Life Insurance -- Skip the Medical Exam, Only Buy What You Need, And Save your Money!

By Marilyn Katz
All Life Insurance Prices Are Not The Same

This may really surprise you, but we shopped around for life insurance for a single client in our area. We found price differences of $300 a year for the same $100,000 life insurance policy! These were all large, highly rated life insurance companies too. What we learned, is that it pays to do some shopping.

It used to be hard to call around, giving multiple life insurance agents your detailed information. However, now you can find lots of credible, online life insurance quote forms. After you fill in your information one time, you can sit back and let the companies duke it out for your business!

Don't be Insurance Poor

Do you really need to replace 20 years of income with a life insurance policy? If you are a little older, or if you have a health issue, the premium may not be practical. Even if you are the sole supporter of your family, five years of income may be enough to give your spouse time to retrain him or herself to either bring in more income or cut bills down. Maybe just leaving enough money to pay off your home, pay for the funeral, and cover several months of your income would be reasonable.

Look. If you are young and healthy, and can replace 20 years of your income for the price of a couple of restaurant meals, I would tell you to do it! But if you will find it challenging to find money for the premium, I would assume that would be the first bill you would stop paying during hard times anyway. Buy a reasonable amount of life insurance, but buy what you can afford without strain.

Buy What You Need

If you have a young family that depends upon you for support, then you will want to replace your income for a period of time. Consider education costs for your spouse or children. Think of your house payment. You certainly want to leave your family with a nice place to live. People in this situation usually buy term life insurance policies. These policies last for a certain "term" or period of time, from 10 to 30 years. They start at about $25,000 and no medical exam life insurance limits can go up to $400,000. It is usually tough to write a policy like this on anybody past retirement age, or those with certain health conditions.

However, if you are older, and nobody really depends upon your income any more, then just buy enough life insurance to settle final expenses. These type of permanent or whole life insurance policies are easy to apply for, have plans that accept most people, and can usually be written up to age 85! As long as premiums are paid, they will last for an entire life. Some can be paid off over a period of years.

You can make sure that you have left enough money to pay for a funeral, settle debts, and even leave your spouse or children with a little extra money to remember you by. Most final expense policies are written in amounts of $2,500 to $25,000.

Do Get Some Life Insurance

We all need some life insurance. Just make sure the premium fits into your budget without strain. Buy a reasonable amount. And of course, shop around!
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