Posted on Thu, Jun 28, 2012
One thing that can hold someone back from applying for a traditional term life insurance policy is the requirement to undergo a medical exam. Although a medical exam helps ensure you get your best possible rates. You may wonder if you can apply for term life insurance without a medical exam? The answer is yes, you can, through no exam term life insurance.
No exam life insurance is similar to traditional term life insurance, but does not require a medical exam to apply. Coverage amounts generally go up to $500,000 depending on the carrier and term lengths can be customized to fit your needs.
A common reasons many applicants choose to consider no exam life insurance is because they want to find coverage quickly. Different events in your life can prompt the need for life insurance quickly—an unexpected trip, the death of a loved one, the realization of your own mortality and so on. It can take four to six weeks to get approved for a traditional life insurance policy. However, with a no exam life insurance policy, you can get a decision in as little as one day, making it an appealing choice for many.
Other common reasons applicants choose to apply for no exam life insurance:
- Save time by skipping the medical exam or blood tests
- Simple and quick application process
- Complete the application online
- Compare coverage from the nation's top-rate life insurance companies
- You can receive your application decision in as little as 24 hours
It is important to note that no exam life insurance is generally a bit more expensive than a traditional medically underwritten term life insurance. Insurance companies base the premiums they set for traditional underwritten life insurance on health information they receive from the medical exam. Since you do not undergo a medical exam when applying for no exam life insurance, an insurance company does not have the same ability to asses your overall health risk which makes premiums a bit more expensive.
For more information on no exam life insurance, or to weigh the pro's and con's between traditional term life insurance and no exam life insurance visit Efinancial.com or call to speak to a licensed agent today.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Tue, Jun 26, 2012
While in an ideal world it wouldn’t have to be something necessary to consider, the truth of the matter is that when you set out to buy life insurance, you’re not purchasing it for yourself. Life insurance policies are purchased with the hope that your loved ones will be able to financially benefit from the coverage even after you’re gone.
That being said, choosing a beneficiary for your policy is one of the most important decisions you’ll make. A term life insurance policy provides for a fairly open platform when it comes to choosing who will receive the benefits of coverage in the event of your passing. While flexibility is an advantage to any life insurance policy, it also means there is quite a bit to consider when making decisions concerning the future.
Division of inheritance
One very important factor to consider when choosing a term life insurance beneficiary is just how many ways the benefits will be divided. Policyholders have the option of delivering benefits to just one person such as a spouse or single child. Alternatively, people will larger families tend to lean towards the option of division. This means that a policyholder with three children and a spouse might choose to divide the benefits four directions. Each person in the family would receive 25% of the policy’s total value. It’s important to consider your immediate family when deciding upon a beneficiary. Ask yourself what each family member will need in the event of your passing and how a percentage of the policy might affect your family positively or negatively.
Underestimating the estate?
Many policyholders run into problems when it comes to naming beneficiaries versus leaving the policy towards an estate. In the event that an indecisive policyholder does not name a clear and defined beneficiary, the value of the policy is generally put towards the value of the estate. While this can be potentially helpful in paying off any remaining debts on a property, it also results in taxes. Where money is a concern, it’s advisable to make sure you clearly state a beneficiary to avoid tax issues that surround policies and estates.
Charitable giving
When looking to name beneficiaries to your term life insurance policy, it’s important to have all the facts in hand. Policyholders should be aware that it is possible to leave the entirety or partial value of a policy to a charitable cause or organization. While many people choose to leave the entirety of the policy to family members, leaving a portion of your policy to a charitable cause is another way to leave a lasting legacy in your name.
Funding the future
Many people purchase term life insurance policies, take the time to name a beneficiary and then put the whole purchase out of mind. Unfortunately, this can lead to complicated circumstance for beneficiaries should the insured pass away. When naming beneficiaries, it’s important to take future spouses, children and grandchildren into consideration.
