What Medical Exams are Required to Purchase Life Insurance?

Life insurance is a form of insurance that pays out a set amount of money either upon the death of the person that holds the policy or after a certain amount of time. There are several types of life insurance policies including term life policies and whole life policies. There are pros and cons of each type of life insurance policy. All of the best life insurance companies will require some type of medical examination before approving any type of life insurance policy. 

When it comes to choosing the top life insurance companies and policies there are several things to consider including:

• How much insurance do you need?
• Is a term life or whole life policy necessary?
• Cost

For most people the cost of the insurance policy is going to be extremely important. Term life insurance policies tend to cost much less than a whole life policy. However, there are some benefits of paying more for a whole life insurance policy including the fact that these types of policies can be used as an investment strategy to be used during retirement.

Most people choose a term life insurance policy because it costs much less. The main reason most people choose to have a life insurance policy is to protect the ones that they love should something happen to them. Parents of young children want to make sure that their children are provided for should something happen. Typically, a term life insurance policy will be for a set number of years that will cover the children until they are grown and can take care of themselves. 

Obtaining a Life Insurance Policy

There are several steps that must be taken in order to obtain a life insurance policy. Once a person has spoken with a life insurance agent the next step will be to schedule the required medical examination. The majority of life insurance companies will require some type of medical examination during the application process. This examination can be completed either at a lab or office or even in your own home. The entire process will take about fifteen to thirty minutes and is conducted by a medical professional.

The typical medical examination for a life insurance policy will involve providing a blood and urine specimen as well as a measurement of height and weight and a blood pressure reading. There will also be several questions asked about your personal and family medical history. 

Frequently Asked Questions about the Medical Examination

1. Who performs the exam?
-The examination is performed by a licensed medical examiner located in your area.

2. How much will it cost and who will pay for it?
-The provider of life insurance will pay for the examination. There is no cost to the applicant.

3. What does the medical exam include and how long does it take?
-The medical exam typically includes reviewing your medical history including any doctors that you have visited a basic physical examination, blood work, and a urine specimen. There are some life insurance companies that will require stress tests and EKGs. The entire examination will typically take less than half an hour. 

4. What information about my medical history will be asked?
-The examiner is going to ask you questions regarding any surgeries, medical conditions, medications or other treatment that you currently use or have used in the past and the names of your current physicians. 

5. What happens with the information provided in the examination? Can I obtain a copy of the report?
-The information provided during the medical examination is confidential and is sent to the life insurance company as a part of your application. If you would like a copy of the report you can request one from the life insurance company.

Conclusion

When it comes to making the right choice it is important to note that a medical examination is going to be required even for a short term life insurance policy. The medical examination will not take very long and most insurance companies will send a representative to your home in order to conduct the test. You may be required to fast for twelve hours before the blood work, but other than that very little preparation is needed. You will want to make sure to have your doctor’s names on hand as well as a list of your past and current medications. 

It's Never too Late for Seniors’ Life Insurance

It's never too late to get the peace of mind that comes with knowing your loved ones will be taken care of when you are gone. However, the more life you have lived, the greater chance that you are not in the same condition you started out in. 

You may even be in a high-risk category and think you won't qualify for insurance at all. Or, you may be in great health and just want to leave your family with financial help. No matter what your situation is, know that there is a seniors’ life insurance policy that can cover you. Even if you have a pre-existing health issue, you have smoked your whole life, or you have procrastinated for far too long, there is a policy out there to get you the coverage you need. 

Of course, coverage is cheaper and has a higher benefit if you purchase it while young and healthy, but if you are in your golden years, there are still many great, affordable options. The right one for you depends on what you need to take care of your family when you are gone. The options include permanent life, term life, no medical whole life, preexisting condition, guaranteed issue, simplified issue, funeral insurance and more.

Here are some factors to consider. Are you and your partner on a fixed income? If you are, seniors’ life insurance can replace a lost income. Do you want to leave an inheritance to your future children or grandchildren? A life insurance policy is a tax free way to give them the financial help they need. It can also be a way to pay for the taxes on anything else you might leave them, like your family home. 

We never want to think about these things, but your final expenses can be devastating to a loved one if they are not prepared for it. Research notes, “with average funeral costs across Canada of $5000 — $10,000, even a short term plan can help your family when the time comes”. Lastly, if you have any large debts that you don't want to leave your family with, life insurance might be the answer that you are looking for.

We are fortunate to live in Canada where our government provides financial provisions for seniors that have worked and paid the applicable taxes, however, this pension amount is often far below the standard of living costs seniors currently enjoy. It is difficult – if not impossible – to live on this pension and save for final expenses. You may even find yourself dipping into your cash savings during your retirement years if costs are higher than you expect or you have an unexpected financial event. 

 Having seniors life insurance eases the stress of trying to save or plan for your family’s needs after you pass on. Seniors’ life insurance not only helps your loved ones, it gives you peace of mind.

You have just thought of all the reasons for why you need to get seniors’ life insurance. Now is the time to make sure your family’s future is covered. Look no further than No Medical Life Insurance.ca for all your insurance needs, including seniors’ life insurance. We work with the best carriers in Canada to ensure you get the coverage you need. Contact us today to learn more about seniors’ life insurance. We are happy to answer your questions and provide a no-obligation quote.

