When The Great Time to Buy Life Insurance

When to buy life insurance?

When The Great Time to Buy Life Insurance

Life insurance is suitable for most people regardless of age or situation. However, it's often suggested that you should consider buying life insurance early - maybe even before you think you need it. The reason for this is that age is a key factor in the cost of your premiums.

The older you are, the higher your premiums are likely to be. Of course, depending on the type of life insurance, other factors may be taken into consideration, such as health history. However, if you are young and healthy, there may not be a better time to purchase your first life insurance policy.
What can life insurance be used for?

Life insurance policies can help protect the important people in your life from financial struggle if you were to die prematurely. These are the most common uses of life insurance:

    Paying for funeral expenses and medical bills
    Covering mortgage payments and rent
    Paying off outstanding debts that include student loans, credit card bills and car payments
    Paying for childcare costs if you're a stay-at-home parent or a parent who must enter the workforce
    Saving for college tuition expenses for your children
    Contributing to an inheritance for your children or a retirement account for your partner

Not everyone has the same financial responsibilities. So, no one type of coverage is inherently better than another. What's most important is finding the solution that works best for your personal financial situation.

You can put your mind at ease knowing that if you do need life insurance, you've taken steps to help protect your legacy. Speak to one of our licensed agents to determine what type of life insurance policy is best for your family and begin the application process.

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How to Choose a Term Life Insurance Policy

How to Choose a Term Life Insurance Policy

Though term life insurance is one of many types of life insurance available, it is popular because of it's flexibility, affordability and guaranteed payout.

Life insurance policies come in a great number of shapes and sizes. If you're choosing a policy for the first time, it's important initially to decide which type of life insurance is ideal for your specific situation. Policies can generally be broken down into two categories - term and permanent.

Term life insurance, which can be a more popular option, provides coverage for a specific length of time which you choose; while permanent life insurance covers you in perpetuity. We find that term life insurance is right for many people, but if you have questions about whether you should purchase term or permanent life insurance, you can always contact one of our licensed agents for assistance.
What is Term Life Insurance?

Term life insurance policies are generally between 10 and 30 years in length. These term policies provide both a fixed premium (the amount you'll pay) as well as a fixed payout (the amount we'd pay your family). Term life insurance is a popular option because it boasts benefits that are attractive to people of most ages and situations. These benefits include:

Affordability - Not only will you pay the same rate for the entire term, but you can also choose a coverage amount and term length to fit your budget.

Low maintenance - Term life insurance allows you to "set it and forget it". As long as you pay your premiums, your policy continues throughout the designated time period.

Guaranteed Payout - Your death benefit is fixed, meaning that beneficiaries receive the payout that you chose at the beginning of your term. More options - You can choose the term policy with the time limit and coverage amount that is ideal for your current and future needs.

Once you decide upon term life insurance, you'll need to consider for how long you'll need a policy to be in effect and the coverage amount that you'll need. Answering these questions begins by considering the following:
How long do I need a life insurance policy?

The length of your term policy depends on how long you anticipate financially supporting your loved ones. Ask yourself this...

Do I have a mortgage or other debt? If you have debt, the length of time it will take you to pay it off can be a helpful indicator in the term length of your policy.

Who depends on me? If you know how long you'll be depended on for financial support from a spouse or children, it can help you identify the length of time you'll need a term policy.

What can I afford? The dollar amount of life insurance coverage you need can affect your term length. If you need a high amount of coverage, you may want to consider a shorter term length to fit your budget.

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How Much Life Insurance Coverage do I need?

How much life insurance coverage do I need?

Some experts will tell you that the answer is between 7 and 10 times your salary, but it can vary tremendously based on your individual needs. Ask yourself this...

How large are my debts? If you have a mortgage, student loans, business loans or any other debts, a good beginning can be to calculate the total amount of your outstanding debts.

What life events do I want secured for my family? You may want your death benefit to assist in childcare or college tuition for your children. Perhaps you want to provide supplemental retirement for your spouse in addition to your funeral expenses.

Once you've considered what you'd want your death benefit to help cover financially for your family, try to calculate the total amount of money it would cost to do so.

The answers to these questions may not seem clear immediately, but with a little consideration ahead of time and some guidance from one of our licensed agents, you'll be able to make informed decisions throughout the application process.

You can also use our life insurance calculator to find out how much life insurance you need.

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What to Expect When You Apply for Life Insurance

What to Expect When You Apply for Life Insurance

Knowing what to expect when you apply for life insurance can help make the process simpler and easier. In just a few minutes, this can help you better understand the process and what you'll need to have on hand when you get started.

