When Should I Review My Needs for Life Insurance?

It is beneficial for you to review your need for life insurance every few years or when a major life change occurs.

For example, you may want to review your life insurance needs when getting married, expecting a child, buying a new home, starting a new job or getting a promotion, or when a family member passes away.

In addition, it is always important that you have your life insurance policies and other valuable papers in a safe and fire-proof location that can be reached by a family member or trustee in the event of your death.

If your family (beneficiaries) can't find your life insurance policy, or if they don't know that the life insurance policies even exist, it is nearly the same as if your life insurance policy didn’t exist at all.

When reviewing your need for life insurance make sure you use a life insurance need calculator to help you accurately determine the right amount of life insurance for your situation.

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Will a DWI or DUI make me ineligible for life insurance?

That depends on the life insurance company guidelines.

If you had just one DWI or DUI in the past 5 years, most likely only some action will be taken; such as, a higher rate compared to individuals with a good driving records.

Life insurance companies do take DUI's and DWI's them seriously though, and the more recent your conviction or the higher the number of DWI or DUIs you’ve had, the more likely you are to get a price increase or be declined for life insurance coverage.

Prudential even insures people with a DUI for life insurance. However, if you have 2 or more DUI's or DWI's in there last five years, you may find it extremely difficult to get insured for life insurance.

Here's how to get life insurance for people with DUIs

Life Insurance with Online Quote

Can I get an online quote for a life insurance policy?

Yes, you can get online quotes for life insurance coverage.

A life insurance price quote is an indication or estimate of how much a specific type and amount of life insurance may cost you.

By requesting life insurance quote comparisons online you can instantly view the lowest prices for life insurance form several of the leading insurance companies.

Comparing quotes for life insurance online only takes a few minutes, there's no hassles, no delays and no obligation to buy.

You just filk out a short quote request form to receive your instant online quotes for life insurance.

Here's how you can request and compare online life insurance quotes

How do I get the best price on my life insurance policy?

If you need life insurance you may be wondering how to get the very best deal on your coverage.

So, what are some tips for finding the most affordable life insurance plan?

1. Compare pricing from several life insurance carriers - Rates vary by insurance carrier.

2. Choose term life insurance over whole life insurance - Whole life can cost 2-3 time sigher than term life (or more).

3. Determine how much life insurance you really need - Don't buy more life insurance than you need.

4. Buy life insurance while you are young and healthy - Rates are lower the longer your life expectancy.

5. Prepare for your life insurance medical exam - Choose a time of day when you are most relaxed, don't drink alcohol or caffeine the day of your exam.

6. Pay your life insurance premium annually instead of monthly - There may be a fee added to your premium to cover the cost of processing multiple payments each year.

7. Get Healthy - Quit smoking, exercise, lose weight, lower your cholesterol, etc. - The healthier you are, the longer you are expected to live, and the lower your life insurance premium.

Here's how you can instantly compare the best life insurance prices from 40 of the leading life insurance companies.

2 Ways to Buy No Exam Life Insurance

How can I buy life insurance without taking any health exams?

Actually, if you want a no exam life insurance policy there are a couple options you may want to consider:

Simplified Issue Term Life Insurance with no exam offers you a choice of term life insurance for a duration of 10, 15 or 20 years.

There's no health exam required but you will have to answer some health questions which is how the insurer determines if you qualify for coverage. People ages 18 to 65 may qualify for a policy with no exam.

You may choose form $50,000 up to $400,000 of coverage.

Guaranteed issue life insurance offers life insurance with guaranteed approval for people ages 45 to 85.

That's right, you cannot be turned down due to any health problems you may have.

There's no physical exam needed and no questions asked about your health.

Here's how you can learn more about the Two Ways to Buy No Exam Life Insurance.

When Does Life Insurance Coverage Start?

You have the choice of making an initial premium payment with your application for life insurance. If you do so, your life insurance begins on the date of signature on your application, assuming all questions on the application are answered completely.

However, your life insurance coverage is subject to the terms and conditions on the conditional receipt you receive in return for your deposit. If, for some reason, you don’t qualify for the life insurance or you decide not to accept the the life insurance policy, your deposit will be refunded to you.

Most life insurance companies have monthly, quarterly, semi-annual or annual premium payment options available.

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Do I Need A Life Insurance Policy If I'm Single?

While you may not have a spouse or family right now, your situation may change in the future, and you may have a greater financial responsibility.

Also, you may have debts and final expenses that someone will be responsible for when you pass away.

And if you’re a younger single person, there’s a good chance you’re in good health, which typically means lower life insurance rates than you’ll get in the future, especially if you develop a health issue.

You could also take advantage of a whole life insurance policy that can build cash value over the years, from which you may take a loan if needed.

Learn more about life insurance for single people

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What does Life Insurance Cover?

Life insurance can be used to cover a variety of common expenses including:

1. Co-signed debt including student loans
2. Mortgages
3. College expenses for your children
4. Living expenses for your family
5. Stay-at-home labor expenses (cooking, cleaning, errands.)
6. Burial expenses including funeral, casket, memorial service, etc.
7. Loans from family members
8. Estate taxes that your heirs must pay for other assets

Life insurance funds usually go to your beneficiaries free from any federal taxes.

Your beneficiaries can use the proceeds from your life insurance policy for anything they choose to save or spend the money on.

Life insurance can replace your income and help to maintain your family's lifestyle.

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How Do Term Life Insurance Premiums Work?

Do premiums for term life insurance go up or stay the same?

With a term life policy your premiums will either remain the same or increase incrementally, either every 5 or 10 years, or each year, depending on the type of term life insurance policy you buy.

For example, an annually renewable term life plan will have a level premium for one year, and if you choose to renew your policy for another year, the premium increases based on your age at renewal.

There are also term policies that have level premiums for 5 or 10 years, then the premiums increases.

There are also level term life insurance policies with level premiums for the term you choose - either 5, 10, 15, 20, 25 or 30 years.

That's why it's so important to know how long you need life insurance and select a "term" that matches your need. Also, remember that term life may offer renewability so you can renew your coverage for another term when the original policy ends, but your renewal premium will increase, based on your age at the time of your renewal.

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Life Insurance Policy Exclusions

Are there exclusions on a life insurance policy?

This is an important question because life insurance has no standard policy, it may vary by insurance carrier.

Life insurance policy terms, prices, and exclusions may vary widely by life insurance company.

But in general, life insurance companies are in the business of offering insurance coverage to as many customers as possible, not turning business away, so they do find ways of providing coverage, but limiting their risk through the use of exclusions, when needed.

Many high risk activities such as scuba diving, race car driving and mountain climbing that might have been excluded in the past are often accepted for an additional premium.

Even people who have some chronic health issues may find life insurance coverage available if they’re willing to pay more.

Most life insurance companies have a suicide exclusion, though, for the first year or two the policy is in force. The length of the suicide exclusion depends on the law in your state.

Learn about life insurance for high risk people.