Getting a $30,000 life insurance policy if you're a man over 60 is a smart move. Here's how to do it:

1. Find an Insurance Agent: Start by finding a reputable insurance agent or company. You can ask friends or search online for options.

2. Assess Your Needs: Talk to the agent about your needs and why you want the policy. They'll help you figure out the right type of policy.

3. Choose the Type: Decide between term or whole life insurance. Term is cheaper but lasts for a specific time. Whole life lasts y...

Continue reading ...

The cost of a $20,000 life insurance policy can vary widely depending on several factors, including:

1. Type of Policy: There are different types of life insurance policies, such as term life insurance and permanent life insurance (whole life or universal life). Term life insurance typically has lower premiums for a specific term (e.g., 10, 20, or 30 years) but does not build cash value, while permanent life insurance lasts for your entire life and may have higher premiums but also includes a cas...

Continue reading ...

Yes, you have the option to purchase a life insurance policy with a coverage amount of $25,000. Such policies cater to varying financial needs and budgets. A $25,000 policy is commonly referred to as "final expense" or "burial insurance," designed to cover end-of-life costs like funeral expenses, burial fees, and outstanding debts.

However, it's important to be aware that the availability of specific coverage amounts and policy types may differ based on the insurance company and their particul...

Continue reading ...

Yes, it's possible to buy a $15,000 life insurance policy. Such a policy is often referred to as a small whole life insurance or final expense insurance policy. These policies are designed to cover end-of-life expenses, such as funeral costs, medical bills, and other financial obligations that arise after a person's passing.

Here are a few things to keep in mind when considering a $15,000 life insurance policy:

1. Coverage Type: A $15,000 policy is generally a form of whole life insurance. Whole l...

Continue reading ...

Yes, you can generally purchase a life insurance policy with a coverage amount of $10,000. However, keep in mind that the availability of policy options and coverage amounts can vary depending on the insurance company and the type of policy you're looking for.

Life insurance policies come in different types, such as term life insurance and whole life insurance. Term life insurance provides coverage for a specific period (the "term"), while whole life insurance provides coverage for your entire...

Continue reading ...

Fnal expense or burial insurance, which is a type of life insurance designed to cover end-of-life expenses such as funeral costs, medical bills, and other related expenses. Here are the general steps involved in purchasing an end-of-life insurance policy:

1. Determine Your Needs: Assess your financial situation and determine the amount of coverage you need. Consider factors such as funeral costs, outstanding medical bills, and any other expenses you want the policy to cover. Final expense polic...

Continue reading ...

The best type of term life insurance is the one that meets your needs and fits your family's budget.

Term life is temporary life insurance offering coverage for a duration of 10, 15, 20, 25, 30, 35, or 40 years..

Level term life insurance is the most popular and affordable type of life insurance plan.

Level term has premiums that never increase, and coverage that never decreases, during the policy term.

You can shop and compare free quotes for level term life insurance plans online by visiting a ...
Continue reading ...

Permanent life insurance is a type of life insurance that provides lifetime protection, meaning your coverage never expires un less you stop paying your premiums or you request to cancel your policy.

Permanent life insurance plans provide a death benefit and build some cash value inside the policy over time from which you may be able to take a loan if needed.

Permanent life insurance is much more expensive that term life insurance which provides temporary coverage for a duration of 10, 15, 20, ...
Continue reading ...

A renewable term policy is a type of term life insurance plan that offers you the option to renew your coverage when your life insurance policy ends.

Term life insurance is temporary life insurance lasting up to 30 years, usually,

However, you may purchase 10, 15, 20, 25, or 30 years of life insurance coverage with a term policy.

These plans offer you the chance to continue your coverage (Renew The Policy) for a period of from one to 10 years, usually.

You will not have to take a medical exam to ...
Continue reading ...

Converting a term life insurance policy is an option people who have convertible term life insurance may exercise to convert their existing term life insurance into a permanent life insurance policy.

Some people decide they need lifetime coverage after having purchased a term (temporary) life insurance policy.

The option to convert your term policy allows you to convert your temporary life insurance into a permanent life insurance plan.

You will not need to take a medical exam to prove insurabil...
Continue reading ...

What is a life insurance policy death benefit?

The death benefit of a life insurance policy is the amount of money your beneficiaries will receive from your policy upon your death. This is paid out by the insurance company if the coverage was "In Force" at the time of your death.

Your beneficiary makes a claim for death benefits by contacting your insurance carrier after your death. The insurer will advise the beneficiary of the procedures for completing the claim on your life insurance benefit...