Too often, policies that remain static for years on end do not provide sufficient coverage or beneficiary titles that are current with a policyholder’s lifestyle. For example, a policyholder that has divorced and remarried since the initial policy was drafted and didn’t take time to amend the beneficiaries, will be left with two very unhappy and confused spouses when it comes time to distribute benefits. Each spouse will be considered a beneficiary if the policy has a general listing of “spouse” as the person to receive the financial benefits.
Similarly, policyholders that do not take future children or grandchildren into consideration when naming term life insurance beneficiaries may leave their family with the unhappy task of dealing with children that are receiving benefits while others receive no financial protection at all.
If you are considering adoption as a family expansion plan for the future, it’s important to discuss this with your insurance agent before naming beneficiaries to your policy. Wording is important when it comes to who your policy will protect after you’re gone. To avoid a terrible situation where members of your family are left financially vulnerable, make sure to take the necessary time to review what your family needs and how you can make sure your policy reflects those beneficiaries accurately.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Jun 22, 2012
Everyone faces the reality of his or her mortality at least once, especially after the loss of a loved one or before embarking on a seemingly risky experience. When this happens, it’s normal to think about your family and how they’d cope without you. The application for a traditional term life insurance company can take a few days to a few weeks to process. So, when you want insurance fast, consider purchasing a no exam life insurance policy.
About No Exam Life Insurance
No exam life insurance, or non-medical issue life insurance, allows you to purchase up to $500,000 of term life insurance without the hassle of needing to pass a medical exam. Like a traditional policy, you can choose a term of 10, 15 or 20 years, and receive many of the same benefits that a medically underwritten coverage offers.
Those Who Can Benefit from No Exam Life Insurance
A no exam life insurance policy is ideal for those who feel an urgent need to be immediately insured. This type of policy is also a good solution for those who have a preexisting medical condition, are overweight, want to avoid a lengthy application process or don’t want to undergo a medical exam.
Some insurance companies offer traditional life insurance policies to individuals who are considered “unhealthy” or have a preexisting condition, but the premium price may be too expensive. No exam life insurance may offer a more affordable solution.
Sometimes traditional life insurance policies also charge an expensive premium rate to those who are overweight or recently quit smoking. There’s no need to wait until you’re in shape or pass a smoking cessation benchmark to purchase a no exam life insurance policy. With this type of insurance, you can work toward your health goal and have peace of mind in the meantime. If you achieve your health goal by the time your no exam life insurance term ends, you may be eligible for a traditional policy.
Types of No Exam Life Insurance
- Guarantee acceptance life insurance: Also called guaranteed issue life insurance, this type of policy does not require you to answer any health-related questions on the application. Life insurance coverage is accessible for any applicant regardless of:
- Age
- Tobacco use
- Preexisting conditions
- Past medical conditions (e.g., cancer that is now in remission)
- Mental illness
- Health complications
- Family medical history
- Graded benefit life insurance: If you apply for this type of life insurance, you will have to answer a few health-related questions, but the application process is simpler than traditional ones. Graded benefit life insurance is a good option for those who may not qualify for a traditional policy.
- Simplified issue life insurance: The application for this type of life insurance is similar to the one that you may fill out for a traditional policy, as you will need to answer several health-related questions. After you submit the policy, it goes straight to the underwriters.
Benefits of No Exam Life Insurance
- Peace of mind
- No medical exam
- No need to visit a physician
- No blood tests
- Little to no health-related questions to answer
- Coverage available on approved applications in as little as a day
- Shorter, simpler application process that takes as little as five minutes
- The application process is 100 percent online, allowing you to get free quotes and compare rates
- If you qualify for a no exam life insurance policy, you can print the policy from your own printer
Considerations
A no exam life insurance premium can be more expensive than a traditional medically underwritten policy created for a healthy individual. Traditional life insurance policies base premiums on a perceived life expectancy and the assessed financial risks learned during a medical evaluation. Since the risk regarding your health status is unknown when you purchase a no exam policy, the premium is higher. Additionally, on some types of policies, the full benefits may not be available to your family during the first year of coverage.
