Short answer: by buying now. No matter how old you are, you will never be younger than you are today. Age can be a significant factor in determining premiums. Many multi-line insurers offer special rates on either the life policy or the home or auto policy when you bundle your policies with one company, so [...]
This is an important question because life insurance has no standard policy. Policy terms, prices, and exclusions may vary widely by company. But in general, insurance companies are in the business of offering coverage to as many customers as possible, not turning business away. Many activities such as scuba diving and mountain climbing that might [...]
Maybe not. Many companies now offer no-medical-exam life insurance policies for qualified applicants. You answer a few medical questions during a simplified application process and the application may be reviewed in less than 24 hours. The older you are, the more health issues you have, or the higher the face value of your policy, the [...]
It depends on whether you have a term or permanent insurance. With term life coverage, your premiums start out lower than comparable permanent coverage and stay fixed for the initial term. If you choose to keep your policy in force past the initial term, the premiums will likely go up. With permanent life insurance coverage, [...]
Most life insurance policies have a variety of optional benefits, called riders, which may be available for an additional cost. Disability riders may cover paying your policy premiums while you’re disabled and may supplement your lost income. An accelerated death benefit rider lets you collect a portion of the policy's death benefit if you become [...]
If you’ll need to replace your income for your loved ones if you were to die, you may be counting on Social Security to cover some of the burden. The reality is that, in most situations, Social Security benefits are only paid out if a surviving spouse is over 60 years old or has children [...]
Premium rates for term policies are typically lower than those for permanent ones (if applying for the same coverage), but there are tradeoffs. For one, premiums on term policies typically go up substantially at the end of the initial term – usually 10, 20 or 30 years. And, if you stop paying premiums for any [...]
The group policy your employer provides may be affordable and easy to enroll in without a medical exam. However, group policies may only pay an amount equal to one or two years’ salary, or a similarly limited amount. That may not be enough to cover your family’s needs (mortgage payments, education costs, living expenses) if [...]
