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Life Insurance – Level Term To Age 100
When I’m not researching the latest best practices in the life insurance industry or selling life insurance online and over the phone, I’m on the road helping today’s seniors secure final expense life insurance in the Central Virginia market. You might consider this my day job. There’s a certain protocol to selling life insurance to our seniors and the main factors that force an agent to respect this protocol is an applicant’s age and health conditions as discussed in a previous article. Unfortunately in most cases there is a clear line on where a prospective applicant falls when it comes to what type of policy they might qualify for when their age and medical conditions are examined during the field underwriting process and in most cases the obvious answer is a $5,000 to $25,000 whole life policy that will be there to cover the basic final expenses.
So what if you have some minor health issues like high blood pressure, diabetes, high cholesterol, but no hospitalization in the last 90 days and no major medical complications like heart attacks, stroke, cancer, drug and alcohol abuse, HIV, or leukemia and you’re between the ages 50 to 70? Well, you might look at a level term to age 100 policy. This means you would have guaranteed level payments and face value to age 100 with pricing that is what we like seeing in term policies, low.
In this instance I’m aligned with what Suze Orman said in her ...book of Insurance as part of her Financial Library.
She wrote: “Term life insurance is the most cost-effective insurance you can buy. There is really no comparison. Term life insurance policies are cheap. Why? Because people are living longer, and insurance companies don’t have to pay out as many life insurance claims. This is key to understanding life insurance: Insurance companies sell insurance to make money. They are selling you a term life insurance policy at a reasonable rate when you are young because they know that it is unlikely that you are going to die during the term. You are buying life insurance, I hope, because you want to know that the people who depend on you will be taken care of if you die and you haven’t saved enough money yet to feel secure about that. You want a flexible, inexpensive policy that will give you that security without costing you very much, because you probably won’t need it.”
The edge here is this term insurance is guaranteed until age 100 unlike term policies we buy during our family raising years that expire during our 60s and 70s.
Featuring The Family Protection Plan with terminal illness coverage until age 100
An example of a term to 100 policy is 5 Star Life Insurance Company’s offering of the Family Protection Plan with terminal illness coverage until age 100.
Here are some key benefits of this policy:
With several options to choose from, select the coverage that best meets the needs of your family.
This plan pays the insured 30% (25% in Connecticut and Michigan) of the policy coverage amount in a lump sum upon the occurrence of a terminal condition that will result in a limited life span of less than 12 months.
You and your family continue coverage with no loss of benefits as long as premiums are paid. Coverage can never be cancelled by the insurance company unless you stop paying premiums.
Individual policies can be purchased on you, your spouse, children and grandchildren.
Children & Grandchildren Plan
Policies can be purchased for children and grandchildren ages newborn through 23 for a $10,000 policy or for a $20,000 policy.
Easy Application Process
This insurance does not require a medical exam or blood profile. Eligibility for coverage is based on a few simple health questions on the application.
Premiums are taken care of simply and easily through electronic bank draft deductions.
Protection You Can Count On
Within 24 hours after receiving notice of an insured’s death, an emergency death benefit of the lesser of 50% of the coverage amount, or $10,000, will be mailed to the insured’s beneficiary, unless the death is within the two-year contestability period and/or under investigation. This product also contains no war or terrorism exclusions.
Enrollment in this plan is very easy and includes:
• No exam
• 7 medical question application
• No Medical Information Bureau check
• No prescription drug check
• No motor vehicle record check
• Online enrollment
• Voice signature or wet signature
The purchase of term life insurance can be easy and painless. Here at LifePolicyShopper you can search the web for term life insurance rates and find enough information to make a decision very quickly. The key to shopping for life insurance is pre-determining the amount that you need and the type of term policy to cover that need. Once you resolve these two issues then you are able to use our quote engine to find exactly what you are looking for and that is a major time saver.
Single Needs Purchases
Final Expense insurance is a basic single need purchase. Shopping for final expense is the simplest single need life insurance purchase that you will ever make. Determine the amount that you want for burial expense and go shopping for it online.
Mortgage Life Insurance
Mortgage life insurance is another basic single need that you can shop for online. This is a decreasing term policy that is issued to cover the mortgage balance on your home.
This is another single needs purchase. This policy is purchased to provide an income for the beneficiary for a pre-determined length of time.
The combination of all of these needs can be purchased in one or two policies as well. You will shop with greater confidence and purpose if you can pre-determine the amount that you need. The type of policy is your next decision. Do you need a Mortgage policy for 10, 15, 20, or 30 years? Level Term insurance is usually purchased for income replacement. How many years do you need your income replaced? When you answer these questions then you are off and running. There may be a waiver of premium rider available with your term policy. This rider will pay your policy premium should you become disabled. Make sure that you are comparing your term policy with and without this rider.
Taking care of your loved ones with a life insurance policy is a wise decision. Once you have made the decision to purchase a life insurance policy there are other important decisions which must be made as well. Life insurance is not money to be dispensed at the time of your death only. It is also protection for your assets and for the future of your loved ones.