One of the most important features and aspects of a person’s financial plans for their family is life insurance. In today’s uncertain financial climate it is essential that some kind of a back up plan or security measure is in place to take care of a family’s financial needs when the main wage earner of the family dies. There are several financial concerns which a family is faced with in case such a tragedy strikes. First of all there must be a plan which replaces to an extent the lost wages of the person who has died. Most homes are mortgages and they need to be paid off, there are children who would need funds for their higher studies in college and there are estate taxes to settle along with health care and utility bills.

There are chiefly two types of insurance plans that you can choose from. There is term life insurance which is simply a basic benefit policy remaining active for a fixed term only which can be up to thirty years at the most. There are many riders which can be attached or integrated with the policy to make it even more beneficial. But they all come at a cost and you need to inquire about them from the particular insurance company. Term life policies can be renewed as well as converted to more permanent forms. Consider your financial situation and affordability before choosing either of the options.

Permanent life policies such as whole life and universal life last for the entire life time of the policy holder. They are also a good investment option because they gain cash values and even give dividends after a certain time. They even let you borrow loans against them. These policies are pretty expensive when compared with term life policies which are quite cheap and are easily afforded by most families and even those with modest financial resources. Work out an insurance plan with an insurance agent who suits your requirements and help you meet the future financial needs as well. But permanent life policies can not be afforded by all owing to their cost. Term life policies on the other hand are preferred by most Americans given their low cost, affordability and long term decent coverage. Term life insurance policies have truly empowered the modest income families which can now enjoy the security offered by insurance.

Instant term life insurance policies are those which do not require the applicant to undergo a medical exam to determine the rates on the policy. This type of a policy can be bought within a few minutes if the application is approved. You can also purchase this policy online or on the phone. You would be required to provide answers to questions such as your age, health, family history of ailments, if any, smoker or non smoker and lifestyle related queries. These are all very simple questions and you can answer them all quickly. This policy is a great time saver and there is no requirement of a physical examination either.

Before you make a decision on the insurance coverage, factor in a few determinants such as the amount which would be sufficient to replace your income, the money which would be adequate to settle the estate taxes and pay for the children’s education and also to pay off the remaining home mortgage. The money which you can afford in terms of regular premiums also has to be stipulated and this amount must comfortably fit within the household budget. If you are opting for an instant term life policy then it might come at a greater cost because there is no medical test to determine your insurability involved. Always gather some quotes fro various insurers on your application for insurance before selecting the insurer. Quotes are offered totally free of cost and with no associated obligation and are extremely useful when it comes to comparing various quotes on offer. This way you can choose your insurance company offering you the best quotes on the coverage that you are seeking with your profile. Check the insurance company’s credibility, pay out or settlement record ,stability and financial condition before buying insurance from them through reliable independent agencies like A. M. Best or Standard and Poor.

Author Bio: Article by David Livingston of EQuote.com, a website with the best instant term life insurance quotes and term life insurance cost information in the country.

Category: Finances
Keywords: affordable term life insurance, life insurance no exam