for 30 years or less, then a term life policy may offer the lowest cost.

Since term life is temporary, the chances of a death benefit being paid out are much lower than for a permanent life insurance policy. So, the rate you pay per $1,000 of life insurance coverage is much lower than you pay for permanent life insurance. Compare term life insurance rates from several highly-rated life insurance carriers.

What is Non-Medical Life Insurance?

The insurance company will ask questions about your health and will base their approval for your life insurance policy on that information.

There might be inquiries sent to your doctors or there might even be a request for a paramedical exam but that is very unusual. Some non medical life insurance policies even give you instant approval and allow you to start your life insurance coverage the same day you apply online for a policy.

Non med life insurance may cost more than life insurance requiring a physical exam because they may accept some applicants that may be declined if they had to take a medical examination to qualify.

Here's how to get non medical life insurance.

Can A 65 Year Old Get Term Life Insurance?

Yes, a 65 year old can get a term life insurance policy.

When choosing your term life policy you may have the option of getting coverage for a term of 5, 10, 15 or 20 years wt age 65, depending on your health and the insurance company.

If you purchase a term insurance at age 65, be sure that you do not need the life insurance coverage past the years in the term, because it will be difficult to get a new policy after your term ends, due to your age, and any health issues you may have at that time.

Learn more about life insurance for seniors age 65 and over

What Is The Best Life Insurance For My Parents?

The best life insurance for your parents will depend on what your goal is for your parent’s life insurance coverage.

If your parents need short-term coverage to provide security to pay off a home loan, then a level term life insurance policy may be a good option.

If your parents need lifetime coverage to provide for their final expenses including funeral and burial costs, then a permanent life insurance policy may be right for them.

Here’s how you can compare life insurance plans for your parents.

What is Mortgage Life Insurance?

Are you looking for life insurance to protect your mortgage, your home, and your family?

If so, mortgage life insurance may be the plan you need.

Mortgage term life insurance provides you with an affordable to to make sure your family can stay in the home they share with you, incase you die.

With mortgage term life coverage you choose the term of your coverage from 10, 15, 20 or 30 years. Usually, you’ll want to pick the length of tine you have your mortgage loan – 20 or 30 years.

You select a beneficiary to receive the death benefit from your life insurance (usually your spouse), who can use the money to pay off the mortgage.

Here’s how you can learn more about mortgage life insurance and request your free quotes online today.

Globe Life Insurance

Are you in need of simplified life insurance without having to take any health exam?

If so, Globe Life may be the option for you.

Globe Life is an "A+" rated life insurance carrier with more than 3.8 million policyholders across America.

Globe Life offers people ages 18 to 78 up to $30,000 of life insurance with just a few health questions for you to answer.

You can get an instant quote for life insurance and apply online for your life insurance policy in a matter of minutes.

Just $1 starts your life insurance coverage. And, Globe Life policies come with a 30 day money-back guarantee if you are not satisfied with your policy.

Get a free Globe Life Insurance Quote online today. If you're married you may apply online for life insurance policies for you and your spouse.

What Is A 10 Year Level Term Life Insurance?

Ten Year Level Term Life Insurance is life insurance coverage that will not go up in price for a period of 10 years.

It may have the option to be extended beyond that time for another year, or longer, but the premium will be much higher when the 10 year term is complete.

A 10 year term policy does not have any cash value inside the policy, just life insurance protection. Some 10 year Level Term plans can be converted to a permanent life insurance policy without evidence of insurability (no health questions asked) for some or all of the 10 years.

If you need life insurance only for 10 years (or less), then a ten year term policy offers the lowest rates for your life insurance coverage.

If you think your needs may change over time, you may want to consider buying a 15 or 20 year term life insurance plan.

Learn more about how a 10 year term life insurance policy works.

What’s The Best Life Insurance To Purchase?

The best life insurance to purchase is the one that best suits your life insurance needs, fits your budget, guarantees your protection, and that you qualify to purchase.

The two basic types of life insurance are term and Permanent.

Term life insurance is temporary, usually for a period of 1 to 30 years. Most term life policies are issued with guaranteed rates for a period of 10, 15, 20 or 30 years.

Permanent life insurance provides lifetime protection and may build up some cash value inside the policy over time.

Term life costs a lot less money than permanent life insurance.

If you have a need for life insurance that will last for a period of 30 years or less, then term life insurance may offer you more coverage at a lower cost, and fit your needs.

If you need lifetime protection, permanent life insurance may offer the protection you need.

For more information you can read this article on term life insurance vs permanent life insurance to learn about the benefits and drawbacks of each type of life insurance to help you better understand your options and choose the right plan to meet your needs.

Can I Get Whole Life Insurance Quotes With No Medical Exam?

Yes, you can get whole life insurance quotes with no medical exam.

In fact, depending on your age and health, you may be able to qualify for up to $400,000 of whole life insurance without having to take any physical examination.

In addition, seniors may qualify for up to $20,000 of whole life insurance with no medical exam required, and guaranteed acceptance.

Keep in mind, no exam life insurance costs more than life insurance that dos require a medical exam.

However, some no exam life insurance policies offer coverage in as little as one day.

Here's how to get your whole life insurance quotes with no medical exam

Is A Physical Required For Term Life Insurance?

When you apply for a life insurance policy the insurance carrier may require that you take a physical examination to check your health and determine whether or not you qualify for the life insurance coverage.

The insurance carrier will pay for the exam, and the results will help the insurer determine the rate they should charge you for the life insurance coverage, and whether or not they should insure you for life insurance. If you do not agree with the results of the exam you may request another exam.

In addition, there are insurance companies that offer life insurance policies that do not require you to take a medical exam. Since there is no exam, they may in end accepting some applicants that might not otherwise qualify for life insurance if they had to take an exam. That's why the rate may be higher compared to life insurance with an exam.

However, no exam life insurance plans offer you the option of starting your life insurance coverage today, if you qualify. And, you won;t have to meet with an agent. Also, since there's no exam there's no needles or blood draws.

Learn more about no exam life insurance and get your free quote today.

What Does Accidental Life Insurance Cover?

Accidental life insurance works if you are involved in a car accident or any type of accident and you die, the life insurance company will pay out the death benefit from your life insurance policy to your beneficiary.

But you have to remember this type of life insurance policy only pays out if you die as a result of an accident, not from natural death.

Death resulting from natural causes is not covered by an accidental life insurance policy.

And, usually the insured must die within a certain amount of time of the accident, such as, within 6 months of the accident that caused death.

Here's how you can request your accidental life insurance quote online today. You may purchase up to $1,000,000 of accidental death insurance with no health exam and no health questions.