According to the American Council of Life Insurers (A Trade Association that advocates on behalf of Member Organizations), the average size of a new individual life insurance policy purchased in 2020 was $183,780.

However, the amount of life insurance that is right for you will depend on your situation and what goals you want your life insurance plan to accomplish.

You'll want to take into consideration your annual income, assets, debts, expenses, and future financial goals, among other things,...

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Yes, you may be able to own 2 or more life insurance policies.

It depends on your need, your budget, and the total amount of life insurance you already own.

Each life insurance company will review your situation and determine if you are over-insured or not.

However, it's more a case of total insurance being the important variable, not the number of life insurance policies you own, when it comes to getting approved for a second policy.

Insurers understand your need for life insurance may increase ...

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A standard term life insurance policy does not build up any cash value inside the policy. it provides Pure Protection - a death benefit but no cash value.

However, Return of Premium term life insurance policies do return your paid premiums if you outlive the duration of your policy term.

That means, if you are alive when your term life insurance expires, you get the premiums back.

Learn more about Does term life insurance have cash value?

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Term life insurance is a type of life insurance policy that provides temporary protection lasting for a specific number if years.

Usually, term life offers coverage for a period of 1 to 30 years.

Most life insurance policies for term life coverage are either 10 or 20 years in duration.

However, you may be able to choose a policy "term" of 10, 15, 20, 25 or 30 years, depending on your age.

Learn more about how many years term life insurance has.

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What is Haven Life?

Haven Life is a wholly owned subsidiary of MassMutual that offers Instant term life insurance policies for qualified applicants.

With haven Life you can apply for up to $2,000,000 of term life insurance online in about 15 minutes. Your application may be approved within a matter of minutes. Once approved, you may start your life insurance coverage right away.

Haven Life usually accepts all healthy individuals between the ages of 18 to 60.

Haven Life offers the quickest and eas...
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Is there life insurance for people with cancer?

Yes, there are life insurance companies that offer life insurance to people living with cancer, and cancer survivors.

Fully underwritten life insurance policies requiring a health exam may be more difficult to get approved for, and approval for coverage may depend on your age, overall health, prognosis, type of cancer and treatment, among other factors.

In addition, there are guaranteed acceptance policies for people ages 45-85 wit...

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I have life insurance through my employer. Is that enough?

It depends on how much life insurance you have through work, and how much life insurance you need.

You can use a life insurance needs calculator to quickly and easily determine how much total life insurance coverage you really need.

Usually, a life insurance plan through your employer will provide 1 times your annual income in coverage. So, if you earn $50,000 a year, you may have $50,000 of coverage. But this may vary b...

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Mortgage insurance can help provide you with the peace of mind knowing your family will be able to continue living in the home they shared with you while you were alive, while providing your loved ones with the security of keeping their home if you are no longer there to provide for them.

If you own a home and have a mortgage loan on your home, it may be a good idea to have mortgage life insurance to protect your family and help to make sure your family can go on living in your home should som...
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Can you get life insurance coverage if you are diabetic?

Yes, there are life insurance carriers that insure people with diabetes.

However, the price you pay and your acceptance will depend on several risk factors and how you manage your diabetes.

Also, when you were diagnosed and your age at diagnosis may affect your ability to get insurer.

In addition, whether or not you are insulin dependent will impact your approval and premium.

However, there are fully underwritten life insurance plans requiri...
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You can have a term life insurance policy for as long as you want.

There is a term life plans available for a term of 10, 15, 20 or 30 years and when one term expires you can renew your policy, the only thing is that you don't get cash accumulation inside the policy over time, meaning you cannot take a loan out of a term life policy.

If you have a 20 year term policy for example and you renew your policy when the 20 years ends, you will have an annual renewable term life poli...

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No, there is no deductible for a life insurance policy.

The death benefit of a life insurance policy is not dependent on the expenses surrounding the death of the insured.

The life insurance policy owner selects the face amount of life insurance coverage, and that is what is paid to their beneficiary upon the death of the insured.

If they want to pay less premium for their life insurance policy, they simply choose a smaller face amount of life insurance coverage.