Continue reading ...

Level term life insurance is a policy that provides temporary life insurance coverage lasting for a duration (Policy Term) of 10, 15, 20, 25, 30, 35 or 40 years.

The premiums never increase and the amount of life insurance provided by the policy never decreases during the life of your term life policy.

If you outlive the policy term, the life insurance coverage ends.

If you pass away during the term of your policy, the death benefit is paid out to the beneficiary of your life insurance.

Level ter...

Continue reading ...

What should I consider when buying a term life insurance policy?

There are several key considerations before selecting your term life plan.

You'll want to make sure you take into consideration several factors:

1. How much life insurance do you need?

2. What type of term life insurance policy will be best meet your needs?

3. What is your monthly budget you can allocate toward paying for your life insurance premiums?

4. Do you need convertible term life insurance?

5. Do you need term life that is rene...

Continue reading ...

A life insurance policy becomes effective when underwriting approves the application, when the insurance company accepts the application, and the first premium is paid for the policy.

When all those conditions are met the insurance policy is considered "In Force", also known as "In Effect" – meaning you are insured.

Learn more about When a life insurance policy becomes effective.

Continue reading ...

The "Term" of a term life insurance policy is the period of time you are insured.

This is the length of time you pay premiums on your life insurance.

However, if you pass away during the "Term" of your life insurance coverage, the insurance ends, and the death benefit is paid out to your beneficiary, and there are no more premiums to pay on the policy.

If you outlive the duration of your coverage term, the life insurance expires, and you pay no more premiums.

Learn more about how long you pay for...

Continue reading ...

If you own a term life policy, you may be wondering what happens when your coverage ends.

At the end of your policy term, your life insurance coverage expires, which means you are no longer insured.

You may have the option to renew your coverage for an additional term, usually for a period of up to ten years.

Your premium at renewal of your policy will increase based on your age at that time.

Or, you may choose to go without any life insurance coverage.

Another option would be to buy a new life in...

Continue reading ...

Yes, the beneficiary of a life insurance policy can claim the money from the death benefit of a life insurance policy.

In fact, only the beneficiary may make claim for a death benefit, if the beneficiary is alive to make a claim.

In order to claim the money as beneficiary you must be named as a beneficiary in the life insurance policy, and the insured person must have died while the coverage was In Force and the premiums paid up to date.

Learn more about Can the beneficiary of a life insurance p...

Continue reading ...

No, you cannot cash out a term life insurance policy.

Term life is pure protection, providing a death benefit payout upon the death of the insured person.

There is no cash value or investment feature to a term life policy.

Learn more about "Can I cash out a term life insurance policy?"

Continue reading ...

Term life insurance is a type of life insurance plan that provides temporary coverage lasting for a specific number of years, usually up to 30 years.

Many insurers offer term life options of 10, 15, 20, 25 or 30 years of protection.

The longer your policy term (duration), the higher your cost of coverage.

Term life insurance offers death benefit only coverage, which means there is no cash value or investment feature of the policy, only life insurance death benefits.

It's the cheapest type of life...

Continue reading ...

What is life insurance with a graded benefit and how does it work?

It's a type of life insurance plan that guarantees your approval for coverage even if you have health issues.

In return for insuring you, there are limited death benefits payable the first 2 (or 3) years you are insured.

However, if the insured person dies after the graded death benefit period, 100% of the death benefit is paid out to the beneficiary of the life insurance policy.

Learn more about how a graded death benefit life in...

Continue reading ...

Can I purchase $10,000 of affordable term life insurance coverage?

Actually, it may come as a surprise that many insurance companies only offer a minimum of $25,000 or $50,000 of term life insurance. 

Few insurance carriers offer less than $25,000 of term life insurance coverage.

However, Globe Life offers $5,000 up to $100,000 of term life protection.

They do offer $10,000 term life insurance policies.

However, your premiums will depend on your age, gender, health and the state in which you live;...
Continue reading ...

Is there any life insurance coverage where you can get money back on your insurance policy?

Yes. It's called "Return of Premium" term insurance and it returns almost all of the premiums you paid throughout the life of your policy, if you outlive your policy term.

However, the premiums you pay for this type of life insurance policy are usually much higher than you would pay for a regular term life insurance plan that does not return your premiums.

Learn more about a life insurance policy where yo...

Continue reading ...

Can I purchase a life insurance policy on anyone I choose to insure?

No. In order to buy life insurance on someone else, you must have an Insurable Interest in that person, and you need their permission in order to take out life insurance on them. The insurance company may also require the person's signature on the application for life insurance.

