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Any life insurance policy offers a stated monetary benefit upon the death of the insured. This method of providing post mortem financial support is preferred by many U.S. citizens. Life insurance is viewed as a medium or long term investment that prevents a financial decline once the insured dies.
Typically, the insured is an important breadwinner and the family relies heavily on its income. From another perspective, life insurance is an heirloom, because you have the option to designate who will receive the money or when. For example, you want to invest in the education of your child.
You can negotiate with the insurer and specify that the money will be paid at a specific date and for specific use. One of the most common policies and one of the most affordable is term life insurance. Although this may sound tempting, you must be aware that term life insurance ratings are influenced by a series of factors.
Amongst those factors, age and health are the most important. There are numerous citizens that seek affordable term life insurance. Although the changes of getting it are reduced, they still exist. Insurers that sell term life do not accept easily persons who are older than 50 years for several reasons. First, human life expectancy is limited and as you approach the upper limit, a series of health problems start to occur.
For many of that problems, but not for all, plus, unexpected complications can appear at any moment. Secondly, the retirement age is around the axe of 65 years. So, if you are 50 years old, in 15 years you will be earning less money. The insurer will doubt about your capacity of paying the required premiums at the right time. In 15 years term life premiums will be more expensive than the initial premiums. This is a feature of term life insurance. The premiums are renewed each year to compensate for the increased risk.
If you were refused by insurers because you are old or you have a pre-existing medical condition, your only hope to get life insurance is to apply for no exam life insurance. You will be surely accepted as a client, unless you are more than 90 years old or you have one of the following diseases: cancer, HIV/AIDS or you have been declared terminally ill. Although, you will not be asked to undergo any medical exam, you will have to answer to several medical questions. The answers will influence no medical exam life insurance rates. We should tell you that no exam life insurance is more expensive than term life and you can purchase it only if you afford it.
Our website helps you connect with numerous top ranking insurers. We provide excellent quotes that will help you compare prices and make an advantageous investment.