"...Affordable Life insurance with ‘no health questions’ may seem like a time saving bargain, but you need to be aware of the fact that life insurance that seems too easy to obtain often has clauses you may not understand or expect..."
Quality Life Insurance is Affordable
Request Quotes on Whole Life, Term Life, Universal, Variable or Second to Die Life.
Our service can be used to help you find the best life insurance product for you. Once you have answered a few simple questions, you will be matched with an agent who will contact you and help you learn the things you really need to know before purchasing any kind of life insurance. Many policies have lower rates than you might expect.
Low cost Life Insurance—at least partially in your control
Like anything else a person might want to buy, life insurance comes with choices, options, and ways to customize a policy to fit your situation.
Take control of your life first
The best life insurance policies from any company are called “fully underwritten.” That means the company is going to ask you a lot of questions, not only about your health, but also about your family history and life style. If you are in good health, use good sense in your risk taking activities, and have a family history of getting checkups and exercise, you may be able to get a lower rate than the average person. Some companies now have a “preferred plus” rate which is even lower priced than the old preferred rates. It is not easy to get, but is worth asking for. It also requires a little patience as the company will do a very thorough investigation to see if they are willing to take the risk of giving you that type of policy. Even if you can’t quite qualify for “preferred,” you may be able to get a higher face value on a standard policy by simply making a few lifestyle choices.
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Smoking. Smokers, both male and female, are given a higher rate with all companies. The reasons are obvious. On the average, smokers die younger and have higher incidents of chronic lung diseases than non-smokers. Granted, your grandfather may have smoked for 50 years and still lived to be 90 years old; but the price isn't based on your grandfather. It’s based on the national averages.
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Obesity. Believe it or not, most companies are quite lenient with weight. A woman of 5’6”, for example, can weigh up to 220 without a rate increase unless other problems are present along with the weight. However, cross the line on the chart, and your rate will take a sharp increase. Also, you can’t get a preferred rate unless you are within 20 to 30 percent of your ideal weight.
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Get off the couch! In addition to diet, a major cause of multiple health issues is a lack of activity. Even people who were heavy users of alcohol and tobacco in the “pre-technology days” often lived long lives because they worked the poisons out of their systems by spending days in the fields, in lumber mills or in factories. People also walked long distances and engaged in a lot more physical activity than we do today. We could do ourselves a lot of good by adopting some of the habits of our ancestors.
Policies are not a “one size fits all”
Certain types of policies are higher priced than others. Nevertheless, it should be the purpose of the policy that should determine your purchase, not the price alone.
Term Insurance: You have insurance for a set time period, after which the policy can be renewed, but probably won’t be due to the prohibitive increase in premium. This one is good for a person who will only need insurance for 10 or 20 years.
Universal Life: Probably one of the best choices in that you could fund it initially like a term, but could choose to continue it without health underwriting. It also builds cash value and has some withdrawal options.
Whole Life: The utmost in life insurance security as well as the most expensive. Nevertheless, the price for a very young person—say 20s or 30s—may be only slightly higher than a universal. In fact, whole life on children is sometimes less expensive than a universal.
Graded Life: The most common type of life insurance offering received in your mail box. This one requires no health questions and offers guaranteed coverage, so if you waited a little too long to seek out life insurance, this is one of your last options. The face value will be limited, and the policy will pay only a partial benefit during the first two years unless you die in an accident. It is, however, a whole life policy and will never surprise you with an increase in premium or a decrease in benefit.
Joint policies: Joint policies are not as common as they once were, but if you find a company that offers one, it can be a good bargain. You insure two or more people on the same policy for a premium that is higher than that for the youngest person, but lower than that for the oldest. The policy pays only one benefit which is given either to the first person to die or the last one to die, depending on the option you select at the time you purchase the policy.
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