When it comes to life insurance, the options you have and the customization’s available to you regarding plan types, plan designs, riders and the various reasons and needs for life insurance are just as abundant as the hundreds of options and customization’s available to someone buying a new car these days! It is for this very reason why it’s very important to work with someone who specializes in life insurance sales and consultations. More importantly, you want to make sure you are working with life insurance brokers, like us, who are life insurance experts and are familiar with all the many different kinds of specialty life insurance options out there and the many ways to customize a plan. Looking for a 2 million dollar life insurance policy or an HSBC term life insurance policy? We can help!
General Types of Life Insurance
Permanent Life Insurance is life insurance that can provide you coverage you for your entire life. Another benefit of permanent life insurance is that it can generate cash value allowing you to use the money to take loans or withdrawals on. Types of permanent life insurance are as follows:
Universal Life Insurance is a type of permanent life insurance that allows the policy owner to make flexible premium payments. Variants of universal life insurance are Variable Universal Life and Indexed Universal Life insurance.
Whole Life Insurance is a type of permanent life insurance that does not have flexible premium payments like universal life insurance does. Whole life insurance compared to Universal life insurance generates cash value more aggressively.
Temporary Life Insurance is life insurance that provides you coverage for a predetermined period of time, often referred to as a Term. Temporary life insurance is commonly referred to as Term Life Insurance and does not generate cash value life universal or whole life. Term life insurance most commonly can be purchased in 10, 15, 20 and 30 year term periods and is your least expensive option when it comes to purchasing life insurance.
Special Policies and Policy Riders
Many people cannot find exactly what they are looking for when they look at the standard plans. In, fact this is more common than not. As with most of life there is no one size fits all policy out there. A good example would be someone that gets rejected for all of the life insurance policies listed above because of a health condition or disability. That person can frequently get a burial insurance or no exam policy. Another example is a person that wants to add a special circumstance that will result in more coverage. These kind of special coverages can be added to a standard policy as a rider or extra provision in the life insurance policy. At Insure Now 365 we are able to work with you to get the absolute best policy for your needs. Currently we specialize in policies and riders for:
- Key Person Life Insurance
- Life insurance for Parents
- Life Insurance for Moms
- AICPA Life Insurance
- FEGLI Life Insurance
- Mortgage Life Insurance
While these are the types of riders and special policies in which we specialize, our team is capable in all types of life insurance and life insurance riders.
Getting Affordable Life Insurance Coverage
When you’re looking to get life insurance coverage, it’s important that you get the most affordable life insurance plan available. One of the most common reasons that people don’t buy a life insurance plan is because they assume that it’s going to be too expensive, but in most cases, that couldn’t be further from the truth. There are several ways that you can help secure lower insurance rates from the company and keep more money in your pocket.
The first thing that you should do is start a healthy diet and get regular exercise. Before the insurance company accepts your application for coverage, they are going to require that you take a medical exam (unless you buy a no medical exam, and we will discuss those later in this article), and the results of the exam are going to play a huge role in how much you pay for your life insurance. If you want to get results from the medical exam, a diet and exercise are some of the best ways to do that. You can lower your weight, lower your cholesterol, lower your blood pressure, and drastically reduce your chances of being diagnosed with help complications.
The next thing that you should do is eliminate any tobacco that you use. If you’re listed as a smoker on your life insurance application, you can expect to pay much more for life insurance. In fact, smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay for the same amount of life insurance protection. If you want to get the lowest insurance premiums available, it’s time to kick the bad habit once and for all, it could save you thousands of your life insurance.
The best way to ensure that you’re getting the lowest premiums is to work with an independent insurance broker. Unlike a traditional insurance agent, independent brokers work with dozens of companies across the nation and they can bring all of the best insurance rates directly to you, at no cost. Every insurance company is different, and all of them are going to view your application differently. If you want to get the best rates, you’ll need to compare dozens of quotes before deciding which one is going to work best for you. Don’t waste your time calling all of those companies yourself, let us do all of the work for you.
No Medical Exam Life Insurance
When you’re looking to get life insurance, there is a chance that the company will decline your application because of your health or any pre-existing conditions. Just because you’ve been declined doesn’t mean that you have to be without the life insurance protection that your family deserves. Regardless of your health, there are several options for life insurance protection that you can buy. The best way to get life insurance if you’ve been declined in the past is to buy a no medical exam plan.
With a no medical exam, you can get life insurance protection without being required to take the medical exam, which is great for anyone in poor health, but there are several benefits and pitfalls to these policies that you should take note of when you’re shopping for life insurance.
The biggest advantage is that anyone can be approved for these plans, even if you have a pre-existing health condition like diabetes or cardiovascular problems. Everyone deserves to have life insurance coverage, your health shouldn’t prevent that.
Another advantage to these plans is that you can be approved for life insurance much quicker than with a traditional insurance plan. With a traditional life insurance plan, you’ll have to wait for the company to review your medical exam results, which can take several weeks. With a no medical exam, you can be approved for life insurance in a matter of days. If you want to get life insurance as quickly as possible, a no medical exam is going to be the best option.
There are a few significant disadvantages to these plans that you should take note of, the biggest one is that a no exam policy is going to be more expensive than a traditional life insurance plan. The purpose of the medical exam is to give the insurance company an idea of your risk for an insurance policy, without the medical exam, they are taking a much higher risk. If you’re looking to get the cheapest life insurance protection, then you’ll want to apply for a traditional plan.
Another disadvantage to these plans is that you’ll be restricted on the size of plan that you can buy. Most insurance companies only sell $250,000 worth of coverage through a no medical exam plan. For most families, this isn’t enough life insurance. Not having a large enough plan could leave your family with a massive amount of debt and unpaid expenses. If you need more life insurance coverage than that, you’ll have to buy two no medical exam plans or apply for a normal policy.
So Many Options, What Now?
After reading about all the different kinds of life insurance available to you I’m sure it can sound pretty daunting. No worries though! As life insurance professionals we have made it our careers to understand all the different kinds of specialty life insurance out there. No matter what your situation is, we can design a life insurance plan around your personal situation to fit your needs and budget! Just give us a call or fill out the quote request form to get more information.
We know that finding the best life insurance policy can be a long and difficult process, but it doesn’t have to be. Our agents can help connect you with the perfect life insurance plan to meet your needs. Contact one of our agents today and we would be happy to get the process started. You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves.