Can I Take Out Life Insurance on Anyone?

No, you cannot insure anyone for life insurance.

In order to buy life insurance on someone else, you need their permission, and you must have an Insurable Interest in the person you wish to insure for life insurance.

Insurable Interest basically means you rely on that person for some means of financial support, or that you would suffer some financial loss or cost, upon that person's death.

Usually, you have an Insurable Interest in a spouse, your children, family members, and business partners, possibly.

Learn more about who you may insure for life insurance coverage.

 

How Long Do You Pay for a Term Life Insurance Policy?

The "Term" of a term life insurance policy is the period of time you are insured.

This is the length of time you pay premiums on your life insurance.

However, if you pass away during the "Term" of your life insurance coverage, the insurance ends, and the death benefit is paid out to your beneficiary, and there are no more premiums to pay on the policy.

If you outlive the duration of your coverage term, the life insurance expires, and you pay no more premiums.

Learn more about How long you pay for term life insurance coverage.

What is a Life Insurance Coverage Term?

A coverage term for life insurance is the duration of time you have life insurance protection under a term life insurance policy.

The "Term" is the period of time your life insurance coverage will last.

Term life insurance policies offer temporary coverage lasting for up to thirty years.

However, you may be able to choose a "Policy Term" of 10, 15, 20, 25 or 30 years of coverage.

If you outlive the duration of your coverage, the life insurance protection expires.

 

Who Purchases Life Insurance?

A purchaser of life insurance is usually someone who has others who rely on him or her for some means of financial support; such as, a parent.

However, whether you are single, engaged, married, divorced, widowed, or have children or grandchildren - you may have a need for life insurance protection.

Many people buy life insurance to replace their income for their family should they die, or to provide the funds needed to pay off a home mortgage loan or to make sure their children have money to attend college.

Learn more about Who purchases life insurance protection.

What is Term Life Insurance and Do You Need It?

Term life is temporary life insurance and provides coverage up to 30 years.

If the insured dies during the policy term, the death benefit is paid out to the beneficiary of the policy, subject to the terms, conditions and exclusions in the policy.

If you need life insurance protection lasting for a duration of thirty years or less, then term life insurance may be right for you.

 

Guaranteed Issue Life Insurance Under 50

Can people under age 50 get life insurance with guaranteed approval?

Yes, there is a highly-rated insurer that offers guaranteed acceptance life insurance for people between the age of 45 to 85 years old.

With guaranteed issue plans you will not have to answer any health questions or take any medical exams.

If you meet the age requirement for acceptance, your approval for life insurance is guaranteed.

Here's how to get guaranteed issue life insurance for people under 50 years old.

What is the Definition of Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is a type of whole life insurance policy that guarantees your approval for coverage.

It means, you cannot be turned down for life insurance if you meet the age requirements and live in a state where the insurance company offers the plan.

With guaranteed issue life insurance there is no health exam required, and you won't have to answer any questions about the status of your health.

Even of you have a serious pre-existing health problem, or have been turned down by other insurers, you can still get insured.

Usually, these plans are available for people between the ages of 45 to 75 years old.

One highly-rated insured offers guaranteed issue coverage for people ages 45 to 85. Get a free quote.