The Importance of Life Insurance

Many people talk about life insurance and why it's important, but there are still many misunderstandings regarding life insurance policies. Many people aren't sure if they need life insurance, and if they do- how much insurance is necessary? What kind of insurance?

Who Needs Life Insurance?

First of all, most people believe life insurance is taken out to pay for the burial expenses of the policyholder. And while this may be part of the reason people obtain life insurance, this is not what the insurance coverage is intended for! Life insurance is meant to replace the income that is lost by the policyholder's death, and to be used to pay for the needs of the deceased policyholder when you are no longer earning money to do so. If you have children or relatives who depend on your income, then you should have life insurance.

For young, single individuals with no dependents, there is really no need for life insurance. If you are an older individual with retirement savings or pension, it may not be necessary to have life insurance on top of the money that would become available to your spouse from your savings and pension.

Stay at home parents might think they don't need life insurance policies as they're not earning wages, but this is not the case. Consider how much it would cost to hire people to do all of the daily tasks you do- from day care, to housekeeping to financial management to grocery shopping, errand running and cooking. If you have a special needs family member, what would it cost to have special care arranged if you were not able to do it? Life insurance for a stay at home parent would allow the family to hire people in the event of your death to continue on doing the things you were routinely doing for the family.

As the wage earner of a family, your life insurance should replace your salary, plus pay off the mortgage, college tuitions for kids, or maybe career training for a spouse who might have to re-enter the workforce upon your untimely death.

Once you've determined you should have life insurance, your next step is to figure out how much life insurance you need. Having an estimated figure in mind will make it easier to select the appropriate life insurance policy.

Life Insurance Agents

Buying life insurance is similar to buying car insurance. You work with insurance agents who will help you weigh the options and make a decision as to the type of policy you should have. When searching for life insurance agents, you will want to talk to at least three different agents in order to make sure you get a good understanding of the options available. Shopping around is important.

If at any point while talking to a life insurance agent about the different policy options you feel like they are rushing you or pressuring you to buy a larger policy than you need, or they simply aren't taking the time to explain things to you, it is in your best interest to walk away. Life insurance agents are supposed to explain the options and help you understand your own needs and how life insurance can help- then back off to let you make your own decisions pertaining to the type and amount of insurance policy you wish to carry. These are important considerations because many life insurance agents are paid on commission, so it is in their tendency to push higher priced policies on consumers.

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Choosing Sun Life Insurance

One can never really predict what is going to happen tomorrow. Life is so mysterious. Yet all of us are so optimistic that we simply get lost in our thoughts and troubles and go on with the everyday hustle and bustle of life. In this hurry to get somewhere, or to do something, one might forget to think about what would happen if all of this came to an end suddenly. It's not something that one would think of on a regular basis, but still it would be better if you thought about your future for just one moment. You wouldn't like it if you left your family financially crippled, would you? Wouldn't you like to do something good for them in case your time was up due to an unfortunate incident?

The answer comes in the form of a life insurance policy. It will help you give a financial shield to your family in a worst-case scenario. That is the reason a lot of people try to get themselves insured at some point of their lives. It is indeed a wise decision with a lot of benefits included. However, there might be just one question on your mind about getting a life insurance policy, and that is regarding the company which with whom you need to invest.

If you wish to go for a well-reputed and well-established insurance company, then you should look no further than Sun Life Financial. They are one of the oldest insurance companies in Canada and also one of the largest. As per their claims, one in every five Canadians deals with Sun Life Financial in one form or the other. That is pretty impressive and good enough to declare that this is indeed a very reputable company to deal with.

Sun Life Financial have a variety of insurance plans that can largely be divided into two categories, namely pre-retirement and retirement plans. As per your situation, you can choose for either of these plans and you will be able to get a well-suited policy that you can use to give your life a new start. As soon as you get yourself insured, you will get a new kind of unexplained confidence within yourself. This is a common phenomenon that takes place among many people who regularly pay their insurance premiums. With each payment they feel more secured and safe.

Coming back to the insurance company, you will find that Sun Life Financial is indeed a great company to deal with regarding life insurance policies. They have 17,000 brokers all across the country, who will be able to help you out with your needs. So all you really need to do is to select the right kind of life insurance policy and strike a deal with Sun Life Financial. After that you will not face any sort of problems whatsoever and you will feel very confident about yourself for the rest of your life, knowing that you are insured.

Are you ready to deal with Sun Life Financial to provide you with a life insurance policy? Then you certainly need to know more about Sun Life Insurance. Visit our site for more details.

