Term life insurance is the best policy for you if want high coverage at lower premiums and for a limited time. The cost of term life insurance is much less than whole life permanent policies. A term life policy is valid for a fixed term only and if you buy a policy at the right age you can choose the thirty year term. This way you would not have to go for renewal of the policy as renewal and conversion both come at a substantial price. A term life policy is thus most suited to young couples who can afford expensive life insurance but still want some security for their young family for the future.

Term life insurance is not for people on the verge of retirement or for senior citizens. The term life policy can not be renewed if the policy holder is over the age of 85. Renewal is pretty expensive at this age and it can cost up to 50 percent of the policy amount. Term life insurance is thus better suited to a young growing family who would have financial obligations in the future which would not last forever such as repayment of home mortgages or other large personal loans or debts, funds to start a new business or to buy out the shares of a key associate or a business partner. The term life insurance money can be used to fund children’s college education. Term life insurance amount is hugely helpful in such cases.

If you have a query regarding the coverage that you would qualify for and want to know how much would an insurer offer you then you can find it using online device which offers cheap term life insurance quotes. You need to fill in a short form which states your date of birth, sex, coverage wanted, health condition, whether you smoke or not, family history of illnesses and driving record. As soon as you fill out this short and easy questionnaire, you would be given a quote. This way you can get quotes from different insurers in the market. Nowadays all big and small insurance companies offer free quotes on their websites.

Brokering or insurance agents also offer tools for you to get free quotes. This is an extremely helpful tool when it comes to comparing the quotes and choosing what is best for you. You can also get riders or clauses added to the basic policy which would be helpful to you in the long run. Find out about the useful and beneficial riders and the associated charges. If they work for you then do get them included in the term life policy that you are buying.

Life insurance rates are offered to an applicant by determining the state of his or her health. This is done by doing the complete health check up the person by a qualified medical team. The weight and height are measured, the individual’s blood and urine samples are tested, the heart rate is checked and the chest is x-rayed. This battery of tests is conducted to check if the individual has some kind of a health condition. If there are found to be no serious underlying illnesses then the insurance rates offered are lower because such a person is expected to have a longer life span and thus pose a lesser financial risk to the insurance company.

A lot of people are squeamish about the medical or physical examination. They dread the sight of blood and needles and would rather not undergo it if they can. These tests also take time and most people can not spare an entire day or even a couple of hours to get a check up done. For people uncomfortable to get physically tested, a life insurance no exam would be the best policy. This policy is more expensive than the fully underwritten term life policy because the risk assumed by the insurance company is greater. You are offered rates depending upon the answers given to the list of questions without you having to undergo a physical test. These questions are about age, health and matters of lifestyle.

The life insurance no exam policy is getting more popular among insurance buyers in the country today because they take lesser processing time as compared with the conventional medically underwritten policy and there is no physical examination involved as well.

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

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