Insurable Interest means you either rely on the person for some means of financial support, or that you would suffer a financial loss should the perso...
Continue reading ...

Is there a way to get a life insurance policy without a waiting period?

Yes, most life insurers offer immediate coverage upon approval and receipt of your first month's premium.

However, some insurers even allow you to apply online for a policy and begin your life insurance coverage the same day, if you qualify.

That means, no waiting to take a medical exam, because there is no exam.

And, no waiting to get approved by the insurer because some insurers offer same day approval.

Also, these quick is...

Continue reading ...

If you need term life insurance protection you may be wondering which type of term life is best.

There are a few different types of term life plans to choose from including Level Term, Decreasing Term, and Annually Renewable Term, among others.

These plans vary in pricing and coverage, but the most popular type of term policy by far is Level Term life insurance because it offers premiums that never increase during your policy term, and your coverage amount never decreases during your policy ter...

Continue reading ...

Can I buy life insurance coverage without answering any medical questions?

Yes. It's called "Guaranteed Acceptance" permanent life insurance and it offers guaranteed approval for anyone who meets the age requirements.

Guaranteed Acceptance means you can't be turned down for coverage do to any health problems, as long as you meet the age requirements.

The age requirements for approval may vary by life insurance carrier from ages 45-75, 40-80, or even 45-85 years old.

Learn more about how to get a ...

Continue reading ...

What are the different types of life insurance policies available?

There are several different life insurance plans to choose from including term life insurance, whole life, accidental death, child life and guaranteed-issue, among others.

When choosing a life insurance policy make sure to consider what goal you want your life insurance plan to accomplish and how long you will need your life insurance coverage to last.

Learn more about the different types of life insurance policies and how they w...

Continue reading ...

What is a life insurance policy owner?

The owner of a life insurance policy is the person or entity that pays the premiums on the policy and has the rights of ownership.

The owner is responsible for paying premiums, managing the policy, choosing the beneficiaries, and handling the oversight of ownership.

The owner may or may not be the insured. Learn more about the owner of a life insurance policy.

Continue reading ...

What is a term plan for life insurance coverage?

It's a type of life insurance policy that provides protection for a specific number of years.

These plans usually offer a "term" (duration) of coverage that lasts for up to 30 years.

You may select a term of 10, 15, 20, 25 or 30 years of coverage, depending on your age.

The longer your policy "term", the higher your annual cost of insurance.

Term life plans offers the most affordable type of life insurance, and the flexibility to choose how long you...

Continue reading ...

What is life insurance coverage with living benefits?

It is life insurance that provides you with the option of accessing a portion of your insurance policy's death benefits, while you are still living.

If you become ill with a terminal diagnosis of less than one year to live (or six months), you may access a portion of your death benefits - this is called "living benefits".

This coverage allows people who are terminal to have money available to help pay for medical bills and other end of life e...

Continue reading ...

Is there life insurance that will cover the cost of your funeral expenses?

Yes, there are guaranteed-issue life insurance plans for seniors age 45 to 85 that offer guaranteed approval without any health exam or health questions.

These life insurance policies offer up to $25,000 of coverage to pay for your funeral, burial and any related expenses.

Guaranteed approval means you can't be denied coverage due to any pre-existing health problems.

Learn more about buying a life insurance policy to cover...

Continue reading ...

Are there any life insurance plans I can purchase that will last for a specific duration?

Yes, it's called temporary life insurance, also known as term life insurance, which provides protection lasting for a specific number of years.

Most term life plans offer coverage you can choose to last for a term (duration) of 10, 15, 20 or 30 years.

The longer your policy "term", the higher your annual premiums for life insurance.

However, the length of your policy term may be shorter for seniors. For exam...

Continue reading ...

No, all life insurance policies do not require you to take a physical examination, but many do.

There are non-med life insurance policies available for term life, whole life or guaranteed issue life insurance coverage.

However, most standard life insurance plans require a medical examination if the applicant is over 30 years old, smokes, has health problems, or is looking to buy more than $50,000 of insurance.

To learn more read this article: Do all life insurance policies require a physical?

Continue reading ...

If you want to find the lowest priced life insurance coverage, you'll want to check out term life insurance.

Term life plans offer the lowest prices on life insurance.

With term life you choose a "term" which is the duration of your policy - how long your life insurance protection to last.

The shorter the policy "term", the lower your cost.

Term life usually offers coverage lasting for a period of up to 30 years, but you may be able to choose term for 10, 15, 20, 25 or 30 years of coverage.