Buying life insurance may seem daunting at first, but with a little guidance from us, you can easily find and apply for a life insurance policy that fits your needs. We have knowledgeable, licensed agents that are always on standby to help guide your decisions.

What information will you need to have on hand for your life insurance interview?

    Your salary and outstanding debts
    Any current or past medical diagnoses and prescriptions
    Information about your beneficiaries
    Contact information for your primary care physician

Life Insurance Application Process

Our application process is easy to follow and will help ensure that you are getting the very best life insurance policy for your needs. Here's a breakdown of what you can expect:

Get a quote. You can request a life insurance quote online or over the phone simply by telling us a little bit about yourself.

Speak with an agent. You'll need to answer questions about your medical history and other factors that may affect your life insurance quote. The call regularly won't last more than 10 minutes, and when it's over, we'll recommend a term policy that fits your needs.

Complete an application. After you choose a life insurance policy, you'll complete a full application that will provide us with needed information to approve your coverage.

Take a medical exam. The medical exam is used to determine your eligibility and finalize your rate. You can choose the time and place for this exam, and a qualified nurse will come to you. The medical exam is simple and shouldn't take more than 30 minutes.

Underwriting begins. Underwriting is the process in which we review your application and assess your insurance risk. Be patient in this stage; the process may take a few weeks.

What could affect your life insurance premiums?

    The length of policy and amount of coverage you need
    Your age
    Your physical and mental health
    Tobacco use
    Your driving record
    Your travel plans
    Your family medical history
    High risk activities like skydiving, flying a plane or bungee jumping


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Life Insurance Medical Exam Preparation

Life Insurance Medical Exam Preparation

After you finish your application for life insurance, you'll likely have to take a medical exam. Preparing for your exam is easier with just a few simple tips though.

Simply put, the medical exam portion of the life insurance application process is used to determine if you have any health conditions that could affect your rate class. It shouldn't take more than 30 minutes, and can help you secure a better rate for your life insurance policy.

To make this process as easy as possible, you can choose the date, time and location of your exam (e.g. home or work), and a nurse practitioner will come to you. Here are a few things to keep in mind when preparing for the life insurance medical exam.

The Day Before the Exam

What does a life insurance medical exam consist of?

    Your medical history
    Height
    Weight
    Blood pressure and pulse
    A small amount of urine and blood

    Avoid alcohol and nicotine as it can raise your blood pressure levels
    Get a good night's sleep
    Avoid over-the-counter medications like antihistamines and nasal decongestants
    Drink lots of water

The Day of the Exam

    Avoid coffee, soda, tea or any other caffeinated drinks before your exam
    Drink a lot of water and eat a light meal
    Avoid exercise before your exam as it can raise your blood pressure

During The Exam

Have a photo ID on hand as well as the contact information of your physician and the names and doses of any prescription medications you're taking

Wear short sleeves or sleeves that can be rolled up so there aren't any problems taking your blood pressure and heart rate.


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Managing Your Life Insurance Policy

Managing Your Life Insurance Policy

It's tempting once you've bought your life insurance policy to 'set it and forget it', but updating and managing your life insurance policy is critical to helping ensure your family is protected.

Once you've secured your life insurance policy, it is important to review your coverage periodically. Reviewing a life insurance policy after important life events or life changes may prompt you to update or increase your coverage.

I should review my life insurance policy if...

    I've gotten married.
    I've had a child.
    I've changed jobs.
    My children are now financially independent.
    I'm recently divorced or remarried.
    I bought a new house.
    I took out a new business or student loan.
    I recently refinanced my home.
    My aging parents need my financial support.
    My partner/spouse or I have had changes to our health

What if I want to change or convert my life insurance policy?

You may have options available to you if your needs change during the term of your policy. You might be able to increase or decrease your life insurance coverage to fit your current need. You might also be able to convert your coverage to a permanent life insurance policy.

To know what options are available to you, it's best to contact a licensed agent to help walk you through the process.
What could cause cancellation of my life insurance policy?

Expiration could cause your policy to end. If you've agreed to a term length and haven't renewed your policy at the time that your term ends, your policy will no longer be in force.

Non payment of your premiums could also cause cancellation of your life insurance policy. There are several options available, like automatic payments or riders that can make non payment a non issue for you.


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Life insurance is designed to help ensure that your loved ones will be financially secure

What Is Life Insurance?

Life insurance is designed to help ensure that your loved ones will be financially secure.

What is life insurance? At its core, life insurance is a product designed to help protect people who you are financially responsible for in the event of your death. A life insurance policy is a protective contract between you (the insured) and an insurer (insurance company).

