#NoMedicalTermLifeInsurance

[besttermlifeinsurancecompany]

Finding the Best Term Life Insurance: A Comprehensive Guide by PolicyWand

Term life insurance plays a crucial role in providing financial protection for your loved ones in the event of your untimely passing. However, navigating the search for the best term life insurance policy can feel overwhelming. This comprehensive guide, brought to you by PolicyWand, aims to assist you in finding the ideal coverage that meets your unique needs and offers peace of mind.

Assess Your Needs

PolicyWand’s custom calculator considers your outstanding debts, dependents, and future expenses. When calculating how much coverage you need, we take into account factors such as mortgage payments, children’s education, and ongoing financial responsibilities. Our calculator will help you to determine the duration of coverage required and the appropriate amount of death benefit necessary to secure your loved ones’ financial stability.

Compare Multiple Quotes

After you receive your death benefits needs results, you will be presented with quotes from today’s top ranked insurance carriers. Here you will be able to compare policies, premiums, and the benefits they offer.   Make sure you utilize our carrier comparison tool to simplify the process of choosing the best carrier for you.  Remember, while a lower premium may seem attractive, it’s important to also consider the insurer’s reputation, financial strength, and conversion options.

Check the Insurer’s Reputation and Financial Strength

PolicyWand recommends utilizing our comparison tool to review the reputation and financial stability of the insurance company before making a commitment. You’ll find ratings from reputable agencies such as A.M. Best, Moody’s, or Standard & Poor’s to help you assess the insurer’s financial strength.

Seek Expert Advice

PolicyWand is a do-it-yourself platform and we’ve provided you with tools to assist you with getting term life insurance policy quotes and in the purchase of your policy.  However, we have some of the top licensed agents standing by to assist you with any questions you may have. Their expertise can provide you with personalized guidance based on your individual circumstances. They can help you navigate the complexities of term life insurance, find the best term life insurance company and offer unbiased advice to help you make the best decision for your needs. Our agents are not commissioned so rest assured they are working with your best interest at heart.

Finding the best term life insurance policy requires a thoughtful evaluation of your needs, diligent research, and, if needed, expert guidance. By considering these factors and utilizing the resources provided by PolicyWand, you can secure the future financial well-being of your loved ones with a term life insurance policy that offers the right coverage and peace of mind.

[besttermlifeinsurancecompany]

It Isn’t About Who Has the Lowest Life Insurance Quote

As enticing as a low quote on life insurance is, it’s a preview, not the whole story. And life insurance websites that tout the lowest quote will not always guarantee the lowest monthly rate.

Why? Because not everyone who buys a life insurance policy is going to pose the same risk to a carrier providing coverage. Insurance carriers need to keep risks minimal to ensure everyone gets a fair premium.

And how do they do that? With risk classifications. These determine what you’ll pay based on how likely the carrier will have to pay out to your loved ones in the event you pass away.

Life Insurance Risk Classifications

When the life insurance company approves your application, their underwriters assign you a risk classification largely based on your health questionnaire and medical exam.

Classifications are made up of people who share the same characteristics that pose a specific level of risk to the company of paying out a death benefit sooner rather than later. The standard risk classification is the baseline. People in preferred risk classifications have the least risk characteristics and pay the lowest premiums; people in the substandard risk classifications have the highest risk characteristics and pay the highest premiums.

It would be great if the life insurance industry used the same names and requirements for these classifications, but they don’t. However, this may be to your advantage.

Why?

Because some carriers have strengths their competitors don’t when it comes to these classifications.

One company may consider a BMI of 25 to be optimal and therefore place it in the risk class with the lowest premium; another may see it as acceptable but put it in a risk class with a higher premium.

One company may classify your annual scuba diving trip in one risk class and premium and another company may place it in a higher risk class with a higher premium.

It all depends on the carrier.

It gets even more complicated when you factor in table ratings.

Life Insurance Table Ratings Chart

Anyone who falls below standard risk is placed in the substandard risk classification and will pay more than the standard risk rate. How much more will depend on their table rating. Substandard risk is where the table ratings kick in.

Underwriters use a life insurance table ratings chart to assess how much those who fall into substandard will pay above the standard rate. Increases generally occur at increments of 25%.

Table rates are identified by numbers or letters. Some carriers use numbers and some use letters. But basically, if you are table rated 1 or A, you will pay 25% more than standard rate, 2 or B 50% more, 3 or C 75% more and 4 or D 100% more and so on.

