Reader’s Question:

I was told not to go with a no-health exam life insurance since I’m just in my mid-30s. Why should I buy (or not buy) life insurance without a health exam?

Lee

Albany, NY

Good question. A no health exam life insurance policy is a type of coverage that will either save you money or cost you more. This is because this kind of life insurance is not for everyone. No health exam policies cater to a market that either has a hard time getting live coverage (due to some medical or health condition) or does not want to undergo the rigors of a health test. This policy is more expensive than your average life insurance plan, since the insurer is taking a bigger risk for not knowing your state of health.

So a no health exam life policy the best type of life coverage for you? It would depend; unless you have a medical condition that makes you uninsurable then it will make more financial sense to go with regular life coverage instead (and take the medical test). This prevents you from paying unnecessarily higher life insurance premiums there in New York (or wherever you may be).

If you have had a hard time getting life insurance coverage due to health or medical reasons, then a no health exam life insurance plan is your best (and sometimes only) option. It would be more cost-effective for you to do so. Also, these days you can maximize your ability to get the best rates by using life insurance comparison websites. It allows you to access and compare the latest offers coming from a wide-variety of life insurers today.

Tags: no health exam life insurance

Readers Question:

I need to buy a life insurance policy in New York, how do I choose the best one for me?

Ravilind

Babylon, NY

Good question. Each person has different financial goals, needs and circumstances at every stage of their lives. This fact greatly influences the kind of life insurance policy that is best for someone. Before you can choose the best life insurance in New York for you, ask yourself first why you want to take out a policy.

You may want to get your life covered because you are supporting a household, raising a family, sending kids to school, or paying long-term debts like mortgage. You want to make sure that your dependents are covered financially and are not left the burden of huge debts in case of your early exit.

If this is so, then Term life insurance coverage is the best kind of policy for you. This is by far the most popular type of life insurance because it’s a simple, no-frills kind of life insurance that does not have to be maintained for life. It is also the cheapest type of life insurance coverage because it lacks the savings feature of permanent or whole life coverage

If you prefer to accumulate your wealth gradually, earning interest gradually over the long run while providing you lifetime coverage and a huge lump sum of money waiting for you if you live to be 100 years old, or for your beneficiaries after your death; then a permanent or Whole life insurance plan is what you’re looking for.

Whole life insurance coverage, and its many variations (Universal Life, Variable Life, Variable-Universal Life etc.) are good for people who don’t mind paying higher amounts of premiums in the initial coverage years, in exchange to building up the policies cash-value amount, earning steady interest, in exchange for cheaper premiums in the later coverage years.

The Interest your policy earns is tax-deferred and you can your cash-value to take out a loan.

So in the end, the best life insurance in New York (or anywhere) is the one that fits your needs and requirements the best. To get the best-priced life insurance policies, be sure to use the many online life insurance portals to get free rate quotes and compare for the most affordable offers in the market.

Reader’s Question:

How do Cash Value Life Insurance Plans work? And should I listen to my life insurance agent/ friend here in New York and get one?

Brent

New York, NY

Cash Value Life Insurance Policies are a kind of life insurance that is meant to be kept for the duration of the insured individual’s lifetime (meaning very long-term). This kind of insurance accumulates enough money in the beginning years of the coverage to make sure that your can maintain an affordable level of life insurance premiums in the later years or when you are much older, where life insurance costs are usually either very expensive or prohibitively costly.

Before you sign-up for any form of life insurance coverage there in New York, it is first very important to understand why you need to get insurance in the first place. Knowing your personal needs and the future financial needs of those who rely on your income is the key to gaining the right kind of life insurance policy. And of course, who would want to be in a situation where they have been paying a policy for years, only to find out, eventually, that it was the wrong kind?

Whole Life, Universal Life and Variable Life are good examples of Cash-Value policies. Unlike an initially affordable term life insurance, these policies costs comparatively more in the first few years of coverage however, keep in mind that part of your premium actually goes into a form of ’savings account’. The insurance company may choose to pool policyholders money into investments that allows them to grow your money over time (without being taxed!). Kept long-enough, your cash-value policy may even be able to pay for itself eventually.

Tags: Life insurance advise, cheap life insurance, Life Insurance, Cash Value Life Insurance, affordable life insurance

Reader’s Question:

I’m thinking of getting either a trust fund or a life insurance for my 5-year old daughter here in New York. Which one would be better?

