Posted on Mon, Feb 13, 2012
Once you've decided to purchase a term life insurance policy to protect your family from financial hardships, you'll want to look for ways to save money. Your premiums do depend on your age, smoking habits, and health, but there are still ways to save on your term life insurance, even if you aren't in perfect health (or indulge in a cigar now and again). Here are three things you can do to save:
1. Ask for a lower rate. If you're that occasional cigar smoker, you may get quoted the same rate as a two-pack-a-day smoker. If you write a well-reasoned letter to your insurance company, you may be able to qualify for a lower rate than you originally thought. That can apply for any condition - explain it, and include medical documentation if necessary.
2. Buy more coverage. Yes, that's right - if you're going to buy $240,000 worth of life insurance, you might as well just buy $250,000. That's because insurance companies are more likely to adjust pricing in $250,000 increments. With one insurance company, a 35-year-old male nonsmoker may pay $1.02 per $1,000 of coverage up to $249,000 - but could end up paying only 92 cents per $1,000 of coverage from $250,000 to $499,999. When you're sitting down to purchase your
term life insurance, be sure to ask about how much it costs per $1,000 of coverage and if you can save money by purchasing more in life insurance.
3. Find an insurance company that specializes in what you need. If you have diabetes or a heart condition, for example, you may end up paying a lot more in premiums from companies that lump all diabetics together as one risk group. But if you find an insurance company that classifies diabetics by type, you may save quite a bit on premiums. Shop around, and don't be afraid to use an insurance agent to help you find a specialty insurance company that bases premiums on more than just an umbrella diagnosis.
The bottom line is
term life insurance does not need to be prohibitively expensive. With some shopping around, asking the right questions, and arming yourself with information on how the process works, you can choose coverage that will protect your family and assets and provide for them in the event of your death. It's never too late to buy a policy, so choose wisely, and choose carefully.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Feb 10, 2012
Obtaining a life insurance policy is a crucial decision during a person's life. The policy is designed to provide money to your beneficiaries in the event of your death. To make the process of obtaining life insurance more efficient and convenient you can compare and buy life insurance online, from the comfort of your home.
Purchasing the appropriate life insurance policy for your situation is important. There are various types of life insurance to choose from based upon your age and needs.
10, 20, 30 Year Term Life Insurance Policies
Because of the term it covers, term policies are best suited when you have something to protect for a period of time. For example, for those with 20 years left on their home mortgage, a 20 year policy is ideal in the event that the owner dies within the length of the contract. The policy can be used to pay off the mortgage and any remaining balance will be passed on to the beneficiary. Similarly, many parents with small children choose to invest in term policies that last until their children are grown. Since the term of the contract can be customized to cover the children until they become adults, the policy can ensure that they will be financially cared for in the event of the parents' death.
Term policies are less expensive than permanent policies and can provide great value for low monthly premiums. They can be customized based on individual needs to include appropriate term lengths and coverage amounts.
Permanent Life Insurance
If you want the comfort of knowing that you're always covered, then this may be the plan for you. There are three different types of whole life insurance.
- Traditional Whole life
This policy will pay the beneficiary a death benefit to cover expenses incurred from funeral and burial costs. It will also cover debts such as mortgage payments, medical bills and loans.
- Universal
With the adjustable premium this policy offers, the policy holder is able to start and stop payments at their leisure, once enough cash value has been accumulated.
- Variable
With variable whole life insurance, there is no cash value guarantee, however it does offer a net investment return.
Permanent life insurance will cover you your entire life.
Mortgage Life Insurance
This life insurance policy is specifically designed to pay off your mortgage in the event of your death. Many families struggle with mortgages after the death of a loved one and often lose the home due to their inability to cover the costs. This type of insurance can protect your family from losing their home.
With so many options to choose from, you will experience lessened stress, convenience and accuracy, when you buy life insurance online. Find the policy that best suits your needs and provide peace of mind to you and your family. You can buy life insurance online today.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Thu, Feb 09, 2012
If you are looking for life insurance but are worried about taking a medical exam, have no fear because no exam life insurance is a viable option for many life insurance applicants.
