What Is Covered In A Life Insurance Medical Exam?

Life insurance is a major purchase. Finding a policy that not only provides you with the coverage you need to care for your family or loved ones, but is also affordable, is critical in making your decision. So you have found the policy that seems to have all the feature you are looking for, and at the right price, but it requires a medical exam! What should you expect from a life insurance medical exam and how can you prepare for it?

What Kind Of Medical Exam Should I Expect?

In general, a life insurance medical exam will try to get an overall picture of your health. You can expect to be asked a series of questions about your medical history and the medical history of your family members. You can also expect questions about your lifestyle that may affect your health such as drinking, smoking, and exercise habits. In addition to a questionnaire you may also be required to have a routine physical that could include taking your weight, pulse, and blood pressure, as well as doing blood work and urinalysis. It is a good idea to have the insurance company send the results to your doctor. That way if you do have a health problem you did not know about your doctor will be informed of the results. It can also give you a third party perspective if you were to fail the medical exam.  Most exams require that you fast for at least 12 hours before to ensure the best test results for your blood work.

Why Do I Need To Take One?

Your insurance company may require you to take a medical exam to assist them in determining what premiums they should charge you. They will compare the results of your medical exam to their longevity charts, which will give them an estimate of how long you are expected to live based on various criteria. The premiums will be based not only on your medical exam, but also on other factors such as your age, gender, occupation, and credit score.

Are There Alternatives?

The policy that you select may require a medical exam. There are, however, a number of policies on the market that do not require a medical exam, and many of these are offered to those who are older or who may be concerned about taking an exam in the first place due to existing health problems.

Overall, if you are in good shape, healthy, and young, taking a medical exam may give you access to a policy with a very low rate. If, however, you are older or in poor health you may want to consider a policy that does not require it.

Why You Can’t Afford Not To Have Life Insurance

Insurance agents hear the same story over and over again: I know I need life insurance; I just can’t afford the premiums. The trouble is that those who feel they can’t afford to have life insurance are likely the people who need it the most. Here are a few of the reasons why the argument that you can’t afford life insurance coverage likely means you really need it.

You Have No Savings

If you live paycheck to paycheck and have no savings or other backup to cover yourself in case something goes wrong, then you also have no way to provide your family with what they need should you pass away. The less you have in the way of assets and savings, the more a life insurance policy will be needed by your loved ones in the event of a tragedy. How will they pay the mortgage and utilities, buy food, or handle all the other costs of everyday life? Without a life insurance policy, you will be leaving your family in a seriously difficult situation, dependent on charity or family members for help.

There’s No Extra Room In The Budget

When your budget is tight, which it is for many people today, you probably need every dollar that is coming in right now to cover the bills and make ends meet. What happens if some or all of that income is taken away? The family members left behind certainly won’t have a chance of finding income to replace what is gone quickly enough to avoid losing their home and more. While it can be difficult to fit the premium for a life insurance policy into a tight monthly budget, the cost of not fitting that policy in can be a lot higher if something unexpected happens.

If you really think you can’t afford to have life insurance, then the truth is you need to find a way. Talk to us about ways to take out a policy affordably, and look at your budget to see if there is a way you can make room. The more you think you can’t pay for life insurance, the more you need that coverage to protect your family from losing everything if something happens to you. Knowing your loved ones will be okay if you are gone is well worth stretching the budget just a little more.

Most of the time life insurance is a lot cheaper than you think it is. We have term policies for as little as $20 a month with less than 10 medical questions. Even if you can only afford a small policy some coverage is better than no coverage at all.

When Should I Buy Life Insurance?

Life insurance is one of the most important purchases you can make to keep your loved ones protected, but is life insurance only for those who are married with children? Whether you fall into this category or not, there are a lot of factors that make purchasing life insurance a wise choice. Here are some things to consider when deciding whether it is time to purchase life insurance, and information on what type of policy you will need to keep those you love safe.

When Do I Need Life Insurance?

There are a number of factors that affect whether life insurance is or is not is a good idea. In general, if you have any responsibilities that would still need to be fulfilled should you pass away suddenly, getting life insurance to protect those who would be left behind is a good idea. If you have any of the following responsibilities you may want to consider life insurance:

• You are married or have a common law spouse
• You have a life partner
• You have children
• You have outstanding debts
• Your income is essential to the maintenance of your family’s lifestyle
• You own a home on which there is still an outstanding mortgage
• You are a single parent
• You want to make sure your funeral expenses are covered

Life insurance is meant to protect your loved ones should anything happen to you, and any number of financial responsibilities could become an enormous burden on them should you pass away.

