Top 3 Life Insurance Policies For Students
When choosing the best life insurance policy for you, there are a number of factors that you will need to take into consideration. These factors can include your age, medical history, lifestyle, and gender. To help you narrow down your options and find the best possible policy for your needs, here are a few tips:
Most people think of whole life policies as being ideal for their retirement needs. In general, these policies offer a lump sum payment when you die. The price of whole life policies generally varies greatly by product type and company; so you should be sure to compare various policies within your specific budget when shopping around for a policy. One policy that is very competitive in the whole life category is called level premium whole life policies. They are not only competitive in terms of price, but they also tend to be very affordable and offer great benefits such as accidental death insurance, cash surrender fees, and even dividends. They can be purchased in a wide range of premiums and are suitable for anyone from retirement-age people to people who just want extra coverage.
Another common type of policy is a mass Mutual Life Insurance policy. A mass mutual is issued by a large life insurance company like Allstate or GEICO. They are usually less expensive than any of the above mentioned products and offer coverage for most common individual risk situations. Since the coverage is less, they are not recommended for the very young and usually not recommended for people with bad credit histories.
If you do not want to go with one of the aforementioned options, there are some other alternatives available. For example, there is the Preferred Provider Organization (PPO) form of coverage. If you purchase this type of insurance, then your health insurance company will be the one to provide the medical benefits; they will also handle all the billing. This is a good alternative for those with high deductible policies or those who simply cannot afford standard mass mutual policies. In addition, many insurers are now offering an extended benefit plan that includes prescription benefits and other after care options.
In addition to standard bulk coverage, there are also group plans available. The most popular of these plans is the Preferred Provider Organization (PPO) form of life insurance. These groups have negotiated lower rates and lower premiums with large health insurance companies and so the monthly premiums are often far less expensive for everyone involved. The downside to this type of policy is that there is a limit on the amount of medical exams that your beneficiary will undergo, which can mean that there are limited options when it comes to treatment.
The last type of policies are the most unique of them all, and that is the High Risk Individual Policy (HRIP). HRIP policies are very different from most other forms of life insurance policies because they require an extremely high risk applicant in order to be approved. In general, applicants seeking to buy this specific form of policy must have a pre-existing condition that was diagnosed within the last 12 months. Also, the premiums for these types of policies are often very high, as the applicant will be charged very high deductibles and carry very high co-pays for their medical exams.
So which of these three best life insurance policies will suit you? It really depends on what you are looking for. If you are someone who is young and healthy, then you may want to start with a Standard mass mutual plan. On the other hand, if you have a high risk history and you want to purchase an HRIP life insurance policy, then you can find several good options online.
Most people find themselves buying a HRIP life insurance policy when something happens to them that leaves them with a large medical bill that they cannot pay. In this case, you need a high deductible so that you can cover the bills with as little out of pocket expenses as possible. The nice thing about HRIP insurance coverage is that you can usually get a high deductible to help lower your monthly premium. Therefore, you will still be able to afford college tuition, college education fees, and perhaps the cost of long term care if something happens to you.