Life Insurance FAQ's

What is a Renewable Term Policy?

December 27, 2022

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 prove insurability for your renewal policy.

However, your new premium for the renewal policy will usually be higher than the premium you paid for your expiring term life insurance since you are older than when you bought your original term policy.

Here's how to learn more about what is a renewable term policy.

Posted by hadley hadley. Posted In : Life Insurance FAQ's

Is There Life Insurance For Elderly Parents Over 80?

December 22, 2022

Yes, there are life insurance plans available for your elderly parents who are over eighty years old.

You, as an adult child, may purchase life insurance on your elderly parent, because you have an Insurable Interest in your parent, which is required in order to buy life insurance on someone else.

There are several life insurance carriers that offer life insurance policies for people over 80 years old, including United of Omaha.

For example, United of Omaha offers up to $25,000 of life insurance...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

What is a Life Insurance Coverage Amount?

December 18, 2022

A life insurance coverage amount is the amount of life insurance protection provided by your life insurance policy.

It is the amount of life insurance stated on the Declarations page (front page) of your life insurance policy.

It is the amount of coverage your life is insured for when you purchase a life insurance policy.

If you (the insured) die, the life insurance company pays out the death benefit (life insurance coverage amount) to the beneficiary of your policy.

Keep in mind, if there is an ...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

How to Get a Life Insurance Policy for Less?

December 14, 2022

If you are looking to find affordable life insurance protection, you'll want to review the following tips that may help save you some money when buying a life insurance policy:

Get Insured Now - The younger you are when you buy life insurance, the lower your cost, because rates are based in part on your age.
Choose Term Life - Permanent life insurance usually costs up to 5-10 times more than term life insurance because term life is temporary coverage providing insurance for 10, 15, 20, 25, 30, ...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

What Does Life Insurance Coverage Mean?

December 10, 2022

If you are considering the purchase of life insurance you may be wondering what life insurance coverage actually means.

Life insurance is a contract between the insurance company and the owner of the life insurance policy.

The owner agrees to pay a certain amount of money to the insurer on a regular basis, and in return for the premium payments, the insurer agrees to pay out a death benefit to the beneficiary of the life insurance policy upon the death of the insured person, subject to the term...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Life Insurance for My Parents with No Medical Exam

December 6, 2022

Can I buy no medical exam life insurance for my parents?

Yes, if you are an adult child, you may purchase life insurance on your parents.

However, you may need their approval and signature on the application for coverage.

There are no medical exam life insurance policies for seniors; such as, permanent life insurance, term life insurance, or guaranteed issue whole life insurance policies.

Whether or not your parents will qualify for coverage may depend on their age and health.

However, even if the...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

What are Term Insurance Yearly Premiums

December 2, 2022

A yearly premium for term insurance is the price you pay (premium) for your life insurance policy on an annual basis.

Term insurance is temporary life insurance coverage which is also known as term life insurance.

Term life policies may past for a duration (policy term) of 10, 15, 20, 25, 30, 35 or 40 years.

The longer your policy term, the higher your yearly premium for your life insurance coverage.

You can find out how much term insurance will cost by requesting free term life insurance quotes ...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Do Seniors Need Life Insurance?

November 28, 2022

Whether or not a senior citizen needs life insurance protection will depend on that particular seniors situation.

However, many seniors do buy life insurance plans to provide for their final expenses, which may include the cost of their funeral and burial expenses.

Some of the most common reasons seniors need life insurance may include the following:

To Pay for Final Expenses – Funeral and Burial Costs
To Pay for Hospital Bills
To Pay Off Credit Card Debt
To Pay Off Personal Loans
To Pay Off Home ...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

What is a Term Policy with a Renewability Option?

November 24, 2022

A Renewable Option is a Clause in a Term life insurance policy that allows you to extend your life insurance coverage beyond the original term, even if your health has declined, usually on an annual basis, and without a medical examination required in order to qualify for the renewal life insurance policy.

You won’t have to re-qualify for a new life insurance policy, but your extended renewable term life insurance coverage may raise your current policy premium. That means, if you want to ren...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

What Does It Mean to Convert a Term Life Insurance Policy?

November 20, 2022

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...
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