Is It Too Late For Life Insurance?

Life insurance is one of the most important purchases you can make, and can also be one of the most expensive. Perhaps you are young, or started working young, and could not afford life insurance or you didn’t think it was important at the time. Now you are a little older and seeing the need for life insurance. You might have a family and children now, and you want to make sure they are cared for and not left in financial need should anything happen to you. You might be thinking it’s too late for life insurance, but it is never too late to purchase life insurance. This article will discuss how elderly individuals can purchase life insurance, and will discuss the different options available to you. After reading this article, hopefully you will be better equipped with the knowledge of how to purchase life insurance, and you and your family can continue stress free.

When looking for a life insurance policy, it is important to sit down and think about your needs. You may want to consider your health issues or needs you currently have, the number of family members you have, your age, income, etc. There are several factors that impact the cost of life insurance, as well as help you determine what type of life insurance you will need. Make a list of what you want out of your life insurance policy and bring it when you speak to the representative.

Temporary/Permanent

There are two basic categories of life insurance: temporary and permanent. Temporary life insurance means that you are being protected for a specific amount of time, and the policy will only cover death expenses during that time, and nothing else. Permanent life insurance means that the policy increases in value over time, and you cannot cancel the policy. These policies are typically better for those starting young, as the price increases over time and with age, thus making is expensive for the elderly.

Insurance Representatives

The best way to obtain life insurance is to speak directly with the representative of the company you are interested in. It is a good idea to research several different companies and narrow down your choices. Research can be done online or with a family member with whom you trust to help you in your search. Once you narrow your choices down, you can then call, or have your family member call, and get more information over the phone or in a personal meeting. Make sure you ask all the questions you want to ask, that way you get all the information you need. Visiting life insurance brokerage general agencies will be helpful.

Although you may think it might be difficult to obtain life insurance when you are elderly, it is not as hard as it seems. Although health issues are a factor, there are policies available that offer coverage despite health risks and issues. Doing your research is an important piece to obtaining a life insurance policy.

About the AuthorAshley Parker is a caregiver for her mother, and she has researched several different policies for life insurance. She suggests taking a look at a local brokerage general agency for more ways to secure your family’s financial future. 

An Overview about Tax Efficient Life Insurance

If you have started up a business recently with a few number of employees, you must be planning of providing life insurance cover to each of the. Well, at most of the times, the employers of the small companies opt for a contract, in which the premiums are paid by the employer, on behalf of the employee, either from his own earnings or from the company's account. As a result of this, the employer spends a lot on the premiums. Moreover, these premiums of conventional life insurance policies are also subject to National Insurance payable. As an alternative to the traditional method of life cover policies, tax efficient life insurance has turned out to be a popular insurance policy among the employers, these days. According to the features of this policy, the employer don't need to enter any specific contract with your employees. You can just set up a death in service benefit for all your employees in which the payments are done by the company, and that too, in a tax efficient manner.

Who should opt for this cover?

This type of life insurance policy is especially designed for employers who have started up new businesses, with a few number of employees. This type of policy is absolutely not meant for companies that have the required number of workers to be eligible for a registered group life scheme.

Moreover, employees with high earning are especially benefited by this type of policy. This is so because the employees are allowed to keep the payouts separately from their pension or other annual allowances. Since the pension funds are high enough in themselves, it is important to keep these benefits separate from them. Since the premiums are not paid in kind, they are not subject to severe tax obligations. The employer, too, will get to enjoy certain substantial tax benefits like corporation tax relief as the monthly premiums are considered as trade expenses. 

Some positive aspects about Tax Efficient life insurance -

The recent changes made to relevant life legislation have proven to be extremely beneficial for the directors of the small companies. Initially, there was no individual scheme to be offered to the individual employees, whereas one could not apply for the registered group life scheme unless there were enough employees, to be eligible for that.

Due to such restrictions, mentioned in the legislation, there were some problems in providing life insurance policies to the employees and considering these problems, certain changes were made in the legislation, following which a client will be entitled to 15 times of his annual salary.

One should remember that the policy does not include any sort of surrender value and it expires when the beneficiary reaches the age of 75. Moreover, if the local tax inspector is convinced of the fact that the premiums can be considered as trade expenses and they qualify under the exclusive rules, they will be considered for certain tax exemptions. One can use a relevant life calculator to understand the effectiveness of tax efficient life insurance.

Things to Keep in Mind About Life Settlements

Senior life settlements are one way for those who are older to meet their financial obligations, and to use the resources at their disposal to help make themselves that much more comfortable later in life. However, in order to get a life settlement, it's important for a senior to know what category he or she fits into, and how likely it is they'll be able to get what they need.

What a Life Settlement Company Looks For

There are certain things that make a senior more likely to get a life settlement than they otherwise might be. For instance, many companies look for seniors that are over the age of 70, and who have roughly a 12 year life expectancy or less. The reason for that is because the company wants to see a return on their investment, and they don't get paid until the individual in question dies and the benefits will be transferred to the company that gave them the life settlement in the first place.

