Life Insurance Blog | Efinancial

Simple Facts About Instant Life Insurance

  

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How often do you think about life insurance? While it might not be an everyday thought, it probably circulates through your mental loop fairly often. The bottom line is that the "What if..." scenarios everybody wonders about from time to time link back to the question, "Should I buy a life insurance policy?" You watch the news and hear about a devastating event and wonder, "What would we do if my spouse were to die?" Or, perhaps you overhear locker room talk about someone with three kids in college and wonder, "How on earth are we going to afford that?" Luckily, it has never been simpler, or easier, to buy life insurance online and find the policy that is right for you. Best of all, some policies can become active almost instantly!

Here are some simple facts about buying life insurance online:

1. Buying Life Insurance Has Never Been Easier. If you buy instant life insurance online from a reputable company, an agent will get to know your individual needs and help to find a policy that will provide you protection. After answering a few questions, your information will be quickly processed and an agent will assess your information and suggest the policies that best meet your needs. 
2. You Can Compare Different Policy Premiums At A Glance. Everyone is busy these days, which is why purchasing a life insurance policy can slip through the cracks. Who has time to compare policies and contact individual companies for comparison? After submitting your information, you will be able to view various policies and term pay outs with their corresponding purchase prices. This allows you to find a policy that will work with your budget and still comfortably meet the needs of your family should something happen to you and/or your spouse. 
3. A Medical Exam is not Always Necessary. When you buy life insurance online, you answer a series of questions that evaluate your health and lifestyle. You will be asked about your habits and routines such as your diet, drinking, and exercise, as well as any pre-existing conditions. Your answers will be reviewed instantly to see if you can be approved to purchase 10-year, 20-year, or 30-year term life policies, for up to $500,000. If you are approved, your policy can be put into force instantly. If you decide you would like a policy that is worth more, then a few basic steps ahead of time can make your medical exam go smoothly and help to approve you for the policy you want. 
4. Policy Information Is Available Online 24/7. Instant life insurance policies offer the convenience of one stop shopping, and access to resources for your policy information and questions twenty-four hours a day. When you buy life insurance online, you have links to FAQ's, explanations of benefits and explanations of the differences in policies.

It shouldn't be a matter of if you want to buy a policy, it should be a matter of when . All your worries regarding "What if..." scenarios can be erased now if you take a few minutes to buy life insurance online.

Term Life Insurance with No Exam

  

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Term life policies are intended to provide simple coverage to protect beneficiaries upon the death of the insured. Many types of insurance require medical exams to qualify a person for coverage, and the outcome of the exam can determine the eligibility and the level of coverage they are able to get. However, it is possible to get term life insurance without a medical exam by shopping around online. If you are looking to protect your assets and your family in the event of your death, no exam life insurance is a great option.

How it Works

Term life insurance remains in force for a specific period, which is selected at the time you take out the policy. Standard insurance terms are 5, 10 or 20 years, the value of the policy is guaranteed, and it pays out the full insured amount to your beneficiaries upon your death. The premium is fixed for the policy term. If you outlive your term policy and choose to buy a new one, or your current policy gives you the option to renew, your insurer will advise you of the amount by which the premium could increase.

No Exam Term Life

No exam life insurance comes in a variety of products tailored to suit your needs, and term life is one of them. If you decide that this type of policy is right for you, it will be necessary for you to answer some medical questions but you will not have to give a blood test or undergo an examination. The policy questionnaire typically includes questions about former surgical procedures, chronic conditions or diseases you have or have previously suffered from, as well as medical treatment and other medical history. Based on your answers, the premiums will be calculated against the insurance maturity value you request.

Benefits

There are a number of benefits to taking out no exam life insurance. For example, by eliminating the time it takes to get a medical appointment, undergo the exam and then wait for the results, the shortened application process can result in finalization of a policy within 24 hours. If you are looking to save time, or if you simply hate doctors and needles, this option may be a great choice.

