Life Insurance – Money Saving Top Tips
 by: Michael Challiner

More and more people are buying life insurance online and the numbers seem to be doubling every two years. The reasons are clear. Prices are lower on the Internet and life insurance is fundamentally a simple insurance product.

Despite the underlying simplicity of life insurance, most web sites channel their online clients through a telephone based help and advice service manned by experienced personnel. They represent your safety net so if a little technical knowledge is called for, help is at hand.

But it’s always a good idea to have a few Top Tips in your back pocket when you’re shopping online for life insurance. They’ll help you ask the right questions and find the best policy.

1. Always have your Life Insurance policy “Written in Trust”.

This means that in the event of a claim, the money goes directly and immediately to the person(s) you nominate when you first take the policy out. It also avoids all possibility of your estate having to pay Inheritance Tax on the proceeds of your policy and that could represent a 40% tax saving !

All you have to do is tell the online brokerage organising your policy that you want your policy “Written in Trust” and the names of the people who the life insurance company pay in the event of a claim. They will then sort it all out for you. The extra good news is that this service is invariably free of charge. So it’s a win win situation and there aren’t many of those around these days !

2. In the early years a Reviewable Life Insurance Policy will be cheaper but a Guaranteed Policy will work out a better buy in the longer term.

With a “Guaranteed Policy” the insurance company guarantees never to increase your policy’s premium.

With a “Reviewable Policy” you agree that your insurance company can review the cost of your policy at regular intervals. But don’t be kidded – in our experience a “review” is just another word for a price increase. After all, who’s ever heard of an insurance company passing up a chance to charge you more! The review intervals are usually between 2 to 5 years but this does vary between insurance companies. You will find the details of the review intervals on the documents sent to you before you accept the insurance – these are called The Key Features Documents.

So, comparing otherwise like for like policies, in the early years the premiums for a “Reviewable Policy” will undoubtedly be lower than the premiums for a “Guaranteed Policy”. Thereafter, the premiums for a Reviewable Policy increase eventually catching up with and overtaking, the premium for a “Guaranteed Policy”.

In our experience, you can expect the monthly premiums for a Reviewable Policy to exceed those of a Guaranteed policy in about 7 to 10 years and then within the following 10 years, more than double again. If your budget is currently tight then by all means choose a Reviewable Policy – after all your salary may increase in coming years and ease the strain. On the other hand, if the premiums for a Guaranteed Policy are affordable, we think they represent your best buy.

A footnote. Many insurance companies have stopped offering “Guaranteed” rates for standalone critical illness insurance policies. This because they have experienced much higher claim rates than they initially expected. However, you may still find a Guaranteed life insurance policy that also provides critical illness cover. As we have explained, “Guaranteed” rates are especially good value and if you can get a quote for a Guaranteed life policy that includes critical illness cover, you may have a real bargain.

3. Thinking about a Joint Life Insurance Policy?

A Joint Life Insurance policy is usually written on a first death basis. This means that the policy will pay out on the death of the first policyholder, subject to the policy being in force at the time. This leaves the second person uninsured and older. Older people can struggle to get life insurance at an affordable premium, so rather than a Joint Policy consider taking out separate policies now. Overall it will work out a little dearer – but you get twice the cover and double the peace of mind.

4. Taking out a Life Insurance Policy? Now would be an ideal time to include Critical Illness cover.

Are you likely to need Critical Illness Insurance in the future? Yes? Then consider adding it now to the life insurance policy you’re arranging. Why? There are three reasons.

Firstly, a Life Insurance policy combined with Critical Illness cover will work out significantly cheaper than buying two separate policies. Secondly, as we have already explained in the footnote to Tip 2, you may be able to buy a combined Life and Critical Illness policy with a guaranteed premium. That could be a real bargain. Finally, premiums for critical illness cover increase rapidly as you get older – so the sooner you take it out, the cheaper it will be.

5. Don’t confuse Terminal Illness cover with Critical Illness cover.

There’s world of difference between Terminal Illness and Critical Illness cover so it’s important to understand the difference.

Terminal Illness cover pays out the insured lump sum if a Medical Doctor diagnoses you with an illness from which the Doctor expects you to die within 12 months. Most good life policies automatically include Terminal Illness cover at no extra cost. It’s basically an early, and welcome policy payout.

A Critical Illness policy pays out the insured lump sum if you are diagnosed with one of a wide range chronic illness and there is no life expectancy criteria. Indeed, with many of the insured illnesses you could expect to survive for many years. For example: certain cancers, heart disease, stroke, multiple sclerosis, loss of speech, sight or hearing, onset of Parkinsons or Alzheimers disease, third degree burns etc. Say you were an engineer aged 40 and you lost your sight. A Critical Illness policy would pay out immediately and that money could well be vital in helping you and your family through many difficult financial years ahead. If you just had Terminal Illness cover there’d be no chance of a payout.

So as you can see, Critical Illness cover is far more comprehensive than simple Terminal Illness cover and for that reason critical illness cover always costs you extra.

About The Author

Michael Challiner has 15 years experience in financial services marketing at senior level, the last 5 of which specialised in online marketing. Prior to that he spent 15 years in advertising with two of the world’s top advertising agencies, J Walter Thompson and Saatchi & Saatchi. Tel. ++ 1477 535920 http://www.express-life-insurance.co.uk

The Pros And Cons Of Getting Life Insurance Without A Medical Exam

Are you in search of life insurance with no medical exam required? Have you been looking for life insurance online, but maybe you’re frustrated with so many choices?

