Are Life Insurance Policies For "Pennies a Day" Trustworthy?

Television and radio commercials advertising cheap, easy and quick life insurance aren't always clear about what options are really available to you. While many commercials boast that the insurance company provides great life insurance coverage for just pennies a day, it is important to know what kind of coverage you would really get. Many companies state that no medical exam is required, and that you can be approved for coverage within just a matter of days. Although these companies do offer legitimate life insurance policies, they may not be the best option. Coverage is oftentimes minimal and costs much more than life insurance from other providers.

Insurance companies use health screenings to learn about your current state of health. They use this information to determine if they think you will live into your 70s, or if they predict you will die at a much earlier age. If you are healthy, fit, and active, the provider assumes that you will stay alive for many years to come. The healthier you are, the lower your premiums will be because the provider assumes you will be paying insurance premiums for a longer period of time. Someone who is in poorer health and more likely to die sooner will pay higher premiums to compensate for the fewer years of premium payments. If you are curious to find out if a provider that does not require a health screening is a better option for you than one that does, you can apply for both types of policies and see which one best suits your needs and your budget.

It is important to know how much coverage you are getting, as a policy without a screening process may not provide the same amount as the one that requires a health test. It is also essential to determine if the policy automatically expires after a certain number of years or when you reach a certain age. If you live past that age, you may be faced with a situation where you need life insurance to provide for your family after you die and are unable to get it. An insurance agent can explain the ins and outs of your policy options with you to be sure that you know what your coverage entails, and that it's the right coverage for you.

If you have questions about your life insurance or if you need London Life Insurance for yourself and your family, give Excalibur Insurance Group a call us at 519-348-9150. We would be glad to answer any questions you may have about which life insurance policy is best for you.