In addition to this though, a settlement company tends to look for seniors that have had their life insurance policies for two years or longer. If someone falls into these important categories, then it's likely that a settlement company will consider that person a "good" investment, if talking about someone's death can ever be considered good.

Checking The Terms

People turn to settlement companies for a variety of different reasons. Whether they have outlived their beneficiaries, they can't keep up on the payments for the policy, or another reason entirely, the idea of a lump sum that's more than what they're paying but less than the death benefit appeals to them. However, it's important that these persons look very carefully at what a settlement company is offering before they sign on the dotted line. Once the signature's there, there is no going back afterward.

Those getting the settlement need to see precisely what the company is offering, and what strings are attached to it. Different companies have different policies, and it's the duty of the person getting the settlement to read the fine print and make sure they're all right with it. This includes the amount of the settlement, as well as whether it's in a lump sum or paid out over time. It also includes the terms of the agreement, including dates, times and amounts. All of that is important, and once someone signs the contract, they are binding. It's better to carefully consider something and decide it's not right then to rush right in and realize that at a later date.

Check out your options. Talk to a reputable life settlement company and find out everything you need to know about your options. You are under no obligation to go with them, but their friendly customer consultant can help.

If You Need Life Insurance Make Sure You Get the Right Policy

Universal Life Insurance Company (Photo credit: Thomas Hawk)

There are not many companies that can stand straight up against a life insurance comparison with GIO. Not only does GIO have some of the most flexible plans in the industry, but the prices for the plans are also quite affordable no matter your budget. 

Few things are more important to preserving the hard work of your life than the right life insurance policy. Without one, your assets are sure to be dispersed in places that you do not want them to go. 

If you have substantial assets, they will likely be taken by the government if they are not protected by a professional life insurance company that understands tax law as well as the costs of unexpected death. 

Even if you do not think that you need life insurance, the right policy can give you more financial options. Your net worth can increase with the right life insurance policy from GIO. 

You may be able to leverage the value of that policy for other purposes while you are still alive. Make sure that your family and your loved ones are taken care of no matter what. 

With a life insurance policy from GIO, you are sure to protect the fruits of your life's labor as well as the people that you love the most.

Leaving Behind a Legacy that Lasts

As you grow older especially when you are retired, you have more time to think about the future and what legacy you want to leave behind to your children and grandchildren. Of course you would want to make sure your family is taken care of when you’re not around anymore. Finances is already a given. Beyond material wealth, there are other valuable things that would make your legacy a lasting one. 

Words of Wisdom

Do you remember the 1994 movie, Forrest Gump? Tom Hanks played the lead character Forrest Gump and one of his most memorable lines was, “Mama always said life was like a box of chocolates. You never know what you're gonna get.”

How many times have you caught yourself saying, “My Dad said...” or “Mom told me...”? Just like Forrest Gump, we hold what our parents’ words in high esteem. You may not recognize your parents’ advice as golden nuggets of wisdom then but when you become a parent or grandparent yourself, you realize the truth of those words. Your wise counsel is one of the best things you can pass on to your children and grandchildren. At first they may not realize its value but once they do, your words of wisdom will become a legacy that your descendants will live by.

Financial Stability

Do you remember the hearing the heartbreaking news about four innocent lives that were lost during a police chase gone wrong? It’s news like this that remind us of our mortality, of the fact that any day could be our last. It is a reminder to never go to bed mad and to try to never say hurtful words you don’t mean because that last angry encounter with a friend or a loved one could be the last time you will ever see him or her.

Life is so unpredictable that you never know what tomorrow brings or when you will meet your end. That is why it’s important to prepare for all contingencies and this includes investing in insurance to provide for your family’s needs should you meet an early demise. Consult a term life insurance company and get quotes that will fit your budget. If you have children who are still in school, insurance will help pay off tuition and allow them to finish their studies. It will also help your family get back on their feet after they grieve over their loss. 

Education

One of the best things you can give to your children as parents is education and I don’t mean the academics part only. You can offer financial support while your son or daughter is in still in school. But you can also teach them lessons that will help them grow to become good and responsible adults. Learning is an integral part of life and no matter how much time passes by, you are never too old to learn something new. You are not only a parent but also a teacher who must help your children to better understand the world and people around them. You can help expose them to new venues for learning through travel and activities like community outreach. The valuable lessons you impart to your children will someday be passed on to their own children in the future.


About the Author Based in San Diego California, Tiffany Matthews is a professional writer with over 5 years of professional writing experience. She believes it is better to be prepared than sorry. Tiffany also blogs about travel, fashion, and anything under the sun at wordbaristas.com, a group blog that she shares with her good friends. In her free time, she likes to travel, read books, and watch movies. You can find her on Twitter as @TiffyCat87.

Personal Finance After Hitting 50: Is It Too Late for Life Insurance?

For many of us, life insurance is something we only consider after a life-altering event such as marriage or the birth of a child. But for those who haven’t gotten around to investigating its possibilities as we reach retirement age, are affordable options still available?