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Yes, most people who have had a heart attack may be able to qualify for life insurance coverage.

If you were under age 40 when you had your heart attack, you may need to settle for a guaranteed issue life insurance plans or simplified issue life insurance coverage.

If your heart attack was at an older age, your heart function is still good, you have addressed any issues that led to the heart attack (CAD, diet, etc), and several years have passed since having your heart attack,...

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Yes, you may be able to qualify for life insurance if you have Grave's Disease.

If your Grave's Disease is in remission, or has caused hyperthyroidism that is is well controlled by medication, Grave's Disease will not make much impact on the rate you are charged for your life insurance policy.

If combined with other health conditions, or if you have some health complications from Grave's Disease, you might be rated up or even turned down for some life insurance policies.

Howe...

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Term Life Insurance is life insurance for "temporary" needs that may last up to 30 years, or less.

For example,iIf you have 15 years left on your home mortgage loan, purchasing a 15 to 20 year term life insurance policy is a cost effective way to cover that substantial debt, in case you die within that period of time.

You do not purchase Term life insurance to borrow from it in the future, because Term life insurance does not build up any cash value inside the policy, it is p...

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Yes, you can get life insurance even if you have ulcerative colitis.

If you want more than $25,000 of life insurance coverage, the insurance company will most likely require your medical records. The life insurance company will check to see if your ulcerative colitis condition is stable and mild to moderate, which should qualify you for a life insurance policy.

However, any recent flare ups, surgeries, certain prescriptions, or complications such as liver disease, could caus...

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Yes, you may be able to qualify for life insurance coverage if you have diabetes.

However, it will depend on the status of your health and your diabetes.

The life insurance company will ask about your history of diabetes, when you were diagnosed, if you have type 1 or type 2 diabetes, how you manage your diabetes, are you insulin dependent, how often you check your blood sugar levels, do you have any health problems related to your diabetes, your height-to-weight ratio, etc.

In addition, the lif...
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No, your spouse does not have to be named as your beneficiary on your life insurance policy.

As the owner of your life insurance policy you can choose anyone you wish to be the beneficiary, including but not limited to your children, although if they are minors, it is better to leave the money to a trust or another trusted adult who you know would use the death benefit for their welfare.

You can choose anyone or any entity to be your beneficiary who has some financial input i...

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The number of life insurance policies you have will depend on how much life insurance you need and how many life insurance policies insurers may allow you to purchase.

Yes, you can own two or more life insurance policies.

Since your life insurance needs may change throughout your life, insurers will allow you to own more than one life insurance policy.

However, they ask about the amount of life insurance you already own when you apply for life insurance. They want to make sure you aren't over-in...
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No your life insurance death benefit can be used for any purpose your beneficiary wants to use it for.

Life insurance has nothing to do with your funeral.

Unless it's a preneed funeral insurance plan purchased from a funeral home to specifically pay for the cost of your funeral.

However, a funeral preneed life insurance policy does not have to be used for a funeral either. The funeral contract can be canceled by you at any time and the life insurance proceeds can be left to t...

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Yes, one person can own two or more life insurance policies.

Many people buy several life insurance policies because different types of life insurance products best meet different types of insurance needs, or simply because they want to diversify the insurance companies with whom their life insurance is with.

Life Insurance companies don't mind how many life insurance policies you own, as long as you can qualify for them financially.

That means, if you earn enough income to q...

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According to LIMRA in 2011, 7 in 10 U.S. households own some type of life insurance coverage.  

Nearly half of all U.S. households own individual life insurance policies.  Fifty-eight million, or half of U.S. households say that they need more life insurance protection, that they feel they are under-insured.  

Most individual life insurance policies "In Force" are permanent life insurance (71%) rather than term life insurance (29%).

Life insurance is one of the most important p...

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Yes, you can have two or more life insurance plans.

Over time you may find your need for life insurance coverage has changed, whether it's due to a life changing event, like getting married or buying a new home, or you have taken on additional debt.

No matter what the cause of your additional need for life insurance, it is possible for you to own two or more life insurance policies.

When you apply for life insurance the application has a question about any other life insurance you already own an...
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