Life Insurance Quote

Term And Permanent Life Insurance

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You may not be certain how to go about getting a life insurance quote. Here is a simple process to follow, and some of the things you need to be aware of, when buying a life insurance policy.

• Decide On An Amount

  It is always a good idea to know before hand how much life insurance you need. If you are married and have children you need to estimate how much life insurance is needed to provide sufficient income for the family if you should die prematurely. You should also estimate the buying power of your dollar adjusted for inflation. There are many calculators on the Internet that you can use to come up with a figure but a good ballpark figure to use would be about 10 times your annual income. Get a life insurance quote, or compare several quotes in this amount and proceed from there.

• Decide On Type Of Life Insurance Policy

  There are 2 basic types of life insurance, term and permanent. Each type are issued in several variations. Term life insurance, in general, provides coverage for fixed periods of time. These policies are considered temporary policies even though some can be kept for very long periods of time. The most popular term policies are the 10 year term policies, 20 year term policies and the 30 tear term policies. It would be an interesting exercise to get a life insurance quote on each type from the most reputable carriers and see how the rates differ.

  Permanent life insurance also come in varying forms. The most popular types are the whole life policies and universal life policies. Each type has modified versions depending on the company you are dealing with. Permanent life insurance, as the name implies, allows you to keep your policy for the rest of your life. There are many benefits to owning these types of policies. They do, however, require a higher premium outlay than term policies.

• Applying For Your Policy Online

  Once you have nailed down the type of policy best suited for you and you determine how much you are ready to get your life insurance quote or quotes. You answer a few basic questions then you get your quotes. You then proceed to complete the application for your policy.

  If your policy is a large one, above $500,000 you may be required to do a medical examination. The life insurance agency will set this up at your convenience. This also depends on your age. Life insurance companies are very cognizant of the fact that younger people tend, more often than not, to be in better health. They are therefore more likely to issue a policy to a young person without that person having to do a medical examination.

• Life Insurance With No Medical Exam Required

  Because medical information is more easily attained today even middle aged people in fairly good health can get a life insurance quote online and buy their insurance with little or no hassle. In some cases you can actually print out the policy there and then.

  If you are between age 18 and age 65 you can apply for between $25,000 and $500,000 of term life insurance online. There is usually no medical examination required. You just need to answer a few health questions. If any of your answers indicate that you are not in good health or if the M.I.B., Medical Information Bureau, has any information that may cause the Insurance Company concern then you may need to do a medical exam before the policy is issued.