A life assurance policy can be taken by anyone to provide protection to their family. It is a contract between two parties - the insurance company and the person being insured. These life based contracts are divided into: * Protection policies o Term life insurance * Investment policies o Whole life o Universal life o Variable life.
Policies which are meant for protection provides a lump sum payment when the insured event happens. You will get to know the complete details about the policy when you request for term life insurance quotes online. Investment policies provide double benefit such as growth of capital and also provide death benefits to the insured. You can get no medical exam life insurance policy under both types. It is important that you ask for these types before signing up for it.
Getting to know the steps involved in obtaining a term life insurance or any other insurance policy is critical. There are so many different insurance carriers that are available and you must select the ideal one so that you can maximum out of your policy. People purchase insurance for various reasons. One of them is to clear debts such as mortgage taken, school fees or other family expenses, to protect a business as part of the estate planning process. All of us want to protect our family and it is important to safeguard the interest.
Once you learn about the different types of insurance policies, you can consult a professional to advise you and help you make the right choice. Do not make the mistake of asking the expert to teach you about the various policies. If for example you get help from an insurance agent in your locality and ask him about the different policies available, it is quite possible that he can mislead you. Once the agent knows that a prospective client is ignorant about products, he can try and sell a policy that will give him the maximum commission and not benefit your needs in the least.
Thus, understand various polices and then ask the advise about the one that will suit your requirements. You are expected to give information about your future needs, your current salary status and the minimum that you will be able to pay without missing it. Choose an independent agent who works for number of insurance carriers who will be able to give you a range of policies from which you can choose.
One more way to approach this is by going online for term life insurance quotes. There are number of websites which can provide you quotes from which you can compare from various insurance companies to get the best one for your requirements. You can even change the parameters frequently to select the premium that will suit your needs. From the quotes provided, you can even ask for a clarification or an explanation on any of the points with the insurance carrier. They will get back to you with details.
No matter what type of insurance policy you choose, the individual has to undergo a thorough medical exam and this will tell the insurance company whether he or she is eligible to get insurance. Once the exam is completed and results are available a person will be given number of various ways from which he/she can choose such as preferred, preferred plus, standard etc. Most of them will come under the common category of standard section as they are most likely to have a medical condition to deal with. Someone who is young and slightly better on a health scale can stand a chance to get a better insurance rates.
However, many stand a chance to get rejected from any coverage whatsoever, simple because of their medical condition. However, you have a way out for this such as no medical exam life insurance policy. As the name indicates, you don't have to undergo a medical exam except the fact that you just need to answer few health related questions only. Certain carriers ask for a blood sample or a mouth swab to be done. Some of the questions are related to your habit of smoking, height-weight ratio etc. Once done, your application will be verified and issued.
Always remember that this kind of policy will work out more expensive for the simple reason that you are being insured without undergoing a complete physical exam. This can only mean that you have some medical issues that do not qualify for a regular policy. In such a case, chances of you dying early are quite high and since the insurance provider wishes to protect his profit margin from early payouts, he will charge you high rates.
Policies which are meant for protection provides a lump sum payment when the insured event happens. You will get to know the complete details about the policy when you request for term life insurance quotes online. Investment policies provide double benefit such as growth of capital and also provide death benefits to the insured. You can get no medical exam life insurance policy under both types. It is important that you ask for these types before signing up for it.
Getting to know the steps involved in obtaining a term life insurance or any other insurance policy is critical. There are so many different insurance carriers that are available and you must select the ideal one so that you can maximum out of your policy. People purchase insurance for various reasons. One of them is to clear debts such as mortgage taken, school fees or other family expenses, to protect a business as part of the estate planning process. All of us want to protect our family and it is important to safeguard the interest.
Once you learn about the different types of insurance policies, you can consult a professional to advise you and help you make the right choice. Do not make the mistake of asking the expert to teach you about the various policies. If for example you get help from an insurance agent in your locality and ask him about the different policies available, it is quite possible that he can mislead you. Once the agent knows that a prospective client is ignorant about products, he can try and sell a policy that will give him the maximum commission and not benefit your needs in the least.
Thus, understand various polices and then ask the advise about the one that will suit your requirements. You are expected to give information about your future needs, your current salary status and the minimum that you will be able to pay without missing it. Choose an independent agent who works for number of insurance carriers who will be able to give you a range of policies from which you can choose.
One more way to approach this is by going online for term life insurance quotes. There are number of websites which can provide you quotes from which you can compare from various insurance companies to get the best one for your requirements. You can even change the parameters frequently to select the premium that will suit your needs. From the quotes provided, you can even ask for a clarification or an explanation on any of the points with the insurance carrier. They will get back to you with details.
No matter what type of insurance policy you choose, the individual has to undergo a thorough medical exam and this will tell the insurance company whether he or she is eligible to get insurance. Once the exam is completed and results are available a person will be given number of various ways from which he/she can choose such as preferred, preferred plus, standard etc. Most of them will come under the common category of standard section as they are most likely to have a medical condition to deal with. Someone who is young and slightly better on a health scale can stand a chance to get a better insurance rates.
However, many stand a chance to get rejected from any coverage whatsoever, simple because of their medical condition. However, you have a way out for this such as no medical exam life insurance policy. As the name indicates, you don't have to undergo a medical exam except the fact that you just need to answer few health related questions only. Certain carriers ask for a blood sample or a mouth swab to be done. Some of the questions are related to your habit of smoking, height-weight ratio etc. Once done, your application will be verified and issued.
Always remember that this kind of policy will work out more expensive for the simple reason that you are being insured without undergoing a complete physical exam. This can only mean that you have some medical issues that do not qualify for a regular policy. In such a case, chances of you dying early are quite high and since the insurance provider wishes to protect his profit margin from early payouts, he will charge you high rates.
About the Author:
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on cheap life insurance and online life insurance, visit his site today.
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