Life Insurance Basics

comparison of 20 and 30 year term life insurance

20-Year vs 30-Year Term Life Insurance

Whether you decide on a 20-year term or a 30-year, both policies are basic term life insurance plans. That means that they are pure life insurance. Unlike whole life insurance, you’re not paying for both life insurance and an investment provision. For this reason, whether you choose a 20-year policy, or a 30-year one, you will pay only a fraction of the premium that you will for a….

differences between 10 yr and 20 yr term life periods

10 Year vs. 20 Year Term Life Insurance

Let’s do an analysis of 10-year vs. 20-year term life insurance, and see if we can sort this out. The answer will depend mostly on your own personal circumstances, but there are some general factors that you should take into consideration when making the…

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Life Insurance Table Ratings Explained

Everyone that applies for life insurance will be “rated” one way or another. If it sounds cold and hard, that’s because it is. If you are generally in good health, you will fall into one of the 4-6 regular health classifications. The better the health class, the lower your premiums.

life insurance contestability period - yellow flowers in a field

Life Insurance Contestability Period

The two-year contestability period exists to protect insurance companies from financial loss. Life insurance premiums are based in large part on the medical history and lifestyle of the insured. Things like smoking, using other tobacco products, or participation in dangerous hobbies will lead to higher premiums to account for….

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Life Insurance and the Body Mass Index: How Will It Affect My Rates?

When applying for life insurance, you want to pay attention to BMI extremes the most, Underweight and Obese. Life insurance underwriting is the business of assessing risk based on the collective data of millions of people. Those that fall in the extremes are more likely to have additional health concerns. Those are just the facts and what the data says….

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Life Insurance Application Process: What To Expect

Taking those factors into account, Jim should NOT be applying with Company X that showed him the cheapest rates. He needs to be with company Z who will let him slide a bit on blood pressure, provided his weight is very healthy (it is). This company also only adds a small extra cost to account for his frequency of rock climbing….

life insurance health classifications-Three faces, green, yellow, and red.

Understanding Life Insurance Health Ratings

The job of the underwriter is to guess how long you will live based on your health, behavior, family history, driving history, location, finances, and more. If these factors suggest you will live a long time, you may get a more favorable rating….

life insurance ultimate guide to riders - young boy with glasses peering through stacks of books

Life Insurance Riders: The Ultimate Guide

A rider is a life insurance provision purchased separately from your standard policy. Most insurance riders come at an additional cost, but they can be used to customize your policy with extra benefits or coverage. Many standard policies offer little customization options aside from….

How Much Life Insurance Do I Really Need?-Happy Family on a Walk in Summer. Child with Parents Together. Feet Barefoot . Healthy Lifestyle. Dad Mom and Son. Spring Time.

How Much Life Insurance Do I Really Need?

So we have discussed why NOT to use an arbitrary number. Then how do you figure out the right amount of coverage? Life insurance is meant to replace an income that is lost when a human life is lost. Put very simply…The financial value of that lost life = the right amount of….

Affordable Life Insurance-Pink Piggy bank on top of books with chalkboard in the background.

15 Easy Ways to Find the Most Affordable Life Insurance to Fit Your Needs

Think about it. What is life insurance intended for really? If you die, your beneficiaries will get any assets you have all at once. That likely won’t be enough to last them forever which is why you are purchasing life insurance. To replace the income you would have produced. Since keeping premiums low and saving you money is the goal of this article, let’s talk about the income protection option…..

How Does Life Insurance Work?-family with daughters outdoors looking out over a meadow.

How Does Life Insurance Work?

Life insurance to put it simply, is protection for those who depend upon you financially. If you die prematurely, life insurance products will provide them a sum of money to replace your lost income. You may see….

Term vs Permanent Life Insurance: Learn the Differences-Back to school background with teachers objects over chalkboard

What Is the Difference Between Term and Permanent Life Insurance?

You purchase insurance for a specific “term” which typically ranges from 10-30 years. This is pure life insurance. You are paying your money (premiums) in return for financial protection in the event of your death. That financial protection comes in….