It’s unfortunate but people die - some sooner than later. The important point is to do what’s right for those you love. A person gets life insurance to make sure that there is money available to maintain the financial life for those who will still be living and have a future. It’s a selfless decision in a way since you are looking out for your spouse and/or your children just like you would protect them from dangers and difficulties in life. At the Freemantle Insurance Agency, LLC, we are here to help you gain more understanding of this subject and help you select the right life insurance policy.
There are benefits for you from having enough insurance while you are living: You’ll feel better knowing the ones you love will be able to continue their lives without unnecessary financial disruption if you have permanent life insurance (whole life or universal life) you can build cash value that can grow tax free. This can help give you the freedom to do other things with your money and investments because you know you have an asset your family can count on – life insurance.
What types of life insurance are available?
There are 2 main types: Term vs. Permanent Life Insurance:
1. Permanent life insurance is designed to last for your whole life. There are two main categories: Whole Life and Universal Life.
2. Another type of life insurance is Term Life which varies by length of time from 1 year to 30 years. There is also a new type of term life policy that refunds you all premiums paid if you keep the policy for the term period.
How do I choose the right life insurance company?
Buying life insurance is a little more complex than purchasing a car or a television. When you purchase a policy you are buying a promise, a contract to pay something in the future vs. buying a commodity or something tangible. It's very important for you to examine the company that's backing your policy as well as considering the cost of the policy. One of the important items to consider when looking at a life insurance company is the financial strength rating of the company. The Freemantle Insurance Agency, LLC only works with A rated companies.
How do I know if I'm getting the best rates?
At the Freemantle Insurance Agency, LLC, we work with many top rated companies and our experience with underwriting allows us to find the most cost efficient policy for your needs.
What if I smoke cigarettes or use tobacco, does that affect my insurance rates?
The answer is yes it will but you still can get competitive rates. Some companies charge less for tobacco use than others. If you smoke cigars occasionally or chew tobacco occasionally, a few companies will still offer preferred rates. Contact us at (585) 200-5794so we can get the lowest possible rates that match your situation or email us. Also, if you get a life insurance policy that includes a rate for tobacco use, it’s possible to lower it in future years if you quit tobacco for a number of years and remain healthy. We just go back and work with the insurance company to try to lower your rate and in most cases we can do that for you.
Does my weight affect my life insurance rate?
There are different rate classes for life insurance. When calculating the exact rate for you, the company does take your weight into consideration. However, each carrier has their own charts for weight. One carrier might not give you best class because of your weight, while another might give you best class. That's why we work with many carriers to make sure we are able to get you the best rate out there!
What should I do to prepare for my medical exam?
Life Insurance Medical Exam Tips
1. Have your photo identification available with you when the paramedical examiner arrives for your life insurance medical exam. They use this to verify you are who you say you are. Keep in mind the paramedical is a licensed health professional. They usually call you within a day or two of applying for life insurance. They will normally set your appointment for a date within 2-4 days.
2. Select a date for your life insurance medical exam that is least stressful for you. Remember to make the appointment for the time of day that is least stressful.
3. No strenuous physical activity for at least 24 hours before your life insurance medical exam.
4. No salt or high cholesterol food for at least 24 hours before your life insurance medical exam.
5. No alcohol or caffeine for at least 24 hours before the life insurance medical exam.
6. No smoking or chewing tobacco the day of your life insurance medical exam.
7. Drink water (perhaps one glass per hour before your exam) to help facilitate your urine sample.
8. The morning is usually a good time for an life insurance medical exam. 9. Get a full night's rest prior to your exam.
10. Try to Fast for at least 8 hours prior to your life insurance medical exam. You can drink water.
11. Take a few minutes before the examiner arrive to meditate. Imagine a stress-free, relaxing place with your eyes closed. Don't fall asleep. This will reduce your heartbeat and lower your stress level for your life insurance medical exam.
12. The examiner will request information regarding your medical history that may include: medications, surgeries, medical conditions and treatments. Be prepared with the names and addresses of physicians and hospitals at which you were treated.
