Term life insurance information
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Explanation of the types of life insurance on BuyLifeInsurance.Miami term life insurance quote engine. The presentation is on https://www.buylifeinsurance.miami/online-life-insurance-quotes/
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Term life insurance information
- 1. Types of Life Insurance In BuyLifeInsurance.Miami Quoting tool.
- 2. Term Life Insurance ❏ Requires the least amount of premium for life insurance death benefit coverage. ❏ Provides guaranteed coverage at a guaranteed price for a specific period of time (known as the “term”) of the contract. ❏ Premiums can be stopped at anytime with out penalty (insurance will no longer be in effect though.) ❏ Term Insurance is for short term life insurance needs for ages 18-75 ❏10-15-20 and 30 Year Term Life Insurance ❏ Price per year/month increase as term length increases. ❏ May be convertible to a permanent life insurance policy during length of term without additional underwriting.
- 3. Term Life Insurance ❏Requires insured to be underwritten ❏ May include medical exam including blood and urine ❏ Insurance company may look at the insured's family health ❏ Some companies look at motor vehicle report and credit reports ❏ Face amounts range from $100,000 to $100,000,000 ❏ Higher face amounts require financial underwriting ❏ Including Tax returns (Personal and Business). Investment statements and income statements. ❏ Death benefits for term life insurance are income tax free to beneficiaries.
- 4. 20-30 Year Term ROP ❏“ROP” is Return Of Premium ❏Term life insurance where if the insured survives the length of the term then the total premium is returned to the policy owner. ❏ Most of the time policy owner much keep policy in force the entire contract to take advantage of this benefit. ❏Can require 50% or more premium than straight term life insurance. ❏ Potentially a good solution for individuals who can afford the extra premium for this feature and believe they will outlive the term. ❏ An agent can help you determine if this coverage is cost effective for you. ❏ Can be used in conjunction with other insurance types if cost is an issue.
- 5. Simplified Issue Term ❏ Simplified Issue Term ❏ Term insurance issued with limited underwriting. Just answer some questions about health history ❏ Questions include: ❏ Do you smoke? ❏ Do you have AIDS? ❏ Do you currently recieve long-term care? ❏ Are you terminally ill? ❏ There is a limit to the amount of ❏ Guarantee Issue Term ❏ The Most Expensive Life Insurance Product. ❏ Should only be used as last resort. ❏ Has a “graded benefit” if the insured dies too soon. ❏ Limits to amount of insurance one can receive.
- 6. To age 121 ❏ “Term to age 121” is a form of guaranteed universal life insurance. ❏Paid to age 100 means premiums stop at age 100 but coverage continues to age 121. ❏If insured lives longer than age 121, coverage ends and there may not be a death benefit. ❏ Only “Whole Life” guarantees a death benefit if required premiums are paid. Contact us to discuss by clicking here.
Editor's Notes
- When it comes to life insurance, there are a number of choices consumers have. This presentation explains what each kind of term life insurance means on the website BuyLifeInsurance.Miami
- Term life insurance requires the lowest premium to protect your family or businesses financial security if something happens to you or a key employee. It replaces your income in the event of death, and ensures that the ones who depend on the economic support the insured provided can continue to support themselves financially in their absence. Healthy men and women in their mid 30s and 40s can buy hundreds of thousands of dollars of coverage for very little premium..
- After your medical exam results are in, your life insurance company may need medical records or other verification of your health condition from your physician. The underwriting process can take as little as two weeks but can take as long as 6 months. Occasionally, if there is a gap or inconsistency in the information you have provided, Our agents at BuyLifeInsurance.Miami will call you asking for clarification. When underwriting is complete, the insurance company will make an official offer of coverage and set a final price. While being underwritten, you may have temporary coverage if you submit a premium with your application. If you do not, you will pay your first premium and return any final forms whent he policy is issued, then your coverage will go into effect. Once your policy arrives, you'll have a "free look" period – between 10 to 30 days, depending on your state of residence. If you decide not to accept the policy, any premiums you paid will be credited back to you in full.
- Return of Premium life insurance is a different type of term life insurance policy. Assuming you have paid your premiums timely and your policy is paid up and in force, your loved ones will receive full benefits should you die. And if you are still alive when the level premium period ends, you can choose to receive the cash value - guaranteed to be equal to the amount you paid in premiums. While return of premium policies do provide the chance to receive one’s premiums back, they do so at a higher premium cost up front. Therefore, before going headlong into a return of premium life insurance policy, it is important to factor in the opportunity cost of the additional funds that you will need to put forth into the policy in order to obtain the guarante