Life Insurance Overview
Life Insurance doesn't need to be complicated. Although agents and insurance companies might want you to believe otherwise. The fact is life insurance is a set of promises. The person buying the policy promises to pay the premium and the insurance company promises to pay a benefit if the insured person dies. Pretty simple right.
You don't need to be an insurance expert, you just need to know the basics so you can make a good decision.
There are two basic types of life insurance: Term Life and Whole Life. Term provides coverage for a limited number of years and whole life provides coverage for your whole life. Term life is less expensive. However whole life provides cash value and once you are covered you never need to apply again. Whole life comes in many different forms including Universal Life, Second to Die policies and Burial Insurance.
Underwriting is the process an insurance company uses to decide how much coverage they will provide you and how much it will cost. the amount of underwriting varies bases on the amount of the policy and the age of the insured. However there are also guaranteed issue life policies that don't require health questions.
Just because an insurance company offers the lowest priced 10 year term policy for a healthy forty year old doesn't mean they offer the best price for a forty year old with high blood pressure. Get free, no obligation quotes. Select the best price and coverage. Then start the application process.