If you’re in good health, the answer is yes. And you’re not alone: since so many people are getting married and having children later in life, the big questions are now announcing themselves later and later.

Understanding Your Beneficiaries

The first step in determining what kind of life insurance plan you need to get is figuring out who is financially dependent on you and to what extent they’ll need resources in the event you pass. Determine the amount of money that would be commensurate with what you are currently providing for them and calculate how long they’ll need funding.

Potential financial dependents may include your children, spouse, parents or a sibling you provide for financially. When you have your policy in place, you can choose to name multiple beneficiaries and give a specific number for each to inherit.

If nobody is financially dependent on you, you may still consider life insurance if you want to provide for someone after your death. For example, parents with grown children may pay a small monthly premium to know that their children will get a set amount of funds every month or to make sure their funeral costs will be addressed.

Can I Get A Plan?

For most applicants, the criteria for getting a life insurance plan include undergoing a physical examination and answering a questionnaire about your health and habits. When the company determines the current state of your well being, they will offer you their terms and prices.

There are many varieties of plan, most of which can be sorted into two main types: term life insurance and whole life insurance. In term life, you simply pay an annual premium for your coverage for a set duration, such as 20 years. Once the 20 years pass by, the coverage is no longer in effect.


Whole life or cash value policies operate in a variety of ways. Typically, your premium pays the cost of insurance and contributes to a reserved investment account. The policy lasts for your whole life (hence, “whole life”). Premiums are much higher than what one pays for a term policy, but the benefits are greater, too. For some, there may be a tax advantage, even though contributions are made with post-tax dollars.

Choosing A Term

For many 50-somethings, a 15- to 20-year life insurance plan may be the most affordable and effective way to shield your income and loved ones from financial turmoil after your passing. Keep an eye out for two key factors: the ability to convert to a permanent plan that will continue into your later years, and the plan’s policy on guaranteeing your insurability.
Regardless of the type you choose, the maximum value of life insurance is in the peace of mind that it provides. No matter what your circumstances, knowing that your loved ones will be provided for will allow you to fully dedicate yourself to the things you love. You can tend to your organic garden or woodworking project secure in your choices. 

Adrienne Erin is a writer with interests in education, personal finance, and health. To read more of her work, follow her on Twitter under the handle @adrienneerin.

Life Insurance Helps Take Care of Your Family

Universal Life Insurance Company (Photo credit: Thomas Hawk)

You take pride in caring for your family. You have provided them with all they need to live and prosper. How would they manage if anything happened to you? If you provided the right insurance, they would me able to be financially secure if you should die. 

There are many types of insurance and picking the right one for you is solely determined by your age. The insurance market place has so many companies that getting a good deal is easier then ever. So you should shop around to get the best price. If you want to pay the cheapest rate for life insurance you need to acquire while your still in good health. When we are in good health and young, death is the last thing on our mind. Coming down with a terrible disease may never happen to you but people die everyday from unforeseen accidents. It's unfortunate but it does happen.

If you do pass the first thing that happens to your family is figuring out how to pay for your funeral costs. After you pass,the last thing you want your family to worry about is the cost of a funeral. Most family's barely survive on their income, having a major financial event like a funeral would bankrupt most families. The enormous costs of funeral expenses are something a family doesn't need to worry about at such a stressful time. Making sure you have life insurance policy is the best way you can provide for your loved ones after your gone. 

At one time people paid off their mortgages by the time they were 50 but today most people are still paying their mortgage well into their 50s and 60s. This is one more reason that you need life insurance. Would your surviving spouse be able to make the mortgage payments if you were gone? Over 50s life insurance can help make the mortgage payment or even pay the house off completely if you should pass away. 

You may think that life insurance for the over 50 person is not affordable, this is not true. There are still great deals available, many even guarantee acceptance. The life insurance industry has many providers all competing for your business. With so much competition the cost for life insurance is more affordable. Click here for term life insurance quotes

Seniors Take Care Of Debts With Life Settlements

Seniors that are looking for ways to become financially free in 2013 have been given the option to erase outstanding debts by using Life Settlements. Without financial debt, seniors can enjoy the more interesting things in life. 

It’s finding ways to achieve a debt-free life that can be tough, especially considering the situations facing retired seniors. These settlements provide a way to eliminate debt, buy a vacation property or help someone else out, by providing a way to secure funds quickly.

Retired seniors often have limited income to spend on luxuries. Many times, the monthly bills can exceed a fixed income household’s budget. Needing help paying off medical bills is common in 2013 for seniors with limited incomes. 

Those not able to keep up with the growing cost of hospital and doctors’ visits are now using settlement alternatives to pay off healthcare providers. Many are selling off their life insurance policies because the premiums have become too expensive to afford.




Some seniors have figured out a way to create dividends above cash value from investments they have already made in life insurance. Some financial advisors are showing retirees how to use their current life insurance policies to make their debts disappear. 

By selling their life insurance policies, policyholders can receive lump-sum payouts of up to 60 percent of the policy value. These payouts are being used to create a new and more enjoyable financial situation. 