So let’s look at a table rating in action.

Mary is a 35-year-old woman looking at the average life insurance cost per month for a $1 million life insurance policy. She is looking at a 20-year term policy.

She got a quote of $27 per month from Company A.

Mary admitted she smokes when she got the quote. The medical exam she underwent during underwriting claims she’s in otherwise good health. But her driving record reveals she’s had a couple of driving tickets in the past year. (Yes, those do count.)

Company A places her in a substandard risk classification because of her smoking. So, she’s already going to pay more than a nonsmoker. However, they consider her driving risky behavior and give her a Table 1 rating, which adds 25% to her rate. So now, rather than paying $324 per year, she’s paying $405.

Company B quoted Mary $29 per month but doesn’t consider two tickets to warrant a table rating. She ends up paying $348.

Had she gone with the lowest quote, she would’ve ended up paying more than she would if she’d gone with a higher quote.

A low quote is a great place to start. But they can be misleading. You want to collaborate with a company that gives you the whole story.

[besttermlifeinsurancecompany]

For the Best Life Insurance for Veterans: Shop EARLY 

If you’re military, you probably know all about Servicemember Group Life Insurance, or SGLI. It’s provided coverage for you and your family for your whole career.

However, transitioning out of the military presents new life insurance options worth exploring. You can go with a Veteran Group Life Insurance policy (VGLI); life insurance through a military association such as American Forces Mutual Aid Association (AFMAA); or opt for private life insurance like term life or whole life.

Either way, the best piece of advice any life insurance professional can give a retiring servicemember is this: get quotes early.

You have 120 days from discharge to choose the best life insurance option for you and your family. You can stick with government group insurance or go private with term or permanent life insurance from a commercial life insurance company. But perform your due diligence to determine which will serve you best going forward. And if you’re leaning toward private, keep in mind that it takes between four to six weeks to go through the private life insurance underwriting process.

Online life insurance quotes are easy to get and provide automatic side-by-side comparisons to give you a bird’s-eye view of the marketplace and what you can expect to pay.

Term Life Insurance for Veterans

Term Life insurance is the most affordable commercial life insurance with the most coverage.

It’s set up for a set amount of time with a set amount of coverage at a set premium payment. For example, if you are a healthy 40-year-old male, you can expect to pay around $49 per month for a 30-year $500,000 policy. Your rate does not change.

A similar VGLI policy would cost the same 40-year-old more than $80 per month, renewable every five years with a rate increase. Also, you wouldn’t be able to purchase $500,000 worth of coverage with government life insurance. VGLI coverage caps at $400,000.

Term life is ideal for young families with dependents as it provides a financial safety net when you need it most. And as your family, income and needs grow, you can convert to a permanent policy with cash value without submitting to a medical exam.

Term life insurance does require underwriting, which means a medical exam and labs. So, if you’re retiring with a service-related injury, you probably won’t be able to qualify for term life or will pay much higher premiums than you would through government-sponsored insurance.

Permanent Life Insurance for Veterans

Permanent life insurance is a bit more expensive than term life but generates cash value you can use in a variety of ways—to borrow against or to pay your premiums, for example. Whole life is a type of permanent insurance.

If you decide to go with VGLI when you retire, you can later convert to a private whole life insurance policy. Unfortunately, you cannot do so with term life.

Combination Private and Military Life Insurance

But you can purchase additional term life coverage to supplement a VGLI policy. Experts recommend families obtain coverage for between 10- and 15-times annual income. So the $400,000 coverage cap VGLI offers probably is not enough to protect your family should they lose your income if you pass unexpectedly.

If you’re in reasonably good health, you can purchase a supplemental term life policy for an additional $250,000 for as little as $28 per month.

No matter which life insurance you go with, remember that it’s vital that you start shopping around for the best insurance quotes online as early as possible.

Those 120 days will go fast.

[besttermlifeinsurancecompany]

Are you searching for Online Term Life Insurance Quotes? Contact PolicyWand to get life insurance quotes online for you and your family. Get a Free Quote Now!

[besttermlifeinsurancecompany]

PolicyWand is one of the best term life insurance policy quotes comparison online portal. Compare policies from top-rated carriers and save money today! Pick your policy and apply online today!