Disadvantages

The obvious disadvantage of no exam life insurance is that it costs more than traditional insurance. However, if you need coverage urgently because another policy has expired, the higher premium is a small price to pay for the peace of mind of knowing your family will be financially protected.

For more information on the advantages and disadvantages of no exam life insurance or to assess your specific needs visit us online at Efinancial.com.

Tips When Buying Online Life Insurance

  

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For some people looking to buy life insurance online, the plethora of options and websites available can seem like a lot. Fortunately, there are a few things that can make the online insurance hunt easier and more enjoyable.

• Perhaps one of the most popular things about online insurance searches is that they allow you to compare prices, features, and special allowances across a broad range of policies and insurance companies. When you make these comparisons, though, be sure that you are comparing like things, as there are many variables within the life insurance sector, including the differences between term and whole life insurance that can take the policy coverage and the premiums available in different directions. 
• Social networking sites have changed the way that people shop and learn about things, and life insurance is no different. Consider researching insurance-based blogs and forums where opinions and researched articles abound. These sites can add valuable insights to your life insurance search all in a few convenient locations versus requiring you to search high and low online for the same information. 
• Check out customer testimonials. Popular search engines are a great way to start your research and help you find customer reviews on insurance companies. Customer reviews can lend valuable insights into a company.

Since so much in life revolves around your most precious assets - your family, your home, your future - it makes sense that protecting those things in a financial way should be a priority. When looking online at life insurance options, be sure to read the fine print to make sure you are getting exactly what you thought you were. Research, check the facts, and talk to an experienced and licensed agent to get a policy you can rely on.

I Need Life Insurance Quick! What Should I Do?

  

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There are many reasons why people purchase life insurance, and a majority of the time it stems from a desire to care for those you love even after you have passed away, ensuring that they remain financially secure and stable no matter what future years may have in store. While many people spend a lot of time researching life insurance options and preparing to purchase a policy, there are countless others that find themselves in a situation where they need to purchase life insurance quickly, and often without the added hassle of having to have a medical exam. It is important to note, though, that such policies are often a bit more expensive than a traditional policy that comes standard with a medical exam. Fortunately, there are many, many options available to those who want to secure a no exam life insurance policy quickly and easily. If this is you, here are a few steps to take that will help you through the process:

First, decide what type of insurance policy you want to purchase. The no exam life insurance policy that you select should fit your unique lifestyle and needs as closely as possible. As a brief overview, term life is one of the most common life insurance available; term life insurance is purchased for a set period of time. Second, research the different insurance companies and policies available to comparing rates and benefits. As with any important purchase it is a good idea to price-compare to get the best bang for your buck.

Next, look at your budget to make sure you can easily afford the monthly insurance premiums that will come along with your policy of choice. Life insurance is not generally prohibitively expensive, but some policies can be more expensive than others. For example it is more costly to purchase a whole life policy over a term policy and no exam policies are also generally a bit more expensive than traditional underwritten policies.

Our final tip is to be prepared with the appropriate information when filling out the application. This will ensure that things move quickly and your application is reviewed and approved in a timely manner. For more information on your life insurance options visit Efinancial.com.

Getting Life Insurance Online is Easy

  

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Whether we want to or not, we are living in a fast paced world.  Time flies by and that "List of Things to Do" keeps getting longer and longer.  One of the things you have probably thought about more than once is whether or not you should purchase a life insurance policy for you and your family. It might even have made a physical appearance on your ever growing "To Do" list.

For many people, the subject of life insurance can bring uncomfortable feelings to the surface, because thinking about death or unforeseen tragedy, whether it is your own or that of a loved one, is never pleasant.  However, another reason you might have had difficulty finding the inspiration to research life insurance in the past is because it takes a fair amount of energy to find reputable agents, compile their quotes, and then compare policy information. It is easier to just keep it on the "To Do" list. Thankfully, Efinancial has transformed the entire process.  

