When applying for life insurance, the insured often has to complete medical tests. These medical tests can include blood pressure checkups, blood profile tests, urine specimens or ecocardiograms.
Though these tests are harmless, they should still be taken seriously and adequately prepared for. Some of the things the insured should keep in mind before completing their life insurance medical tests are the following:
1. Write down all significant illnesses, as well as the dates you had them. Also, write the names and addresses of your doctors and the treatments they employed. This will help speed up the application completion process for the nurse.
2.
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Standard Life offers Term 10 and Term 20 life insurance solutions.
The plans are renewable to age 85 and convertible to a Standard Life permanent policy — both without a medical.
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Those over 60 can get life insurance.
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At the end of these specific periods of time you can either drop the policy or you may elect to renew it. If you choose to renew your policy you will usually need to provide proof to the life insurance company that you can still qualify for a policy.
Some term policies have built into it an option which you may exercise which would allow you to convert your policy within specific periods of time. You would convert to a permanent policy like universal life insurance, variable universal life insurance or whole life insurance. The periods within which you may covert is usually shorter than the term period for the policy itself. Let us suppose you own a 20 year level term life insurance policy.
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Acquiring life insurance can be a complicated affair. Said complication is greatly increased by the amount of jargon that consumers have little hope of understanding, not to mention the commission hungry sales agents. Among the many decisions that need to be made is whether one goes down the term or whole-life route. Ask any insurance sales agent which type of life insurance is the best and he or she will undoubtedly respond that the answer is whole-life insurance. Ask the same life insurance agent which type of life insurance he makes an eighty percent commission on the first year’s premium and the answer will be the same. Read more…
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There are many types of life insurance policies that you can get today. One of them would be term life insurance. Term life insurance is one of the cheapest life insurance policies available and is most recommended for young and healthy individuals. Term life insurance is different from other policies in that it usually only lasts for a specified length of time. If the policyholder passes away during the term of the policy, then his or her beneficiary would be receiving the amount specified on the life insurance contract. Because it only lasts for a short time, usually between 1 to 20 years, the premium is a lower compared to the premium of other policies because the risk of the individual dying during the term of the policy is considered by insurance companies to be lower. Read more…
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A new survey says fewer American households now carry life insurance than any time in the past 50 years. LIMRA, an insurance industry group conducted the survey and says that now millions of families are living without this important safety net. The study shows that 44% of households have an individual life insurance policy and 30% have no life insurance, whether from an employer or individual.
Families with the greatest need for coverage are typically viewed as those with children under the age of 18, and right now 11 million of those households are without life insurance protection. Premiums actually cost much less now than they did ten years ago. Read more…
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Posted by Georgia Edwards