There are two general types of life insurance; Term life and Permanent life. Term life is the simplest form of life insurance and can provide substantial coverage with affordable premiums for specified periods of time of one year (annual renewable term) up to 30 years. Permanent life is a form of insurance that spans your entire life. It is more expensive than Term life insurance, but allows you to build cash value.
Determining the type of life insurance to fit your needs depends on a number of factors, including:
· How long you will need the insurance
· How much you can afford to spend on insurance
· Your financial objectives for purchasing insurance
· How much risk you are willing to take
Most of the time, a medical exam is required to qualify for life insurance. But it depends on the type of coverage you're purchasing. Often, insurance companies require brief medical exams to qualify customers. This can include a basic physical exam, urine specimen, blood work, EKG, and X-ray. For high amounts of life insurance, such as $2,500,000 and up, treadmill EKGs are usually required, too. There is no cost to you for the exam, and an appointment may be scheduled at your convenience in your home or office.
Typically, insurance medical exams are done by paramedicals who are licensed health professionals and who are often independent contractors hired by the insurance company. Paramedicals can also perform employment physicals and drug screening. They're quick at what they do — you'll usually get a call within a day and are examined within three days.
Whether or not a life insurance company requires a medical exam from people who are applying for insurance really depends on the company's underwriting requirements and the type of policy you are purchasing. Insurance companies' criteria are based on how old you are and how much insurance you're applying for.
Certain health conditions simply cannot be masked, but to obtain the best possible results, here are some recommendations.
· Get a good night's rest the night before your exam.
· Don't drink for at least eight hours before the exam.
· Don't smoke or chew tobacco for at least an hour before the exam.
· Avoid coffee, tea, or other caffeinated drinks like cola for at least one hour prior to the exam.
· Limit salt intake and high-cholesterol food 24 hours before your exam.
· Don't engage in strenuous physical activity 24 hours before the exam.
When deciding which type of life insurance would best fit your needs it is also important to consider death benefit, premium and cash value. Term life insurance provides a death benefit for a stated period of time, while Permanent life insurance provides a death benefit for as long as you live. Permanent life insurance premiums are generally level and payable for life. Term life insurance premiums will increase over time (at each renewal) and are payable for a specific period of time. Term life insurance does not accumulate cash values and does not earn dividends. Permanent life insurance accumulates guaranteed cash values and its policies may be eligible for dividends.
When it comes to choosing life insurance one of the most important things is to look for a policy with benefits and premiums that match your present and future needs and ability to pay. The correct product for your situation may be a combination of permanent and term life insurance, since most people have a need for both temporary and lifetime protection.
Chris Simons is a prolific freelance writer. You are welcomed to visit http://life-insurance.cyberinformer.com, for more information on Life Insurance.