This contract is intended to provide direct financial benefits, known as death benefits, to the person(s) of your choice if you should die during the period you elect to be covered. The individuals you designate to receive death benefits are referred to as beneficiaries. The amount of benefits paid to the beneficiary (or beneficiaries) is determined by the amount of coverage that you elect to purchase.

The origins of insurance stretch back thousands of years to ancient societies. But, the basic tenets of insurance haven't changed much since then: A group of people invest a portion of their income into a proverbial "pool of funds" to help protect something of value.

These funds are kept in reserve and managed by the entity responsible for the "pool". If one of those investors suffers a loss or damage to their protected asset, they are entitled to a sum of money to compensate for the loss. An insured individual has the ability to make a "claim" on their agreement with whomever they purchased their protective policy from. All of this works because it is highly unlikely that each contributor to that "pool of funds" would all make a claim at the same time.

Most people are familiar with this type of an arrangement from purchasing motor-vehicle or homeowners insurance. Life insurance operates under the same fundamental principles.
How much does life insurance cost?

The price you pay for life insurance is determined by a number of factors including how much coverage and what type of policy you may need.

People applying for life insurance may be asked personal, lifestyle, and health-related questions by a licensed insurance agent (and sometimes a medical examiner). This information, along with the use of actuarial tables, helps insurers place you into a "rate class". A rate class is a classification, used to by life insurance companies, to determine which products are available to you and at what prices.
Do I need life insurance?

If you have anyone who depends on you financially, you might need a life insurance policy.  If life insurance is about protecting what and who you love, then anyone that fits one of these categories may want to consider a policy:

    You're married
    You have a domestic partner
    You have a spouse and kids
    Youre the primary breadwinner
    You're single with kids
    You have a home
    You own your business
    You have student loan debt
    You're retired

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Home Insurance advised and recommended #2

Buildings Insurance

Buildings Insurance, also known as property insurance covers your house in case of damage caused by storm or flood damage, a major fire, smoke or explosions, water leakage/burst pipes, subsidence, or third party vandalism or damage etc.

Mortgage lenders will insist that you have buildings insurance, as it means they will be able to recover their losses if the claim was serious and the house was burnt to the ground for example.
Calculating the Cover

The amount of cover you need is the cost of rebuilding your home, which should include the cost of demolition (if needed), clearence of the site and rebuild. The buildings insurance needed has nothing to do with the current value of the property as you already own the land (if freehold). If you are unsure of the cover needed and you have a normal family home, this isn't normally a problem because many insurance companies have a re build ceiling of £300,000 - £500,000 or even unlimited. However, if you still need to know the re build value needed because you have a very large home or someing out of the ordinary then you can visit the Association of British Insurers website

Buildings Insurance Accidential Damage

Accidential damage cover is an optional extra with buildings insurance. This doesn't increase the price by much but can be very valuable cover if you need to claim. If you put a foot through the ceiling and have to get it re plastered for example, this wouldn't be covered unless you have the optional accidential damage included.
Buildings Insurance Floodplain Considerations

It is estimated that at least 5 million people in the UK live in flood risk areas. A large proportion of them don't even know it. As mortgage lenders insist on buildings insurance, it is important to know if you are at risk of flooding. Sometimes you may find that one insurer will no longer cover your property or postcode because they say that it is in a flood risk area. Don't panic. Just because one insurer won't insure the property, it doesn't mean that they will all say the same. This is where a broker like Impartial comes in very handy. We will do the shopping around for you.
Buildings Insurance No Claims Discount

This is a discount more linked to car insurance in the past. In recent years insurers have started been giving no claims discounts to building and contents insurance to encourage them not to claim no doubt. You normally qualify for No Claims Discount (NCD) if you did not claim on your home insurance the previous year.

Some insurers will give you a no claims discount if you a first time buyer and others may give you some other form of incentive to arrange your buildings and contents insurance with them. The maximum no claims years that will normally be allowed is 5. This can make a massive difference to your buildings and contents insurance annual premium.


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Home Insurance advised and recommended #1

Home Insurance

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Home Insurance advised and recommended

No obligation advice and quotes

We re-quote your home insurance each year to ensure you always have the best price
Home Insurance

Impartial can provide instant home insurance quotes through our quote engines in minutes saving you time and money. We also understand that cheap home insurance is not always the best cover for you. So we don't just look at the price. We also look at the benefits and recommend the cover you need rather than the one quote fits all approach that you normally find on comparison websites.

