Higher Life Expectancy Means Lower Term Life Insurance Rates And Vice Versa
If you get a deal with extremely affordable insurance rates for an amount of coverage
which cannot fulfill the needs of your family and loved ones then it may not be the best choice of policy. You can calculate the amount of coverage by using any number of online estimation tools available with insurance websites. It is also important to take into account any special needs which might have been left out to make sure that your amount of coverage can really help sustain your dependents for a few years after your death.For instance, you should take into account your children's educational plan and make provision for their collage fees in your insurance plan. They may be kid now, but they will grow up one day. Make provisions for that day. Apart from using the estimation tool, there is another way of making an approximate calculation, i.e. by multiplying your annual income before tax by ten or fifteen, but that as I said, is still an approximate amount. It is always better to base your calculations on individual need. This approximate amount can just be the base.
The third point, the term duration is as important as the coverage amount. Having an idea about your life expectancy may help you decide on it, but that is not to be totally depended on because there can be other factors in the play as well. Mainly your age and health condition is to be looked into while determining it. There are some online estimation tools as well. They look into your lifestyle and habits along with your age and health while determine your longevity, but as I said, they not to be totally depended on. They can at the most help you to have a fair inkling of the term life insurance rates.
Yet, it is important to have an idea about your own longevity. While, a higher life expectancy is the key to getting lower term life insurance rates, a low life expectancy can get you higher rates. Of course, the carriers do not depend on your estimation, but make you undergo a paramedical test to gain a first hand knowledge about your conditions. If you have high blood pressure, high cholesterol levels or some other health condition that may adversely affect your longevity in near future, you will never get low term life insurance rates. However, you can also bypass the medical test and opt for life insurance no exam, but that is not always wise.
Life insurance no exam are not made for those with medical conditions, but for those who want instant coverage and so are often known as instant term life insurance. It is true that having high blood pressure, high cholesterol levels or other such ailments will result in higher term life insurance rates, but life insurance no exam is not cheap either. If you have these conditions, you can apply for special schemes meant sole for those are suffering from them. They will offer competitive rates based on their own assessment of your condition.
All said and done, if you have some medical problem you will have to pay at higher term life insurance rates. It does not matter if it is traditional policy or a life insurance no exam. That is why it is said that you should buy the coverage when you are still young and have no health complication. What is more, whatever policy you buy, do not forget to check the market rating of the insurer. Unless the rating is good, you cannot be sure of the out come of the policy. Better be careful than be sorry.
Higher Life Expectancy Means Lower Term Life Insurance Rates And Vice Versa
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