It depends on the type of life insurance policy you have.

There are a few different types of term life plans, including Level Term, Decreasing Term, and Annual renewable Term, among others.

Level term life insurance premiums remain the same for the entire duration of your policy term - for a period of 10, 15, 20, 25, 30, 35 or 40 years.

Decreasing term life policies have level premiums, but the amount of coverage provided by your life insurance policy decreases each year.

Annual renewable term li...
Continue reading ...

Can I buy life insurance for my ill parent?

Yes, an adult child may purchase life insurance on his/her parent, because the adult child has an insurable interest in his/her parent.

If your parent is ill, there are Guaranteed Issue life insurance plans available for people between the ages of 45 to 85 years old.

Guaranteed Issue means your parent cannot be turned down for coverage due to his or her health.

As long as your parent meets the age requirement, you may purchase life insurance on an ill p...

Continue reading ...

Will a life insurance policy pay for the cost of my funeral expenses?

Yes, the proceeds from life insurance can be sued by your beneficiary to help pay for the cost of your funeral.

However, the death benefit paid out to your beneficiary may be used by the beneficiary for any purpose that person chooses to use the money.

There are funeral insurance plans that are issued for the purpose of paying the cost of a funeral.

In addition, these plans may offer guaranteed approval which means you won't ha...
Continue reading ...

If I own a life insurance policy and die from cancer, will me beneficiary receive a payout on my life insurance death benefit?

Yes, life insurance policies usually cover natural death and accidental death, but not intentional acts.

If you answered all questions truthfully on the application for life insurance, the insurer should pay out a claim on your policy subject to any exclusions in your policy.

However, if you had cancer when you applied for life insurance, and you did not advise the insur...
Continue reading ...

Will my life insurance policy pay out a death benefit if I die as a result of an accident?

Yes, standard life insurance policies cover accidental death and natural causes.

However, intentional acts are usually excluded from coverage.

So, for instance, suicide is usually excluded if it occurs within the first two years you are insured (one year in some states).

But, there can be exclusions for certain high risk activities or occupations.

That's why it is a good idea to review all exclusions with yo...
Continue reading ...

Can I get life insurance if I have an illness or disease?

Yes, there are life insurance plans available for high risk people with an illness.

Some plans may require a health exam which may end up disqualifying you for coverage due to your health.

However, there are guaranteed approval life insurance plans available for people age 45 to 85.

With guaranteed approval there are no health dams and no questions asked about your health.

However, the death benefit is limited the first two years you are in...

Continue reading ...

Is it possible to get life insurance for someone who is ill with a health condition?

It depends on the person's age, but there are life insurance plans that offer guaranteed approval for all applicants that meet the age requirement.

For instance, one insurance company offer up to $25,000 of guaranteed acceptance whole life insurance for people age 45 to 85. 

There's no health examination required for guaranteed issue plans and there are no health questions asked.

Basically, if you meet the age re...
Continue reading ...

When you buy a life insurance policy the insurance company bases your cost of coverage per $1,000 of life insurance on a rate they determine based on your age, health, type and amount of life insurance; as well as, other risk factors.

Your personal risk factors that affect your rate for life insurance may include your lifestyle, tobacco use, occupation, hobbies, driving record, height-to-weight ratio, and family health history, among other things.

These risk factors are considered by the insure...
Continue reading ...

Yes, life insurance companies will know if you smoke.

If you purchase a life insurance policy they ask you on the application form about any tobacco use. If you answer "yes", you do smoke, they will know. Also, some insurers require you to take a blood test and medical exam which will determine if you smoke.

However, there are life insurance companies that offer life insurance without any medical exams or blood testing.

But make sure you do not lie on the application for life insurance because ...
Continue reading ...

The amount you pay for your term life insurance policy will depend on the insurance carrier, and your own personal risk factors.

Each life insurance company has their own set of pricing guidelines and approach to underwriting risks for life insurance.

In addition, your personal risk factors affect the rate you pay for life insurance.

Risk factors may include your age and health, family health history, your occupation and hobbies, lifestyle, if you smoke or not, your height-to-weight ratio, drivi...
Continue reading ...

Life insurance death benefits may be used to pay the cost of your funeral and burial expenses. 

It is best to use Whole Life or guaranteed no lapse Universal Life insurance, so that your life insurance policy is sure to be “In Effect” when you pass away. 

However, when you purchase a life insurance policy you choose the beneficiary who will receive the death benefit upon your death. You have the option of changing the beneficiary when you choose to do so. 

The benefici...

Continue reading ...

Only life insurance policies that use medical underwriting will test you for drug use through a blood and/or urine test.

Simplified issue life insurance policies do not order blood tests or have you take exams, but they usually do ask about your previous drug use on your life insurance application.

Guaranteed issue life insurance policies do not ask about drug use on your application, nor do they it test you for drugs. However, the minimum age for most guaranteed issue life i...

Continue reading ...

Yes, life insurance may cover death resulting from skydiving.

However, some life insurance carriers have varying degrees of expertise in underwriting different risks for life insurance; such as, skydiving, or other high risk activities.

There are some insurance companies who are very proficient in underwriting risky hobbies in general, and skydiving in particular.

You may want to contact a life insurance company that specializes in insuring high risk hobbies including skydivin...

Continue reading ...

It depends on the type of life insurance you own.

Permanent life insurance lasts your entire lifetime, as long as you pay the premiums on time.

Term life insurance lasts for the length of the term.

Since term life is temporary, your life insurance lasts for the term you select when you purchase the policy. Many term life policies offer terms of 10, 15, 20 or 30 years.

So, term life insurance may last as long as 30 years, as long as you keep paying your premiums on time.



Continue reading ...

If you own a life insurance policy you want to make sure your life insurance company will pay out any claim on your policy should you die.

But, there are several instances where a life insurance policy will not pay out a claim.

1. If your policy has expired, and you no longer have coverage.

2. If your policy has lapsed due to non-payment of premium.

3. If your policy excludes death due to your cause of death, such as, killed in a war.

4. If you lied on the application for life insurance, and the l...
Continue reading ...

The cost of one million dollars worth of life insurance protection depends on the length of coverage which may be for a term of 5, 10, 15, 20, 25 or 30 years.

Term life insurance offers from 5-30 years of coverage and permanent life insurance provides coverage up to age 121.

However, the cost of your million dollar life insurance policy will also depend on your gender, age, smoking status, health history, family health history, current medical condition, your height-to-weig...

Continue reading ...

A life insurance policy may or may not cover death resulting from an overdose.

The first two years of a life insurance policy, which begins on the date of issue is called the Contestability Period.

If the overdose occurred during that 2 year timeframe, it may be investigated as a suicide.

If death by suicide is confirmed, no death benefits would be paid out, unless it occurred in a state with a 1 year suicide exclusion; such as, Colorado.

If death of the insured occurs after t...

Continue reading ...