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Life insurance provides financial help to beneficiaries, after the loss of the owner.
You need to make payments regularly to an insurance company to be repaid after a while or your family can use the money for their expenses when you die.
3 Types of Life Insurance
- Term Life Insurance: It is designed for a specific time period which is often 10 to 20 years. Lost potential income during working years paying at one time in a lump sum.
- Universal Life Insurance: That permanent life insurance provides a lifetime coverage with flexible premiums. It includes wealth transfer and income protection.
- WholeLife Insurance: That type of insurance is permanent and provides a lifetime coverage as well but with fixed policy premium payments. Can be use as an estate planning.
Specific types of insurance generally require you to complete a medical exam to show up your and your family’s health status and health history.
How Much Will I Pay for Policy?
There are several factors, especially health, which impacts the cost of the insurance policy and terms.
These factors mostly include:
- The life of the coverage
- The amount of the coverage
- You health and lifestyle
- Your age and gender
Insurance providers assess your risk of passing away prematurely and set your premiums accordingly. If they find you risky, your premiums will be higher.
Some health conditions including high blood pressure, high cholesterol, obesity, anxiety, heart disease and gastroesophageal reflux disease would affect the rate you will be charged.
How To Get A Life Insurance?
There are some steps you need to get your insurance:
- You need to fill out an application form containing your name, height, weight, health history, family health history,lifestyle habits and annual income.
- Complete a medical exam by taking a blood and a urine sample and performing additional tests such as EKG, treadmmill, chest X-ray.
- Select a policy you can afford and pay the premium