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What Is Annual Renewable Term Life Insurance?
Term Life Insurance is Being covered against loss of a loved one for a specific period of time. The younger the insured, the lower the cost of insurance. Non-smokers get preferred rates. So do those in great health. Annual Renewable Term Life Insurance is perfect for young families. It gives the greatest coverage for the lowest cost.
Usually a physical is required. The Insurance company will also check your medical history through the Medical Information Bureau. To see whats on your report simply click on the link.
Obesity will affect your life insurance rates. So will diabetes and any heart condition. Some policies will get charged a higher premium because they are a higher risk. These are called rated policies.
If you are a greater risk than the average person in your age group you will pay more. If you are a lesser risk you will pay less. You can get healthier by visiting Fithuman.net.
When you buy an Annual Renewable Term policy you will pay the lowest cost for your present age and condition. The downside is the cost goes up on every single birthday. Eventually you will be paying $1,000 for every $1,000 in death benefits.
One of the Benefits of Annual Renewable Term is you have Guaranteed Insurability. This means you never have to take another physical to prove you are insurable.
Guaranteed renewable means you renew your policy just by paying the premium. Most states have laws that will allow you to pay back premium if you forget. So if your health declines you are still insured.
The Great Thing about Annual Renewable Term Life Insurance is its cheap. The bad thing is it gets more expensive as you get older. If you suffer a disability (30% chance at age 20), you might not be able to afford it.
The Primary purpose of Personal Life Insurance is Income Replacement. Term is the best value for this purpose while you raise a family. You want to convert at least a portion of that Term Life Insurance to Whole or Universal Life Insurance as soon as you can. Everyone needs some Life Insurance that can last a lifetime.
If you become uninsurable, convert ALL of it! This is why you need a Professional like Mike Pelo. When you buy from a newbie or a relative, they might disappear from the business right before you need them.
I always suggest doing a life-insurance review at least annually. Income changes, health changes, marital changes, etc. change your needs. You might be under-insured. Mike will be there when you need him to be!