Some people don’t understand how you can buy term life insurance with no medical required. They are under this illusion that in order to issue such policies the premiums have to be higher than the norm.

They may be in some cases but the policies that really sell have very competitive premiums. In these cases the average premium is much lower than comparable term policies. How can the insurance companies do this.

The answer is really simple, the underwriting is real tough. After you go through their underwriting process you realize that if you had seen an agent you would have a better chance of being approved. Let us look at buying online without a medical compared to having an agent visit with you.

Buying Life Insurance The Traditional Way

The licensed agent calls you and sets up an appointment. If he knows what he is doing he asks you a lot of questions in order to get a feel of what your needs are. He illustrates the rates and the amount of coverage then gets to the application.

If there is any medical problem indicated he probes a little more so that he can give the underwriter as much information as possible in his report. The underwriters know their agents, they know which ones they can depend on.

The agent completes the non medical form if called for or sets up an appointment with an examiner, whether it be a doctor or paramedic or a nurse.

Because of the face to face interview the agent has sufficient information to discuss the case with the underwriters. After the medical is done more information may be uncovered. In some cases this is a positive and in others it is a negative.

More often than not a policy is issued even if a rated one. A small percentage is declined.

Buying Non Medical Policies Online

As I indicated before the underwriting is tough. The online companies are not equipped to do get the reports that the agent would get. Even if they asked for an attending physicians report it may take so long the applicant may have changed his mind by then or bought elsewhere.

The online carriers depend on the MIB, Medical Information Bureau, but this information may be inaccurate. This could result in a policy being declined or one being issued that shouldn’t be issued.

They also depend on a Pharmacy Report which may cause the applicant to be declined. They may have had a temporary health problem and used the type of medication that may be used for other more serious conditions.

Here is an example. I know someone who had unceasing hiccups for about 2 weeks. The medication described was one that is commonly used for people with mental conditions. The online underwriters would assume that this person has had a mental problem.

They would be dead wrong but the policy would be declined based on their incorrect assumption. Online carriers don’t rate policies, they either issue them in the category they think you may fall in or they decline the policy.

Another problem that buying term life insurance with no medical online may expose you to is if you feel you want to replace a policy you now own. A yes to the replacement question will also get your policy turned down simply because online carriers don’t provide the forms required by the state for such a transaction.

Buying term life insurance with no medical online may be the simple way to go but many perfectly qualified people are being turned down as this fairly new process develops. I look forward to the day when most applications are completed online even if the applicant has to do a complete medical thereafter.

More On Term Life Insurance With No Medical.

Also see Term Life Insurance No Medical.

Article Source:

http://EzineArticles.com/?expert=Donald_Lusan

Technorati Tags: term life insurance

Can U.S. citizens, living overseas, buy term life insurance from U.S. companies?

I don't see how it's going to happen.

See, they're not going to bother sending a paramedical examiner overseas for your exam. They won't accept someone else's information as valid. And most likely, they won't be licensed to sell a policy in whatever region you are living.

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Is term life or whole life insurance better fro someone who is disabled?

My sister is disabled and is looking to buy life insurance, is it better for her to buy term or whole life. She can get some policies that will cover her, but not for what she has

Technorati Tags: term life insurance

Is term life or whole life insurance better fro someone who is disabled?

My sister is disabled and is looking to buy life insurance, is it better for her to buy term or whole life. She can get some policies that will cover her, but not for what she has

Technorati Tags: term life insurance

Some people don’t understand how you can buy term life insurance with no medical required. They are under this illusion that in order to issue such policies the premiums have to be higher than the norm.

They may be in some cases but the policies that really sell have very competitive premiums. In these cases the average premium is much lower than comparable term policies. How can the insurance companies do this.

The answer is really simple, the underwriting is real tough. After you go through their underwriting process you realize that if you had seen an agent you would have a better chance of being approved. Let us look at buying online without a medical compared to having an agent visit with you.

Buying Life Insurance The Traditional Way

The licensed agent calls you and sets up an appointment. If he knows what he is doing he asks you a lot of questions in order to get a feel of what your needs are. He illustrates the rates and the amount of coverage then gets to the application.

If there is any medical problem indicated he probes a little more so that he can give the underwriter as much information as possible in his report. The underwriters know their agents, they know which ones they can depend on.

The agent completes the non medical form if called for or sets up an appointment with an examiner, whether it be a doctor or paramedic or a nurse.

Because of the face to face interview the agent has sufficient information to discuss the case with the underwriters. After the medical is done more information may be uncovered. In some cases this is a positive and in others it is a negative.

More often than not a policy is issued even if a rated one. A small percentage is declined.

