Tuesday, February 10, 2009

Introduction To No Medical Life Insurance

There are a lot of people who put off purchasing the term life insurance they need, because they don’t make the time or they don’t believe their health is good enough to show favorable medical exam results required by most insurance policies to go into effect. There are now a number of term life insurance companies that offer what is known as a no medical term life insurance policy that most if not all healthy individuals between the ages of twenty-five and eighty can qualify for.

If you do not have any serious or terminal medical conditions like cancer, diabetes or HIV, then you will probably qualify for no medical life insurance. In fact, most people who do not have any health problems will probably qualify for this type of term life insurance. When you decide to look into purchasing no medical life insurance, the first thing that you are going to want to do is to explore no medical life insurance quotes and see what price options are available to you.

No Medical Life Insurance Quotes

By exploring a variety of different quotes from insurance providers, you will be able to obtain an idea of what options are available to you. No medical life insurance quotes typically include the amount of the insurance being provided, along with whatever monthly premiums you are going to have to pay to maintain the insurance policy. Most insurance companies do offer no medical life insurance. But in general, the amount of the insurance benefit is going to be less than had you decided to obtain traditional term life insurance with a medical exam. Learn more about no medical life insurance

Still, if you are looking for a small policy that will give you only the benefit that you need, a no medical life insurance plan is almost the best and most ideal life insurance policy. You can easily obtain term life insurance quotes by contacting insurance brokers directly, or by logging on to the internet to request quotes from insurance providing websites.

Comparing No Medical Term Life Insurance Quotes

By contacting a term life insurance broker, you can discuss quotes and options that are available to you if you decide to consider no medical life insurance. He or she will take down all of the information about you and your family, including how much insurance you are trying to secure. Then, the broker will speak to a variety of insurance agents from companies around your area, giving you quotes on a variety of the no medical life insurance policies available to you.

If you are already working with an insurance company, then you can contact them to see if they will refer you to an agent dealing with no medical term life insurance policies. These insurance agents will collect your information and then they will give you quotes that you can compare. If you don’t have an insurance agent you can find reputable term life insurance companies online that can provide you with no medical life insurance quotes in a matter of minutes.

When you do decide upon a no medical life insurance policy, there will be some basic documents that you have to sign. Fortunately, you do not have to undergo a physical examination before your insurance policy is in force. You may still be asked questions about your medical history, so it is vital that you are honest and forthright when responding to this questionnaire so that your no medical term life insurance quotes will be accurate. Learn more about how to obtain no obligation no medical term life insurance quotes for you or your family

Term life insurance is a vital investment, and it is important that you consider no medical life insurance if you are in good health, because it is a quick and convenient way to get the insurance coverage that your family needs without hassle.

The Basics Of Level Term Life Insurance

Shopping for life insurance is a tedious and confusing undertaking. It is a task that many of us would like to avoid if it were not so necessary. Just as you finally decide which policy plan might best suit your needs, you then have to worry about your premiums increasing with each passing year as your risk of death increases with age. To simplify your venture in insurance shopping, many insurance companies offer what is known as “level term” life insurance.

Level term life insurance has premiums that are designed to remain the same for a period of 5, 10, 15, 20, 25, or even 30 years. This type of term life insurance is extremely popular because it is comparatively inexpensive while providing short to long-term coverage. This is especially ideal for individuals who are just starting out in the workforce.

How the Premiums Work

As noted, the premium paid for level term life insurance are the same each year. Payments are based on the total cost of each year's annual renewable term rates. The carrier then makes a time value of money adjustment (the “older,” more expensive to insure years are averaged into the premium). Therefore, the longer the term the premium is level (or remains the same), the higher the cost to the insured.

Most level term programs include a renewal option and allow the insured to renew for a maximum guaranteed rate if the insured period needs to be extended. This clause is typically only revoked if the health of the insured deteriorates significantly during the term.

What is the Catch?

As with all things that sound too good to be true, there are a few things to watch out for when choosing to purchase level term life insurance. Most level term policies provide you guarantee that your premiums will remain unchanged from original purchase price. However, not all carriers comply with their guarantees. Without a guarantee, the company can surprise you by raising your premiums when that was the last thing you wanted purchasing a “level” policy. It is imperative that you read all disclaimers and fine print. Ask questions if you do not understand the terms of the policy you are considering and make sure you purchase from a top rated (A to A+) company.