Why spend endless hours searching online when you already know buying life insurance is the right thing to do? And term life insurance offers you the maximum protection at the lowest rates.

Now it’s quick, easy and affordable for almost everyone to get term life insurance online without taking a medical exam. Actually, there’s a few insurers that offer instant approval life insurance if you qualify. You can apply online in about 5 minutes and find out if you qualify instantly. That’s right. No more paperwork. No medical exams. No more pushy agents. And, no more delays of between 4 to 6 weeks to receive your policy.

Today, you can get life insurance online and print your policy immediately after you pay your first premium online. You can actually get life insurance coverage “In Force” today, if you qualify. Not everyone qualifies for coverage though. You do have to be in good health, generally. But, even if you’re taking medication, or may not qualify with other life insurers – you might qualify for no exam life insurance.

Okay, you should be aware that life insurance with no exam required may cost you a little more than coverage through other insurers. But the benefits outweigh the costs for some folks. Several benefits include: Instant approval, coverage “in force” today, no doctors, no invasive needles, no medical tests, no mailing delays, no pushy insurance agents to deal with… The list goes on. However, there are two drawbacks – the premium may be a little higher. And, not everyone qualifies for coverage.

It’s easy to find out if you qualify for no exam life insurance. You just answer a few simple health questions to get your instant quotes. Then, you decide if you like the rates, and you can apply online in about 5 minutes. You usually get a response within 10 minutes as to whether you are approved for your life insurance coverage. Then, you can pay your first month’s premium online, and print your policy immediately. It’s that simple. No time delays, no mountains of paperwork and no dreaded medical exams.

M
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ake sure to check the financial rating of your life insurer. It is usually provided on their web site. Also, paying an annual premium is usually less expensive than monthly payment options. Finally, when you buy direct online, you’re cutting out the uncomfortable sales person at your dinner table trying to talk you into the policy.

Life insurance no medical exam policies can provide the protection you need at affordable rates. It’s worth a few minutes to get instant quotes and decide if you want the coverage. There’s no hassle, and no sales pressure.

By: Dario Terry

Article Directory: http://www.articledashboard.com

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How To Buy Term Line Insurance Online

Once upon a time, the only way to get a quality term life insurance policy was to sit down with an agent, go through all your options and decide on a policy. From that point forward, your agent would come by every month to pick up your premium or you would mail it in to your provider.

Thanks to the advent of Internet, the process of setting up an insurance policy is very different than it was for your grandparents, or even your parents. These days, you can evaluate, choose and pay for your term life insurance online.

Purchasing term life insurance online is not a complicated process, and is something you can do at your leisure. Here’s a few tips to help you buy term life insurance online.

First, it is important to understand that there are many companies that offer term life insurance online. Rates will vary based on a number of different factors, such as age and location. The fastest way to get an idea of how many companies offer term insurance online is to do an Internet search, using a keyphrase such as “term life insurance online.” Using the searches as your guide, develop a list of eight to ten companies that see term life insurance online and examine each one of them closer.

As you look at each of these companies that sell term life insurance online, look very closely at the terms, the amount of coverage, the frequency and amount of the premiums. Another key consideration in evaluating term life insurance online is looking closely at the mode of payment. Will you be able to pay for your term life insurance online through a credit card or by a deduction from your checking account? Is it possible to set up your payments on a recurring basis, or will you have to need to remember to initiate a payment each time a premium is due? Most companies that sell term life insurance online will have a “frequently asked questions” section that will address specifically the types of payment options available.

After checking out your options for term life insurance online and narrowing your list of prospective carriers, begin to do a little research on the three companies that you feel are the best fit for your situation. Use the power of the Internet to locate ratings on the companies. How well do they do with paying? Can you find complaints about how they do business? What type of rating do they have in the industry? Remember with so
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many companies selling term life insurance online, it is important they you select a company that will be there for you and do so in a professional manner.

One you have done your homework in evaluating the various companies that offer term life insurance online, it is time to make contact with them. In most cases, this can be accomplished by sending a message through an email page on the company’s website, or emailing an email address provided on the site, or by using an toll free number provided by the company. It is important to remember that even though you are buying term life insurance online, and even may plan on paying your premiums in the same manner, that you always be able to get through to a human being. Like most brick and mortar insurance agencies, online agencies understand this and provide customer service to any of their clients who have purchased term life insurance online. Make those calls and ask some basic questions to each of the agents who respond to your queries. If they seem anxious to be finished with you, then you know this is not an agency that places an emphasis on customer care. If the agent is more than happy to speak with you about their term life insurance online offerings, then you have a pretty good chance of being able to get help in the future.

The Internet is a great place to do your shopping, including the purchase of term life insurance online. With a little investigation, you can find the company that is the perfect fit for you and your situation.

By: Sandra Montano -

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That’s all the news for today guys, so until next time, thanks for stopping by.

A: Insurance companies providing service on the internet know they are competing for your business and will offer the lowest possible rate they have available. This is especially important if you have any special health considerations that may make obtaining life insurance harder or more expensive.