Buying Life Insurance Online is Easy

Now it is easier than ever to get life insurance because you can buy it online.  When you go online to Efinancial's website, all of the resources you need are right there in one location.  You don't have to drive anywhere.  There is no need to carve time out of your own busy weekday obligations to accommodate an insurance agent's appointment schedule. Information about a variety of life insurance policies can be found twenty-four hours a day, seven days a week. Online access to life insurance information means that you can sit down and find the answers to your questions when it is convenient for you.  You also have all the time in the world to read the information, and peruse the Frequently Asked Questions, until you know which policy type is the right one for you and your family.

Buying Life Insurance Online is Quick

Efinancial's user friendly website is designed to compile all of your pertinent information quickly.  Once you have completely and accurately answered the questions on our quote forms, you will receive individual quotes from major life insurance carriers in moments.    You can then compare these policies and decide which one works best for your financial plan. You will also receive information that is easy to understand about both the policies you are quoted for, as well as the insurance provider. With all of the information you need right at your fingertips you can rest assured that your final choice is an educated one. Best of all, your policy is enacted immediately upon purchase and you will be able to print your completed policy instantly.

Buying Life Insurance online with Efinancial is Trustworthy

Always make sure you buy life insurance policies from reliable companies that deserve your trust.  Efinancial represents the most reputable life insurance providers in the industry. You can find out how your potential carrier rates by checking their rating on the websites of A.M. Best, Fitch, Moody's, Standard & Poor's, and/or Weiss.  Buying a life insurance policy from a trustworthy source is the best thing you can do to take care of your family's future.

Term Life Insurance for Women – What Women Need to Know

  

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Even though more women are increasingly responsible for half of all household expenses, many are not planning ahead with life insurance in case of a catastrophe. Most women either have too little insurance - or none at all, which can be disastrous if a worst-case scenario comes to fruition. Approximately 64 percent of women have no life insurance whatsoever, according to some studies.

But what happens if you pass away without life insurance in place? Would your spouse have the capacity to cover expenses, provide for a family or sustain the current standard of living? To assess how your spouse could meet financial obligations ask yourself questions like, am I a key contributor to a two-income household? Would my spouse be forced to sell the house? Would funeral expenses be covered? Even if you're not married and don't have children, should you pass away before your parents, they will be responsible for your funeral costs, which could be difficult if they're living on fixed incomes.

Term life insurance is a simple solution to the financial burden that may be placed on your loved ones if you pass away. Here are a few good things to know about term life insurance before you speak with an agent.

Term life insurance is affordable. An insurance agent can customize a policy to fit your budget and needs to get you the coverage that fits.

You can purchase as much or as little as you think you'd need. Consider whether or not you're the sole wage earner or a stay-at-home parent. If you're the sole wage earner, you'll likely want to purchase enough life insurance to cover lost wages. If you're a stay-at-home mom, you'll likely want enough coverage to cover child care until your children are old enough to take care of themselves. You may also want to factor in medical expenses, funeral expenses, and other costs when you're deciding how much coverage to buy.

You can purchase term life insurance and set up your children as beneficiaries. If you want to name your children as beneficiaries and they are young, you can have the proceeds placed into a trust account. Contact your estate planning attorney or your insurance agents for details on how this can be done; laws vary from state to state. You can name multiple beneficiaries at your own discretion.

Life insurance doesn't have to be expensive or complicated, and it's important to be able to provide for your family in the event of your passing. By choosing a term life insurance policy that adequately covers expenses and lost income, you can leave your family with some peace of mind after you're gone.

No Medical Exam Life Insurance - Protection For Everyone...

  

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Have you ever thought about what would happen to your family if you were not around to provide for them? What would happen to your family if you passed away? To protect your family against unforeseen events, consider no exam life insurance.