No exam life insurance is a type of life insurance policy that does not require you to undergo a blood test or any other medical examinations. Since there is not a medical exam, the policy premiums are calculated based on a few lifestyle and health related question as well as an applicant’s age and gender. When shopping for no exam life insurance it's beneficial to shop around because often times the premiums vary from one company to the next. Here are a few questions to think about before purchasing a policy.
Five Questions to Ask When Buying No Exam Life Insurance
1. Do I Need Life Insurance?
To answer this question ask yourself if there are people that depend on you or if there are expenses you have that you don’t want to fall on loved ones should anything happen to you. The reasons each individual needs life insurance vary. Ask yourself questions like: Do I have a family that will need additional income if I’m not there to provide it? Do I have a mortgage to pay off? Do I have other debts that I don’t want to fall on friends or family? Do I want to leave a financial gift to a loved one? Do I want life insurance to cover funeral related expenses? The great thing about life insurance is that it can financially protect the ones you love in several ways.
2. How Long Is The Policy Guaranteed For?
When buying a policy you can customize how long you want it for. You can choose to purchase for terms including 5, 10, 20 or 30 years of coverage. When choosing a term length, consider the reason you are purchasing life insurance. For example, are you purchasing term life insurance to protect your family while you pay off your mortgage? If so, consider purchasing a policy with a term length that lasts through the duration of your mortgage. 3.
3. How Much Coverage Do I Need?
Consider your insurance objective, for example, providing income to your loved ones in the event you pass away. Depending on your age, stage in life and financial ability to cover your premiums you can purchase enough insurance to cover any of the following:
- Income replacement (consider how many years you want to replace for)
- Existing debt
- Cost of remaining mortgage
- Funeral expenses
- Future obligations (ex. kid's college costs)
4. Should I Insure My Spouse and/or Children?
If you can afford it, additional life insurance for your spouse is a great idea. In cases where your spouse is the primary care giver, although income replacement may not be a concern, the added costs for childcare, funeral costs and other unanticipated expenses can be covered by a smaller policy on your spouse. A rider, which is additional coverage not already included in your policy, may also be added to cover your children on either yours or your spouse’s policy.
5. What Type of No Exam Life Insurance Should I Purchase?
There are three main types of no exam life insurance:
Graded Death Benefit Life Insurance: This type of no exam coverage requires a simple application with a few health related questions. Typically full benefit under this type of policy is not available for the first few years or is "graded," meaning benefits increase over time (when you have paid more into the policy).
Simplified Issue Life Insurance: This is an underwritten policy that includes detailed medical history but does not include a medical exam. The process of obtaining life insurance is simplified and quicker than it is for a traditional underwritten policy.
Guaranteed Issue Life Insurance: This type of insurance is exactly as the name implies. Everyone is guaranteed a policy regardless of medical history because no medical questions are asked in the application. However, this insurance is expensive and in most cases should be a last resort.
No exam life insurance premiums are generally a bit higher in price than traditional life insurance policies because life insurance companies are taking a bigger risk by allowing you to skip the medical exam. However, the speed, ease and convenience of purchasing a no exam policy, plus the benefit of avoiding the doctor's office and protecting your medical privacy, are all valid reasons to purchase no exam life insurance.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Wed, Feb 08, 2012
Once you've decided to purchase a
term life insurance policy to protect your family from financial hardships, you'll want to look for ways to save money. Your premiums do depend on your age, smoking habits, and health, but there are still ways to save on your term life insurance, even if you aren't in perfect health (or indulge in a cigar now and again). Here are three things you can do to save:
1. Ask for a lower rate. If you're that occasional cigar smoker, you may get quoted the same rate as a two-pack-a-day smoker. If you write a well-reasoned letter to your insurance company, you may be able to qualify for a lower rate than you originally thought. That can apply for any condition - explain it, and include medical documentation if necessary.
