Guaranteed Life Insurance Nevada NV

Reader’s Question:

Guaranteed life insurance may be the right plan for me because there wouldn’t be any medical exams. But before I apply for guaranteed life insurance here in Nevada, I need to know, what are the limitations to this type of plan?

Callum

Henderson, NV

If you are battling a serious health problem, and especially if you are over 50 years old, guaranteed life insurance might be the most excellent choice to be able to get the coverage you want. But there are some restrictions to guaranteed life insurance policy. Some guaranteed life insurance policies would only cover the death payment on a graduated scale in case the policyholder passes away in the first few years of the coverage. Because of this, the recipient/s may get only a small portion of the face value of the policy in case you pass away in the second year, and so on.

There could be an inception of a number of years the policy holder needs to be alive after the policy has taken effect before the recipient/s would get the whole death payment. Also, some policies have a waiting phase that if the policyholder dies within a specified number of years, the recipient/s may get nothing or will only get back the premiums that the policyholder paid.

You would also have to check with Nevada’s insurance board if they allow guaranteed life insurance policy because this type of plan is not available on all of the states. Guaranteed life insurance would likely have higher price than the payout, depending on the day you die.

Tags: guaranteed life insurance, life insurance, life insurance policies, no exam life insurance

Guaranteed Life Insurance Illinois IL

Reader’s Question:

I may just have to opt for guaranteed life insurance here in Illinois so that I won’t have to undergo any medical exams. But I need to know, is there any disadvantage if I choose this type of life insurance policy?

Angelo

Naperville, IL

Guaranteed life insurance would be fairly just what the term entails–you will have it once you apply for it so long as you have the ability to pay for it. There would be no medical tests and they won’t ask you anything about your health history. There, of course, would be some disadvantages of having guaranteed life insurance. It would be far more costly than the same quantity of death settlements for the same individual who has a conventional life insurance policy. But if you think that you would have a hard time getting insured in Illinois because of health issues, then guaranteed life insurance is there to save you from being uninsured.

Another disadvantage of guaranteed life insurance policy is that insurers will not allow high face amounts. It is more likely that you could not have over $25,000 of guaranteed life insurance if this is the one that you need. However, you will be allowed to buy all the life insurance that you could afford and get several policies from various life insurance companies. For example, you can have $125,000 of guaranteed life insurance from five $25,000 life insurance policies.

Tags: guaranteed life insurance, life insurance

Whole Life Insurance Policy Nevada NV

Reader’s Question:

I recently graduated from a local college here in Nevada. Should I buy a Whole Life Insurance policy now, or should I wait a few more years?

Kelly

Las Vegas, NV

I understand that your current financial situation will not really allow for expensive life insurance policies. But if you think about it, this is the perfect time for you to purchase a suitable coverage for yourself. You should do this before you start spending your money on other things. Because before you know it, you’ll be married and have kids and you’ll be sending them to college and you’ll be forgetting about your life insurance policy. And another reason why you should secure life insurance for yourself at an early age is that you’ll be paying lower premiums compared to an older person. This is because life insurance companies see younger people as healthier and less prone to sicknesses related to aging.

Also, Whole Life Insurance comes with mandatory savings feature. So, the younger you are when you buy life insurance, the more money you’ll save through the years. The collected money is tax-deferred, so you’ll be getting the whole chunk of the money. And getting insured at an earlier age would assure that in the event you develop a serious medical condition, you don’t have to worry about looking a for life insurance company to cover your illness.

I’m sure you’ll find an agent there in Nevada who can give you quotes for the type of life insurance you want to purchase.

 

Tags: life insurance, whole life insurance