Investment Property – Profitable Investment Alternatives

Posts Tagged ‘life insurance’

For the peace of mind in knowing your loved ones will not be left with heavy burdens after you are gone, life insurance is a logical purchase (only slightly more logical than buying investment property).  Millions of people enjoy the security of knowing that their spouses, children or other family members will not be left out in the cold should the worst happen.  Life insurance policies from many companies however can involve stringent health exams and even drug tests to determine the risk a company will face in insuring a particular individual.  For these reasons, many well qualified potential customers never even attempt to obtain valuable life insurance policies.  Some companies do provide good coverage without all the headache of physical exams and other tests.

When you go to apply for life insurance, an agent will take basic information from you and help you and your family develop a plan to determine what type of coverage will best fit your future needs.  They examine things like debt including mortgage or credit card loans.  They discuss with customers daily and monthly living expenses, retirement and a variety of other things that will need to be paid for even though a family will have lost a breadwinner or caretaker.  These factors don’t really matter much in terms of obtaining the policy.  Agents will then ask if the customer smokes, does drugs or drinks, has pre-existing or current medical conditions and/or what type of profession they are in.  Agents require customers to visit a medical facility to give swabs of their mouth to determine things like alcohol, tobacco or drug use.  Physical exams performed by physicians are also common before the company will proceed with the policy set up.  A negative outcome from these tests will not necessarily bar customers from obtaining life insurance though rates will be higher as people who use tobacco, alcohol or drugs on a regular basis or who have health conditions that could increase their chance of an early death are a greater risk to insurance companies.  The same is true for individuals in high-risk jobs such as professions in the military, police, fire and a number of other positions where individuals experience dangerous or life threatening conditions on a daily basis.

Applying for no physical life insurance, or insurance that does not require a medical exam, can be an alternative for those who experience the circumstances described above.  Companies that offer this insurance are less well known and generally offer coverage to persons with pre-existing medical conditions or those with high-risk jobs.  No matter what company you choose, tobacco, alcohol and drug use will raise premiums for customers who are involved in the use of these substances.  They are viewed by insurance companies as voluntary use substances as opposed to medication prescribed by a doctor.  The best way to get a better rate is to stop using these substances.  Check out the whole life insurance definition for more examples. For those who cannot or have little control over their circumstances, no physical term life insurance can offer competitive rates because these companies specialize in insuring high risk individuals.  They have programs specifically designed for those who cannot obtain insurance through other providers or who experience high rates as a result of their circumstances.

If you are on the lookout to buy a life insurance policy, make sure that you consider the pros and cons of a no-load life insurance plan. This kind of insurance might cost less and this is because a big part of the premium gets into the total amount of the policy. With a no-load life insurance plan, there are no agents that the company has to pay commissions to so there is no need to pay higher monthly fees. You can begin to search for this through the Internet. Make sure that you compare various plans and see which prices are the best.

After choosing a no-load life insurance plan, you can talk to a company representative about your needs. You will also be made to get a medical exam in some cases but it depends on the type of policy that you are getting. You simply have to fill out some forms and provide some information and you will be able to get the plan.

As mentioned, there are no agents involved in the no-load life insurance so it means lower premiums for you. This gives you an extra advantage since the premium just goes into the amount of the policy. But remember that with a no-load life insurance, the coverage only lasts up to a limited time. During this, you pay for the premiums monthly and if you need to claim on the policy, your beneficiaries will get the payout. You can also opt for term life insurance which is cheaper. This is good for people who are just starting to form a family or those that recently purchased a home. There are also whole no-load life insurance plans that you can choose to get. There are other types of insurance you might want to look at, such as equity index universal life insurance, where the value of your policy depends on a stock index.

A con on the no-load life insurance is that you usually cannot expect a good customer service to help you. There is no agent that you are in contact with so you have to coordinate with the company itself. You can expect to wait longer for your questions to be answered or for you to get serviced. You can also get a no-load life insurance plan through your work or any organization that you are a part of.

To help you decide which kind of no-load life insurance to get, make sure that you consider plenty of companies and policies to find insurance quotes. While this kind of insurance is great, do not overlook others just because you think you won’t save as much money. If you look closely, there are plans that you could benefit more from and might even be cheaper in the long run.