2. Buy more coverage. Yes, that's right - if you're going to buy $240,000 worth of life insurance, you might as well just buy $250,000. That's because insurance companies are more likely to adjust pricing in $250,000 increments. With one insurance company, a 35-year-old male nonsmoker may pay $1.02 per $1,000 of coverage up to $249,000 - but could end up paying only 92 cents per $1,000 of coverage from $250,000 to $499,999. When you're sitting down to purchase your
term life insurance, be sure to ask about how much it costs per $1,000 of coverage and if you can save money by purchasing more in life insurance.
3. Find an insurance company that specializes in what you need. If you have diabetes or a heart condition, for example, you may end up paying a lot more in premiums from companies that lump all diabetics together as one risk group. But if you find an insurance company that classifies diabetics by type, you may save quite a bit on premiums. Shop around, and don't be afraid to use an insurance agent to help you find a specialty insurance company that bases premiums on more than just an umbrella diagnosis.
The bottom line is
term life insurance does not need to be prohibitively expensive. With some shopping around, asking the right questions, and arming yourself with information on how the process works, you can choose coverage that will protect your family and assets and provide for them in the event of your death. It's never too late to buy a policy, so choose wisely, and choose carefully.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Tue, Feb 07, 2012
Term life insurance is one of the most popular life insurance products available. The great thing about term life is that it provides continuous protection for you and your family for a specified period of time. Generally, the length of term life insurance can range from five, ten, fifteen and even thirty years. Unlike whole life insurance, term life insurance is considered a temporary form of coverage. However, some term policies include options that allow you to renew your policies or convert to whole life insurance.
Many people choose term life insurance over other types because term life insurance generally offers more coverage for your buck. It's a great value. The premium for your term life policy is determined by your insurance carrier and is based on your health, lifestyle, and age to name a few. If you purchase your term life insurance while you are healthy you are more likely to secure lower premiums.
Should something happen to you, your term life insurance can be used to pay off your family's mortgage, put your children through college, or any other expenses. Additionally, should you become ill or disabled years later, some policies offer options to receive benefits early. Your goal is to make sure that your family is provided for in case you are unable. Protect them with term life insurance and rest easy that they'll be taken care of.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Mon, Feb 06, 2012
How Much Coverage Is Enough?
Your family is the most financially vulnerable when your children are young, because they are completely dependent on you for support. This is also the time when most parents struggle to balance monthly expenses while attempting to save for future costs, like college tuition.
The main purpose for life insurance coverage is to protect your family from financial turmoil in the event of your death. Merely guessing at the appropriate coverage amount isn’t enough to ensure their protection or your peace of mind. Tools like our Life Insurance Calculator will help you determine your family’s needs with more accuracy.
In general, the younger your family and the more children you have, the more life insurance coverage you need.
What Type of Insurance Is Best For You?
Many young families benefit most from term life insurance coverage. Why? Because a term policy offers insurance coverage during the time that your family is most in need of financial support. Many people expect their living expenses to diminish over time, so they prefer a policy that will mirror their financial requirements.
Term life insurance policies also tend to be more affordable than other types of coverage. Since the term life insurance only lasts for a set period of time, term policies have much lower premiums in comparison to whole life (permanent) policies.
How Prepared Are You?
Every young family should take time annually to review their life insurance needs. Here’s a checklist to get you started:
- Don’t have life insurance coverage? You need it. Go for a term policy with a carrier you can trust and premiums that fit within your budget.
- If you have an existing policy, make sure it's up-to-date with your family’s current situation. Events like the birth of a child will affect the amount of insurance coverage you need. Answer the questions in our insurance calculator with as much honesty as possible and compare the results with your current coverage.
- Decide on an appropriate term for your policy. You’ll want to be sure the policy will still be in effect throughout the years of your family’s greatest financial needs.
- Carefully designate your beneficiaries. In the event of your death, your life insurance proceeds will go directly to those listed in your policy.
- Create a legal will with pertinent information about your life insurance policy, including the full names of any beneficiaries.