Conversion Policies for Term Life Insurance

In the case where you may become ineligible for level term life insurance renewal or if you decide that you would prefer to take advantage of the benefits offered by permanent life insurance programs, many term policies offer a conversion privilege for a certain period of years. During the allotted time period, the insured is allowed to convert to a permanent policy regardless of their health condition at the time of conversion. Purchasing a plan with a conversion policy is especially beneficial for young families. They are able to obtain the necessary coverage immediately at an inexpensive rate and then convert to take advantage of permanent policies as their income and assets increases through the years.

Conversions are usually implemented without proof of insurability. Some carriers will allow conversions until the age of 75. The coverage would be equal or lesser to the term face value already in place. It is a good idea to compare various term life policies to see which carriers offer conversions and the stipulations attached to their policies.

How To Determine The Proper Coverage And Time Period For Term Life Insurance Policy

For many, the concept of term life insurance is like a word from the dictionary of a foreign language. People seem to understand they need life insurance, but are not quite sure how to go about acquiring it. Understanding the rates and prices for life insurance can be confusing at best. Understanding the time that you need and the correct coverage period for term life insurance can be even more confusing. The most difficult part of understanding life insurance is not one of these two issues, however. Often, the hardest challenge with life insurance is figuring out the amount of coverage you actually need. Sure, it is easy to get caught up in all of the zeros and assume that the amount you have randomly chosen will be enough to cover every expense but how can you determine exactly how much your term life insurance policy should cover?

Your Home and Term Life Insurance

One of the first major considerations is your home. You definitely want your term life insurance policy to cover your mortgage payment so your family does not have to worry about trying to keep up with the expenses that are brought on by the house. How can you make sure that you have it all covered, however? The largest payment, the monthly mortgage, should be the first thing on your mind. Also, know the cost of the homeowners insurance and make sure that can be covered as well. Optional coverage can include repair costs, utilities and other general upkeep. These are not life necessities, but may be an option.

Your Family and Term Life Insurance

Another key consideration is the finances and debts that your family currently has. Are your cars paid off? Any car that is not currently completely paid off should be considered in your coverage amount. You need to be sure that you can cover the costs of car payments that may need to be made as you do not want to leave your family with more car payments than they can handle. Car insurance payments should also be considered. Your family needs time to adjust to the debts and to sort them out. Making sure that they have the money in case of an untimely death, is crucial. Learn more about term life insurance at

Your Kids and Term Life Insurance

When thinking of your kids, the most common question parents ask is, “How are we going to put them through college?” If you have kids, you should figure in college costs for all of your kids. Making sure you have coverage for college (whether your children are attending now or will be in the future) can help to make sure that your family can afford to do the things you would like them to, even if you are not there. By making sure college is covered, you can take the burden away from your children from having to worry about how they are going to get through college.

Term life insurance is a complex beast that can be difficult for some to understand. But spending a little time online reading makes the topic much easier to understand. Making sure you understand your debt and possible future debt, helps you calculate an approximate amount coverage you may need. Just like anything understanding life insurance requires some research, and some understanding, but doing the work can help you to know that you have a plan that will work for your family. Start researching term life insurance today and read more about what may be best for you and your family

Term Life Insurance For Newborns And Children

There seems to be a lot of controversy over whether or not a family needs to purchase life insurance for a newborn or young child. Practically the minute your new baby is born you are bombarded with marketing literature and applications for life insurance stating that buying insurance is not only practical but a good way to ensure that your child is protected or that they will benefit later in life. Some of the marketing literature appeals to your emotions (which is perfect after seeing your new bundle of joy) while other literature uses guilt tactics by suggesting that your child will be deprived if you do not buy a policy.

Ultimately, the decision is up to you whether or not you think your child or your family as a whole will benefit from a life insurance policy for your child. The best thing to do is educate yourself on the overall process and reasons for why life insurance is a necessity for young families.

If you do decide to buy a life insurance policy for your newborn or child, term life insurance seems to be the best policy to purchase.

Why Term Life?