Why Should I Get No Exam Life Insurance?
Most insurance companies require medical exams to determine your life insurance offer. This means doctors, needles, and other tests. If this doesn't sound like your cup of tea, no exam life insurance allows you to bypass the traditional exam to get coverage. Bonus, because you are skipping the exam, the application process will be much faster and you will receive your life insurance offer much sooner.

What are the benefits of No Exam Life Insurance?
There is peace of mind, of course, and nothing is more valuable than that. In addition, benefits for this type of insurance include:

• Quick and easy application (insurance coverage in as little as 48 hours) 
• Bypass the medical exam 
• Unless you are in a hospital or long term care facility, you WILL NOT be turned down 
• Coverage is tailored to your specific needs 

Protect Your Family with No Exam Life Insurance
No Exam Life Insurance can protect your family in many ways. Here are a few great items to discuss with your Efinancial representative: 

• How can a policy cover funeral expenses? Commercials talk about the cost of funerals, but every year the price goes up. As we head into 2012, the current rate for funeral costs can be over $10,000. 
• How much coverage do I need to cover college funds for my children? 
• What term length should I choose if I want to pay off my mortgage and/or outstanding debt 

Whether you are looking to speed up the life insurance process or you just want to skip the medical exam, no exam life insurance policy is a great option.

Life Insurance Coverage - How Much is Too Much ?

  

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When looking to buy life insurance online, one of your first questions is probably, "How much insurance should I buy?" After all, we're talking about figures in the hundreds of thousands and sometimes even millions of dollars. They're not financial figures you throw around every day.

If you've toyed around with some of the online calculators, you may have found that different calculators give you different estimates of how much life insurance you need. The reason you get different estimates from different calculators is that there's no one-size-fits-all formula for how much life insurance you should buy. The amount of life insurance you need is personal, and it depends on several factors.

Income Replacement. A main purpose of life insurance is to serve as an income replacement. You can arrive at the amount your family may need by either by adding up monthly expenses and then projecting that amount out for as long as you want the income to last. Again, this is a very personal calculation. If your spouse earns a good income or if your children are older, you may not need as much as if your spouse stays home with very young children.

Debts. The reason to buy life insurance is to help your family to live their lives as planned even though you're no longer with them. Having enough money to pay the mortgage, car loans, student loans, and other debt will ease their worries and help them live comfortably. When figuring out how much life insurance you need, don't forget to add up all your debts.

Educational Expenses. If you have pre-college aged children, calculate how much you'd like to spend on their educations, and add this figure to the amount of life insurance you need. Keep in mind that, according to the College Board, tuition is far outpacing inflation, so if you're calculating college costs for a 10-year-old, don't use today's rates as your guide.

Final Expenses. Funeral and burial costs usually run from about $10,000 to $15,000, depending on where you live. When they're grieving, you don't want your family to worry about how to pay for these expenses.

Other considerations. If you are caring for a special needs child or a dependent who has large medical expenses, you should consider adding on additional coverage.

Once you have arrived at a figure using these considerations, you're closer and more ready to buy life insurance online. When you buy life insurance online, you can get many quotes quickly. With these quotes in hand, you can determine how much life insurance your family can afford within your current budget.

You only have too much life insurance if you have a policy that is larger than you need, and your current budget is stretched too far. Speak with an agent to assess your needs.

Buy Life Insurance On the Web: Does It Make Sense?

  

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Most of us are used to banking, shopping and paying bills online. Doing business online is convenient and lets you make your own decisions in the privacy of your own home. Moreover, you aren't pressured by a salesman or forced to pick between a limited number of choices. But when it comes to something as important as Life Insurance, you may wonder whether you can buy life insurance online. Does buying Life insurance on the web make sense?

