Oklahoma Life Insurance
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What is a term life insurance? What are the advantages of obtaining its no exam policy in Oklahoma?
Elize
Oklahoma City OK
A term life insurance is a life insurance that provides temporary protection for a specific number of years. Its term periods are commonly available at 5, 10, 15 or 20 years. It does not build cash value and automatically expires at the end of the specified term unless otherwise renewed by the policy holder.
A term life insurance may be offered either requiring a medical exam or not. In the past, a medical exam is usually required to those who applied for life insurance most especially for those who are requesting for a $100,000 or more coverage. Presently, there are now insurers who offer no exam term life insurance policies. This policy is obtainable for up to $500,000 coverage with no physical exam needed but just answering a few health questions. This policy is best recommended for healthy individuals. You may or may not qualify for a policy if you have an existing health issue.
There are several advantages when you apply for a no exam term life insurance policy in Oklahoma. You can choose a coverage ranging from $25,000 to $500,000. This policy also fits those who don’t have anymore time for a medical exam. No insurance agent will call or visit you. You can also purchase this policy directly online. You no longer have to wait for months for your application to be processed. Your policy will take effect at the same day your policy is approved. You will have a fixed amount of premiums and will never be canceled as long as you pay on time. Lastly, benefit claims are directly paid to your beneficiaries free of federal tax.
There are also some important things to keep in mind when considering for a no exam term life insurance. When you compare plans, verify if full coverage will be immediately available on the first day of your policy. Double check if how long will you be assured that your life insurance rate and coverage remains at parallel. And lastly, do not fail to review the financial strength of the insurers. Through this, you are assured of your insurer’s capability to meet its financial obligations.
How can I lower my smokers life insurance rate? If I stopped smoking last month, can I ask my life insurance agent to re-evaluate my life insurance rate?
Jeff
Oklahoma City, OK
Cigarette smoking lowers the life expectancy of the user. Because of this risk to the life insurance company, you, as the smoker, will be placed in the smoker risk category and will receive a smoker life insurance rate. This will apply even though you are in good health condition. Smoking can lead to health problems like cancers of the oral cavity, lung, esophagus and larynx. Smoking is also associated to the cancer of the pancreas. If you are an “occasional” smoker, some life insurance companies may qualify you for the non-smoking rates. “Occasional” smoking is generally defined as smoking 12 cigarettes a year. If this is the case, the result of your medical exam in your urine sample must be nicotine-free.
In your case, you have already received a smoker’s life insurance policy. If you have quit for years, you may ask your life insurance agent to reclassify your smokers life insurance rate. Life insurance companies have different rules on how long must an insured be smoke-free. You can contact your life insurance agent to check this.
Note that severe consequence awaits you if your insurer catches you to regular smoking, which you lied about. You may pass a urinalysis test but if you die due to smoke-related problem, the life insurance company can deny the claim.
Is Whole Life Insurance Better than Term Life Insurance?
Chris
Ardmore OK.
Chris,
Even with all of those great benefits, there are some drawbacks to
having a whole life insurance policy. For example, the investment component that comes along with a whole life insurance policy is not always what it is cracked up to be. Whole life insurance policies are no account flexibility. This means you can not spread your money among different accounts, nor can you move your money from one account to another. Whole life insurance policies also will not allow you to invest your money into different accounts.
It’s true that a whole life insurance rate tends to be more expensive than a term life insurance rate; this is why many people call term life insurance policies the most popular life insurance policies. However, a whole life insurance rate is higher for a reason; a whole life insurance policy will offer its policyholder benefits and options that a term life insurance policy won’t.
Excellent Question.