Life Insurance Coverage Options Indiana IN
Reader’s Question:
I have diabetes and I am a bit overweight so getting life insurance coverage here in Indiana has been a nightmare! What other life insurance options do I have?
Marky
Gary, IN
Many people can definitely relate to your situation. Having multiple forms of illnesses or special medical conditions is already difficult as it is without you needing a company to remind you about your health problems and reject you life insurance coverage there in Indiana. Don’t despair since you still have options for life insurance coverage.
Many people encountering the same difficulties as you are experiencing have benefited from getting the following types of life insurances: Graded Life insurance, No-Exam Life insurance, and Guaranteed Acceptance Life Insurance. They have slight variations but in essence they work the same way, these policies does not require applicants to be subjected to physical or medical exams nor are you required to submit any form of health certificate or family medical histories. In fact, you may only be asked a few basic questions about your general health, lifestyle and habits as well as your personal information and who your beneficiaries are.
The usual drawback of these kinds or policies would be higher life insurance premiums due to the company taking a bigger risk insuring someone which they have no idea how long will live. Some providers might even include provisions stating that you would need to survive for at least two or three years before full death coverage can start. To some, this will be a fair deal but please do make sure you have compared all of your options (by running rate quotes Online) as well as making sure you fully understand the terms and conditions of the policy.
Tags: high-risk life insurance, life insurance, life insurance advise, no-exam life insurance
Universal Life Insurance Premium Payments Indiana IN
Reader’s Question:
I’m interested to get a universal life plan, but I don’t want to pay forever. What are my options regarding payment schemes for universal life policies?
Fred
Indianapolis, IN
I see that the universal life bug has caught on in Indiana, too. Well, basically, there are three types of payments you can opt for with your universal life policy.
Your first option is the Single Premium mode of payment. With this mode of payment, you will pay a single but substantial initial payment. Your policy will remain in force as long as cost of insurance does not zero out the account.
Then we have the Fixed Premium. This is where you make periodic payments like annually, semi-annually or quarterly, for a period of time like ten years or fifteen years. There have been cases, however, that when the policy has been paid up, the performance of the life plan got to the point that the original stipulations are not applicable anymore. So, you may have to choose to terminate the contract, make additional payments to keep the death benefit level, or you will have to lower the death benefit. Well, this is only for cases where your investments have gone awry. You have power to decide on your investment portfolio, you know.
And lastly, you have a Flexible Premium payment mode. This type of payment will allow you to determine how much premium you want to pay at each premium due date. What a lot of policy holders do is they make a large initial payment and then make irregular payments thereafter, so as to have a substantial death benefit coverage immediately.
Tags: life insurance, life insurance coverage, life insurance policy, life insurance premium
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