Seth

Brookhaven, NY

This is a very interesting question. What you want is to invest money for your daughter’s financial future. What you need to know now is that no matter how much any life insurance agent there in New York tells you otherwise, a life insurance policy is just not the best type of long-term investment. If you are thinking about stashing away money for college needs or as a cash gift for her in the future, there are far better investment options available out there such as a 529 savings plan.

Although it would probably make more sense to get a whole life insurance policy for your daughter right now, while premiums are extremely low, so that your daughter is guaranteed life insurance coverage in case she develops any unhealthy habits or contracts any disease or even medical conditions that might make it prohibitively expensive, to next-to-impossible to get life insurance coverage for her in the future, or maybe you just want to make sure that burial costs are covered in case your daughter dies (sounds morbid, doesn’t it?). Other than that, unless the child is the main income provider in the family, there really isn’t any point on getting life insurance coverage for children.

A trust funds sounds better, or a college educational plan. You should think more about getting life insurance for you since your daughter would probably need that more in case you suddenly pass away.

Tags: life insurance advise, life insurance information, whole life insurance, term life insurance

Reader’s Question:

I’m 26 and I plan to purchase a life insurance policy. My friend told me that some life insurance companies require medical examinations. I would like to know the information that we need to provide during medical examination.

Janet

Buffalo, NY

Life insurance companies may require their policyholders to get a medical examination for the purpose of assessing accurately the risk. Medical examinations are usually required to people who are considered to be at older age and those who want to purchase higher life insurance premium.
If you were asked to take a medical examination, there is little information that you need to provide them. Doctors may check your eyes, ears, nose, throat, height, weight, pulse rate and blood pressure. You will be asked for the last period when you had your medical examination and why. Complete and detailed information can help in easier issuance of life insurance policy. If you were hospitalized, the life insurance company would like to know the reason, the result and whether you have already recovered. They will also ask you if you are taking any medications and its purpose. Urine specimen, blood sample, oral sample, chest x-ray or EKG may be required. The life insurance company may need your signature to authorize them to request medical information you had in the past. If a problem is uncovered on the initial medical examination, the life insurance company may require you to take a second medical examination or more.

Tags: life insurance

Reader’s Question:

I’m on a tight budget here in New York but I am still interested to get a life insurance policy, what would be the best kind for me?

Tom

Babylon, NY

Of course everyone would like to get a cheap life insurance policy but the best kind of life insurance would really depend on a few things, namely:

” Your Age.
” Your health background and family’s medical history.
” If you smoke or not.
” The kind of lifestyle you have or the kind of activities you participate in, whether they are hazardous in nature or not.
” If you have any long term financial obligations such as student loans, mortgages etc. of if you are raising a family.
” The amount of life insurance coverage (Face Value) you are buying.

So it would be a very good idea to understand your circumstances based on the above factors to help you understand the kind of life insurance coverage that is right for you. Cheap Life Insurance doesn’t necessarily mean that its the right choice. Remember, this is a long term commitment and you don’t want to throw your money to waste.

If you are on a tight budget and, lets say, you are relatively young and without any life-threatening illnesses, then you would benefit more if you get a term life insurance policy there in New York. Term life insurance is probably the cheapest available life insurance policy, enabling you to take advantage of very high death benefit amounts for a comparably low monthly premium. Plus, you are only required to maintain the policy anywhere from ten to thirty years, depending on your needs.

Tags: Cheap Life Insurance, low-cost life insurance, cheap online life insurance, advise

Reader’s Question:

I’d like to know more about term life insurance. I’m interested in getting one from a major life insurance company here in New York.

Jeanne

Oyster Bay, NY

Term Life Insurance Policy is one kind of life insurance coverage that provides income or payments to designated beneficiaries in the event of the insured’s demise during the coverage period. Unlike Whole life insurance policies you are not required to maintain the policy for the length of your lifespan but you do have the option to renew your policy after the maturity date. Also unlike whole life insurance policies, term life does not have any savings features that accumulate your money or premiums over the length of the coverage period, so don’t expect to receive any lump sum of money after your policy expires.

However, if you are just looking to get coverage for a specific period of time only, ten or twenty years, or maybe your type of work compels you to get life insurance coverage due to frequent exposure to hazardous or dangerous situations or places, then term life insurance would be a good option for you there in New York.