These types of financial strategies are easier to execute than obtaining the traditional loans that some might choose. These types of financial strategies are easier to execute than obtaining the traditional loans that some might choose. Other non-traditional options are title loans, which could also be helpful.

Seniors who may have felt as if they had lost control of their finances have found another alternative to debt-free living. They have gained a secure financial foothold on their future and possibly contributed to the futures of others. 

Being able to help their children, revive a business that needs a boost or move into the lakefront cabin, can be made easy when considering cash settlements against their life insurance policy. Anyone considering this type of settlement should consult with an advisor for details.

Making the Insurance Issue Tolerable

Like everyone else, going to dentists and visiting with an insurance salesman are not two of my favorite things to do. However, when the new grandchild arrived, my wife and I decided that it would be good to look at some insurance as a way to plan for college expenses for her. 

It has been 20 years since we shopped for insurance and decided to check and see what we could learn online. After a bit of searching, we found Accuquote. Instead of just providing some quick quotes, they have a learning center that let us get up to speed on the options and types of insurance available. 

We even found that we could also take out insurance on both our kids and granddaughter at very low prices. Instead of just the regular whole life insurance policy, we opted for some term policies that provide great benefits over the next 20 years at very low prices. 

Instead of the process being difficult and intimidating, it actually made us happy that we added this coverage for the kids when it might be difficult for them to do so. We smile every day when we think about that protection being in place. 

If anyone is thinking about life insurance, and all of us probably should, we highly recommend starting with Accuquote.com. 

They not only give you the information you need, they can then provide quotes from the best insurance providers in the market. Everything is easy after that.

Life Insurance - A Wise Investment Option

If you're looking for a way to grow your money, let's come out right away and say it: life insurance is not meant to be an investment vehicle and should not be treated otherwise. However, many people use it as a way to supplement their investments and savings, because they like some features about permanent life that cannot be found with other money market funds or investment options. 

So what is permanent life insurance? And what do you mean by permanent? Is there another temporary sort of life insurance? Well, permanent life insurance is insurance coverage that lasts the insured person until the event of death, no matter at what age they die. All permanent life insurance policies have a cash-value component to them, which is the important part that counts for an "investment" as we know it. And is there such a thing as temporary life insurance? Yes, term life is many time cheaper than permanent life but lasts only for a certain number of years. So if the insured person lives past this period, term life coverage ends. It works just like auto or home insurance: if your car is not insured at the time of an accident, don't expect the insurance company to bail you out.

Why do some people not like permanent life insurance? The primary argument against permanent life is its steep fees and commissions pocketed by agents that don't mind pushing their agendas on to you. It is also a rather inflexible investment option, costing a lot in surrender charges to pull out your money should you decide you need it earlier. These surrender charges can be steep well into your tenth year of the policy, which some people can find very putting off. It also grows at a snail's pace, keeping in mind some of the other money market funds that grow at faster paces, but with plenty of risk attached. However, more people are turning to permanent life as a wise investment option because of finicky markets and risky economic conditions. While we still don't advocate using permanent life solely as an investment decision, it works great in combination with other investment vehicles. 

What is really encouraging about some permanent life products like whole life is that they've grown at the very comfortable rate of 4% all throughout the stock market crash of 2008. This can be construed as a wise investment to some people, who compare these yield percentages to government bonds and are amazed by the stark comparisons. What's more is that permanent life a great investment option for older folks is the fact that they can leave behind their death benefit amount to their beneficiaries or a charity of their choice tax free. Yes, that's right, tax free! (Free of federal incomes taxes, we should add. Some estate tax laws may apply. There are several complications around taxation, especially if your beneficiary is receiving interest payments as well on the death benefit amount, but for that, we suggest you consult a seasoned life insurance agent or financial adviser you trust).

There are some things you should be wary about before buying a permanent life policy. You may not be able to afford life insurance premiums on permanent life if you're struggling with getting the bills paid. Don't be without any life insurance coverage though-- get life insurance quotes at least for a simple no-frills term policy on an aggregator website to see how much it costs. For healthy younger individuals, the cost is only as much as 5 lattes in the month from Starbucks, so you may be able to afford life insurance cover after all. Also, if you're the kind that ends up needing emergency money every few years for a new flat screen TV or a new gadget for the car every few months, remember not to dip into your whole life policy. You've just got to have additional money being left over for such extravagant exploits. You can also allow your policy to reach "Paid Up" status using PUAs or Paid Up Additions. In this payment model, your cash value will automatically pay for premiums with the the interest it is garnering every year. There are several kinds of permanent life policies you can choose from, so do your research well.

For some people though, permanent life is never a good solution, so talk to an adviser that can recommend financial tools based on your overall portfolio. You can be a disciplined investor using other tools and means too, so weigh the options and pick the savings tool that's right for you.

Author Bio- Pat Cassidy is an industry expert on life insurance and a regular contributor to articles on various social media platforms in the field of his expertise. Having extensive knowledge of the way life insurance companies work and the underwriting processes used to calculate life insurance quotes, Pat writes articles to help readers better understand their life insurance options.