Purchasing a No Exam Life Insurance Policy
If you’re in the market for quick life insurance coverage, practice your smart consumer skills. There are hundreds of insurance companies that offer term life insurance policies without the need to undergo a medical exam, but only a handful are the best. Before jumping on board with the first insurance company that gives you a quote or the company with the least expensive premium, make sure it’s a legitimate, established and reputable insurance provider. Many companies are more than happy to take your money for a while and suddenly go out of business, leaving you unprotected. Instead, look into the life insurance rates offered by the top insurance companies whose names you recognize.
Your family counts on you to protect them, and you can continue to help them after you’re gone with a no exam life insurance policy. The coverage that you receive today will give you the priceless peace of mind that comes with knowing that you don’t have to worry about tomorrow.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Wed, Jun 20, 2012
Take a quick look at how much of your life you have moved into the online sphere these days. If you are like most people, you already manage your banking, investments, social life and auto insurance online. Many also manage their health care, shopping and work online as well. Today, the internet and advances in technology have turned the internet into a virtual marketplace. That's why so many more have taken the step to buy online life insurance as a part of their online management of their life and affairs. The Internet is quick, easy and full of reliable resources. So what you should be asking yourself is not why you should buy life insurance online but why you haven't already.
Compare Rates and Policies
It's been said that information is the most prized currency in the technology age. And nothing has made information more accessible than the internet. As companies have moved to the world of e-commerce, it has become far easier for consumers to compare rates and quotes among life insurance agencies. Before it became convenient to buy online life insurance, consumers were at the mercy of the individual insurance agent. Now, the consumer can access several sites to compare life insurance quotes from several companies with the click of a button.
Ratings
As insurance companies have moved online, so have the companies that regulate the insurance industry. Now, consumers can quickly check into the credit ratings and financial stability of any company offering life insurance online. Standard and Poor's and A.M. Best are two of the credit agencies that provide these ratings to consumers.
Convenience
Let's face it. You are busy. Do you really have time to run all over town talking to different insurance agents about policies? People who buy life insurance online are just like you. They have busy lives and want to protect those lives with a solid life insurance policy. By shopping for life insurance online you can do so from the convenience of your home or office. Just go online, click and compare. It's just that simple to get a life insurance quote and start comparing.
The choice to buy online life insurance seems clear. Much of your life already resides in an online forum. Online insurance quote sites allow you to quickly and easily compare rates across companies. Your friends and social networks have likely vetted insurance companies for you already. And, it is just so easy and convenient to do, you could find a solid life insurance policy while making dinner or watching television. Get your peace of mind with just a few clicks of your mouse.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Mon, Jun 18, 2012
Every industry has its own jargon and the financial and insurance industries are no exception. That's why when it comes to purchasing life insurance coverage, you may feel confused by the wide variety of names, terms and acronyms used to describe life insurance. Guaranteed renewability? Cash value policies? Death benefits?
Perhaps the most widely misunderstood coverage type is variable life insurance policy. Let's talk about what makes variable life insurance similar to other forms of life insurance coverage and what makes it different.
Cash Value Life Insurance
The common thread through the different forms of variable life insurance is the cash value of these policies. Cash value means that a portion of your premium goes toward covering your death benefit, or the money paid out to your beneficiary in the event of your passing but another portion goes to an investment component to build up a cash value.
As the cash value builds, you as the policy holder will have the opportunity to use this cash value. If you cancel your policy you will receive the cash value portion or should you pass away during the course of the policy, your beneficiaries will receive the cash value in addition to the death benefit. Many people invest in these policies as a form of retirement savings. As with any life insurance coverage you purchase, you will want to talk with your provider to understand the specifics of your cash value plan including any limitations, restrictions and other contingencies.