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No Medical Exam Life Insurance for Seniors

So you are a senior and need life insurance. Or you are the child of a senior and need to get your parent insured. Well, there are really two basic ways to accomplish that. You can either go through a full underwriting plan which will include an exam, medical records ordered and other needed items and also wait weeks for an answer, or you can just apply for a no exam life insurance plan. In most instances, we have found that, when a child needs life insurance for a parent, no exam life insurance is much more likely to be accepted by the parent. Does no exam life insurance for seniors give me the same coverage as regular insurance?

The answer is simply yes or most of the time. Let me explain. If you apply for a level policy, then the coverage is level from the beginning of the policy. What that means is that if, for example, a man named Bob applies for a $50,000 no exam life insurance and gets approved, his full coverage starts immediately. In other words, if Bob dies the next day, the full amount ($50,000) is payable to the beneficiary. There are some polices that do not pay the full face amount right away. Those are called graded life insurance policies. In this case, Bob would need to wait at least two years before the full face amount of the policy is payable. So, if Bob died the day after the policy was approved (or within two years), then beneficiary would most likely be only paid the premium Bob had paid plus some interest (usually 5% to 10%). Some polices even have a longer graded period so make sure to read your approved policy carefully. A table showing the insurance coverage usually is on page two or three of the insurance policy.

How long does it take to get an answer for no exam life insurance

Unlike traditional life insurance, when seniors apply for no exam life, they can get an answer in as fast as the same day. Answers from underwriting usually average three days. That is not bad. If you do need a very fast answer (1 to 3 days) make sure to ask about the process of underwriting. Some companies that offer no exam life to seniors may still order doctor's medical records. That can delay the answer by weeks. So ask!

Can the child of a senior get life insurance on a parent?

Generally, yes, a child can get life insurance on a parent. The parent must be aware that the child is applying. Although, the parent does have to sign to apply for the no exam life insurance, a child must explain to the parent what they are signing for. The child is usually allowed to pay for the policy with no problem. We actually have found that for seniors over the age of 80, children are the one to most likely request the insurance rather than the senior.

How about pre-existing health problem?

Past or present health conditions do not always prevent a senior from getting no exam life insurance. The number of companies available may be more limited though and the senior may end up having to settle for graded life insurance (as explained above). What we have seen is that as long as the senior can take care of themselves and are not in a nursing home, then no exam life should available. It has often been misunderstood that no exam life insurance means no health questions. That is totally incorrect. We know of only one company that is no exam and no health questions. Rates are very very high!

Should a Senior do No Exam Whole Life, Universal Life or Term Life?

In most situations, we recommend that, if available, that a senior select no exam universal life insurance. A main advantage of universal life is that it prices better than whole life and can offer the same lifetime coverage guarantees at level premiums. For most seniors, cash accumulation is really not the goal. Being able to maintain an insurance policy for life without having to worry about increasing premiums should be the goal. No exam term life insurance for seniors is also a good choice if universal life is too pricey at the moment. As far as term life, keep in mind that although it will price lower than universal or whole life, the rates will not remain the same for life. As an example, if a man named Bob selected a five year term plan. During the first five years his monthly rate may be $35 but after the five year is up his monthly rate may jump to $150+. So, select term life only if you really cannot afford universal life. Also, make sure that the term life plan is convertible (ask your agent). As far as no exam whole life is concerned, as we mentioned, it is priced the highest. Whole life is selected when a senior has nothing else available because of age or health issues. Yes, whole life is often easier to get approved on than term or universal. Note that, no exam universal and term life are not usually available past age 75.

We hope this article has helped you better understand no exam senior life insurance. As we often write in our articles, please make sure that all your questions are answered before you apply for any insurance. Once you receive your policy, review it carefully and ask more questions if needed. Be well!

Philippe Deray - About the Author:

Philippe Deray is President and CEO of MCD Financial Services and MCD Life. Our web site address is http://www.mcdlife.com

Our Focus Life Insurance for seniors

With many years of experience in the senior insurance business, we have developed proprietary methods to help seniors up to age 90, get affordable life insurance. We offer term insurance, whole life and universal life insurance. We will make this process as simple as possible and get you an answer as fast as possible.

Company Profile

MCD Life is a successful, dynamic company built on the principal of serving our customers FIRST! Our primary mission is to bring peace of mind to our clients by offering innovative, value-added products and information that place emphasis on short and long term benefits, benefits backed by selected companies with high quality assets and written guarantees.

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