First of all, if you hate needles or don’t want to be bothered with a medical exam, then a life insurance policy without the medical exam is a great option for you. There’s a slight difference in rates, but you aren’t required to have an exam. Everything else stays the same.
Therefore this option is ideal for those who want coverage, but not the hassle of scheduled medical exams.
Just like with a traditional term life insurance policy, we recommend a 20- to 30-year term to provide the best coverage value. These rates will be locked in over the life of the policy.
A whole life policy may be the solution you need to ensure that your loved ones aren’t burdened with end-of-life costs.
Furthermore, his type of insurance policy is great for seniors and people who are unable to qualify for more traditional forms of life insurance. Because these policies are guaranteed acceptance, it is a great choice for those that want to protect their loved ones from financial burdens such as burial expenses or debts that might be left behind.
In light of the increasing cost of funeral and burial expenses, we generally recommend a $25,000 guaranteed issue policy to ensure there’s enough coverage.
The number one cause of death for those under 55 years are accidents. For those over the age of 55, accidents are the 4th largest cause of death. The good news is that accidental life insurance super inexpensive. For these reasons, accidental life insurance is an essential policy to have.
AD&D coverage gives your family members the protection they need if you should die in an accident. Most importantly there are no health questions and same-day issue for most policies.
We recommend using a company that offers a return of premium and disability rider in order to provide additional benefits.
Understanding the Different Types of Life Insurance Policies
While there are different types of life insurance policies, they all accomplish the same goal: pay the death benefit to the policy holder’s beneficiaries. Furthermore, wage earners buy life insurance to make up for lost income in the event of their early death, so their family members are protected.
Due to the high costs of whole life insurance, we believe the majority of people are best served by purchasing term life insurance. However, whole/permanent life insurance provides tax benefits such as tax deferment of the cash value and the ability to avoid estate taxes. Consequently, permanent policies are attractive to those doing estate planning or looking for a tax-favorable investment vehicle.