Variable Life Insurance
Many different varieties of life insurance policies include a cash value. What differentiates a variable life insurance policy from a whole, permanent or universal life insurance policy because of the terms variable. With a variable life insurance policy, you can vary the ways you invest your cash value hence the terms variable.
Variable life insurance coverage has the advantage of allowing you the flexibility to choose various investment options to grow your cash value through a wide variety of investment options available through your insurance company's portfolio like stocks, bonds, equity funds, money market funds and bond funds.
When your investments do well, you can apply extra earnings toward your premiums, which can lower the cost of your variable life insurance coverage. The downside, of course, is that if the investments do not perform well, you may have to pay a larger premium to cover any losses. Another downside is that if investments do poorly, the cash value or death benefit may go down, though never below a defined value.
Is Variable Life Insurance Right for Me?
Figuring out what life insurance policy is right for you and your family at any given moment in your life can be difficult. Several factors unique to your life and your situation play into your decisions on life insurance coverage including how much life insurance you need, your age, your overall health and your investment portfolio. The best way to determine if variable life insurance with its cash value and investment flexibility is right for you is to talk with a financial professional and compare rates and policies across companies.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Sat, Jun 16, 2012
Universal life insurance coverage is a form of permanent insurance. Unlike term insurance which has a limited life and cannot be extended, universal life can last for as long as you live. At the same time, it offers more flexibility than the more traditional whole life insurance policy.
Permanent Life Insurance
The key thing to keep in mind when you consider any type of permanent life insurance policy is that it is not just insurance. Universal life insurance combines life insurance, which pays your beneficiaries a certain dollar amount, called a "death benefit," if you die, with a savings and investment component that allows you to grow your personal net worth.
Every month, you make a premium payment which goes into a savings account that the insurance company holds for you. They take a portion of the premium out to pay for the life insurance portion of your policy. The rest sits in an account for you where it receives interest and grows. Over the years as you make your premium payments, this lump sum of money, called the "cash value" of the policy builds up.
The cash value is what distinguishes universal and whole life coverage from term life insurance coverage. If you die while you are paying on your permanent insurance, you will still receive your death benefit, but if you do not die, you are also building up money. You can also borrow that money back from your policy at rates which are extremely attractive. You can even dip into your cash value to pay your premiums, if you need to. Be careful doing too much of this, though. Not only does it eliminate the savings benefit of this type of insurance, but if you reduce your cash balance too much and do not pay your premiums, you could lose your policy completely.
Universal Life Insurance
Like whole life insurance, universal life insurance gives your family coverage in case you pass away while also allowing you to save money in an investment plan. However, while whole life insurance is very consistent and fixed, universal life insurance coverage is flexible, allowing you to tailor certain aspects of your policy to your particular needs and even to change them in mid-stream.
After you make your first premium payment, you can change a number of different aspects of your policy. You can increase or decrease your death benefit and choose whether your death benefit should be just the face amount or the face amount plus your accrued cash value. You can change the amount of your premium and change how and how often you pay it.
The flexibility of universal life insurance coverage makes it a very liquid asset. With the ability to withdraw cash or take loans, you can turn a policy into a source of emergency cash without having to completely surrender it. The ability to have it potentially pay its own premiums lets you hold on to the policy even when you are short on cash to pay for it.
No-Exam Universal Life Insurance Coverage
While many universal life policies require a medical examination as a part of receiving the potential for a death benefit, carriers also offer no-exam policies. These insurance vehicles give you all of the benefits of any other universal life policy but without requiring you to see a doctor to have him or her document the state of your health.
Many of the policies offering no-exam universal life insurance coverage simply require you to fill in a health questionnaire so that the insurer can assess the risk that you pose. Once you do that, you can typically receive your policy within a few weeks.
These policies are excellent for many different types of people. Those who already have term insurance coverage but want the benefits of a universal life policy without undergoing a medical examination would benefit from it. For people who cannot qualify for coverage that requires an examination, it may be their only option.
