Life insurance is one of the most important purchases you’ll ever make for your loved ones. It’s one of the few ways you can ensure your family has the money they need, even if something tragic were to happen to you.
When you’re shopping for life insurance, it’s vital you make the best decision possible. It can be a long and confusing process, but that’s why we are here to help.
It’s our mission to ensure you’re getting the best rates possible, even if you smoke.
At LifeInsuranceForSmokers.com, it’s our mission to ensure you’re getting the best rates possible. This article is going to look at some of the different types of insurance plans you should compare when you’re shopping for protection.
Term Life Insurance
The most popular option for life insurance is a term insurance plan.
These plans are purchased with a pre-determined expiration date attached to them, and after that time, they are no longer active. This means you won’t have insurance and you’ll have to purchase a new plan.
You can purchase a term insurance plan in a variety of lengths. Anywhere from 2 years to 30 years.
You can buy a plan which matches the length of your life insurance needs. Because these plans are a temporary policy, they are going to be less expensive than a whole life policy.
Whole Life Insurance
One other, less common type of life insurance is whole life insurance.
These plans never expire, and as long as you pay the premiums for the plan, you’re going to have insurance coverage.
These plans are an excellent option for anyone who doesn’t want to worry about having to reapply in the future. One of the main disadvantages of these plans, however, is they are going to be more expensive than some of the other options.
No Exam Life Insurance
Another choice is a no exam policy.
As you can assume from the name, these plans don’t require you take a medical exam before they give you coverage. For a lot of people, the idea of getting life insurance without having to take the medical exam sounds like the perfect option, but there are several disadvantages you should take note of when you’re shopping for coverage.
One of the main ones is these plans are more expensive than a traditional plan which requires a medical exam.
Without all of your health information, the insurance company doesn’t know how much risk that you are for life insurance. They are going to offset that additional risk by charging you higher premiums. If you want to get the cheapest coverage possible, a no exam plan is not the best plan.
Another drawback of these plans is you’re going to be limited on how much life insurance you can buy.
With a no exam policy, you’ll only be able to purchase a maximum of $1,000,000 worth of insurance coverage. For most families, this is enough, but for others, it’s not going to be nearly enough insurance protection.
On the other hand, one of the main advantages of no exam plans is you can be approved for coverage much faster than you can with a traditional policy. Instead of having to wait almost two months to get life insurance, with a no exam policy, you can get coverage in a matter of days.
Guaranteed Issue Insurance
Another type of coverage is a guaranteed issue insurance plan.
These plans are similar to no exam policies, but you don’t have to answer any health questions. With these guaranteed issue plans, you can get coverage, regardless of your health or any pre-existing health problems you have.
These policies should be used as a last resort for insurance protection.
With these plans, you are going to pay much more for your protection, and you’re going to be severely limited on the amount you can buy. Most guaranteed issue companies will only allow you to buy $25,000 worth of coverage. These plans are typically only used to cover funeral bills or other final expenses.
Because there are no medical exam or health questions required for guaranteed issue plans, you can get approved for these plans in a matter of hours. They are the fastest way you can get life insurance, but it doesn’t make them the best choice.
Deciding Which Plan is Best for You
There are several factors you’ll need to consider when you’re deciding which plan is best for you.
One factor you should look at is how much coverage that you’re going to need. Not having enough life insurance is the worst mistakes you can make. Before you apply for any of these plans, calculate how much coverage your family will need if something tragic were to happen to you.
You will also need to decide how long you’ll need insurance protection. If you’re getting close to retirement, and no longer have a massive amount of debts, then you may only need life insurance for ten more years, which means you won’t need to purchase a whole life insurance policy.
If you need help picking a policy or you want to find the most affordable plan around, please contact us today.
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We know what shopping for insurance coverage is not a fun task, but that’s why we are here to help.
It’s our mission to ensure you’re getting the best rates possible.