Did you follow the trend and buy life insurance? Have you noticed these three common misunderstandings?

3. Life insurance can only be used by the beneficiary

Policyholders often have a “buy it and forget it” mentality when it comes to their policies. As long as they pay their premiums on time, they can rest easy knowing that their loved ones will be financially protected if they pass away. While this isn’t a wrong mentality, it’s not perfect. This is because there are different types of life insurance, some of which are useful while the policyholder is alive.

Especially with whole life policies, this may be a better option than refinancing or taking out a personal loan. So if you think life insurance is a bill that has no value while you’re alive, you may be wrong.

[Do you only want to buy term life insurance for a few dozen dollars a month? ]

Most life insurance companies in the United States provide free online quotes. After filling in basic information, health status (such as whether you smoke or exercise) and expected insurance amount, you can prepare a personal insurance policy and provide a personal rate quote based on your personal situation. However, due to the different background conditions of each insurance company’s policyholders, the rate setting rules are different. The actual cost is related to the policyholder’s personal health status and awareness, so the specific amount should be quoted in person for the most accurate inquiry.

Warm Tips: Online inquiries usually offer larger discounts. If you further provide your phone number and let the insurance broker contact you, you may get an even bigger discount.

Which companies offer policies that do not require medical examinations and take effect immediately?

Bestow : Founded in 2017, Bestow does not require a physical examination before purchase. The company will use a proprietary algorithm to evaluate the physical health of the insured. Compared with other life insurance that takes several weeks, Bestow only takes a few minutes, and the entire process is done online without contacting an insurance broker. However, Bestow’s life insurance options are limited, with only two types of term life insurance, 2-year and 10-20-year. Bestow’s rating is A+.