Buying Non Medical Policies Online

As I indicated before the underwriting is tough. The online companies are not equipped to do get the reports that the agent would get. Even if they asked for an attending physicians report it may take so long the applicant may have changed his mind by then or bought elsewhere.

The online carriers depend on the MIB, Medical Information Bureau, but this information may be inaccurate. This could result in a policy being declined or one being issued that shouldn’t be issued.

They also depend on a Pharmacy Report which may cause the applicant to be declined. They may have had a temporary health problem and used the type of medication that may be used for other more serious conditions.

Here is an example. I know someone who had unceasing hiccups for about 2 weeks. The medication described was one that is commonly used for people with mental conditions. The online underwriters would assume that this person has had a mental problem.

They would be dead wrong but the policy would be declined based on their incorrect assumption. Online carriers don’t rate policies, they either issue them in the category they think you may fall in or they decline the policy.

Another problem that buying term life insurance with no medical online may expose you to is if you feel you want to replace a policy you now own. A yes to the replacement question will also get your policy turned down simply because online carriers don’t provide the forms required by the state for such a transaction.

Buying term life insurance with no medical online may be the simple way to go but many perfectly qualified people are being turned down as this fairly new process develops. I look forward to the day when most applications are completed online even if the applicant has to do a complete medical thereafter.

More On Term Life Insurance With No Medical.

Also see Term Life Insurance No Medical.

Article Source:

http://EzineArticles.com/?expert=Donald_Lusan

Technorati Tags: term life insurance

Is term life or whole life insurance better fro someone who is disabled?

My sister is disabled and is looking to buy life insurance, is it better for her to buy term or whole life. She can get some policies that will cover her, but not for what she has

Technorati Tags: term life insurance

Is term life or whole life insurance better fro someone who is disabled?

My sister is disabled and is looking to buy life insurance, is it better for her to buy term or whole life. She can get some policies that will cover her, but not for what she has

Technorati Tags: term life insurance

Why Look For Term Life Information Online?

The web provides a great resource for finding out information about so many things. If you are shopping for a life policy, do not forget that you can also find information and quotes online too!

Why compare term policies? We have seen large rate differences between the top insurers. For example, we compared ten of the largest insurers in our local area for a twenty year term policy with a hundred thousand dollar death benefit. This was all for the same individual, so the rating factors should have been equal. But we found a three hundred dollar a year price difference between the most expensive and the cheapest company.

Think about three hundred dollars a year. Since those quotes were for a twenty year policy, that means you would have to multiply that amount times twenty years. So that adds up to a six thousand dollar difference! I am sure you could put that money to better use than overpaying for a term policy.

A hundred thousand dollar term life policy is actually pretty modest. If you are looking for a larger policy, you may risk overpaying even more.

Finding Affordable Term Life Insurance Quotes and Information

Of course, even before the internet, there were ways to shop and compare insurance. But it usually meant you had to shop around by calling or visiting multiple agencies or brokers. This was a time consuming and sometimes, stressful, exercise. Each broker would be determined to sell you the product that he or she sold, and you would have to sit through multiple sales calls.

But now, you can get a lot of term life information and quotes online! Sometimes you can even apply online and get your policy through the mail or email. This simplifies the whole process, and it saves you time and stress.

Of course, you are still free to speak with a qualified agent, and we encourage you to do this, before you make your final decision. But instead of trying to speak with dozens of agents, you could limit that part of your shopping to speaking with one or two.

How Do Online Term Life Quote and Information Systems Work?

You will usually start the process by giving the quote system your zip code. This is because insurers usually operate by state, county, or zip code. In order to get the prices and policies that are on the market where you live, you need to give the system your zip code.

After that, you will enter some basic information, like your age, how much coverage you want, and if you would like to cover anybody else in your family. The form is simple, and it usually takes less than five minutes to fill out.. After you fill out the form, the system will use your information to match you with competitive insurers in your area that want to do business with a person like you!

You will get online information, and you will also get contact information for local brokers who can answer your questions. You can do this on the phone, by email, or in person!

Now you can take your three to five selections and make a final decision. That may be based upon the company, your impression of an agent, or the price. You still make the final decision, but the online term life insurance quote system makes it easy to narrow down your choices!

Would You Like To Get Term Life Insurance?

We can help you find affordable term life information with our free quotes and articles.

Stop by for the Best Online Insurance Quotes !

Article Source:

http://EzineArticles.com/?expert=Marilyn_Katz

Technorati Tags: term life insurance

Why Look For Term Life Information Online?

The web provides a great resource for finding out information about so many things. If you are shopping for a life policy, do not forget that you can also find information and quotes online too!

Why compare term policies? We have seen large rate differences between the top insurers. For example, we compared ten of the largest insurers in our local area for a twenty year term policy with a hundred thousand dollar death benefit. This was all for the same individual, so the rating factors should have been equal. But we found a three hundred dollar a year price difference between the most expensive and the cheapest company.

