Facts about Life Insurance with No Medical Exam
Reader’s Question:
My life insurance policy is almost up and I’m looking to get coverage again, but this time with a different provider. I’m already 50 years old (but still reasonably healthy) however, should I buy life insurance with no medical exam?
Dallas
Jersey City, NJ
No-exam life policies are a relatively new phenomenon. It was created to address the demand of buying life insurance coverage over the Internet in a quick manner, utilizing simplified underwriting processes. However, what you should know is that life insurance with no medical exam is not for everyone.
A life insurance with no medical exam can work for you or against you. Due to the simplified underwriting process the level of risk that you represent towards the life insurer is not accurately determined. This is good news to people who, due to certain medical conditions or other factors, prevents them from getting life insurance (or if they do, prices are astonishingly through the roof). For many individuals out there, especially seniors, a no exam life insurance plan may be their ONLY option!
However, if you are in relatively excellent state of health and is still young, you would end up spending more on premiums (unnecessarily) for going with a life insurance with no medical exam. By default, the risk categories assigned to policyholders of this kind of policy are set at high.
So should you go with this kind of life insurance? Like what was mentioned above, if you have certain physical or medical conditions preventing you from getting life insurance, then no exam policies are your best option. If, on the other hand, you have no reason to not push through with the medical test then by all means take the exam. There’s no reason to throw good money away unnecessarily.
Tags: life insurance with no medical exam
Required Auto Insurance In New Jersey
Reader’s Question:
What are the minimum required auto insurance in New Jersey?
Jeanette
Irvington, NJ
It is highly suggested that New Jersey residents who are not familiar with auto insurance policy should check with their states insurance department. This is to make sure that you are meeting the minimum requirement and other policies of the state.
There are certain states in US that follow no-fault rule. In a no-fault state system, the drivers or parties involved in a traffic accident will pay their own medical expenses and cost of property damage. This system will apply not considering which party is responsible for the accident. With this rule, the number of lawsuits every year will decrease. Auto insurance in New Jersey abides the no-fault rule.
Like any other states in US that follows the no-fault system, auto insurance in New Jersey exempts certain cases. For example, the injury suffered by the victim is so severe that the total cost incurred from the accident exceeded the limit. In this case, the driver who is held responsible will pay the expenses of the victim. Thus, liability policy is required by auto insurance in New Jersey. Liability coverage pays the total cost (medical expenses and damage in property) incurred by the victim in the accident. Auto insurance in New Jersey sets a limit for the medical and damage in property coverage. If there is only one driver or victim, the required minimum coverage is $15,000, the combined medical expenses of multiple victim is $30,000 and the damage in property is $5,000.
Since the state of New Jersey follows the no-fault rule, all drivers are required to carry PIP or Personal Injury Protection. Unless the accident is so severe, the parties will pay for their own medical expenses using their PIP policy. For those with good health insurance, PIP can be purchased at a minimum coverage. However, the driver may still consider buying this policy with higher coverage because it also covers lost wages and funeral cost if necessary.
Because of the proximity of New Jersey to New York, uninsured motorist coverage is a requirement. In New York, drivers are not required to have liability insurance. In the event of accident caused by an uninsured vehicle, the uninsured motorist coverage will pay the medical expenses and cost of damage that the victim incurred.
Shopping For Life Insurance In New Jersey: Useful Tips
Readers Question:
I want to know how I can shop for life insurance plans in the most effective manner possible, can you help me? Thanks!
Naomi
Elizabeth, NJ
Certainly! Knowing how to get a life insurance policy effectively is essential; it gives you the peace of mind knowing youre family or dependents are covered should anything happen to you, plus the right kind of life insurance can save you hundreds of dollars a year! Here are some useful tips:
Buy The Right Kind Of Life Insurance For You
Most life insurance plans fall under two categories, Term life and Whole life. The first is for those who need coverage for a certain period of time only, and can be very affordable considering the relatively huge coverage amount (a.k.a. Face Value) that you can get. The latter is more expensive initially, but can build up its cash value for a huge sum of money in the long-run while giving lifetime coverage. Choose the one that closely matches your needs and circumstances.
The Best Place To Shop
Use one of the many specialized websites called online life insurance portals, these offer free access to the latest New Jersey life insurance rates and offers, and can provide you a wider variety of insurers to pick from. This allows you to make better price comparisons, helping you spot the most affordable life insurance policy available for you.
About No-Exam Life And Group Term Insurance Policies
Be careful with these two kinds of policies. No-Exam life insurance tends to be very expensive since the insurer is taking a bigger risk for not requiring a medical exam from the policyholder. Group term policies may also make you pay high rates unnecessarily, since high-risk members push the premiums up for the whole group.
Live Healthily
The best way to assure yourself of an affordable New Jersey life insurance is to avoid any habits, activities, or anything that can shorten your lifespan. Smoking, obesity, and extreme sports are just some of the reasons for your rates to climb up. Smoking alone causes your rates to become three to four times higher than normal. It pays to take care of yourself, in more ways than one.