It Depends on Which Website You Choose to Buy Life Insurance Online
Whether buying life insurance online makes sense depends on which type of website you choose. You need to be careful to make sure that you really get a chance to choose the best policy available. When you do an online search for "Life Insurance Online" you will generally come up with three different kinds of websites:

• Company Websites: Individual insurance companies often have their own sites which let you put in some information and get a quote or a referral to a life insurance agent who will email or call. While this makes buying life insurance easy, it does not give you very many choices. An agent for a particular company can only offer you the products that company offers. 
• Life Insurance Lead Capture Sites: These websites are not tied to one particular insurance company, but they are sales sites which are paid by companies to draw information from you, so that their life insurance agents can take that lead to call or email and sell you insurance. These are really more like telemarketing sites which use the internet rather than a phone call. 
• Life Insurance Brokerage Sites: A life insurance brokerage site works differently. With a brokerage site, you are the one in charge. A brokerage has the ability to offer you price and policy comparisons from the top-rated insurance carriers in the industry. The brokerage presents you with your best options and lets you choose the best policy at the right price to fit your needs and budget. Efinancial is one of the largest brokerage life insurance sites and they work with many of the highest rated life insurance companies. 

Why Choosing to Buy Life Insurance Online is Easier
When you submit your life insurance application through a broker, you only have to submit one application to receive quotes from multiple insurance carriers. That makes it much faster and easier for you to compare several different policies and prices all at once. You can also compare death benefit coverage and premium differences and licensed agents are available to answer all of your questions.

Why You Get the Best Deal when you Buy Life Insurance Online from a Broker
When you buy life insurance online with a broker, life insurance companies compete for your business. There is no pressure and you can get impartial advice about the difference between policies from the Efinancial agents. If you are unsure about the differences in policies, you can ask these experienced professionals to explain.

So does it make sense to buy life insurance online?
Absolutely. It not only makes sense, but buying online is easier, gives you more choices and presents you with affordable life insurance options for you and your family.

The Process of Buying Life Insurance Online by the Numbers

  

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Thanks to sites that let you compare quotes from multiple insurance companies instantly, buying life insurance online has never been easier. It is typically a matter of sharing a little bit of information and choosing the best-value carrier that meets your needs.

Insurance companies price life insurance based on life expectancy during the term of your policy. The less likely they are to have to pay off on your policy, the lower their rate will be. As such, most of the information they request is used to compare you to their actuarial data and assess your risk level.

Life insurance online quote systems typically start with your name, age, gender, height and weight. Because obesity is closely correlated to premature death, calculating a body mass index (BMI) will help the carrier to assess your risk level and assign you to a rating tier, such as "preferred plus" or "standard."

Typically, the process of shopping for life insurance online will continue with a health questionnaire. Insurers will ask you a number of yes-and-no questions to determine, for instance, if you are a tobacco user or if you have had a diagnosis of a serious illness, such as cancer or heart disease. They will also frequently ask you for your systolic and diastolic blood pressure readings to determine if you suffer from high blood pressure.

There are two key numbers that you will need to decide on to buy life insurance online -- your desired term and your coverage amount. The term of your policy is the length of time at which you can be covered at a given fixed annual premium. Typically speaking, insurance policies are available in 10, 15, 20 and 30 year terms, with shorter terms costing less money. However, getting two 10 year policies back-to-back can end up costing more than a single 20 year policy, since renewing a policy when you are 10 years older is generally more expensive.

Choosing a coverage amount is a personal decision. How much money does your family need to replace what you bring them if you pass away? For how long will they need it? There are a number of rules of thumb to calculate this, but a good starting point is to get enough insurance to pay off all of your debts, all of your funeral expenses and your mortgage or children's college expenses, if applicable. On top of that, add a lump sum equal to the number of years of your salary that your family will need to get back on their feet. You should also look into term life insurance even if you are not a salary-earner, since if you pass on, your family will likely have to pay a third party for the things you do now.

Buying life insurance online is a major step in your life. Luckily, online quote comparison sites make it easy for you to find a great value.

