Life insurance is a legally binding contract between a policyholder or an insurer and an individual or organization, in which the insurer promises to cover a designated beneficiary at an agreed amount of money upon the insured person’s death. In general, there are two types of life insurance policies – whole life insurance policies and term life insurance policies.
Life Insurance Medical Exam Discounts
The former provides coverage for a pre-specified period, while the latter covers a policyholder until the end of the policy. Depending on the agreement, other events like critical illness or terminal illness may also trigger continuous payment.
There are a variety of factors considered when determining the cost of a policy, including the age and health of the insured, whether the insured has a pre-existing medical condition, the policyholder’s lifestyle and habits, the risk of the insured’s death and his/her dependents and the cost of the insured’s life insurance premiums.
In general, whole life insurance policies provide coverage up until the policyholder attains seventy-one years of age. This is also referred to as “indemnity” coverage Mortgage protection. A term life insurance policy lasts only for the period that the policyholder is insured.
Policy coverage is determined by a combination of age at the time the policy was issued, the number of premiums paid, and the health conditions and lifestyles of the insured and his/her dependents at the time the policy was issued. Policies generally have a higher coverage amount for the older insureds and/or the ones with higher health conditions and lifestyles.
When you apply for a policy, it is important to take a medical exam in order to determine your eligibility. If you have a health condition, your premiums will be more expensive. In addition, there are often co-payment requirements and additional costs associated with your policy type.
It is extremely important to read the entire policy before signing it because it contains the details regarding any deductibles you may need to pay. There are many different types of life insurance medical exam discounts available, but be sure to check with your current provider.