Life Insurance Renewal Time

You just received a letter in the mail from your life insurance company informing you that your term is up and your premium will now be going through the roof.
Your first question is why.
When you purchased your policy (if you can remember that far back) it was for either a ten or fifteen or twenty year term. That means that the life insurance company guaranteed that you can keep your policy to (in some cases) age 80 or 85 but that the premiums would contractually change at each of the 10 or 15 or 20 year intervals.
I have good news and bad news. The bad news is these new premiums are based on mortality taken from years ago and are about two to three times the market rate. That is a bad deal on the surface but not so bad if you have a life threatening illness or disease.
The good news is, you can shop this out to another company, or even the same one, go through the medical tests and answer all of the questions, and if you qualify, you can purchase the same policy for almost what you were paying in the first place.
This is possible because of the new preferred life insurance rates that have been around for over 15 years.
Life insurance companies have categorized their plans as level 1, 2, 3, or 4. The category you qualify for is based on a number of criteria: height and weight, blood pressure, cholesterol levels, family history, your own historical health history, etc.


To read more Click Here

Term Life Insurance or Term Insurance

Term Insurance is a Life Insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant time.  Once the relevant time expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either go without coverage or potentially obtain further coverage by different payment or conditions.  If the life insured dies during the term then the benefit will be paid to the beneficiary. 

Term Insurance is not generally used for estate planning needs or for charitable giving strategies, but it is used for pure income replacement needs for an individual. Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries. Such responsibilities may include, but are not limited to, consumer debt, dependent care, and university education for dependents, funeral costs, and mortgages. Term Insurance are categorized in two areas standard (also known as regular) and preferred which includes following factors.

• Age
• Gender
• Blood Pressure
• Build (height and weight)
•  Driving Habbits
• Medical/ Family History 

To read more Click Here

Life & Health: Term Insurance Plan

Term insurance is short term life insurance insurance plan. Term insurance is at first the most affordable cost life insurance security that you can buy for individuals, families or businesses. It is intended to protect a wide range of short-term insurance needs such as income replacement, loan-mortgage-debt coverage, buy sell, & key person etc. Common premium structures for term products increase the amount of premium payable at the following intervals: 1, 5, 10, 15, 20, 30 years. Generally invested in term products are Term-10 and Term-20.  Term insurance is also offered with level pay periods and coverage periods of 65 and 75 years.  Term to age 100, or T-100 may sound as if it is a term insurance plan, is in fact a permanent insurance solution.  Term to 100 provides coverage at the same premium through to age 100, with no increase in price.
Read Original Source: http://www.discoveryinsurance.net/term_insurance.php