Ultimately, no-exam universal life insurance coverage is a tool that you can use to meet your financial goals. It offers a unique three-way combination of investment potential, insurance coverage and flexibility which could be useful for you and your family. Consider working with a licensed agent to review all of your life insurance coverage and find the best price for the right no-exam universal policy for you.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Thu, Jun 14, 2012
It is a well-known fact that buying a home is the largest investment most people will ever make. It can be an exciting time, but what happens if something happens to you and your family can’t keep up with mortgage payments without you? One answer can be found in term life insurance.
Tailored to Your Needs
Many primary wage earners choose to apply for term life insurance to cover their mortgage payments and ensure their family can stay in their homes should something happen to them. By insuring yourself you are guaranteeing the stability of your family and your home as well as gaining the peace of mind that your family is taken care of. Term Life policies can be personalized to fit your specific needs. In addition to covering your mortgage amount, you have the ability to select a policy limit designed to cover other anticipated expenses, a particular payment size you are comfortable with, or choose to match your policy term to the length of your mortgage.
Term life insurance policies come in a wide array of varieties from numerous insurance providers. There are even options available to those homeowners who don't want to hassle with the 4-6 week wait for approval and mandatory medical exams required of medically underwritten policies. A no exam term life policy offers the opportunity for approval in as little as one day, and a simplified process void of any blood tests or trips to a doctor's office. You can quickly and easily insure your mortgage as well as your family's needs, all through a simple online process.
Term Life vs. PMI
Any home mortgage with a down payment of less than 20% of the home's value is typically required to be insured against foreclosure by purchasing mortgage protection insurance (PMI) and some homeowners even choose to do so of their own accord. These policies are designed to cover the balance of your mortgage should something happen to you. PMI's normally last for the life of the mortgage and all payments are made directly to the lender, not your family.
While PMI's do provide a valuable benefit they do not have the same value to you and your family as personally owned term life insurance. Here are some examples:
- As you make payments on your mortgage your end benefit of a PMI actually goes down as it only pays off the balance of the mortgage. In essence, the more you pay on your home the less potential benefit you get from your PMI policy. Term life insurance provides a secure benefit amount throughout the life of the policy.
- When your mortgage is paid off the benefit amount of a PMI becomes zero. The PMI policy does not follow you to your next home whereas a term life policy travels with you and your family anywhere you move.
- PMI's do guarantee your mortgage against foreclosure but they provide no additional benefit to your loved ones. End of life expenses, credit card debt, and all other needs your family may have can be covered by a term life policy but not a PMI.
- Term life insurance provides a sound way to protect your family and mortgage.
- Term life insurance can be customized to fit individual needs.
Contact Efinancial to discuss the options available to you and start protecting your home and your loved ones today.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Jun 08, 2012
The choice to apply for a life insurance policy is not one to be taken lightly. There are many factors to consider. How much life insurance coverage do you need? How much can you afford? Along with those, one of the more difficult to answer questions is what type of insurance is right for you. Should you invest in whole life insurance or is a term life policy sufficient, in consideration of the lower monthly costs? There are many things provided by whole life policies that you should thoroughly consider before making your decision.
In order to properly evaluate your life insurance options it is essential to, first, understand the basics. Term life insurance usually serves as the baseline of coverage and performs one basic function, it provides the insured individual's beneficiaries with a monetary benefit in the event of their death. It has no function beyond this. And if the policy holder outlives the full term of the policy no benefits are received. But because of the lower monthly costs many applicants choose term life policies.
Whole Life Insurance Investment Opportunities
Whole life insurance, a type of permanent life insurance, is a slightly different than term life. Whole life coverage is typically designed to last for the duration of the insured’s life or until the insured turns 100 years old, at which time the benefits would be paid out. Of course, if the insured passes away during the course of the policy the death benefit goes to the designated beneficiaries.