Think about three hundred dollars a year. Since those quotes were for a twenty year policy, that means you would have to multiply that amount times twenty years. So that adds up to a six thousand dollar difference! I am sure you could put that money to better use than overpaying for a term policy.

A hundred thousand dollar term life policy is actually pretty modest. If you are looking for a larger policy, you may risk overpaying even more.

Finding Affordable Term Life Insurance Quotes and Information

Of course, even before the internet, there were ways to shop and compare insurance. But it usually meant you had to shop around by calling or visiting multiple agencies or brokers. This was a time consuming and sometimes, stressful, exercise. Each broker would be determined to sell you the product that he or she sold, and you would have to sit through multiple sales calls.

But now, you can get a lot of term life information and quotes online! Sometimes you can even apply online and get your policy through the mail or email. This simplifies the whole process, and it saves you time and stress.

Of course, you are still free to speak with a qualified agent, and we encourage you to do this, before you make your final decision. But instead of trying to speak with dozens of agents, you could limit that part of your shopping to speaking with one or two.

How Do Online Term Life Quote and Information Systems Work?

You will usually start the process by giving the quote system your zip code. This is because insurers usually operate by state, county, or zip code. In order to get the prices and policies that are on the market where you live, you need to give the system your zip code.

After that, you will enter some basic information, like your age, how much coverage you want, and if you would like to cover anybody else in your family. The form is simple, and it usually takes less than five minutes to fill out.. After you fill out the form, the system will use your information to match you with competitive insurers in your area that want to do business with a person like you!

You will get online information, and you will also get contact information for local brokers who can answer your questions. You can do this on the phone, by email, or in person!

Now you can take your three to five selections and make a final decision. That may be based upon the company, your impression of an agent, or the price. You still make the final decision, but the online term life insurance quote system makes it easy to narrow down your choices!

Would You Like To Get Term Life Insurance?

We can help you find affordable term life information with our free quotes and articles.

Stop by for the Best Online Insurance Quotes !

Article Source:

http://EzineArticles.com/?expert=Marilyn_Katz

Technorati Tags: term life insurance

For some shoppers, annual renewable term life insurance (ART life insurance) is preferable to ordinary term insurance. Let’s compare the two, then analyze which is better for you, personally.

How does annual renewable term life insurance differ from ordinary term insurance?

With standard term insurance, your policy states in advance how many years its coverage will last, but with annual renewable term life insurance, you pay for only one year at a time. As each year of ART coverage draws to a close, the policy can be renewed. When a policy is renewed, it retains the face amount (death benefit) and rate class (health class) of its predecessor. That means your insured does not need a new medical exam to prove his/her insurability. Even if his/her health fails, you continue to pay premiums as though he/she were as healthy as at the inception of your ART policy. Your premiums will increase with annual renewable term life insurance, however: each year, your rates are reassessed according to the current age of the insured.

Something that term and annual renewable term policies share is that they can be converted. Conversion means that a temporary (term) policy is replaced with a permanent policy of the same face amount and rate class.

Pros and cons

Standard term policies are designed to last between five and 30 years. If the insured individual’s health fails during said time, you will have a harder and more expensive time obtaining a new term policy after the original term of coverage ends. With ART, on the other hand, you can renew coverage with no concern for the insured’s health, as long as the insured is younger than the maximum age set by the insurer. The maximum varies from company to company but may go as high as 95.

Because of the flexibility of ART and its incrementing premiums, it isn’t as simple as term insurance, and it can be more expensive. Term insurance lets the policyholder pay a fixed premium for a predetermined number of years, making its cost very easy to evaluate and making its maintenance quite simple.

Another, perhaps more practical, downside is that shopping for ordinary term insurance is so easy, and shopping for ART insurance takes more work. There are hundreds of websites that can let you compare term insurance rates from multiple insurers, for free, online, instantly. That makes it easy to choose a product and provider. Finding a website to let you compare ART quotes is quite another matter—in fact, if you can find one that makes good on such a promise, you’re a better searcher than I.

Is it the right product for you?

You may have already figured out the answer to this question. An important factor in choosing a life insurance product is how comfortable you are. Have you allocated risk to where you are most willing to deal with it? Are you confident in your ability to maintain your policy and collect on it if necessary? Are you willing to go through the steps of even shopping around for your product?

Yes, generally you should consider whether one option is more cost effective than another for you. However, you may be able to rule out some products before you even get to that step. Is annual renewable term life insurance right for you?

Copyright (c) 2010 Mark Manderson

For further information or for help purchasing annual renewable term life insurance or term life insurance, visit Wholesale Insurance online.

Article Source:

http://EzineArticles.com/?expert=Mark_Manderson

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