All About Relevant Life Policy

Relevant life policy is a kind of life insurance policy that has been breaking out on the market for over last 12 months. This insurance policy is typically designed to give directors and employees tax efficient life insurance policy which can be paid by a Limited Company with the beneficiary being a named person. In other words, it is an insurance proposed by an employer on the life of an employee to provide death in service benefits. This kind of insurance plan is restricted only to provide life cover and is not allowed to cover critical illness or income protection. 

Suitability of relevant life insurance policy:

A relevant life insurance policy is suitable for any employee, including a director of a limited company, provided that they are a schedule e-tax payer. This kind of insurance policy is suitable for small businesses that do not have abundant employees to warrant registered group life scheme. However, group life providers will not usually offer schemes to businesses that have less than 5 employees. But even if they do, they are not allowed to offer a registered scheme on single life basis. Therefore, it can be said that many small businesses are barred from enjoying the advantages of relevant life insurance as enjoyed by large businesses.

Registered group schemes come under pension legislation's and thus, lump sum benefits are added to the employee’s pension fund on his or her death. Hence, certain high earning employees are also fit for this relevant life insurance. 

Advantages of relevant life insurance:

Premiums of relevant life insurance policies are usually paid by the employers but are not treated as the income into the hands of the employees. While the plan is qualified as a relevant life policy, by meeting the legislative requirements, no charge will be made for income tax on the premiums given by the employee.

A few important conditions in order to qualify as a relevant life policy:

Now let us take a look at some of the important conditions in order to qualify as a relevant life policy –

• One of the most important conditions to qualify as a relevant life policy is that the plan must be able to provide a lump sum on death before the age of 75. 
• This kind of insurance plan can only provide benefits on the death of the employee. Critical illness benefit, disability income benefit or any such benefits cannot be provided by the relevant insurance policy. 
• The policy usually cannot have a surrender value. This is not an issue with self assurance as it is term assurance plan. Hence, this will not acquire a surrender value. 
• With relevant life policy, benefits are paid either to an individual or to a charity and this can be paid through a trust. There are many insurance companies that issue relevant life policy under a discretionary trust. 
• Relevant life policy is usually tax-free. However, the main purpose with this policy should not be tax avoidance. HM Revenue and Customs (HMRC) guidance indicates some tax avoidance situations where less tax is paid than Parliaments intended, or more tax would have been paid if Parliament had turned its mind to the specific issue in question. 

However, if you are hunting for relevant life policy, search around well in order to obtain it from a legitimate insurance company. Bright Grey Relevant Life Policy would be a viable option for you that offer a list of benefits such as unique individual stand-alone cover, tax advantages for high income group, premiums not taxed, cover 15 times annual salary for clients aged over 40 years or so.

Author’s bio: Sam Payn is a well-known blogger, who loves to write articles. He has contributed a plenty of articles on finance and insurance related to different blogs. He has written on how to obtain life insurance, things to consider when going for relevant life policy, relevant life tax advantages and many others. 

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Over 50 Life Insurance Helps Take Care of Your Family

You have always taken good care of your family. You have given them a home and all they ever needed in life. Did you ever wonder how they would manage if something should happen to you? If you had life insurance, you could continue to provide for them even if you should you pass away. 

There are many kinds of over 50s life cover available and selecting which one is best for you will be determined by your age. With all the insurance providers in business today it’s much easier to get a good deal. So you should shop around to get the best price. It's important to purchase your life insurance while you are still in good health if you want to pay the cheapest premium. Life is filled with so many unknowns and people even in good health die every day; why do we still deny these circumstances can happen to us by not being prepared. 

If the unimaginable happens there are many costs that need to be taken care of. After you pass, the last thing you want your family to worry about is the cost of a funeral. The average family could not pay for a funeral out of their savings. The enormous costs of internment are something a family doesn't need to worry about at such a stressful time. Securing a life insurance policy is the best way you can provide for your loved ones after your gone. 

At one time people paid off their mortgages by the time they were 50 but today most people are still paying their mortgage well into their 50s and 60s. This is one more reason that you need life insurance. Would your surviving spouse be able to make the mortgage payments if you were gone? Over 50s life insurance can help make the mortgage payment or even pay the house off completely if you should pass away. 

You may think that life insurance for the over 50 person is not affordable, this is not true. There are still great deals available, many even guarantee acceptance. The life insurance industry has many providers all competing for your business. With so much competition the cost for life insurance is more affordable. 

Get a Quote 

It is very easy to get a quote, online it is quick and easy. All you have to do is answer a few questions. On the Internet you can apply at individual companies’ websites. But there are life insurance comparison websites that offer prices from several insurance companies. With these websites it is so easy for you to compare individual policies all in one place. If you are not comfortable online you can also apply by phone or mail. 

Many put off securing life insurance because they hope for the best. We just don't like to think about dying someday; it is a very unpleasant thing to consider but it definitely will happen when you least expect it. Why wait any longer to take action. Start today to take the proper steps to provide for your family. 

Why Life Insurance Is Now More Popular for People Over 50

Life insurance is something which most of us take out at some point in our lives. However, one big difference we have seen in recent years is a growing popularity in life insurance policies for people over the age of 50. There are a few different reasons why this could be the case. 