Perman...

Continue reading ...

Is it possible to buy a life insurance policy without any check on your health?

Yes, there are life insurance plans available offering coverage with no health exam, but fewer that offer coverage without any questions about the status of your health.

These plans are usually limited to accidental death insurance, or guaranteed issue life insurance.

Accidental death insurance only pays out a death benefit if the insured person dies as a result of an accident, not natural causes.

Guaranteed issue lif...
Continue reading ...

Do insurers limit the number of term life policies you can buy, or is it possible to get more than one policy?

Yes, you may be able to purchase more than one term life policy.

Insurers understand that your needs for life insurance may change (grow) over time as you take on more financial responsibilities; such as, getting married, buying a home, starting a business and having children.

As your need for protection grows you may find you want to increase your amount of life insurance protection by...
Continue reading ...

Yes, there are insurers offering $25,000 of life insurance coverage. although most insurers offer a minimum of $50,000 or $100,000 of life insurance.

These smaller life insurance policies are usually available for people over age 40 and may provide guaranteed approval for those meeting the age requirements.

For example, United of Omaha offers up to $25,000 of whole life insurance with no health exams and no health questions asked. People age 45 to 85 are guaranteed approval for a policy.

Many pe...
Continue reading ...

Yes, there are life insurance companies that offer smaller life insurance plans providing $15,000 of coverage.

These policies are usually issued for seniors or high risk people and offer guaranteed approval for people who meet the age requirements for acceptance.

For example, one highly-rated life insurance carrier offers guaranteed life insurance for people ages 45 to 85.

You can choose from $3,000 up to $25,000 of guaranteed issue life insurance.

There's no health exam required and no health q...
Continue reading ...

Continue reading ...

Is it possible to make a claim for benefits on more than one life insurance policy?

Yes, in fact, you may claim as many life insurance policies as you are named beneficiary, after the passing of the person insured. by the policy.

So, if you are named beneficiary on a life insurance policy of your parent, and on a policy of your spouse, you can make a claim on the death benefits upon the passing of those people insured by the policies.

Learn more about claiming life insurance on multiple policies.
Continue reading ...

Did you know most term life insurance policies start at $50,000 of life insurance coverage?

That's right, but some simplified issue term life insurance plans offer as little as $5,000 of life insurance protection.

In addition, there are permanent life insurance plans offering as little as $3,000 of coverage.

This means you may be able to purchase $20,000 of life insurance, and these policies are usually available without any health exam required.

There are even guaranteed...

Continue reading ...

Yes, there are insurers offering consumers the choice of purchasing their life insurance policies direct over the internet.

There are some things to consider before making your purchase:

• Understand that you will pay more for instant issue life insurance without any exams.
• The amount of life insurance available online may be limited to around $500,000 (or more).
• These policies come with a money-back guarantee for up to 30 days, usually.
• There may be no physical examination required.
• These plans are ...

Continue reading ...

The policy limit of a life insurance plan is the amount of coverage provided by the insurance policy.

The policy limit (amount of life insurance) should be stated on the front page of the insurance policy.

When you purchase life insurance you select the limit or amount of life insurance provided by your plan.

The higher the policy limits, the higher your annual premium (cost) of coverage.

The limits of life insurance available by an insurer will depend on your age and health, and the insurance ca...
Continue reading ...

Are there life insurance policies that cover the cost of someone's burial expenses?

Yes, in fact, there are insurance policies offering from $2,500 up to $25,000 of coverage, the proceeds form which may be used by the beneficiary to pay for your burial and funeral expenses.

And, some plans offer "guaranteed approval", which means you cannot be denied coverage due to any health problem.

As long as you meet the age requirements, you can get insured for a burial life insurance plan.

There's no healt...
Continue reading ...

Is there life insurance you can purchase that will pay you your money back when the policy ends?

Yes, it's called "return of premium", "cash back" or "money back" life insurance.

It's term life insurance that returns all of the paid premiums back to the owner of the life insurance policy should the insured person still be alive when the coverage period (term) expires.

So, if you buy a ten year return of premium term life insurance policy and you are alive after the ten year term ends, you would ...
Continue reading ...

If you're in the market for a term life insurance policy, there are several things to learn about and consider before making your purchase.

Here's a checklist to buying term life insurance coverage:

• Determine how long you need life insurance protection - 5, 10, 15, 20 or 30 years.
• Decide on how much life insurance coverage you will need.
• Figure out your life insurance budget.
• Comparison shop to find the most affordable plan.
• Review the financial strength ratings of the top insurer you consider for ...

