Life Insurance
Group Life Insurance:
This is a very inexpensive benefit for an employer to provide for their employees. To offer a $10,000 life insurance benefit would cost only a couple of dollars per month. Most small businesses could get at least $20,000 guaranteed issued and in some cases as much as $50,000 of coverage with no medical questions asked.
Individual Life Insurance:
Term Life Insurance:
The most popular type of life insurance for an individual is a term policy. With a term policy you select the length of time you would like to be covered with life insurance i.e., 10 years, 20 years or 30 years. This means that your rates for the life insurance would stay the same for the term of the policy. This is the most reasonable way to purchase life insurance. These policies must go through an underwriting process where the insurance company will request medical records as well as a blood test to evaluate the applicants overall health. The best underwriting class would be Preferred Plus. This would be for someone with no medical problems, no family history and excellent blood tests. Smoker rates for life insurance are much more expensive than non-smoker rates. A person has to stop smoking for at least 12 months to be considered for non smoking rates.
Permanent Life Insurance:
The two most popular types of permanent life insurance are whole life and universal life insurance. Whole life policies are very expensive and provide death benefits up to age 100 and some policies go longer. Universal Life Policies now have guarantee life benefits to age 120. These policies are much less expensive than whole life policies. They do not guarantee the cash value of the policy the same as whole life policies do. If you are purchasing for estate planning purposes the death benefit is the most important part of the life insurance. Universal Life Policies will supply this need for a more reasonable premium. Universal policies usually are approximately four times the premium of a term policy. To get the most coverage for the amount of the premium most people will select a term policy.
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