If you are looking at reducing costs it is highly recommended that you shop around and get a good idea of the available term life insurance policies available. The Internet is a great way to do this, as there are a number of life insurance portals available to give you accurate and timely quotes. Keep in mind that the cost of term insurance gradually increases as you get older but compared to other types of life coverage, with the same amount of benefits, term life insurance still comes out the cheapest.

Tags: life insurance advice, life insurance companies, life insurance coverage,

Reader’s Question:

Is there a way to lower my life insurance rate in New York?

Richard

New York NY

The price of your insurance policy in New York depends on many factors like age, health condition, occupation, and lifestyle. Older people, smokers and those with health issues will always have higher premiums than those who are younger, non-smoker and has good health condition.

You can look for a friendly insurance company who can give more competitive rates for people with health problems like heart disease, diabetes or cancer. This insurance company does not categorize people with this problem into one group. They instead analyze the situation of the applicant on a case-to-case basis.

If you are smoking, quitting from that habit will not only save you a lot of money but also improve your health condition. Most of the insurance companies charge smokers with premiums that are twice than that of a non-smoker. If you lied about your smoking habits and died of a smoking-related illness, your insurance company may not give your death benefits. Further, if you are obese, you can get lower premiums rate by losing weight. Start exercising.

Riders are considered unnecessary cost since you the event you are trying to cover has a very slim chance in occurring. Further to saving insurance costs, monthly payments cost you more than the single payment. Compare the two before choosing the payment plan. Lastly, shop and look for an insurance company with lower life insurance rate. The amount of premiums differ from one company to another.

Tags: cheap life insurance, life insurance, life insurance rate

Reader’s question:

Hi. I’m a tattoo shop owner here in New York. I’m just wondering how much life insurance I need. Do they come cheap? Can I buy them online?

Grayson

Brookhaven, NY

Having your own life insurance and at the same time being able to have full control over it can be very advantageous to you. Having the knowledge about your own life insurance can significantly save you from being underinsured. Most people generally purchase life insurance using the general rule of buying eight to ten times their household income. Some buy premiums amounting to $100,000 to $500,000. And then there are those who don’t even try to determine the proper amount of life insurance policies that they should buy.

The process is actually simple, but people find it distressing to think about dying.

The first thing that you should consider is the immediate necessity of your family. Within the first few months of your death, there are a lot of expenses that need to be taken care of, like funeral expenses and other administrative costs. It is also necessary to consider paying for your unpaid debts and bills, credit card debts and other consumer loans that you might have. You need to determine the amount needed in order to pay any outstanding balance on your residential mortgages. It is also critical that you consider allocating money as an educational fund for the children you’re leaving behind.

Finally, you need to assess how your family is going to survive financially after you’re gone. It’s up to you to decide whether your family will live off the principal paid by the life insurance company or use the money as an income replacement. Just make sure that the money can last until your children finish college.

The above stated considerations will be able to help you determine the amount of life insurance you need. Call your local life insurance agent there in New York to help you figure out your life insurance quotes. And, yes, you can even get free life insurance quotes online, so you’ll know if they are, in fact, cheap by your standards.

Tags: cheap life insurance, life insurance online

Reader’s Question:

My next-door neighbor was asking me about no exam life insurance and if it was available in Buffalo New York NY. How would I know?

Silvia

Buffalo, NY

Well, Silvia, your neighbor should have done what you yourself did, and that is go online and get some information from the internet, or are you just more tech savvy than your next-door neighbor? Since we are chatting now, I might as well tell you about this no exam life insurance that she was talking about so that you can explain to her if she still can’t access the internet, or is unwilling to.

No exam life insurance basically is your regular life insurance, except that the applicant is no longer required to take medical examinations and that is why it is called no exam life insurance. If this seems bizarre to you since you have only heard of the regular life insurance application process in Buffalo New York NY, I will explain some more and hopefully make you see its merit.

Medical exams are required because obviously, the health condition of the applicant is very important when evaluating an application since it is the basis of the risk level of the applicant and the consequent life insurance premiums. In no medical exam life insurance, the usual medical report resulting from medical examinations will be replaced by a lengthy application form to be filled up by the applicant, in which all questions related to her health is asked. She should be responsible enough to know all the relevant details because it is a risk to her when she has failed to declare some pre-existing conditions.

No exam life insurance has been around for quite some time and it is definitely available in Buffalo New York NY. Do your neighbor a favor by entering your zip code on the blank space and getting free quotes which she may want to read.

Tags: instant life insurance, life insurance quotes, life insurance rates, no exam life insurance