Continue reading ...

If I already have life insurance should I shop around for a better deal?

That depends on you. Keep in mind, if you switch policies your 2 year contestability period starts over which means if you pass away in the first two years of your new policy the insurance company can contest the payment of your death benefit if they find you have misrepresented a material fact on your application for life insurance.

But, if you feel you may save some money by switching to a new life insurance policy just ...
Continue reading ...

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

Most term life insurance policies offer the option of renewability which means you may renew your life insurance coverage for another "term" when your original term life policy ends.

However, the duration of your renewal term may vary by insurer and type of policy.

For instance, some plans may offer yearly renewal, while others may guarantee you a level rate for a period of up to 10 years on your renewal term life policy. 

In addiiton, you ...
Continue reading ...

Most the the term life insurance policies sold today provide guaranteed renewability, which gives you the option to continue your life insurance coverage beyond the initial rate guarantee without having to take any health exam to prove your insurability.

This renewability feature may become very important to your family if you should become sick or uninsurable during the time your are covered by your original term life insurance policy.

Another option to look for is conversion ...

Continue reading ...

Universal life insurance provides a flexible premium and an adjustable death benefit that builds value over time inside your life insurance policy.

The flexible nature of the universal life insurance policy means that the policyholder is free to change the amount of life insurance coverage to match his or her needs, making it easy to adjust the life insurance policy.

Get a free quote for universal life insurance


Continue reading ...

There are several features that are common to most term life insurance policies.

The features of a term life insurance policy may include the following:

• Term options of 1 to 30 years, usually 10, 15, 20,or 30 year term policies are available.
  
• Level or decreasing premiums available depending on the type of term life plan.
  
• Level or decreasing life insurance coverage amount depending on the type of term life plan.
  
• Some term life insurance policies offer a return of premium if you ...

Continue reading ...

The characteristics of term life insurance coverage include temporary coverage, no cash value, and the life insurance policy expires if you outlive the duration of your term.

Term life insurance is temporary life insurance protection that usually lasts for a period of between 1 to 30 years.

Many term life policies are issued for a term of 10, 15, 20, or 30 years of coverage.

Term life insurance is pure life insurance protection, you pay only for the life insurance coverage, t...

Continue reading ...

If you take out a term life insurance policy and you out live the term then you will need to be aware of your options:

1. Your Life Insurance Premiums Will Increase. If you are nearing the end of your term and you want to continue your life insurance, you will need to pay a higher premium.

2. You Can Apply for a New Term Life Insurance Policy. If you are healthy at the end of your term life policy buy you want to continue your life insurance coverage, you can apply for a new po...

Continue reading ...

Is there life insurance available for someone with cancer?

If you have cancer an need life insurance you may be finding it difficult to get insured.

Most life insurance carriers will not offer fully underwritten life insurance to someone with cancer, due to the shortened life expectancy, depending on your type of cancer, treatment, age and health, among other factors.

However, there are guaranteed issue life insurance policies for people with health problems, including cancer.

Guaranteed issue li...
Continue reading ...

What is a life insurance policy?

It's a contract between the insurance carrier and the owner of the life insurance policy.

How does a life insurance policy work?

The owner of the life insurance policy agrees to pay the insurer a premium each year for the insurance coverage. In return, the insurer agrees to pay a death benefit to the person chosen as beneficiary of the policy, upon the death of the person who is insured by the life insurance policy.

Learn more about how life insurance policies work
Continue reading ...

Keep in mind that usually life insurance through your employer does not leave with you when you leave work. If you get a new job, get fired, your company goes out of business, or you no longer work for the company, you may end up with no life insurance.

So, of instance, if it is 5 or 10 years from now and you decide to leave your job, you will at that time have to get your own individual life insurance if you have a need for life insurance. Now you are 5 or 10 years older and ...

Continue reading ...

There are several parties involved in a life insurance contract.

Basically, life insurance is a written contract between the insurance company and the owner of the life insurance policy.

In addition, other parties that may be involved include the insured person, who may also be the owner of the policy.

There are also primary and secondary beneficiaries, who are the people that may receive the death benefit upon the death of the insured person.

Learn more about the parties to a life insurance policy.


Continue reading ...

A 15 year term life insurance policy usually has the following features:

1. A set premium for 15 years.
   
2. A set death benefit for 15 years.
   
3. No cash value.
   
4. Only pays the death benefit if the insured person passes away during the 15 year term of the life insurance policy.
   

A 15 year term life policy may offer the option of renewing your coverage at the end of the term for an increase in premium.