Term life insurance can be purchased for many different face values as well as for a number of different periods from 5 to 30 years. These policies are often convertible down the road and realistically, serve the best purpose for a baby or child. For more information on term life insurance visit

To be sure, newborns and children are not the breadwinners for families. As coarse as it may sound, the reality is losing a child will not devastate a whole family in terms of financial ruin if, for instance, the entire income of the mother or father should disappear. The whole purpose of life insurance is to make sure that your family can maintain their current lifestyle or that your children will be able to attend college should you or your spouse become deceased. An insurance company would surely wonder if you took out a huge policy on a newborn or young child, so realistically, the benefits for someone so young would not support a family.

The problem with insurance companies suggesting that a family is depriving a child down the line if they do not purchase insurance causes a couple of problems. If parents do indeed decide to insure their newborn or young child they often neglect to buy enough insurance for themselves because they look at the overall budget for policies versus the payout. Second, while it appears that a life insurance policy will serve as a savings account should the child survive the policy by building cash value equal to or greater than the premiums paid, there really are better vehicles of savings than an insurance policy. Any financial advisor would choose a college 529 plan over an insurance policy.

The beauty of buying a term life insurance policy if you really must insure your newborn or young child, is you can buy a policy for as little as $5,000.00. These days that may not cover the whole amount of a funeral service, but it would help. Even if you increase the face value to $10,000.00 it would still be less expensive than going with a whole life policy or any other that build cash values. Further, if you choose a level term life policy the premium will remain unchanged for the life of the policy. Should you later decide to renew, chances are the child, who would most likely now be a teen or young adult, probably would not have to undergo a medical exam since they are still so young.

Term life insurance policies are the most cost effective way to cover any expenses you may incur should the unthinkable happen to your child.

When To Reevaluate Your Term Life Insurance Policy

Term life insurance can be a great alternative to permanent life insurance coverage, although it does depend on the person and the situation. When there is a major event in life, however, people often forget to change their life insurance to match the current changes. It is very important, however, to make the correct changes to your life insurance to be sure that you’re getting the most out of your coverage. No one wants to overpay for insurance they may not need so changing your life insurance plan accordingly may help to alleviate this problem.

Your Family and Term Life Insurance

A key consideration is that many people with families simply do not have enough term life insurance coverage. Life insurance makes sure that these family members are cared for should a situation arise that requires the payout of life insurance funds. At this point, if you are not insured, but are looking for term life insurance, a shorter term may be best. At the end of this term, you may change it into another short term, or you may convert the policy into permanent life insurance coverage that will change with your needs as you get older.

Marriage and Term Life Insurance

Term life insurance should be evaluated when couples get married. After a wedding there is a spouse to take care of and making sure each is covered with term life insurance is very important. There is generally a lot of debt accrued during the early years of marriage, and this debt, most likely, would be difficult for one person to handle. Assuring there is insurance coverage in case something happens to one of the members of the marriage ensures that the other is not left with a large monetary burden. Newly married couples usually do not need large policy coverage. Even buying cars and a house can be huge debts; this does not necessarily require high dollar policies of insurance early in life. This is because people are generally expected to live longer lives today. Whether they are permanent or term life insurance plans, you may be able to purchase a reasonable policy for a reasonable premium. If one or both members have life insurance pre-marriage, this is also a good time to re-evaluate the insurance coverage, making sure the policy can be amended to cover each other. To learn more about term life insurance visit

Unfortunate Circumstances and Term Life Insurance

If you’ve been unfortunate to be a widow or divorced, you may want to reevaluate your term life insurance policy. Because of the situation, you most likely have a current life insurance plan that gives you too much coverage and a high premium, and is more coverage than you may actually need. Changing your term life insurance policy to cover only the financial burdens that may exist now as opposed to when your spouse was still alive. By doing this, you may be able to save on your annual premium.

Children and Term Life Insurance

If you’ve recently had a child, this is an important time to look at your term life insurance coverage, since you’ve recently added someone to your family. It is important to reevaluate your term life insurance policy. You should make sure the coverage covers your financial needs with the addition of a child. It’s no secret that having a child, and taking care of a child until adulthood can be expensive. Check out and read more about term life insurance.

Term life insurance needs change as your life changes. Things can happen, whether they are positive or negative, that will affect your coverage needs. You may be under-covered. You may be over-paying. Reviewing your policies to ensure that you have the correct coverage can be beneficial both emotionally and financially.