In addition to the standard death benefit, there are several other financial components that serve as investment opportunities. A whole life policy is an insurance plan and a financial investment all rolled into one. A portion of the monthly premium payment goes into an investment portfolio, accumulating interest through time. This investment portion of the policy can be utilized by the insured person in many ways. Much like a home mortgage you can borrow against your whole life insurance policy for unforeseen financial obligations, a more comfortable retirement, or any other reasons you see fit. You can also withdraw the investment potion of your whole life policy should you cancel the policy.
Risk vs. Reward
Although whole life insurance provides investment components that yield cash value, it is important to do your due diligence to see if there are more effective ways to invest your money. For example, if your insurer performs poorly for any number of reasons your monthly payment amount can go up. In addition, the cash value portion of your policy, the investment allowance of your payments, can also suffer the ills of poor investment decisions and difficult market conditions. Like any investment, the risks associated must be evaluated along with the potential rewards.
When choosing a whole life insurance plan one of the most important decisions you have to make is in the insurer you apply with. You will want to evaluate several factors as your insurer is truly your investment partner in addition to being the provider of benefits to your beneficiaries. Some aspects to consider:
- Financial stability. An insurance company in poor fiscal positions may be more apt to choose riskier investments than you would like.
- Longevity. A company with a long-standing and proven performance record is more likely to maintain that position and continue to do so through the life of your policy and investment.
- Policy details. Whole life policies will vary slightly from one company to the next.
Determining if whole life insurance is right for you is a big decision for both you and your family. Be certain to review all the factors involved prior to making your choice.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Jun 01, 2012
In the United States today, there are nearly 12 million single parent households according to the U.S. Census Bureau. Single parenting comes with its own sets of challenges and rewards including what to do when it comes to purchasing life insurance. Single parents should consider purchasing life insurance perhaps even more than two-parent households. And yet, nearly 70 percent of single parent households lack life insurance policies.
Choosing the right life insurance policy can seem tricky to a single parent new to life insurance. You may not be sure what kind of policy to buy, how much to get and who to name as your beneficiary. Today, let's break down the needs of single parents and how to make purchasing life insurance for single parents a breeze.
How Much Coverage Do You Need?
The amount of life insurance single parents should apply for depends greatly on each family's individual situation. You have dreams, hopes and ambitions for your child, which is why you work. Dreams, after all, take money — money for tuition, money for housing, money for daily living expenses. If you're not around to finance these dreams, your life insurance policy steps in to do it for you. You are the sole breadwinner and the person responsible for your child's well-being now and into the future, and you want to have enough life insurance to protect the future you envision for your child.
Single parents should also consider what it will take to help your children until they're old enough to fulfill these dreams. The person you have entrusted to care for your children should you unexpectedly pass away might require some financial assistance. After all, taking on the care of additional children can be a financial stretch. According to the U.S. Department of Agriculture, the average cost to raise a child per year is just over $13,000 and that cost is projected to rise even more in the future.
Figuring out how all these considerations play into purchasing life insurance takes a little math and research and a proper needs analysis. A great way to do this is to consider costs and go over them with a licensed life insurance agent.
Know the Terms
Life insurance companies offer several different varieties of life insurance including permanent, variable and term life insurance. Most insurance experts recommend young parents select term life insurance, which can help out your children while their young and before they're old enough to buy their own insurance.
Term life insurance is so named because it lasts for a term, usually five, 10, 20 or 30 years. After the term is up, the policy expires. However, some policies offer renewal options or convertible options. Term life insurance often costs significantly less than other forms of insurance because there is no cash value in the policy, just a death benefit. Not only is term life insurance affordable, but it can be customized to include add-ons to create a policy tailored to meet your needs.
Share Information
After purchasing life insurance and naming your beneficiary, be sure to talk with that person about your decision. You made the right decision to protect your children with life insurance and now you need to know your children can access that protection if the need arises.
Term life insurance is a single parent's best way to secure the financial future of their family in the event something happens to them. For more helpful tips on term life insurance and identifying your insurance needs visit our eLearning center at Efinancial.com.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com