Effective Ways To Get The Most Affordable Life Insurance
Readers Question:
I would like to know the best way to buy affordable life insurance coverage here in New Jersey. I’m newly divorced and have custody of my children and I want to take out a policy to protect them just in case something happens to me.
Bettina
Elizabeth, NJ
It’s not very hard to imagine your circumstances, and the need to get yourself life insurance coverage. Insuring your life is the best decision you can do for your family at the moment. Here are several effective tips and suggestions to help you get the most affordable life insurance in New Jersey in the market:
Recognize The Right Kind Of Coverage For You
Know what kind of life insurance that works for your specific needs and circumstances. In this case, a term life insurance policy may be best for you, since it gives straight-forward, simple life cover for a certain period of time like 10, 15 or 20 years. This is best for those who have long-term obligations like raising a family or paying mortgage.
Maximize Your Chances Of Getting Cheap Rates
There are many dedicated life insurance portals and websites that offer free and instant life insurance rate quote checks, which allows for a better way to compare offers. A bigger market means wider choices and more chances of getting affordable life insurance coverage.
Take The Physical Exam
No-Exam life insurance policies cost a lot more, so reconsider taking that medical exam if you are relatively young and healthy. The difference can be worth hundreds of dollars a year. Skipping the test will place you under the insurer’s high-risk category, inflating your rates unnecessarily.
The Impact Of Smoking
If you’re a non smoker, you’re in luck! Smokers pay three to four times more on life insurance premiums compared to people who don’t smoke. If you are a smoker, it takes three years of zero-nicotine use to get your premiums down to a non-smoker rate.
An Overall Healthy Lifestyle
Living a healthy life is the best way to enjoy affordable life insurance in New Jersey for many years to come. The less risk you have of dying within the coverage period, the lower your rates become.
Life Insurance For Middle-Class New Jersey NJ
Reader’s Question:
We are only a middle-class, suburban family living here in New Jersey (far from the rich WASPy types) do you think we still need to get life insurance coverage?
Pete
Paterson, NJ
The good news is that you don’t have to be super-rich in order to justify buying a life insurance plan. In fact, anyone who takes care of someone else or provides support financially should seriously consider getting an adequate, yet affordable life insurance policy that best reflects their financial goals, needs and responsibilities. Can you imagine what will happen to your family there in New Jersey in case you (or whoever the bread-winner is) suddenly pass away? How would they manage their day to day needs? Who would continue to pay the bills & mortgage? Can your wife put the kids through college all on her own? These are just a few of the things you will have to consider, knowing that you can get peace of mind as well as provide your family a financial safety net through a life insurance coverage.
Once you do decide to get life insurance, the next thing you would have to do is to make an assessment of your family’s immediate and long-term expenses. This would include your total long-term debts, loans, and payments, School expenses, or anything that you see your family spending for in the future. This will give you a good idea of how much coverage or ‘face-value’ you would need to look for in a life insurance plan. You may choose to get term life which covers you for a specific period of time only (until the kids are old enough to work, for example) or decide on a permanent life insurance plan that covers you as long as you are alive.
Tags: life insurance advise, affordable life insurance, life insurance information, insurance quotes, term insurance
Term Life Vs. Whole Life: Pro’s & Con’s New Jersey NJ
Reader’s Question:
I’ve been doing a lot of reading regarding term life and whole life insurance policies here in New Jersey and I got confused, should I pay the high-price of a whole life insurance or just get a term life which is cheaper and just renew after the policy expires?
Yvonne
Camden, NJ
You have a very interesting question there. A lot of people are confused as to whether to get term life insurance since it is cheaper or get a whole life insurance policy since there is no need to renew every time. But the best answer to this would be to determine if you will need life insurance coverage for a temporary period of time only, or if you want to get coverage for the long-term.
Term life insurance would be highly advisable if you only want life coverage while you take pay-off long-term financial obligations such as supporting a growing family, paying house mortgage there in New Jersey, student loans, credit card bills or debts, or while paying for your child’s college tuition, or also if you are paying a family member’s health care needs. This kind of insurance would also be more cost-effective for people who are involved in high-risk activities, hazardous work conditions or is inclined to participate in dangerous hobbies.
But what if you are thinking about lifetime coverage? Even if you start off paying big life insurance premiums what’s important to know is that, under a whole life insurance policy, a portion of what you are paying actually goes into a sort of savings account, known as a “Cash Value” feature. It accumulates growth in your policy and allows you to have money available for future needs while maintaining adequate life insurance coverage.
Tags: life insurance advise, whole life insurance, term life insurance, advise
Universal Life Insurance Policy New Jersey NJ
Reader’s Question:
What does universal life insurance policy offers?
Paul
Elizabeth, NJ
Guaranteed level death benefit is one of the advantages with universal life insurance offers. The guaranteed level death benefit can be decreased or increased by the policy owner. To decrease the death benefit is easy but if the policy holder would like to increase the death benefit, he/she has to show the proof of insurability and obtain approval from the life insurance company.
