What is Life Insurance?
Life insurance is a contract, often called a policy, between you and an insurance company to provide money to a person you designate, in the event that you die during the time the contract is in force. In essence, during your lifetime you pay money, known as the insurance premium, to the insurance company. It promises to pay money to the persons you name, the beneficiaries, at your death. Some types of life insurance also give the policy owner the right to borrow a portion of the cash value within a policy, or to receive an accelerated death benefit if you become terminally ill or require confinement in a long term care facility.
Why buy Life Insurance?
Life insurance gives you the opportunity to prepare for the worst scenario today. Nobody knows what tomorrow may bring, and life insurance protects your beloved, you can forget that in the case of your untimely death.
What is Term Life Insurance?
Term Life Insurance Policies:
-Lowest cost Life insurance coverage
-Provides coverage for a set time
-Extremely affordable premiums
-Ideal for those looking for specific coverage over a defined period of time.
-Coverage ends at the end of the term policy.
Return of Premium Term Life Coverage:
-Provides the same type of coverage as a term policy
-After the coverage period (end of term), TOTAL premiums are returned to you.
-Ideal for those wanting life insurance that guarantees them a monetary return
-Mostly offered up to age 60
Convertible Term Life Insurance:
Starts off as any other term life insurance product but has the option to change the policy to a permanent policy within a specified period of time..
What is a No Exam Term Policy?
No Exam policies do not require medical exam or fluid tests. Medical exam may consist of saliva test or blood test, urine test and EKG.
The no exam term policy approval depends on the answers to the questions on the application form. These policies are issued faster than the traditional full exam policies. The underwriting decision is based on the answers and the prescription check and/or the Medical Information Board data.
An individual with diabetes may also qualify for a no-exam policy. With truthful answers and confirmation against the prescription records, the policy is normally approved but sometimes at a higher rate, depending on the medical condition.