Longer Working Lives

As we now live longer in general it is also the case that we tend to work until a later age as well. In many cases this means that there is a need to protect our families against the loss of our income until later on in life. For example, someone who has loans or other commitments until after the traditional retirement age will want to ensure that there is some form of life cover in place for these debts. Of course, a lot of people still want this kind of insurance policy for the traditional reasons of covering funeral expenses and leaving something behind for their relatives. 

Cheap Premiums

In the past it was easy to think that life insurance for older people was far too expensive for most of us to even consider. Thankfully that isn’t the case these days and most people now know that they can get hold of this type of cover without paying out a huge premium. The best move here is to look online and get a few different quotes from reputable insurance companies. When you think about the importance of this kind of insurance it is clear that the current availability of low cost premiums only serves to make it an even more attractive idea. 

Easy to Get Covered

Another big fear for anyone who thought about over 50s life insurance policies in the past was the perceived difficulty of arranging it. The thought of going through medicals and having to answer long and complicated forms was enough to put a lot of people off the idea altogether. This has all changed now with the internet offering an easy way to arrange quotes, find out all the information you need and get covered at a click of a button. If we add in the fact that most of the time no medical is needed then we can see that it is now easier to get covered than ever before. A quick look online at a good insurance company site or a quote comparison site like Moneysupermarket.com will be enough to show you that arranging the policy you want won’t be a big deal after all.

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Life Cover for the Over 50s, There's No Better Time

Life Cover is the best way to ensure that your family is looked after should you pass away unexpectedly or prematurely. There are different types of cover and your circumstances, including age will have a bearing on the type most suitable for you. Shop around and get the best deal available.
If you don't have life insurance or life cover, you could be leaving your family open to so much more than mental grief should you pass away unexpectedly. Even though we all know that people die unexpectedly every day, so many of us manage to deny that it could happen to us.

Unexpected costs

If the worst does happen, there are so many costs to be met. At a time when a family least needs to worry about money, without life cover, simply meeting the cost of the funeral can be a struggle for some families. If you haven't got life cover, it is not too late. Most companies offer great deals on over 50life cover plans meaning that, at the very least, you can ensure that funeral expenses are covered.

There was a time when most people had paid off their mortgage by the age of 50 but these days it is not unusual to still be paying off this loan well into your 50s and 60s. This is yet another reason why you should have life cover. Could your partner afford the monthly mortgage payments alone? Over 50 life cover plans are available that will take care of the mortgage should the unexpected happen.

Most plans for the over 50s tend to be whole life cover, rather than for a fixed term, a lump sum being paid to a named beneficiary on the event of the policy holders death. Increasing policies are also popular with this age group, where the amount of cover, as well as the premium will increase incrementally over the life of the policy. As we get older, the risk of dying or developing a life threatening disease increases, a policy which grows to cover these risks is therefore a good idea.

You may be thinking that life cover for the over 50s group will be too expensive but this is far from true. There are some great deals available for the over 50s, many even guarantee to accept you and in many cases, you won't need to undergo a medical, another thing that puts many off.

Get a quote

Getting a quote could not be easier, you can get a quote quickly and simply online, just by answering a few questions. This is by far the easiest method and some sites will even allow you to compare quotes and cover, making your choice easier to make. If online forms aren't your thing, then you can get a quote on the phone or even request a paper application form.

It might very well be the case that you have gotten away without life cover until now and you may be tempted to carry on hoping for the best. Whilst no one likes to think about their own mortality or enjoys contemplating dying in an accident, these things do happen and you can't do anything about it after the fact. Taking some steps to prepare for an event which we all hope will be a long time off, is just good sense.

AUTHOR BIO

Shannen is a finance expert and advisor. She also writes regular advice columns for a range of finance magazines and websites where questions on life cover frequently arise, particularly over 50 life cover plans.

Term Life Insurance Available for the 50 Plus Person

Universal Life Insurance Company (Photo credit: Thomas Hawk)

If you are past the age of 50, you may not know that you can still apply for a term life insurance policy. As time passes, it’s natural to think about the financial future of the people you cherish most. Term life insurance for senior citizens may help address some of these needs.

Why might a senior citizen want a life insurance policy?

Life insurance for seniors can help compensate for future expenses that your retirement savings may not cover.

You can also use term life insurance to help loved ones:

• pay off a mortgage
• cover estate taxes
• afford payment of final expenses
• transfer a business

Do I need to be in good health to be approved?

All life insurance companies may evaluate your physical health when quoting you for a term life insurance policy. Age, gender, height, weight, blood pressure, cholesterol, history of family illnesses and prescription medications can be considered when evaluating life insurance for senior citizens. Physicians may generally administer the same paramedical exam they would perform on a younger life insurance candidate. If you’re concerned that your general health condition will prevent you from being approved, some providers offer an option to insure people ages sixty and over with no medical exam. These policies generally range from $3000 to $15,000 in value and are appropriate for seniors

How young do I have to be to get approved?

