Affordable Life Insurance - Everybody's Dream

You have known all along that it is high time that you buy some life insurance. You are married and bought a house on mortgage. You have lovely wife and two lovely kids and life cannot be nicer. You know that to complete the circle all you need is a life insurance policy that will protect your family from financial disaster, should anything happen to you.

You may be quite a young man. But this may not have escaped your observation that death does not discriminate its victims on the basis of age. You may be as likely to fall into Its jaws as any octogenarian. Hence, your hesitancy in buying a life insurance policy is incorrect. Even though you may have valid reasons for hesitating - you may be short of time to take the necessary medical tests or you may be short of money to pay the insurance premiums as all your cash may be earmarked for your mortgage payments.

Now imagine the scenario in which you end up dead the next day - how do you think your family shall pay the mortgage on their home? Perhaps, in the absence of a regular income - the source of which had been you - your family may have to give up their home and end up helpless. If you are still figuring about the time requirement in taking the medical tests, there is one option you can explore - that of life insurance no exam. Go on the internet today and see how many brokers and insurance carriers are there online with loads of data on life insurance no exam.

However, you will have to be eligible for term life insurance no exam. There are restrictions on age, health history and amount of insurance. Suppose you are 30 plus, want coverage for another 30 years and coverage amount being $500,000, your monthly premium will be more or less $114.17, the annual amount being more or less $1,245 for life insurance no exam.

Supposing you want coverage for the next 10 years only then with the amount of $500,000 the premium shall become $47.23 instead of $114.17. This, you can see, is affordable life insurance. But do keep in mind this is term life insurance no exam policy. These have lower premium rates than whole or universal life insurance policies. But the drawback is that term life insurance is has little cash value and if you outlive the ten years of the term period, you get nothing. Also, if you happen to die in the first month of the eleventh year, say, then no benefit is earned by your family. The only way your family gets to earn the benefit is when you die in the term period.

If you are only 30 plus, you are not likely to die in ten years and the insurance carrier knows it. Therefore, the ten-year coverage is not sufficient for you. You need coverage for many more years, at least until your children are self-sufficient, your mortgages have been paid and you have made a decent bank balance. For that, you need to take 30 / 35 years of coverage. On the other hand, you can decide to take a ten-year of coverage and then renew it once it lapses.

If you do so, you will be making the gravest mistake of your life. If at the age of 30, you pay a $47.23 monthly for a term life insurance no exam, at the age of 40, you will be paying a monthly premium of $95.83 and at the age of 50, you will be paying $230.78 for ten years. Just imagine! That too if you are not a smoker. If you are smoker, you will have to pay $502.06 as monthly premium for a ten-year period when you are 50. Remember, all calculations are being made according to today's rate.

If low-priced term life insurance is what you want then:

1. Give up smoking. Smokers pay higher premiums. For instance, a 40 year old individual who smokes not pays a monthly premium of $95.83 for a ten-year period of no exam policy with $500,000 coverage amount but a smoker will have to pay more than twice the amount - $231.08.
2. Take time out and go for medical tests and not life insurance no exam if you are incapable of reading between the lines. Remember, the reputable carriers do not provide life insurance no exam policy.
3. Buy coverage for the entire tenure of the required coverage instead of buying for short periods and renewing it when required. There may be no renewal, for instance, if you fall fatally ill. If you require coverage for 35 years, get it as a bulk. It will be cheaper that way.
4. Calculate what should be the coverage amount. If the monthly premium for $500,000 coverage amount is $114.17, then the monthly premium for $200.000 coverage amount is $49.52. Try to find out how much money is going to be enough for your family and how much can you spare without actually cutting any major cost.