Here's how you can learn more and compare 15 year term life insurance premiums toda...

Continue reading ...

Whole life guaranteed coverage is life insurance that provides guaranteed life insurance protection for your entire lifetime, no matter how long you live.

And, it provides guaranteed acceptance, which means you cannot be  turned down for coverage, even if you are older or have health problems.

For instance, The United of Omaha whole life guaranteed policy offers from $3,000 up to $25,000 of permanent life insurance protection, and people ages 45 to 85 cannot be turned down for a policy.

You can ...
Continue reading ...

Yes, you may be able to buy a life insurance policy on the internet.

In fact, there is a life insurance company that now offers applicants the chance to buy up to $350,000 of life insurance over the internet.

You can get an instant quote and apply online for your life insurance in minutes. There’s no health examination required.

If you qualify, you may start your life insurance today.

Here’s how to buy a life insurance policy online.

Continue reading ...

No, you cannot take a loan out on a Term Life Insurance Policy, unless you have a Return of Premium (ROP) Term Life Insurance Policy.

Return of Premium means you will get most of your paid premiums returned to you if you are alive at the end of your term. 

However, during the term of your life insurance policy, some insurance companies may let you borrow the money that is building in the policy from the premiums paid.

If you want life insurance that allows you to take a lo...

Continue reading ...

Yes, you may be able to take a loan out from your whole life insurance policy.

It usually takes several years before your whole life policy builds up some cash value.

You may be able to take up to 80% of the cash value as a loan, depending on the insurance company regulations for loans.

If you do not pay back the loan there may be taxes to be paid on your loan. Also, if the loan amount is not repaid, it may affect the amount of life insurance provided by your whole life policy.


Continue reading ...

The factors that an insurance agent or life insurance company would need to begin the quoting process for life insurance include the type of life insurance policy, how much face amount of life insurance coverage, for how many years, your age, your height and weight, state of residence, tobacco use and your general health status.

The life insurance carrier you apply with, and a number of other factors control how much a life insurance policy will cost. Premiums can be anywher...

Continue reading ...

In order to borrow money from your life insurance their must be some cash value inside the policy to borrow from.

Term life insurance has no cash value inside the policy, it is "Pure Protection".

However, permanent life insurance may have cash value that grows inside the policy over time. Usually, it takes a few years for some cash value to build up in a permanent life insurance policy.

Your life insurance carrier may allow you to borrow up to 80% of the cash value in your policy. This is consid...
Continue reading ...

Term life insurance policies do not have any cash value, so it is not possible to borrow from a Term life insurance policy.

Term life insurance is "pure life insurance protection" that only covers financial loss from death, and does not provide the option for accumulating cash value inside the life insurance policy over time like permanent life insurance does.

Permanent life insurance builds cash value over time and you may be able to take a loan from the cash value.

Term life ...

Continue reading ...

The cost of an average life insurance policy relies on severe key factors that impact a life insurance policy premium.

Some of those factors affecting premiums include the type and amount of life insurance.

In addition, your own personal risk factors impact premiums for life insurance including your age, gender, health, lifestyle, occupation, hobbies, driving record, height-to-weight ratio, etc.

Basically, the longer you are expected to live, the lower your premiums. And, the higher the amount o...
Continue reading ...

Coverage length for a life insurance policy means the length of time that your life insurance policy will stay In effect - how long you will have the life insurance coverage. 

Usually, the coverage length of a life insurance policy is referring to how long the policy will stay in effect at a level premium (level meaning the premium is guaranteed not to go up).

The life insurance coverage length assumes that premium payments are made on time and if a policy loan is taken from t...

Continue reading ...

You can buy a life insurance policy on your brother if you have an “insurable interest” in his life. 

This could include being his custodian if he is not yet an adult, or handicapped, being his business partner, being responsible for his outstanding debts, and other scenarios. 

It would be challenging to think of an instance when you would be denied the privilege of insuring your brother.  Of course, your brother has to cooperate. This means, he will need to answer some...

Continue reading ...

Yes, you may be able to buy a life insurance policy on your brother if you have an 'insurable interest" in your brother.

Insurable Interest means that there is some sort of financial link between you and your brother. Either you rely on him for some financial support, or you may suffer financially if he were to die.

Your brother would, of course, need to cooperate in the process, sign the application for life insurance and provide medical information.  There are many circumstan...

Continue reading ...

Anyone can own their own life insurance policy, when they are the insured person of the life insurance policy.