[besttermlifeinsurancecompany]

Quotes for Life Insurance Online

Are you searching for Online Life Insurance Quotes? Apply online at PolicyWand for life insurance quotes for you and your family.

[besttermlifeinsurancecompany]

Getting life insurance doesn’t have to be hard (or boring).  Get quotes online, compare carriers, pick your policy, and apply in minutes.  No pesky sales agents.  No endless auto dials from insurance agency call centers.  Do-it-yourself hassle-free at https://policywand.com/free-quote/

[besttermlifeinsurancecompany]

Need Life Insurance? Be Prepared to Answer Financial Questions

When you requested your quote for life insurance online, you entered an estimate of how much life insurance you need. But is it accurate? And can you afford it?

Determining How Much Life Insurance You Really Need

Once you’ve submitted your life insurance application, it goes to underwriting for a process called Evidence of Insurability (EOI). This is where the insurance company conducts its due diligence to ensure they can afford to cover you and to establish a financial justification for the coverage amount you requested.

Life Insurance companies base EOI on two things: your physical well-being and your finances. In most cases you’ll have to take a medical exam or at least answer some health questions. That’s to be expected unless you go the no-exam route.

But your financial health is just as important as your physical health. While you could be in peak physical condition, you could be denied coverage if your financial health is failing.

Underwriters assess your risk, assess your beneficiary’s dependence on your income, and make sure you can afford the life insurance premium they assign.

Financial Information Requested During Your Life Insurance Application Process

So what will they ask about?

You will have to tell the company where you work, what you do and how much you make. Life Insurance companies generally allow you to apply for 20-30 times your annual income if you’re relatively young and less than 20 times your income if you’re older.

Your beneficiary. The company will want to know about the amount of hardship your death would cause your beneficiary. They want to ensure your beneficiary’s need aligns with the coverage amount you requested.

You must provide information about assets like investments, alimony, real estate, and other income-generating products and activities.

Other Life Insurance policies. If you have applied for other life insurance policies or are insured by other companies, you’ll need to disclose that.

If you justifiably disagree with the coverage you’re offered, you can negotiate. You want to be sure you have what you need and can afford to pay for it every bit as much as the company needs to be sure you’re a good risk.

Because at the end of the day, life insurance is about relationships. Your online life insurance quotes are the jumping-off point. The underwriting process determines if the relationship will go the distance.

[besttermlifeinsurancecompany]

Term Life Insurance Policy Quotes

Do you need instant term life insurance policy quotes online? PolicyWand offers hassle-free instant life insurance policy quotes online. With the fast and easy online application process, 100% satisfaction is guaranteed, Contact Now!

[besttermlifeinsurancecompany]

No-Exam Life Insurance: Who Has the Best Deal?

For those who want to bypass the time and hassle it takes to submit to the lab tests and exam for life insurance most life insurance companies require, a policy with no exam required may be the way to go.

What Is No-Exam Life Insurance?

Put simply, no-exam life insurance is life insurance that requires no medical exam, including blood and urine samples. And some may cover a pre-existing condition if you are otherwise in good health.

Best of all, you can apply online to access affordable no-exam life insurance quotes.

No-exam policies differ in their requirements. Some, like Simplified Issue, require no exam and ask little to no health questions. However, the policy will cost more and provide less coverage because the company collects less data and therefore assumes more risk. Others, like Accelerated Underwriting, ask for a bit more health information but cost less and provide more coverage. Neither requires a medical exam or lab tests.

That said, here are three outstanding life insurance companies offering some of the best life insurance plans with no medical exam required. If you’ve been shopping around for a no-exam policy, these no-exam life insurance options may surprise you.

Ameritas. Ameritas no-exam insurance covers people 60 years old and younger and offers coverage for up to $2 million with term lengths of 10, 15, 20, or 30 years. The wait time is one week and you must be in decent health.

Lincoln Financial Group. Lincoln offers coverage for up to $1 million for people in excellent health between the ages of 18 and 60.

Transamerica. Transamerica offers two no-exam policies. They cover 18- to 80-year-olds, offering 10, 15, 20, 25 and 30-year terms. They pay out up to $2 million for qualifying applicants with an option to convert to a different policy later on.

As good as these deals are, no-exam-required life insurance isn’t for everyone. If you are young and in good health, you may want to look into a term life policy that offers even more affordable premiums with better coverage.