What Type Of Life Insurance Is Best For Me?

There are a number of different types of life insurance policies available on the market, and finding the one that is best for you may seem like a difficult task. Essentially there are two types of life insurance: term and permanent. These types of policies offer you different benefits depending on your personal circumstances. In most cases your first life insurance policy should be purchased when you are young and in good health. A term policy is also a good idea for a first life insurance policy as it will give you the most coverage for the lowest premiums. Permanent insurance can offer you a return on your investment, but for most people other types of investments, at this point in their lives, are a better idea.

In general, no matter what your situation, life insurance is a smart purchase. Contacting us to get professional advice on which type of life insurance is right for you will give the information you need to make that choice.

Choosing Your Life Insurance Policy Beneficiaries: Making Sure All Your Loved Ones Are Covered

Choosing the beneficiaries for your life insurance policy is one of the most important decisions you will make. Life insurance is, after all, meant to protect your family and loved ones. While your immediate family may seem to be the obvious choice as your life insurance beneficiary, there may be other people and organizations which rely on you that you do not want to forget. Here are some of the most common-and commonly forgotten-life insurance beneficiaries you need to consider, and tips on how to decide how much you should allocate to each.

Beneficiaries

Children and Spouse: For most of us these are the beneficiaries to whom most of our funds will go. It is important to ensure that you choose a policy that will not only cover their daily expenses, such as any outstanding debts and mortgage payments, but also future expenses such as tuition fees for your children and a retirement fund for your spouse.

Parents: If your parents rely on you for help with expenses such as medical fees, prescriptions, or other living expenses, it is important that you leave a portion of the coverage to them. This will give you-and them-the peace of mind of knowing they will be covered.

Other Family and Friends: Whether it be siblings, nieces or nephews, or other close friends who rely on you for various expenses, ensuring that they are covered is important.

Business Partners or Employees: If you own a business or are involved in any business ventures with other individuals, making sure that their interests are protected is important. It is also important that you have the necessary protections in place for any employees you may have to ensure they are not put in a difficult financial situation.

Charities and Organizations: If you offer financial support to any charities, organizations, or groups that rely on your support, making sure that it continues after you are gone is an important part of taking care of your responsibility in estate planning. An easy plan is to allocate an amount similar to that you currently provide over several years.

Tips For Choosing A Life Insurance Policy

If you don’t know where to start when it comes to shopping for a life insurance policy, you are not alone. Life insurance can seem like a daunting task because it has such serious consequences. You want to be sure you get the right policy and pay the right premiums, so get some help and consult an expert before you make a decision.

An Agent Can Help

Before you call an 800 number to get your life insurance policy through a television commercial, consider talking to an insurance agent. Even if you do decide in the end to go with a policy somewhere else, you can get valuable information through the expertise offered by an agent. They will help you to decide how much coverage you need and what type of policy is best. They can explain to you all the rules and procedures involved in obtaining your policy. If you don’t already have an agent, ask friends and family for a referral to someone they trust.

Possible Discounts

If you look for a life insurance policy with the same company that insures your home and car you may qualify for an additional discount on those policies. Many large insurance companies offer multi-policy discounts for customers who take out more than one type of insurance policy with them. Ask what you could potentially save on your auto and home-it might make it worth a slightly higher life insurance premium.

Getting Quotes

It’s always worthwhile to get numerous quotes on any major purchase you make. Call around and get quotes from at least three different companies for comparison. Be sure they are quoting the same policy limits as well as the same type of policy and term length if applicable. Remember that quotes may not be entirely accurate-what may be discovered on your health screening could affect the true premium when the policy is issued. If the premium amount is different from the quote, you will have an opportunity to change your mind and decline the policy. Be sure to ask for detailed information on the reasons why the premium is different.

Especially if you are choosing a long term or Universal life insurance policy, you will want to be sure you have made the right decision. You will be paying that premium for a long time, and changing to a new policy later could cost you a lot of money. So be sure you are happy with the policy and the premium, because once you choose a policy it is best to stay with it for the long haul.