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Affordable Life Insurance Option: Group Life Insurance
Employer-provided life insurance coverage is often the most affordable form of life insurance available. This is because the insurance is underwritten based on the group's risk, rather than yours as an individual. Your individual health will not be considered, since the underwriters use other criteria to determine risk when underwriting group life insurance. If your employer doesn't provide a life insurance benefit, find out if any of the organizations or unions you are a member of offer group life insurance to their members. Organizations like AARP, AAA, trade and talent unions often offer group life insurance to their members at a fraction of the cost of individual insurance.
*It is important to remember that your benefits may be contingent upon your membership or employment.
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LifeInsure.com Tip: Whole Life Insurance Plans
Whole life insurance provides a safety net for your family and is available with many options that can help you achieve your financial goals.
Whole life insurance plans build cash value from which you can borrow as the policy grows. They also provide guaranteed cash values for later and some – meaning peace of mind for you and your family. Policy holders should be aware that any unpaid loan amounts will be deducted from the final benefit.
A type of whole life insurance, called survivorship life insurance, provides coverage for couples and generates cash that can be used to pay estate taxes. Benefits are not paid until both spouses die, thus the common reference to this type of policy as “second to die” insurance.
A primary difference between whole life and term life insurance is the cash value associated with whole life policies and that whole life lasts a lifetime. Policy holders should be aware that premature surrender of a whole life insurance policy may mean forfeiture of payments and anticipated benefits.
When choosing whole life insurance it is important to consult your insurance advisor to achieve maximum return on investment.
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Personal History Interview (PHI)
A personal history interview is the set of questions a proposed insured is asked by their agent or underwriter to determine their risk to the insurance company. The PHI contains questions about the proposed insured's health, medications, hobbies and occupation.
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LifeInsure.com Tip: Tips On No Medical Exam Insurance
When buying life insurance online, you won't need to visit your doctor's office. Depending on the type and amount of life insurance you are seeking everything can take place in the comfort of your own home.
Tip 1. No Medical Exam Policies Are Available: The medical exam or medical underwriting component of applying for coverage can generally be avoided by those 40 and under seeking low value (say $100,000 or less) policies. As you age, the amount of coverage you qualify for without a medical exam decreases.
Tip 2. If You Do Require an Exam it can be performed in Your Home: The most basic medical underwriting requires only samples of your saliva blood and urine. Using portable equipment, medical personnel contracted by the insurance carrier can perform these tests in your home or office. Why take saliva, blood and urine samples? Carriers are looking for evidence of risky health habits or conditions. Specifically nicotine or illegal drug use, elevated cholesterol levels, HIV infection and so forth.
Tip 3. High Value Policies Generally Require More Extensive Exams: In addition to the more basic exam older policy applicants or those seeking high value policies must submit to additional testing. These tests can include things like an EKG or a heart stress test using a treadmill or similar equipment.
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Adverse Selection (also called Anti-Selection)
Adverse selection occurs when a proposed insured who is already critically ill applies for life insurance. This is considered adverse selection because it increases the risk to the insurer. It can also create an inadequacy in the rate structure because the insurance company is charging a rate for a healthy person with lower risk.
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LifeInsure.com Tip: Tips for Getting Affordable Life Insurance
Inexpensive life insurance is more widely available today than ever before. In fact, the prevalence of affordable life insurance– including cheap term life insurance – means there is no excuse for avoiding protection. You can get a great price on insurance. The following tips tell you why you can expect to save on life insurance.
Tip 1. Life Expectancy is Rising: The population is living longer. Longer life spans help create a win-win scenario for insurers as well as for those they insure. Insurers benefit because they can hold onto and invest payments for longer periods. Policy holders benefit from cheaper insurance rates, better coverage options and more attractive returns.
Tip 2. The Population is Healthier: Despite the rising alarm over obesity and related health concerns, the population, overall, is living longer. In fact, improving health is directly related to the declining life insurance rates we have seen over the last decade.
Tip 3. More Affordable Life Insurance Rates May Mean it is Time to Reevaluate: Depending on how long you have held your current policy it may be wise to review your coverage and cost. Declining rates may mean a more attractive policy and premium for you. Consult an online life insurance site to see comparative life insurance rates?
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Return of Premium Life Insurance Tips
If you are in the market for a life insurance policy you should be aware that there are additional benefits you can add to your policy to enhance the benefit. Return of premium riders are one such option.
The Return of Premium rider is a particularly attractive option for consumers because it ensures that you will get all your premium dollars back if you do not die during the term of your life insurance.
Policy holders pay annual premiums throughout the policy term (usually between 15 -30 years). The sum total of all payments is returned to the policy holder at the end of the term unless a death benefit is paid out (ask your life insurance company what happens to the additional premium if death does occur)
Policy payments do not earn interest but, since they are paid with after tax dollars, their repayment is not a taxable event.
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LifeInsure.com Tip: Tips for Learning About Life Insurance
There is a lot to consider when purchasing life insurance. So where can shoppers find the life insurance answers they need to make the best choices?
Why not learn online? Life insurance websites are designed to attract knowledge seekers based on the search terms they are most likely to use. When you are ready to begin your life insurance education simply type in the word or phrase that best captures the information you want. You will be directed to a site that answers your questions and explains life insurance products in easy to understand language.
Use a life insurance glossary to better understand plans and policies. A life insurance glossary is an online dictionary of terms used in the life insurance industry. Shoppers and policy holders need not be stumped by the often unfamiliar language of life insurance; a glossary can unlock the mystery and lead to a greater understanding of life insurance in general.
Are you having trouble reading the small on screen print? Do you learn better using interactive tools? Choose a life insurance video to learn about potential policies. These informative videos include all the life insurance information you need in a format that makes learning easy and fun.
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Group Insurance for Freelancers
If you are a freelancer, you may not have access to a group insurance plan through an employer--but ou still need coverage. If you have a chronic illness and can not qualify for individual coverage, you might consider joining a union in your discipline. Many freelance disciplines have unions (such as The National Writer's Union) that offer group health insurance once you've joined.
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