No-Exam Term Life Insurance: A Great Alternative to Traditional Policies

  

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When you have a family, you know you need to provide for them. Even if you're not the primary breadwinner, you know that, should you pass away, the cost of your funeral and the loss of your income would financially impact your loved ones in an already difficult time. No matter what happens to you, you want your family to maintain their standard of living, enable your children to go to college, and continue to live in their home. With no exam life insurance, it is possible to get a good life insurance policy that will protect your family in the event of your death. No exam life insurance is a viable alternative to purchasing traditional life insurance with an exam. A no exam life insurance policy saves time, saves you from an additional doctor’s visit, and is a simple way to secure coverage.

1. No medical exam is required to obtain a policy. If you are worried that you need a medical exam to get a life insurance policy, you don't. 
2. Comparison shopping helps you find the best value. As with anything, you want to get a variety of quotes before you buy. Different companies offer different prices, so you'll need to look around for the best value available to you. 
3. You'll save time. Scheduling a medical exam to get life insurance can be a hassle, particularly if you have a demanding job or if you spend all day wrangling the kids. Instead of carving a ton of time out of your schedule, you can fill out your application and talk to an your agent on your terms and get your life insurance approval status right away—and all online if you so choose. 
4. You'll be able to provide for your family. Perhaps the biggest benefit of no exam life insurance is that it is a life insurance policy. In the event of your death, your family will be financially protected. That in itself is enough reason to look into no exam policies that streamline the application process.

In the end, the type of life insurance you choose is your decision. However, choosing a policy that doesn't require a medical exam may be a viable alternative to a traditional policy.

Can you get a good life insurance rate online?

  

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Think of how much of your life you conduct online in this day and age. We work online, bank online, file our taxes online, fill prescriptions online and maintain a social life online. So it makes sense to buy life insurance online as well. After all, even brick and mortar insurance companies these days also have a web presence and offer online management tools for your policy once you own it. You can get a good rate for life insurance on the Internet with favorable terms by using a few key steps to evaluate life insurance companies online.

Know the Company
As with anything you might choose to purchase online, you need to take time to evaluate the institution before purchasing life insurance online. Some factors to consider include: 

• The company's overall reputation 
• Checking with your state's consumer protection agency 
• Or looking into the company with national organizations like the National Association of Insurance Commissioners

You would not buy your medication from an unknown or questionable online pharmacy and you shouldn't buy your life insurance from an unknown or questionable organization either.

Comparison Shop
As you search for life insurance online, compare rates from a few different companies. Often one company will offer better rates for applicants with certain conditions over other companies. It pays to research. An expensive policy does not always translate into a better policy.

Ask Around
When you look for a new store or restaurant in your neighborhood, you usually ask your friends or family or turn to your social media network for suggestions. You can use this same word of mouth network when you shop for life insurance online.

You trust your family and friends and the social network you have created to offer advice on just about everything. Chances are several of your friends, coworkers or relatives have purchased life insurance online and can offer suggestions for where to get the best policy and the best rates.

The Internet has become the place where you conduct a great majority of your business, both personal and professional. If you trust online services to add value to your life in so many areas from your health to banking, it makes good sense to turn to the Internet when it comes time to buy life insurance. Just be sure to use the same critical web evaluation skills you apply to other online shopping when you look for life insurance online. Using these skills will make sure you get the best life insurance policy for you and your family.

Buying Life Insurance: Tips for the First Time Buyer

  

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Types of Life Insurance You Can Buy Online

  

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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.

Life Insurance With No Exam Does Exist

  

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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.

Three Ways to Save on Term Life Insurance

  

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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. 

Why choose term life insurance?

  

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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.

Life Insurance and Young Families

  

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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:

1. 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.
2. 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.
3. 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.
4. Carefully designate your beneficiaries. In the event of your death, your life insurance proceeds will go directly to those listed in your policy.
5. 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.

Three Ways to Save Money on Life Insurance

  

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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.

Improving Your Health for Lower Life Insurance Premiums

  

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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.

Am I a Candidate for No Exam Life Insurance?

  

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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.

3 Tips for First-Time Life Insurance Buyers

  

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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.