It could be a rare event that insurance providers will issue a permanent life insurance policy to senior citizens over sixty. However, you may be issued a term life insurance policy for up to ten years from some of the leading providers as a senior citizen. It is common to be able to receive a 10-year term life insurance policy until the age of 70; in some states, like Arizona, seniors may be issued a policy until age 75.

How much can I expect to pay monthly?

When you’re a senior, it is important to consider the benefits of buying a term life insurance policy as soon as possible. Monthly rates for term life insurance policies may increase significantly on an annual basis. For example, a person at age 60 in great health and no history of family illness might pay $68.76 monthly whereas someone with the same medical standing at age 65 can expect to pay $117.37 for a 10-year $250,000 life insurance policy with MetLife. At 70, the same person might pay $223.56 monthly and at 75 could pay $431.91/month for the same policy.*

What should I look out for?

Too much life insurance is sold rather than bought. The best advice for seniors should be determine what it is they want to insure against and figure out what type of protection makes sense for them.

In other words, you should figure out what your loved ones’ financial needs will be. Then, you should determine how much insurance you’ll need to provide for their financial future. If you do decide that life insurance for seniors can cover your needs best, you should ask around and find a good professional that will not “sell” you on policies.

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Types of Life Insurance and How They Work

Life insurance has become increasingly popular, but there are still many individuals that are reluctant when it comes to buying life insurance. Whether you want to ensure that your loved ones don’t encounter any financial difficulties after you are gone, or you want to pay off debts so that you won’t force others to do that for you, life insurance comes in handy. There are two main types of life insurance you can buy and we are going to look at each and see what the pros and cons are so that you can decide on your own what the best is for you. 

1. Term Life Insurance

A term policy offers only life coverage – the moment the insured dies, the company pays the amount of the policy to the rightful beneficiary. You can buy these types of insurances for a period of one year, 5, 10, 15 or even 30. While it is rare to buy life insurance for year, it’s not unheard of. Let’s say you’re starting a new job that requires you to do a lot of traveling, driving your car a lot at night or in cold and icy locations. You could think of buying a 1 year life insurance to make sure your loved ones are taken care of if you were to die in a crash. We suggest you invest in a 20 or 30 year insurance and choose a company that offers good premiums. 

2. Whole Life Insurance

On the other hand, whole life insurance is a combination of term policy and an investment section. This policy builds cash value and the insured can borrow against it. It sounds better, doesn’t it, but wait, there’s a catch. Whole life insurance is much more expensive than term life one, because you’re not only paying for your actual insurance, but also for the investment part. These are being marketed as retirement plans but they’re not very good investments, as plenty other investment plans are much more affordable.

So, now that we’ve seen what each does for you it is easy to make a choice. If we do a quick comparison between the two, term life vs whole life, we can safely say that term life insurance is better. We suggest you do a little research on your own, find a good and reliable company and ask them all the questions you feel need answering. They’ll be more than happy to help and clarify things for you.

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5 Facts on Life Insurance for Over 50's

Life insurance for those in their 20's, 30's, and 40's is very inexpensive. On average, you would pay less than $300 per year for coverage up to $250,000. The cost of term life insurance has really come down over the years benefiting many families. 

But as we get older the costs of insurance naturally rise because the likelihood of the insurance companies paying off rises. Here are a few facts to keep in mind when shopping for over 50 life insurance.

1. Life insurance for those over 50 is generally offered as a whole life policy. It will insure you until you pass away, as opposed to term coverage which will only cover you if you pass away within the time period that the policy is in force.

2. According to the statistics, life expectancies have increased, Americans, in general, live longer than they did ten years ago. As a result of the greater life spans, many leading insurers are lowering their rates. 

They offer insurance policies to older folks too. Where we may relate term insurance with young adults, it is not difficult for a pretty healthy 50 year old individual to get a 10, 20, or even 30 year term insurance policy!

3. Because people are living longer, insurance providers are more than happy to extend insurance coverage. While a 50 year old individual may have some difficulty finding a 30 year policy, they can certainly find 10 – 15 year term coverage. 

They can also look for permanent coverage like a whole life policy. This can be a significant part of your financial strategy. There are other purposes of policies for older individuals as well, such as Estate Planning, tax planning, etc.

4. Buying insurance coverage for individuals over 50 has been made simpler by online services in America. These days, choosing life insurance for your family is easy, thanks to how simple it is to get quotes from top insurance agencies in the United States.

The quotes cost nothing, and they can be seen within a few moments. In the past, getting insurance was complex and time-consuming. The whole process of attempting to search through rates and details from different firms was daunting and complex. 

Websites have made this process simpler. By answering a couple of questions, you are able to get free quotes from legitimate insurance providers.

5. One benefit of whole life insurance for over 50′s is that they have predetermined (fixed) premiums, so you don’t need to worry about the policy getting more costly as you get older. 

But this implies that policy benefit payment will not rise in accordance with inflation either, thus it could leave your loved ones with less purchasing power than you had anticipated.

As a general rule never go with your first over 50 life insurance quotes, always compare insurance company benefits and their life insurance premium before you make a decision in getting life insurance.

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