Sometimes people think that someone else should own their life insurance policy for tax purposes, when the possibility of their estate ever being large enough to incur estate taxes is nil, and life insurance does not incur income taxes.

But there are legitimate situations (for tax purposes and otherwise) where another person owning the life insurance policy on your ...

Continue reading ...

Yes, you can take out life insurance on your spouse.

In order to buy life insurance on another person you need an insurable interest in that person.

Insurable interest basically means you rely on the person for financial support, or you may suffer financially if the person were to die.

There does exist insurable interest between spouses, so you can take out a life insurance policy on your spouse.

When purchasing the life insurance on your spouse you may need your spouse's signature and he or she ...
Continue reading ...

When comparing term life insurance policies there are several features to consider:

1. How much is the premium and how long is it guaranteed to stay the same?

2. How much life insurance coverage is provided and how long is it guaranteed to stay the same?

3. Does full coverage start immediately?

4. Is the term life insurance policy convertible to permanent life insurance without evidence of insurability, and for how long?

5. What is the financial strength rating of the life i...

Continue reading ...

If your life insurance policy lapses, it means that your life insurance coverage has ended.

In order to reinstate your life insurance policy coverage you will have to prove that your health has not changed, and pay any life insurance premiums due.

If that is not possible, you will have to get a new life insurance policy with life insurance rates which would be based on your current health and age.

Learn more about a lapsed life insurance policy and what that means.

Continue reading ...

A joint life insurance policy provides life insurance protection for two or more lives.

When one of the insured persons dies, the life insurance policy pays the death benefit and the life insurance coverage ends. It no longer covers the other insured person under the life insurance policy. 

A joint and last survivor life insurance policy does not pay out a death benefit when the first person dies, but pays out the death benefit upon the death of the last person to die who is...

Continue reading ...

It is possible to take out a life insurance policy on your father.

Since he is your father, you have an insurable interest in him, which is required in order to buy life insurance on someone else.

However, when taking out the coverage you may need his signature on the application, and he may have to answer some health questions. But, some life insurance plans may not require his knowledge.

This article explains how to buy life insurance on your parent. You can even request a life insurance quote...
Continue reading ...

There are several reasons a life insurance policy may be denied, including:

1. The applicant's health - This can be anything from someone with uncontrolled diabetes or someone with cancer having only months to live. 

2. The applicant's health has not been stable for a certain length of time. This can range from someone who had very high blood pressure and only been on medication for one month, to someone with MS who has had a recent major exacerbation.

3. The applicant is ...

Continue reading ...

A whole life insurance policy is a type of life insurance that provides lifetime protection.

Whole Life offers guarantees on a couple different levels as it applies to your life insurance policy.  

First, the death benefit is guaranteed to remain level,  and second, the premium is guaranteed to remain level, and lastly, the cash value is guaranteed. 

Whole life insurance policies build up cash value inside the whole life insurance policy over time. You may be able to take a loan...

Continue reading ...

No, not anyone can take out a life insurance policy on you.

They must have a financial relationship to you, or be a very close relative. The insurance company requires that someone taking out life insurance on another person must have an "Insurable Interest" in that person.

Someone to whom you owe a large amount of money could take out a life insurance policy on you, so that they would get paid if you passed away.

Or, a relative could take out life insurance on you to help pay...

Continue reading ...

The best life insurance for your child may depend on your child's age, health and the insurance company's coverage and pricing available for your child.

Several insurers offer child life insurance plans. Some of the better known child life insurance carriers include Globe Life, Gerber, and Prudential, among others.

Since each life insurance company has their own set of pricing guidelines, and requirements for acceptance, as well as, their own specific financial strength rating, you may want to ...
Continue reading ...

There are several good reasons to borrow money from your life insurance policy.

When you buy a Whole Life Insurance Policy, you build up cash value inside the policy over time.

You can borrow against this cash value in your policy for any number of reasons, including for a down payment on a new home, for a child's college education, or even for a car.

The interest you pay on your loan is very low, and you may be able to borrow up to 80% of the cash value in your life insurance...

Continue reading ...

A term life insurance policy is a form of temporary life insurance elating for a specific period of time.

Usually, a term life insurance plan provides coverage for 10, 15, 20 or 30 years. Your premium is guaranteed for the term of your policy, and level term life insurance has level amounts of life insurance coverage for the entire term of your policy.

If you die during the term, your life insurance pays out a death benefit to the person you chose as beneficiary.

If you outlive the term of your ...
Continue reading ...

