How to Compare Low Cost Life Insurance Companies
Although it may seem impossible to find life insurance companies that cater to your needs, there are actually many out there who do. In fact, in the past few years, transgendered individuals have begun to request life insurance quotes from insurers. This is because many transgendered people feel uncomfortable buying insurance from an insurance company that doesn’t recognize them or doesn’t offer a policy that matches their gender identity. Unfortunately, many of these companies still refuse to offer transgendered individuals life insurance policies.
One of the best life insurance companies will not only offer policies that fit your gender identity, but also will work with you and your doctor to develop a plan that will help you achieve financial strength while keeping your health at a minimum. Many insurance providers require new applicants to select either “female” or “male” on their application when applying for coverage, and they do not always provide options for those who identify as neither male nor female. If this is the case, you may be referred to a “transgendered” agent instead of a “life insurance agent”. You want a representative who is knowledgeable about transgendered individuals, but one who is willing to listen to your concerns and address them in a manner respectful of you and your gender identity.
Transgendered individuals may qualify for more benefits than a traditional whole life insurance policyholder. They typically have a higher estimated death benefit because they have already attained and maintained higher levels of health and social security than most people. Because these policies do not require the policyholder to maintain any cash value, they can be a great choice for individuals who want to ensure that their family has a source of income should they not be able to live long enough to claim benefits. These policies can help your loved ones to cover costs such as:
To find the best life insurance companies, take the time to research them online. Check with consumer advocates, the Better Business Bureau, and request quotes from each company. Ask questions about their underwriting policies and the level of service they provide. For example, how do they define “uninsurable”? What is the best type of policy for a “non-traditional” gender?
Another factor to consider is your budget. Different life insurance companies offer different policies at varying premiums. Determine how much of your monthly or yearly income you are able to devote each month towards your premium payments. The lower this amount is, the lower your premiums may be. However, if you absolutely need the policy, you may need to allocate more money towards the death benefit. Some policies provide a guaranteed death benefit, which means that you will receive payments if you pass away; however, it may need to be increased based on your current health and age.
There is a third factor that can greatly affect the cost of coverage: the level of service the insurance company chooses to offer its customers. Most full review or up-to-date information about the companies is available through their websites. Review the policies and make sure you are aware of the levels of coverage provided. Some companies may require a higher co-pay for claims made against you, while others have a lower co-pay for the same claims made against other active military members.
Military members who are eligible for some types of benefits or who qualify for more benefits than other eligible individuals should consider taking out riders to their policies. Military retirees can apply for a rider based on the kind of benefits they received. Some of these benefits include a lump sum payment upon retirement or a monthly income during their retirement. Most insurance companies offer riders to existing policies, but some prefer to create new policies that include the new rider. This means that the insurance company will create a new rider that the retired policyholder will pay for.
Many retirees and active duty personnel prefer to obtain full reviews of their whole life insurance policies or term life insurance policies instead of obtaining a term life insurance review. The whole life insurance policies are designed to cover an entire lifetime. Term life insurance policies only cover a term, usually until the end of the insured’s life. As you can see, a full review can be a little more expensive than just doing a term life insurance review. However, it can be well worth the extra cost if the review is important to you.