How does term life insurance work? I feel the need to buy a policy for my kids “just in case”, is this the best type of life insurance I should go with if I only need coverage for a few years?

Coco

Houston, TX

Answer:

A Term life insurance plan is a form of life insurance policy that has a fixed coverage period, and is not meant to provide lifetime coverage to an individual. This type of plan is one of the most popular life insurance policies around. Compared to all other forms of policies, this one is the most affordable and is the most straightforward kind of life insurance coverage available.

You may be asking “how does a term life insurance plan work?”. A Term life insurance plan only provides death benefits once the insured individual dies within the term period of the policy. Unlike whole life insurance plans, this kind of coverage does not have any savings or investment features, so don’t expect any lump sum of money or annuity to come after your term life policy has expired. Most companies offering this type of plan do allow policyholders to renew coverage, but premiums would almost always be higher the second time around.

Term life insurance policies are best for people who’s death in the more immediate future would cause financial hardships for someone else. Anyone paying mortgage, long term debt, raising a family, would be undertaking some risky, hazardous or life threatening activities, or owns a significant stake or responsibility in a business, would benefit from the temporary coverage a term life insurance plan offers.

Now that we’ve clarified your question as to how does a term life insurance work, where does one get the most affordable term life coverage? The Internet is the best place to start looking for a good term life policy. There are hundreds of websites like this one, known as life insurance portals, where you can check the latest quote offers from a wide variety of carriers instantly and conveniently. With these, you get to compare companies and identify the one’s with the most competitive term life rates available. Rates can vary enormously between policies, and the savings you can get by running quote comparisons online can be quite significant.

What are some of the things I should know and/or be prepared for before my scheduled Life Insurance Medical Exam here in Austin?

Thanks,
Tommy
Austin, TX

Answer:

Great Question Tommy. The procedures during a typical Life Insurance Medical Exam includes:

• Measurement of your weight and height
• Measurement of your blood pressure and pulse
• Blood work (to check things such as cholesterol, glucose, protein, and HIV)
• Urinalysis (to check things such as protein, glucose, creatinine and cocaine)

Note: some insurance companies also require EKGs and/or treadmill EKGs (stress tests), especially for policies with a high face value.

The following may be some questions you could be asked as part of your life insurance medical exam:

• Your medical history
• Your family’s medical history
• Information about how to contact your primary doctor
• Lifestyle habits such as smoking, drinking, recreational drug use and exercise
• How much life insurance you are interested in purchasing

Note: don’t hide any medical condition you may have, chances are that insurance companies will find the information they need through the Medical Information Bureau.

There are a number of simple steps you can take to make sure you get the best possible results at your medical exam

• Get a good night’s sleep the night before the exam
• Fast for eight hours before the exam if possible to ensure the most accurate results
• Avoid caffeine for at least one hour before the exam
• Avoid alcohol for at least eight hours before the exam
• Don’t smoke for at least one hour before the exam
• Don’t engage in strenuous exercise for 24 hours before the exam
• Limit your consumption of salt and cholesterol for 24 hours before the exam
• Cancel the exam if you get sick – even a minor infection can distort the results

Good Luck on your Life Insurance Exam there in Austin, Texas

-Author

We are new parents residing in Dallas, Texas.  Should we buy life insurance for our new baby?

Paul

Answer:

I can’t think of a better gift for your child than a life insurance. Life is so unpredictable, and we never know what will happen tomorrow. Putting a life insurance policy in place for an infant or child, and guarding against the unforeseen or unexpected events that may happen in our child’s life proves to be a wise decision. When children are young and healthy, the premiums are at their lowest. On a whole life policy, the premiums are also locked or level through out the policy. They will never change or go up, no matter what happens. when they become an adult you can turn over to them the obligation of paying the premiums.

Life insurance for children is not costly and easy to set up.This site offers a Free and Easy way to quickly obtain comparative quotes from Highly rated Life insurance companies for pennies on the dollar! Just provide your zip code and your off and running.

Congratulations on your new arrival!