How is life insurance pricing determined?
Premiums commonly depend on age, health history, tobacco use, coverage amount, policy type, and the length of the coverage term. Permanent policies generally cost more than term policies because they can include cash-value features.
What is the difference between term and permanent life insurance?
Term insurance covers a specified period, such as 10, 15, or 20 years. Permanent insurance, including whole and universal life, is designed to remain in force longer and may include cash-value accumulation.
Do I need a medical exam to buy life insurance?
Not always. Some applications use health questions, prescription checks, and other underwriting data without an exam, while larger or more medically complex applications may require an exam or lab work.
How long does life insurance approval usually take?
Applications with straightforward health information may be decided quickly, while policies requiring medical records, an exam, or additional underwriting can take several weeks.