Affordable Life Insurance Is Now Within Your Reach
View PDF | Print View
by: melsmithen@gmail.com
Total views: 28
Word Count: 766
The importance of a life insurance policy is not hidden from you. As a married man who is possibly struggling with a home loan, you are aware of your responsibilities. You owe something to your wife and kids who have made life so sweet for you. And that something is financial security in terms of a life insurance policy that you must get for them. nnYou are young. However, you know that death does not really care. It may pounce on you anytime, just as it does on the ninety year old. Then why do you hesitate to buy a life insurance? You hesitate because you are too busy to take a medical exam and besides, with mortgage payment and all, you hardly have any money left to pay the insurance premium.nn Have you ever thought how are they going to pay the mortgage should you die tomorrow? Can you imagine your loved ones without a home and a hearth because you, the sole bread earner, are no more? As for not finding time to take medical test, you can opt for life insurance no exam. If you can spare any time to search the net, you will find many brokers and insurance carriers dealing with life insurance no exam. nnHowever, you will have to be eligible for term life insurance no exam. There are restrictions on age, health history and amount of insurance. Suppose you are 30 plus, want coverage for another 30 years and coverage amount being $500,000, your monthly premium will be more or less $114.17, the annual amount being more or less $1,245 for life insurance no exam.nnNow imagine another scenario when you want coverage only for 10 years for an amount of $500,000, then the premium comes down to $47.23 from the previous $114.17. Isn't this affordable life insurance? But keep in mind this is term life insurance no exam policy. These policies have lower premiums than universal or whole life insurance policies. But the term life insurance policies have little cash value. There are other disadvantages too - if you do not die within the term period, you get nothing. If your death occurs even one day after the expiry of term, no benefit is earned by your family. Hence, the only way to get the benefit is that your death should occur within the term period.nnIf you are only 30 plus, you are not likely to die in ten years and the insurance carrier knows it. Therefore, the ten-year coverage is not sufficient for you. You need coverage for many more years, at least until your children are self-sufficient, your mortgages have been paid and you have made a decent bank balance. For that, you need to take 30 / 35 years of coverage. On the other hand, you can decide to take a ten-year of coverage and then renew it once it lapses.nnThis may perhaps be the saddest mistake you ever made. Let us see how - at the age of 30, you pay a premium of $47.23 for a term life insurance no exam which will become $95.83 when you turn 40 and will escalate to $230.78 when you are 50 years of age. And keep in mind, all these figures are for non-smokers. For a 50 year old smoker the corresponding amount would be a whopping $502.06. Keep in mind that all these calculations take into consideration the present day rates.nnIf low-priced term life insurance is what you want then:n1. Avoid smoking. Smokers have to pay through their noses. An average 40 year old non smoker pays a monthly premium of $95.83 for a ten-year period of no exam policy with $500,000 coverage amount while a smoker will have to pay $231.08 for the same. n2. Take time out and go for medical tests and not life insurance no exam if you are incapable of reading between the lines. Remember, the reputable carriers do not provide life insurance no exam policy.n3. Instead of buying short term policies and renewing at the end of the period, go for a full long term coverage. Supposing you become terminally ill, the carrier may not opt to renew your policy. If you need coverage for 35 years, buy coverage for full 35 years. It comes cheaper that a way.n4. Calculate what should be the coverage amount. If the monthly premium for $500,000 coverage amount is $114.17, then the monthly premium for $200.000 coverage amount is $49.52. Try to find out how much money is going to be enough for your family and how much can you spare without actually cutting any major cost.n
About the Author
nDavid Livingston owns an insurance business that deals primarily in life insurance. If you would like to get the most competitive term life insurance rates or to find out about the term life insurance cost, visit his site today.
Rating: Not yet rated