With universal life insurance policy, there is also a savings element that can either be increased or decreased at the will of the policyholder. The request to decrease the life insurance is not as difficult as to increase where evidence of insurability is required from policyholder. Aside from this advantage, the death benefits are paid to the beneficiaries upon the death of the policy holder. When this is paid upon the death of the policy owner, the face amount is usually free from income tax. This life insurance policy also accumulates cash that is tax deferred. The cash can be accessed by the policy owner in the event of emergency. Furthermore, the face amount increases according to the cash value earnings of the life insurance policy.
Tags: universal life insurance
Online Life Insurance Shopping New Jersey NJ
Reader’s Question:
Would I get the same deal if I shop for Life insurance on the web as I would if I spoke to a real life insurance agent here in New Jersey?
Jerica
East Orange, NJ
The answer is a definite yes, over the years life insurance providers have seen the great potential of the Internet to reach out to more consumers and effectively broaden their market with relatively little cost as compared to paying agents to go door to door. You can search for companies offering cheap life insurance, No-Exam life insurance and be able to compare life insurance rates across many insurance companies without having to stay on hold forever to speak to a live life insurance agent just to get a voice mail machine or wait 24 hours to get a call back.
You don’t even have to search for each and every life insurance company website just to get the information you need. There are also many life insurance portals that will provide access to Online quoting systems or databases that will give you timely and accurate pricing and rate information at a glance to help you choose the best provider there in New Jersey. It would be good practice to take advantage of these sites and narrow down the list of life insurance companies that you think offers the policy best suiting your needs. After which it would be much easier to talk to (and even negotiate) to a live agent since you know what rates up for grabs, and you will know if you are being sold into something that is over-priced and eventually get the life insurance that is best for you.
Tags: advise, life insurance, online life insurance, cheap online life insurance
Young Professional Life Insurance New Jersey NJ
Reader’s Question:
I’m a young, working professional here in New Jersey, Can I also get life insurance or is it just for those with serious illness?
Emil
Elizabeth, NJ
You don’t have to be old or have a terminal illness to start thinking about life insurance. In fact, being young and healthy now is the perfect time to think about a life insurance policy that would maximize your financial capacity (or that of your family) in the long run. So how would you know if life insurance is for you? Consider evaluating a few things in your life right now, namely:
1. Are you the head of the family or the household? Is there anyone who relies totally on your income there in New Jersey? Are you sending siblings to school or paying for mortgage? Having any long term debts or loans is one good reason why you would like to have life insurance coverage for yourself.
2. Would you like to have a lump sum of money available to you after ten or twenty years while maintaining life insurance coverage?
3. Does your job frequently expose you to hazardous, even dangerous environments or locations?
4. Would you like to have family members or loved ones given financial support in the event that you die prematurely?
If most of your answers are “yes” then it might be time to seriously think about getting a good life insurance policy. You might want to consider getting term life insurance since this is the least expensive type of life insurance, and you only have to maintain it for a certain period of time.
Tags: first time life insurance, insurance, life insurance, life insurance advice, life insurance application
Buy Life Insurance Camden New Jersey NJ
Reader’s Question:
I have a small catering business here in Camden New Jersey NJ and our peak season is usually June and December, due to weddings and Christmas parties. Is there a life insurance that will allow me to pay twice a year only?
Brianna
Camden, NJ
There was a time when insurance policies were quite rigid and maybe with considerably limited options. Over the years, it has certainly adapted to today’s bustling lifestyle and nowadays we are almost never without option on anything you can think of. I even heard on the news that there are some funeral parlor that offer online wake for people with distant relatives – imagine that!
So, your wish is pretty simple, actually and insurers in Camden New Jersey NJ don’t even have to go out of their way to accommodate you because there actually exists a life insurance plan that lets you schedule the payments of your premiums, and this is called universal life insurance. Universal life insurance is similar to whole life in features – death benefit, tax-deferred cash value – except that there is no fixed schedule and amount of payment. But remember that there is a minimum amount you have to pay every year for the policy to be considered active. At the same time, take note that death benefit will be computed according to the premiums you have completed. So if you should face an early death, the death benefit will be lower than what you signed up for if you haven’t completed your payments yet. And because it is so flexible, you can also pay the premiums in full or advance it, depending really on your capacity to pay.
Universal life insurance looks just right for you, Brianna, and you have a lot of choices in Camden New Jersey NJ. To see how much it might cost, you can plug in your zip code at the top of this page and you will be given multiple quotes from different insurers in your area. Compare the quotes very closely, not only focusing on the price but more importantly on the benefits.
I will make sure to check with you, Brianna, when I get to Camden New Jersey NJ, I love home-cooked meals you know!
Tags: cheap life insurance, cheapest life insurance, life insurance leads, life insurance online, life insurance options
Loading ...