Sufficient life insurance coverage with a trusted carrier is one of the best ways for parents of a young family to ensure financial protection and peace of mind for their loved ones.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Sat, Feb 04, 2012
When you are looking for the best life insurance policy for you and your family, make sure you are getting the best policy for your money. It is very possible to find a great plan without overpaying. Before you get started searching for the perfect policy, you will want to make a list of the people and expenses you want covered. These expenses can include paying for college, weddings, mortgages and any other assets you may have. This should give you a better idea of the kind of policy you should be in the market for. Taking a few extra steps to ensure that you find the best life insurance policy to cover you and your family at the best possible rate for you is easy. Check out these three ways to help.
Shop Around
Shopping around for insurance is a great way to save money on policies. This may seem like a no-brainer, but you would be surprised at the amount of people who don't compare policies or prices. Many buy first and ask questions later, which often results in paying more for less coverage. You don’t want to become a victim of careless shopping, so request several quotes and get information on what's included in a policy before you make a decision on which life insurance is best for you and your family.
Get Fit
Adapt a healthier lifestyle and get in shape. Life insurance companies tend to favor younger people who are usually in better health than the average middle aged person who may or may not have any health concerns. Therefore, older applicants often have higher premiums. The key to getting your premiums down is to become healthier and keep a low Body Mass Index (BMI). The closer your BMI is to your target BMI, the more money you'll likely save on premiums.
Choosing the Right Policy
If your employer offers life insurance policies, look over them carefully and compare them with what you have found through your own research. Make sure you select the best policy. If you have a spouse or family members you want to protect, examine all of your coverage options first. The cheapest plan is not always the best plan, so make sure that you are aware of everything that the policies include. Additionally, a joint policy may sound great, but it's often better to own individual policies to provide ample protection for you and your family. If employee sponsored coverage is not enough to adequately protect your family, consider purchasing a supplemental life insurance policy.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Feb 03, 2012
It's not surprising that people with healthy lifestyles and habits are eligible for the lowest life insurance premiums. But what factors will keep you from getting the lowest rates on your life insurance? Some of the top reasons are: smoking and nicotine use, excess weight, high blood pressure and chronic medical conditions. When you buy a life insurance policy, you are evaluated at the time of purchase, and your premium is set as a result of the company's determination of your health class or category. Four decisions to improve your health can reduce your life insurance premiums.
1. Live a smoke free life. If you smoke, here's one more reason to quit: if you quit and remain smoke-free for six months to a year, you could be eligible for lower life insurance premiums.
2. Maintain a healthy weight. If you can get into a healthy weight range, you will see life insurance premium improvement, too. Losing weight also helps to reduce the risk of chronic diseases like type 2 diabetes and hypertension.
3. Improve your diet. By now, many people have heard about how former President Bill Clinton stopped eating fried chicken, mashed potatoes and prime rib. The former president was only 58 years old, looking forward to a busy post-presidential life and schedule, when sudden chest tightness signaled heart disease and forced him to undergo quadruple bypass surgery. With a family background of heart disease, President Clinton chose to improve his health. You can also improve your health by maintaining a healthy diet.
4. Implement an exercise routine and adopt regular exercise habits. You do not have to start competing in Iron Man triathlons to adopt good exercise habits. Regular exercise can consist of walking, swimming, stair climbing or exercises incorporating flexibility, like yoga and pilates. Recent studies show that adults with the overall best health get 30-60 minutes of exercise daily.
In general, the healthiest people eat regular, nutritious meals, including healthy snacks like apples and modest amounts of nuts containing heart-healthy oils, are nonsmokers and limit alcohol intake. This isn't rocket science; it's just common sense that can improve your physical health and in turn, your financial health when you pay your life insurance premiums.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Thu, Feb 02, 2012
You leave in just two days for a whirlwind tour through Asia that you and your wife planned. “You took care of all that life insurance stuff right?” your wife asks. It was important to her that you had life insurance in place before the trip, just in case. You were so busy wrapping up work and dreaming about temple visits and exotic food that you forgot all about it. You panic, how can you possibly get life insurance with this little time? How can you fit in the lengthy paperwork or a medical exam to get coverage?