In order to be the owner of a life insurance policy a person must:

1. Have an insurable interest in the person there are insuring; and

2. Be of adult age in order to enter a life insurance contract.

Insurable interest means you either rely on the person you want to insure for financial support, or you would lose out financially if the person you want to insure were to pass away.

Insurable interest exists between spouses, siblings, parents and their children, family members, and business partners,...
Continue reading ...

There are several questions you may want to ask when purchasing your life insurance policy.

It's important to get the right amount of life insurance, choose a financially secure life insurer, and get affordable coverage with rates that are guaranteed to remain level.

1. Does the life insurance policy cover *death by any reason? In other words, don't be fooled into buying Accidental Death Life Insurance  when you think you are buying Life insurance which covers all types of deat...

Continue reading ...

Term life insurance is a type of temporary life insurance which lasts for a certain period of time.

Usually, term life policies provide coverage for a term (duration) of 10, 15, 20 or 30 years.

When the term ends, the life insurance coverage expires, you have no more life insurance.

The term life insurance does not end at a specific age, but the anniversary date of the end of the term for your policy.

When the term comes to an end, you may renew your policy for another term, or apply for a new li...
Continue reading ...

How can I get life insurance quotes?

You can get free, instant life insurance quote comparisons on the internet by visiting a life insurance quote provider like Efinancial.

Or, you can contact a local life insurance agent, or call individual life insurance companies direct for a quote.

I recommend Efinancial for several reasons when it comes to comparing life insurance rates:

1. It only takes a few minutes.

2. No need to meet with a life insurance agent.

3. No high-pressure sales pitch.

4. No obliga...
Continue reading ...

If you're shopping for life insurance you may want to consider these tips to help you save some money when purchasing life insurance:

1. Compare rates for life insurance from multiple insurers since rates can vary widely among companies.

2. Consider term life insurance instead of whole life insurance since term life costs a lot less for up to 30 years of life insurance protection.

3. Choose annual premium payments instead of monthly premiums.

4. Buy life insurance more than 6 months before your n...
Continue reading ...

Whole life insurance is the type of life insurance which builds cash value inside the life insurance policy.

Whole life, also known as, permanent life insurance provides lifetime life insurance protection, as long as you pay your life insurance premiums.

Whole may build up cash value inside the policy over time, but usually there is no cash value until you have owned the policy for at least 3 years.

Once you have cash value in tour policy you may be able to take a loan from your policy. Usually,...
Continue reading ...

There are several features to consider when comparing term life insurance policies, including:

1) The price and death benefit are guaranteed to stay the same for the full term,

2) How long the term lasts - 5, 10, 15, 20 or 30 years?

3) The term life policy is convertible to permanent life insurance without evidence of insurability for an extended period of time, and

4) The life insurance carrier is reputable and highly rated by AM Best Company for financial strength.

Also, c...

Continue reading ...

No, you cannot borrow money from a term life insurance policy.

A term life policy does not build up any cash value inside the policy over time like a permanent life insurance policy.

Term life is "pure protection", not an investment.

You may cancel your term life policy and you may get some of the premiums paid back, but there is no money inside the policy to borrow from, just life insurance protection.



Continue reading ...

The face amount of a life insurance policy is the original dollar amount of life insurance protection or coverage for which the policy was taken out.

The face amount of life insurance is also the amount of money that is paid to the beneficiary or insured (if the policy matures), minus any loans, or increased by any values stated in the contract.

The face amount of a life insurance policy is the amount of money your beneficiary will receive upon the death of the insured perso...

Continue reading ...

For someone to take out a life insurance policy on you, they must have an insurable interest in you.

Insurable interest means the other person who wants to insure you for life insurance stands to lose financially if you were to die. The other person relies on you for some means of financial support.

For example, if you passed away, it would cause them financial harm.

Also, you must give the other person them permission to take out the life insurance policy on you by signing the...

Continue reading ...

Life insurance policies have a two year contestable period after which it is difficult for life insurance policies to be contested.

Even during the first two years, the life insurance company can only deny life insurance coverage for material misstatements (information that was withheld from, or misstated on, the application for life insurance that is serious enough that it would have caused the life insurance policy to be altered or denied when the insured applied for the li...

Continue reading ...

According to the American Council of Life Insurers (ACLI), in 2008, the face amount of the average life insurance policy in the U.S. was $183,000.

In 2010, the face amount of the average life insurance policy was $165,000. So, over that two year period, the average amount of life insurance for a policy had decreased by $18,000 in life insurance coverage.

If a life insurance policy is Term insurance, there is no cash value worth to the policy itself, there is only life insura...

Continue reading ...