Have you got time to get quotes for your home insurance every year? OR would you prefer to deal with a company that automatically that do it for you.
Home insurance from Impartial

Home insurance doesn't need to be expensive to be comprehensive. Impartial search a wide range of UK home and contents insurance providers to help you find home insurance quotes tailored to your needs so you don't have to. Whether you want to insure your buildings, your contents or both, we can provide you with comprehensive home insurance quotes
Buildings insurance

Buildings insurance covers the structure of your home including permanent fixtures and fittings from fitted wardrobes to the kitchen sink. Protect your buildings against fire, storm and accidental damage with a buildings insurance policy through Impartial.
Contents insurance

Contents insurance gives protection to anything that is not a fixed part of your home, for example your appliances, electronic goods, furniture and clothing. Most home contents insurance policies will even cover the contents of your fridge and freezer. Get free contents insurance quote from Impartial to see how much you could save.
Landlords Insurance

Whether you're looking for a better deal on your current landlord insurance or need to cover a new buy to let property, Impartial can give you a landlord's insurance quote.


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Landlords Insurance

Landlords Insurance

One of the most important things to consider when renting a property or considering a new buy to let is Landlords Insurance. It is very easy to overlook this, especially when you are about to rent your home and buy another (let to buy).

A normal home insurance policy will not normally pay out when the property is being used for business let out to tenants.

Landlord insurance is a home insurance policy that can help you cover costs if your property is damaged, someone gets injured on your property or if you need to provide alternative accommodation for your tenants.

Landlord's insurance policies are not all the same so it is important to check. Like most insurance, cheapest is not always best. However, typical cover would be:

Landlords Liability

This could protect you in the event of an insurance claim if anyone is injured in your property where you could be held accountable.

Legal Cover

If rental disputes arise this helps towards legal costs and can also help if you are unfortunate enough to have some squatting in your property.
Rent Guarantee Cover

If something drastic happens that leaves your property uninhabitable, this can certainly help. Furthermore some landlord's insurance policies also help protect you if your tenant doesn't pay their rent.

The following optional extras are similar to regular home insurance policies.
The following optional extras are similar to regular home insurance policies.

The following optional extras are similar to regular home insurance policies.
Accidental Damage Cover

This is more popular with residential home insurance but shouldn't be overlooked by Landlords especially when insuring the buildings. Often the property is rented unfurnished so there would be little point insuring the contents as a landlord.

Level Term Life Insurance

Term Life Insurance

Level Term Life Insurance

Term Life Insurance is one of the cheapest, most basic form of life insurance.

Term life insurance pays a lump sum in the event of death within a specified period of your choice (known as the 'term').

Premiums are normally paid monthly by direct debit although some policies allow annual payments.

Term life insurance is generally used for protecting an interest only mortgage or for family protection.

There is no investment element with this form of life insurance, as such if no claim has been made there is no maturity value payable at the end of the term.

Term life insurance is the simplest form of life insurance. You are covered for as long as you pay the monthly premiums. If you stop paying the premiums, the life insurance cover stops.

Premiums will depend on the level of cover, the term of the insurance, your sex and whether you smoke or not. A non-smoker is usually defined as someone who hasn't used a tobacco product for at least 12 months.

The most common ways for term life insurance policies to be arranged are on a single life basis or as a joint life first death arrangement.

Additional options like critical illness insurance and waiver of premium can be added to increase the level of cover, although this in turn increases the premiums.

If you do add on critical illness insurance, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.

Mortgage Life Insurance

Mortgage Life Insurance

We compare your mortgage life insurance quotes so you don't have to

Mortgage life insurance is basically Decreasing term life insurance. This insures you for a set period and pays out a lump sum if you die during the policy term.

The amount of cover decreases over the term of the policy and is usually designed to tie in with the outstanding amount on your repayment mortgage. As the life cover reduces, the monthly premium remains constant over the term of the policy.

A Lump sum is payable on the event of death. This lump sum decreases by a fixed amount during the period of the term, decreasing to nil by the end of the insured period.

There is no investment element with mortgage life insurance, as such if no claim has been made there is no maturity value payable at the end of the term.

Premiums will depend on the level of cover, the term of the insurance, your sex and whether you smoke or not.

The most common ways for mortgage life insurance policies to be arranged are on a single life basis or as a joint life first death arrangement.

Additional options like critical illness insurance and waiver of premium can be added to increase the level of cover, although this in turn increases the premiums. Remember, additional options like critical illness insurance would also reduce in line with the life insurance with mortgage life insurance.

If you do add on critical illness insurance, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.


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