This is one of many scenarios where no exam life insurance might be a solution to your problem. No exam life insurance is a type of life insurance that is offered in several term lengths and coverage amounts. It is generally a much quicker way to secure life insurance coverage because it skips the medical exam and instead requires you to answer only a few basic questions about your health and lifestyle. Since life insurance is an important safeguard for your dependents if something were to happen to you, there is no reason to go unprotected when coverage is available without a medical exam in as little as 24 hours.
Good candidates for no exam life insurance are individuals who need immediate coverage and people who just don't want to go through a medical exam when purchasing a policy. Generally speaking, traditional underwriting for life insurance can take up to six weeks. If you don't have the time to wait for a decision, no exam life insurance is a way to speed up the process. Additionally when you purchase life insurance with no medical exam, you don't have to share your private medical information with others and you don't have to subject yourself to extra exams or testing. No exam insurance policies are simple, are processed quickly, and protect your loved ones.
At Efinancial we offer a variety of life insurance policies that require no medical exam. With Efinancial you can even secure coverage within 24 hours. Just provide us with some basic information to receive a side by side comparison of the most competitively priced policies on the market. If you have questions about no exam life insurance options available to you, contact us 866-765-4296. We are here to help you find a policy that will protect you and your loved ones for years to come.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Wed, Feb 01, 2012
Buying life insurance can be simple. Keep these three tips in mind to sail through the buying process and get the coverage you need.
Tip #1. Calculate how much life insurance you need. Before you comparison shop and request life insurance quotes, you should calculate the amount of insurance you think your family needs. This calculation is highly individualized because it accounts for the ages of your spouse and children, existing mortgages, college plans, and funeral expenses. Efinancial's life insurance calculators can help you figure out how much life insurance you need. For a detailed figure, you can also calculate your family's monthly expenses, including rent or mortgage, tuition, debt, living expenses, and other ongoing expenses. In addition to recurring expenses, add one-time expenses like funeral costs. Once you have a calculation you feel comfortable with, run it by your life insurance agent or financial advisor to get a second opinion to see if the figure is reasonable.
Tip #2. Identify the policy that is best for you. As you explore the process of buying life insurance, you'll find that there are several types of life insurance coverage. You will want to find the type that fits your specific needs.
Term life insurance is the least expensive type of policy because it protects you for a certain amount of time, usually between 5 and 30 years. This type of insurance works well for families with mortgages or student loans because if the insured passes away before the debts are paid, the insurance payout can cover the debts. It doesn't build cash value over time, but some term life insurance policies can be converted to whole life policies at a later date.
Whole life insurance policies cover individuals for their whole lives. As such, they are more expensive than term policies, but they offer other benefits in addition to the insurance protection. Some whole life policies pay annual dividends, and some offer loan options, so you can use the cash value to pay for education expenses or to subsidize your retirement.
Universal life insurance is a type of whole life policy that covers you from the date of purchase to the date of your death, but the insurer offers you flexibility in the amount of coverage you have at any given time. Thus, you can increase your coverage during vulnerable times and decrease your coverage when you're more secure, raising or lowering either the amounts or frequency of your premiums.
Variable universal life insurance policies combine universal policies with investment options, giving you more control over the cash value accumulating in your account. Used as an investment vehicle, these life insurance policies combine life insurance with retirement planning. Be aware, however, you may face IRS penalties if you withdraw funds prior to age 59 1/2.
Tip #3. Consult a licensed agent. Life insurance agents have experience helping people acquire the best policies for their individual situations. Licensed agents can help you find policies with reputable companies with top credit ratings. By establishing a relationship with a licensed agent, you'll have a professional who can help you make adjustments to your plan as your life situations change.
Buying life insurance doesn't have to be a headache. By following these simple tips, you can get the protection your family needs. The result will be peace of mind and a feeling of security for your whole family.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com